Oil Blog

Oil Price News 11/30/05

Oil prices slide down to $56 a barrel
Daily Times - Lahore,Pakistan
... "Because crude prices are at a suitable level, OPEC is not ... "Even if the oil price comes down to $40, OPEC countries will not take serious action.". ...

Oil prices help FTSE fall
Ireland Online - Dublin,Ireland
Shares in heavyweights Royal Dutch Shell and BP suffered badly after oil prices slumped to their lowest level for nearly six months. ...

Crude Oil: Gasoline Prices Drop Dramtically
CattleNetwork.com - Stanley,KS,USA
... Will crude oil prices continue to fall? ... Consider, for example, the forces driving crude oil prices, which have recently been trending lower. ...

Oil prices slip further in Asian trading
Sify - Taramani,Chennai,India
Singapore: Oil prices slipped further today in Asian trading as mild temperatures in the United States calmed concerns of a supply crunch during winter ...

Oil Prices Hit Lowest Level in 5 Months
Herald News Daily - Williston,ND,USA
VIENNA, Austria - Oil prices briefly slipped to their lowest level in 5 1/2 months Wednesday as warm weather persisted throughout the US Northeast and ...

Oil prices dip again
ABC12.com - Flint,MI,USA
SINGAPORE (AP) - - (11/30/05)-- Warm weather in the US Northeast is credited with another drop in overseas oil prices. Crude oil ...

Motorists stop sputtering as gas prices begin to fall
The Argus - Fremont,CA,USA
... whether the oil companies operating in California had manipulated the gas market, finding instead that market conditions such as crude oil prices that briefly ...

Oil prices slip again amid expectations of sufficient US reserves
KTRE - Lufkin,TX,USA
SINGAPORE Warm weather in the US Northeast is credited with another drop in overseas oil prices. Crude oil futures have inched down again today in Singapore. ...

Oil prices are not to blame for inflation
Business Day - Johannesburg,South Africa
Newspapers have repeatedly talked about oil prices filtering into the consumer price index, with first- and second-round effects, yet the notion that such ...

Stock market: market is under correction as world oil prices fall.
Analytical Information Agency - Moscow,Russia
Stock market is under correction as world oil prices fall. Market composite fell 0.47% tî 1034.91 points. RAO UES added 1.99% tî ...

OPEC in the News 11/30/05

OPEC's stockpiling may signal end of oil rally
USA Today - USA
LONDON -- An OPEC target to boost stockpiles to the highest levels in years could spell the end of oil's protracted rally but is unlikely to drive a price ...

Opec can pump additional 2m crude oil for global use
Khaleej Times - Dubai,United Arab Emirates
... Dha'en Al Hamli, UAE's Minister of Energy yesterday assured that there is 2 million barrels per day additional crude oil capacity, which OPEC members can pump ...

OPEC daily basket price edges to 49.78 dollars
Islamic Republic News Agency - Tehran,Iran
The price of the OPEC basket of eleven crudes stood at 49.78 dollars barrel on Tuesday, compared with the 50.04 dollars of the previous day, according to OPEC ...

UPDATE 7-Oil dips on warmer weather, OPEC assurances
FXstreet.com - Barcelona,Spain
NEW YORK, Nov 29 (Reuters) - Oil prices fell on Tuesday amid warmer US weather and assurances that producer group OPEC would keep consumer nation stocks ...

Indonesia wants Opec to maintain output
Business Times - Malaysia - Malaysia
JAKARTA, Wed: The Organisation of the Petroleum Exporting Countries (Opec) should keep pumping at current rates and maintain its offer to tap all its spare ...

Oil edges towards $57, eyes on US stockpiles
Reuters South Africa - Johannesburg,South Africa
OPEC ministers appear unconcerned by the week's price fall and have indicated the group will keep the taps open when it meets next month. ...

Oil hovers just above $57 on mild weather, OPEC
Financial Express.bd - Bangladesh
... $1 in the previous session, pressured by balmy weather in the United States (US) and Organisation of Petroleum Exporting Countries (OPEC) ministers' commitment ...

Norway backs Barents Sea development
Gulf Times - Doha,Qatar
... Non-Opec Norway, the world's third-biggest oil exporter, also plans to issue in the first quarter of 2006 new licences for oil and gas exploration in ...

Vietnam and Indonesia look to nuclear power
World Peace Herald - Washington,DC,USA
... plan. Indonesia, a member of the Organization of Petroleum Exporting Countries (OPEC), became an oil-importing country last year. ...

Rig Notes 11/30/05

Storm Cat Energy Provides an Interim Fourth Quarter Operational ...
PR Newswire (press release) - New York,NY,USA
... in British Columbia, and drilled two new wells north of the pilot project which encountered thick, gas-charged coal seams; * Secured a drilling rig for the ...

Kurdistan Drills For Oil
Mathaba.Net - London,UK
... Based on a year of seismic exploration the first site was selected and a huge drilling rig was imported from China and erected within 90 days. ...

Southern ocean beckons explorers
New Zealand Herald - New Zealand
... Jackson claimed Kiwis working on the drilling rig were locked below "so that they could not witness what was floating on the sea". ...

Redstar Oil & Gas Inc. Announces Financial Results
CCNMatthews (press release) - Toronto,ON,Canada
... RedStar is pleased that a second drilling rig has been secured. With two drilling rigs and a completion rig being secured, RedStar ...

Gas Price News 11/30/05

AOL Shopping Survey Finds High Gas Prices Provoke More Online ...
Internet Ad Sales (press release) - Taeby,NA,Sweden
... Of the respondents who said they are planning to do more shopping online this season, 49% said it's because "high gas prices make it too expensive to drive ...

Consumer confidence soars as gas prices drop
Boston Globe - United States
... for the holiday shopping season brightened yesterday with news that consumer confidence soared in November in response to a drop in gasoline prices and a ...

Motorists stop sputtering as gas prices begin to fall
The Argus - Fremont,CA,USA
Motorists can expect gas prices to fall even further this year, already having seen them drop 65 cents or more from record highs above $3 a gallon in September ...

Dipping gas prices welcome relief for area commuters
Bluefield Daily Telegraph - Bluefield,WV,USA
BLUEFIELD, Va. - After months of paying blistering prices driven by the ... "You can't beat it, really," said Va. resident Jon Smith of the $1.98 prices. ...

Exelon Subsidiary Hikes Gas Prices
Forbes - USA
PECO, a Philadelphia-based utility and subsidiary of Exelon Corp., said on Tuesday it will hike natural gas rates, effective Dec. ...

Gas prices right for holiday travel
News Courier - Athens,AL,USA
... manager with AAA Alabama, said that he thinks we will continue to see prices come down ... However, the price of gas was still 23 cents higher than a year ago. ...

Area gas prices fall back under $2
Colorado Springs Gazette - Colorado Springs,CO,USA
... motorists paid -- give or take a few cents -- after hurricanes Katrina and Rita knocked out Gulf Coast refineries and propelled rising gas prices into the ...

Peco gas prices to leap tomorrow
Philadelphia Daily News - Philadelphia,PA,USA
By SANDRA SHEA. Yesterday, Peco took the unusual step of holding a press conference to announce a 26 percent boost in gas prices, to take effect tomorrow. ...

Manufacturers to cut workers due to high natural gas prices
New Mexico Business Weekly - Albuquerque,NM,USA
Nearly half of US manufacturers say they'll be forced to lay off workers or freeze wages because of high natural gas prices, according to a National ...

Armenia Was Not Informed About Rise In Gas Prices
Armenia Diaspora - Yerevan,Armenia
... The Armenian Energy Ministry told REGNUM that it does not obtain information about a possible rise in prices for the Russian gas. ...

Oil News 11/29/05

Update 7: Oil Prices Down As Warm Weather Persists
Forbes - USA
... and concerns about a colder-than-normal winter lifted prices last week ... Heating oil and gasoline futures were mixed despite analysts' estimates for growing ...

US growth continues despite high oil prices: OECD
Xinhua - China
29 (Xinhuanet) -- The United States should enjoy solid growth despite high oil prices, but a new interest rate rise by the Federal Reserve is not excluded, the ...

Oil Prices Drop As Warm Weather Persists
San Francisco Chronicle - United States
... Oil prices have eased recently as mild weather pervaded the northeastern states, which consume three-quarters of the nation's heating oil as the biggest global ...

Rising oil prices jack up import bill
Sify - Taramani,Chennai,India
New Delhi: The rising oil prices are having immense implications for the government with the net import bill raising upto Rs 91,486 crore during 2004-05, the ...

Oil prices slip further in Asian trade
Sify - Taramani,Chennai,India
Singapore: Oil prices slipped further in Asian trade today as weather conditions in the northeastern United States remained mild, dealers said. ...

Oil Prices Down As Warm Weather Persists
Herald News Daily - Williston,ND,USA
... Forecasts for snowstorms and concerns about a colder-than-normal winter lifted prices last week ... Distillate inventories include heating oil and diesel fuel. ...

Gas prices continue fall from record highs
Providence Eyewitness News - RI,USA
... fallen by at least ten cents. Oil prices fell nearly one dollar a barrel in trading on Monday as fears eased about a spike in demand. ...

Gasoline prices in Tarrant drop below $2
Fort Worth Star Telegram - Fort Worth,TX,USA
... stations. Adequate supplies, warm weather and expanded refinery production helped crude oil prices dip by $1.35 per barrel Monday. ...

Oil Future News 11/29/05

Update 9: Crude Oil Futures Fall
Forbes - USA
Crude oil futures fell Tuesday as unseasonably mild weather along the US East Coast spurred hopes that this year's Northern Hemisphere winter could be warmer ...

Crude oil futures edge lower
MarketWatch - USA
LONDON (MarketWatch) - Oil futures edged lower on Tuesday on concerns that warm weather may sap demand. Front-month crude was recently ...

RPT - Oil futures fall over 2 pct to close at one-week low
ForexTV.com - Glen Head,NY,USA
SAN FRANCISCO (AFX) - Crude-oil futures fell more than 2 pct Monday to close at a one-week low under 58 usd a barrel and other energy prices followed suit ...

Crude Oil Futures Fall
Herald News Daily - Williston,ND,USA
SINGAPORE - Crude oil futures fell Tuesday as unseasonably mild weather along the US East Coast spurred hopes that this winter could be warmer than expected ...

Polyester prices depressed by lower oil futures (Daily Report)
EmergingTextiles.com (subscription) - Sevigne,France
28 November 2005 - Crude oil prices were further down today in Asia, falling below US$58 per barrel. Mild weather and high inventories ...

US Stock-Index Futures Rise Before Consumer Confidence Report
Bloomberg - USA
... Nasdaq-100 Index futures added 1.5 to 1694. Oil producers Exxon Mobil Corp. and Chevron Corp. dropped in Europe as crude oil futures fell for a third day. ...

OPEC in the News 11/29/05

Oil: Opec to keep tanks full
New Zealand Herald - New Zealand
LONDON - Oil fell on Tuesday after producer group Opec bent over backwards to assure consumers they would fill up their fuel tanks this winter. ...

Dialogue best means to settle energy issue: OPEC chief
People's Daily Online - Beijing,China
OPEC chief and Kuwaiti Energy Minister Sheikh Ahmad Al-Fahad Al-Ahmad Al-Sabah said Monday that dialogue is the best way to settle differences concerning ...

Mobile telecom provider in the Maldives receives OPEC Fund support
Harold Doan and Associates (press release) - Rocklin,CA,USA
An agreement for a US$7 million loan has been signed between the OPEC Fund for International Development and Wataniya Telcom Maldives Private Limited (WTM ...

OPEC daily basket price edges to 50.04 dollars
Islamic Republic News Agency - Tehran,Iran
The price of the OPEC basket of 11 crudes stood at 50.04 dollars a barrel on Monday compared with the 50.42 dollars of the previous day, according to OPEC ...

Oil producers vow to raise capacity
Forbes - USA
... producers will raise their production capacity to ensure continuity of crude supplies despite efforts by world consumers to restrain demand, the OPEC chief said ...

Refinery News 11/29/05

Energy: The High
Texas Agriculture - Waco,TX,USA
... a record volume of imports arrived, while gasoline production climbed to near pre-hurricane levels, despite significant refinery capacity remaining shut down. ...

Gasoline prices continue to drop
Scottsboro Daily Sentinel - Scottsboro,AL,USA
... The storm tightened gasoline supplies as 25 percent of US crude oil production and 10-15 percent of refinery capacity was shut down for a time. ...

Gas up and go: Local prices fall 90 cents a gallon
San Antonio Express (subscription) - San Antonio,TX,USA
... "Refinery capacity coming back on line is the biggest contributor," Parker said. "We went from about 95 percent utilization of refineries ...

Contender for 53.7% of Mazeikiu Nafta to be named this week
RIA Novosti - Moscow,Russia
... The Mazeikiu Nafta complex comprises the eponymous oil refinery, which has a capacity of 12 million metric tons of oil annually, an oil terminal in Butinge ...

Rig Notes 11/29/05

American Energy Production Inc. Completes Work on Ideco Drilling ...
Business Wire (press release) - San Francisco,CA,USA
... OTCBB: AMEP) announced today the first raising of the derrick on the Ideco drilling rig which is owned by wholly owned investee AMEP Strategic Investments Inc. ...

Hardman Resources Expects To Spud Uganda Well In Mid-Dec
Yahoo! News - USA
LONDON (Dow Jones)--Hardman Resources said Tuesday that in relation to the Uganda Block 2: Mputa-1 Wildcat, mobilisation of the drilling rig continues with ...

Gas Price News 11/29/05

Consumer confidence up as gas prices fall
BusinessWeek - USA
... "While the index remains below its pre-Katrina levels, the shock of the hurricanes and subsequent leap in gas prices has begun wearing off just in time for the ...

Consumer confidence up as gas prices dip
BusinessWeek - USA
The Conference Board, a private research company, said that falling gasoline prices and an improved jobs outlook had lifted confidence in November to a reading ...

Gazprom to hike prices for ex-republics
BusinessWeek - USA
... Last week, Georgian Prime Minister Zurab Nogaideli lamented Russia's intention to raise gas prices from their current level of $60 per thousand cubic meters to ...

China's Sinopec, PetroChina call for higher gas prices - report
Forbes - USA
BEIJING (AFX) - PetroChina Co Ltd, and China Petroleum & Chemical Corp (Sinopec) have called for higher gas prices to safeguard profits, the China Daily said. ...

Russia: CIS Gas Prices To Increase
Stratfor - USA
Gazprom intends to increase the price of gas it charges Commonwealth of Independent States countries to the levels it charges for EU countries, Deputy Gazprom ...

Gas prices dip below $2 a gallon in southern Idaho
KTVB - Boise,ID,USA
... under $2 a gallon in Idaho. Gas prices at some Twin Falls stations have dipped below $2 a gallon. At least two stations in Twin ...

Consumer Confidence Rises As Gas Prices Fall
10News.com - San Diego,CA,USA
... last month. The group cited the decline in gasoline prices and improving job prospects helping to restore confidence. The Conference ...

Gas prices continue fall from record highs
Providence Eyewitness News - RI,USA
PROVIDENCE, RI (AP) -- Gas prices are falling, but at a slower pace than the last three weeks. A survey yesterday by the state Energy ...

Despite gas prices, ski industry optimistic for good season
USA Today - USA
... Cathi Jerome at Silver Mountain in Kellogg, in Idaho's Bitterroot Range, said gas prices remain a concern. That's why the resort ...

Gas prices to fall 3% on Thursday
Globes - Rishon Le-Zion,Israel
... 96 octane gasoline sold at full-service gas stations will cost NIS 5.50 per liter, down from the current NIS 5.67. Diesel prices will be cut by 11-12%. ...