• N.Y. school receives grants for curriculum-enhancing programs
  The Ithaca (N.Y.) City School District received $14,900 in grants from the Ithaca Public Education Initiative to support the school district's curriculum-enhancing programs. The grant money will go toward several projects, including a propane autogas-powered Volkswagen engine to be used in an engineering class. The Ithaca Journal (N.Y.) (2/5)     

Crude oil futures for March delivery on the NYMEX ended $0.93, or 1%, lower yesterday to settle at $96.91 per barrel, before international creditors decide on a bailout for Greece. Brent crude’s premium to West Texas Intermediate widened a 9th day amid freezing temperatures in Europe. RBOB gasoline for March delivery rose $0.0135 to settle at $2.9279 per gallon, and March heating oil gained $0.0563 to $3.1707 per gallon. Greek Prime Minister Papademos plans to meet the nation’s political leaders today to discuss additional measures needed to secure a second European Union-led bailout. Brent prices rose for a 6th day as record-low temperatures in Europe boost fuel demand. Weather conditions are the key reason for the disparity between the two crude oil grades, with Europe dealing with unseasonably cold weather and the US experiencing mild weather conditions. Oil for March delivery gained as much as 53 cents in after-hours electronic trading. Crude prices are down 1.5% this year. Futures are rebounding after settling above technical support along the lower Bollinger Band yesterday. Brent oil for March settlement advanced 59 cents to $116.52 a barrel on the ICE Futures Europe exchange. Brent’s premium to WTI widened to $19.16, the biggest gap since October 24th. Temperatures have plunged across Europe, reaching as low as minus 58 degrees Fahrenheit in parts of Kazakhstan. Snow has blanketed London and fallen in Italy as far south as Naples. UK natural gas surged 27% as National Grid forecast demand will rise 16% above the seasonal norm. Pemex closed a second crude-export terminal in the Gulf of Mexico after weather conditions worsened. The facility at the port of Coatzacoalcos was shutdown. An Energy Department report tomorrow may show crude inventories rose for a third week while gasoline use fell to a 10-year low, according to a survey of analysts. In London, the Brent contract for March delivery on ICE settled $0.59 higher at $116.52 per barrel yesterday.

Crude oil futures for March delivery on the NYMEX ended $0.14 lower Friday to settle at $99.56 per barrel, after on profit-taking after moving higher for most of the week. RBOB gasoline for February delivery rose $0.0802 to settle at $2.9268 per gallon, and February heating oil gained $0.0169 to $3.0704 per gallon. Oil climbed last week as gasoline jumped to the highest level since August and amid signs Greece is near an agreement with its creditors. Futures rose 1.1% for the week after gasoline surged on speculation that refinery outages and plant closures will cut supplies. Olli Rehn, the European Union’s commissioner for economic and monetary affairs, said an agreement is very close on private-sector involvement in a Greek debt swap. The closing of a number of refineries in the Northeast is making people very supply-conscious during a period with weak gasoline demand. Oil prices have climbed 16% in the past year. Brent oil for March settlement gained $1.60, or 1.5%, last week. Gasoline futures gained 5.1% last week. ConocoPhillips has scheduled a shutdown of a catalytic cracker at the 238,000 bpd Bayway refinery in New Jersey. In Illinois, the company’s 380,900 bpd Wood River refinery reported a wet gas compressor tripped offline. In Texas, Royal Dutch Shell reported a temporary upset at its 340,000 bpd refinery in Deer Park. Two refineries in Pennsylvania have been closed because they weren’t profitable, and Hovensa said it will shut the 350,000 bpd St Croix refinery in the US Virgin Islands by mid-February. The refinery closures are sending gasoline higher, which is helping pulling crude prices up. Gasoline output tumbled 2.8%% to 8.54 million barrels, the least since February 2010, the Energy Department reported. Demand rose for the first time in 4 weeks, gaining 1.3% to 8.1 million bpd. The euro increased every day last week against the dollar and touched $1.3229 in intraday trading Friday. Gross domestic product climbed at a 2.8% annual rate in the 4th quarter, slower than forecasted. Iran’s parliament is considering a bill that calls for a halt of oil exports to Europe starting this week. Volume totaled 514,378 Thursday, 12% below the 3-month average. Open interest was 1.37 million contracts. In London, the Brent contract for March delivery on ICE settled $0.67 higher at $111.46 per barrel Friday.

Generac Power Systems' LP3250 Series portable propane generator was honored for the second time as a groundbreaking product when Handy magazine chose it as one of its 10 Innovation Award Winners for 2011. The LP3250 also was named the 2011 Most Innovative New Product at the National Hardware Show. The Propane Education & Research Council helped fund the development and commercialization of the LP3250, a portable, propane-fueled generator with an integrated tank. Learn more.     

Pittsburgh-based Yellow Cab is considering converting 75 of its 325 taxi cabs to propane autogas, said Pittsburgh Transportation Group President and CEO Jamie Campolongo. The company is still waiting for approval to install its own propane tank to provide drivers with a place to fill up. American City Business Journals/Pittsburgh/Energy Inc. blog (1/20)     

Crude oil futures for December delivery on the NYMEX ended $1.23, or 1.3%, higher yesterday to settle at $99.37 per barrel, after retail sales rose more than forecast in October, bolstering optimism that the economy will expand this quarter.  

. Futures settled at a 3-month high after the Commerce Department said sales rose 0.5% last month. The Energy Department will probably report today that oil and fuel supplies fell last week as demand surged. Crude oil prices were little changed from the settlement after the American Petroleum Institute reported that stockpiles rose 1.3 million barrels to 341.3 million last week. December Brent oil for December expired yesterday. The January contract climbed 90 cents to settle at $112.18. Brent’s premium to WTI fell for a 6th day, narrowing to $13.02, the least since May 24th. The spread is down 53% from a record high on October 14th. Prices also gained as the Federal Reserve Bank of New York’s general economic index rose to 0.6, the first positive reading since May, from minus 8.5 in October. The producer price index declined a more-than-projected 0.3%, Labor Department figures showed. The euro area’s inability to contain its sovereign-debt crisis has led to a surge in Italian borrowing costs with yields on the country’s benchmark 10-year bonds climbing above 7%. Hedge funds and other large speculators raised bullish bets on oil the most since May in the week ended November 8th, a Commodity Futures Trading Commission report showed. Wagers on rising prices increased 7.2% to 203,965 futures and options combined. Futures in New York have settled above the 200-day moving average since November 7th, forming technical support. US total fuel demand surged 7.5% to 20 million bpd in the week ended November 4th, the highest level in 3 months. Volume totaled 710,085 contracts Monday, 7% above the 3-month average. Open interest was 1.38 million contracts. In London, the Brent contract for December delivery on ICE settled $0.50 higher at $112.39 per barrel yesterday.