Crude oil fell on Tuesday, snapping four days of gains, on concern a U.S. government report will show stockpiles climbed from the highest level since September 1990. Crude oil for June delivery declined as much as 77 cents, or 1.4 per cent, to $53.70 a barrel in electronic trading on the New York Mercantile Exchange. Oil is up 21 per cent this year.
Crude inventories surged to highest since 1993 and was up for 22nd in 26 weeks. Crude inventories gained 3.3 million barrels, to 356.6 million barrels; it was up by 13% on a 5-year average. For full story, click here
PrimeEnergy Corporation came up with a major gain on Monday afternoon on NASDAQ with an increase of over 26 per cent at $41.14, which opened in the morning at $32.58. For full story, click here
Crude oil rose in New York, partly retracing yesterday’s 5.1 percent loss, as the U.S. Senate passed an economic stimulus plan, raising expectations for increases in fuel demand. For full story, click here
Shares in Dana Petroleum gain 5.1 percent after the oil and gas producer says its average production for 2008 rose 29 percent to 39,400 barrels of oil equivalent per day (boepd), and its 2009 output is likely to be between 37,000 boepd and 41,000 boepd. For full story, click here
UTS Energy, the Canadian oil- sands explorer targeted by Total SA, sustained gains to trade more than 30 percent above the French company’s bid price for a sixth straight day as investors anticipated an increased offer. For full story, click here
The expiration of October trading certainly played a disproportionate role in the record one-day gain, as it exercised a huge pressure on short positions. The meteoric rise also illuminates how much the vacillation is due to speculative activity.
Pilipinas Shell Petroleum Corp. reported a net profit of P4.7 billion in H1, more than double the P2.2-billion income it posted year-on-year, primarily due to a one-time gain of P3 billion. Pilipinas Shell said: It booked the gain from the assignment of the company’s economic rights to the Shell trademark to Shell Brands International of Switzerland. For [...]
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