Subscribe free to our newsletters via your
. Energy News .




OIL AND GAS
WTI continues upward trajectory
by Daniel J. Graeber
New York (UPI) Apr 14, 2015


disclaimer: image is for illustration purposes only

Strong retail spending in the United States, coupled with expectations of an oil production slowdown, pushed the U.S. benchmark for oil up in Tuesday trading.

The price for West Texas Intermediate, the U.S. oil benchmark, gained more than 1.4 percent from Monday's close to sell for $52.66 per barrel for the May contract. WTI prices are up more than 10 percent since the start of April.

The surge followed a report from the U.S. Energy Information Administration that showed U.S. oil production may be slowing down. Data from the seven shale basins that account for the bulk of U.S. onshore oil production show only the Permian and Utica areas with an expected increase for May.

Oil production from the Bakken shale in North Dakota is expected to drop off by around 1.7 percent, while the Eagle Ford basin in Texas should post a decline of around 2 percent.

EIA warned in previous reports of a short-term decline in oil production. Energy companies are spending less on exploration and production as oil prices remain depressed.

The increase in U.S. oil production swung markets toward the supply side as the global economy struggled out of the recessionary gates. WTI and Brent, the global benchmark, are down about 50 percent from June 2014 levels.

Brent for the May contract was up about half a percent from Monday to trade at $58.25 per barrel. Brent is up about 4.5 percent since the start of April.

Crude oil prices were lifted somewhat from strong retail figures from the United States. The Commerce Department said Tuesday retail sales increased 0.9 percent in March, ending three straight months of declines.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





OIL AND GAS
Statoil makes oil discovery in Gulf of Mexico
New Orleans (UPI) Apr 10, 2015
At the same time that its industry peers are touting the region's success, Norwegian energy company Statoil, said it made an oil discovery in the Gulf of Mexico. The Norwegian major announced it made an oil discovery in the Yeti prospect of the Gulf of Mexico. "We are analyzing data to determine the size of the discovery in order to consider future appraisal options," Jez Averty, ... read more


OIL AND GAS
Shifts in electricity generation spur net job growth, but coal jobs decline

Japan to pledge 20% greenhouse gas cut: report

Residential research poor foundation for sustainable development

Latin America divided between oil and green energy

OIL AND GAS
New material could boost batteries' power, help power plants

Research could usher in next generation of batteries, fuel cells

How recharging leaves behind microscopic debris inside batteries

New report identifies possible next steps in US energy development

OIL AND GAS
Cornell deploys dual ZephIR lidars for more accurate turbulence study

U.S. to fund bigger wind turbine blades

Gamesa and AREVA create the joint-venture Adwen

Time ripe for Atlantic wind, advocates say

OIL AND GAS
Trina ships 9.9 MW modules for major Panama solar farm

Ascent Solar Technologies supplies power cells for UAS

Asheville Solar System Manufacturing Facility Cuts Ribbon

Sunrun Brings New Jobs To Nevada With Las Vegas Expansion

OIL AND GAS
Fukushima robot dies three hours after entering reactor vessel

Japan Considers Evaporating Fukushima's Radioactive Water

Japan's nuclear industry pledges to refire reactors

US, China to Cooperate in Peaceful Nuclear Energy

OIL AND GAS
Swimming algae offer Penn researchers insights into living fluid dynamics

Plant cell structure discovery could lead to improved renewable materials

Biofuel crops replace grasslands nationwide

Algae from wastewater solves 2 problems

OIL AND GAS
Chinese scientists mull power station in space

China completes second test on new carrier rocket's power system

China's Yutu rover reveals Moon's "complex" geological history

China's Space Laboratory Still Cloaked

OIL AND GAS
Climate change, plant roots may accelerate carbon loss from soils

Taiwan launches water rationing to fight drought

Complex landscape has both vulnerabilities and resilience to change

Atmospheric energy escaped from the Tibetan Plateau




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.