Archive for the 'US Oil and Gas' Category

By Anil Varma / Bloomberg.com

July 13 (Bloomberg) — India’s 10-year bonds gained after crude oil fell below $60 per barrel for the first time since May, tempering concern that local fuel prices will increase and lead to inflation.

Yields on most-traded debt due 2019 eased after oil prices dropped 10.3 percent last week, the biggest decline since January. India, which imports almost three-quarters of the oil it uses, raised fuel costs last month for the first time in more than a year. The notes also gained after the government said it will sell bonds worth 120 billion rupees ($2.4 billion) this week, 20 percent less than last week.

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By Steve Everly / The Kansas City Star
July 10, 2009

Oil and gasoline prices get the attention, but plummeting natural-gas costs are quietly freeing up billions of dollars and possibly setting up one of the cheapest heating seasons in nearly a decade.

Energy prices across the board have dropped over the last year, but the decline for natural gas has been especially dramatic. The commodity closed Friday on the New York Mercantile Exchange at $3.37 per 1,000 cubic feet, a 73 percent drop from a year ago, when it was well over $12.

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UPI.com
July 9, 2009

NEW YORK, July 9 (UPI) — Crude oil prices held above $61 per barrel on the New York Mercantile Exchange Thursday after U.S. inventories dropped in the week ending July 3.The U.S. Energy Information Administration said Wednesday stockpiles of crude fell by 2.9 million barrels, but remain high for this time of year.

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By Madalina Iacob / The Wall Street Journal
July 8, 2009

NEW YORK (Dow Jones)–U.S. inventories of gasoline and distillates rose more than expected for the fourth week in a row, according to U.S. Department of Energy data released Wednesday.

Gasoline stockpiles rose by 1.9 million to 213.1 million barrels in the week ended July 3, the department’s Energy Information Administration said in its weekly report. This compares with a 900,000-barrel increase forecast in a Dow Jones Newswires survey.

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By Jad Mouawad / The New York Times
July 5, 2009

The extreme volatility that has gripped oil markets for the last 18 months has shown no signs of slowing down, with oil prices more than doubling since the beginning of the year despite an exceptionally weak economy.

The instability of oil and gas prices is puzzling government officials and policy analysts, who fear it could jeopardize a global recovery. It is also hobbling businesses and consumers, who are already facing the effects of a stinging recession, as they try in vain to guess where prices will be a year from now — or even next month.

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By Sam Fletcher / Oil & Gas Journal
June 26, 2009

HOUSTON, June 26 — The near-month price for benchmark US crude futures climbed above $70/bbl again in the New York market with confirmation of additional disruption of oil exports from Nigeria and the euro recovering from its earlier losses against the US dollar.

Royal Dutch Shell PLC confirmed militant attacks damaged a pipeline carrying benchmark Bonny crude to the key export terminal in Nigeria. Olivier Jakob at Petromatrix, Zug, Switzerland, earlier reported recent attacks on oil facilities in the delta have likely reduced Nigeria’s current production to 1.3-1.4 million b/d, down from 1.9 million last July and 1.8 million in the first quarter of this year. “The attacks on the pipeline infrastructure are also having an impact on the running of the local refineries, Warri and Port Harcourt are said to be shut, and Kanuda [is reported] running on stocks, which will run out in the next 2 weeks and provide some support to the Atlantic Basin light-end products,” he said (OGJ Online, June 25, 2009).

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MAY 26, 2009

By Steve Gelsi

Energy stocks fell Tuesday as Wall Street mulled oil prices below $60 a barrel and more difficult long-term prospects for major oil companies facing pressure to replace aging wells.

OPEC also looms on investors’ collective radar screen this week, with the oil cartel expected to avoid any further cuts in production at a confab this week.

Against this backdrop, the Amex Oil Index (XOI) dropped 1.3% to 919, the Amex Natural Gas Index (XNG) lost 2.2% to 405, and the Philadelphia Oil Service Index (OSXX) declined 0.4% to 161.

While mega-projects such as the Thunder Horse project in the Gulf of Mexico are helping production, oil majors such as BP (BP) continue to be squeezed by maturing fields and capital-spending cutbacks, even while maintaining dividend payments.

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Reported by: WPTV staff  5/22/09

WEST PALM BEACH, FL–Just in time for the holiday weekend, local gas prices are on the rise once again.

One Purdue University expert thinks fuel will top off at 3 dollars a gallon.

As you prepare to fill up and hit the road for the Memorial Day weekend, you’ll see that gas prices have jumped 3 cents overnight.

Still, oil prices have been holding steady this week around 62 dollars a barrel.

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