Oil Blog

OPEC in the News 8/31/05

OPEC says will do best to stabilize oil market after Hurricane ...
Forbes - USA
PARIS (AFX) - OPEC said it will do its utmost to ensure the stability of the global oil market in the wake of Hurricane Katrina and would discuss this at its ...

Qatar says OPEC will do best to stabilize
Reuters - USA
DOHA (Reuters) - Qatari Oil Minister Abdullah al-Attiyah said on Wednesday that OPEC was capable of pumping more crude and would do its best to keep oil ...

OPEC sees oil prices with $40 a barrel floor
Newindpress - Chennai,India
OSLO: Organisation of the Petroleum Exporting Countries' (OPEC) acting secretary general said on Tuesday that economic fundamentals could not explain record ...

OPEC 'concerned' about high prices
eTaiwan News - Taiwan
OPEC, which supplies about 40 percent of the world's daily oil needs, is "concerned" about the current high crude oil prices and believe they are not justified ...

Oil: US offers to loan crude
New Zealand Herald - New Zealand
... Similarly a fresh pledge from oil cartel Opec to open crude taps as much as necessary was unlikely to satisfy a market hungry for oil products. ...

Jeremy Warner's Outlook: No one knows where the oil price is ...
Independent - London,England,UK
Likewise the Organisation of Petroleum Exporting Countries (Opec) has always insisted that the ever rising oil price is largely a speculative phenomenon that ...

OPEC SENDS CONDOLENCES AND ASSURANCE IN THE AFTERMATH OF KATRINA
WAM - Emirates News Agency - Abu Dhabi,United Arab Emirates
VIENNA, 31 AUGUST, 05 (WAM) - OPEC CONFERENCE PRESIDENT HAS TODAY SENT A MESSAGE OF CONDOLENCE TO THE GOVERNMENT AND PEOPLE OF THE UNITED STATES OF AMERICA ...

Latest: Opec struggles to tame record high oil
Business Times - Malaysia - Malaysia
LONDON, Wed: Oil's two-year bull run has robbed the Organisation of the Petroleum Exporting Countries (Opec) of its power to control prices that have roared ...

Algeria to back any OPEC proposal to increase oil production
Forbes - USA
ALGIERS (AFX) - Algeria would support an increase in oil production from OPEC countries to 'calm the oil market', Algerian Energy Minister Chakib Khelil said. ...

Gas Price News 8/31/05

Update 1: Gas Prices Leap in Katrina's Aftermath
Forbes - USA
... A significant amount of oil and gas production in the Gulf of Mexico remains shut ... With retail gasoline prices surging to record highs and motorists facing $3 a ...

Gas prices spike to an all-time high
San Jose Mercury News - United States
... predicted that prices could climb to record levels by Labor Day weekend in the wake of Hurricane Katrina. But it happened by midday Wednesday. Gas stations in ...

Katrina's havoc extends to gas supplies as prices soar
Detroit Free Press - United States
... Gas prices have been pushed higher because of Katrina's decimation of an oil refining infrastructure already strained to its limits before the hurricane ...

Katrina damage sends gas prices past $3 a gallon in NJ
New York Daily News - New York,NY,USA
... "We're changing our minds because of the gas prices," said Plainsboro's Neelam Chopra, who planned to drive her Lexus sedan to Boston. ...

Gas prices reveal split US retail personality
Reuters - USA
CHICAGO, Aug 31 (Reuters) - Soaring gas prices have highlighted the split personality of the US retail industry, and while discounters like Wal-Mart Stores Inc ...

Gas prices surge upward, topping $3 in New England
Boston Globe - United States
... Matt McKenzie, spokesman for AAA-Northern New England, predicted gas prices would hit $3.70 to $3.80 by month's end, causing frugal Yankees to begin carpooling ...

Californians say high gas prices a 'serious matter,' poll finds
San Jose Mercury News - United States
The nonpartisan Field Poll found that 71 percent of the state's residents consider gas prices to be a serious matter. Women and ...

Motorists soaked by stunning rise in gas prices
Globe and Mail - Canada
Motorists in Canada's biggest cities were jolted awake Wednesday by a stunning jump in gas prices -- in some centres costs rose as much as 20 cents a litre ...

Gas prices hurt NASCAR, too
SLAM! Sports - ON,Canada
... Pearson also pointed out the rising gas prices could soon start hurting race attendance. "It has to affect the fans," he noted. ...

Gas prices, Iraq war hurt Bush in poll
Monsters and Critics.com - Glasgow,UK
... Sixty percent said there are steps the administration could take to reduce gas prices, while slightly more than a third say the recent price jump has been due ...

Rig Notes 8/31/05

Frontera Resources Announces Award of Drilling Contract for 2005 ...
PR Newswire (press release) - New York,NY,USA
Under the terms of the contract, TPIC will provide a drilling rig and certain associated services in support of Frontera's plans to drill lateral or horizontal ...

- By Our Correspondent
The Asian Age - Bombay,India
... The drilling rig for the first well has been finalised and drilling is expected to begin in the second week of October 2005 and will continue till the end of ...

Fred Olsen Energy to upgrade Blackford Dolphin rig to 6,000 feet ...
Forbes - USA
OSLO (AFX) - Rig owner Fred Olsen Energy ASA said it has decided to upgrade the newly acquired drilling rig Blackford Dolphin to water depths of 6,000 feet and ...

Refinery News 8/31/05

Oil services stocks seen as good buy post-Katrina
San Diego Union Tribune - United States
... from strategic reserves, but it bounced back just as quickly as analysts said the problem was not a lack of oil but a lack of refinery capacity to turn crude ...

UPDATE 1-Oil services stocks gain, big recovery effort seen
Reuters - USA
... But it bounced back just as quickly as analysts said the problem was not a lack of oil but a lack of refinery capacity to turn crude into needed products. ...

Oil eases below $70 as US offers to loan crude
Reuters - USA
... Nine refineries with combined capacity of nearly two million bpd were shut down ... estimates between 20 million to 40 million barrels of refinery throughput could ...

German Minister Faults US on Oil
MSN Money - USA
BERLIN (AP) - A senior German official urged the United States on Wednesday to consider increasing its refinery capacity after Hurricane Katrina caused ...

KATRINA UPDATE: Tapping reserve no magic bullet
Fleet Owner (subscription) - USA
... Without refinery [capacity] it's not useless, but darned close.". Trucking ... "Refinery capacity is the issue," he told FleetOwner. "Having ...

Reality sets in, stox stumble
New York Daily News - New York,NY,USA
... in the devastating aftermath of Hurricane Katrina, which slammed the Gulf Coast - pounding hotels and casinos, constricting oil refinery capacity and leaving ...

Dow Ends Up 69 on Philadelphia Fed Plan
San Francisco Chronicle - United States
... While the promise of borrowing from the nation's petroleum reserves eased oil prices, gasoline prices, which depend on refinery capacity, soared. ...

Some consumers may see $4 gas: analyst
MarketWatch - USA
... That's bad news for the Labor Day weekend, traditionally a high-demand period that also marks the end of the summer driving season. "Refinery capacity on the ...

Oil Price News 8/31/05

Oil Prices Fall, Gasoline Prices Surge
San Francisco Chronicle - United States
Crude oil prices fell slightly in jittery trading Wednesday after the US government said it would loan oil to refiners struggling in the wake of Hurricane ...

US Taps Emergency Oil Reserve as Prices Surge (Update7)
Bloomberg - USA
... oil reserve after Hurricane Katrina shut down rigs and refineries in the Gulf of Mexico, disrupting gasoline supplies and leading to record crude-oil prices. ...

Stocks bounce back as oil prices slip
Reuters - USA
... Analysts noted that while the supply of oil might be helped by the government's release of reserves ... "That should be a negative for crude prices -- excess supply ...

Oil prices hit new high
Brisbane Courier Mail - Queensland, Australia
OIL prices hit new highs yesterday in the wake of Hurricane Katrina sweeping through the heart of the American south although market makers remained convinced ...

Oil prices spike on LI after Katrina
Newsday - Long Island,NY,USA
... Today, oil prices in New York had climbed as high as $70.65 a barrel in trading, but slid back a little after US Energy Secretary Samuel W. Bodman said the ...

Planned oil reserve release sends oil prices below USD 70
Outlook (subscription) - New Delhi,India
Extensive damage caused by Hurricane Katrina to oil platforms and refineries in the Gulf of Mexico sent crude oil prices back above USD 70 a barrel today. ...

Indonesia announces economic package to address oil prices, weak ...
Forbes - USA
JAKARTA (AFX) - President Susilo Bambang Yudhoyono has announced a package of economic policies to mitigate the impact of soaring oil prices and the falling ...

Pump prices jump across US after Katrina
MSNBC - USA
... It's a bad situation.". The prospect of continued oil disruption sent crude oil prices briefly above $70 a barrel on the New York Mercantile exchange Wednesday. ...

Santomero, Bernanke reassuring as gasoline prices surge
MarketWatch - USA
... Energy markets were volatile. Crude oil prices were nearly flat on the day at about $69.75 a barrel. Wholesale gasoline futures ...

S.Africa mulls levy on guzzlers as oil prices bite
Reuters South Africa - Johannesburg,South Africa
JOHANNESBURG (Reuters) - South Africa is considering a levy on fuel-guzzling cars as it tries to stem the impact of soaring global oil prices, a government ...

Oil Future News 8/31/05

Oil futures lower on better-than-expected gasoline stocks in US ...
Forbes - USA
LONDON (AFX) - Oil prices drifted lower following the release of the weekly US ... At 4.45 pm, October-dated Brent futures contracts were down 46 cents at 67.12 usd ...

Oil futures continue to rise on supply concerns related to Katrina
New Ratings - USA
NEW YORK, August 31 (newratings.com) -- Crude oil prices for October delivery rose $0.84 to $70.65 per barrel in electronic trading on Wednesday morning. ...

Crude futures turn lower as govt says to tap SPR
FXstreet.com - Barcelona,Spain
NEW YORK (AFX) -- Crude-oil futures for October delivery dipped below the $70 a barrel level where they had held steady overnight after Energy Secretary Samuel ...

Oil futures higher as initial storm reports trickle in; ahead of ...
Forbes - USA
LONDON (AFX) - Oil futures were higher, continuing yesterday's three dollar rally as early damage reports of the damage caused by hurricane Katrina began to ...

Oil futures may be traded on Korea exchange
Joongang Ilbo - Seoul,South Korea
... Oil futures on the New York Mercantile Exchange have jumped 68 percent from a year ago and reached $70.85 a barrel on Tuesday, the highest since trading began ...

Breaking News: US Will Tap Petroleum Reserves

In a move to help stem the problems created by Hurricane Katrina, the Bush Administration will tap into the Strategic Petroleum Reserve.  This will keep some refineries in business that depended on oil originating from the Port of New Orleans or Gulf Oil.  This is seen as a short term tap, and it is expected that this will be replenished by imports later on. 

This move still does not overcome the Hurricane impact of the refineries in the Gulf region.  Some are speculating that gas prices may reach as high as $4 per gallon in the near term.

Drilling Notes 8/30/05 - Katrina News Items

Diamond Offshore says one rig lost
BusinessWeek - USA
... been located. The company said it could not find Ocean Warwick, a jack-up drilling rig, during a search early Tuesday. The rig was ...

Drilling Rig on Mittelplate ...
OilVoice (press release) - UK
... island in German waters, the Mittelplate Consortium (RWE Dea AG as operator and Wintershall AG) is currently in the process of installing a new drilling rig. ...

BP says US Gulf oil rigs intact after Hurricane Katrina UPDATE
Forbes - USA
... During the aerial check, BP discovered a drilling rig adrift near its Holstein platform, said the spokesman. 'It is not BP's rig. We just spotted it,' he said. ...

Diamond Offshore Reports on Status of Rigs Following Hurricane ...
Business Wire (press release) - San Francisco,CA,USA
HOUSTON--(BUSINESS WIRE)--Aug. 30, 2005--Diamond Offshore Drilling, Inc. (NYSE:DO) today reported that the jack-up drilling rig Ocean Warwick could not be ...

GAIL to drill 1st block in Bengal basin
India Infoline.com - Mumbay,India
The drilling rig for the first well has been finalized and drilling is expected to begin in the second week of October 2005. The ...

Katrina slams US Gulf Coast, oil rigs adrift
Reuters.uk - UK
... Haley Barbour said. An oil drilling rig broke free of its mooring in Mobile Bay, Alabama and slammed into a bridge. At least two ...

Dozens feared dead in Hurricane Katrina
Stuff.co.nz - Wellington,New Zealand
... An oil drilling rig broke free of its mooring in Mobile Bay, Alabama, and slammed into a bridge. At least two rigs were adrift in ...

Refinery News 8/30/05

Storm drives up gas prices hundreds of miles away
Kansas City Star - MO,USA
... the vulnerability of the nation's key Gulf Coast energy infrastructure, and offered the latest reminder of the nation's lack of excess refinery capacity. ...

Oil prices back up at $70 a barrel
Fort Worth Star Telegram - Fort Worth,TX,USA
... It pumped about 9.6 million a day in July, according to data compiled by Bloomberg. "Knowing how long refinery capacity is going to be out will be ...

MIDDAY BIZ REPORT: Sprint buys affiliates
Kansas City Star - MO,USA
... Stocks slid today in the devastating aftermath of Hurricane Katrina, which slammed the Gulf Coast, constricting oil refinery capacity, pounding hotels and ...

Oil experts say tapping petroleum reserve won't ease shortage
MyWestTexas.com - Midland,TX,USA
... the United States currently imports 14 percent of its fuel today and "there are no realistic scenarios where we could build enough refinery capacity to offset ...

Assessing Katrina's long-term impact
MarketWatch - USA
... The US could conceivably import more crude petroleum to replace Gulf production, but it's almost impossible to replace lost refinery capacity. ...

Stocks Drop in Hurricane‘s Aftermath
Leading The Charge - Milton,Queensland,Australia
NEW YORK - Stocks slipped Tuesday in the aftermath of Hurricane Katrina, which slammed the Gulf Coast, constricting oil refinery capacity, pounding hotels and ...

Gas Price News 8/30/05

Oil prices jump, cost of gas expected to follow
Newsday - Long Island,NY,USA
... the oil market Tuesday as prices shot up, and Sen. Charles Schumer warned that gas prices may soon reach the $3-per-gallon mark. ...

Gas prices pumped even higher
Chicago Sun-Times - United States
As gas prices hit new records across the country, the top average price for unleaded regular hit $2.84 in Chicago, according to the Lundberg Survey, which ...

Katrina will cause gas prices to rise
News 8 Austin - Austin,TX,USA
Shutdowns of oil platforms, refineries and pipelines along the Gulf Coast drove energy prices sharply higher Tuesday, which all but guarantees a surge in pump ...

Gas prices storming up?; Katrina's impact on Gulf producers could ...
Newszap Delaware - DE,USA
DOVER -- Hurricane Katrina disrupted Gulf Coast petroleum output and rattled energy markets on Monday, sending oil and natural gas prices soaring and setting ...

Gas prices soar, may continue to rise
Linton Daily Citizen - Linton,IN,USA
... Higher gas prices. ... Danielle Sturgis of Murphy USA in Linton was busy Monday as they, too, were one of the last gas stations in town to raise prices. ...

Katrina could send gas prices soaring
WNYT - Albany,NY,USA
... "And then when November rolls around things will lighten up and we'll see gas prices go down.". Turning oil into gasoline is the problem. ...

Rise in isle gas prices seen
Honolulu Star-Bulletin - Honolulu,HI,USA
Hurricane Katrina is expected to drive up gas prices nationwide, but some analysts warn that Hawaii could see a more dramatic spike because the state's price ...

Gov. Doyle: National Action Needed on Skyrocketing Gas Prices
WisPolitics.com - Madison,WI,USA
... While the most recent increase can be attributed to a natural disaster, the doubling of gas prices over the past few years is the result of a disaster of ...

Local gas prices expected to rise due to Katrina
Pauls Valley Daily Democrat - Pauls Valley,OK,USA
... Katrina disrupted Gulf Coast petroleum output and rattled energy markets on Monday, sending oil and natural gas prices soaring and setting the stage for a ...

Gas prices in Detroit are on the rise because of Hurricane Katrina ...
WXYZ - Detroit,MI,USA
By Christy McDonald. Gas prices are on the rise in Detroit as a direct result of Katrina. The hurricane caused the oil business in ...