Oil prices are being pushed upwards by the impending arrival of tropical storm Gustav in the Gulf of Mexico. Gustav is projected to become “the largest hurricane in the Gulf of Mexico since Katrina”. Workers are already being evacuated from oil and gas rigs in the area, which has pushed up NYMEX oil futures past $117.
Read the full article: "Benchmark: August 29"
Friday, August 29, 2008
Crude oil headed for its biggest weekly gain in almost two months as producers evacuated rigs before the arrival of Gustav.
Addison Armstrong, director of market research at TFS Energy LLC, said:
Prices are higher on the prospect that Hurricane Gustav will strike the heart of the oil and natural gas production region in the Gulf of [...]
Read the full article: "Oil jumps as Gustav Threatens Gulf of Mexico..."
Friday, August 29, 2008
OAO Lukoil, Russia’s biggest independent oil producer, reported that second-quarter profit jumped by 64 percent as crude prices rose and company refined higher quantities of oil.
Artyom Konchin, oil and gas analyst at UniCredit Aton in Moscow, said:
Lukoil’s sudden tendency to underperform will definitely weigh on the stock, especially considering that the second quarter pricing environment [...]
Read the full article: "Lukoil Second-Quarter Net increased 64%"
Wednesday, August 27, 2008
Tullow Oil Plc reported that the first-half profit jumped to a record amid surging crude prices.
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Read the full article: "Tullow’s H1 profit jumps to Record on..."
Tuesday, August 26, 2008
Japanese firm Modec reported that it had it won a contract with Petrobras to build a floating production and storage facility that will drill for oil off the coast of Brazil.
Rick Hall, president of Modec International Inc., said:
The contract represents a significant milestone for Modec in its efforts to partner with Petrobras “to start to develop the [...]
Read the full article: "Modec secures Petrobras contract"
Tuesday, August 26, 2008
Analysts expect that PetroChina’s first-half net profit may fell by at least a third as losses in its refining business eroded gains from surging crude oil prices.
Qiu Xiaofeng, a petroleum analyst at China Merchants Securities in Shanghai, estimates:
PetroChina will report 48.5 billion yuan ($7 billion) in net profit for the first half, down about 40 percent from [...]
Read the full article: "Big squeeze hurts PetroChina"
Tuesday, August 26, 2008
Bloomber reported that currency traders are chalking up the dollar’s second straight day of gains to the hope that lower oil prices will jumpstart the American economy, which could lead to a virtuous circle: Economic growth boosts the dollar, and the strengthening of the dollar will make crude less attractive as a hedge against inflation.
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Read the full article: "Cheap oil could get cheaper"
Tuesday, August 26, 2008
Oil jumped for a third straight session on Wednesday to near $117 a barrel on growing supply concerns over Tropical Storm Gustav.
Tetsu Emori, a fund manager at Astmax Co in Tokyo, said:
I’m afraid (Gustav) could potentially cause an impact similar to hurricanes Katrina and Rita, although I certainly do not wish such things.
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Read the full article: "Oil rises for third day on supply concerns"
Monday, August 25, 2008
AUSTRALIAN Worldwide Exploration reported a staggering 647 per cent jump in its annual profit.
Managing director Bruce Wood said:
The result was driven by an amazing performance at the Tui oilfield in New Zealand and record oil prices, which set the scene for a perfect storm.
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Read the full article: "Australian Worldwide reports strong jump in..."
Monday, August 25, 2008
Exxon Mobil and StatoilHydro of Norway are stepping up exloration efforts in Ireland as it gets harder to access new fields elsewhere.
Andrew Harwood, an energy analyst at Wood Mackenzie, said:
The majors are looking for new places to explore and the favorable tax rate in Ireland.
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Read the full article: "Exxon, Statoil stepping up efforts in Ireland"
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Friday, August 29, 2008