October 2009 Archives

(AP Photo/Noah Berger) A small boat deploys a boom around the Dubai Star after a fuel line rupture caused oil to spill into the San Francisco Bay, Calif., on Friday, Oct. 30, 2009. A slick about a mile long extended from the vessel.

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Efforts to clean up Friday's bunker oil spill in the San Francisco Bay continue today, while state fish and game officials have suspended all fishing and shellfish harvesting in the affected areas, the U.S. Coast Guard said this morning. The spill, estimated to be between 400 and 800 gallons of fuel, began early Friday as a Panamanian-flagged tanker transferred fuel from a barge, Coast Guard officials said.

Full Story: Oil spill efforts continue - Santa Rosa Press Democrat

The severity of the second toxic fuel spill to hit San Francisco Bay in two years remained unknown Friday, but as a large plume of oil headed for shore, questions were being asked about the speed of the response.

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The 6:48 a.m. spill occurred 2 1/2 miles south of the Bay Bridge as bunker fuel was being pumped into the Panamanian tanker Dubai Star, sending emergency crews scrambling to contain an oil slick that was at least 3 miles long by Friday evening - and spreading. Several observers said there was a long gap between the time the spill was first reported and the time booms were placed around the ship.

Full Story: Oil spills into SF Bay south of Bay Bridge - San Francisco Chronicle

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NEW YORK (Dow Jones)--Crude futures gave back the previous day's gains and then some Friday, plunging as investors questioned the significance of an increase in U.S. gross domestic product when so many individual components of the economy are still struggling. Light, sweet crude for December delivery settled $2.87, or 3.6%, lower at $77 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange settled $2.84, or 3.6%, lower at $75.20 a barrel.

Full Story: OIL FUTURES: Nymex Crude Sinks As Economic Optimism Fades - Wall Street Journal

2 hours ago LONDON — Oil prices eased on Friday after soaring on news that key energy consumer the United States has emerged from a long and painful recession.

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New York's main contract, light sweet crude for December delivery, slid 16 cents to 79.71 dollars a barrel, after touching 80.21 dollars in earlier Asian trade. Oil rebounded sharply on Thursday as traders welcomed news that the US returned to economic growth in the third quarter after a year of contraction.

Full Story: Oil prices ease after surging on US growth data - AFP

NEW YORK (MarketWatch) -- Crude oil futures rallied back above the $80 a barrel mark on Thursday, lifted by optimism that energy demand will rise after confirmation that the U.S. economy returned to growth in the third quarter. Crude oil for December delivery recently gained $2.89, or 3.7%, to $80.35 a barrel, after rising as high as $80.46. It last traded above $80 a barrel on Oct.23. Elsewhere in the energy complex, gasoline for November delivery gained 5 cents, or 2.5%, to $2.04 a gallon.

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Las Vegas Sands, Genworth higher in late trades Shares of Genworth Financial rise sharply as the insurer posted an unexpected operating profit, while Las... 'Risk trade' boomerangs through stocks, metals The deep sell-offs in stocks and commodities followed by swift rebounds shows that broad shifts in...

Full Story: Crude oil jumps 3.7% to top $80 a barrel - MarketWatch

NEW YORK (Dow Jones)--Crude futures rose Thursday on new evidence that U.S. economic growth is picking up.

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Light, sweet crude for December delivery recently traded $1.01, or 1.3%, higher at $78.47 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded 96 cents higher at $76.82 a barrel. Oil prices shot up after the U.S. Commerce Department reported a 3.5% increase in third-quarter gross domestic product, topping the average economist forecast for 3.2% growth. The figure revived investor confidence that the U.S. economy is emerging smoothly from recession and raised ...

Full Story: OIL FUTURES: Nymex Crude Rises On US GDP Growth - Wall Street Journal

By Ben Sharples Oct. 29 (Bloomberg) -- Oil fell for a second day in NewYork after an increase in U.S. crude and gasoline inventoriesraised concern fuel demand has yet to recover.

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Crude oil declined the most in a month yesterday as anEnergy Department report showed U.S. gasoline stockpilesclimbing 1.62 million barrels last week, the Energy Departmentsaid. A 1 million-barrel drop was forecast, according to aBloomberg News survey. Prices also dropped as the dollar gainedagainst the euro. “The inventories report had a bearish tilt to it and it’snot surprising to see oil lose some ground,” said Toby Hassall ,a research analyst at CWA Global Markets Pty in Sydney.“Gasoline inventories were greater than expected and fueldemand posted a week-on-week decline.” Crude oil for December delivery fell as much as 43 cents,or 0.6 percent, to $77.03 a barrel, and traded at $77.23 at 9:51a.m. Singapore time on the New York Mercantile Exchange.Yesterday, the contract dropped $2.09, or 2.6 percent, to$77.46, the lowest settlement since Oct. 14. Prices have gained73 percent this year.

Full Story: Oil Falls a Second Day as Supply Increase Signals Slow Demand - Bloomberg

NEW YORK (Dow Jones)--Crude futures fell below $78 a barrel Wednesday after key U.S. inventory data showed a rise in gasoline stocks after analysts had expected a decline.

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Light, sweet crude for December delivery recently traded $1.70, or 2.1%, lower at $77.85 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded $1.66, or 2.1%, higher at $76.26 a barrel. Email Newsletters and Alerts The latest news and analysis delivered to your in-box. Check the boxes below to sign up.

Full Story: OIL FUTURES: Nymex Crude Dips Below $78/Bbl On Stock Rise - Wall Street Journal

By ALEX KENNEDY(AP)– 44 minutes ago SINGAPORE — Oil prices fell to near $79 a barrel Wednesday in Asia amid mixed signals about the strength of the U.S. economic recovery.

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Benchmark crude for December delivery was down 30 cents to $79.25 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 87 cents to settle at $79.55 on Tuesday. Oil has retreated from a one-year high of $82 a barrel hit last week as investors look for signs of a sustainable U.S. economy to justify further crude price gains.

Full Story: Oil falls amid mixed signs on US economic recovery - The Associated Press

SYDNEY (Dow Jones)--A weakening dollar helped push crude oil futures into positive territory in Asia Monday, but technical charts indicate that gains will be temporary and the near-term market trend is downward.

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On the New York Mercantile Exchange, light, sweet crude futures for delivery in December traded at $78.85 a barrel at 0640 GMT, up 17 cents in the Globex electronic session. December Brent crude on London's ICE Futures exchange was 15 cents higher at $77.41 a barrel. Email Newsletters and Alerts The latest news and analysis delivered to your in-box. Check the boxes below to sign up.

Full Story: OIL FUTURES: Crude Slightly Higher In Asia As Dollar Weakens - Wall Street Journal

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Crude palm oil futures fall Hindu Business Line NEW DELHI: Crude palm oil futures shed another 0.59 per cent extending yesterday's losses on the Multi Commodity Exchange on Tuesday as traders engaged in ... OIL FUTURES: Nymex Crude Retreats From $80/Bbl As Dollar GainsWall Street Journal Oil Trades Below $79 as Dollar Gain Cuts Demand for CommoditiesBloomberg Oil hovers below $79 after 3-day slideThe Associated Press MarketWatch -Reuters India -Wall Street Journal all 517 news articles »

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Full Story: Crude palm oil futures fall - Hindu Business Line

SAN FRANCISCO (MarketWatch) -- Crude oil futures closed lower on Monday as the U.S. dollar rebounded off a 14-month low against the euro and U.S. stocks tumbled. Oil for December delivery fell $1.82, or 2.3%, to $78.68 a barrel after earlier reaching a high of $81.59. The bounce in the U.S. dollar, adding to lingering concerns about ample oil supply, offset a report suggesting the U.S. economy has already emerged from recession. Natural gas fell 27 cents, or 5.7%, to $4.513 per million British thermal units, in line with an earlier loss. Forecasts for warm weather in the Northeast and Midwest weighed on natural gas. November heating oil and gasline futures also fell.

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Caterpillar is hiring … and firing Citing improving demand, the company plans to bring back 550 laid-off employees, but hundreds of other... Home-buyer tax-credit refunds delayed for months Thanks to administrative problems and some fraud in the program, the IRS is now reviewing first-time home...

Full Story: Oil closes under $79 a barrel as dollar recovers - MarketWatch

By Ann Koh Oct. 26 (Bloomberg) -- Crude oil fell for a third day inNew York after four weeks of gains pushed prices above levelsjustified by a recovery in demand.

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Oil also dropped below $80 a barrel after Nigerian rebelsordered a cease-fire and talks to end a conflict that has cutoutput from Africa’s biggest oil producer. “Around $80 a barrel is a price normally associated withquite tight markets and I don’t regard the oil market as tightat the moment,” said David Moore , a commodity strategist atCommonwealth Bank of Australia Ltd. in Sydney. “Maybe peopleare just becoming a bit more cautious about the oil price atsuch high levels.” Crude oil for December delivery fell as much as 93 cents,or 1.2 percent, to $79.57 a barrel on the New York MercantileExchange, and was at $79.99 at 3:43 p.m. Singapore time. Futureshave gained 79 percent this year and touched a one-year high of$82 a barrel on Oct. 21. Prices have climbed 22 percent in thefour weeks to Oct. 23.

Full Story: Crude Oil Falls a Third Day as Demand Fails to Justify Gains - Bloomberg

The Movement for the Emancipation of the Niger Delta, MEND, says the government has committed itself to what it called "a serious and meaningful dialogue" with the group to address its concerns.

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MEND emerged in early 2006, knocking out nearly a quarter of Nigeria's oil output within weeks, the start of what it called a fight for more local control of oil resources. Security analysts say MEND has been depleted by several key leaders and thousands of gunmen who accepted a government amnesty and disarmed. The governor of the key oil producing Bayelsa state, Timpreye Sylvia, says MEND no more represents a serious threat to the oil industry and should be ignored.

Full Story: Nigerian Rebels Declare Indefinite Ceasefire - Voice of America

The Movement for the Emancipation of the Niger Delta (Mend) said it had been encouraged by the government's "readiness to engage" in serious talks.

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Earlier this month a Mend splinter group lifted a ceasefire and threatened to resume a campaign of violence. But Mend said on Sunday a new ceasefire had been ordered to "encourage the process of dialogue".

Full Story: Nigeria's main armed group in the oil-rich Delta region has announced a new ... - BBC News

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SAN JUAN (Reuters) - Firefighters made progress in containing a raging fire at an oil storage depot in Puerto Rico, but shifting winds threatened to bring the toxic smoke closer to populated areas, officials warned Saturday. "Right now, there is not any reason to evacuate anyone else," the Caribbean island's Governor Luis Fortuno said.

Full Story: Winds shift as fire burns Puerto Rican oil depot - Washington Post

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Oil dips below $81 a barrel Daily Times LONDON: Oil prices slipped back below $81 a barrel on Friday after scepticism the economic recovery was robust enough to spur a convincing rise in fuel ... Opinion: ESAI sees potential oil bull trapReuters OIL FUTURES: Crude Nears Fresh One-Year High; Mood OptimisticMarketWatch Oil holds above $81 as global economy recoversThe Associated Press Bloomberg -RTT News -Forex Hound all 2,755 news articles »

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Full Story: Oil dips below $81 a barrel - Daily Times

After being flat for several weeks, gasoline prices in the Rochester area and across the country shot up this week, reflecting crude oil prices that have surged 25 percent in less than a month.

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Crude is being tugged higher as the dollar gets weaker. Oil is traded in the dollar, which allows investors holding euros or other strong currencies to buy more as the dollar falls. The average price of regular gasoline in Rochester rose 8 cents per gallon this week to $2.78.

Full Story: Local pump prices jump with rise in oil - Rochester Democrat and Chronicle

Published: October 23, 2009 The Obama administration’s proposed designation of 200,000 square miles of Alaskan waters and sea ice as critical habitat for the polar bear is not just encouraging news for the bear. It signals a more sympathetic attitude toward endangered species, and is further evidence that the secretary of the interior, Ken Salazar, will take a more measured approach than the Bush administration to oil and gas drilling in the Arctic.

After much prodding by the courts and its own scientists, the Bush administration listed the polar bear as threatened under the Endangered Species Act in May 2008. But it deferred the required designation of protected habitat — the area deemed essential to the survival of a threatened or endangered species — partly because doing so could have torpedoed its grand plans to open millions of acres of prime polar bear territory in the Beaufort and Chukchi Seas to oil and gas exploration.

Mr. Salazar is now reviewing those plans . Though a pre-existing Shell Oil lease in the Beaufort will be allowed to go forward, it seems highly unlikely that Mr. Salazar would authorize major oil and gas development in territory that his own Fish and Wildlife Service has identified as crucial to the bears’ future.

The designation of critical habitat does not automatically bar commercial activities like oil and gas drilling. It does mean that such activities, if they occur on federal land or require a federal permit, cannot go forward without intensive review by agencies like the Fish and Wildlife Service, which can limit them or prohibit them.

Full Story: Breathing Room for the Bear - New York Times

CALGARY, Alberta, Oct 21 (Reuters) - Husky Energy Inc's( HSE.TO ) quarterly profit fell 73 percent as oil and gas pricestumbled from year-earlier levels and production at its offshoreNewfoundland oil fields declined, the Canadian oil producer andrefiner said on Wednesday.

Husky, controlled by Hong Kong billionaire Li Ka-shing,earned C$338 million ($325 million), or 40 Canadian cents ashare, in the third quarter, down from a year-earlier profit ofC$1.27 billion, or C$1.50 a share.

The company had been expected to earn 38 Canadian cents ashare, according to analysts polled by Thomson ReutersI/B/E/S.

Cash flow, a glimpse into an oil company's ability to fundits projects, fell 77 percent to C$452 million, or 53 Canadiancents a share, from C$2 billion, or C$2.35 a share.

Full Story: UPDATE 2-Husky Energy profit drops on prices, production - Reuters

] to report earnings of $0.63 for last quarter, but SLB beat expectations with actual earnings of $0.65---2 cents above the consensus estimate.

  If you compare last quarter's earnings to the $1.29 the company made per share during the same quarter a year ago, you can see that SLB’s earnings are down this year.

Also, if you compare SLB's 9.00% projected earnings-per-share (EPS) growth rate for the next five years with the projected EPS growth rate of 11.22% for the Oil & Gas Equipment & Services industry as a whole during that same time frame, you can see that analysts expect SLB to underperform the industry in the future---which is a bad sign for the stock.

News - Analysis ], in the future. Analysts believe BJS's earnings are going to grow at a rate of 6.00% while CAM's earnings are going to grow at a rate of 12.00%.

Full Story: Schlumberger Limited Beats Analyst Expectations; SLB, BJS, CAM - Learning Markets

By CHRIS KAHN(AP)– 1 day ago NEW YORK — Sparked by a cold snap in the northeast, home heating fuels are getting more expensive even though supplies are well above normal for this time of year.

Heating oil futures spiked with crude oil contracts last week. Retail prices followed, surging an average of 10.2 cents per gallon for residential customers by Monday, according to an Energy Information Administration report released Thursday.

Natural gas prices rose everywhere for retail customers, with hikes of between 31 cents and $1.14 per each million British thermal units in the lower 48 states.

Those prices are still well below what they were last year, when worries about peaking world crude demand pushed all energy commodities higher. But energy experts are having a tough time finding fundamental reasons for the recent jump in prices, given the amount of heating oil and natural gas piling up in storage.

Full Story: Heating oil, natural gas prices rise in October - The Associated Press

NEW YORK -(Dow Jones)- The number of rigs drilling for oil and gas in the U.S.rose this week as producers ramped up drilling activity in response to higherprices.

The number of oil and gas rigs climbed to 1,048, up eight rigs from theprevious week, according to data from oil-field services company Baker HughesInc. (BHI). The number of gas rigs was 725, an increase of four rigs from lastweek, while the oil rig count was 312, an increase of three rigs. The number ofmiscellaneous rigs rose by one to 11 rigs.

The number of gas rigs in use peaked at 1,606 in September 2008. Producershave curtailed natural gas drilling sharply over the past several months inresponse to declining prices, but the rig count has begun to stabilize asproducers bet on colder weather and an economic recovery that would spark demandfor the fuel.

The biggest declines have occurred in vertical drilling rigs, which are usedto drill straight down into conventional oil and gas reservoirs. The number ofvertical drilling rigs has fallen by about 60% over the last year. Horizontalrigs have fallen by a lesser amount. Horizontal drilling has declined by 26%over the year as producers have continued to exploit prolific gas fields knownas shales.

Full Story: Baker Hughes: US Oil, Gas Rig Count Up 8 To 1048 This Week - NASDAQ

ESAI, Energy Security Analysis, Inc, is a Massachusetts-based energy consultancy. The opinions expressed are those of ESAI.

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Oct 22 - ESAI estimates the global contraction in oil demand will average around 1.75 million b/d in 2009 and then oil demand will grow by at least 1.3 million b/d in 2010. OPEC production has begun creeping up, although quota discipline remains impressive in the face of almost $80 crude oil prices. The combination of creeping OPEC output and still weak demand will result in a counter seasonal surplus in the fourth quarter and very high distillate stocks, indicating a fundamentally soft market this winter. But, this fundamental picture is overwhelmed by other signals coming from the investment community.

Full Story: Opinion: ESAI sees potential oil bull trap - Reuters

42 minutes ago LONDON — Oil prices rose on Friday, with New York crude heading back towards 82 dollars, a level struck earlier this week for the first time in one year.

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New York's main contract, light sweet crude for delivery in December, climbed 24 cents to 81.43 dollars a barrel. Brent North Sea crude for December delivery advanced 25 cents to 79.76 dollars a barrel in early London trading.

Full Story: Oil prices head back towards $82 - AFP

--> By Max Lin SINGAPORE (MarketWatch) -- Crude oil futures inched closer to a fresh one-year high in Asia Friday, as market sentiment remains optimistic on dollar weakness and seemingly improving fundamentals.

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On the New York Mercantile Exchange, light, sweet crude futures for delivery in December traded at $81.48 a barrel at 0628 GMT, up 29 cents after reaching an intraday high of $81.78 in the Globex electronic session. December Brent crude on London's ICE Futures exchange rose 41 cents to $79.92 a barrel. The front-month Nymex contract hit $82.00 a barrel--its highest level since last Oct. 9--during intraday trading Wednesday, then pulled back as some traders who had taken long positions earlier decided to cash in.

Full Story: OIL FUTURES: Crude Nears Fresh One-Year High; Mood Optimistic - MarketWatch

The return of oil price shock Higher energy prices are a sign the economy is getting better. But with oil nearing $80 and gas inching toward $3, some fear a further spike could derail a recovery.

Oil prices tanked earlier this year on fears of impending economic doom. But prices are now back at their highest levels in a year on hopes that the recession is over.

NEW YORK (CNNMoney.com) -- Oil prices are back around $80 a barrel for the first time in nearly a year. But is that good news or bad news for the economy? Let the debate begin.

Of course, the knee-jerk reaction is to declare that rising oil prices must be a bad sign. After all, increased energy prices could be considered the equivalent of a big fat tax increase for an already cash-strapped consumer.

Full Story: The return of oil price shock - CNNMoney.com

Yesterday, the U.S. Energy Information Administration released its findings and conclusions about oil and gas development's potential in the Arctic region. The report is quite long and full of charts and tables, but here are a few meager text highlights:  "Of the 18 large Arctic fields outside Russia, 6 are in Alaska." And, "The fact that the Arctic is particularly rich in natural gas and natural gas liquids may impede the exploitation of its resources" because of transportation costs and the distance to market. But, "The Arctic Alaska region is estimated to hold the largest undiscovered Arctic oil deposits, about 30 billion barrels." And, from the report's "conclusions" section: "The good news is that the Arctic holds about 22 percent of the world’s undiscovered conventional oil and natural gas resources ... " The bad news? Well, there's a numbered list of four bummers which many of you can probably guess: Transportation, development and environmental costs, plus unresolved sovereignty issues. Read the report here .

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Full Story: EIA report: Arctic oil and gas potential - Alaska Dispatch

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Full Story: Research and Markets: Japan Oil and Gas Report Q4 2009 - Reuters

By MARK WILLIAMS(AP)– 42 minutes ago Oil futures on Tuesday briefly topped $80 a barrel for the first time in a year before pulling back on a strengthening dollar. Retail gasoline prices moved higher for the seventh straight day.

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The impact of the U.S. currency became abundantly clear midmorning when crude prices fell by 1 percent as soon as the dollar went into positive territory against the euro. Crude prices have risen swiftly this month, moving in the opposite direction of the dollar. When the dollar loses value, crude becomes very attractive as an investment. Crude is traded in dollars, so it essentially gets cheaper when the U.S. currency is weak.

Full Story: Oil hits $80 and gasoline rises again - The Associated Press

RIO DE JANEIRO (Dow Jones)--Crude oil and natural gas output at Brazilian state-run energy giant Petrobras (PBR) continued to rise in September as several platforms returned from maintenance outages and new wells came onstream.

Petrobras said that overall daily oil and gas production reached an average 2.572 million barrels of ...

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Full Story: Brazil Petrobras Sep Total Gas, Oil Prod 2.572M BOE/Day - Wall Street Journal

Oil traded at more than $80 a barrel as the dollar index ,which measures the U.S. currency against six major currencies,fell to its lowest since August 2008, boosting the appeal ofcommodities as a currency hedge.

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“The oil price going further up from here is perhaps thebiggest risk to the global economic recovery,” said KahaKiknavelidze , a managing partner at London-based Rioni CapitalPartners LLP, a hedge fund that specializes in emerging markets. Crude oil for November delivery fell as much as 55 cents,or 0.7 percent, to $79.06 a barrel in electronic trading on theNew York Mercantile Exchange. It traded at $79.42 a barrel at1:33 p.m. London time.

Full Story: Crude Oil Falls From One-Year High as Dollar Pares Decline - Bloomberg

Oil ends close to $80 mark Crude prices turn higher, joining stocks in a Monday rally.

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NEW YORK (CNNMoney.com) -- Oil prices rallied Monday, settling at their highest level in over a year and within a few cents of the $80-a-barrel mark. Crude for November delivery ended at $79.61, up $1.08, and just 8 cents below the high for the day. It was the highest close for oil since Oct. 13, 2008, when it settled at $81.19 a barrel.

Full Story: Oil ends close to $80 mark - CNNMoney.com

By SINAN SALAHEDDIN(AP)– 10 hours ago BAGHDAD — The Iraqi government said Saturday it has approved a contract with a British-Chinese consortium to develop a prized oil field in southern Iraq, a significant achievement for a country that has struggled to attract foreign investors despite its vast natural resource wealth.

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The deal was the only one to emerge from a disappointing bidding round in June offering development rights for six oil and two gas fields. It was Iraq's first such bidding process in over three decades, but foreign firms felt the prices set by the government were too low given continued violence in the country and disputes over natural resource control. But things have been looking up in recent days for Iraq's hope to use increased oil revenue to recover from years of war and sanctions. Earlier in the week, three international consortiums agreed to meet the Iraqi government's price to develop oil fields in the country.

Full Story: Iraq approves oil deal with BP-led consortium - The Associated Press

NEW YORK (Dow Jones)-- Oil prices extended their gains above $78 a barrel Friday, closing higher for the seventh consecutive day as investors remain optimistic on the recovery of the global economy.

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Light, sweet crude for November delivery settled 95 cents, or 1.2%, higher at $78.53 a barrel on the New York Mercantile Exchange. This was the highest settlement since Oct. 14, 2008. Brent crude on the ICE futures exchange settled 76 cents, or 1% higher, at $76.99 a barrel. Email Newsletters and Alerts The latest news and analysis delivered to your in-box. Check the boxes below to sign up.

Full Story: OIL FUTURES: Oil Settles Above $78/bbl On Economic Optimism - Wall Street Journal

To the naked eye, no emissions from an oil storage tank are visible. But viewed with an infrared lens, escaping methane is evident.

Scott Dalton for The New York Times Terry Gosney uses an infrared camera to check for leaks in natural gas pipes in eastern Texas.

But in the viewfinder of Terry Gosney’s infrared camera, three black plumes of gas gushed through leaks that were otherwise invisible.

“Holy smoke, it’s blowing like mad,” said Mr. Gosney, an environmental field coordinator for EnCana, the Canadian gas producer that operates the year-old well near Franklin, Tex. “It does look nasty.” Within a few days the leaks had been sealed by workers.

Full Story: By Degrees Curbing Climate Change by Sealing Gas Leaks - New York Times

NEW YORK (Dow Jones)--Crude oil futures rose above $75 a barrel in early New York trading Wednesday and were near one-year highs on strength in European equities and new lows for the dollar.

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European stock markets rebounded after more positive third-quarter earnings reports from J.P. Morgan early Wednesday and from Intel late Tuesday. U.S. September retail sales figures released Wednesday fell by less than analysts had expected, dropping 1.5%, compared with forecasts for a 2.1% fall. The oil market has been watching gains in equity markets for signs of an end to the recession and an improving ...

Full Story: OIL FUTURES: Crude Tops $75, Near 1-Yr High On Equities, Dlr - Wall Street Journal

By DIRK LAMMERS(AP)– 2 hours ago Oil prices neared new highs for the year Tuesday as the dollar slipped against other major currencies, demonstrating how much the weakened U.S. currency can affect consumers globally.

The U.S. dollar index, where the U.S. currency is measured against other major currencies, hit a 14-month low Tuesday. Because crude is bought and sold in dollars, it essentially becomes cheaper for international investors who have flooded into energy markets despite a big surplus of oil.

Energy experts expect the government will report Thursday that crude supplies are still growing. That does not appear to be a deterrent for many investors because the dollar is so weak.

Benchmark crude for November delivery gained 88 cents to settle at $74.15 on the New York Mercantile Exchange. At one point, prices reached $74.47, just short of the $75 reached on Aug. 25, when the driving season was still in full swing.

Full Story: Oil prices near a new high for the year - The Associated Press

CALGARY -- British Columbia fired the latest round Thursday in the North American battle to woo natural gas producers, unveiling miniscule royalty rates and millions of dollars in fresh infrastructure incentives in a move that may force neighbouring Alberta to respond to in kind.

In an effort to prod natural gas production in its Montney and Horn River shale plays, B.C. reduced the royalty rate on wells drilled between September and June 2010 to 2% for one year. Producers now pay an average royalty rate of about 20%.

“The oil and gas industry’s capital is mobile -- it can be invested anywhere in the world, so if you want to be a part of that, you want to ensure you have a competitive jurisdiction,” Blair Lekstrom, B.C.’s minister of energy, mines and petroleum resources, said in an interview. “We want to secure the future of the oil and gas industry in British Columbia.” Alberta and B.C., Canada’s top natural-gas producers, have traded royalty announcements this year. In March, B.C. rolled out royalty breaks, extending a program it launched in 2004. Alberta unveiled its own incentives a day later, reducing royalties on some new conventional oil and gas wells to 5% or less for at least a year. It later extended that program in June.

While the two provinces are in fierce competition with each other, the royalty rate war extends beyond Canada’s borders. Prolific natural gas basins such as the Barnett shale in Texas and the Marcellus in Pennsylvania are sponging up billions of dollars worth of investments.

Full Story: BC and Alberta in a natural gas poker game - Calgary Herald

Crude exporting countries say they expect stronger demand next year as the economy recovers. A weaker dollar also helps support prices.

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NEW YORK (Reuters) -- Crude oil rose to a seven-week high above $74 a barrel Tuesday after OPEC raised its 2010 demand forecast and the dollar weakened, boosting demand for commodities. The Organization of the Petroleum Exporting Countries forecast a recovering world economy would boost world crude demand by 700,000 barrels per day next year, to 84.93 million bpd.

Full Story: Oil tops $74 and hits a 7-week high - CNNMoney.com

By JUDITH KOHLER(AP)– 19 hours ago DENVER — The promise of enough natural gas to last the United States more than 100 years based on discoveries of vast shale formations could be the country's next speculative bubble to burst, a speaker warned Monday at a conference exploring the notion that the world's oil and gas are diminishing rapidly.

Arthur Berman, a Texas-based geological consultant, likened the optimistic projections for production from gas shale fields across the country to banks buying into mortgage securitizations, which spurred the housing market crisis and economic meltdown.

"In the midst of a boom or a bubble, it's hard to sit on the sidelines," Berman said during the Association for the Study of Peak Oil and Gas conference. "If you're not in one of these plays, then Wall Street says, 'Well, what's the matter with you guys?'" That was the psychology leading into the current financial crunch, Berman said. Analyses show that gas shale fields in Texas and elsewhere aren't as profitable and likely don't contain as much retrievable gas as the industry and others portray, he added.

Based on the experience in the Barnett Shale in Texas, Berman said he doesn't expect the yields from the wells to be high enough or last long enough to make the gas shales that profitable, even when current low gas prices rise.

Full Story: Analyst: Gas shale may be next bubble to burst - The Associated Press

    BEIJING, Oct. 13 (Xinhua) -- Russian Prime Minister Putin said here on Tuesday that Russia and China are working on a huge oil and gas cooperation project.

    In an exclusive interview with Xinhua, Putin said the two countries have signed a 20-year oil supply agreement and laid more than 2,000 kilometers of crude oil pipelines for this.

    China is also laying on its side the corresponding pipeline, he said, adding the two counties are studying the feasibility of building a refinery in China.

    Putin said as the world's nuclear power, Russia keeps an open mind towards cooperation in this field.

Full Story: Russia, China work on gigantic oil, gas cooperation project - Xinhua

By Grant Smith Oct. 13 (Bloomberg) -- Oil rose above $74 a barrel in NewYork for the first time since August as the slumping dollarheightened crude’s appeal as an inflation hedge.

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stood by its forecast for oil toreach $85 a barrel by the end of this year on “modest”improvements in global demand in the fourth quarter. TheOrganization of Petroleum Exporting Countries raised its 2010global oil-demand growth forecast by 200,000 barrels a day. “The strength in equities and weakness of the dollar couldtake oil up to $80 a barrel, even though fundamentals of supplyand demand don’t justify it,” said Eugen Weinberg , head ofcommodities research at Commerzbank AG in Frankfurt.

Full Story: Oil Rises Above $74 for First Time Since August on Dollar Drop - Bloomberg

SINGAPORE (Dow Jones)--Crude oil futures in Asia gave up some of their overnight gains Friday but held above $71 a barrel despite a slightly stronger U.S dollar after comments by Federal Reserve Chairman Ben Bernanke about a possible future tightening of monetary policy.

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On the New York Mercantile Exchange, light, sweet crude futures for delivery in November traded at $71.15 a barrel at 0609 GMT, down 54 cents in the Globex electronic session. November Brent crude ... Email Newsletters and Alerts The latest news and analysis delivered to your in-box. Check the boxes below to sign up.

Full Story: OIL FUTURES: Crude Tad Lower In Asia After Overnight Rally - Wall Street Journal

By Ben Sharples and Yee Kai Pin Oct. 6 (Bloomberg) -- Crude oil traded above $70 a barrelin New York after rising on optimism fuel demand will increaseamid improved prospects for a recovery in the U.S., the world’sbiggest energy consumer.

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Oil climbed to $71 yesterday as U.S. stocks gained after areport showed service industries returned to growth following 11months of contraction. Commodities also rose as the weakerdollar bolstered the appeal of raw materials as a hedge againstinflation. “We’re seeing some tentative signs that consumption ispicking back up,” said Ben Westmore , an energy and mineralseconomist at National Australia Bank Ltd. in Melbourne. “Itcontinues to look like the recovery is on track.” Crude oil for November delivery was at $70.43 a barrel, up2 cents, in electronic trading on the New York MercantileExchange at 11:07 a.m. in Singapore. Yesterday, the contractgained 46 cents, or 0.7 percent, to settle at $70.41 a barrel.Prices have climbed 58 percent this year.

Full Story: Oil Trades Near $70 After Rising on Gains in US Equities, Weaker ... - Bloomberg

Coastal oil drilling backers aim to sidestep state's barrier Supporters want to get around a state commission's opposition to new drilling off California's coast by passing a bill that would create a governor-appointed panel that could then approve the project.

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The proposal would let Texas oil firm Plains Exploration & Production tap reserves in the Tranquillon Ridge oil field from the active Platform Irene, seen here in a 1999 photo. Reporting from Sacramento - A Texas oil company's campaign to drill the first new wells in 40 years off the California coast continues despite setbacks in both the Legislature and at a key regulatory agency.

Full Story: Coastal oil drilling backers aim to sidestep state's barrier - Los Angeles Times

SINGAPORE (Dow Jones)--Crude oil futures in Asia were little changed Monday amid the easing of supply concerns in the Middle East after promising nuclear talks between Iran and the U.N.'s atomic watchdog agency.

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The impact on crude prices from Iran's cooperation with the International Atomic Energy Agency is small, said Ken Hasegawa, commodity derivative sales manager at Newedge Japan. With nuclear weapons inspections taking place at the end of the month, the markets likely won't react much to events in ...

Full Story: OIL FUTURES: Crude Trades Flat; Tensions With Iran Ease - Wall Street Journal

A senior militant leader in Nigeria's oil-rich Delta region is to instruct followers to lay down their weapons, a day after two more commanders disarmed.

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Government Tompolo, who heads the main rebel faction in the western Delta, is due to make the move before an amnesty expires at midnight local time. Militants took up arms in 2006, saying proceeds from the region's oil wealth had not benefited local people.

Full Story: More Nigeria oil militants disarm - BBC News

HOUSTON (Dow Jones)--The number of rigs drilling for oil and natural gas in the U.S. rose this week as producers put some rigs back to work in anticipation of higher prices.

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The number of oil and gas rigs rose to 1,024, up seven rigs from the previous week, according to ... The Rich Fabric of Invention "The Overcoat," by Russian novelist Nikolai Vassilyevich Gogol, is a tale that's weathered the test of time.

Full Story: Baker Hughes: US Oil, Gas Rig Count Up 7 To 1024 This Week - Wall Street Journal

By RACHEL JONES(AP)– 4 hours ago CARACAS, Venezuela — Venezuela's state oil company has purchased ConocoPhillips' 40 percent stake in a joint natural gas venture with Chevron Corp.

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State-run Petroleos de Venezuela SA, or PDVSA, said it will now team up with Chevron to exploit the reserves in that area of Venezuela's Deltana Platform. PDVSA will control 61 percent of the joint venture, and Chevron 39 percent. Some 7 trillion cubic feet of natural gas reserves have been discovered, and the project is expected to produce some 750 million cubic feet per day.

Full Story: Venezuela buys ConocoPhillips' gas project stake - The Associated Press

The first exhibit of 56 large-scale color landscapes from Canadian photographer Edward Burtynsky chronicling the impact of oil made its debut Saturday at Washington's Corcoran Gallery of Art — less than a block from the White House. The show, chronicling the world's predominant energy source, can't help carrying a political zing.

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"Edward Burtynsky: Oil," opens at the privately funded museum as Congress is struggling with a climate bill that could include a "cap and trade" system to reduce greenhouse gases. Critics say it could drive up energy costs. "We hoped that there would be something going on around oil," curator Paul Roth said of the museum's plans for the exhibit beginning two years ago. "At a certain point, we realized, no, it's Washington and it's oil. There will be something going on." The show, underwritten by Canada's Scotiabank, will be on view at the Corcoran through December, then will travel to Canada and other destinations through 2012. Corcoran officials also expect a smaller version to travel in Europe.

Full Story: Politicians beware: Oil photo exhibit opens in DC - The Associated Press

said. The government will propose a budget Oct. 15 based on anaverage oil price of $40 a barrel, economic growth of 0.5percent and inflation of 20 percent to 22 percent, Chavez saidlate yesterday on state television.

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The country, the biggest net oil exporter in the Americas,cut its budget in March after oil prices fell to almost half thebudgetary assumption of $60 a barrel and state oil companyPetroleos de Venezuela SA failed to boost output to a planned3.5 million barrels a day. Economists surveyed by Bloombergestimate that 2010 inflation will be 33 percent and the economywill grow 0.6 percent. “We need to be prudent in our calculations,” Chavez said.The country’s oil exports have fetched an average $52.62 abarrel this year.

Full Story: Venezuela Assumes $40 Oil, 0.5% Growth for Budget - Bloomberg

Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--Crude oil futures prices ended lower Friday amid fresh concerns over the prospects for a near-term recovery in the U.S. economy.

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Light, sweet crude oil for November delivery settled down 1.2%, or 87 cents, at %69.95 a barrel, after two days above $70. On the ICE, November Brent crude settled at $68.07 a barrel, down $1.12. Early weakness inspired by strength in the dollar gained momentum after U.S. jobless data for September was gloomier than expected. The Labor Department said the unemployment rate rose to 9.8% from 9.7% in August, ...

Full Story: OIL FUTURES: Crude Ends Down On US Economic Data - Wall Street Journal