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WEDNESDAY, NOVEMBER 25, 2009
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NEWS ABOUT: New York Mercantile Exchange

New York Mercantile Exchange stories: 14 news summaries

Oil Prices Plunge
to 5-Year Low 

OPEC expected to slash production to push up prices

Dec 5, 08 2:43 AM CST
(Newser) - Oil prices continue to plunge as demand slackens amid the global economic downturn. Oil has dropped 19% drop this week, the biggest weekly decline in five years, reports Bloomberg. Prices have tumbled 70% since reaching a record $147.27 in July, and  some predict prices may dip as low as... More »

MORE ABOUT:
OPEC • recession • National Bureau of Economic Research • crude oil • gold • New York Mercantile Exchange • commodities • copper • oil prices

Gas Prices Plunge in
Biggest Drop Ever

Demand and recession drive price down

Oct 13, 08 2:20 AM CDT
(Newser) - The Dow isn't the only thing plummeting. Amid falling demand, the average price of a gallon of gasoline has dropped over 35 cents in the last two weeks. The nationwide Lundberg Survey of 5,000 gas stations shows the cost of gas has slid more than 80 cents since March—... More »

MORE ABOUT:
oil • gas prices • New York Mercantile Exchange • Lundberg Survey • oil prices • financial crisis • Diesel

(AP) - Oil prices plummeted to a one-year low below $83 a barrel today in European trading as investor fears of a severe global economic downturn sparked a panicked sell-off. "The whole market has lost confidence in everything," said one commodities strategist. "Everyone is worried about global growth, and... More »

MORE ABOUT:
oil • OPEC • recession • global economy • New York Mercantile Exchange • commodities • commodities exchange • oil prices • financial crisis

 Gas Use Hits
 Record Low,
 Prices Still Sky High 

Increasing supply fails to dent price

Jul 10, 08 2:21 AM CDT
(Newser) - Soaring gas prices are changing Americans driving habits, cutting consumption to the lowest levels in five years, reports the Wall Street Journal. Gas consumption dropped by 3.3% to 9.3 million barrels a day compared with last year's Fourth of July holiday. Some 62% of Americans are changing summer... More »

MORE ABOUT:
gas • diesel • gas prices • oil refineries • New York Mercantile Exchange • Energy Information Administration • oil consumption • Schork Group • gas consumption

Opinion

Speculators Didn't Do It

Traders take blame
for high oil prices,
but global demand
is the real culprit

Jul 5, 08 7:21 PM CDT
(Newser) - Politicians are blaming high oil prices on an old scapegoat: speculators, writes Dean Barnett in the Weekly Standard. But if speculators were hoarding oil, it would be stockpiled, and inventories would soar. Instead, inventories remain constant. This is obvious "to anyone who took an introductory economics class," Barnett... More »

MORE ABOUT:
oil price • New York Mercantile Exchange • commodities • speculation • speculators

As Prices Soar, Congress Aims at Speculators

Out-of-control traders may be driving up oil, food costs, pols say

Jun 13, 08 8:30 AM CDT
(Newser) - Congress is blaming rampant commodity speculation for rocketing gas and food prices, and berating regulators for letting it happen, the New York Times reports. Unless watchdog groups like the Commodities Futures Trading Commision crack down, Carl Levin says, "we don’t have a cop on the beat.." Joe... More »

MORE ABOUT:
Congress • Carl Levin • food prices • oil price • Commodity Futures Trading Commission • New York Mercantile Exchange • commodities • commodities exchange • speculation • Joseph Lieberman • speculators

 Feds Hunt for Scams
 in Crude Oil Trading 

Speculators may be driving up crude by manipulation

May 30, 08 7:55 AM CDT
(Newser) - Federal regulators are investigating whether rocketing oil prices are being driven up by speculators manipulating futures markets, reports the Wall Street Journal. The nationwide probe involves several separate investigations. Authorities suspect that a widely used price reporting system may be artificially influenced and that some oil storage facilities may be... More »

MORE ABOUT:
insider trading • futures market • gas prices • oil price • Commodity Futures Trading Commission • New York Mercantile Exchange • Financial Services Authority • jet fuel • Bart Chilton • oil industry • Platts • McGraw-Hill • oil futures • Intercontintental Exchange

 Oil Tops $130 

Supply concerns drive crude

May 21, 08 8:30 AM CDT
(Newser) - Oil set yet another record today, with prices hitting $130.47 a barrel in electronic trading in Asia and Europe, the AP reports, on supply concerns and renewed worries about the dollar. Crude closed at $128.98 in the last New York Mercantile Exchange session. Oil futures have roughly doubled... More »

MORE ABOUT:
oil • futures market • oil price • crude oil • US dollar • New York Mercantile Exchange

Oil Flirts With Record-High $104

Passes inflation-adjusted all-time peak

Mar 3, 08 11:45 AM CST
(Newser) - As oil soared to nearly $104 a barrel today, it set an all-time, inflation-adjusted record, surpassing even the height of the oil crises of the '70s and '80s, the New York Times reports. Futures touched $103.95 on the New York Mercantile Exchange, beating out the April 1980 record... More »

MORE ABOUT:
inflation • oil • futures market • oil price • New York Mercantile Exchange • commodities • oil supply • $100 a barrel oil • oil crisis

Oil Insanity Pinned to Speculators

Observers call current market 'hysteria' — and 'bubble'

Feb 28, 08 5:54 PM CST
(Newser) - Crude-oil prices have doubled in recent months, a development not linked to fundamental supply and demand—but rather, observers tell Der Spiegel, to rampant speculation among investors looking for a stable buck. The prospect of recession would typically drive prices down, but analysts say a decade-old oil investment rush by... More »

MORE ABOUT:
oil • Persian Gulf • OPEC • ExxonMobil • Morgan Stanley • Deutsche Bank • recession • crude oil • New York Mercantile Exchange • speculation • pension funds • Mercuria • Cushing, Okla. • Oppenheimer & Co.

Commodities Markets in
Merger Talks

Chicago Mercantile Exchange targets New York counterpart in $11B bid

Jan 29, 08 8:12 AM CST
(Newser) - Owners of the Chicago and New York commodities exchanges are in preliminary talks that could end in an $11 billion merger of the two largest commodities markets in the US, reports the New York Times. NYMEX Holdings shareholders would receive $36 and 0.1323 of a share of CME's common... More »

MORE ABOUT:
merger • Chicago Board of Trade • Chicago Mercantile Exchange • New York Mercantile Exchange • commodities • CME Group • NYMEX Holdings • commodities exchange

All Eyes on OPEC for Oil Price Relief

Saudis expected to boost output as prices close in on $100

Nov 26, 07 4:18 AM CST
(Newser) - With oil prices poised to pass the $100 mark any day now, a pair of reports speculates that OPEC will cool the overheated market by boosting oil production, the Wall Street Journal reports. One consulting firm said OPEC, spurred by Saudi Arabia’s increased deliveries to the US, could up... More »

MORE ABOUT:
Iraq • Iran • oil • Saudi Arabia • OPEC • United States • Abu Dhabi • oil price • crude oil • New York Mercantile Exchange

Oil Touches Record $97 a Barrel

Weak dollar and expected supply drop push crude to another record

Nov 6, 07 2:24 PM CST
(Newser) - Crude oil hit $97 a barrel today on the New York Mercantile Exchange, helped along by a weak dollar and an expected drop in supply—an especially impressive jump considering the 2% price drop yesterday. "What a difference a day makes," one analyst told MarketWatch. "This volatility... More »

MORE ABOUT:
Mexico • flood • oil price • New York Mercantile Exchange • oil supply

Oil May Break $100 Barrier This Week

Some see 'violent correction' once $101.70 is shattered

Nov 5, 07 3:37 AM CST
(Newser) - With oil prices poised to break $100 a barrel this week, potentially punching through the inflation-adjusted record of $101.70 in 1980, speculation shifts to how long it will stay there. The steep rise—27% in 3 months—could set the stage for a dramatic fall. "We probably are... More »

MORE ABOUT:
Iraq • Turkey • oil price • crude oil • Kurdistan Workers' Party • Benchmark crude futures • New York Mercantile Exchange • $100 a barrel oil

14 Stories


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