Bloomberg reported that Denbury Resources Inc. (NYSE:DNR) has agreed to purchase acreage in Montana and North Dakota from ConocoPhillips for $1.05B as part of its expansion plans in the Rocky Mountain.
The Financial Post reported that India's Oil and Natural Gas Corp. denied that it, along with Oil India Ltd. and Indian Oil Corp., made a $5 billion bid for Canadian oil sands assets owned by ConocoPhillips (NYSE:COP). ConocoPhillips has not commented on the situation.
WTI-Brent crude price spread the story of 2011 for oil.
The Bedford Report released research on BP PLC (NYSE:BP,LSE:BP) and ConocoPhillips (NYSE:COP).
Enbridge acquire stake in a key Cushing-Gulf Coast pipeline after TransCanada’s Keystone XL pipeline ambitions are dealt a blow.
The Trans Alaska Pipeline was shut down on Saturday following the discover of a leak at an intake pump station at Prudhoe Bay, constricting supply in one of the United States' key oil arteries. Cold weather in the Northeast during December translated into 5 consecutive stock draws in the Central Atlantic, while New England stocks fluctuated during the month.
Even as investors are mulling mixed signals over crude supply numbers from the Energy Information Administration, there are clear indications that the Gulf state leaders have no plans to stop pricing oil in dollars. The rumour had traders hitting the panic button.
If bearish sentiment continues for a bit, expect to see a potential break below support levels around $67.35. Further declines in shipping rates due to reduced Chinese demand can be expected to continue, highlighted by expectations for a 50 per cent drop in freight rates in the next four months.
Though ConocoPhillips (NYSE:COP) and Placid Refining Company are both receiving hundreds of thousands of barrels of crude from America’s federal reserves to continue refinery operations, and two rigs in the Gulf have been knocked adrift, the overall impact of Ike appears fairly benevolent to energy companies.
The U.S. Energy Department will send 309,000 barrels of crude oil from the nation’s emergency stockpile to ConocoPhillips’ Wood River Refinery and Placid Oil’s Allen Refinery, that are running short of supply due to hurricanes Gustav and Ike. For full story, click here
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