GPS News  
OIL AND GAS
Canadian fires drive oil prices higher
by Daniel J. Graeber
Washington (UPI) May 5, 2016


disclaimer: image is for illustration purposes only

Wildfires raging in the oil-rich Canadian province of Alberta overwhelmed supply-side data and U.S. employment figures, pushing oil higher early Thursday.

More than 80,000 people have been evacuated from a municipality in Alberta and operations from some oil installations there are curtailed. The provincial leader in Alberta said the best thing citizens can do to help with the effort is to offer donations to the Red Cross.

Fires in Fort McMurray are near the center of Alberta oil sands operations, which, outside of Saudi Arabia and Venezuela, represent the third largest deposits of oil in the world.

Crude oil prices moved sharply higher in response to the Alberta wildfires. The price for Brent crude oil was up 4.1 percent to $46.45 per barrel. West Texas Intermediate, the U.S. benchmark price for crude oil, was up 4.5 percent to $45.76 per barrel.

The rally ignored U.S. unemployment data that would have otherwise influenced energy prices as a metric of demand. The U.S. Labor Department reported the seasonally adjusted first-time claims for unemployment protection was up 17,000 for the week ending April 30. The four-week moving average, a less-volatile gauge for first-time filings, moved up 2,000.

Labor Department data show unemployment gains in Texas, North Dakota and Alaska, among the largest oil producers in the United States. Nevertheless, U.S. labor remains healthy as the number of claims has stayed below 3,000 for 61 straight weeks, the longest streak in more than 40 years.

Data published earlier this week from the U.S. Energy Information Administration show supply-side pressures lingering in the American economy. Commercial crude oil inventories moved up by 2.8 million barrels from last year and motor gasoline inventories increased by 500,000 barrels, "well above the upper limit of the average range," the report said.

The United States last week imported 110,000 barrels of oil per day more than it did the previous week and the four-week average for imports is 8.4 percent higher than last year.


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

Previous Report
OIL AND GAS
U.S. shale oil still facing pressure
Denver (UPI) May 3, 2016
Oil production in key U.S. shale formations declined and, while a recovery in crude oil prices is an incentive, risks do remain, market analysis finds. Platts Analytics finds oil production in the Eagle Ford shale basin in Texas, one of the more productive formations of its kind, declined about 3 percent in March for the eighth straight month of loss. In the Bakken shale in North Dakota ... read more


OIL AND GAS
Australian researchers map micronutrients in white rice

Crop advances grow with protection

Bacteria beneficial to plants have spread across California

Honey bee study of parasites and disease reveals troubling trends

OIL AND GAS
Atoms placed precisely in silicon can act as quantum simulator

NREL offers path to high-performance 2-D semiconductor devices

Spintronics for future information technologies

Making electronics out of coal

OIL AND GAS
New discovery may help engineers design quieter jet airplanes

China Eastern Airlines to buy 35 planes from Airbus and Boeing

Raytheon producing targeting system variant for Air Force

Airbus helicopters transferred to Royal Thai Navy

OIL AND GAS
Google autonomous car project teams with FiatChrysler

Google autonomous car project teams with FiatChrysler

China's Baidu eyes driverless car production by 2020

New graphene-based film may keep your next laptop cool

OIL AND GAS
Obama faces looming trade row with China

TTIP: a proposed trade treaty in troubled waters

Greenpeace leaks US-EU trade papers, fears for consumers

Australian Craig Wright says he created Bitcoin

OIL AND GAS
Old-growth forests may provide buffer against rising temperatures

The unique challenges of conserving forest giants

Cambodia to add 1 million hectares of protected forest

US national forests and grasslands could yield less water in future climate

OIL AND GAS
Libya's Haruj volcanic field spotted from space

Satellite data latest tool in Indonesia's fight against illegal fishing

China's Earth observation satellite assists Ecuador quake relief

Sentinel-1B launched to complete radar pair

OIL AND GAS
New movies from the microcosmos

Ultra-long, one-dimensional carbon chains are synthesised for the first time

Rice introduces Teslaphoresis to help assemble Nanotubes

Intracellular recordings using nanotower electrodes









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - 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. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. 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. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.