The Oil and Gas Markets

Dec 2, 2000
58,590
380
283
Easley South Carolina
From The Hellenic Shipping News:

Oil prices seen slipping in H2 on growth woes
quote:

Brent oil prices will soften in the second half of this year to around $110 a barrel on worries that government debt problems and sluggish growth will cap demand, which is already dented by high energy prices, a Reuters poll showed.
More at http://www.hellenicshippingnews.com/index.php?option=com_content&view=article&id=38877:eek:il-prices-seen-slipping-in-h2-on-growth-woes-&catid=30:eek:il-com panies-news&Itemid=225

CME Spot Prices:
Crude: $94.63
Brent Crude: $116.81 (Settle)
Natural Gas: $4.191
 
Dec 2, 2000
58,590
380
283
Easley South Carolina
From The Hellenic Shipping News:

Oil falls to near $94 as US economy weakens
quote:

Oil prices fell to near $94 a barrel Tuesday in Asia amid new evidence that the U.S. economy is slowing. Benchmark oil for August delivery was down 69 cents to $94.20 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange.
More at http://www.hellenicshippingnews.com/index.php?option=com_content&view=article&id=39043:eek:il-falls-to-near-94-as-us-economy-weakens&catid=30:eek:il-compani es-news&Itemid=225

CME Spot Prices:
Crude: $94.59
Brent Crude: $117.52
Natural Gas: $4.162
 
Dec 2, 2000
58,590
380
283
Easley South Carolina
From The Hellenic Shipping News:

Adnoc crude averages $106.62 in first half
quote:

The official selling price of crude oil grades produced by the Abu Dhabi National Oil Company (Adnoc) averaged $106.62 per barrel during the first six months of 2011, up 37.95 per cent over the corresponding period a year earlier, as an accelerated global economic recovery boosted oil prices on increased demand, latest data from Adnoc, extrapolated by Gulf News showed.
More at http://www.hellenicshippingnews.com/index.php?option=com_content&view=article&id=39171:adnoc-crude-averages-10662-in-first-half-&catid=30:eek:il-companie s-news&Itemid=225

CME Spot Prices:
Crude: $93.35
Brent Crude: $115.81
Natural Gas: $4.150

Comment: That $150 a barrel they're predicting is looking a bit shaky. They may be right but with one debt crisis after another scaring the markets, all bets are off!
 
Dec 2, 2000
58,590
380
283
Easley South Carolina
From The Hellenic Shipping News:

Saudis may cut crude prices on refinery snags
quote:

Top exporter Saudi Arabia may reduce the official selling prices (OSPs) of September crude for Asian clients, a Reuters poll showed on Tuesday, as refinery shutdowns in Taiwan, China and India curb demand for Middle East grades.
More at http://www.hellenicshippingnews.com/index.php?option=com_content&view=article&id=39335:saudis-may-cut-crude-prices-on-refinery-snags-&catid=30:eek:il-com panies-news&Itemid=225

CME Spot Prices:
Crude: $92.42
Brent Crude: $113.23 (Settle)
Natural Gas: $4.101
 
Dec 2, 2000
58,590
380
283
Easley South Carolina
From The Hellenic Shipping News:

Oil below $92 amid grim US, Europe economy outlook
quote:

Oil prices hovered below $92 a barrel Thursday in Asia amid investor concern economic growth in developed countries may be grounding to a halt.
More at http://www.hellenicshippingnews.com/index.php?option=com_content&view=article&id=39491:eek:il-below-92-amid-grim-us-europe-economy-outlook&catid=30:eek:il-c ompanies-news&Itemid=225

CME Spot Prices:
Crude: $86.51
Brent Crude: $107.25 (Settle)
Natural Gas: $3.931

Comment: Yeah, you read this right. The markets are taking quite a swirly right now.
 
Dec 2, 2000
58,590
380
283
Easley South Carolina
From The Hellenic Shipping News:

Oil near $85 as outlook for crude demand dims
quote:

Oil prices extended sharp losses, falling to near $85 a barrel Friday in Asia amid expectations a slowing global economy will weaken demand for crude.
More at http://www.hellenicshippingnews.com/index.php?option=com_content&view=article&id=39719:eek:il-near-85-as-outlook-for-crude-demand-dims&catid=30:eek:il-compa nies-news&Itemid=225

CME Close:
Crude: $86.70
Brent Crude: $109.37
Natural Gas: $3.949

Comment: With Standard & Poors having downgraded the credit rating for the USA, expect next week to be unsettled!
 
Dec 2, 2000
58,590
380
283
Easley South Carolina
From The Hellenic Shipping News:

Venezuela's request to increase oil production quota is senseless
quote:

President Hugo Chávez's request to the Organization of the Petroleum Exporting Countries (OPEC) to raise Venezuela's oil production quota could be fruitless, amid tensions among some OPEC member countries after the difficult situation the group faced in June, sources said.
More at http://www.hellenicshippingnews.com/index.php?option=com_content&view=article&id=39864:venezuelas-request-to-increase-oil-production-quota-is-senseles s-&catid=30:eek:il-companies-news&Itemid=225
 
Dec 2, 2000
58,590
380
283
Easley South Carolina
From The Hellenic Shipping News:

OPEC to consult if oil prices fall more: Iran
quote:

OPEC ministers will hold consultations if the price of crude oil continues to fall but it is too soon to call for an extraordinary meeting, Iran's representative to the cartel said on Friday.
More at http://www.hellenicshippingnews.com/index.php?option=com_content&view=article&id=39959:eek:pec-to-consult-if-oil-prices-fall-more-iran-&catid=44:latest-n ews&Itemid=64

CME Spot Prices (Asian trading ongoing):
Crude: $83.57
Brent Crude: $108.79
Natural Gas: $3.888
 
Dec 2, 2000
58,590
380
283
Easley South Carolina
From The Hellenic Shipping News:

BofA Merrill sees lower oil prices in 2011
quote:

Bank of America Merrill Lynch said on Monday crude oil prices will trend lower in the second half of the year as additional barrels from Saudi Arabia and non-OPEC countries provide some relief.
More at http://www.hellenicshippingnews.com/index.php?option=com_content&view=article&id=40182:bofa-merrill-sees-lower-oil-prices-in-2011-&catid=30:eek:il-compan ies-news&Itemid=225

CME Spot Prices:
Crude: $77.30
Brent Crude: $100.65
Natural Gas: $3.909

Comment: It's amazing how quickly the Cassandras change their tune when the markets do exactly the opposite of what they predict! Right now, the only thing going up is gold!
 
Dec 2, 2000
58,590
380
283
Easley South Carolina
From The Hellenic Shipping News:

OPEC cuts 2011, 2012 oil demand forecast
quote:

The OPEC group of petroleum exporting countries slightly lowered its forecast Tuesday for 2011 and 2012 crude oil demand, citing concerns for the economic health of developed countries.
More at http://www.hellenicshippingnews.com/index.php?option=com_content&view=article&id=40415:eek:pec-cuts-2011-2012-oil-demand-forecast-&catid=44:latest-news&I temid=64

CME Spot Prices:
Crude: $81.40
Brent Crude: $102.57 (Settle)
Natural Gas: $4.022
 
Dec 2, 2000
58,590
380
283
Easley South Carolina
From The Hellenic Shipping News:

Oil above $82 as Fed pledges low rates to 2013
quote:

Oil prices rose above $82 a barrel Wednesday in Europe after the U.S. central bank said it will keep lending rates at record low levels for the next two years.
More at http://www.hellenicshippingnews.com/index.php?option=com_content&view=article&id=40583:eek:il-above-82-as-fed-pledges-low-rates-to-2013&catid=30:eek:il-comp anies-news&Itemid=225

CME Spot Prices:
Crude: $81.46
Brent Crude: $106.32
Natural Gas: $4.000
 
Dec 2, 2000
58,590
380
283
Easley South Carolina
From The Hellenic Shipping News:

Saudi Arabia 'at ease' with oil under $100 - analyst
quote:

Saudi Arabia, the world’s largest crude exporter, is “at ease”￾ and won’t reduce production even after oil tumbled below $100 a barrel this week, according to a Saudi-based analyst said.
More at http://www.hellenicshippingnews.com/index.php?option=com_content&view=article&id=40875:saudi-arabia-at-ease-with-oil-under-100-analyst-&catid=44:lates t-news&Itemid=64

CME Spot Prices:
Crude: $84.93
Brent Crude: $108.02 (Settle)
Natural Gas: $4.110

Comment: They've read the writing in the sand and are willing to go the extra mile if it helps avert a double dip recession. Whatever one thinks of the Saudis, they are not stupid!
 
Dec 2, 2000
58,590
380
283
Easley South Carolina
From The Hellenic Shipping News:

Oil around $100 for 2 years, gold to scale new highs
quote:

Oil is likely to remain weak in the short term due to the sluggish global economy, while gold reaches new peaks on its increasing safe haven appeal and an expected further easing of U.S. monetary policy, a London-based fund manager said.
More at http://www.hellenicshippingnews.com/index.php?option=com_content&view=article&id=41103:eek:il-around-100-for-2-years-gold-to-scale-new-highs-&catid=30:eek:i l-companies-news&Itemid=225

CME Close:
Crude: $85.30
Brent Crude: $107.67
Natural Gas: $4.067

Comment: For whatever it's worth, gold closed at $1664.60 last week and $1749.10 today. Make of that what you will.
 
Dec 2, 2000
58,590
380
283
Easley South Carolina
From The Hellenic Shipping News:

Japan's 10 power utilities consume more oil, LNG in July: FEPC
quote:

Japan's 10 major power utilities consumed 14.4% more oil and 23.4% more LNG in July compared with a year ago, and bought 51.3% more crude and fuel oil and 25% more LNG during the month, data released Friday by the Federation of Electric Power Companies showed.
More at http://www.hellenicshippingnews.com/index.php?option=com_content&view=article&id=41222:japans-10-power-utilities-consume-more-oil-lng-in-july-fepc-&ca tid=30:eek:il-companies-news&Itemid=225
 
Dec 2, 2000
58,590
380
283
Easley South Carolina
From The Hellenic Shipping News:

The Saudis can't afford an oil price slump
quote:

After all, during the fallout from the credit crisis the price went much lower than it is now. The US benchmark West texas Intermediate was considerably lower. On December 23, 2008, the spot price fell to $30.28 a barrel.
More at http://www.hellenicshippingnews.com/index.php?option=com_content&view=article&id=41340:the-saudis-cant-afford-an-oil-price-slump&catid=30:eek:il-companie s-news&Itemid=225

CME Spot Prices:
Crude: $87.26
Brent Crude: $109.91 (Settle)
Natural Gas: $4.023

Comment: Consumers can't afford to have the prices as high as they are either, so how does one strike a balance? Anybody with a good idea? Don't keep it a secret!
 
Dec 2, 2000
58,590
380
283
Easley South Carolina
From The Hellenic Shipping News:

Oil slips in Asia on demand concerns
quote:

World oil prices dropped in Asian trade Tuesday on concerns fuel demand might ease as US summer driving season nearing to end.WTI crude for September delivery was seen trading at $87.41 a barrel at 12.00 noon Singapore time while Brent crude for October delivery was at $109.34 a barrel in London.
More at http://www.hellenicshippingnews.com/index.php?option=com_content&view=article&id=41455:eek:il-slips-in-asia-on-demand-concerns-&catid=30:eek:il-companies-ne ws&Itemid=225

CME Spot Prices:
Crude: $87.45
Brent Crude: $108.65
Natural Gas: $3.932
 
Dec 2, 2000
58,590
380
283
Easley South Carolina
From The Hellenic Shipping News:

Recent North Sea discovery even larger than expected
quote:

Communication between the Aldous and Avaldsnes oil discoveries in the North Sea has now been confirmed. In combination these discoveries may represent an oil structure of between 500 million and 1.2 billion barrels of recoverable oil equivalent.
More at http://www.hellenicshippingnews.com/index.php?option=com_content&view=article&id=41517:recent-north-sea-discovery-even-larger-than-expected-&catid=30: oil-companies-news&Itemid=225

CME Spot Prices:
Crude: $87.39
Brent Crude: $109.13 (Settle)
Natural Gas: $3.930
 
Dec 2, 2000
58,590
380
283
Easley South Carolina
From The Hellenic Shipping News:

Oil rises above $87 amid mixed US supply report
quote:

Oil prices rose above $87 a barrel Wednesday in Asia after a report on U.S. crude inventories revealed mixed signs about consumer demand.Benchmark oil for September delivery was up 50 cents to $87.15 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. Crude fell $1.23 to settle at $86.65 on Tuesday.
More at http://www.hellenicshippingnews.com/index.php?option=com_content&view=article&id=41685:eek:il-rises-above-87-amid-mixed-us-supply-report&catid=30:eek:il-com panies-news&Itemid=225

CME Spot Prices:
Crude: $88.04
Brent Crude: $110.87
Natural Gas: $3.949
 
Dec 2, 2000
58,590
380
283
Easley South Carolina
From The Hellenic Shipping News:

Special report: Pension scandal shakes up Venezuelan oil giant
quote:

Venezuela received an enviable honor last month: OPEC said it is sitting on the biggest reserves of crude oil in the world -- even more than Saudi Arabia.

But the Venezuelan oil industry is also sitting atop a well of trouble.
More at http://www.hellenicshippingnews.com/index.php?option=com_content&view=article&id=41824:special-report-pension-scandal-shakes-up-venezuelan-oil-giant&c atid=30:eek:il-companies-news&Itemid=225

CME Spot Prices:
Crude: $87.16
Brent Crude: $110.60 (Settle)
Natural Gas: $3.927

Comment: Gee, corruption in a Central American regime. Big surprise, eh wot??? (And the boss knows about it too!)