The Oil Daily articles from July 2007

The Oil Daily archives from July 2007

Bush urges House to consider Cafe hike.
July 2, 2007... Top Bush administration officials on Thursday called the US House of Representatives to tackle tougher vehicle fuel economy standards before the summer break. In a letter to House Speaker Nancy Pelosi (D-Calif.), the heads of the...

Total starts Rosa field offshore Angola.(Statistical data)
July 2, 2007... French major Total has started oil production from the Rosa field offshore Angola, enabling the company to maintain output of 500,000 barrels per day from deepwater Block 17. The block is one of four that have transformed Angola into the...

Bearish demand, weather gang up on natural gas prices.
July 2, 2007... Downright bearish demand and anemic weather forecasts, not to mention an unexpectedly large increase to storage inventories, drove natural gas futures sharply lower last week, bottoming out at near six-month lows. And unfortunately for market...

Nymex crude ends week above $70 on Cushing stockdraws.
July 2, 2007... The oil markets are full of conflicting signals at the moment, but traders last week ignored most of the bearish news and pushed prices past $70 per barrel for the first time this year. US crude prices appear to be the complex leader now, but...

Daily oil & gas price review: prices for Friday, June 29, 2007.(Statistical table)
July 2, 2007... Crude Oil US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) +1.24 66.65 65.45 60.53 LLS (St. James) +1.59 75.45 74.49 70.28 ANS...

Higher refinery runs provide boost to US benchmark WTI and Gulf Coast sour crudes.(West Texas Intermediate)
July 2, 2007... Spot market talk last week centered on the rapid tightening of the spread between US benchmark West Texas Intermediate (WTI) and European marker Brent, which had come in from $6.50 on May 24 to 80 cents during trade on Friday. The key relevance...

Baker Hughes drilling report.(Brief article)
July 2, 2007... US Rig Count Rises by Four The number of drilling rigs searching for oil and gas in the US rose by four to 1,775 last week, Baker Hughes said Friday. During the same week last year, there were 1,666 rigs at work. The number of rigs...

BP forms biofuel venture.(Top Briefs)(British Petroleum Company PLC)(Brief article)
July 2, 2007... BP announced Friday its second UK biofuel investment in less than a week, underlining its commitment to developing a market touted by advocates as a way of reducing dependence on fossil fuels and helping fight global warming. In the latest...

Oil services trust goes private.(Corporate News)(Brief article)
July 2, 2007... CCS Income Trust's founder and a private equity group launched a bid on Friday to buy out the oil field and industrial waste handler for C$3.5 billion (US$3.3 billion), saying they see more value in its prospects than the public market...

BP submits Norway plan.(Exploration & Production)(British Petroleum Company PLC)(Brief article)
July 2, 2007... UK supermajor BP has submitted a development plan to the Norwegian government for the Skarv and Idun fields in the Norwegian Sea. The $5.1 billion development will involve a floating production vessel and an 80 km (50 mile) gas pipeline to...

Russia wants Venezuela work.(International)(Brief article)
July 2, 2007... Russia wants to expand the list of companies working in Venezuela to include state-controlled Rosneft and Gazprom Neft. Russian Industry and Energy Minster Viktor Khristenko made the suggestion Friday during a meeting with Venezuelan...

Petrobras mulls Uruguay LNG.(Latin America)(Petroleo Brasileiro S.A.)(liquefied natural gas)(Brief article)
July 2, 2007... Brazilian state controlled oil company Petrobras is mulling construction of a liquefied natural gas (LNG) plant in Uruguay, according to company officials. The LNG terminal could cost between $300 million to $400 million and would be aimed...

Pemex seeks to boost output.(Latin America)(Petroleos Mexicanos)(Brief article)
July 2, 2007... Pemex is seeking ways to boost production at oil fields in southern and central Mexico in an effort to make up for declining output at its main Cantarell field. Mexico's state oil company plans to tender contracts for drilling and oil...

MMS finalizes leasing plan.(Legislation/Regulation)(Minerals Management Service)(Brief article)
July 2, 2007... Interior Secretary Dirk Kempthorne on Friday approved the Minerals Management Service's (MMS) five year leasing plan for the Outer Continental Shelf (OCS). The program, which becomes effective Jul. 1, includes 21 oil and natural lease...

Chevron to expand gas shortage.(Natural Gas)
July 2, 2007... Chevron said on Friday that it planned to expand its Keystone gas storage facility in West Texas by an additional 2 Bcf by early 2010, bringing the site's capacity to 7 Bcf. Chevron subsidiary Chevron Pipe Line Co. declined to give...

CHC wins Statoil contract.(Oil Field Service)
July 2, 2007... CHC Helicopter said on Friday it has been awarded two contracts by Norwegian oil company Statoil for helicopter services in the Norwegian Sea valued at about C$1.1 billion ($1.04 billion). CHC, a provider of helicopter services to the...

Seacor, Nabors in joint venture.(Oil Field Service)(SEACOR Holdings Inc., Nabors Industries Inc.)(Brief article)
July 2, 2007... Seacor Holdings and Nabors Industries have entered into an agreement to form a new joint venture company to own and operate a fleet of 20 offshore support vessels. A subsidiary of Fort Lauderdale, Floridabased Seacor will be the majority...

Enbridge files pipe applications.(petroleum pipelines expansion)(Brief article)
July 2, 2007... Enbridge said on Friday it filed an application with Canada's National Energy Board (NEB) for a C$300-million (US $284.3 million) extension of an Alberta crude oil pipeline. The company said the Line 4 extension project involves 85 miles of...

Stock market scorecard.(Statistical table)
July 2, 2007... Integrated Close 1-Day % Chg. Majors 6/21 Chg. % Chg. 10-Day 52-Wk YTD Hess 58.96 +2.22 +3.91% -1.54% +22.32% +18.94% Statoil 31.01 +0.80 +2.65 +10.04...

Linn's big buy demonstrates rise of MLPs.(Linn Energy)(master limited partnerships)
July 3, 2007... Anybody with doubts that upstream master limited partnerships (MLPs) are set to become big players in the US oil and gas acquisitions market was confronted with powerful evidence to the contrary on Monday. Houston-based Linn Energy, one of...

Chavez solicits Russia's help for projects.(Hugo Chavez)
July 3, 2007... Venezuelan President Hugo Chavez has solicited Russian help in building new oil refineries and a natural gas pipeline to Argentina in a move to gain additional revenues from its oil and gas resources while furthering political and economic...

Despite costs and lack of financing, ACF confident about refinery.(Arizona Clean Fuels)
July 3, 2007... Although the start date for a new grassroots refinery in Arizona keeps getting pushed back, the company driving the effort remains optimistic that the project will eventually come to fruition. Arizona Clean Fuels (ACF), which plans construction...

Nymex crude hits ten-month high on bullish technicals.(New York Mercantile Exchange)
July 3, 2007... Despite an early pullback on profit-taking, US oil prices rebounded on Monday on the back of technical support and a recovery in heating oil and gasoline futures. A refinery outage in the Midwest supported the petroleum complex and could...

Daily oil & gas price review: prices for Monday, July 2, 2007.(Statistical table)
July 3, 2007... Crude Oil US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) +0.56 67.21 65.91 61.70 LLS (St. James) +1.01 76.46 74.85 71.45 ANS...

Exxon, Conoco among firms Norway says must improve maintenance.
July 3, 2007... One of the major problems confounding steady production performance from older fields in both non-Opec and Opec countries is the adequacy of maintenance procedures in anticipating or finding and correcting problems. It is striking that in...

Cooling degree days: for the week of June 30, 2007.(Statistical table)
July 3, 2007... Week Dev Cum Dev From From From Week From Year Cum From Norm Year State/City (PADD) Total Norm Ago Total...

Platts and Argus change BFOE price assessment methodologies.(Brent-Forties-Oseberg-Ekofisk)
July 3, 2007... Oil pricing services Platts and Argus vied with each other Monday to gain the confidence of the oil industry regarding the methodologies used in their UK North Sea Brent-Forties-Oseberg-Ekofisk (BFOE) crude price assessments. US-based...

Oil equities keep climbing in June, led by European companies.
July 3, 2007... June was another solid month for oil equities, led by the European oils which benefited from continuing strong oil prices and a weakening of the US dollar versus home currencies. Norway's Statoil led the pack in June, recording a monthly...

Alaska output falls in June.(Exploration & Production)(Brief article)
July 3, 2007... Alaskan crude oil production declined in June, averaging just over 740,000 b/d for a decline of nearly 55,000 b/d compared to May and a drop of more than 90,000 b/d below June 2006, according to data from the state's Department of Revenue Tax...

Shell hit with Argentina fine.(Latin America)(Royal Dutch-Shell PLC)(Brief article)
July 3, 2007... Argentina slapped a $1.6 million fine on the local subsidiary of Anglo-Dutch oil major Royal Dutch Shell on Monday for failing to supply diesel to its service stations at a time of growing demand. Economy Minister Felisa Miceli said Shell...

Pemex plans deepwater well.(Latin America)
July 3, 2007... Pemex plans to drill a deepwater well off the Gulf of Mexico this year, Dow Jones reported Friday. The company will choose the location of its sixth well after drilling at the Lalail well is completed, most likely in September. Pemex is...

Exxon unaffected by exit.(Latin America)(Exxon Mobil Corp.)(Brief article)
July 3, 2007... Exxon Mobil said on Monday it does not expect the nationalization of its stake in the Cerro Negro project in Venezuela to have a material effect on its operations or financial condition. Last week, Venezuela's government forced Exxon Mobil...

NJ sues over MTBE pollution.(Litigation)(New Jersey)(Methyl tertiary-butyl ether)(Brief article)
July 3, 2007... New Jersey is suing energy companies over fuel additive MTBE, saying the chemical has leaked from underground storage tanks to pollute ground water supplies and rivers, state regulators said on Monday. Methyl tertiary butyl ether has long...

Alon acquires California pipes.(Mergers & Acquisitions)(Alon USA)(Brief article)
July 3, 2007... Dallas-based independent refiner Alon USA Energy announced Monday that it has finalized the purchase of the crude and unfinished products pipeline system from Kinder Morgan Inc. (KMI) known as the "Black Oil System" for a purchase price of $4.5...

Chesapeake adds Barnett acres.(Mergers & Acquisitions)(Chesapeake Energy Corp.)(Brief article)
July 3, 2007... Chesapeake Energy has added to its Barnett Shale holdings by acquiring about 8,500 acres from a variety of sellers. While not releasing financial details of the deal, officials with Oklahoma City-based Chesapeake said they reached the...

Oneok buys North System.(Pipelines)(Brief article)
July 3, 2007... Kinder Morgan Energy Partners has sold its North System to Onekok Partners for $300 million. Oneok will receive a 1,600 mile intrastate pipeline system that delivers natural gas liquids and other refined petroleum products and stretches...

Fire shuts Brazil refinery unit.(Refining)
July 3, 2007... A fire over the weekend shut down a catalytic cracker at Brazil's 240,000 b/d Reduc refinery in Rio de Janeiro, reducing output, but officials said Monday that inventories were big enough to guarantee fuel supplies. "One gasoline and...

Flooding shuts Coffeyville plant.(Refining)(Coffeyville Resources)(Brief article)
July 3, 2007... Coffeyville Resources shut its 108,000 b/d refinery in Kansas due to flooding on Friday, a state official from the Kansas Division of Emergency Management (KDEM) said Monday. The flooding caused a crude oil spill of more than 1,000 bbl from the...

Valero's McKee output climbs.(Refining)(Valero Energy Corp.)(Brief article)
July 3, 2007... Valero Energy's McKee refinery in Sunray, Texas, was running at a crude oil throughput of "a little above" 150,000 b/d on Monday morning, a company spokesman said. Valero has been working to bring the McKee refinery, which has a faceplate...

Stock market scorecard.(Statistical table)
July 3, 2007... Integrated Close 1-Day % Chg. Majors 7/2 Chg. % Chg. 10-Day 52-Wk YTD Repsol YPF 40.22 +1.52 +3.93% +4.44% +44.31% +16.58% Norsk Hydro 39.50 +1.23 +3.21 +6.30 +42.81...

Venezuela vows to ship gasoline to Iran.
July 5, 2007... Venezuela pledged to sell gasoline this week to Iran as part of a package of cooperation that aims to strengthen ties between the two anti-US Opec members. Petroleos de Venezuela (PDV) President Rafael Ramirez said his country would accept...

Conoco sees strong refining profit in Q1.(Financial report)
July 5, 2007... ConocoPhillips is likely to post a strong refining and marketing profit when the company releases its second-quarter results later this month. The Houston-based oil major told investors Tuesday that the company experienced "significantly...

Small Nigerian company farms into Exxon field, seeks partner.(Oriental Energy Resources)(Brief article)
July 5, 2007... Nigeria's government has approved plans for local company Oriental Energy Resources to operate the Ebok marginal field, which is on Exxon Mobil's offshore Oil Mining License (OML) 67. Oriental is now looking for a foreign technical adviser to...

Nymex crude holds above $71 ahead of holiday, EIA data.(New York Mercantile Exchange)(Brief article)
July 5, 2007... The oil markets were mostly quiet on Tuesday as traders covered short positions ahead of the Fourth of July holiday and Thursday's inventory report from the US government. Amid thin trading, oil prices recovered from early losses and ended the...

Daily oil & gas price review: prices for Tuesday, July 3, 2007.(Statistical table)
July 5, 2007... Crude Oil US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) -0.10 67.11 66.41 61.61 LLS (St. James) +0.65 77.11 75.54 71.71 ANS...

Modest growth pushes oil demand well ahead of supply.
July 5, 2007... A modest but steady rise pushed global oil demand well ahead of oil supply in June, and while demand edged up to 86 million barrels per day, supply lagged at 84.6 million b/d, preliminary data show. Though the balances for the second...

Iraq oil law moves ahead after key annexes removed.
July 5, 2007... Iraq's cabinet on Tuesday reaffirmed its endorsement of the country's draft petroleum law, which it approved at the end of February, and was expected to send it to parliament on Wednesday--but the draft law will no longer contain the four...

Nigeria cease-fire ends.(Brief article)
July 5, 2007... The one-month cease-fire declared by Nigeria's militant group the Movement for the Emancipation of the Niger Delta (Mend)--responsible for most of the attacks that have shut down one-quarter of Nigeria's oil output capacity--expired on Tuesday...

Apache to develop Pyrenees.(Exploration & Production)(Brief article)
July 5, 2007... Independent oil and gas producer Apache announced Tuesday that it will proceed with development of the Pyrenees fields in the Exmouth sub-basin offshore Western Australia. When completed, the project is expected to add 20,000 b/d to Apache's...

Hydro, ONGC to team up.(International)(Norsk Hydro)(Oil and Natural Gas Corporation Ltd.)(Brief article)
July 5, 2007... Norway's Norsk Hydro has been invited by India's Oil and Natural Gas Co. (ONGC) to help develop the Krishna-Godavari Basin Vasai East prospect off India's east coast, according to an agreement signed in New Delhi on Monday. The companies...

Ecuador may nix contract.(Latin America)
July 5, 2007... An Ecuadorean government report charges Brazilian oil company Petrobras violated its contract with the state and could be punished with the termination of its operating deal, the energy minister and a former official said on Tuesday. The report...

Chevron protests Ecuador suit.(Litigation)
July 5, 2007... Oil major Chevron alleged irregularities in a $6 billion lawsuit that accuses it of polluting Ecuador's rainforest and will challenge any ruling against the US firm, a top company lawyer said on Monday. "The due process is not being...

ICE keeps up CBOT pressure.(Mergers & Acquisitions)(Intercontinental Exchange)(Brief article)
July 5, 2007... Intercontinental Exchange (ICE) on Tuesday said it would consider "enhancements" to its proposal to buy CBOT Holdings if CBOT votes down a deal with Chicago Mercantile Exchange (CME) Holdings. CME shareholders and CBOT shareholders and...

Keystone line expanded.(Pipelines)(Brief article)
July 5, 2007... TransCanada said Tuesday it plans to boost the capacity of its proposed Keystone oil pipeline from Alberta to the US Midwest to 590,000 b/d, from 435,000 b/d, after shippers committed to sending more crude on the line. TransCanada, the...

US margins below $20/bbl.(Refining)(Brief article)
July 5, 2007... US refining margins are under $20/bbl for the first time since early April, falling $1.38 last week to $19.11/bbl, according to analysts at AG Edwards. Margins were again the highest in the Midwest, where they averaged above $22/bbl due to a...

Coffeyville plant submerged.(Refining)(Coffeyville Resources)(Brief article)
July 5, 2007... Coffeyville Resources' oil refinery in Kansas was submerged under four to six feet of water due to flooding, a Montgomery County Emergency Management coordinator said Tuesday. The 108,000 b/d refinery was shut Friday, and the flooding also...

Stock market scorecard.(Statistical table)
July 5, 2007... Integrated Close 1-Day % Chg. Majors 7/3 Chg. % Chg. 10-Day 52-Wk YTD Marathon 62.97 +1.77 +2.89% -4.13% +51.19% +36.15% Chevron 86.33 +1.18 +1.39 +3.53...

Brazil oil workers strike suspended.
July 6, 2007... Brazil's Oil Workers Federation (FUP) decided Wednesday to delay an impending strike that could have brought state energy company Petrobras' production to a standstill. Petrobras met with FUP leaders in Rio de Janeiro on Tuesday to offer a...

Alaska governor calls for pipe applications.
July 6, 2007... Alaska Gov. Sarah Palin on Tuesday put out a request for applications for companies interested in building a natural gas pipeline from the North Slope to markets in the Midwest. Once built, the pipeline would ship the North Slope's 35...

Indonesia's Pertamina closer to taking Natuna from Exxon.(Exxon Mobil Corp.)
July 6, 2007... It is looking increasingly likely that Indonesian state Pertamina will take over as operator of the offshore Natuna D-Alpha gas block after it received the backing of an Indonesian parliamentary committee last week. "The Commission VII...

Nigeria sends Brent up, US inventory data restrains Nymex.(ew York Mercantile Exchange)
July 6, 2007... The spread between European Brent and the US oil contract on the New York Mercantile Exchange (Nymex) widened by a hefty $1.30 to nearly $3 on Thursday as new Nigerian violence lifted Brent and builds in US inventory data reduced initial gains...

Daily oil & gas price review: prices for Thursday, July 5, 2007.(Statistical table)
July 6, 2007... Crude Oil US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland +0.06 67.17 66.71 61.91 LLS (St. James) +1.16 78.27 76.23 72.01 ANS...

EIA weekly statistics: for week ended June 29, 2007.(Energy Information Administration)(Statistical table)
July 6, 2007... US Crude Oil: Stocks (1) (millions of b/d) Current Previous Week Week Chg. PADD 1 16.1 14.9 8.1% PADD 2 71.7 74.5 -3.8% Cushing, OK 23.7 24.1...

Sakhalin-2 moves forward.(Sakhalin Energy)(Brief article)
July 6, 2007... Sakhalin Energy, the consortium led by Gazprom and Royal Dutch Shell, is pushing ahead with implementation of its Sakhalin-2 crude and LNG project off Russia's Far Eastern Pacific coast. The installation of the Piltun-Astokhskoye-B (PA-B)...

Rentech, CB & I strike deal.(Corporate News)(Brief article)
July 6, 2007... Fischer-Tropsch technology developer Rentech has entered into a services agreement with CB & I in connection with the conversion of the Rentech Energy Midwest Corp. (REMC) in Illinois from natural gas to a coal gasification-based fertilizer and...

Suncor workers ratify deal.(Corporate News)(Suncor Energy Inc.)(Brief article)
July 6, 2007... Workers at Suncor Energy's Alberta oil sands operation have ratified a three-year labor agreement that includes large wage hikes and a lump-sum payment, the company said Thursday. Suncor, which runs the second-largest oil sands mining...

Oil sands beat Expectations.(Exploration & Production)(Brief article)
July 6, 2007... Canada's two longstanding oil sands mining and upgrading projects in northeastern Alberta went in opposite directions in June according to data released this week by Suncor and Syncrude, but both did better than expected and both are poised to...

Objections to Iraq oil law.(International)
July 6, 2007... Broad objections to Iraq's draft oil law have emerged in the wake of Baghdad's announcement that the law would be sent to parliament on Jul. 3, to be followed shortly by the draft revenue sharing law (OD Jul.5,p4). The Kurdistan Regional...

Saudis invite companies to Jizan.(International)(Brief article)
July 6, 2007... Saudi Arabia is pushing ahead with its Jizan oil refinery project, sending unsolicited letters of prequalification to 43 regional and international state and private oil companies to see whether they are interested in participating in the...

Ecuador advances Esmeraldas.(Latin America)(Petroleos del Ecuador)(Brief article)
July 6, 2007... Ecuador has hired Royal Dutch Shell to do consulting work at the Esmeraldas refinery, and it is in talks with Chile to co-manage the refinery, interim Energy Minister Jorge Alban said Tuesday. Ecuador will pay $17 million to Shell for nine...

Ecuador studies Petrobras report.(Latin America)
July 6, 2007... Ecuador's acting Energy Minister Jorge Alban said Wednesday he's studying a panel report that recommends the cancellation of the operations of Brazil's state-run oil firm Petrobras in the Andean country (OD Jul.5,p5). The report accuses...

Fire cuts Petrobras rig output.(Latin America)
July 6, 2007... A 180,000 b/d Brazilian oil rig, which was briefly shut down after a fire on Wednesday, has returned output to more than 100,000 b/d, a source at state-run oil company Petrobras said Thursday. The source could not say how long repair work...

Court rejects Ecuador appeal.(Latin America)(Ecuador's tax dispute with Occidental Petroleum)(Brief article)
July 6, 2007... A British court rejected Ecuador's request to annul a previous ruling against the Andean nation over a $75 million tax dispute with Occidental Petroleum, a government source said Wednesday. The court last year rejected an appeal by Ecuador...

BP gas facility raises concerns.(Legislation/Regulation)(Brief article)
July 6, 2007... BP is under congressional scrutiny again with the chairman of a House of Representatives panel demanding answers from the London-based supermajor about possible worker endangerment at its oil and natural gas complex in Prudhoe Bay, Alaska. ...

Court dismisses Moncrief suit.(Litigation)
July 6, 2007... A German court on Wednesday dismissed a multi-billion dollar lawsuit filed by privately-held US oil company Moncrief Oil International against German chemicals group BASF over ownership claims to a Russian gas field, citing the absence of a...

Valero plans Q4 maintenance.(Refining)(Valero Energy)(Brief article)
July 6, 2007... San Antonio-based refinery Valero Energy said Thursday that it plans work that will impact production at its refineries in Texas City, Texas, Paulsboro, NJ, Benecia, Calif., and Wilmington, Calif., during the fourth quarter. The most...

Stock market scorecard.(Statistical table)
July 6, 2007... Integrated Close 1-Day % Chg. Majors 7/5 Chg. % Chg. 10-Day 52-Wk YTD Statoil 32.27 +1.13 +3.63% +11.08% +11.12% +22.61% Norsk Hydro 40.19 +0.88 +2.24 +8.89 +45.04...

Brazil to stem Argentina gas shortage.
July 9, 2007... Brazil has agreed to transfer 35 million cubic feet of gas a day from Bolivia over to neighboring Argentina and will also export additional electric power to aid its close ally, Argentina, which has faced gas and electricity rationing due to...

DME leads Asian benchmark competition.(Dubai Mercantile Exchange)
July 9, 2007... Though still early days after just one month of trading, the Dubai Mercantile Exchange's (DME) Oman contract seems to be taking poll position in the race to become the new sour marker for the Asian market. Traders say the DME was thought to...

Additional downside for August gas contract seen limited.
July 9, 2007... There's no argument that catalysts supporting higher natural gas prices have been few and far between with unusually wet and cool weather squelching demand in the Eastern US for the last several weeks, but it looks like the tide might be...

Financials-led rally pushes crude futures to fresh highs.
July 9, 2007... Bent in Europe jumped 87 cents and the US oil futures contract rose $1 on Friday to touch fresh record highs and finish a relentless rally that lasted all week and might not have seen the highs yet, traders said. They warned, though, that the...

Daily oil & gas price review: prices for Friday, July 6, 2007.(Statistical table)
July 9, 2007... Crude Oil US Domestic Crudes ($/barrel) Cash/Spot Change Spot Price 5-Day Avg. Month-Ago WTS (Midland) +0.68 67.85 67.20 63.11 LLS (St. James) +0.18 78.45 77.15 72.56 ANS...

Nymex light, sweet crude continues to thrive, despite WTI distortion.(New York Mercantile Exchange)
July 9, 2007... The light, sweet crude oil contract on the New York Mercantile Exchange (Nymex) remains the favorite trading instrument for producers, funds, day traders and other speculators--never mind the price distortion that its key underlying crude, West...

Baker Hughes drilling report.(Brief article)
July 9, 2007... US Rig Count Falls by 23 The number of drilling rigs searching for oil and gas in the US fell by 23 last week to 1,752, Baker Hughes said Friday. During the same week last year, there were 1,659 rigs at work. The number of rigs...