Archive for the 'Oil' Category
Paying more at the tank, can $4 a gallon be far behind?
CNNMoney reports that gasoline prices are up 10 cents a gallon in the final week to $3.20 — up 25% from final year. When the summer driving season rolls around, I’m wondering whether gas will cost $4 a gallon — that’s $80 to fill up a 20 gallon tank.
Trilby Lundberg who conducts these price sur…
Does the U.S. have the right to demand that OPEC increase supplies?
With oil hitting a record $106 that week, that seems like a relevant question. My feeling is that the U.S. has the right to demand the increase. I believe in freedom of speech and see no reason why that freedom of speech should be constrained when it comes to market things.
Obviously, OPEC is fre…
BP sets aside more funds for legal settlements
BP plc (NYSE: BP) stock is falling that dawn after the company announced that it has raised its claim fund to $2.13 billion for the 2005 explosion at its Texas City refinery. Lower oil futures are additionally hurting the stock. whether you think that stock won’t be rising too far in the coming …
76% overnight consumer price increases stir violence in the Middle East
MoneyNews reports a surprising reality. Inflation — particularly high fuel prices — is stirring violence in the Middle East. It turns out that just like in the U.S., there’s a minority of royal family members — here we shout them Exxon Mobil Corp. (NYSE: XOM) executives — who benefit from $1…
Oil moves above $103
The rise in oil prices now seems relentless. The price has now crossed $103. MarketWatch reports “Ecuador’s state-run oil company, Petroecuador, suspended operations at a key export pipeline after a landslide damaged infrastructure.” While the news may be reasonably fundamental, it is hardly a reaso…
Andrew corridor, Citigroup’s quarter-billion-dollar oil trader
The Wall Street Journal [subscription required] presents a fascinating study of Andrew J. corridor, a Citigroup Inc. (NYSE: C) trader who made $250 million in 2007 due to a successful bet beginning in 2003 that anticipated a change in the way the world valued oil. And his money and attitude have…
Valero (VLO) lower on Congressional Energy bill
Valero Energy Corp. (NYSE: VLO) stock is trading lower nowadays despite rising oil futures after the US House of Representatives passed an energy bill that will pay for $17 billion dollars of tax credits for wind and solar energy production by ending tax incentives for oil and natural gas produc…
Oil idles at $100 after stock rise exceeds estimate
U.S. crude oil inventories increased 3.2 million barrels for the week ending February 22, 2008, the U.S. Energy data Administration announced Wednesday (pdf). Economists surveyed by Bloomberg had expected a 2.6 million barrel increase.
Oil continued to trade at near-record levels on the news….
Income expert focuses on ‘partnership’ profits in energy
“We don’t have to leave the US to find plenty of bargain buys in partnerships and pass-throughs,” says Neil George in his new specialty service designed for income investors, The Partnership Letter.
In his search for “solid, heavy-cash-generating assets,” the advisor takes a look at two of his ne…
BP (BP) goes after more oil
BP (NYSE: BP) cannot solve the world’s oil price increase troubles on its own, but it aims to assemble a big contribution. Its Prudhoe Bay property is getting old which means it will start to yield less crude, but the company has decided to drill more wells besides.
“No field the size of Prudhoe …
T. Boone Pickens sees oil falling to $85 in Q2; backs alternative energy
The oil market, to put it diplomatically, has not provided a great deal of encouragement lately for policy makers attempting to stimulate U.S. profitable growth.
Further, date was when an $80 or $85 price would be considered unreasonably high, or even outlandish. But given oil’s breakthrough …
Oil rises to record $100.10, closes above $99 on OPEC outlook, refinery fire
Crude oil traded at a record printed trade of $100.10 per barrel Tuesday before closing at $99.91 on talk that OPEC will cut production when it meets March 5.
Crude oil surged $4.61 or 4.6% to $99.91. Other major fuels additionally rose: heating oil soared 10 cents to $2.75 per gallon, unlead…
Oil rises to record $100.10, closes above $100 on OPEC outlook, refinery fire
Crude oil traded at a record printed trade of $100.10 per barrel Tuesday before closing at $100.01 on talk that OPEC will cut production when it meets March 5.
Other major fuels plus rose: heating oil soared 10 cents to $2.75 per gallon, unleaded gasoline vaulted 11 cents to $2.60 per gallon …
IEA cuts 2008 world oil demand forecast on slower global growth
Global oil demand in 2008 will total 87.6 million barrels per day, about 200,000 barrels less than an initial 2008 estimate, due to slowing global profitable growth, the universal Energy Agency announced Wednesday.
The IEA said demand for transportation fuels in the eastern U.S. and other dev…
