* Oil refiners announce price reductions Nov 21, 2009
Despite high global crude oil prices, the nations two oil refiners yesterday announced cuts in domestic gasoline and diesel prices, effective today. CPC Corp, Taiwan (CPC, xWo) and Formosa Petrochemical Corp (x) said in separate statements that they would lower gasoline and diesel prices by NT$0. (Taipei Times, Taiwan -- World)
Leader Energy Services Announces Third Quarter Results Nov 20, 2009
Oil prices have continued to strengthen, gas prices are anticipated to improve with the onset of the winter season and there are further indications that capital markets are moving towards more normal activity levels. Certain customers have been able to raise capital, some of which is expected to be spent on oilfield services. (CCNMatthews Press Releases)
Economy to Grow More Slowly in Fourth Quarter as Job Fears Hurt Spending Nov 20, 2009
Still, prices are likely to remain calm to years end even after oil prices rose this month, the report stated. To contact the reporter on this story: in Berlin at. (Bloomberg -- Germany)
Current Account Deficit Narrows Amid Declines in Price of Oil Nov 20, 2009
U.S. Current-Account Deficit Falls on Oil Prices - WSJ.com ... U.S. Current-Account Deficit Falls on Oil Prices ... WASHINGTON -- The U.S. current-account deficit hit a record in 2006, but lower oil prices and strong export growth shrank the deficit in the fourth quarter and could continue to do so this year. (Yahoo News -- U.S. Budget)
Market Winners & Losers: King Pharmaceuticals, MBIA Nov 20, 2009
5% following sinking oil prices. RDC shares last traded at $25. (Fox News)
Stock futures mixed; Dell in focus Nov 20, 2009
Oil prices steadied below 78 a barrel on Friday, looking for fresh direction after a strong U.S. dollar and weak stock markets triggered a 2 percent fall the previous day. Italian chocolate maker Ferrero could be interested in Cadbury's (CBRY.L) gum and candy division, a unit worth about 5 billion euros ( 7. (Yahoo News -- Press Releases)
M3nergy looking to expand into Indonesia Nov 20, 2009
According to him, the FPSO business was not exposed to the economic downturn and fluctuating crude oil prices as the contracts were signed for the long term. For FY10, the company expected to see a mild impact in the second half following the completion of the FSO Ratu Songkhla in September, he said. (The Star Online, Malaysia -- Business)
Investors fear repeat of 2000 election turmoil Nov 20, 2009
NEW YORK (CNN/Money) - As if near-record oil prices, a sluggish job market and jitters about the economy aren't enough, investors have been worrying about something else: another prolonged dispute over who's president after Nov. 2 ... "I'd say it's a one-in-five chance we won't know at the end of November. There are thousands of lawyers who are looking at litigation in Ohio, in Florida and in Wisconsin. "It's a cliche, but it's a true cliche that markets don't like uncertainty," he added.... (Yahoo News -- Presidential Election 2000)
More of this story Nov 20, 2009
Hopefully we get some of these on stream before oil prices skyrocket, he said Wednesday, regarding the multiple energy projects currently underway, including Pacific West s proposed 20-watt biomass-to-energy power plant. I hope they can fast track it, Bulatao said regarding the solar project. (Lihue Garden Island, HA)
JSE tracks weaker US futures Nov 20, 2009
On Thursday, some of that appeared to be waning with the US dollar index in the green, while oil prices and those of several metals slid. Oil recently traded down 64 cents to $78. (Business Report, South Africa)
Letters to the Editor Nov 20, 2009
What matters is the wisdom to wean the United States off its dangerous dependence on oil bought from corrupt petrodictators and to stabilize an economy that is vulnerable to radical fluctuations in oil prices as our current Great Recession illustrates. In the process, in the perhaps ultimate win-win situation, we can protect the environment and create thousands upon thousands of high-paying jobs. (Rio Rancho Observer, NM)
Topix Index Advances for First Time in Eight Days, Led by Financial Stocks Nov 20, 2009
The Topix fell for most of the day, after the lower outlook for the semiconductor industry by Bank of America Corp.s Merrill Lynch unit and as oil prices retreated. Advantest, lost 2. (Bloomberg -- Japan)
History of Oil Discovery In Ghana-The EO Groups Role!!! Nov 20, 2009
Historically, exploration for oil and gas reserves in Ghana had been very limited due to the high risk nature of its terrain and low oil price environment in 2004 when the Kosmos /E.O group made initial contact with GNPC.. Between 1898 to the late nineties an estimated hundred exploration wells had been drilled in Ghana with no significant discovery except for the Saltpond oil find in 1970. (Ghana Web, Ghana)
Oil Trades Little Changed After Rising on Forecasts for a Weaker Dollar Nov 20, 2009
Analysts surveyed by Bloomberg News were split over whether crude oil prices will fall or be little changed next week amid a weak dollar and ample fuel supplies ... A retraction in oil prices and equities ought to take place. (Bloomberg -- Australia & New Zealand)
Oil Hovers Below $78 as Traders Eye US Dollar Nov 20, 2009
Oil prices hovered below $78 a barrel Friday in Asia as investors eyed a volatile U.S. dollar and mixed economic data. Benchmark crude for December delivery was up 11 cents to $77. (ABC News -- Business)
Asian airlines start to recover Nov 20, 2009
"In recent months, most airlines have seen load factors recover but low yields mean continuing losses for the industry and rising oil prices are certainly not helping," Herdman said. "Asia Pacific airlines are expected to report heavy losses this year.". (Sydney Morning Herald -- Business)
Top Eurobank prepares for 'global economic collapse'... Nov 20, 2009
" The reason this is about to turn into a depression is that governments can no longer expand credit markets hence they can no longer induce inflation. Incidentally, even assuming we could induce a further expansion in credit markets, the multiplier effect of each unit of currency on the overall economy is today neutral. This is because inflation is a dynamic that is exponential in nature. http://research.stlouisfed.org/fred2/series/MULT As to why gold has been rising in price, it is not... (The Drudge Report)
Japan warned Fri that deflation can drag on recovery Nov 20, 2009
3 percent in September - remained stable and was likely to moderate as the impact from oil prices fades. The central bank, which was widely expected to keep its benchmark rate unchanged, upgraded its economic assessment for the third straight month, saying government policy measures have lifted consumption. (The Star Online, Malaysia)
PDVSA Profit Falls 67% on Price Drop, Production Cuts to Meet OPEC Target Nov 20, 2009
Nov. 19 (Bloomberg) -- , the state-owned oil company, said first-half profit fell 67 percent because of plunging oil prices and production cuts after the Organization of Petroleum Exporting Countries slashed targets ... PDVSA froze workers wages and cut managers pay by 20 percent in April after oil prices plunged ... Oil prices fell 50 percent at the end of the first half, compared with a year earlier. (Bloomberg -- Latin America)
Oil prices up in Asian trade Nov 20, 2009
Oil prices are expected to continue trading in a tight range, and with only six more weeks to go before the year ends, "some market participants may want to lock in profits this year," Shum said. "Oil demand remains very fragile and so that's going to cap any susbtantial gains in prices," he added. (India Times)
Asia's airline industry showing signs of recovery Nov 20, 2009
" Figures released Thursday by the 17-member AAPA showed its airlines carried 11.1 million passengers in October, a slight improvement over the previous month but still below levels seen a year ago. Despite signs of a recovery, the regional airline industry is still expected to turn in a collective loss for 2009, Herdman said. He did not give a figure for the losses expected this year but said the industry lost US 4.8 billion in 2008. The International Air Transport Association (IATA) has... (Channelnewsasia.com)
The Fed is foolishly weakening the dollar Nov 19, 2009
American consumers are not responding to the Fed's liquidity surge because high employment, high oil prices, bottoming home prices, and stagnant wage growth have squeezed their purchasing power. Business investment has likewise failed to fill the recessionary gap because much of the investment US corporations used to make on American soil is increasingly being sent off shore. (Christian Science Monitor)
Oil Stays Above $79 Amid Mixed Economic Signs Nov 19, 2009
Oil prices hovered above $79 a barrel Thursday in Asia amid mixed signals over the strength of the global economic recovery. Benchmark crude for December delivery was down 18 cents to $79. (ABC News -- Wire)
Why is Ford on such a roll? Nov 19, 2009
The other two companies were too busy pushing It s got a Hemi to pay attention to things like oil prices and an economy teetering on collapse. Ford simply knew things were going to get bad and even though they couldn t make the changes at that time, they were able to plan for the changes that needed to be made. (Atlanta Journal-Constitution -- Business)
Stadium-sized airfares? Nov 19, 2009
If you want to be a commercial entity and chase profits then you shouldn't be allowed to come crying for a government bailout when the oil price spikes or your CEO stuffs up, no. You'll notice I haven't mentioned 1time or Mango yet, as these two carriers will only announce their World Cup schedule (and fares) after the World Cup draw on December 4. (iAfrica.com)
Arizona firms seek orders at Dubai Airshow Nov 19, 2009
"The Middle East and selected African economies continue to benefit from improved oil prices and burgeoning trade with China and Asia and operators in these regions expect to be active buyers," the report said. Deals Honeywell announced at the Dubai Airshow this week include $36 million worth of auxiliary-power units sold to airline Air Arabia, a $50 million contract for wheels and carbon breaks for British Airways' Boeing 767 and 777 aircraft, and a $1 million sale of runway-safety technology... (AZCentral -- Business)
Gold, silver, copper hit new highs as US$ falls Nov 19, 2009
Oil prices also showed resilience, recovering from early losses and finishing slightly higher on the Nymex, even after the government said demand for petroleum fell to its lowest level in four months ... Oil prices have risen more than 60 percent since early March as the dollar has weakened. (The Star Online, Malaysia)
Hummer goes green(er) Nov 19, 2009
With oil prices rising again, fuel economy is on everyone's minds. Even the most iconic cars are not immune. (Sydney Morning Herald -- Opinion)
Stratic Energy Corporation - West Don Reserves and Operations Update Nov 19, 2009
At current Brent oil prices of around $75 a barrel, the production levels indicated in Ryder Scott's recent report would yield pre-tax operating cash flows totaling over $80 million net to the Company in 2010 and 2011. Furthermore, it is clear that the future value of the field to the Company remains materially unchanged". Extracted results from the Ryder Scott reserve report dated November 18, 2009 compared with the year end reserve data filed in the Company's Form 51-101 F1 dated April 24,... (Canada Newswire)
Oil price up as US reserves fall Nov 19, 2009
Oil prices are still far from the peak of $147 a barrel seen in July 2008 ... Oil prices peaked at a record $147 a barrel in July last year, before falling to about $30 at the start of 2009 because of the impact of the global recession. (BBC News -- Africa)
Investors fear repeat of 2000 election turmoil Nov 19, 2009
NEW YORK (CNN/Money) - As if near-record oil prices, a sluggish job market and jitters about the economy aren't enough, investors have been worrying about something else: another prolonged dispute over who's president after Nov. 2 ... "I'd say it's a one-in-five chance we won't know at the end of November. There are thousands of lawyers who are looking at litigation in Ohio, in Florida and in Wisconsin. "It's a cliche, but it's a true cliche that markets don't like uncertainty," he added.... (Yahoo News -- Presidential Election 2000)
Oil prices increase ahead of Thanksgiving demand Nov 19, 2009
NEW YORK - Oil prices increased for the third day in a row as the dollar weakened and AAA reported that more drivers are expected on the highways this Thanksgiving weekend ... The weak dollar has helped boost oil prices most of the year. (Boston Globe)
E.ON Boosts Short-Term Gas Trading as Surging Oil Lifts Contract Prices Nov 19, 2009
Nov. 19 (Bloomberg) -- , Germanys biggest utility, is expanding its short-term trading of gas as higher oil prices lift costs for long-term contracts through 2013 ... Gas supplied under long-term contracts from countries including Norway and Russia are linked to oil prices, which have jumped 79 percent this year, even as near-term gas prices have slipped in the over-the-counter market and on exchanges as the global recession cuts consumption. (Bloomberg -- Germany)
S.Korean economy to grow in 2010: minister Nov 19, 2009
it is expected that next year's growth will likely be better than the government's earlier forecast of a four percent expansion," he told heads of major think-tanks. Yoon, quoted by Yonhap news agency, also noted downside factors including a tighter job market and rising commodity prices. "While some macroeconomic indicators are improving, employment conditions still remain sluggish, making it difficult for ordinary people in their daily lives," the minister said. "With a rebounding economy, oil... (Channelnewsasia.com)
Canext Announces Third Quarter Results and Operational Update Nov 19, 2009
The Company is well positioned to take advantage of strong oil pricing and favorable industry costs to expand its oil production while continuing to explore for new oil pools. Should natural gas prices start to recover this winter, the Company can move quickly to tie-in additional gas at Pouce Coupe. (CCNMatthews Press Releases)
The case for higher oil prices Nov 19, 2009
Its now time to consider what this tells us about future oil prices ... Marginal costs, therefore, are instrumental in determining future oil prices ... The greatest risk to higher oil prices lies in the substitution effect where, as oil gets more expensive, consumers start to change their behaviour, as occurred last year when oil hit $US147 a barrel. (Sydney Morning Herald -- Business)
Oil price rises as report signals supply decline Nov 19, 2009
November 19, 2009 - 7:45AM. Oil rose above $US80 a barrel after the government reported that US crude and fuel supplies dropped as refineries idled units and imports declined. (Sydney Morning Herald -- Business)
Dollar doing the right thing Nov 19, 2009
Has OPEC in essence been raising its crude oil price to maintain a stable income in non-US dollars. But it doesn't really work that way. (Asia Times Online)
Stocks to watch: Hero Honda, JSW Steel, Great Offshore, ONGC Nov 19, 2009
MUMBAI: Crude oil prices hovered above $79 per barrel in Asian trade Thursday amid mixed signals over the strength of the global economic recovery ... Crude oil prices hovered above $79 per barrel in Asian trade Thursday amid mixed signals over the strength of the global economic recovery. (India Times)
It’s Time to Open the Fuel Market to Methanol Nov 19, 2009
This would put an enduring competitive constraint on the price of oil internationally at roughly the $60-per-barrel level, ending forever the ability of the Organization of Petroleum Exporting Countries to loot the world via artificially rigged up oil prices ... Yet even so, because of the removal from the world market of several million barrels of oil per day by OPEC, oil prices are already hovering around the $80/barrel level ... In fiscal 2008, with oil prices averaging near $110 per barrel,... (Roll Call)
Oil companies curtail work on North Slope Nov 19, 2009
He said the North Slope's vast amounts of heavy oil is not economic to develop right now given current oil prices and the state's tax structure. EXXON BULLISH. (Anchorage Daily News)
Venezuelan 2009 exports to US fall by 60 percent Nov 18, 2009
4 percent so far this year, due largely to lower oil prices. A report by The Venezuelan-American Commerce and Industry Chamber says trade between the two countries reached $20. (KGW Northwest NewsChannel 8, OR -- Business)
Oil above $79 after crude supply drop Nov 18, 2009
SINGAPORE: Oil prices extended gains above $79 a barrel on Wednesday in Asia after an unexpected drop in US crude 00004000 supplies suggested demand could be improving ... Oil prices extended gains above $79 a barrel on Wednesday in Asia after an unexpected drop in US crude supplies suggested demand could be improving. (India Times)
Aban Offshore: Debt liabilities not a threat Nov 18, 2009
With oil prices rebounding above the $75 level, Aban Offshore has been able to deploy 17 of its vessels and has just three jack-up rigs idle presently. This, along with the improvement in the global Eustry, has helped ease the concerns of the analyst community. (India Times)
Alaska fights to reverse federal polar bear listing Nov 18, 2009
The trans-Alaska pipeline is running at less than one-third capacity and only high oil prices and a new method of taxing oil production have kept Alaska from slashing government services or looking for other revenue sources, such as a state income tax. In a decade or so, offshore gas production could be crucial for a new large-diameter pipeline, a project for which Parnell's revenue commissioner says there is no future alternative. (Juneau Empire)
Pemex Proved Reserves May Drop For 11th Straight Year as Fields Dry Up Nov 18, 2009
5 billion pesos through the first nine months of the year on lower oil prices and production. Pemex has made its $11. (Bloomberg -- Latin America)
Venezuela Economy Shrank More-Than-Expected 4.5% on Oil, Dollar Sale Limit Nov 18, 2009
The results occurred in an environment strongly affected by the aftermath of the global financial crisis and the weakening of oil prices, the bank said in the statement. The lower supply of imported goods and the fall in aggregate internal demand affected the figures. (Bloomberg -- Latin America)
Stocks post modest gains on rise in commodities Nov 18, 2009
Higher oil prices lifted energy stocks, and trading volume remained light. Mixed earnings and economic reports offered little insight into one of the market's biggest worry points: How much consumers are spending. (USA Today -- Money)
Waiting for thetrain wreck Nov 18, 2009
While this has produced only the beginnings of economic recovery, it has brought a 50% bounce in the US stock market, a return in the oil price to around $80 - at the top end of the historic range, adjusted for inflation - and now a breakout by gold above its historic high. The repeated previous failure of gold to break above $1,000 per ounce made it all the more significant when it finally succeeded in doing so. (Asia Times Online)
Inflation Index Rose Less Than Expected in October Nov 18, 2009
Some economists argue the weaker dollar and rising oil prices are early warning signs that inflation will quickly spiral out of control. Others, including Bernanke, stress that slack in the economy and low labor costs are likely to keep prices in check. (SmartMoney)
Resource stocks bolster FTSE 100 Nov 18, 2009
Overall, stronger metals and oil prices helped resource stocks lift the FTSE 100 by 18 points to 5,364. 05, a rise of 0. (FT.com -- Markets)
E-Transportation Jump-Start: Coalition Seeks to Pave the Way for Electric Vehicles Nov 18, 2009
5 billion by 2050, a group of companies sees electric vehicles as the best alternative, given concerns of foreign oil dependency, oil prices and climate change. ISTOCKPHOTO.COM/JOHN KROPEWNICKI. (Scientific American)
Roubini: Oil and Metals Near Top Nov 18, 2009
Take oil prices: They have gone up from $30 a barrel to over $80, at a time when demand is back to 2005 levels, and oil inventory is at all-time highs, Roubini says ... A weak dollar, low interest rates, and high oil prices made up the scenario in 2008 which helped fuel the economic meltdown and a repeat of that would lead to what Roubini calls a double-dip recovery. (Newsmax)
Exxon Chief: Weak Dollar Drives Oil Higher Nov 18, 2009
Exxon Mobil CEO Rex Tillerson says the dollars weakness has added between $20 and $25 a barrel to oil prices. Oil has hit a one-year high, surpassing $90. (Newsmax)
Western Pa. gas prices down about 2 cents Nov 18, 2009
On Monday, crude oil prices ended the day at $78. 96 per barrel. (Pittsburgh Business Times, PA)
* The new face of coal in China Nov 18, 2009
With oil prices high, Chinas policymakers are hedging their bets by investing in one of the worlds most controversial fuels: coal diesel. Shenhua is once again at the forefront of development. (Taipei Times, Taiwan -- World)
* UK investment manager positive on China and India Nov 18, 2009
Bolton also favored gold, saying that investors should consider having some exposure to gold, while forecasting crude oil prices should range between US$50 to US$80 a barrel in the coming year. This story has been viewed 281 times. (Taipei Times, Taiwan -- World)
When oils ain't oils Nov 18, 2009
Here we're going to explain how, contrary to economic theory, the oil price can rise while supply is increasing ... What does this tell us about future oil prices. (Sydney Morning Herald -- Business)
Zimbabwe: Mugabe Blasts West's Subsidies to Farmers Nov 18, 2009
The energy sector played an integral role in the agriculture sector, said the President, adding that the combination of the power deficit experienced by the Sadc region last year and rising oil prices had a serious negative impact on farming operations. He said Zimbabwe had consequently embarked on a biofuel project to produce diesel and petrol from jatropha and sugarcane. (allAfrica.com)
EADS core profit down 77% Nov 18, 2009
EADS said oil price increases and the wider economic environment affected commercial aircraft customers but that it was cautiously envisaging an improvement of economic and market conditions in the next months. Many airlines have been forced to ground planes and cancel or defer aircraft orders to cope with high oil prices in tandem with a global downturn that has reduced demand for travel. (The Star Online, Malaysia -- Business)
Current Account Deficit Narrows Amid Declines in Price of Oil Nov 18, 2009
U.S. Current-Account Deficit Falls on Oil Prices - WSJ.com ... U.S. Current-Account Deficit Falls on Oil Prices ... WASHINGTON -- The U.S. current-account deficit hit a record in 2006, but lower oil prices and strong export growth shrank the deficit in the fourth quarter and could continue to do so this year. (Yahoo News -- U.S. Budget)
Democrats round on Bush over trade gap Nov 18, 2009
But Jeoff Hall, an economist at Thomson Financial, said the trade balance was still relatively steady in the last six months once volatile oil prices were stripped out. The politically sensitive trade deficit with China increased 15. (Yahoo News -- U.S. Budget)
Buffett's Berkshire Discloses Holdings in Exxon Mobil, Nestle, Travelers Nov 17, 2009
Exxon has probably the lowest cost structure in the industry, which I know is attractive to Buffett, said , a senior analyst at Argus Research Corp. No matter where oil prices go, Exxon always fares better ... Buffett called the investment a major mistake after building the shares with oil prices near their peak last year. (Bloomberg)
Why peak oil doesn't matter Nov 17, 2009
And this forms the crux of the argument for higher oil prices ... The absolute quantity of oil in the ground isnt all that important in discerning the direction of oil prices ... The combination of all of these elements should provide a strong indication of the probable long-term direction of oil prices. (Sydney Morning Herald -- Business)
Lucas Energy Reports Second Fiscal Quarter 2009-2010 Results, Turns EBITDA Positive Nov 17, 2009
The reduction in oil sales was due to wells that were offline for workovers and chemical treatments in preparation for production increases as crude oil prices remain high ... Mr. William Sawyer, CEO of Lucas Energy said, "We are happy to announce the return to positive EBITDA for the fiscal second quarter. The current quarter returns this trend to positive EBITDA and positive cash flow from operations and we are seeing higher production and strong oil prices. This combined with our focus on... (Primezone Releases)
