Subscribe free to our newsletters via your
. GPS 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
More food, low pollution effort gains traction

Fishing amplifies forage fish collapses

Living mulch, organic fertilizer tested on broccoli

Liquid corn, fish fertilizers 'good options' for organic blackberry production

OIL AND GAS
Computers that mimic the function of the brain

Researchers observe new charge transport phenomenon

Nanoscale speed bump could regulate plasmons for high-speed data flow

Cooling massive objects to the quantum ground state

OIL AND GAS
NASA advances composite materials for aircraft of the future

Pakistan seeks Viper attack helos, Hellfire missiles

Saab producing protection systems for Indian helos

Chinese Army Gets Brand New Early Warning and Control Aircraft

OIL AND GAS
Toyota to build plant in China in investment splurge

Discovery by Virginia Tech may be breakthrough for hydrogen cars

China auto sales up 3.3% in March: industry group

Study of vehicle emissons will aid urban sustainability efforts

OIL AND GAS
'Civil war' divides families in row over Greek goldmine

Hong Kong defends US dollar peg as stocks surge

China March exports dive as economy seen slowing further

World Bank welcomes China's new bank in poverty fight

OIL AND GAS
Citizen scientists map global forests

Researchers map seasonal greening in US forests, fields, and urban areas

Deforestation is messing with our weather and our food

Mild winters not fueling all pine beetle outbreaks in western US

OIL AND GAS
Picturing peanut contamination with near infrared hyperspectral imaging

Study maps development one county at a time

Increased Rainfall in Tropics Caused by More Frequent Big Storms

LiDAR studies Colorado flooding and debris flows

OIL AND GAS
Optics, nanotechnology combined to create low-cost sensor for gases

Water makes wires even more nano

Light-powered gyroscope is world's smallest

Nanoscale worms provide new route to nano-necklace structures




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.