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.
Continue reading "Benchmark: Focus on Ike and Nigeria"
Monday, September 8, 2008
OPEC’s meeting tomorrow will almost certainly result in talk of cutting production, but not much in the way of concerted action. Member nations’ motivations are not synchronized, so consensus is exceedingly unlikely. Iran wants to impose OPEC-wide decreases, but the UAE thinks current levels are appropriate. Although OPEC will not move together on this issue, some countries (notably Saudi Arabia) are likely to retrench significant volumes.
Continue reading "Benchmark: OPEC"
Tuesday, September 2, 2008
Crude oil leads to a decline in commodities as Hurricane Gustav spared the U.S. Gulf states, the devastation caused by Katrina and Rita in 2005. William O’Neill, a partner at Logic Advisors in Upper Saddle River, New Jersey said: Gustav was much tamer than it might have been, and that led to a drop in [...]
Continue reading "Energy Prices Lead Commodity Crash as Gulf Oil Output to Restart"
Friday, August 29, 2008
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.
Continue reading "Benchmark: August 29"
Monday, August 25, 2008
Barrel prices were pushed gently northward in early trading on Monday, as a confluence of factors threatened supply and made it an attractive alternative investment. The dollar’s decline relative to the euro increased anti-inflation hedging activities in commodities.
Continue reading "Benchmark: August 18"
Monday, August 18, 2008
Crude oil rose for the first time in three days as a storm moved towards Gulf of Mexica, prompting evacuations from rigs and platforms in the Gulf of Mexico. A senior broker at Bache Commodities Ltd. in London said: After oil plumbed new lows at the end of last week, Storm Fay caused a recovery in prices. For [...]
Continue reading "Oil jumps as Storm Nears Gulf of Mexico"
Thursday, August 7, 2008
Crude oil production from the Gulf of Mexico was nearly fully recovered on Thursday from minor disruptions caused by the recent Tropical Storm Edouard. For full story, click here
Continue reading "Oil output recovers in US Gulf after storm"
Monday, August 4, 2008
Crude oil prices plummeted as demand worries boosted, and a tropical storm looked set to miss energy installations in the Gulf of Mexico. For more news, click here
Continue reading "Crude oil prices fell on demand concerns"
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Monday, September 15, 2008