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Oil prices fell Tuesday amid expectations that U.S. fuel inventory data will again show a rise in crude and gasoline stocks.
A decision by Nigerian unions to call off a strike and an announcement by Royal Dutch Shell that it would resume crude exports next month from the Forcados terminal -- shut down more than a year ago due to militant attacks -- also put pressure on prices.
Light, sweet crude for August delivery on the New York Mercantile Exchange fell 49 cents to $68.69 a barrel by afternoon in Europe.
Brent crude for August delivery fell 47 cents to $70.75 a barrel on the ICE Futures exchange in London.
Despite the expected increases in supplies and refinery rates, there are lingering concerns the refining industry will not be able to produce enough gasoline to meet U.S. summer driving demand, which peaks between the July 4 holiday and Labor Day in early September.
Crude stocks are expected to have risen by 1 million barrels last week. Distillate stocks, which include heating oil and diesel fuel, are forecast to have increased by 200,000 barrels last week, the Dow Jones Newswires survey showed.
Heating oil futures for July fell by more than 2 cents to $2.0221 a gallon and natural gas prices edged upward to $6.946 per 1,000 cubic feet.

Labels: RDS-B, USO

Oil prices fell Thursday ahead of the release of a U.S. government report expected to show that U.S. crude and gasoline supplies rose last week.
News that a number of U.S. refineries which suffered unplanned glitches earlier this month were returning to full, or at least partial, production added to pressure on prices.
Light, sweet crude for July delivery dropped 24 cents to $63.25 a barrel on the New York Mercantile Exchange by afternoon in Europe. July Brent crude lost 10 cents to $67.74 a barrel on the ICE Futures exchange in London.
"It seems some traders are closing positions as it's the end of the month," said Hitoshi Inagawa, a Tokyo-based trader with Yutaka Shoji.
The U.S. Energy Department's weekly inventory report -- due later Thursday -- is forecast to show domestic gasoline stocks rose 1 million barrels for the week ended May 25, according to a Dow Jones Newswires poll of analysts.
Crude oil inventories were expected to climb about 300,000 barrels, and distillate stocks were predicted to rise about 500,000 barrels, according to the poll.
A big premium on the price of gasoline over crude oil is expected to have spurred more production of the fuel, said Jason Schenker, an economist at Wachovia in Charlotte, North Carolina.
"Gasoline imports likely rebounded from the previous week, and with higher refinery production, (stockpiles) likely built," Schenker said.
Heating oil futures dropped 0.80 cent to $1.8675 a gallon on the Nymex, while natural gas prices rose 4.4 cents to $7.985 per 1,000 cubic feet.

Labels: Crude Oil, CVX, Oil Prices, RDS-B

Oil prices were mixed Wednesday, as expectations that U.S. inventory data would show an increase of crude and gasoline supplies were tempered by worries about disruptions in Nigeria.
Prices plunged more than $2 a barrel a day earlier, as developments with major producers Iran and Nigeria eased some geopolitical concerns.
Light, sweet crude for July delivery added 13 cents to $63.28 a barrel in electronic trading on the New York Mercantile Exchange by afternoon in Europe, while Brent crude for July fell 56 cents to $67.78 a barrel on the ICE Futures exchange in London.
Markets were unsettled on word that 150,000 barrels of daily output had been cut from Royal Dutch Shell's production in Nigeria after protests by local youths, but Shell said later that it had begun restoring oil production.
A day earlier, though, the Nymex July crude contract dropped $2.05 to settle at $63.15 a barrel on hopes that the inauguration of a new president in OPEC member Nigeria would contribute to a stable supply from the Niger Delta region.
"The $2 drop yesterday is not necessarily the beginning of a downward trend, so some market participants view the moment as a buying opportunity," said Victor Shum, energy analyst with Purvin & Gertz in Singapore.

Labels: ICE, Nigeria, Nymex, Oil Prices, RDS-B