Oil prices fell to a 7-month low as Egan-Jones credit ratings company downgraded Spain’s credit rating from B to Bb-. This move hurt distressed Spanish bank Bankia from another government bailout. The EUR is also being weakened by further talks of Greece leaving the EuroZone. Oil prices closed at $90.76 on the NYMEX – down 13% […]

Oil prices rose Friday as the UN International Atomic Energy Agency (IAEA) found further proof of Iran’s covert nuclear weapons program, raising the fear of a military strike. It also lowers the chances of a diplomatic solution as these infractions are exposed. Iran has doubled their stockpiles of 20% enriched uranium in the past few […]

The Japanese government is preparing to get approval from parliament to allow Japanese companies to insure 16 Iranian oil tankers carrying Iranian oil to Asia. Under the current embargo, Western insurance companies are refusing to insure the tankers. Japan is not the only county seeking loopholes in the Iranian sanctions as the world strives for […]

Oil briefly falls below $90, erasing all 2012 gains, as inventories rise in the US, and EuroZone fears over Greece weigh heavily on the price of oil. US inventories of West Texas Intermediate (WTI) rose to 382.5 million barrels of oil, putting downward pressure on oil prices due to the oversupply. Crude oil production also […]

Iran has found oil reserves in the Caspian Sea – the first new reserve there in over 100 years. Test drilling for natural gas in the region discovered the crude oil reserve, which could be as large as 10 billion barrels. This is a substantial find by the National Iranian Oil Company. Iran’s total reserves […]

Attempts to find oil off Cuba’s shores has failed, says Spanish oil giant Repsol. Test wells were dug 50km off Cuba’s coast, but found nothing. A much larger project was planned, but now looks likely to be canceled. Currently Cuba produces only half of it’s oil needed. The rest – 100,000 barrels per day – […]

Bangladesh strikes oil for the first time. Petrobangla, the state-owned company, is developing 2 gas fields in the northeast part of the country. The 2 fields are estimated at 153 million barrels, and are slated to begin production in the next 12 months. The oil was rated as light, and low in sulphur. This could […]

The Seaway crude oil pipeline has started flowing, accepting Canadian crude oil at the Cushing, OK. storage hub — the benchmark for WTI Crude Oil pricing. From there, it gets sent to refineries in the US Gulf of Mexico coast. Enterprise Products Partners (EPD) and Enbridge (ENB) are each 50% partners in the venture, which […]

Brent crude oil was up slightly today after welcomed good news regarding German GDP growth. This news was a welcome change from the Greek political standoff and debt issues. Brent crude oil is still the benchmark for the United Kingdom and much of Europe. German GDP data for Q1 2012 was better than expected, raising […]

The US government is considering allowing liquefied natural gas (LNG) exports, and is consulting with experts on the matter. “We want analysis to drive the decision. As a general rule of thumb we do not oppose LNG exports” said White House Energy Adviser Heather Zichal. The US has large natural gas reserves, and the most efficient […]