November 2009 Archives

” (front page, Nov. 17) highlights the need for President Obama’s administration to act on his call for good governance during his visit to Ghana last summer. The administration should vigorously investigate and prosecute corrupt foreign officials who try to squander their citizens’ money in the United States.

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As Human Rights Watch documented in a July report , the government of Equatorial Guinea is one of the most corrupt and abusive in the world. Its per capita income is on a par with Spain or Italy, yet its development indicators are comparable to Sudan or Afghanistan. During a news conference in July, President Teodoro Obiang Nguema Mbasogo suggested that the reason oil money isn’t used for his people is that it might make them lazy. Until the president and his family are held to account for their behavior, the people of Equatorial Guinea will continue to suffer while its rulers live lavishly.

Full Story: How the US Deals With a Land Known for Corruption - New York Times

LONDON (Reuters) - British budget airline Flybe and five oil companies are planning initial public offerings in London next year which are expected to value them collectively at 1.5 billion pounds ($2.46 billion), the Sunday Times reported.

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The paper said Flybe had instructed advisers Merrill Lynch to prepare for a listing, and was likely to hold its IPO after the airline's 2009 results are published in March. Exeter-based Flybe, which operates 180 routes between 55 European airports, is expected to attract a valuation of about 300 million pounds, the paper added, without citing sources.

Full Story: Flybe, oil companies planning London IPOs: report - Reuters

Walnut Creek man dead after sailboat overturns off Half Moon Bay San Jose football player Matt Blea critical with head injury after...

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SANTA PAULA, Calif.—A 20,000-gallon tank of crude oil exploded and caught fire in Ventura County, but there were no injuries. County fire officials say the large tank exploded Saturday near Santa Paula and forced the closure of a nearby road.

Full Story: Large oil tank explodes in Ventura County - San Jose Mercury News

really is running out faster than is generally realised then the real price of crude should be well over double the current already high price of about $75 a barrel, experts believe.

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A level of $200 a barrel was predicted as recently as last year by the investment bank Goldman Sachs and the price did hit nearly $150 just 18 months ago, at the height of the global trade boom. The sub-prime crisis, collapse of Lehman Brothers and subsequent recession have led to trauma in Dubai, which was built up on hot petrodollars from the Middle East producers such as Saudi Arabia.

Full Story: The knock-on effects of peak oil - guardian.co.uk

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BY CLAIRE RANGEL Crude oil futures dropped Friday as equities markets stumbled and the dollar strengthened on concerns over the impact Dubai's debt worries could have on the economic recovery. Light, sweet crude for January delivery settled $1.91, or 2.5%, lower at $76.05 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange settled 19 cents, or 0.6%, higher at $77.18 a barrel. Earlier in the day, the January contract fell 7% to touch an intraday and six-week low of $72.39 a barrel.

Full Story: Crude-Oil Futures Decline to $76.05 a Barrel - Wall Street Journal

WBUT delays exam, to decide date on Dec 3 China-Pak military nexus a matter of serious...

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London World oil prices slumped in line with equity markets and following a strong rally the previous day. New York's main contract, light sweet crude for January delivery, retreated USD 1.80 to USD 76.16 a barrel.

Full Story: World oil prices slide - Expressindia.com

Nov. 27 (Bloomberg) -- Crude oil fell to the lowest levelin six weeks as Dubai’s attempt to reschedule its debt bolsteredthe dollar and prompted investors to sell commodities.

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Oil dropped as much as 7.1 percent as the U.S. currencyclimbed, dulling the appeal of raw materials as an alternativeinvestment, and equities tumbled. Dubai World, the governmentinvestment company burdened by $59 billion of liabilities,sought to delay repayments, raising concern that worseningdefaults may hold back the global recovery. “The situation in Dubai revives worries about the recoveryof the economy,” said Adam Sieminski , chief energy economist atDeutsche Bank AG in Washington. “The strength of the recoveryhas an obvious and immediate impact on both oil demand andprices.” Crude oil for January delivery declined $3.24, or 4.2percent, to $74.72 a barrel at 10:03 a.m. on the New YorkMercantile Exchange. Futures touched $72.39, the lowest sinceOct. 12. On a closing basis the market is heading for thebiggest drop since Sept. 24.

Full Story: Crude Oil Futures Tumble to Six-Week Low on Dubai Debt Crisis - Bloomberg

Nov. 26 (Bloomberg) -- Oil fell in New York on speculationthat inventories at a four-week high will be adequate to meetU.S. fuel demand this winter.

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Crude stockpiles increased to 337.8 million barrels in theweek ended Nov. 20 and distillate inventories, which includeheating oil and diesel, were 26 percent above the five-yearaverage, the Energy Department said in a report yesterday. Astrengthening dollar also pushed crude prices lower. A strongerdollar reduces demand for commodities as a currency hedge. “On the fundamental side, it’s not justified for oilprices to go higher,” said Gerrit Zambo , a trader withBayerische Landesbank in Munich. “Even with a cold winter therewouldn’t be any problem with supply as storage is so full anddemand isn’t as high as two years ago.” Crude oil for January delivery fell $1.73, or 1.7 percent,to $76.23 a barrel in electronic trading on the New YorkMercantile Exchange at 1:14 p.m. The contract fell as low as$76.05. Futures have gained 71 percent this year and climbed 2.6percent yesterday as the U.S. currency slumped.

Full Story: Oil Slides With Ample Supplies in Storage for Winter Demand - Bloomberg

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OTTAWA (Dow Jones)--Crude oil futures slumped 2.3% in light-volume electronic trading as the United States financial markets were closed Thursday in celebration of the Thanksgiving holiday. Light, sweet crude for January delivery recently traded $1.82 lower at $76.14 a barrel on the New York Mercantile Exchange, giving back much of the gains ...

Full Story: OIL FUTURES: Nymex Crude Slumps In Low Volume Holiday Trading - Wall Street Journal

Nov. 26 (Bloomberg) -- Oil fell in New York as traders soldcontracts to lock in gains ahead of the U.S. Thanksgivingholiday and after the U.S. Energy Department said crudeinventories held by the world’s largest energy consumer rose.

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Oil also pulled back after rallying 2.6 percent yesterday,the most since Nov. 16, as the dollar retraced some of itslosses. Commercially held U.S. stockpiles rose to a four-weekhigh of 337.8 million barrels in the week to Nov. 20, renewingconcern over the pace of recovery in fuel demand. “We can expect some profit-taking selling after lastnight’s sharp gains led by gold and the euro,” said KenHasegawa , a commodity derivatives sales manager at Newedge inTokyo. “It’s possible to go as low as $76.50 -- that’s thelevel before it started rising yesterday.” Crude oil for January delivery fell as much as 74 cents, or1 percent, to $77.22 a barrel in electronic trading on the NewYork Mercantile Exchange. The contract was at $77.36 a barrel at2:15 p.m. Singapore time. Yesterday, it rose $1.94 to $77.96 abarrel. Futures have gained 73 percent this year.

Full Story: Crude Oil Declines on Rising US Inventories, Firmer Dollar - Bloomberg

Nov. 25 (Bloomberg) -- Crude oil rose as the dollar droppedto a 15-month low against the euro and a government reportshowed that U.S. fuel demand gained for a second week.

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Oil increased 2.6 percent after the greenback retreated onthe Federal Reserve’s signal that it will tolerate a weakercurrency. A lower dollar bolsters the appeal of commodities asan alternative investment. Consumption of gasoline and otherfuels climbed 2.8 percent in the past two weeks, an EnergyDepartment report showed. “The primary reason for higher oil prices is the fallingdollar,” said Michael Fitzpatrick , vice president of energywith MF Global in New York. “There were no big surprises intoday’s inventory report.” Crude oil for January delivery rose $1.98 to $78 a barrelat the 2:30 p.m. close of floor trading on the New YorkMercantile Exchange. Prices are up 75 percent this year.

Full Story: Oil Rises as Dollar Falls to 15-Month Low, US Demand Rises - Bloomberg

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SINGAPORE (Dow Jones)--Crude futures traded higher in reaction to a weaker U.S. dollar in Asian hours Wednesday, but oil stocks and macroeconomic data due later in the day may determine if $75 support will hold. "We have to pay attention whether $75 can be well-supported or not tonight," said Ken Hasegawa, commodities sales manager at Newedge Japan.

Full Story: OIL FUTURES: US Oil Stocks, Economic Data May Test $75 Support - Wall Street Journal

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(Adds API data, Brent settlement price, in the 16th and 17th paragraphs.) NEW YORK (Dow Jones)--Crude-oil futures ended at a one-month low Tuesday as the potential for rising oil supplies sparked a retreat from recent highs. Light, sweet crude for January delivery settled $1.54, or 2%, lower at $76.02 a barrel on the New York Mercantile Exchange, the lowest settlement since Oct. 14. Oil prices are now at the low end of a trading range, roughly between $75 and $80 a barrel, that has held for more than a month.

Full Story: OIL FUTURES: Crude At One-Month Low On Swelling Supply - Wall Street Journal

By ALEX KENNEDY(AP)– 2 hours ago SINGAPORE — Oil slipped to near $77 a barrel Tuesday in Asia amid mixed signs about the global economy and crude demand.

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Benchmark crude for January delivery was down 11 cents to $77.45 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 9 cents to settle at $77.56 on Monday. Investor optimism was buoyed by a report Monday from the National Association of Realtors that October home sales rose more than 10 percent, suggesting strength in the U.S. economy. But crude refiner Valero Energy said it shut down a plant last week because demand for oil products such as gasoline has been weak.

Full Story: Oil slips to near $77 amid mixed demand signals - The Associated Press

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("OIL FUTURES: Oil Flat; U.S. Demand, Stock Concerns Clip Rally," published at 3:28 p.m. EST, misstated the NYMEX contract month in the second paragraph. A corrected version follows.) NEW YORK (Dow Jones)--Crude-oil futures are flat Monday, as persistent concerns over weak U.S. oil demand and high stock levels clipped an earlier rally to near $80 a barrel. Light, sweet crude for January delivery settled 8 cents, or 0.1%, higher at $77.56 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange closed 26 cents, or 0.3% higher, at $77.46 a barrel.

Full Story: CORRECT: OIL FUTURES: Oil Flat; Demand Concerns Clip Rally - Wall Street Journal

, Italy’s biggest energycompany, agreed to buy Ugandan oil assets from Heritage Oil Plc ,the U.K. explorer that said this month it was in talks withpotential investors in the region, for as much as $1.5 billion.

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The price of the deal, which is likely to complete in thefirst quarter of 2010, will comprise as much as $1.35 billion incash and a further payment of $150 million or an interest in afield independently valued at the same amount within two years. Eni is seeking to expand reserves with fields in Africa,central Asia and the Gulf of Mexico after output cuts fromdisruptions in Nigeria. In August, its Chief Executive Officer Paolo Scaroni held talks with officials in Uganda and Ghana andthe company signed a strategic agreement with the DemocraticRepublic of Congo.

Full Story: Eni Buys Uganda Oil Exploration Blocks From Heritage Oil for $1.5 Billion - Bloomberg

ARTOIS, Calif.—An oil boom is underway in the state's agricultural heartland, as evolving tastes and a trend toward healthy fare have transformed a profession as old as civilization: olive production for the extra virgin market.

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Gnarly trees picked by hand are being supplanted. This year California's olive oil production will top 1 million gallons for the first time, the lion's share from 8-foot trees planted in hedgerows and mechanically harvested, then pressed into oil within 90 minutes. Growers have invested millions laying the groundwork to become a player in the global olive oil market, now controlled by Spain, Italy and Greece.

Full Story: New olive planting method prompts Calif. oil boom - San Jose Mercury News

Baghdad - Iraq crude oil exports reached 58.2 million barrels in October this year, generating 4.19 billion dollars in revenue, the Oil Ministry said Sunday.

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Daily oil production dropped slightly in to an average of about 1.85 million barrels a day, compared to slightly more than 2 million barrels daily in the three preceding months. In October, fields in Basra produced 46.3 million barrels, earning 3.31 billion dollars, while Kirkuk produced 11.9 million barrels worth 874 million dollars, the Aswat al-Iraq agency reported.

Full Story: Iraq oil exports at 58.2 million barrels in October - Monsters and Critics.com

0386.HK )sought to pay participation fees to bid for oilfields on offerin Iraq's second bidding round but was rebuffed, an officialwith the Iraqi Oil Ministry said on Sunday.

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"Sinopec asked to pay the participation fee to get the datapackage but we refused due to the deals they have with theKurdish Regional Government," said Sabah Abdul Kadhim, head ofthe legal and commercial section of the Petroleum Contracts andLicensing Directorate. Abdul Kadhim said more than 40 global oil firms ended uppaying participation fees ahead of the Nov. 20 deadline for theDec. 11-12 auction, in which 10 largely undeveloped oilfieldswill be up for grabs.

Full Story: UPDATE 1-Sinopec bid to take part in Iraq oil deals rebuffed - Reuters

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WASHINGTON — What city contributed most to the making of the modern world? The Paris of the Enlightenment and then of Napoleon, pioneer of mass armies and nationalist statism? London, seat of parliamentary democracy and center of finance? Or perhaps Titusville, Pa. Oil seeping from the ground there was collected for medicinal purposes — until Edwin Drake drilled and 150 years ago — Aug. 27, 1859 — found the basis of our world, 69 feet below the surface of Pennsylvania, which oil historian Daniel Yergin calls "the Saudi Arabia of 19th century oil." For many years, most oil was used for lighting and lubrication, and the amounts extracted were modest. Then in 1901, a new well named for an East Texas hillock, Spindletop, began gushing more per day than all other U.S. wells combined. Since then, America has exhausted its hydrocarbon supplies. Repeatedly.

Full Story: Opinion: Oil reserves running short? Don't believe it - San Jose Mercury News

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OTTAWA (Dow Jones)--Crude oil futures declined 1% Friday as U.S. equities faltered, reviving concerns about the pace of economic recovery and oil demand. Light, sweet crude for December delivery settled down 74 cents, or 1%, at $76.72 a barrel on the New York Mercantile Exchange. It was the last trading day for the December contract. The more-active January contract settled down 58 cents, or 0.7%, at $77.47. Brent crude on the ICE futures exchange settled down 44 cents at $77.20 a barrel.

Full Story: OIL FUTURES: Nymex Crude Down 1% On Equities, Stronger Dollar - Wall Street Journal

Nov. 20 (Bloomberg) -- Crude oil fell for a second day asthe dollar strengthened against the euro, reducing the appeal ofcommodities to investors, and equity markets declined.

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Oil slipped 1 percent as the U.S. currency advanced for thethird time in four days. Stocks and equity futures retreatedafter European Central Bank President Jean-Claude Trichet saidpolicy makers will withdraw emergency cash gradually to avoidfueling inflation. “We will take oil prices down another notch because of thestrengthening dollar,” said Jim Ritterbusch , president ofRitterbusch & Associates, a Galena, Illinois, consultant.“Things are bearish everywhere you look.” Crude oil for December delivery fell 74 cents to settle at$76.72 a barrel on the New York Mercantile Exchange. Futuresadvanced 0.5 percent this week and are up 72 percent this year.

Full Story: Crude Oil Falls a Second Day as Dollar Gains, Equities Drop - Bloomberg

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Crude Oil Falls in New York as US Dollar Gains Versus Euro Bloomberg 20 (Bloomberg) -- Crude oil fell for a second day in New York as the dollar gained versus the euro, dimming the lure of commodities as a currency hedge. ... Oil hovers below $78 as traders eye US dollarThe Associated Press Oil slips towards $77 as dollar gainsReuters OIL FUTURES: Nymex Crude Drops As Economic Recovery LagsWall Street Journal MarketWatch -RTE.ie -Wall Street Journal all 1,785 news articles »

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Full Story: Crude Oil Falls in New York as US Dollar Gains Versus Euro - Bloomberg

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NEW YORK (Dow Jones)--Crude futures fell Thursday, trailing equities lower as a pair of closely watched economic indiciators added to fears that the U.S. economy is in for a slow recovery. Light, sweet crude for December delivery settled $2.12, or 2.7%, lower at $77.46 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange settled $1.83, or 2.3%, lower at $77.64 a barrel.

Full Story: OIL FUTURES: Nymex Crude Drops As Economic Recovery Lags - Wall Street Journal

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LONDON (Dow Jones)--Crude futures ease slightly lower Thursday, as the dollar strengthened against the euro, making dollar-denominated commodities less attractive to investors and hemming prices into a tight range. "Barring another sharp selloff in the dollar...we do not see crude oil breaking out of its relatively tight trading range anytime soon," Edward Meir, an analyst at MF Global in New York said.

Full Story: OIL FUTURES: Crude Lower As Dollar Strengthened; Awaits Data - Wall Street Journal

Nov. 19 (Bloomberg) -- Oil traded near $80 a barrel in NewYork after rising yesterday as a government report showed U.S.crude and fuel supplies dropped along with refinery productionand imports.

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Crude oil gained 0.6 percent yesterday and touched $80.33after the Energy Department said crude inventories declined887,000 barrels to 336.8 million last week. Stockpiles wereforecast to increase by 300,000 barrels, according to aBloomberg News survey of analysts. Fuel supplies fell asrefiners operated at the slowest pace in more than a year. “The big thing was the inventories data, which continuesto show bullish signs with drawdowns in crude oil, gasoline anddistillates,” said Ben Westmore , an energy and mineralseconomist at National Australia Bank Ltd. in Melbourne. “Everytime you do have a surprise drawdown there is a bit of buoyancyin prices, and so a push above $80 is not unexpected.” Crude oil for December delivery traded at $79.42 a barrel,down 16 cents, in electronic trading on the New York MercantileExchange at 10:26 a.m. Singapore time. Yesterday, the contractrose 44 cents to settle at $79.58. Futures have gained 78percent this year.

Full Story: Oil Trades Near $80 After Drop in US Crude, Fuel Stockpiles - Bloomberg

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NEW YORK -- Crude-oil futures rose Wednesday, briefly topping $80 a barrel, on a weaker dollar ahead of key U.S. inventory data. Light, sweet crude for December delivery recently traded 28 cents, or 0.3%, higher at $79.42 a barrel on the New York Mercantile Exchange. Oil briefly pierced through $80 a barrel to touch an intraday peak of $80.23 a barrel, the highest level since Nov. 10. Brent crude on the ICE futures exchange traded 25 cents, or 0.3%, higher at $79.22 a barrel.

Full Story: Oil Prices Climb Ahead of Inventory Data - Wall Street Journal

Nov. 18 (Bloomberg) -- Oil advanced for a third day in NewYork after an industry report showed a decline in crudestockpiles in the U.S., the largest energy consumer.

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The American Petroleum Institute said yesterday crudeinventories fell by 4.37 million barrels last week to 333.1million. The U.S. Energy Department will release its weeklysupply report today in Washington. It is expected to say overallfuel supplies declined. Imports and output were disrupted lastweek as Hurricane Ida passed through the Gulf of Mexico. “If we see a drop of that magnitude in the DOE report,that would be perceived as fairly bullish for the market,” said Toby Hassall , a research analyst with CWA Global Markets inSydney. “You have to take into account what’s been going on inthe Gulf with regards to shut-ins after the storm activity we’veseen there.” Crude oil for December delivery rose as much as 71 cents,or 0.9 percent, to $79.85 a barrel in electronic trading on theNew York Mercantile Exchange. It was at $79.44 at 12:04 p.m. inSingapore. Yesterday, the contract rose 24 cents to settle at$79.14. Prices have gained 78 percent this year.

Full Story: Oil Rises a Third Day as Industry Report Shows Stockpile Drop - Bloomberg

By MARK WILLIAMS(AP)– 1 hour ago Oil prices wavered on Tuesday as a rising dollar kept crude from moving higher, as fresh economic data gave mixed signals on whether demand for oil will increase.

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Benchmark crude for December delivery was down 43 cents to $78.47 a barrel on the New York Mercantile Exchange. The contract rose $2.55 to settle at $78.90 on Monday. The euro dropped back below $1.49 on Tuesday after banking officials in Europe and the U.S. voiced support for the dollar.

Full Story: Oil wavers as stronger dollar stifles rally - The Associated Press

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BY BRIAN BASKIN NEW YORK -- Crude-oil futures were down slightly Tuesday just as recent highs were coming back in sight, though a smaller-than-expected gain in wholesale prices limited losses. Light, sweet crude for December delivery traded 14 cents, or 0.2%, lower at $78.76 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded 25 cents lower at $78.51 a barrel.

Full Story: Oil Prices Slip After PPI Data - Wall Street Journal

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SINGAPORE (Dow Jones)--Crude futures traded slightly lower Tuesday, taking a breather after gaining over 3% overnight as the market looks ahead to fresh US weekly oil stocks data for signs of a demand recovery. On the New York Mercantile Exchange, light, sweet crude futures for delivery in December traded at $78.65 a barrel at 0606 GMT, down 25 cents in the Globex electronic session. January Brent crude on London's ...

Full Story: OIL FUTURES: Crude Takes Breather After Sharp Overnight Gains - Wall Street Journal

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Moody's Investors Service eased the near-term potential of moving Murphy Oil Corp. (MUR) to junk territory, citing recent significant production growth. The company has "a looser reliance on near-term exploration success to maintain its production growth," said senior credit ...

Full Story: Moody's Moves Murphy Oil From Precipice Of Junk Territory - Wall Street Journal

Oil gained 3.3 percent as the U.S. currency’s dropencouraged the purchase of alternative investments. Stocksclimbed after U.S. retail sales increased more than forecast andAsian government leaders pledged to maintain economic stimulusspending. The gross domestic product of Japan, the third-biggest oil consumer, grew at a 4.8 percent pace in the third quarter.

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“The dollar is weaker and stocks are up, both of which arehelping send prices higher,” said Ric Navy , a broker at BNPParibas SA in New York. “The funds are still coming in, andthat should push the market higher.” Crude oil for December delivery rose $2.55 to settle at$78.90 a barrel on the New York Mercantile Exchange. It was thebiggest gain since Sept. 30. Oil has traded between $74.79 and$82 since Oct. 15. Futures are up 77 percent this year. DollarIndex , which tracks the currency against the U.S.’s biggesttrading partners, dropped 0.7 percent to 74.834, after touching74.679, the lowest since Aug. 8, 2008.

Full Story: Oil Rises the Most in Six Weeks on Weaker Dollar, Equity Gain - Bloomberg

SINGAPORE (Reuters) - Current oil prices are the result of financial market gyrations and do not reflect the supply-demand dynamics of the physical market, energy consultant and prize-winning author Daniel Yergin said on Monday.

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Crude oil benchmarks are holding near $80 a barrel, having doubled from under $40 at the end of last year, after plunging during the financial crisis from all-time highs. But bulging inventories are keeping gains in check. "Oil prices today do not reflect the world's supply and demand fundamentals. Instead, prices are reflective of the weak dollar and expectations of a strong economic recovery," Yergin told reporters on the sidelines of a conference.

Full Story: Oil reflects dollar moves, not market dynamics: Yergin - Reuters

As for Indianapolis’ new home, Lucas Oil Stadium, no one from a rival team has complained of getting headaches.

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stats ] , referring to the new building’s retractable roof, prior to last night’s showdown against the Colts. “They’re both loud. I think once it gets to a certan decibel level, it doesn’t matter. Of course, it was really loud in the RCA Dome. Some of those games we had there were unbelievable. But it’s not quiet in the new place. That dome is loud, too.” Pats defensive lineman Mike Wright was one of the headache sufferers. He pointed to Kansas City’s Arrowhead Stadium and the RCA Dome as the two loudest road venues he’s experienced.

Full Story: Lucas Oil not as loud as RCA - Boston Herald

It a mild day in the city with temperatures in the 50s. There was a spitting rain starting to fall upon arrival at the stadium, where the retractable roof is closed, so elements are not a factor.

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Officiating: Scott Green will referee today's game. Green has worked one Patriots game (vs. Buffalo, Sept. 14) this season and no Colts games. Green's crew averages 12.6 assessed penalties per game this season. The league average is 12.3. Signs of the times: Throughout parts of the stadium, fans have white signs that read "Go Colts" waiting for them on their seats. That should contribute to a raucous environment. Also, a banner extends across seats in one end zone reminding fans that this is the home of the 2012 Super Bowl.

Full Story: Scene from Lucas Oil Stadium - ESPN

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NEW YORK (Dow Jones)-The number of rigs drilling for oil in the U.S. climbed this week, but the gas rig total slipped as producers curbed output in response to low prices.

The number of oil and gas rigs climbed to 1,101, up 23 rigs from the previous week, according to data from oil-field services company Baker Hughes Inc. (BHI). The number of gas rigs was 728, a decrease of six rigs from last week, while the oil rig count ...

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Full Story: Baker Hughes: US Oil, Gas Rig Count Up 23 To 1101 This Week - Wall Street Journal

met negotiators representing the rebel’s Movement for theEmancipation of the Niger Delta as part of talks to end aconflict in the West African nation’s oil-rich region.

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Yar’Adua met a team including the writer Wole Soyinka ,winner of the 1986 Nobel literature prize, and two retiredmilitary officers, Mike Akhigbe and Luke Aprezi, in the capitalAbuja yesterday, Jomo Gbomo, spokesman for the group known asMEND, said today in an e-mailed statement. Attacks by armed groups campaigning for more local controlof the oil wealth of the delta region, home to Nigeria’sindustry, cut more than 25 percent of its crude output in thelast three years. Nigeria, which vies with Angola for Africa’stop producer, is the fifth-biggest source of U.S. oil imports.

Full Story: Nigerian President Meets Rebel Negotiators on Oil-Region Peace - Bloomberg

Nick Tattersall LAGOS, Nov 15 (Reuters) - The main militant group in Nigeria's oil-producing Niger Delta said on Sunday it had started formal peace talks with President Umaru Yar'Adua, three weeks after reinstating a ceasefire in the region.

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The Movement for the Niger Delta (MEND) said a team of representatives including Nobel Prize-winning writer Wole Soyinka and two retired senior military officers met Yar'Adua for more than two hours on Saturday. "This meeting heralds the beginning of serious, meaningful dialogue between MEND and the Nigerian government to deal with and resolve root issues that have long been swept under the carpet," MEND said in an emailed statement.

Full Story: Nigerian militants say peace talks start with govt - Reuters

Fourteen birds rescued from last month's Dubai Star oil spill were released back into the wild on Friday, taking their first tentative swim in the bay waters in Berkeley before flying out of sight.

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The birds seemed reluctant to leave their pet carriers and fly to freedom at first. But when one brave American coot slipped out of the cage and skipped out over the water, 10 others quickly followed, to the delight of a handful of caregivers who helped treat the birds and had come to say goodbye. "It's amazing. It gives you goose bumps all over," said Nooshy Mobasher of Lafayette, a volunteer who helped wash birds at an Oiled Wildlife Care Network facility. "It's like seeing your kids go off to college." Eleven American coots, one surf scoter and two tiny dunlins were released on Friday. The birds were rescued a day or two after the Oct. 30 oil spill, which dumped 400 to 800 gallons of oil into the bay. The birds were treated at the San Francisco Bay Oiled Wildlife Care and Education Center in Fairfield.

Full Story: Birds rescued after oil spill freed in Berkeley - San Francisco Chronicle

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RIO DE JANEIRO (Dow Jones)--Brazilian state-run energy giant Petrobras (PBR, PETR4.BR) registered a 33% year-on-year slide in third quarter net profits, but an improved market for its heavy oil exports helped avert a steeper decline. Late Friday, Petrobras reported a third-quarter net profit of 7.3 billion Brazilian reals ($4.24 billion), down from a record BRL10.9 billion in the year-ago quarter.

Full Story: Improved Oil Exports Ease Brazil Petrobras 3Q Net Profit Slide - Wall Street Journal

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NEW YORK (Dow Jones)--Crude oil futures settled close to a one-month low Friday as worsening U.S. demand caused investors to steer clear of buying oil despite a weakening dollar. Light, sweet crude for December delivery settled 59 cents, or 0.8%, lower at $76.35 a barrel on the New York Mercantile Exchange, the lowest settlement since Oct. 14. Brent crude on the ICE futures exchange settled 47 cents, or 0.6%, lower at $75.55 a barrel.

Full Story: OIL FUTURES: Nymex Crude Drops On Weakening US Demand - Wall Street Journal

Nov. 13 (Bloomberg) -- Crude oil was little changed in NewYork, erasing earlier gains as European equity markets fell,reinforcing concerns about the global economic recovery.

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Stock markets in the U.K., Germany and France traded lower,after rising in early trade. Oil fell as much as 3.5 percentyesterday after a U.S. government report showed risingstockpiles of crude oil and products. “At the moment we’re watching equities,” Sam Tazi , atrader at CMC Markets in London, said by phone. “We had a verybig move yesterday. The sell-off was understandable.” Oil for December delivery traded at $76.89 a barrel, down 5cents on the New York Mercantile Exchange as of 1:36 p.m. Londontime. The contract earlier rose as much as 1 percent.

Full Story: Crude Oil Erases Gains in New York as European Equities Drop - Bloomberg

SINGAPORE (Reuters) - U.S. crude oil dipped on Friday to below $77 a barrel, weighed down by gains in the dollar and a bigger-than-expected build in U.S. crude inventories.

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The bounce in the dollar fueled profit-taking in commodities such as gold and oil, while a fall in Asian equities supported the dollar as a safe haven trade. A U.S. Energy Information Administration report that showed a rise of 1.8 million barrels in crude oil stocks last week saw oil dropping nearly 3 percent in the previous session, to settle at $76.94 a barrel.

Full Story: Oil below $77 on bearish stocks data, dollar rebound - Reuters

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NEW YORK (Dow Jones)--Crude futures dropped to a near one-month low Thursday following a surprise build in U.S. oil inventories and concerns over continued weak demand. Light, sweet crude for December delivery settled $2.34, or 3.0%, lower at $76.94 a barrel on the New York Mercantile Exchange. This was the lowest settlement since Oct. 14. Brent crude on the ICE futures exchange settled $1.93, or 2.5% lower, at $76.02 a barrel.

Full Story: OIL FUTURES:Oil Near 1-Month Low On US Stock Build, Weak Demand - Wall Street Journal

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SINGAPORE (Dow Jones)--Crude remains little changed Thursday, holding above $79 as the market awaits directional cues from U.S. oil inventory data to be released later in the day. On the New York Mercantile Exchange, light, sweet crude futures for delivery in December traded at $79.31 a barrel at 0606 GMT, up 3 cents in the Globex electronic session. December Brent crude on London's ICE Futures exchange rose 4 cents to $77.99 a barrel.

Full Story: OIL FUTURES: Crude Little Changed; Focus On US Stocks - Wall Street Journal

<strong><span class="subhead">Oil prices rise</span></strong></p><p>Oil prices ticked higher Wednesday as OPEC said the world would consume more crude in 2010 than previously expected, and China said its economy improved.</p><p> Benchmark crude for December delivery added 23 cents to settle at $79.28 a barrel on the New York Mercantile Exchange. </p><p>The Organization of Petroleum Exporting Countries revised its previous estimates for global oil demand growth to 750,000 barrels per day, up 50,000 barrels a day from last month&rsquo;s estimate.</p><p><strong><span class="subhead">Tweaking Japan Inc.</span></strong></p><p>Treasury Secretary Timothy Geithner said Wednesday he&rsquo;s encouraged by Japan&rsquo;s attempts to make its economy more dependent on domestic demand instead of American consumers &mdash; a shift that will contribute to more stable global growth.</p><p> Geithner said he sees broad recognition among governments to create policies that lead to more balanced, sustainable growth.</p><p><strong><span class="subhead">Lilly settlement</span></strong></p><p>Utah Attorney General Mark Shurtleff says the state has agreed to a $24 million civil settlement with Eli Lilly and Co. over claims the drugmaker engaged in off-label marketing of the anti-psychotic drug Zyprexa. Shurt-leff&rsquo;s office said it conducted a nearly four-year investigation of the drugmaker.</p><p> Shurtleff says Zyprexa is approved for treatment of schizophrenia and bipolar disorder. But he says Lilly promoted Zyprexa for uses not approved by the FDA, such as dementia, Alzheimer&rsquo;s, agitation and depression.</p><p><strong><span class="subhead">New studio boss</span></strong></p><p>Walt Disney Co. reorganized its film studio, handing added duties to veteran executives under newly appointed chairman Rich Ross. Bob Chapek, formerly head of home entertainment, was named president of distribution for all films and television programs. </p><p><strong><span class="subhead">Obama eyes airlines</span></strong></p><p> The Obama administration is taking its first step toward trying to fix the ailing airline industry, mired in a severe economic slump and facing safety worries.</p><p> Transportation Secretary Ray LaHood is holding a forum today to discuss the state of the industry and ways government can help provide economic stability for air carriers.

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You are using an outdated browser For a better experience using kansascity.com, please upgrade to a modern web browser. Oil prices ticked higher Wednesday as OPEC said the world would consume more crude in 2010 than previously expected, and China said its economy improved.

Full Story: Business news in brief | Oil prices rise - Kansas City Star

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NEW YORK (Dow Jones)--Crude futures traded nearly flat Wednesday, as a strengthening dollar forced a retreat from $80 a barrel. Light, sweet crude for December delivery recently traded 9 cents, or 0.1%, higher at $79.14 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded 20 cents, or 0.3%, higher at $77.70 a barrel.

Full Story: OIL FUTURES: Crude Flat As Dollar Rebounds - Wall Street Journal

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NEW YORK -- Crude-oil futures rose Wednesday as a weaker dollar encouraged buyers spooked by rising U.S. oil inventories to return to the market. Light, sweet crude for December delivery recently traded 79 cents, or 1%, higher at $79.84 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded 88 cents higher at $78.38 a barrel.

Full Story: Oil Prices Rise on Weaker Dollar - Wall Street Journal

Nov. 11 (Bloomberg) -- The global crude oil market is“very comfortable” and there is no shortage of supply, Abdullah bin Hamad al-Attiyah , Qatar’s energy minister, toldreporters today in Singapore.

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The Organization of Petroleum Exporting Countries isassessing the market situation and there will be “no dramaticchange” in output when the group meets next month, he saidafter attending a signing ceremony for a new chemicals jointventure with Royal Dutch Shell Plc. OPEC, responsible for 40 percent of the world’s crudesupplies, will meet on Dec. 22 in Luanda, Angola, to discussproduction targets. The compliance rate after record output cutsannounced last year has slipped to 64 percent, Secretary-General Abdalla El-Badri said last month, from 89 percent in March.

Full Story: Oil Market Is 'Very Comfortable,' Al-Attiyah Says - Bloomberg

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Crude futures slipped lower in choppy trading Tuesday as the risk of damage to energy infrastructure from a U.S. Gulf storm faded and the dollar strengthened slightly against the euro. Light, sweet crude for December delivery recently traded $1.35, or 1.7%, lower at $78.08 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded 56 cents higher at $78.33 a barrel.

Full Story: OIL FUTURES: Nymex Crude Slips As US Gulf Storm Risk Evaporates - Wall Street Journal

The International Energy Agency warns that oil and gas supplies are running out -- but not as quickly as some expect.

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London, England (CNN) -- The International Energy Agency has rejected reported allegations from a whistleblower that world oil reserves have been exaggerated to avoid panic buying in the oil market. A senior source within the IEA is reported to have told The Guardian newspaper that many within the agency believe the body's prediction for oil supplies "is much higher than can be justified." In its annual outlook released on Tuesday, the IEA repeated its prediction that oil supplies would rise to 105 million barrels by 2030 under current government policy.

Full Story: Energy body rejects whistleblower allegations of oil cover up - CNN International

attacked an oil tanker and fired automatic weapons and rocket-propelled grenades on Monday farther out at sea than in any previous assault, suggesting that the pirates’ abilities were growing as they increased activity off East Africa. Pirates in two skiffs fired at the Hong Kong-flagged BW Lion about 1,000 nautical miles east of the Somali coast, the European Union Naval Force said. The tanker’s captain increased speed and took evasive maneuvers, avoiding the attack, the force said. No casualties were reported. Pirates have carried out increasingly bold attacks on vessels in the Indian Ocean and Gulf of Aden in hopes of capturing ships and crews and collecting ransom. They currently hold more than 190 hostages, including a British couple seized from their yacht last month.

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A version of this article appeared in print on November 10, 2009, on page A10 of the New York edition. Times Reader 2.0: Daily delivery of The Times - straight to your computer. Subscribe for just $3.45 a week.

Full Story: Somalia: Pirates Attack Oil Tanker - New York Times

Nov 9 (Reuters) - Independent oil and gas explorationcompany Carrizo Oil & Gas Inc ( CRZO.O ) reported a third-quarteradjusted profit that beat analysts' expectations, helped byhigher production, sending its shares up as much as 9 percent.For the third quarter, net loss was $4.8 million, or 15 cents ashare, compared with profit of $65.7 million, or $2.12 a share,last year. Excluding items, net income was 37 cents a share.Quarterly adjusted revenues from the sale of oil and naturalgas production, which includes oil and gas revenues andrealized hedge settlements, fell 20 percent to $46 million. Analysts, on average, expected the company to post earnings of26 cents a share, excluding items, on revenue of $42.2 million,according to Thomson Reuters I/B/E/S.

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Full Story: Carrizo Oil Q3 adj profit beats estimates, shares up - Reuters

Production volumes during the third quarter of 2009 were 8.21 Bcfe, 37 percent higher compared to 5.98 Bcfe during the third quarter of 2008. The increase was largely due to new production contributions from Barnett Shale development. Adjusted revenues from the sale of oil and natural gas production, which includes oil and gas revenues of $27.3 million and realized hedge settlements of $18.7 million, for the third quarter of 2009 were $46.0 million, as compared to $56.9 million during the third quarter of 2008. The decrease in adjusted revenues was primarily driven by significantly lower realized oil and natural gas prices, partially offset by increased production. Carrizo’s average oil sales price decreased 42 percent to $66.25 per barrel compared to $114.16 per barrel for the third quarter of 2008 and the average natural gas sales price decreased 40 percent to $5.43 per Mcf compared to $9.05 per Mcf for the third quarter of 2008. The above prices include the impact of cash-settled hedges. Results excluding the impact from cash-settled hedges are presented in the table below.

For the third quarter of 2009, the Company reported adjusted net income of $11.7 million, or $0.38 and $0.37 per basic and diluted share, respectively, excluding a net $16.5 million non-cash, after-tax expense, comprised of (a) a marked-to-market unrealized loss of $13.2 million on derivatives (which is due in large part to the roll off of the third quarter hedges and to rising futures prices), (b) stock compensation expense of $1.8 million, (c) non-cash interest expense of $0.9 million associated with the amortization of a portion of the equity premium on the Company’s convertible notes and (d) a non-cash contribution expense of $0.6 million to the University of Texas at Arlington ("UTA"). The Company reported a net loss of $4.8 million, or $0.15 per basic and diluted share, for the third quarter of 2009, as compared to a net income of $65.7 million, or $2.15 and $2.12 per basic and diluted share, respectively for the same quarter during 2008.

EBITDA (earnings before interest, income tax, depreciation, amortization expenses, and certain other items) during the third quarter of 2009 was $33.1 million, or $1.07 and $1.05 per basic and diluted share, respectively, as compared to $42.2 million, or $1.38 and $1.36 per basic and diluted share, respectively, during the third quarter of 2008.

Lease operating expenses (excluding production taxes and transportation costs) were $5.3 million (or $0.64 per Mcfe) during the third quarter of 2009 as compared to $6.2 million (or $1.04 per Mcfe) for the third quarter of 2008. The decrease in costs was largely attributable to decreases in saltwater disposal and repairs and maintenance expenses. The decline in cost per Mcfe was driven primarily by the 37% increase in production volumes from 6.0 Bcfe to 8.2 Bcfe.

Full Story: Carrizo Oil & Gas, Inc. Announces Third Quarter Financial Results - CNNMoney.com (press release)

American Oil & Gas, Inc. (NYSE Amex: AEZ)reports a net loss to common stockholders of $3,400,573 (loss of sevencents per share, basic and diluted) for the quarter ended September 30,2009, as compared to net loss to common stockholders of $12,780,287 (lossof 27 cents per share, basic and diluted) for the quarter ended September30, 2008. For the nine-month periods ended September 30, 2009 and 2008,American reports a net loss to common stockholders $8,892,054 (loss of 18cents per share, basic and diluted) and a net loss to common stockholdersof $15,045,806 (loss of 32 cents per share, basic and diluted),respectively. The loss in the prior three and nine-month periods endedSeptember 30, 2008 includes a non-cash impairment of oil and gas propertiesof $18.8 million.

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During the quarter ended September 30, 2009, American sold 4,877 barrels ofoil at $59.17 per barrel and 49,949 mcf of natural gas at $3.48 per mcf fortotal revenues of $462,553. For the corresponding quarter ended September30, 2008, American sold 5,609 barrels of oil at $108.83 per barrel and53,783 mcf of natural gas at $10.21 per mcf for total oil and gas revenuesof $1,159,621. Lease operating expenses, including production taxes, forthe quarters ended September 30, 2009 and 2008 were $278,429 and $475,382,respectively. Depreciation, depletion and amortization expense of oil andgas properties was $212,000 for the current quarter and $337,000 for thecorresponding prior year quarter. During the nine-month period ended September 30, 2009, American sold 14,056barrels of oil at $46.87 per barrel and 183,386 mcf of natural gas at $3.42per mcf for total oil and gas revenues of $1,285,705. For thecorresponding nine-month period ended September 30, 2008, American sold13,503 barrels of oil at $104.97 per barrel and 117,711 mcf of natural gasat $10.09 per mcf for total oil and gas revenues of $2,604,786. Leaseoperating expenses, including production taxes, for the nine-month periodSeptember 30, 2009 and 2008 were $848,354 and $1,025,987, respectively.Depreciation, depletion and amortization expense of oil and gas propertieswas $546,000 for the current nine-month period and $1,047,000 for the prioryear nine-month period.

Full Story: American Oil & Gas Reports 3rd Quarter 2009 Financial Results - CNNMoney.com (press release)

Nov. 9 (Bloomberg) -- Crude oil rose from a one-week lowafter storms shut export terminals and production in Mexico andHurricane Ida entered the southern Gulf.

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Petroleos Mexicanos, the government-owned oil company, shut90 wells at onshore fields in the western states of Veracruz andTabasco because of storms and flooding, the EFE news servicereported. Chevron Corp. began evacuating some personnel as Ida,a category-2 hurricane, entered the southern Gulf of Mexico. Ida “could be a mildly bullish event” if any productiongets shut-in as a result, said Toby Hassall , research analystwith CWA Global Markets Pty in Sydney. “The market doesn’t havethe same sensitivity to supply-side issues that it did a coupleof years ago.” Crude oil for December delivery rose as much as 67 cents,or 0.9 percent, to $78.10 a barrel in after-hours electronictrading on the New York Mercantile Exchange. It was at $77.91 at8 a.m. Singapore time.

Full Story: Oil Rises as Storms Cut Mexican Output, Hurricane Enters Gulf - Bloomberg

Summary Halliburton was awarded a five year integrated turnkey contract for Ghawar field. Work will be performed in Uthmaniyah, Haradh, Hawiyah and Shedgum. Halliburton will provide drilling rigs, directional and horizontal drilling tools, logging, cementing, mud engineering, perforation, completion and well construction services. Halliburton will engineer and manage the entire drilling operation.Three to four rigs will drill and complete between 153 and 185 oil and water injection wells.

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Analysis Ghawar field, the world's largest, is a long asymmetric structure that is 230 kilometers long and approximately 30 miles wide however the width diminishes going south.The The announcement makes no mention of  Ain Dar, the most mature part of Ghawar  in the extreme northwestern region of the field. Ain Dar has been under pressure maintenance by peripheral water injection for over 40 years. Ain Dar (and other parts of the field) began producing salt water in the late 1970s and by 2005, the cut was 42%. All of Ain Dar was wet since 1984. Once water became a major problem, many existing vertical wells were converted to short lateral horizontals running along the top 10 feet of the Arab D zone, the main pay. New wells were drilled horizontally to the same layer. Today, the redevelopment process has gone on so long that future oil production from Ain Dar is speculative. Shedgum, adjacent to Ain Dar on the east, is not much better off. Both regions began oil production in 1951. Uthmaniyah was developed after Ain Dar and Shedgum were fully developed with vertical wells on 1 square kilometer spacing. It is somewhat narrower and the thickness of the Arab D is less.Reservoir quality is diminished. Hawiyah, narrower than Uthmaniyah and to the south of it, was then developed. Reservoir quality is further diminished.  In Haradh, developed in the 1970s, reservoir quality is so poor that vertical wells have less than one fourth the productivity of the northern regions. In 1983 with reservoir pressure falling rapidly, the region was shut in. Following increased demand as the result of the invasion of Kuwait, in 1990, these shut in wells were returned to production. Redevelopment began in 1996 with horizontal and multilateral wells. The southernmost  section of Haradh, known as Haradh III came on stream in February of 2006. Today, the entire field still contains a great deal of crude oil but it is much harder to get and the production rates continue to fall off. Halliburton's mandate will be to deal with higher and higher water cuts, utilize all known new technology to hold rates as high as possible and stimulate wells as required. The total number of wells drilled in Ghawar exceeds one thousand including hundreds of vertical wells that have either been abandoned or converted to horizontals. Now Halliburton will drill even more trying to improve rate and lessen decline. It is a good, long-term contract and a tall order for the company. Analyses are solely the work of the authors and have not been edited or endorsed by GLG.

Full Story: Halliburton to coax more oil out of largely depleted Ghawar field - Gerson Lehrman Group

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NEW YORK (Dow Jones)--Crude futures ended lower Thursday as a steadying dollar allowed concerns about weak oil demand to re-emerge. Light, sweet crude for December delivery settled 78 cents, or 1%, lower at $79.62 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange settled 90 cents, or 1.1%, lower at $77.99 a barrel.

Full Story: OIL FUTURES: Crude Drops On Demand Worries As Dollar Steadies - Wall Street Journal

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NEW YORK (Dow Jones)--Crude-oil futures dropped to a one-week low Friday after the U.S. unemployment rate rose to a 26-year high, unsettling previous hopes that the fledgling economic recovery would boost flagging oil demand. Light, sweet crude for December delivery settled $2.19, or 2.8%, lower at $77.43 a barrel on the New York Mercantile Exchange. This was the lowest settlement since October 30. Brent crude on the ICE futures exchange closed $2.12, or 2.7% lower, at $75.87 a barrel.

Full Story: OIL FUTURES:Crude At One-Week Low; Unsettled By US Jobs Data - Wall Street Journal

OKLAHOMA CITY, Nov. 6, 2009 (GLOBE NEWSWIRE) -- GMX Resources Inc. (Nasdaq:GMXR) (visit www.gmxresources.com to view the most recent Company presentation and for more information on the Company) today reported financial and operating results for the third quarter and nine months ended September 30, 2009 and updated 2009 through 2011 guidance.

The third quarter 2009 operating results continued to be impacted by lower market prices for crude oil and natural gas as compared to the second quarter of 2009. Oil and gas sales in the third quarter of 2009 of $23.1 million increased 1% from sales in the second quarter of 2009 of $22.8 million as a result of a 5.5% increase in crude oil and natural gas production. GMXR's production from its East Texas operations in the third quarter of 2009 increased to 3.49 billion cubic feet equivalent of natural gas ("Bcfe") as compared to production of 3.31 Bcfe in the second quarter of 2009. Natural gas prices realized in the third quarter of 2009 averaged $6.26 per thousand cubic feet ("Mcf"), 4% lower than the $6.54 per Mcf realized in the second quarter of 2009. GMXR's average realized oil prices in the third quarter of 2009 increased to $80.82 per barrel, 7% higher than the $75.88 per barrel in the second quarter of 2009.

During 2009, the Company has continued to focus on reducing operating and overhead costs. As a result, both lease operating expenses and general and administrative expenses on a per Mcfe basis decreased in the third quarter of 2009 compared to the second quarter of 2009. Lease operating expenses of $0.78 per Mcfe in the third quarter of 2009 decreased 5% from $0.82 per Mcfe in the second quarter of 2009. General and administrative expenses of $1.38 per Mcfe in the third quarter of 2009 decreased 14% from $1.61 per Mcfe in the second quarter of 2009.

Among non-GAAP measures, discretionary cash flow generated by GMXR in the third quarter of 2009 was $13.7 million, an increase of 14% over 2009's second quarter non-GAAP discretionary cash flow of $12.0 million.

Full Story: GMX Resources Inc. Reports Third Quarter 2009 Financial and Operating Results ... - CNNMoney.com (press release)

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NEW YORK (Dow Jones)--Crude futures rose above $79 a barrel Tuesday after upbeat U.S. factory orders renewed confidence in the economy amid a general spurt of investor buying across the board in commodities. Light, sweet crude for December delivery settled $1.47, or 1.9%, higher, at $79.60 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange settled $1.56, or 2% higher, at $78.11 a barrel.

Full Story: OIL FUTURES:Oil Above $79/Bbl On Upbeat Factory Orders - Wall Street Journal

Futures fall below $78 a barrel as investors await supply data, economic reports and the Federal Reserve's statement.

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NEW YORK (CNNMoney.com) -- Oil prices fell Tuesday as traders await reports on U.S. inventory levels and key economic data due out later in the week. December crude was down 97 cents at $77.16 a barrel. Oil ended Monday's volatile session 1% higher.

Full Story: Oil weak ahead of supply, economic reports - CNNMoney.com

ChiefExecutive Officer Phil Rykhoek had four months on the job beforemoving to double the company’s size with the biggest U.S. oiland natural-gas acquisition of 2009.

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Encore Acquisition Co. , announced yesterday, accelerates a pushDenbury started under Rykhoek’s predecessor, Gareth Roberts .Analysts say the strategy, which drove a 41 percent output gainin the past four years at Plano, Texas-based Denbury, is torevive played-out oil fields by injecting carbon dioxide. Denbury, which will gain properties in the Bakken Shaleregion of North Dakota and prospects in Wyoming and Montana,agreed to pay $50 of cash and stock per share of Encore, thecompanies said yesterday. The buyer also will assume $1.3billion of debt. Encore put itself up for sale last year andwithdrew after energy prices and credit markets collapsed.

Full Story: Denbury's New Chief Makes Biggest 2009 US Oil Deal - Bloomberg

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NEW YORK (Dow Jones)-- Crude futures climbed above $78 a barrel Monday after the release of positive U.S. manufacturing and housing data that pushed aside worries about the strength of the economic recovery. Light, sweet crude for December delivery recently traded up $1.18, or 1.6%, at $77.18 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded $1.40, or 1.9%, higher at $76.60 a barrel.

Full Story: OIL FUTURES: Oil Above $78/Bbl On US Economic Data - Wall Street Journal

Shooting on Highway 87 in San Jose leaves woman dead Women say San Jose police used excessive force on them during Mardi...

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ALAMEDA — A ship that spilled hundreds of gallons of fuel oil into the bay was moved from its anchorage to a San Francisco pier on Sunday, escorted by a crew of skimming vessels that sought to prevent any more residual oil from soiling the water. At the same time, rescue crews in contamination suits scoured the sandy beaches and rocky shoreline of Alameda and Bay Farm Island to rescue tarred birds and stop the oil from damaging the areas most sensitive to wildlife.

Full Story: Crews clean up oil slick on Alameda and Bay Farm Island - San Jose Mercury News

In the last weeks of October, the average U.S. retail price for regular gasoline jumped 14 cents per gallon, more than 5 percent.

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Nationally, the average cost of unleaded gasoline on Friday hit a high for 2009, at $2.70. Maryland's average Friday was $2.66, said Regina Averella, manager of public and government affairs for AAA Mid-Atlantic. Crude oil trading is also at a high this year, selling for more than $82 a barrel, according to AAA.

Full Story: Gas Prices: What Goes Down Must Go Back Up - WTOP

Cleanup crews today will resume mopping up an oil tanker spill that dirtied at least 12 birds and left tar balls on the shoreline at Crown Memorial Beach and Ballena Bay in Alameda, the U.S. Coast Guard reported Saturday.

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As many as 18 skimmers and 53,000 feet of boom have been deployed to contain the 400 to 800 gallons of oil spilled from an oil tanker during refueling operations two miles south of the Bay Bridge. "We expect the cleanup to last for days," Coast Guard Petty Office Levi Read said Saturday night.

Full Story: Oil spill cleanup will take days, official says - San Jose Mercury News

Kodiak Oil & Gas Corp. Announces Closing of Public Offering of Common Stockand Exercise of Over-AllotmentDENVER, Oct. 30 /PRNewswire-FirstCall/ -- Kodiak Oil & Gas Corp. (NYSE Amex:KOG) today announced the closing of its previously announced public offeringof 13,800,000 shares of common stock, which includes the full exercise of theunderwriters' over-allotment option of 1,800,000 shares. All shares were soldat a price of $2.20 per share. The net proceeds of the offering, afterdeducting underwriting discounts and commissions and Kodiak's estimatedoffering expenses, were approximately $28.6 million. KeyBanc Capital Markets Inc. acted as the sole book runner for the offeringand Thomas Weisel Partners LLC acted as the co-manager.Any offering of shares of common stock shall be made only by means of aprospectus. Copies of the base prospectus and the final prospectus supplementrelating to the offering may be obtained from the offices of KeyBanc CapitalMarkets, Attn: Prospectus Delivery Department, 800 Superior Avenue, 17thFloor, Cleveland, Ohio 44114, telephone: 216.563.2018. An electronic copy ofthe base prospectus and the final prospectus supplement are also available onthe website of the Securities and Exchange Commission at http://www.sec.gov.The common shares were offered and sold pursuant to an effective shelfregistration statement previously filed with the Securities and ExchangeCommission. This news release shall not constitute an offer to sell or thesolicitation of an offer to buy the common stock of Kodiak; nor shall there beany sale of these securities in any state or jurisdiction in which such offer,solicitation or sale would be unlawful prior to registration or qualificationunder the securities laws of such state or jurisdiction.About Kodiak Oil & Gas Corp.Denver-based Kodiak Oil & Gas Corp. is an independent energy exploration anddevelopment company focused on exploring, developing and producing oil andnatural gas in the Williston and Green River Basins in the U.S. RockyMountains. For further information, please visit www.kodiakog.com. TheCompany's common shares are listed for trading on the NYSE Amex exchange underthe symbol: "KOG."Forward-Looking StatementsThis press release includes "forward-looking statements" within the meaning ofthe Private Securities Litigation Reform Act of 1995. All statements otherthan statements of historical facts included herein may constituteforward-looking statements. Although Kodiak believes that the expectationsreflected in the forward-looking statements are reasonable, it can give noassurance that such expectations will prove to be correct. The forward-lookingstatements involve risks and uncertainties that affect our operations,financial performance and other factors as discussed in Kodiak's filings withthe Securities and Exchange Commission, including its Annual Report on Form10-K for the year ended December 31, 2008. For further information, please contact: Mr. Lynn A. Peterson, CEO and President, Kodiak Oil & Gas Corp.+1-303-592-8075Mr. David P. Charles, Sierra Partners LLC +1-303-757-2510 x11SOURCE Kodiak Oil & Gas Corp.Mr. Lynn A. Peterson, CEO and President of Kodiak Oil & Gas Corp.,+1-303-592-8075; or Mr. David P. Charles of Sierra Partners LLC,+1-303-757-2510, ext. 11, for Kodiak Oil & Gas Corp.

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Full Story: Kodiak Oil & Gas Corp. Announces Closing of Public Offering of Common Stock ... - Reuters

This is the first of several reports looking at the boom in natural gas produced from shale formations.

GRAND CANE, La. — Two miles beneath northwest Louisiana's patchwork quilt of forests, cotton fields and pastures, dozens of drill bits are grinding their way toward what may be the nation's energy future.

The region around Shreveport has known oil and gas exploration for decades, but it's now buzzing anew as companies try to capitalize on one simple fact — locked into cement-like shale formations thousands of feet underground are potentially huge quantities of natural gas.

The gas found in the area's Haynesville shale and in other shale formations throughout the country has changed the nation's energy outlook in just a few short years.

Full Story: Louisiana shale could change fate of US energy supply - Houston Chronicle

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HOUSTON (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 higher prices.

The number of oil and gas rigs climbed to 1,069, up 21 rigs from the previous week, according to data from oilfield services company Baker Hughes Inc. (BHI). The number of gas rigs was 728, an increase of three rigs from last week, while the oil rig count was 330, ...

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Full Story: Baker Hughes: US Oil, Gas Rig Count Up 21 To 1069 This Week - Wall Street Journal

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HOUSTON (Dow Jones)--A year-long economic slump has taken its toll on all major oil companies, but an early focus on crude oil paid off for Chevron Corp. (CVX).

Chevron, the second-largest U.S. oil company after Exxon Mobil Corp. (XOM), bested analysts' earnings expectations mainly due to a big boost in the output of major oilfields. As the financial crisis deepened, the San Ramon, Calif. company made "deliberate decisions" to let natural gas output decline while maintaining investment in major oil projects, said Chief Executive Dave O'Reilly. The price for crude oil recovered significantly from its sharp decline earlier in the ...

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Full Story: Crude Oil Looks Slick While Gas Stinks For Majors In 3Q - Wall Street Journal

Flkkr Retail gasoline prices continued higher Friday to a new peak for the year, forcing consumers to dig deeper into their stretched budgets to pay for fuel.

Natural Gas and Gasoline Higher Natural gas prices have also been moving up, and have now climbed 16 percent in the past two months — just in time for the winter home heating season to kick in.

  Supplies of oil and gas are plentiful, so that’s not why the prices are climbing. Storage points for natural gas are so packed that producers are running out of places to put it. Crude Oil stocks are also well above average levels.

Gasoline prices are now up 17 straight days according to AAA. That is the highest national price average since Oct. 26, 2008. Prices are averaging 5.9 cents higher from a week ago and 14.8 cents from a year ago. The average retail price for gas was $1.686 a gallon last December. Today's price adds about $50 a month on to the monthly gas cost for the gasoline customer compared with then.

Full Story: Scary Halloween News! Retail Gas Prices Hit Highest Level This Year - Examiner.com