Articles Tagged "Oil Market News"

Oil Sands Producers Face Rising Natural Gas Costs

The Globe and Mail reported today that oil sands companies who rely on natural gas to run their operations may face a price squeeze as natural gas costs rise. The gas is used to create steam to soften oil-rich bitumen deposits. According to the Globe, gas prices for the May contract rose to $4.62 per million btu on the New York Mercantile Exchange.

Libyan Rebels Agree to Gradually Reopen Oil Ports

Reuters reported this morning that the Libyan government has reached an agreement with rebels to end an oil port deadlock that has lasted for eight months. The port seizure, initiated by federalist protesters, has cost the Libyan economy billions of dollars so far.