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.
Continue reading "Crude oil headed for $71.55 a barrel"
Friday, April 24, 2009
Oil & Gas Development Co., Pakistan’s leading fuels explorer declared that third-quarter profit surged 3.3 percent because of lower spending on exploration. For full story, click here
Continue reading "Pakistan’s Oil and Gas Net surged on slower exploration"
Friday, April 24, 2009
Crude oil futures dipped this Friday in Asia as traders opted to take profit ahead of the weekend, with regional share markets largely directionless and fundamentals staying weak. David Moore, commodity strategist at Commonwealth Bank of Australia, stated: Oil consumption is likely to remain weak, a consequence of the global recession, limiting the upside to [...]
Continue reading "NYMEX Crude futures fell"
Monday, February 9, 2009
The United States government statement that U.S. employers had slashed over a half million jobs in January, the highest yet in 35 years, lead to crude oil prices dropping just below $41 a barrel, way below the high of $147 a barrel last summer. There is a link between layoffs and the demand on oil, say analysts, as those laid off see no need for the daily commute, and buy less of petroleum products like toys and raincoats.
Continue reading "Oil Price Drops on Job Losses"
Friday, January 30, 2009
Imperial Oil president and CEO Bruce March says a long-term approach is paying off for the company in uncertain times despite a lower fourth quarter. Imperial Oil president and CEO Bruce March said: Our long-term approach has created a strong financial position that will continue to serve our shareholders well during times of economic uncertainty, [...]
Continue reading "Imperial racks up record 2008 profits"
Tuesday, November 4, 2008
The energy industry could slow down its North Sea investment due to falling oil prices and increasing costs, BG Group said as it posted a 140% increase in quarterly operating results. Frank Chapman, chief executive, BG Group, said: It did not make sense to plough ahead with some new projects when service costs were at the top of [...]
Continue reading "BG Group profits soars 140%"
Tuesday, November 4, 2008
Along with OPEC production cuts and healthy company numbers, (both discussed below) the market is clearly disjointed. The tenor of discussions in the business pages and networks lately suggests that Yeats was right, and the centre cannot hold. Recession or recovery, echo boom or bust, few are predicting prolonged instability somewhere between these extremes.
Continue reading "Benchmark: Things fall apart?"
Friday, October 31, 2008
Exxon Mobil Corp recorded rise in its quarterly profit beating estimates, on higher profit in its exploration and production business and improved margins in its refining unit. Mark Coffelt, head portfolio manager at Empiric Advisors Inc, said: Exxon is very good at what they do and they are too large a company to respond to gyrations [...]
Continue reading "Exxon Q3 profit rises 58 percent"
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"
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 [...]
Continue reading "Lukoil Second-Quarter Net increased 64%"
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Tuesday, May 5, 2009