Oil Blog

Gas Price News 10/31/05

Michigan gas prices drop again
Detroit Free Press - United States
BY ALEJANDRO BODIPO-MEMBA. Michigan gas prices fell nearly 13 cents last week to an average of $2.40 a gallon, according to AAA Michigan. ...

Statoil profit up on high crude prices
Seattle Post Intelligencer - USA
... "The third quarter has been another strong quarter for Statoil, characterized by high oil and gas prices, production growth, and good margins and high ...

IDAHO GAS PRICES
KPVI-TV - Pocatello,ID,USA
Idaho's gas prices are the fourth highest in the nation and people are starting to wonder why. Idaho Attorney General Lawrence Wasden ...

Gas Prices Down 15% From Early Sept.
cbs4denver.com - Denver,CO,USA
... were paying an average of 15 percent less for a gallon of gas Monday than ... Last month's high prices were blamed on disruptions in US oil refining as a result of ...

Natural-gas prices drop to a 6-week low; crude falls
FXstreet.com - Barcelona,Spain
SAN FRANCISCO (AFX) -- December natural gas dropped to a low of $12.42 per million British thermal units Monday morning, its lowest level since Sept. 15. ...

A dip in the rollercoaster of gas prices
Resource Investor - Herndon,VA,USA
By Karl Heilman. Regular unleaded gasoline prices fell nearly two cents Monday, dipping below the $2.50 mark, according to travel group AAA's daily survey. ...

Gas prices cruise in reverse
Denver Post - Denver,CO,USA
... Natural-gas demand also is high, causing near-record prices for the fuel used to heat most Colorado homes. Xcel Energy is projecting ...

Gas Prices go lower
WTHR - Indianapolis,IN,USA
... Hoosiers continue to play the gas price game strategizing ways to afford this year's ... This week many feel they're winning, with prices at the pump dropping on ...

Gas Prices Falling, Finally
WNEP-TV - Scranton,PA,USA
By Norm Jones. Gas prices all over northeastern and central Pennsylvania have been dropping in the last week. In Lycoming County ...

Gas Prices Plummeting
WLNS - Lansing,MI,USA
Gas prices continue to fall. AAA reports the average price for a gallon of unleaded gas in Michigan is $2.39,down 12 cents from last week. ...

OPEC in the News 10/31/05

OPEC sees crude at $45-$55/bbl in 2006
Reuters - USA
MOSCOW (Reuters) - OPEC expects world oil prices to stabilize in a range of $45-$55 per barrel next year and has ample spare capacity to meet demand, acting ...

Oil prices lower as OPEC assures it has more than enough spare ...
Forbes - USA
LONDON (AFX) - Oil prices were lower after OPEC said it has more than enough spare capacity to meet global demand this winter and that so far there have been ...

Oil price about right - OPEC
Australasian Transport News (subscription) - Australia
The current oil price of about US$60 a barrel was about right, OPEC president Sheik Ahmad al-Fahd al-Sabah said. Oil has been trending ...

OPEC Confident Energy Demand Can Be Met
The Moscow Times - Russia
OPEC is confident it can meet worldwide oil demand as the 11-nation group expects to boost output by 17 percent in the next five years, said Adnan Shihab-Eldin ...

OPEC daily basket price edges to 53.73 dollars
Islamic Republic News Agency - Tehran,Iran
The price of the OPEC basket of eleven crudes stood at 53.73 dollars per barrel on Friday, compared with 53.79 dollars the previous day, according to OPEC ...

Greg Palast: Opec & The Economic Conquest Of Iraq
Scoop.co.nz (press release) - New Zealand
... this 323-page document ... ..The switch to an OPEC-friendly policy for Iraq was driven by Dick Cheney himself. "The person who ...

US Official Says Oil Prices to Remain High
The Seoul Times - South Korea
... Even if OPEC honored its pledge and pumped more oil into the market, this will not meet the demand for the refineries which are looking for light sweet crude. ...

Oil Future News 10/31/05

Oil futures settle below $60 a barrel
BusinessWeek - USA
... Front-month heating oil futures fell 7.37 cents to settle at $1.7698 a gallon, the lowest level since Aug. 5, while front-month ...

Oil Futures Slip Below $61 a Barrel
Herald News Daily - Williston,ND,USA
SINGAPORE - Crude-oil prices fell Monday as the Organization of Petroleum Exporting Countries said it has "more than adequate" spare capacity to cover expected ...

Oct. 31 (Bloomberg) -- Crude oil, heating oil and gasoline fell on ...
Bloomberg - USA
... Since oil futures prices peaked on Aug. ... Futures touched $1.76, the lowest since Aug. 18. Heating oil reached a record $2.21 on Sept. ...

The edge of the hedge
Times of Malta - Valletta,Malta
... Reflecting this, therefore, Crude Oil futures are trading at $62.35 for the December 2005 contract, $60.40 for the December 2007 contract, $56.70 for the ...

Oil Price News 10/31/05

Oil prices down
iAfrica.com - Cape Town,South Africa
World oil prices fell strongly on Monday, despite the threat of strike action at a Royal Dutch Shell refinery in The Netherlands, and as the market awaited US ...

VAT jacks up prices
INQ7 Interactive, Inc. - Philippines
... The price of cooking gas was cut by P1 a kilogram. The decrease came in the wake of softening crude oil prices in the international market. ...

Oil prices lower as OPEC assures it has more than enough spare ...
Forbes - USA
LONDON (AFX) - Oil prices were lower after OPEC said it has more than enough spare capacity to meet global demand this winter and that so far there have been ...

CNOOC revenue climbs on high crude prices
Seattle Post Intelligencer - USA
... company's realized price of oil sold in the period rose 30 percent to $52.40 a barrel from $40.28 a barrel last year because of high international oil prices. ...

Oil prices ease in Asian trade
Sify - Taramani,Chennai,India
Singapore: Oil prices eased in Asian trade today as the market waited for fresh US inventory data for a lead on the supply picture in the world's biggest ...

Statoil profit up on high crude prices
Seattle Post Intelligencer - USA
... The company said a 35 percent increase in crude-oil prices and a 17 percent rise in oil and natural-gas production brought revenues of 105.14 billion kroner ...

UPDATE: Occidental Doubles Profit On Oil Prices, Premcor Deal
Business Online - London,UK
SAN FRANCISCO (Dow Jones) - Soaring oil prices and a couple of one-time gains more than doubled Occidental Petroleum Corp.'s third-quarter earnings, the ...

High oil prices could cost billions
NEWS.com.au - Australia
TENS of billions of dollars will be knocked off the value of the Australian economy if oil prices move up towards $US70 a barrel mark, a new study has found. ...

Is China to blame for the rise in oil prices?
ZNet - Woods Hole,MA,USA
by Niu Li. [Many news accounts of surging oil prices have pointed at China, and to a lesser ... If this is correct, we face long term high and rising oil prices. ...

Refinery News 10/31/05

Biodiesel producers finding new success
Cincinnati Post - OH,USA
... It still is, but recently enacted federal and state tax incentives coupled with the escalating price of oil and limited US refinery capacity have now made ...

Mindless populism targets oil prices
Rocky Mountain News - Denver,CO,USA
... Prices were already relatively high because worldwide refinery capacity had been stretched tight as a result of growing energy demand from emerging economies ...

Rig Notes 10/31/05

Aker Kvaerner unit wins 100 mln usd drilling system order for ...
Forbes - USA
... MH has won a 100 mln usd contract from Jurong Shipyard in Singapore for the delivery of a drilling system for a semi-submersible drilling rig to PetroMena AS. ...

Gas Price News 10/29/05

Gas prices drop for third week
Sweetwater Reporter - Sweetwater,TX,USA
... Gas Watch. Sweetwater's average gas prices continued to drop over the course of the week as they are now under $2.50 per gallon. ...

Gas prices moving toward $2 mark
Fort Worth Star Telegram - Fort Worth,TX,USA
... "This is the cheapest in I don't know how long," said Henry Paz, who has become something of an expert on gas prices with a 27 1/2 -mile, one-way commute from ...

Gas prices give some relief
Monterey County Herald - Monterey,CA,USA
... So, most likely, gas prices will travel up. But for the moment, drivers who have noticed the drop in gas prices are grateful for the slight reprieve. ...

Paying less at the pump: Gas prices down nearly 70 cents
Petersburg Progress Index - Petersburg,VA,USA
... After Hurricane Katrina and Hurricane Rita ravaged the Gulf Coast in late August and early September, gas prices rose to record highs. ...

Demand keeps natural gas prices rising
Rockford Register Star - Rockford,IL,USA
... Nicor spokeswoman Annette Martinez said Friday that gas prices remain high because of market pressures. Specifically, she said the ...

Policymakers ponder action on gas prices
philly.com - Philadelphia,PA,USA
... But no clear, concerted attempt to control gas prices tightly has emerged yet in either the Pennsylvania or New Jersey legislature. ...

Gas prices down
El Paso Times - El Paso,TX,USA
Gas prices down: The average price for a gallon of unleaded regular gasoline in El Paso has dropped 28 cents during the past three weeks, and Las Cruces has ...

Area gas prices starting to drop off
New Bern Sun Journal - New Bern,NC,USA
In one of the most welcome displays of diving since the 2004 Summer Olympics, gas prices have fallen for two consecutive weeks, according to national surveys. ...

Gas prices start tumbling down
Orlando Sentinel - Orlando,FL,USA
... Gas prices are falling from their post-Hurricane Katrina highs, but they aren't falling as fast in Florida as elsewhere, and motorists are still struggling to ...

Landlords to feel pinch of higher heating prices
Louisville Courier-Journal - Louisville,KY,USA
Ballooning natural gas prices won't just mean inflated heating bills for homeowners this winter. Landlords also will be sweating out the increase. ...

OPEC in the News 10/29/05

Oil prices near "acceptable" level: OPEC
Reuters Canada - Toronto,Canada
KUWAIT (Reuters) - OPEC's president Sheikh Ahmad al-Fahd al-Sabah said on Saturday oil prices were approaching a level acceptable to both consumers and ...

Refinery News 10/29/05

Energy companies announce record profits amidst soaring prices for ...
World Socialist Web Site - Oak Park,MI,USA
... the five largest energy companies together control 14.2 percent of global oil production, more than 50 percent of US domestic refinery capacity, 62 percent of ...

Gas prices start tumbling down
Orlando Sentinel - Orlando,FL,USA
... Critics of the oil industry, and some members of Congress, have berated the gasoline producers for not adding enough refinery capacity before the 2005 ...

Sinopec to delay refining projects
Business Times - Malaysia - Malaysia
"The increase of our refinery capacity has to meet demand. Some projects will be delayed, while others will be slowed, in that ...

Oil Price News 10/29/05

Oil prices weaken on sluggish demand
Hindu Business Line - India
NEW DELHI: Edible oil prices dipped on the wholesale oils and oilseeds market during the week under review due to fall in demand as festivals coming to an end ...

Appalachian crude makes comeback amid record high prices
DetNews.com - Detroit,MI,USA
... "No one expected oil prices to do what they've done," said Frank Lynch, president of Somerset Oil in this southern Kentucky town 80 miles south of Lexington. ...

Oil Prices Hold Above $61 on Supply Fears
ABC News - USA
... Oct 28, 2005 -- Oil prices held above $61 a barrel Friday amid lingering concerns that US Gulf of Mexico oil facilities recovering from hurricane damage will ...

Policymakers ponder action on gas prices
philly.com - Philadelphia,PA,USA
... tax on the oil industry from 1980 to 1988. Congress adopted the tax in 1979 as part of the plan to deregulate domestic oil prices. ...

Debate rages on ANWR's effect on gasoline prices
Fairbanks Daily News-Miner - Fairbanks,AK,USA
... Sen. Lisa Murkowski, R-Alaska, said no one should dismiss even the modest projected reductions in oil prices that ANWR could cause.

Energy companies announce record profits amidst soaring prices for ...
World Socialist Web Site - Oak Park,MI,USA
... The profits for Exxon and the other energy giants come largely from the rise in crude oil prices. The major energy companies are ...

Oil Prices: Local Producers Happy
WGRZ-TV - Buffalo,NY,USA
... Rising oil prices have led to rising employment where he lives and works, as well as increased business for him and his father. ...

Oil Future News 10/29/05

Crude futures hold above $61 a barrel
Jamaica Observer - Kingston,Jamaica
... Nymex heating oil futures fell 1.04 cent to $1.8435 a gallon, while gasoline futures climbed 3.16 cents to $1.6242 per gallon. China ...

Refinery News 10/27/05

Patterson jumps on drill rig demand
MarketWatch - USA
... Drilling rig day rates averaged $15,410, up $1.720 from the pervious quarter, lifting operating margins by $1,400 to $7,610, Talbott said. ...

Roc Oil Company Takes Possession Of Mobile Drilling Rig
Yahoo! News - USA
... Following the completion of Cliff Head development drilling the Rig is planned to undertake further exploration drilling in the offshore Perth Basin which ...

Grey Wolf, Inc. Announces Record Operating Results for the Third ...
PR Newswire (press release) - New York,NY,USA
... of turnkey and contract oil and gas land drilling services in the best natural gas producing regions in the United States with a total drilling rig fleet of 127 ...

Infinity Announces the Commencement of Drilling in the Barnett ...
Yahoo! News (press release) - USA
... expects to drill horizontal wells targeting the Barnett Shale formation in Erath County on a continuous basis with a newly built third-party drilling rig. ...

A global shortage of tools for the oil industry
International Herald Tribune - France
... Meanwhile, the crunch has pushed up prices, for example, with the day rate for renting a 1,000 horsepower drilling rig in the United States jumping to $15,000 ...

Rig Notes 10/27/05

Patterson jumps on drill rig demand
MarketWatch - USA
... Drilling rig day rates averaged $15,410, up $1.720 from the pervious quarter, lifting operating margins by $1,400 to $7,610, Talbott said. ...

Roc Oil Company Takes Possession Of Mobile Drilling Rig
Yahoo! News - USA
... Following the completion of Cliff Head development drilling the Rig is planned to undertake further exploration drilling in the offshore Perth Basin which ...

Grey Wolf, Inc. Announces Record Operating Results for the Third ...
PR Newswire (press release) - New York,NY,USA
... of turnkey and contract oil and gas land drilling services in the best natural gas producing regions in the United States with a total drilling rig fleet of 127 ...

Infinity Announces the Commencement of Drilling in the Barnett ...
Yahoo! News (press release) - USA
... expects to drill horizontal wells targeting the Barnett Shale formation in Erath County on a continuous basis with a newly built third-party drilling rig. ...

A global shortage of tools for the oil industry
International Herald Tribune - France
... Meanwhile, the crunch has pushed up prices, for example, with the day rate for renting a 1,000 horsepower drilling rig in the United States jumping to $15,000 ...

Oil Future News 10/27/05

NCDEX, BPCL team up to light furnace oil futures
Economic Times - India
MUMBAI: The National Commodity & Derivatives Exchange (NCDEX) has launched the furnace oil futures contract in association with the oil marketing company ...

Futures fall on GM
Globe and Mail - Canada
... Oil futures rose, with forecasts of cold weather in the US Northeast outweighing bearish sentiment bred just a day earlier by news of increased US crude oil ...

Oil Price News 10/27/05

Exxon Mobil profit leaps on oil prices
ABC News - USA
... In the third quarter, oil prices and refining margins rose sharply after Hurricanes Katrina and Rita ripped through the Gulf of Mexico, disrupting energy ...

Shell Profit Leaps on Rising Oil Prices
MSN Money - USA
... PLC, one of the world's largest oil companies, said Thursday its third-quarter profit grew 67 percent to $9.39 billion, as soaring oil prices outweighed lost ...

Oil Prices Up on Cold Weather Forecast
ABC News - USA
... Oil prices are well below the late August peak of $70.85 a barrel, but analysts said the approach of the Northern Hemisphere winter was expected to keep a firm ...

Senate to hold hearings on oil prices
CNN - USA
... Reuters) - Senate Majority Leader Bill Frist Thursday ordered a Senate hearing with testimony from major oil company executives on why energy prices are high. ...

US Stocks Fall as Oil Prices Increase, GM Shares Decline
Bloomberg - USA
``Fear of high gas prices and heating oil clearly impact spending'' by consumers, said Anthony Dwyer, chief equity strategist for FTN Midwest Research ...

Marathon Oil Profit Rises on Oil Prices
Washington Post - United States
said profit more than tripled in the latest quarter due to higher oil and natural gas prices, but results missed Wall Street expectations. ...

Off topic: Record oil company profits and gas prices
ZDNet - USA
... Royal Dutch Shell third quarter profit grew 67 percent to $9.39 billion, riding on skyrocking oil prices. BP profits climbed 34 percent for the same quarter. ...

Oil prices come back from hefty falls as selling after inventory ...
Forbes - USA
LONDON (AFX) - Oil prices came back from hefty falls yesterday as the selling pressure brought on by the release of stronger-than-expected weekly US inventory ...

Shell puts aside large-scale acquisitions as oil prices soar ...
Forbes - USA
LONDON (AFX) - Royal Dutch Shell PLC is unlikely to embark on a major acquisition at this time when oil prices are hovering at record levels. ...

RIL rocks as petro-prices rise faster than crude oil
Daily News & Analasys - Mumbai,India
... fallen because it probably earned less from refining crude oil in these three months compared with a quarter ago because of the rise in oil prices," said RK ...

OPEC in the News 10/27/05

ENERGY: OPEC EXPERT SEES RUSSIA TIGHTENING HOLD ON US AND EUROPEAN ...
AKI - Rome,Italy
... Qatar Gas, to make inroads into European gas markets at the expense of their Russian rivals, according to a Qatari expert, working with OPEC in Vienna. ...

OPEC's daily basket price edges to 54.41 dollars
Islamic Republic News Agency - Tehran,Iran
The price of the OPEC basket of 11 crudes stood at 54.41 dollars a barrel on Wednesday compared with the 52.63 dollars of the previous day, according to OPEC ...

Kuwait's five-month revenues surpass expectations by 17 percent
Daily Star - Lebanon - Beirut,Lebanon
KUWAIT: OPEC member Kuwait is on track to boast record-high revenues after the Finance Ministry reported a sharp rise in earnings in the first five months of ...

'The Other Gas Crisis'
RedState.org - Mclean,VA,USA
... Faithful blog readers have heard all of this before. Says the Tribune, the high price of natural gas, "Can't be blamed on OPEC or...oil companies. ...

Refinery News 10/26/05

Senate Committee Rejects Republican Refinery Bill
Environment News Service - USA
... Proponents note that refinery capacity in the United States has dropped by some 50 percent in the past two decades -- and that refineries are currently ...

Hastert to Oil Firms: Add Refining Capacity
Washington Post - United States
... But oil industry officials said they are spending significant amounts of money to increase refinery capacity and that Congress should ease environmental ...

Plan panel, ministries differ over pricing of petro products
Financial Express - Bombay,India
... As per the ministry, the refinery capacity of the country post-deregulation has more than doubled from 62.24 million tonne per annum to 127.37 mtpa at present. ...

Oil falls after imports boost US crude supplies
Reuters - USA
... Rita. The EIA said refinery capacity rose only 1.6 percentage points last week to less than 81 percent of capacity. Refineries were ...

Rig Notes 10/26/05

Unit Corporation Reports 2005 Third Quarter and First Nine Months ...
PR Newswire (press release) - New York,NY,USA
... The increases resulted from improvement in oil and natural gas production and prices, as well as drilling rig utilization and dayrates. ...

Oil Future News 10/26/05

Oil sends futures higher
Globe and Mail - Canada
... Oil futures slipped Wednesday ahead of US petroleum supply data expected to show that crude stocks rose, but stayed near $62 a barrel on concerns that a colder ...

Futures slide suggests oil may have peaked
Sydney Morning Herald (subscription) - Sydney,New South Wales,Australia
A slide in 2011 oil futures suggests the three-year rally that has roiled global markets may be over, Credit Suisse First Boston said. ...

Crude futures lose nearly 3%; heating oil retreats
FXstreet.com - Barcelona,Spain
SAN FRANCISCO (AFX) -- Oil futures closed with a nearly 3% loss Wednesday, pulling heating-oil futures away from a one-week high. ...

Gas Price News 10/26/05

Kerr-McGee profit rises with oil, gas prices
Reuters - USA
... Oil and gas producer Kerr-McGee Corp. (KMG.N: Quote, Profile, Research) on Wednesday said third-quarter profit jumped as high energy prices offset production ...

Canadian Gas Prices May Rise on Cold in US Midwest, Northeast
Bloomberg - USA
26 (Bloomberg) -- Canadian natural-gas prices may rise as cold weather in the US Midwest and Northeast stokes furnace use in the two biggest consuming regions ...

Analysts: More spikes in gas prices possible
Modesto Bee - Modesto,CA,USA
... in 2007 -- analysts warn consumers could face new price spikes and won't soon be returning to pump prices that propelled the popularity of gas-guzzling sport ...

Lower gas prices ease pinch
Agana Pacific Daily News - Agana,GU,USA
Consumers will find more relief at the pumps by this morning as gas prices will have dropped by 12 cents a gallon at Shell service stations, a day after ...

Gas prices will rise, naturally
Kamloops This Week - Kamloops,British Columbia,Canada
... www.energyshop.com, which tracks gas prices in North America and the United Kingdom, prices will continue to "track higher than the historical average.". ...

Amerada quarterly profit surges on record prices
Reuters - USA
... Oil companies have benefited from record oil and gas prices as well as soaring refining margins in the quarter in the aftermath of hurricanes Katrina and Rita. ...

Arkansas Gas Prices Falling as Nation Sees More Supply and Less ...
KAIT - Jonesboro,AR,USA
In September, gas prices in Arkansas peaked at $2.99 per gallon, but the American Automobile Association says as of yesterday the statewide average was almost ...

City: Wholesale prices cause increase in electric bill
Brenham Banner Press - TX, United States
The drastic spike in oil and gas prices is playing havoc with wholesale electric and natural gas suppliers who are seeing costs rise dramatically, Brenham ...

Gas prices rolled back
Saipan Tribune - West Orange,NJ,USA
... 30, when the gallon price adjustment only reached up to 6 cents. It had increased gas prices beginning Aug. 9 and on Aug.17. Last ...

Idaho gas prices drop only half as far as in other states
IdahoStatesman.com - ID,USA
... But Idahoans are not seeing much of that relief at the pump as Idaho gas prices -- which usually run just about 7 to 10 cents higher than the national average ...

Oil Price News 10/26/05

Oil prices dip ahead of weekly US stocks data; US weather still a ...
Forbes - USA
LONDON (AFX) - Oil prices dipped slightly ahead of the weekly snapshot of US energy stocks where rises in crude and gasoline are expected but falls were also ...

Stock markets higher as crude oil prices fall back, earnings ...
CBC News - Canada
The advance came even as data showed higher than expected fuel inventories in the US last week, which moved the price of oil lower but failed to make a dent in ...

Update 11: Oil Prices Rise on Winter Fuel Worries
Forbes - USA
... Oil prices are more than 10 percent below the late August peak above $70 a barrel and some traders saw this as a buying opportunity on Tuesday, when crude ...

Republicans press oil industry on fuel supplies and prices
International Herald Tribune - France
... Democrats criticized not only the Republican plan for spending cuts but also the new House approach to oil prices. The new Republican ...

ConocoPhillips 3Q Profit Up Oil Prices
CBS News - USA
... third-largest integrated oil and gas company, said Wednesday its third-quarter profit surged 89 percent, reflecting strong prices for crude oil and natural gas ...

Dow Average Rises as Oil Prices Drop, DuPont Shares Advance
Bloomberg - USA
Oct. 26 (Bloomberg) -- The Dow Jones Industrial Average rose as the price of oil declined and DuPont Co. shares gained. The Dow ...

Kerr-McGee profit rises with oil prices
Washington Post - United States
HOUSTON (Reuters) - Oil and gas producer Kerr-McGee Corp. on Wednesday said third-quarter profit jumped as high energy prices offset production outages caused ...

High oil prices help BP weather storms to report £2.46bn profits
Scotsman - United Kingdom
SURGING oil prices allowed oil major BP to deliver a strong rise in third-quarter profits yesterday, with the performance likely to have been an estimated ...

Oil prices edge lower as US inventory fears ease
Financial Times - London,England,UK
... Oil prices have declined 13 per cent from the record $70.85 a barrel it reached at the end of August. US production is recovering ...

Crude Oil: Diesel Prices Remain Elevated
CattleNetwork.com - Stanley,KS,USA
... Since heating oil prices are generally highest when demand for the product peaks, diesel prices also often peak as cold weather occurs, as owners of diesel-fuel ...

OPEC in the News 10/25/05

OPEC daily basket price edges to 52.63 dollars
Islamic Republic News Agency - Tehran,Iran
The price of the OPEC basket of eleven crudes stood at 52.63 dollars barrel on Monday, compared with 52.47 dollars the previous day, according to OPEC ...

OPEC and the Economic Conquest of Iraq
WNY Media Network - Buffalo,NY,USA
... to show for it: effective membership, through our control of Iraq's energy policy, in the Organization of the Petroleum Exporting Countries (OPEC), the Arab ...

Oil prices drop sharply as Wilma misses key facilities
Gulf Times - Doha,Qatar
... "The report suggested that Opec may in fact have to cut output next year if they want to maintain prices above $50 a barrel," Bellew added. ...

Oil and Saudi Arabia - Part 2
Energy Pulse - Denver,CO,USA
... OPEC Review (March). _____. (2001). Global finance and financial markets. ... R. (2005). ‘The economics of oil definitions' OPEC Review (March). _____. ...

Gas Price News 10/25/05

Gas prices push inflation to 30-month high
CBC Saskatchewan - Saskatchewan,Canada
... August. Prices at the gas pump got most of the blame. Statistics Canada said gasoline prices rose 10.8 per cent last month alone. ...

Natural gas prices soar
CNN - USA
NEW YORK (Reuters) - Natural gas prices spiked Tuesday as cool weather over much of the nation stirred early heating demand, traders said. ...

Oct. Consumer Confidence Hurt by High Gas Prices
FOX News - USA
... over the past two months can be attributed to the recent hurricanes, (gas) pump shock ... Gasoline prices are down a lot, so that is good news, but they are still ...

As gas prices drop, diesel skyrockets
DetNews.com - Detroit,MI,USA
... This continues even as gasoline prices come down. ... back on line and are concentrating on gasoline production, which is dropping the price of gas but raising the ...

BP Profit Jumps on Oil, Gas Prices After Hurricane Damage
Bloomberg - USA
... oil companies to report the industry's windfall profit after Hurricanes Katrina and Rita struck the US Gulf of Mexico coast, causing oil and gas prices to surge ...

Republicans urge oil companies to act on prices
Financial Times - London,England,UK
... "I think there'sa frustration out there in the public about higher gas prices and I think that frustration will only continue to grow when the cold weather ...

Bay State gas prices drop 13 cents in week
Boston Herald - United States
... on Aug. 29, damaging key components in the nation's oil infrastructure and sending gas prices to record highs. Gas prices peaked ...

Gas prices decline again
Newsday - Long Island,NY,USA
... In fact, natural gas prices rose as forecasters predicted colder weather in the Northeast later this week, and no one was backing off predictions of higher ...

Nation's oil firms drop gas prices
Taipei Times - Taiwan
... second time this month that Formosa Petrochemical has adjusted prices, after a NT$1.8 a liter cut on Oct. 1, to "safeguard our contract gas stations' rights ...

Gas prices weigh on US Steel
CNN/Money - USA
... levels and firmer spot prices, the company said results would still be "well below" the first two quarters, with continued high gas prices and reduced domestic ...

Refinery News 10/25/05

 ICF Consulting Testifies on Refinery Capacity Before the US House ...
PR Newswire (press release) - New York,NY,USA
US House of Representatives Hears Outlook for Global Petroleum Refinery Capacity Investments, and Ramifications on US Oil Products Supply, Demand, and Imports ...

Oil Price News 10/25/05

Oil prices dip after hurricane moves out to sea
Daily Times - Lahore,Pakistan
... Separately, oil prices edged lower on global markets on Monday as Hurricane Wilma moved into the Atlantic Ocean after apparently missing energy facilities in ...

Oil prices rise on cold weather worries, tops $62 US a barrel
Canada.com - Canada
... supplies would be adequate. But he predicted that, without a colder-than-normal winter, oil prices could fall to the mid-$50 range. ...

BP Profit Rises on Oil Prices After Hurricane Damage (Update4)
Bloomberg - USA
... Chief Executive John Browne in an interview said he expects oil prices, now around $60 a barrel, to stay high for the rest of this year, before falling to $40 ...

Shell Canada's Profit Rises 1.3% on Higher Oil Prices (Update1)
Bloomberg - USA
... Bloomberg) --Shell Canada Ltd., the country's fourth-largest oil company, said ... costs and narrower refining margins limited benefits from soaring energy prices. ...

Stock market indicators mixed on lower oil prices, higher Canadian ...
National Post - Canada
TORONTO (CP) - Global indicators were mixed for North American stock markets early Tuesday as oil prices eased but inflation concerns flared in Canada. ...

IMF's Rato says economic impact of high oil prices may not remain ...
Forbes - USA
PARIS (AFX) - IMF managing director Rodrigo Rato said there is a risk that the economic impact of high oil prices may not continue to be as benign as it has ...

Nation's oil firms drop gas prices
Taipei Times - Taiwan
... "Our moves are aimed at reflecting international market trends, as crude oil prices have now ... By law, fuel suppliers are permitted to set oil-product prices. ...

Sigh of relief on Wilma sends oil prices down
Financial Times - London,England,UK
... Algeria's Energy and Mines Minister Chakib Khelil said that oil prices were expected to stay above $50 a barrel for the next six months due to limited refinery ...

Government may not cut oil prices
Daily Times - Lahore,Pakistan
ISLAMABAD: Despite the substantial reduction in oil prices in the international market (by more than $10 from $70 a barrel in September to $59.56 a barrel to ...

Oil prices back below $60 a barrel as Wilma misses oil platforms
Pravda - Moscow,Russia
World oil prices slips today as Hurricane Wilma looked set to miss energy facilities in the US Gulf of Mexico. New York's main contract ...

Rig Notes 10/25/05

Shell signs deepwater drilling campaign rig
OilVoice (press release) - UK
... into a final contract for a two-year term with Shell UK Ltd, Shell Exploration and Production Ireland and Norske Shell for the drilling rig Leiv Eiriksson. ...

Nabors Posts Record EPS of $1.11, Net of Hurricane Charges ...
Business Wire (press release) - San Francisco,CA,USA
... entity is constructing a total of 15 new drilling rigs and 20 coiled tubing / stem drilling rigs with most of the near-term drilling rig capacity dedicated to ...

Oil Future News 10/25/05

Crude-oil futures top $61, natural gas rallies
Investor's Business Daily (subscription) - USA
SAN FRANCISCO (MarketWatch) -- Crude-oil futures climbed above $61 a barrel Tuesday and natural-gas prices rose almost 4% as traders turned their attention to ...

NCDEX launches trading in furnace oil futures
Financial Express - Bombay,India
MUMBAI, OCT 24: The National Commodity and Derivatives Exchange (NCDEX) on Monday launched trading in furnace oil futures. The contracts ...

Oil Future News 10/25/05

Crude-oil futures top $61, natural gas rallies
Investor's Business Daily (subscription) - USA
SAN FRANCISCO (MarketWatch) -- Crude-oil futures climbed above $61 a barrel Tuesday and natural-gas prices rose almost 4% as traders turned their attention to ...

NCDEX launches trading in furnace oil futures
Financial Express - Bombay,India
MUMBAI, OCT 24: The National Commodity and Derivatives Exchange (NCDEX) on Monday launched trading in furnace oil futures. The contracts ...

OPEC in the News 10/24/05

OPEC daily basket price edges to 52.47 dollars
Islamic Republic News Agency - Tehran,Iran
The price of the OPEC basket of 11 crudes stood at 52.47 dollars a barrel on Friday, compared with the 52.85 dollars of the previous day, according to OPEC ...

Opec's Output to Hit 5.5mbpd - 2009
AllAfrica.com - Africa
NIGERIA'S oil and condensate output will soon go up as the Organisation of Petroleum Exporting Countries OPEC says it will increase its production capacity by ...

OPEC oil production below 30 mln b/d in September
New Europe - Athens,Greece
Oil production for the Organisation of Petroleum Exporting Countries (OPEC) stayed below 30 million barrels per day in September for the second straight month ...

Rapid North Sea decline rates weigh on non-Opec production
Gulf Times - Doha,Qatar
LONDON: Rapidly falling North Sea oil output has acted as a drag on non-Opec growth this year, and analysts say if other mature fields see a similar slowdown ...

Don't let oil harm global prosperity
International Herald Tribune - France
... Disruptive price increases were only avoided by releases from strategic reserves, and by OPEC's offer to bolster crude production if needed. ...

Gustavo Coronel: PDVSA is forced to open its can of worms
Petroleumworld.com - Venezuela
... In Rigzone.com, October 7, 2005, this publication reports a story by Platts ("OPEC Output Up 50,000 Barrels Per Day in September") in which they estimate ...

Refinery News 10/24/05

Abu Dhabi boosting refinery investment on ‘profit surge'
Gulf Times - Doha,Qatar
... meet fuel demand. US Federal Reserve Chairman Alan Greenspan has said world refinery capacity is "worrisome.''. "This is a ...

Outside the Box Bernanke can't just target inflation
MarketWatch - USA
... For example, right now the consumer price index (CPI) is cresting thanks to crude oil prices and too little refinery capacity. Yet ...

Gas Price News 10/24/05

Gas prices at pre-Hurricane Katina levels, survey shows
Boston Globe - United States
PROVIDENCE, RI --Gas prices in Rhode Island have fallen to pre-Hurricane Katrina levels, but are still higher than they were at this time last year, according ...

Engelhard hit by storms, gas prices
MarketWatch - USA
on Monday said third-quarter profit declined about as expected, with surging natural-gas prices and a series of hurricanes biting into earnings at two of the ...

Gas Prices and Hurricane Wilma
WNCT - Greenville,NC,USA
Because of that, crude oil prices fell below 60 bucks for the third day in a row. ... Believe it or not oil prices have dropped 16 percent from their peak. ...

Rising natural-gas prices pinch companies
MSNBC - USA
... But the real pain may still be ahead, as natural-gas prices jump sharply higher this fall. ... Natural-gas prices have risen quickly over the past several years. ...

Gas prices down, trend expected to continue
KTBS - Shreveport,LA,USA
The national Lundberg Survey says the price of a gallon of gas fell an average of 25 cents ... Some prices in Shreveport-Bossier City were as low as $2.38 a gallon ...

On the road - Drivers keep rolling, gas prices creep down
Roanoke Rapids Daily Herald - Roanoke Rapids,NC,USA
... also noted a 35 percent increase in the use of the "Fuel Price Finder" on its Website, which allows customers to search for the cheapest gas prices in a 10 ...

Most Illinois residents financially affected by gas prices ...
Chicago Flame Online (subscription) - Chicago,IL,USA
The Chicago Tribune/WGN-TV poll shows 77 percent of those surveyed feel high gas prices have affected their finances ``a lot'' or ``some,'' while 21 percent ...

With natural gas prices, readers fear the coming of winter
Atlanta Journal Constitution (subscription) - GA,USA
Georgia consumers can expect to pay 56 percent more to heat their homes this winter due to high natural gas prices. Federal officials ...

Natural gas prices will stay high
Purchasing.com - Newton,MA,USA
... prices are … raising production costs, and continued increases would at some point restrain economic growth." Bernanke adds: "Natural gas prices may remain ...

Triple-A survey: Gas prices down slightly
Tuscaloosa News (subscription) - Tuscaloosa,AL,USA
Triple-A Alabama says gas prices fell an average of a penny over the past four weeks and two cents since yesterday (Sunday). The ...

Rig Notes 10/24/05

Triangle Secures Drilling Rig and Hires Chief Financial Officer
CCNMatthews (Communiqués de presse) - Canada
Elmworth has executed a letter of intent with a Calgary, Alberta based drilling contractor to secure a drilling rig for Elmworth's Canadian winter 2005/2006 ...

Oil Future News 10/24/05

Ncdex kick off furnace oil futures trading
Business Standard - India
The National Commodity and Derivatives Exchange (Ncdex) launched trading in furnace oil futures contract on Monday. The bourse has ...

Oil futures slides
Economic Times - India
The price for US oil futures for '10 has fallen to its steepest discount to the front-month contract since March. On Wednesday ...

Oil Price News 10/24/05

Oil prices fall sharply as Wilma misses oil facilities in Gulf of ...
Forbes - USA
LONDON (AFX) - World oil prices fell sharply as Hurricane Wilma appeared to have missed energy facilities in the US Gulf of Mexico, analysts said. ...

Strong earnings reports, lower oil prices send stock markets ...
CBC News - Canada
TORONTO (CP) - North American stock markets moved ahead late Monday morning as oil shares rose despite another slide in the price of oil while the corporate ...

Petron, Caltex raise prices by 50¢
Philippine Star - Manila,Philippines
... 5 this year, the domestic oil companies had experienced an over-recovery of $0.34 per barrel for unleaded gasoline compared to world oil prices. ...

Gas prices at pre-Hurricane Katina levels, survey shows
Boston Globe - United States
... AAA attributes the falling gas prices to lower consumer demand, decreasing crude oil prices and the recovery of gasoline and oil operations in the Gulf Coast ...

Exxon, BP, Shell Profit Probably Rose on Oil Prices, Refining
Bloomberg - USA
... ``Earnings tend to follow the cycle in oil prices, and this is the peak of the cycle,'' said Peter Hitchens, an analyst at Tether & Greenwood Ltd. in London. ...

Consumer prices rise in Singapore
International Herald Tribune - France
... 11 to combat inflation amid higher oil prices. Crude oil prices, which surged to a record $70.85 a barrel on Aug. 30, have increased 38 percent this year. ...

High prices may slow oil demand
Shanghai Daily - Shanghai,China
... to have an impact both on inflation and on energy consumption have led to a shift in market sentiment away from a belief that oil prices will continue to rise ...

Oil pushes up prices
Advertiser Adelaide - Adelaide,South Australia,Australia
... petroleum refining. Reflecting the impact of rising oil prices, the import component was up 3.2 per cent. The preliminary stage ...

Some homeowners turn to coal, wood as heating prices rise
Boston Globe - United States
... "People are shocked by their oil prices," said John Sullivan, owner of Energy Unlimited of New England, a Wayland business that sells wood stoves and bags of ...

Outlook not good for lower fuel prices in near-term
Southeast Farm Press - USA
By Forrest Laws, Farm Press Editorial Staff. A "long, mild fall" could help ease oil prices back from current post-Katrina/Rita levels. ...

Rig Notes 10/21/05

OMDA Oil & Gas Notified of Drilling Rig Arrival on Its Shelby Co. ...
Market Wire (press release) - USA
... through its Chairman, Adam Barnett, was notified today by its operator, Texas Land and Producing Co, (TLP) that its long awaited drilling rig and contractor ...

Clayton Williams Energy Announces Formation of Drilling Rig Joint ...
Business Wire (press release) - San Francisco,CA,USA
... "We need to be assured of rig availability in ... and in my opinion, this joint venture is a much better alternative to executing long-term drilling contracts with ...

Technicoil Provides Rig Construction Update and Third Quarter ...
CCNMatthews (press release) - Toronto,ON,Canada
In addition, Technicoil's drilling rig fleet has returned to full capacity following the completion of repairs to one of its drilling rigs that was damaged due ...

Oil Price News 10/21/05

Oil prices slide below 60 dollars
Forbes - USA
LONDON (AFX) - World oil prices dropped on Friday, reaching three-month low points in New York on easing supply concerns, analysts said. ...

European 10-Year Bonds Gain on Falling Oil Prices, Weak Stocks
Bloomberg - USA
... European 10-year government bonds rose for a third day this week, sending yields to their lowest in seven days, as falling oil prices eased concern on ...

Oil prices slide below $60 a barrel
Mail & Guardian Online - Johannesburg,South Africa
World oil prices dropped on Friday, reaching three-month low points in New York on easing supply concerns, analysts said. New York's ...

Oil prices down
Ireland Online - Dublin,Ireland
Oil prices dipped below the 60 US dollars a barrel mark in New York today as fears over supply shortages eased. Figures from the ...

Update 7: Crude Oil Prices Fall Below $60 a Barrel
Forbes - USA
... Tokyo. Oil prices have declined 16 percent since reaching $70.85 a barrel on Aug. 30, the day after Hurricane Katrina made landfall. ...

UPDATE 1-Maytag posts quarterly loss, high oil prices hurt
Reuters - USA
... MYG.N: Quote, Profile, Research) on Friday reported a third-quarter loss, hurt by higher oil and distribution costs and weakness at its Hoover vacuum division. ...

Wall St rebounds as oil prices fall
Business World - Ireland
Leading Wall St shares rebounded strongly overnight as oil prices fell and as investors sought out bargain stocks after previous declines. ...

Oil prices fall below $ 60 a barrel
Sify - Taramani,Chennai,India
Singapore: Oil prices weakened further in Asian trading today as the threat from Hurricane Wilma eased amid signs that US demand is tapering, dealers said. ...

Oil Prices Dip Below $60
Los Angeles Business Journal - Los Angeles,CA,USA
Oil slid below $60 on Friday, after a heavy hit the previous day when US oil and natural gas stocks swelled and added proof that record prices were leading the ...

High Oil Prices Ignite Inflation in South Africa
Prensa Latina - Havana,Cuba
Cape Town, Oct 21 (Prensa Latina) High oil prices could lead to an increase of inflation in South Africa, said South African Reserve Bank (SARB) Governor Tito ...

Oil Future News 10/21/05

Crude futures climb, but lose 2% for the week
Investor's Business Daily (subscription) - USA
SAN FRANCISCO (MarketWatch) -- Crude-oil futures broke a three-session losing streak to end higher Friday, but still finished the week with a 2% loss and ...

Futures Movers Crude dips as traders mull supplies
MarketWatch - USA
NEW YORK (MarketWatch) - Crude-oil futures were slightly lower early Friday in a continued reaction to this week's rise in oil and natural-gas supplies. ...

Stock futures get a lift from Google's blowout results
Investor's Business Daily (subscription) - USA
... declined 18 points at 1,177 on Thursday, with results from Pfizer (PFE) and declines at energy giant Exxon Mobil (XOM) weighing as crude oil futures fell below ...

OPEC in the News 10/21/05

OPEC daily basket price edges to 52.85 dollars
Islamic Republic News Agency - Tehran,Iran
The price of the OPEC basket of eleven crudes stood at 52.85 dollars barrel on THursday, compared with 53.64 dollars the previous day, according to OPEC ...

APEC/OPEC dialogue channel to open for the first time
Korea.net - South Korea
... and Energy of Korea (MOCIE) in Gyeongju, the Asia Pacific Economic Cooperation (APEC) and the Organization of Petroleum Exporting Countries (OPEC) agreed to ...

North Sea oil output fall hits non-Opec growth
Financial Express - Bombay,India
LONDON, OCT 20: Rapidly falling North Sea oil output has acted as a drag on non-OPEC growth this year, and analysts say if other mature fields see a similar ...

Gas Price News 10/21/05

Oil and gas prices lowest since June
Boston Globe - United States
... 30, the day after Katrina made landfall. Prices are up 11 percent from a year ago. ... Prices have dropped 14 of the last 16 sessions.

Gas Prices Drop Slowly After Record Climb
Consumer Affairs - USA
... Houston: Gas prices are plummeting across the state because of falling demand. The price of regular unleaded self-serve gasoline ...

High LA Gas Prices Lower Demand
Los Angeles Business Journal - Los Angeles,CA,USA
... area had the highest gas price, falling 3.4 cents to $2.991. For the first time since early September, none of the areas surveyed had average prices above the ...

Gasoline prices plunge across Texas
Houston Chronicle - United States
... spokeswoman Rose Rougeau. "As demand for gasoline continues to drop, retail gas prices will follow," she said. The national average ...

Arizona gas prices drop by nearly a dime
Phoenix Business Journal - Phoenix,AZ,USA
Arizona gas prices tumbled nearly 9 cents this week to a statewide average of $2.79 per gallon of self-serve unleaded regular Friday, the largest decline since ...

Want real pain? regulate gas prices
Canton Repository (subscription) - Canton,OH,USA
... Other politicians want government to push prices down. Sen. Maria Cantwell, D-Wash., suggests giving the president the power to set retail gas prices. Sen. ...

Gazprom prospers amid high gas prices
RosBusinessConsulting - Moscow,Russia
... had expected revenue of USD11.6bn. Experts say this positive news is all due to higher gas prices. In the first quarter of 2005, Russia's ...