Oil Blog

Oil Price News 12/28/05

Update 6: Oil Prices Firm, but Remain Somewhat Low
Forbes - USA
... 30 high of $70.85. Oil prices remained above $60 a barrel for months after Hurricane Katrina disrupted Gulf of Mexico oil and gas output. ...

Climbing oil prices cut into stocks' gains
BusinessWeek - USA
DEC. 28 2:18 PM ET Rising oil prices and the return of bond market anomaly cut into stocks' early gains Wednesday, leaving Wall Street stuck in a narrow range. ...

How Long Will Oil Prices Remain Stable?
Dar Al-Hayat - Saudi Arabia
During the past few weeks, crude oil prices stood at reasonable rates - with $50 for OPEC oil basket and $60 for the US light oil. ...

US Stocks Pare Advance as Oil Prices Climb; Visteon Declines
Bloomberg - USA
28 (Bloomberg) -- US stocks pared their advance as the price of oil climbed. ... Crude oil for February delivery rose 1.6 percent to $59.10 a barrel in New York. ...

Oil company stocks rebound with prices
BusinessWeek - USA
... a roughly four-day decline, after Iran called for the Organization of Petroleum Exporting Countries to consider cutting output, nudging oil prices higher. ...

Why oil prices keep on rising
ABS CBN News - Philippines
... The Organization of Petroleum Exporting Countries could have stabilized prices by stepping up oil production. But it was too careful ...

Oil prices fall slightly on expected US warm weather
Forbes - USA
LONDON (AFX) - World oil prices dipped slightly on expectations of warmer weather in the US, the world's biggest consumer of energy, analysts said. ...

Soaring oil prices shock Iraqis
Sydney Morning Herald - Sydney,New South Wales,Australia
... 28 per cent of the country's projected gross domestic product this year, because the low prices have encouraged a big smuggling operation, with oil bought in ...

Canadian Energy Stocks, Talisman Decline on Drop in Gas Prices
Bloomberg - USA
... following the drop in natural gas and oil prices the previous day. ... Natural gas prices plunged 10 percent yesterday, while oil prices fell 0.5 percent. ...

Oil prices fall on expected US mild weather
Forbes - USA
LONDON (AFX) - World oil prices extended losses today on expectations of milder weather in the United States, the world's biggest consumer of energy, analysts ...

Oil Future News 12/28/05

Oil rises ahead of supply data, OPEC
MSN Money - USA
... But OPEC was likely to decide to cut production in the second quarter of 2006 when it meets next month as officials say supply exceeds demand. ...

Iran wants Opec output cut in Jan
Economic Times - India
TEHRAN, LONDON: Opec heavyweight Iran thinks the oil cartel should cut its production ceiling by 1 million barrels per day when it meets on January 31, Iran ...

Oil rises ahead of supply data, OPEC
Reuters - USA
By Timothy Gardner. NEW YORK (Reuters) - Oil prices jumped on Wednesday as analysts forecast US crude and distillates supplies would ...

OPEC to Cut Output
123Jump.com - Miami Beach,FL,USA
However, rising oil prices narrowed the stocks' early boost, following Iran''s call for OPEC to consider a production cut. Crude ...

Iran Says OPEC Should Cut Production After Winter
Persian Journal - Iran
The Organization of Petroleum Exporting Countries, or OPEC, should cut oil output after winter to "keep prices stable", Hadi Nejad-Hosseinian, Iran's deputy ...

DJ Iran: OPEC Should Consider 1M B/D Cut At Jan Mtg-Paper-2-
TMCnet - USA
... Fars News Agency quoted Deputy Oil Minister For International Affairs Hadi-Nejad Husseinian as saying Iran would support a cut in OPEC's production ceiling at ...

Oil Rises Past $60 Amid Concern OPEC May Decide to Cut Output
Bloomberg - USA
29 (Bloomberg) -- Crude oil climbed past $60 a barrel in electronic trading in New York after Iran's deputy oil minister said OPEC should cut output next month ...

Iran favours OPEC crude output cut post winter
Reuters India - Mumbai,India
NEW DELHI (Reuters) - Iran favours an OPEC crude output cut after winter, an Iranian oil official said on Wednesday, adding that he expected crude prices to ...

Energy Prices Rise on Official‘s Remarks
Brocktown News - NV, USA
NEW YORK - Energy futures rose sharply on Wednesday after Iran ‘s oil minister said OPEC should consider cutting production next month. ...

OPEC in the News 12/28/05

Oil rises ahead of supply data, OPEC
MSN Money - USA
... But OPEC was likely to decide to cut production in the second quarter of 2006 when it meets next month as officials say supply exceeds demand. ...

Iran wants Opec output cut in Jan
Economic Times - India
TEHRAN, LONDON: Opec heavyweight Iran thinks the oil cartel should cut its production ceiling by 1 million barrels per day when it meets on January 31, Iran ...

Oil rises ahead of supply data, OPEC
Reuters - USA
By Timothy Gardner. NEW YORK (Reuters) - Oil prices jumped on Wednesday as analysts forecast US crude and distillates supplies would ...

OPEC to Cut Output
123Jump.com - Miami Beach,FL,USA
However, rising oil prices narrowed the stocks' early boost, following Iran''s call for OPEC to consider a production cut. Crude ...

Iran Says OPEC Should Cut Production After Winter
Persian Journal - Iran
The Organization of Petroleum Exporting Countries, or OPEC, should cut oil output after winter to "keep prices stable", Hadi Nejad-Hosseinian, Iran's deputy ...

DJ Iran: OPEC Should Consider 1M B/D Cut At Jan Mtg-Paper-2-
TMCnet - USA
... Fars News Agency quoted Deputy Oil Minister For International Affairs Hadi-Nejad Husseinian as saying Iran would support a cut in OPEC's production ceiling at ...

Oil Rises Past $60 Amid Concern OPEC May Decide to Cut Output
Bloomberg - USA
29 (Bloomberg) -- Crude oil climbed past $60 a barrel in electronic trading in New York after Iran's deputy oil minister said OPEC should cut output next month ...

Iran favours OPEC crude output cut post winter
Reuters India - Mumbai,India
NEW DELHI (Reuters) - Iran favours an OPEC crude output cut after winter, an Iranian oil official said on Wednesday, adding that he expected crude prices to ...

Energy Prices Rise on Official‘s Remarks
Brocktown News - NV, USA
NEW YORK - Energy futures rose sharply on Wednesday after Iran ‘s oil minister said OPEC should consider cutting production next month. ...

Rig Notes 12/28/05

Roc Oil Company: Stena Tay Drill Rig Starts Drilling
Yahoo! News - USA
LONDON (Dow Jones)--ROC Oil Company Ltd. Wednesday said that the "Stena Tay" drilling rig commenced drilling the Zoule-1 exploration well on Dec. 25. ...

Gail starts rigging in Bay of Bengal
Webindia123 - India
... The announcement also mentioned that ''contracted offshore Jack-up Drilling Rig has reached Bay of Bengal.'' With spate in E&P activities, rig availability has ...

(PRN) Grey Wolf, Inc. Announces Changes to Its Board of Directors
Houston Chronicle - United States
... provider of 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. ...

Pride sees restatements filed by next month
Reuters - USA
NEW YORK, Dec 28 (Reuters) - Drilling rig contractor Pride International Inc. (PDE.N: Quote, Profile, Research) plans to file restated ...

AREA & STATE BRIEFS
Fort Worth Star Telegram - Fort Worth,TX,USA
Workers diverted the gas flow away from the well and are still burning off, or "flaring," excess gas in a ditch near the drilling rig site. ...

Refinery News 12/28/05

Refineries capacity utilisation increases
Business Standard - India
Refinery capacity utilisation is trekking high in the back-drop of growing oil demand in the country. According to the ministry ...

Report: US trails in refinery growth
CNN/Money - USA
... newspaper says. Investment in overseas refinery capacity is expected to outstrip US efforts, according to a published report. NEW YORK ...

Refining margins seen rising in 2006: Merrill
Gulf Times - Doha,Qatar
... Refinery capacity growth will be constrained in 2006 as refiners in the US and Canada remain focused on meeting environmental standards and leaving less room ...

BIZ-2005 at a glance
Business Standard - India
... According to a source close to RIL, the company's plans to expand its Jamnagar refinery capacity by 30 million tonnes and also its polymer and hydrocarbon ...

Expensive driving
San Francisco Chronicle - CA, USA
... tore through the Gulf of Mexico's oil patch, source of 28.7 percent of the United States' domestic oil production and nearly half of its refinery capacity. ...

Sinopec receives $1.2 billion subsidy
MarketWatch - USA
... "We import more than one third of our crude oil from the overseas market and operate more than half of our country's refinery capacity.". ...

Gas price is dropping again
Portland Business Journal - Portland,OR,USA
... Another concern is the refinery capacity of US processors. American demand for gasoline is expected to continue its steady annual climb. ...

Russia to build oil refinery in Syria
ITAR-TASS - Moscow,Russia
The oil refinery and the petrochemical plant will be built in the Deir Ezzor Province, 458 kilometres northeast of Damascus. Its capacity will be 140,000 ...

Syria, Russia to establish US$2.7 billion oil complex
Al-Bawaba - Amman,Jordan
... The Syrian minister commented by saying that the production capacity of the oil refinery would be at 140,000 bpd, adding that some 2,000 workers from different ...

Gas Price News 12/28/05

Natural gas, oil prices fall
Globe and Mail - Canada
SINGAPORE -- Natural gas prices slipped further Wednesday amid forecasts of mild weather in the United States, which means less consumption in the world's ...

Consumer Confidence Up As Gas Prices Fall
Forbes - USA
... "Now it's the holidays, and gas prices are down, so consumers are feeling mellow and content - and cautiously confident about the future.". ...

Canadian Energy Stocks, Talisman Decline on Drop in Gas Prices
Bloomberg - USA
... following the drop in natural gas and oil prices the previous day. ... Natural gas prices plunged 10 percent yesterday, while oil prices fell 0.5 percent. ...

Gas prices fall despite freezing weather
Reuters.uk - UK
LONDON (Reuters) - Gas prices slipped on Wednesday as lower demand from factories and businesses offset the impact of freezing weather, dealers said. ...

Gas prices stabilize but relief may not last
DetNews.com - Detroit,MI,USA
... During the winter, oil and gas prices are heavily dependent upon weather, and a cold snap can quickly send them rocketing upward. ...

China raises gas prices to meet demand
Gulf Times - Doha,Qatar
... "In the long-term, natural gas prices should become ... Gas prices would also be adjusted in line with those of alternative fuels such as crude oil, it said. ...

Natural gas prices ease on anticipated milder weather in the US
New Ratings - USA
NEW YORK, December 28 (newratings.com) -- Natural gas prices Wednesday eased further, following a 10% decline on Tuesday, on forecasts of warmer weather in ...

SC seeks probe on natural-gas prices
Charlotte Business Journal - Charlotte,NC,USA
South Carolina's consumer advocate on utility issues is asking federal agencies to investigate the recent rise in natural-gas prices. ...

Rig Notes 12/27/05

Strike Petroleum Ltd. Operations Update
Canada NewsWire (press release) - Canada
... success. The drilling rig was released on December 9 and completions and production testing were released on December 19. We have ...

Mindoro Resources Ltd.: Director Resigns
CCNMatthews (press release) - Toronto,ON,Canada
... gold discovery on the Lobo Project, where drilling continues, and drilling is underway ... Mindoro plans to mobilize another drill rig to the Kay Tanda prospect on ...

OPEC in the News 12/27/05

China, OPEC establish cooperation framework
China Daily - China
China recently initiated a negotiation on energy supply with OPEC (Organization of Petroleum Exporting Countries), in a bid to obtain a stable oil supply from ...

Daukoru's OPEC Presidency: Matters arising
Vanguard - Apapa,Lagos,Nigeria
... For Petroleum Resources is set to become the next President and Secretary General of the Organisation of Petroleum Exporting Countries (OPEC), come January ...

Update 3: Natural Gas Futures Plunge in Thin Trading
Forbes - USA
... In news that could affect longer term prices, OPEC, which over the past year has tried to reduce market volatility by raising or lowering production, announced ...

Oil Predictions: Slippery Turf
BusinessWeek - USA
... With crude inventories rising, OPEC chiefs, who have spent the last year sitting back and admiring their huge inflows of cash, are now preparing the groundwork ...

Oil Price News 12/27/05

Update 1: Oil Prices Drop on Warm Weather Forecasts
Forbes - USA
... Milder weather in the world's largest energy consumer means less heating fuel consumption, which tends to put a downward pressure on oil prices. ...

Stocks drop as oil prices and online retail off
Reuters - USA
NEW YORK (Reuters) - US blue-chip stocks slipped on Tuesday, reversing earlier gains as crude oil prices fell and dragged energy companies' shares lower, while ...

Oil prices in for a fall in 2006
Bangkok Post - Thailand
Average oil prices next year are expected to drop by US$3 to $5 a barrel below this year's levels, according to the Energy Policy and Planning Office (EPPO). ...

US stocks fall as oil slides and online retail off
Reuters - USA
NEW YORK, Dec 27 (Reuters) - US stocks added to losses on Tuesday as a drop of more than $1 a barrel in crude oil prices weighed on energy companies' shares ...

Oil prices fall below 58 usd in Asian trading
Forbes - USA
SINGAPORE (AFX) - Oil prices fell in Asian trading as warmer weather in the Northern hemisphere lowered demand for heating oil, dealers said. ...

Stocks Set to Open Up on Oil Prices
Minneapolis Star Tribune (subscription) - MN,USA
LONDON (AP) - US stock market futures were pointing to a higher start Tuesday, as oil prices drifted lower and as retail giant Wal-Mart Stores Inc. ...

World oil prices fall on mild US weather forecasts
Forbes - USA
LONDON (AFX) - World oil prices retreated in quiet holiday trade on weather forecasts of milder than normal temperatures in the United States, dealers said. ...

Soaring oil prices cut growth targets for '07
Manila Times - Philippines
... Committee (DBCC), which sets and reviews the Philippines' macroeconomic targets, cut the country's growth goal for 2007 owing to soaring oil prices. ...

DJ ASIA FUEL OIL: Prices Lower On Crude Losses, Supply Glut
TMCnet - USA
(Comtex Business)SINGAPORE, Dec 27, 2005 (Dow Jones Commodities News via Comtex) --Asia's fuel oil prices were lower Tuesday, pressured by weaker crude futures ...

Refinery News 12/27/05

Syria, Russia Sign Deal for Oil Refinery
Minneapolis Star Tribune (subscription) - MN,USA
... The petrochemical plant would have an annual capacity of 430 million gallons of gasoline. The refinery would produce about 140,000 barrels of refined product ...

IOC commissions new diesel unit
Sify - Taramani,Chennai,India
... its new diesel hydrotreatment unit (DHDT) at its Panipat refinery, as part of the ongoing refinery expansion project that would double its capacity from six to ...

Japanese companies set to participate in new oil and gas projects ...
Turkmenistan.ru - Turkmenistan
... projects aimed at enhancing Turkmenistan's polypropylene production capacity both at the existing polypropylene plant in the Turkmenbashi refinery and the ...

Rig Notes 12/26/05

Maybe we have too much oil?
Albany Democrat Herald - Albany,OR,USA
... But when it comes to augmenting our domestic supply of petroleum, they can't bear the thought of Alaskan caribou having to walk around a drilling rig or two. ...

Corporate Briefs
Calcutta Telegraph - Calcutta,India
Aban Loyds Chiles Offshore has said its subsidiary Aban Singapore Pte has secured an order to construct a 375-feet self-elevating offshore drilling rig. ...

Resources floats drown in apathy
Australian - Australia
... It also had a good story: it would own a state-of-the-art drilling rig that it would offer in return for equity in oil and gas exploration projects. ...

Oil Price News 12/26/05

Mentha oil prices rise 40% on speculative buying
Business Standard - India
Mentha oil prices surged 40 per cent in the physical market last month from Rs 510 per kg on November 26 to Rs 715-720 per kg on December 26, on the back of ...

Oil prices rise as Royal Dutch Shell halts Nigeria supplies
People's Daily Online - Beijing,China
World oil prices extended gains on Thursday as energy giant Royal Dutch Shell halted deliveries inmajor producer Nigeria after a pipeline explosion there that ...

Oil Ministry favours realigning fuel prices
Sify - Taramani,Chennai,India
... Coordination Committee, headed by the Prime Minister, Dr Manmohan Singh, three options to cushion the impact of high volatility in international oil prices. ...

OPEC in the News 12/26/05

OPEC, Russia to Meet Annually on Oil Market Issues (Update1)
Bloomberg - USA
The decision was reached during talks in Moscow today between OPEC President Sheikh Ahmad Fahd al-Sabah and Russian Energy Minister Viktor Khristenko, ministry ...

OPEC Fund extends debt relief to Niger under Enhanced HIPC ...
Harold Doan and Associates (press release) - Rocklin,CA,USA
The OPEC Fund for International Development has signed an agreement with Republic of Niger for the provision of debt relief within the framework of the ...

Russia aims to firm ties with OPEC
International Herald Tribune - France
The decision was reached during talks here between the president of OPEC, Sheik Ahmad Fahad al-Ahmad al-Sabah, and the Russian energy minister, Viktor ...

Opec likely to cut output from Q2
Trade Arabia - Manama,Bahrain
Opec is likely to decide next month to cut production from the second quarter of next year as it expects the call on its crude to decline by two million ...

Kuwaiti Energy Minister meets Russian FM
Bahrain News Agency - Bahrain
26 (BNA) Kuwaiti Energy Minister and OPEC President Shaikh Ahmad Al Fahad Al Sabah met here on Monday Russian Foreign Minister Sergei Lavrov and discussed ...

Gas Price News 12/26/05

Ukraine set to increase consumer gas prices
RIA Novosti - Moscow,Russia
KIEV, December 26 (RIA Novosti) - The Ukrainian government is planning to increase consumer gas prices in the near future, Prime Minister Yuriy Yekhanurov said ...

Ukraine hoping for compromise with Gazprom over gas prices
Forbes - USA
MOSCOW (AFX) - Ukraine said it hopes for a compromise over gas prices with Russian state-controlled gas group Gazprom ahead of a Jan 1 deadline. ...

China raises natural gas prices by 50-150 yuan per 1,000 cubic ...
Forbes - USA
BEIJING (AFX) - China has raised its natural gas prices for industrial and residential use by 50-150 yuan per 1,000 cubic meters, effective today, according to ...

Gas prices cheaper in Searcy
Searcy Daily Citizen - Searcy,AR,USA
Gas prices in Searcy have dipped below the state average -- and one Searcy station has even landed on a list featuring the least expensive gas in the state. ...

Gas prices fuel mailbox removals
Trenton Times - Trenton,NJ,USA
... The Postal Service, like every other sector of the economy squeezed financially by this fall's hurricane-fueled, record-high gasoline prices, had to adjust to ...

Refinery News 12/26/05

Refineries attempt to help employees, business
Centre Daily Times - Centre County,PA,USA
... capacity operations about five weeks after the storm, but the company knows the recovery of its workers will take much longer. "We can't operate this refinery ...

RussNeft paid US$1 bln for assets acquired from TNK-BP and ...
Analytical Information Agency - Moscow,Russia
... thousand ton capacity. RussNeft also agreed on purchase of 75% stake of the Krasnodar Refinery of 3 million ton annual capacity.

Energy Prices, 147th, Katrina Response Top Local Stories
Yankton Daily Press - Yankton,SD,USA
... Energy experts blamed the skyrocketing prices on increased global demand plus the lack of refinery capacity to convert petroleum into usable energy. ...

Refinery News 12/23/05

WHAT YOU NEED NOW - CONTENT UPDATED THROUGH THE DAY
HNN Huntingtonnews.net - WV, USA
... The tax bill does not include additional incentives to drill for more oil or expand refinery capacity, and if the House version of the Deficit Reduction Act ...

Kuwait plans $5bn joint oil refinery in China
Gulf Daily News - Manama,Bahrain
... said. But the Chinese newspaper Guangzhou Daily said the refinery would have a daily processing capacity of 300,000 barrels. China ...

COMMODITY TRADING NEWS
FXstreet.com - Barcelona,Spain
... The current refinery capacity, while good considering the circumstances, is still roughly 20% shy of its average production this time of the year. ...

Nigeria sets new February 20 deadline for refinery bids
Reuters South Africa - Johannesburg,South Africa
... Harcourt refinery and new ones should be submitted. The government is keen to privatise Nigeria's dilapidated refineries to get them working at full capacity ...

OUTLOOK 06:Investment Drive To Boost Zambia Copper Output
Yahoo! News - USA
... The KCM board has also approved a $125 million plan to modernize the Nkana smelter and refinery, lifting the plant's capacity to 300,000 tons a year from ...

Refinery News 12/22/05

PetroChina expands refinery for Russian crude
Reuters - USA
SINGAPORE, Dec 22 (Reuters) - PetroChina (0857.HK: Quote, Profile, Research) is doubling the capacity of a refinery in northeast China geared to processing ...

India's Nov crude throughput up 1.3 pct yr/yr - govt
Reuters India - Mumbai,India
... Catalytic Cracking Unit, was shut throughout the month. The refinery, India's largest, used 84.4 percent of its capacity in November. ...

Jamnagar refinery hydrogen capacity to grow
Oil & Gas Journal - Houston,TX,USA
... AG, Wiesbaden, Germany, for five hydrogen units for its 660,000 b/cd refinery at Jamnagar ... The work will increase production capacity to 525 MMscfd of hydrogen. ...

Alcan to continue with Brazilian alumina refinery expansion
Metals Place - UK
The Alumar consortium refinery, in which Alcan has a 10 percent stake, will have a total capacity of approximately 3.5 Mtpy once completed. ...

New palm oil refinery plant in Bintulu
Borneo Bulletin - borneo,Brunei Darussalam
... The refinery, which is built on an eight-hectare land, has a capacity to process 1,000 metric tonnes of crude palm oil per day. ...

Exxon, BP Rebuff Pleas to Boost Exploration as Oil Demand Soars
Bloomberg - USA
... production capacity by 12 percent in the past decade while demand for refined fuels has grown 15 percent, Energy Department figures show. New refinery ...

ERG PETROLI INCREASES HOLDING IN ROME REFINERY
Agenzia Giornalistica Italia - Italy
... The operation allows the Group (second largest refinery operator in Italy) to increase its total refining capacity and ERG Petroli to reinforce its strategic ...

Refinery News 12/22/05

PetroChina expands refinery for Russian crude
Reuters - USA
SINGAPORE, Dec 22 (Reuters) - PetroChina (0857.HK: Quote, Profile, Research) is doubling the capacity of a refinery in northeast China geared to processing ...

India's Nov crude throughput up 1.3 pct yr/yr - govt
Reuters India - Mumbai,India
... Catalytic Cracking Unit, was shut throughout the month. The refinery, India's largest, used 84.4 percent of its capacity in November. ...

Jamnagar refinery hydrogen capacity to grow
Oil & Gas Journal - Houston,TX,USA
... AG, Wiesbaden, Germany, for five hydrogen units for its 660,000 b/cd refinery at Jamnagar ... The work will increase production capacity to 525 MMscfd of hydrogen. ...

Alcan to continue with Brazilian alumina refinery expansion
Metals Place - UK
The Alumar consortium refinery, in which Alcan has a 10 percent stake, will have a total capacity of approximately 3.5 Mtpy once completed. ...

New palm oil refinery plant in Bintulu
Borneo Bulletin - borneo,Brunei Darussalam
... The refinery, which is built on an eight-hectare land, has a capacity to process 1,000 metric tonnes of crude palm oil per day. ...

Exxon, BP Rebuff Pleas to Boost Exploration as Oil Demand Soars
Bloomberg - USA
... production capacity by 12 percent in the past decade while demand for refined fuels has grown 15 percent, Energy Department figures show. New refinery ...

ERG PETROLI INCREASES HOLDING IN ROME REFINERY
Agenzia Giornalistica Italia - Italy
... The operation allows the Group (second largest refinery operator in Italy) to increase its total refining capacity and ERG Petroli to reinforce its strategic ...

Gas Price News 12/22/05

US economy grows despite hurricanes, high gas prices
San Jose Mercury News - CA, USA
... The slowdown includes a slump in auto sales reflecting falling popularity for some sport-utility vehicles now that gas prices are much higher. ...

Oil prices fall amid milder US weather
BusinessWeek - USA
... Further depressing natural gas prices was a report from the Energy Department that showed a 162 billion cubic feet withdrawal of natural gas in the US last week ...

Gas prices edge upward again, AAA says
KRIS-TV - Corpus Christi,TX,USA
HOUSTON -- Gasoline prices at retail pumps across Texas rose for the third straight ... The average price for self serve regular gas statewide was $2.16 per gallon ...

Higher Gas Prices Not Expected To Dampen Holiday Driving
WISC - Madison,WI,USA
... ago. This prediction comes despite gas prices that are on average 46 cents a gallon more expensive than last year. AAA Wisconsin ...

Gas prices push utility to bankruptcy
Orlando Sentinel - Orlando,FL,USA
Calpine Corp., the biggest US owner of natural-gas fired power plants, filed for bankruptcy protection ... and a glut of new plants that caused power prices to drop ...

Higher gas prices not expected to dampen holiday driving
WBAY - Green Bay,WI,USA
... a year ago. That's despite gas prices that are on average 46 cents a gallon more expensive than last year. Triple-A Wisconsin says ...

Gas prices to drop, then rise
Honolulu Star-Bulletin - Honolulu,HI,USA
... If crude oil prices continue to climb, Hawaii's prices could also start to inch upward ... The most expensive gas would be on Lanai, projected at $2.93 a gallon. ...

Foothills gas prices below avg.
Arizona Republic - Phoenix,AZ,USA
... Gas imports and crude oil are also plentiful right now, he said. "There's quite a bit of product out there that should keep this decline (in prices) going, but ...

Gas prices climb
Bedford Minuteman - Concord,MA,USA
... reported Tuesday the price of gas in the Bay State averaged $2.199 for regular, $2.365 for mid-grade and $2.455 for premium. In Bedford, prices again were ...

Rise of Russian natural gas prices is not political problem ...
Moldova.org - Falls Church,VA,USA
... He also promised that the government will help socially vulnerable layers to pay new prices. ... The president spoke about problem of payment of VAT for gas in the ...

Rig Notes 12/22/05

Petrobank Provides Operational Update
CCNMatthews (press release) - Toronto,ON,Canada
... sidetrack the well and re-complete in the Caballos zone. This sidetracking operation will require a fully equipped drilling rig. ...

Ready to drill
Fort Worth Star Telegram - Fort Worth,TX,USA
... But as the Texas natural-gas drilling boom grows and equipment grows scarce, many wonder where their next drilling rig is coming from. ...

ATP Provides Development Update
PR Newswire (press release) - New York,NY,USA
... The drilling rig, Ocean Voyager, completed and made ready for production the first two wells in the first phase of development and is currently demobilizing. ...

Energem - Gabon Oil Field development programme approved
Canada NewsWire (press release) - Canada
... The previously announced mid- December 2005 spud of EOV-4 has been delayed by three weeks due to extended operation of the drilling rig on its previous contract ...

Oil Price News 12/22/05

Oil prices extend gains as Royal Dutch Shell declares force ...
Forbes - USA
LONDON (AFX) - Oil prices extended their gains as energy giant Royal Dutch Shell PLC declared 'force majeure' as the fire continues in a pipeline in Nigeria. ...

Opec sets sights on fuel prices over $50
Economic Times - India
BEIJING: Opec signalled on Thursday it is content to see US oil prices above $50 a barrel next year, a level it says the world economy can take in its stride. ...

Oil prices fall amid milder US weather
BusinessWeek - USA
... Oil prices held steady, though, as OPEC's leader talked of a possible cut in production after the Northern Hemisphere winter. Oil ...

Oil prices rise as US heating fuel stocks decline
Forbes - USA
LONDON (AFX) - World oil prices extended gains after official data revealed that stockpiles of US heating fuel fell last week amid the northern hemisphere ...

Futures edge up as oil prices rise
MarketWatch - USA
LONDON (MarketWatch) - US stock market futures edged higher Thursday ahead of what's expected to be a thinly traded session, with rising crude oil futures and ...

Report lifts crude prices
Boston Globe - United States
WASHINGTON -- Crude oil prices rose yesterday after the US government's weekly petroleum report showed a decline in domestic inventories of distillate fuel ...

US oil prices to moderate towards $50 bbl through 2006
New Ratings - USA
NEW YORK, December 22 (newratings.com) -- Analyst Joseph D Allman of RBC Capital Markets believes that oil prices would moderate towards the $50 bbl level ...

Oil Prices Gain After Distillate Report
Leading The Charge - Milton,Queensland,Australia
... quarter. His remarks are the latest hint from OPEC of its concerns that oil demand will fall after winter, bringing prices down. ...

Oil prices extend gains in Asian trade
Forbes - USA
SINGAPORE (AFX) - Oil prices extended their gains in Asian trading hours after the US government inventory report showed draw-downs in heating oil stocks due ...

Pipeline Explosion: Oil prices rise - 3 more bodies found at scene
Nigerian Tribune - Ibadan,Nigeria
OIL prices rose on Tuesday after gunmen blew up an oil pipeline in Nigeria, killing eight people and cutting output from the major United States (US) supplier. ...

Oil Future News 12/22/05

Futures edge up as oil prices rise
MarketWatch - USA
... MarketWatch) - US stock market futures edged higher Thursday ahead of what's expected to be a thinly traded session, with rising crude oil futures and a report ...

Futures flattish as oil rises, Albertson's slumps
Investor's Business Daily (subscription) - USA
... Thursday as consumer spending in November grew as expected with a slightly lower-than-forecast growth in personal income, while crude oil futures rose and ...
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Oil prices fall amid milder US weather
BusinessWeek - USA
DEC. 22 1:44 PM ET Natural-gas and heating-oil futures fell Thursday amid milder weather in the eastern half of the United States. ...

OPEC in the News 12/22/05

China oil stakes rise with rare trip by OPEC chief
The Standard - Hong Kong
... "We believe the market is well supplied," OPEC president Sheikh Ahmad Fahd al-Sabah said Thursday before meeting government officials in Beijing. ...

OPEC zooms in on $45-$55 range for crude oil
Reuters - USA
OPEC President Sheikh Ahmad al-Fahd al-Sabah, on a visit to China, also reiterated that the cartel would have to consider cutting production at its late ...

OPEC's daily basket price edges to 51.43 dollars
Islamic Republic News Agency - Tehran,Iran
The price of the OPEC basket of 11 crudes stood at 51.43 dollars a barrel on Wednesday compared with the 51.37 dollars of the previous day, according to OPEC ...

OPEC seeks to boost China share
CCTV - Beijing,China
... Russia, China's largest non-OPEC supplier, may build a pipeline to feed Siberian oil to China and will raise 50% of the rail shipments next year.

Opec sets sights on fuel prices over $50
Economic Times - India
BEIJING: Opec signalled on Thursday it is content to see US oil prices above $50 a barrel next year, a level it says the world economy can take in its stride. ...

OPEC Exports Seen Down 150,000 B/D 4 Weeks To Jan 7-Analyst
Business Online - London,UK
LONDON -(Dow Jones)- A seasonal slump in crude demand is expected to push OPEC's seaborne exports down by 150,000 barrels-a-day in the four-week period to Jan. ...

Ethiopia, OPEC sign 6.5m dollar debt cancelleation agreement
Sudan Tribune - Sudan
... An agreement providing for the cancellation of a 6.5m US dollar debt Ethiopia owes to the Organization of Petroleum Exporting Countries (OPEC) was signed. ...

Oil Prices Near $59 a Barrel After Report
Leading The Charge - Milton,Queensland,Australia
... futures gained Thursday following the release of a US government report showing a larger-than-expected drop in distillate stocks and word from OPEC ‘s leader ...

Oil Price News 12/21/05

Oil prices settle at $58.56 per barrel
BusinessWeek - USA
21 5:03 PM ET Crude-oil prices rose Wednesday morning after the US government's weekly petroleum report showed a decline in domestic inventories of distillate ...

Early stock market indicators positive; crude oil prices move up
CBC News - Canada
TORONTO (CP) - While crude-oil prices rose, global indicators were mostly positive before the opening of North American stock markets early Wednesday. ...

Oil: Prices rise after Nigerian pipeline attack
New Zealand Herald - New Zealand
LONDON - Oil prices rose on Tuesday after gunmen blew up an oil pipeline in Nigeria, killing eight people and cutting output from the major US supplier. ...

Energy Prices Top Business Story of 2005
Houston Chronicle - United States
... Crude oil prices, already high, soared to $70 a barrel after hurricanes shuttered Gulf refineries and offshore sources of energy. ...

Asian Market Roundup
CRI - Beijing,China
... record levels as investors bought banking stocks, while resource and energy stocks were boosted by higher base metal and oil prices overnight, dealers said. ...

Oil prices will remain stable says Opec chief
Gulf Daily News - Manama,Bahrain
KUWAIT CITY: Oil prices are expected to remain stable and trade within a defined range, Opec's chief said yesterday, adding that the group's stocks could reach ...

Oil prices rise before US inventories data
Forbes - USA
LONDON (AFX) - World oil prices climbed this morning, with markets expecting official data later in the day to show a drop in US crude inventories. ...

LI gasoline prices creeping up
Newsday - Long Island,NY,USA
... Island jumped by almost 6 cents a gallon on average in the past week, in what analysts said was a delayed reaction to an increase in crude oil prices and a ...

Oil prices lower in Asian trade ahead of US stockpiles report
Forbes - USA
SINGAPORE (AFX) - Oil prices were lower in late morning trade here as market players adopted a cautious stance ahead of the release of US Department of Energy ...

Pertamina may cut high-octane petrol prices
Business Times - Malaysia - Malaysia
... "Oil prices in the international markets are falling. ... Abadi said Pertamina also plans to reduce prices of oil products for industry use. ...

Gas Price News 12/21/05

Gas prices go up, traffic comes down
Pioneer Press - St. Paul,MN,USA
... on the roadways. That's because rising gas prices also reflect the approaching holiday weekend. Spotters for the twincitiesgasprices ...

Moldova reveals expected Russian gas prices
RosBusinessConsulting - Moscow,Russia
RBC, 21.12.2005, Chisinau 13:20:35.Moldova expects to receive Russian gas at a price no higher than $110-$120 per 1,000 cubic meters in 2006, a source at the ...

Gas prices still falling as winter sweeps in
The Desert Sun - Palm Springs,CA,USA
... valley gas has dropped. Gas prices continued to drop this month, plummeting 33 cents in Palm Springs since Nov. 15. The 12 percent ...

Gas prices move up
Radio Iowa - Des Moines,IA,USA
by Stella Shaffer. Gas prices have gone up since Thanksgiving, according to the latest fuel-price survey by the Iowa Department of Natural Resources. ...

Gas prices inch up in North County
North County Times - Escondido,CA,USA
... When looking at regular gas prices by brand, Langley said, it's clear that most brands, along with unbranded independent stations, are lowering their prices. ...

Ulster gas prices may increase 20%
Belfast Telegraph - United Kingdom
By Robin Morton, Business Correspondent. FEARS were growing today that gas prices in Northern Ireland could be set to rise by as much as 20% in the New Year. ...

Technomic survey says gas prices will continue to hurt spending at ...
Pizza Marketplace.com - USA
... December survey conducted by Technomic, a restaurant industry research firm, found that 40 percent of restaurant customers said high gas prices have forced ...

High gas prices mean fewer field trips
Winston-Salem Journal - Winston-Salem,NC,USA
... Museum and school officials expect that higher gas prices will be factored into school systems' budgets for 2006-07. "What we're ...

Oil Price News 12/20/05

Oil prices rebound
Daily Times - Lahore,Pakistan
LONDON: World oil prices rose on Tuesday, but the upturn may only be technical, given forecasts of warmer weather in major energy consumer the United States ...

Record oil prices of 2005 leave their mark on the Canadian ...
CBC News - Canada
CALGARY (CP) - Canadians became all too familiar with high oil prices in 2005 as hurricane damage in the Gulf Coast sent the average cost of gasoline soaring ...

Toronto stocks follow oil prices to modest gain
Reuters Canada - Toronto,Canada
TORONTO (Reuters) - Toronto stocks finished higher on Tuesday as a boost in oil prices following a pipeline attack in Nigeria helped support heavyweight energy ...

US Stocks Fall on Interest-Rate Concern, Oil Prices; GM Drops
Bloomberg - USA
An increase in oil prices also helped overshadow data that showed producer prices fell the most since April 2003 and a rally in shares of Morgan Stanley after ...

PTT sees no need to raise retail oil prices yet
Thai News Agency MCOT - Bangkok,Thailand
BANGKOK, Dec 21 (TNA) -- PTT Public Company Limited says it has no plan to raise local retail oil prices yet although a marketing margin it has gained now is ...

Yearender: Soaring oil prices threaten Asian economic growth
Xinhua - China
... Leaders to a recent summit of the Association of Southeast Asian Nations (ASEAN) have vowed to cooperate in energy development to tackle with high oil prices. ...

Oil prices rebound in volatile Asian trade
Forbes - USA
SINGAPORE (AFX) - Crude oil prices rebounded in volatile Asian trading, but the upturn may only be technical, given forecasts of warmer weather in the US, the ...

Oil Prices Up Ahead of US Agency Report
Herald News Daily - Williston,ND,USA
Oil prices rose Tuesday, the first increase in four days, ahead of a US Department of Energy report that is likely to show a dip in US petroleum inventories. ...

Common consumers at receiving end of frog-leaping commodity prices
Financial Express.bd - Bangladesh
... The shipping lines of India, Pakistan, Bangladesh and Ceylon Conference (IPBCC) attributed the tariff hike to increased oil prices and extra security measures.

Gas Price News 12/20/05

UPDATE 1-Canada Nov inflation rate slows on gas prices
Reuters - USA
OTTAWA, Dec 20 (Reuters) - Canada's annual inflation rate in November eased for the second month in a row on lower gasoline prices, slowing to 2.0 percent from ...

Russia varies gas prices by factor of five
United Press International - USA
20 (UPI) -- Russia will sell natural gas to politically compliant neighbor Belarus for $46.68 per million Btu next year but bill Ukraine about five times as ...

Gas prices set to fall a few cents next week
Honolulu Star-Bulletin - Honolulu,HI,USA
... The decline comes as crude oil prices fell in response to warmer weather in the United ... The most expensive gas would be about $2.94 a gallon on Lanai, while the ...

Auto Club: Gas Prices Continue Free-Fall
Business Wire (press release) - San Francisco,CA,USA
... Prices typically stabilize and begin to rise in early spring due to refinery maintenance and the ... The state with the lowest gas price average is Utah at $2.011. ...

Gas prices continue rise as holiday travel starts
Providence Eyewitness News - RI,USA
Triple-A is predicting a record number of travelers this year, even as gas prices continue to rise. A gallon of unleaded gas is ...

Bulgaria's Heating Prices May Go Up 6% at Most
Sofia News Agency - Bulgaria
The natural gas prices would have to be upped for sure, Shushulov said, but the SEWRC was trying to find reserves so that the increase was not that drastic. ...

Changes in natural gas prices : Financial impact for Gaz de France
Companynewsgroup (Comunicati stampa) - Italy
... December 20, 2005 -- The Gaz de France Group would like to quantify the financial impact due to the absence of evolution in public distribution gas tariffs on ...

Gas prices bring holiday woes
WALB-TV - Albany,GA,USA
... again. For many drivers, higher gas prices are definitely an unwelcome sight especially with Christmas just days away. Many will ...

Edison to raise prices
Whittier Daily News - Whittier,CA,USA
ROSEMEAD - Southern California Edison will raise its electricity rates 15 percent next year, largely because of a hike in natural gas prices, company officials ...

Gas prices rise as Christmas nears
Fitchburg Sentinel - Fitchburg,MA,USA
... $2.17 is better than $3.25.". Melinda Akl said she and her husband opened ABS Gas & Go in Fitchburg in September when gas prices were over $3 per gallon. ...

Refinery News 12/20/05

The Slippery Slope
Village Voice - New York,NY,USA
... For years the industry has complained that environmental restrictions result in reduced refinery capacity within the US To enhance refining capacity, the ...

[YEAR-END REVIEW (3)]High-flying oil prices hamper economic ...
Korea Herald (subscription) - Seoul,South Korea
... "As investment (by oil companies) slackens for new facilities, refinery capacity of oil-consuming countries has reached a limit," he added, emphasizing the US ...

Repsol to invest 9.9M Euros in refinery
Resource Investor - Herndon,VA,USA
... The investment is designed to increase the refinery's capacity and improve fuel efficiency and product quality, and will include major investment in the ...

Syria May Import Oil to Meet Plans to Double Refining (Update1)
Bloomberg - USA
... The two new plants would nearly double Syria's capacity, now 220,000 barrels a day, split about equally between a refinery in the central city of Homs, and one ...

BHP in $700m alumina upgrade
Australian - Australia
... plant, exceeding Queensland Alumina's Gladstone 3.85 million tonnes nameplate capacity. ... aluminium production from bauxite mine to alumina refinery to aluminium ...

Texas politics wrangles over schools, Congress over farm funding
Southwest Farm Press - Overland Park,KS,USA
... Conaway said part of the US oil dependence problem stems from low refinery capacity. "We have not built a new refinery since the 1970s," he said. ...

(PRN) Alon USA and Petro Announce New Travel Center Venture ...
Houston Chronicle - United States
... The Company owns and operates a sophisticated sour crude oil refinery in Big Spring, Texas, with a crude oil throughput capacity of 70,000 barrels per day. ...

Thai Rayong Refinery Inks $630M Deal To Refinance Loans-2
Yahoo! News - USA
... Rayong Refinery currently operates a refinery complex with refining capacity of 145,000 barrels per day, 91% of which is sold locally.

Rig Notes 12/20/05

Ecstatic at EnCana
Columbia Basin Herald - Moses Lake,WA,USA
... At the Mattawa site, EnCana will bring in a conventional drilling rig after getting through the basalt and go down to about 15,000 feet with that. ...

Shipyards report unprecedented business rebound since Hurricane ...
Pascagoula Mississippi Press - Pascagoula,MS,USA
... "When we're finished with it, that rig will be literally the largest and most capable deepwater semi (submersible drilling rig) in the world. ...

Hardman Resources Drills Faucon-1 To Depth 4,170 Metres
Yahoo! News - USA
LONDON (Dow Jones)--Hardman Resources Tuesday announced that the 'Stena Tay' drilling rig is currently concluding logging operations prior to plugging and ...

OPEC in the News 12/20/05

OPEC chief to visit China and Russia
Bangkok Post - Thailand
Kuwait City (dpa) - Organization of Petroleum Exporting Countries (OPEC) head Sheikh Ahmed Fahed al-Sabah will go to China and Russia in an effort to expand ...

OPEC's daily basket price edges to 51.62 dollars
Islamic Republic News Agency - Tehran,Iran
The price of he OPEC basket of 11 crudes stood at 51.62 dollars a barrel on Monday compared with the 53.25 dollars of the previous day, according to OPEC ...

OPEC needs to cut production, says CGES
Kazinform - Astana,Kazakhstan
... KAZINFORM - OPEC needs to slash production by some 1.3 million barrels per day early next year to stop an oil price slide, the Center for Global Energy Studies ...

OPEC INCREASES PROJECTED OIL DEMAND
Middle East Newsline - Montreal,Quebec,Canada
LONDON [MENL] -- OPEC has revised its forecast and now envisions an increase in oil demand. An OPEC market report issued on Dec. ...

OPEC leaves production unchanged for winter
New Europe - Athens,Greece
The Organisation of Petroleum Exporting Countries (OPEC) left its production ceiling unchanged at 28-million barrels per day last Monday but said it would ...

Austria's worst terrorist attack leaves questions unanswered
NewKerala.com - Ernakulam,Kerala,India
Vienna : In December 1975, armed gunmen raided the OPEC headquarters here and took 62 people hostage but 30 years later mystery still surrounds the identity of ...

Refinery News 12/19/05

Oil ends at a 3-week low as traders eye supply, weather
Investor's Business Daily (subscription) - USA
... back in operation after the damages sustained from the Gulf Coast hurricanes, so prices are lower due to speculative selling, increased refinery capacity and a ...

Industry report
Detroit Free Press - United States
... After Rita, nearly 30% of US refinery capacity was idled temporarily. Fuel prices have declined as the refineries have recovered. ...

BHP Billiton to Spend $518 Million on Alumina Mine Expansion
Bloomberg - USA
BHP will expand capacity to 3.5 million tons per year, from 2 million tons, the Melbourne ... BHP has a 36 percent stake in the Alumar refinery, while Alcoa Inc. ...

COMMODITY TRADING NEWS
FXstreet.com - Barcelona,Spain
... The current refinery capacity, while good considering the circumstances, is still roughly 20% shy of its average production this time of the year. ...

Boehlert's actions make him target of conservatives
Press & Sun-Bulletin - Binghamton,NY,USA
... Republican led a small band of moderates in trying to block a House vote on a bill to give cash-flush oil companies tax incentives to expand refinery capacity. ...

Refinery deal pays off
Philadelphia Inquirer - Philadelphia,PA,USA
... Last month, Sunoco announced it would expand the capacity of its refineries by ... of San Antonio, which has grown through acquisitions from one refinery in 1997 ...

The gas market
Jacksonville Daily News - Jacksonville,NC,USA
... with Iran, civil unrest in Venezuela and, most recently, hurricanes Katrina and Rita, which this fall disabled much of the oil refinery capacity in the US Gulf ...

Rig Notes 12/19/05

(PRN) GlobalSantaFe Worldwide SCORE Continues to Climb
Houston Chronicle - United States
GlobalSantaFe's SCORE compares the profitability of current mobile offshore drilling rig dayrates to the profitability of dayrates at the 1980- 1981 peak of ...

High fuel prices have Kansas drillers primed for a gusher of work
MSNBC - USA
... Industry analysts forecast a busy year of work in the state's oil and gas fields next year, held back only by ongoing drilling rig and roughneck shortages. ...

Pa resources ab has entered into a drilling contract with diamond ...
Webfinanser - Jönköping,Sweden
PA Resources AB has entered into a contract with Diamond Offshore to charter the 300ft jack-up drilling rig "Ocean Spur" for a period of 12 months. ...

OPEC in the News 12/19/05

OPEC faces steep 2006 output cut to support oil prices - CGES
Forbes - USA
LONDON (AFX) - OPEC needs to