Financial Briefs

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Archive for the ‘Oil’ Category

GOVERNOR: PEOPLE COULD FREEZE TO DEATH

Posted by financialbriefs on September 26, 2008

Governor Patrick says there’s a real possibility that people in America could freeze to death this winter due to the soaring cost of home heating fuel.  Patrick met  with members of the Massachusetts congressional delegation on Capitol Hill and later testified before a House panel on the need for heating aid in cold-weather states.

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Number of rigs down 23 this week

Posted by financialbriefs on September 26, 2008

The number of rigs actively exploring for oil and natural gas in the United States dropped by 23 this week to 1,995.

Of the rigs running nationwide, 1,559 were exploring for natural gas and 423 for oil, Houston-based Baker Hughes Inc. reported Friday. Thirteen were listed as miscellaneous.

A year ago, the rig count stood at 1,760.

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Pickens’ natural gas nation

Posted by financialbriefs on September 26, 2008

T. Boone Pickens, the 80-year-old oilman-turned-hedge-fund-manager, has already promised to pay $60-million (U.S.) of his own money to push his vision to reduce U.S. dependence on foreign oil. Now he is convinced he has worked up a way to drive the message home in Washington, with a burgeoning grassroots lobby force he calls his “army.”

The Texas billionaire says he has dropped a billion in the recent turmoil, but the recent painful pullback in oil prices has not shaken his conviction as a long-term energy bull, or his belief that the largest economy in the world has to source more of its energy needs at home.

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Iran Seeks Foreign Investments for $8B Gas Pipe

Posted by financialbriefs on September 25, 2008

Iran may allow international companies to build and run an $8 billion gas export pipeline in an effort to boost sales to Europe, a top government official said.

The pipeline is set to connect Iran’s giant South Pars gas field in the Persian Gulf with Turkey and European customers, National Iranian Gas Co. Managing Director Seyyed Reza Kasaeizadeh told Dow Jones Newswires.

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‘179 Gulf Platforms Still Evacuated, 59.3% Oil Production Shut-in’

Posted by financialbriefs on September 25, 2008

MMS has recalculated the number of manned platforms in the Gulf of Mexico since 23 manned platforms have been confirmed destroyed from Hurricane Ike. The new figure of 694 manned platforms was used to calculate today’s percentage of manned platforms evacuated. Based on data from offshore operator reports submitted as of 11:30 a.m. CDT today, personnel are evacuated from a total of 179 production platforms, equivalent to 25.8 % of the 694 manned platforms in the Gulf of Mexico.

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Russia seeks to influence global oil price

Posted by financialbriefs on September 25, 2008

 Russia wants to influence global oil prices through output forecasts and mothballing deposits for future development, Energy Minister Sergei Shmatko said on Thursday.

Mr. Shmatko said Russia’s policy would not involve co-ordinated action with OPEC states, although he said Russia admired OPEC’s influence on prices and should do its part to smooth the oil price “roller coaster ride” of recent months.

“We think that since we have such a significant position in the high society of world oil, a Russian factor should appear. We want to formulate our approach,” Mr. Shmatko told reporters.

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China’s Sinopec Acquiring Tanganyika Oil

Posted by financialbriefs on September 25, 2008

In a statement released Thursday, Tanganyika announced that it had reached a deal that would see all of its outstanding common shares acquired by Chinese refiner Sinopec International Petroleum Exploration and Production Corporation (SIPC) for $2 billion.

The all-cash transaction, valued at $31.50 per share, represents a significant premium for the company based on recent and historical stock prices, according to the statement.

Tanganyika shares soared last week after the Calgary-based company announced it had entered into sales talks without identifying the third party involved.

On Wednesday, the stock price stood at $26, just 75 cents shy of an all-time high reached in early July and nearly three times the historical low of $9.89 set in January

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Crude Below $100/Barrel May Affect International Upstream Investments

Posted by financialbriefs on September 24, 2008

Oil prices below $100 a barrel would make international investment in the upstream oil sector less attractive and lead to a decline in oil revenue that could reduce Iran’s investment in its oil industry, a top Iranian oil official said Wednesday.

“When the price of crude oil is coming down, it means investment in the upstream shouldn’t be so attractive than it would at $100 or more,” Ali Asghar Arshi, Executive Director for International Affairs at the National Iranian Oil Co., told Dow Jones Newswires in an interview in Tehran.

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‘62.5% of Gulf Oil Production Still Shut-In’

Posted by financialbriefs on September 24, 2008

MMS has recalculated the number of manned platforms in the Gulf of Mexico since 23 manned platforms have been confirmed destroyed from Hurricane Ike. The new figure of 694 manned platforms was used to calculate today’s percentage of manned platforms evacuated. Based on data from offshore operator reports submitted as of 11:30 a.m. CDT today, personnel are evacuated from a total of 179 production platforms, equivalent to 25.8% of the 694 manned platforms in the Gulf of Mexico.

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U.S. gasoline inventories lowest since 1967: EIA

Posted by financialbriefs on September 24, 2008

U.S. gasoline inventories have dropped to their lowest level since 1967 after Hurricanes Gustav and Ike shut Gulf Coast oil refineries, causing some supply shortages at service stations, the Energy Information Administration said Wednesday.

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