January 2010 Archives

Reuters Firsts Take a look at the most powerful news wins from across the globe.

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BAGHDAD (Reuters) - Iraq signed a contract on Sunday with Russia's Lukoil and Norway's Statoil to develop one of the world's biggest oilfields, sealing the last of 10 deals that could turn the war-shattered country into a top oil producer. Analysts had expected Iraq and energy firms which won bids at oilfield auctions last year to move quickly to sign final agreements before a March 7 election, a pivotal vote as Iraq emerges from the conflict set off by the 2003 U.S. invasion.

Full Story: Iraq signs 10th oil deal, polls loom - Reuters India

New Delhi, Jan. 30: Higher price realisation on crude helped state-run Oil India Ltd post a 23.5 per cent jump in net profit for the third quarter ended December 2009.

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Net profit in the October-December quarter rose to Rs 717.28 crore from Rs 580.87 crore in the same period a year ago, said N.M. Borah, chairman and managing director of Oil India. Oil India got $58.78 per barrel for the crude it produced in the third quarter after paying a fuel subsidy of $15.11 per barrel.

Full Story: Oil India net up 23.5% - Calcutta Telegraph

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NEW YORK (Dow Jones)--Crude futures made tentative gains Thursday, as investors weighed the Federal Reserve's more upbeat tack against sluggish oil demand. Light, sweet crude for March delivery recently traded 51 cents, or 0.7%, higher at $74.18 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded 45 cents higher at $72.69 a barrel.

Full Story: OIL FUTURES: Crude Rises From Lows, But Weak Demand A Drag - Wall Street Journal

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Oil stays above $73 in Asian trade Economic Times SINGAPORE: Oil prices rebounded in Asian trade on Thursday after steep declines overnight following the release of mixed energy stockpiles data from the ... Crude Oil Rises After Report Shows Drop in US Oil StockpilesBloomberg Oil slides below $74CNNMoney.com OIL FUTURES: Crude Settles Down $1.04 At $73.67/BblWall Street Journal Sydney Morning Herald -Channel News Asia -Tehran Times all 1,138 news articles »

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Full Story: Oil stays above $73 in Asian trade - Economic Times

2 hours ago LUANDA — Angola and India's state oil companies Wednesday inked a deal to boost co-operation in areas of exploration and refining in the two countries as well as other nations.

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The memorandum of understanding was signed at Sonangol's headquarters in Luanda by the company's chairman Manuel Vicente and RS Sharma, chairman of India's Oil and Natural Gas Corporation (ONGC). It signifies a big step forward in India's efforts to enter the Angolan market, where western countries and China are currently the main players in Africa's largest oil producer.

Full Story: Angola and India ink oil exploration deal - AFP

1 hour ago LONDON — Oil prices dropped on Wednesday as the market awaited data showing the latest energy demand situation in the United States -- the world's biggest consumer.

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New York's main futures contract, light sweet crude for delivery in March, fell 11 cents to 74.60 dollars a barrel at about 0915 GMT. The US Department of Energy will on Wednesday publish latest oil inventory levels in the United States.

Full Story: Oil prices fall before US inventory data - AFP

Palm oil prices likely to recover at weaker pace Economic Times KUALA LUMPUR: Palm oil prices, which have lost about 8% so far this year, are expected to grow at a weaker pace as rival soyoil eats into the vegetable oil ... China bank measures drag on palm oil futuresUkrAgroConsult Palm Oil Drops to Lowest in Two Months on China Demand OutlookBloomberg all 5 news articles »

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Full Story: Palm oil prices likely to recover at weaker pace - Economic Times

Crude Oil prices continue to display weakness on the back of falling global equities markets, tightening lending norms in China, Japan’s debt rating in jeopardy & strengthening US Dollar. Markets still remain concerned over the demand scenario in the US, the world’s largest energy consumer.

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In the last week oil prices dropped despite a decline in inventories as data indicates that refineries operated at 78.4% of capacity last week. In the week prior to that, gasoline inventories climbed to the highest level since March 2008 and fuel consumption in the past four weeks is down 1.8% from a year earlier. The energy market still remains oversupplied and prices may remain under pressure. There is a major concern as China is expected to continue to tighten its monetary policy over the next six months. The move by China to limit credit and raise reserve requirements for banks could lead to downside pressure as China is the world’s second-largest energy consumer.

Full Story: Crude oil weak on falling equities, demand concerns - Commodity Online

“India will invest $350 million in developing two oil blocks in the West African nation, besides increasing its engagement in the gas sector as well,” Petroleum and Natural Gas Minister Murli Deora said after meeting his Nigerian counterpart Henry Odein Ajumogobia at Abuja on Monday.

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“India is looking forward to partnering Nigerian National Petroleum Corporation (NNPC) through the Indian oil and gas conglomerate — ONGC Mittal Energy Ltd. — for the establishment of a greenfield petroleum refining plant,” Mr. Deora said. India is Nigeria’s second-largest crude oil buyer. Out of the 116 million tonnes of crude oil consumed annually, about 11 to 18 million tonnes, representing 22-25 per cent of its total yearly imports, are sourced from Nigeria, which is Africa’s largest energy producer.

Full Story: India to invest $350 m in Nigerian oil blocks - The Hindu

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Oil prices fall on China concerns Economic Times LONDON: Oil prices dropped Tuesday on concerns major energy consumer China will make further moves to tighten credit, analysts said. ... Oil prices down in Asian tradeTimes of India Oil Falls on Forecast Gain in US Supply, China Credit ConcernBloomberg China Lending Worries Weigh on OilWall Street Journal Reuters -Irish Times -Reuters UK all 576 news articles »

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Full Story: Oil prices fall on China concerns - Economic Times

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BY SHERRY SU LONDON—Crude futures surrendered nearly all of Monday's gains in Europe Tuesday, as concerns over possible lending limits in China continued to damp sentiment. Traders were also reluctant to bid up crude futures ahead of Wednesday's widely watched U.S. oil inventories data and the Federal Reserve's rate decision. But the main highlight of the week will be the vote on the renomination of Fed Chairman Ben Bernanke.

Full Story: China Lending Worries Weigh on Oil - Wall Street Journal

Jan. 26 (Bloomberg) -- Crude oil fell after South Koreasaid economic growth slowed and China’s stocks declined for athird day on concern the government will tighten credit growth.

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Oil erased yesterday’s 1 percent gain as South Korea’seconomic growth eased in the three months through December tothe slowest in three quarters as exports, consumer demand andgovernment spending declined, the Bank of Korea said today. Areport tomorrow will probably show U.S. refiners cut operatingrates for a second week amid weak demand, according to aBloomberg News survey of analysts. “China tightening its monetary policy is sending asignal,” said Clarence Chu , a Singapore-based trader withoptions dealers Hudson Capital Energy. “Demand is growing, butnot as fast as previously expected.” Crude for March delivery fell as much as 94 cents, or 1.3percent, to $74.32 a barrel in after-hours electronic trading onthe New York Mercantile Exchange. It was at $74.36 a barrel at1:49 p.m. in Singapore. The contract climbed 72 cents to $75.26yesterday, its first gain in four days. Futures have fallen 6.1percent this year.

Full Story: Crude Oil Falls on Slower South Korean Growth, China Concern - Bloomberg

01.25.10, 01:20 PM EST Largest U.S. energy company leads consortium to expand the West Qurna-1 field in southern Iraq.

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, the largest publicly traded international oil and gas company, said Monday it has inked a deal with the Iraq Ministry of Oil to redevelop and expand the war-ravaged country's second-biggest field. ExxonMobil Iraq Ltd. signed an agreement in Baghdad for the West Qurna-1 field in southern Iraq, which has reserves of about 8.5 billion barrels, according to the oil ministry.

Full Story: Exxon Mobil Takes Lead In Iraqi Oil Expansion - Forbes

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Crews worked Sunday to protect two sensitive wildlife areas after a crude oil spill shut down parts of a major southeast Texas port, state Land Commissioner Jerry Patterson said. Plastic walls known as booms and oil-sucking skimmer boats were used to safeguard a lake that is a crucial breeding ground and a wildlife management area that lost its protective gates when Hurricane Ike roared ashore a year and a half ago, Patterson said.

Full Story: Tanker accident causes oil spill in Texas - Washington Post

Richa Mishra New Delhi, Jan. 24 The Petroleum Minister, Mr Murli Deora, has written to the Finance Minister, Mr Pranab Mukherjee, to consider setting up a fund that will aid domestic public sector companies in acquiring oil and gas assets overseas.

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“Competition in the overseas market is tough, and to establish a strong footing apart from quick decisions, huge investments are required. There is also a need to have a strategy. A focal point is required to pursue such acquisitions,” official sources in the know told Business Line. The Petroleum Ministry has left it to the Finance Ministry to work out the details, including how the fund is likely to be created and the size of the corpus, among other things.

Full Story: Oil Ministry seeks fund for overseas buys - Hindu Business Line

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PORT ARTHUR, Texas -- The Coast Guard said a crude oil spill in a southeast Texas port had been contained to a two-mile area and was not believed to have hurt any local wildlife. It was unclear exactly how much oil spilled into the water when an 800-foot tanker collided with a towing vessel pushing two barges near Port Arthur on Saturday, but the Coast Guard said it could be as much as 450,000 gallons. The Coast Guard said the crash left a 15-by-8-foot hole in the tanker and damaged one of its oil tanks, resulting in the spill.

Full Story: Coast Guard: Oil spill in Texas waterway contained - Washington Post

Man nabbed for Rs 1.4 cr oil theft Times of India AHMEDABAD: Special Operations Group (SOG) officials of Kheda on Friday night nabbed an oil thief allegedly involved in four major thefts of oil worth Rs ... Kingpin of inter-state gang of oil thieves held at PiplagIndian Express all 2 news articles »

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Full Story: Man nabbed for Rs 1.4 cr oil theft - Times of India

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Essar Oil Q3 net loss at Rs 226 crore Economic Times 23 Jan 2010, 1135 hrs IST, PTI MUMBAI: Essar Oil today reported net loss of Rs 226 crore for the third quarter ended December 31, 2009. ... Essar Oil 3Q Net Loss Narrows To INR2.26 BillionWall Street Journal LIC buys 1.69% stake in Essar OilMyiris.com Block deal in Essar Oil stock down 4Moneycontrol.com Hindu Business Line all 20 news articles »

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Full Story: Essar Oil Q3 net loss at Rs 226 crore - Economic Times

reported a 23% rise in third-quarter net profit, its second straight quarterly rise, as firmer oil prices lifted its net proceeds after subsidy payouts.

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The firm is required to partially subsidise the sale of fuel to state-run retailers, who sell fuel at government-set, below-market prices, which affects its profit. Net proceeds after subsidy payouts soared 70% to USD 57.69 a barrel in the December quarter from USD 33.99 a year earlier.

Full Story: ONGC Q3 net profit rises 23% on firm oil - Moneycontrol.com

Oil & Natural Gas Corporation reported a 23% rise in third-quarter net profit, its second straight quarterly rise, as firmer oil prices lifted its net proceeds after subsidy payouts.

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The firm is required to partially subsidise the sale of fuel to state-run retailers, who sell fuel at government-set, below-market prices, which affects its profit. Net proceeds after subsidy payouts soared 70% to USD 57.69 a barrel in the December quarter from USD 33.99 a year earlier.

Full Story: ONGC Q3 net profit rises 23 pct on firm oil - Moneycontrol.com

New Delhi: The price of oil is fast turning out to be the biggest threat to the government’s bid to rein in the fiscal deficit in 2010-11. The recent increase in the price of international crude has come at a time of high food inflation, thereby squeezing the political space the government might have had to insulate its coming budget by increasing the retail price of petrol, kerosene or diesel.

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“From a purely unknown perspective, oil is the biggest risk (to the fiscal deficit),” said Samiran Chakraborty, head of India research at Standard Chartered Bank, while identifying the factors that could cause a slippage in the fiscal deficit in 2010-11. As part of its medium-term fiscal policy, the finance ministry has set itself a target of reducing the fiscal deficit by 1.3 percentage points to 5.5% of gross domestic product (GDP) by 31 March 2011. According to budget estimates, the fiscal deficit would be 6.8% of GDP in 2009-10.

Full Story: Rising oil prices may hit fiscal discipline - Livemint

ONGC-Mittal exit Turkmenistan oil block Economic Times 20 Jan 2010, 2301 hrs IST, PTI NEW DELHI: Oil and Natural Gas Corp (ONGC) and its partner steel baron Lakshmi N Mittal have exited an oil block in ... and more »

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Full Story: ONGC-Mittal exit Turkmenistan oil block - Economic Times

--> By Angela Henshall SINGAPORE (MarketWatch) -- Nymex crude hovered near $78 a barrel in Asia Wednesday, as a slightly more robust U.S. dollar weighed on prices ahead of the expiry of the front-month contract.

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Crude has paused "to take a breath," after a positive close in the U.S overnight for the first time in six days, Hudson Capital trader Clarence Chu said. He expected crude to take its "cues from the greenback for much of the remainder of the session." Warmer weather in the Northeastern U.S following a bitter cold snap and high U.S crude and products inventories are both expected to add to bearish sentiment for crude this week. New York Mercantile Exchange light, sweet crude futures for delivery in February traded at $78.26 a barrel at 0626 GMT, down 76 cents in the Globex electronic session. March Brent crude on London's ICE Futures exchange fell 76 cents to $76.87 a barrel.

Full Story: OIL FUTURES: Crude Pulls Back; Firm Dollar Weighs - MarketWatch

Bomb outside Indian Oil plant defused, disaster averted in Punjab Times of India NABHA (Punjab): A major accident was averted in Punjab's Patiala district with the timely detection and inactivation of a bomb placed outside an Indian Oil ... Panic in Punjab town after bomb found near LPG plantThaindian.com all 26 news articles »

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Full Story: Bomb outside Indian Oil plant defused, disaster averted in Punjab - Times of India

Fish oil promises shorter hospital stays Times of India A new research has shown that patients in the ICU who received intravenous fish oil had shorter hospital stays compared to those given standard treatment. ... and more »

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Full Story: Fish oil promises shorter hospital stays - Times of India

Oil majors may score well in Q3 Economic Times Most companies had suffered heavily in the December 2008 quarter due to a crash in oil prices. The profitability of ONGC will jump markedly in December 2009 ... and more »

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Full Story: Oil majors may score well in Q3 - Economic Times

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Crude palm oil futures rise Hindu Business Line NEW DELHI: Crude palm oil futures moved up by Rs 2 to Rs 356 on Monday as speculators indulged in creating fresh positions on expectations of rise in demand ... OIL FUTURES: Crude Down For Sixth Day; Asian Equities WeakWall Street Journal Crude oil falls for fifth consecutive dayplastemart.com Oil Slips Below $78 in Asia as Equities FallABC News Sydney Morning Herald -ABS CBN News -MarketWatch all 193 news articles »

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

The finance ministry has promised to give Rs. 12,000 crore in cash to make up for the losses incurred by oil companies by selling fuel below cost price, a senior petroleum ministry official said on Sunday.

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“We have had exhaustive discussions with the Ministry of Finance. They (Finance Ministry) have promised Rs. 12,000 crore in cash, which will be provided in the next supplementary grant,” Additional Secretary in the Ministry of Petroleum and Natural Gas, S. Sundareshan told reporters here. IOC, BPCL and HPCL are projected to lose Rs. 29,405 crore on sale of domestic LPG and kerosene below cost. Another Rs. 12,000 crore loss is projected on petrol and diesel.

Full Story: Oil companies to get Rs. 12000 crore in cash: official - The Hindu

Mumbai, Jan. 16 The good news for the trio of IndianOil, Hindustan Petroleum Corporation and Bharat Petroleum Corporation is that they will be reporting profits in the third quarter of this fiscal. The bad news is that the fourth quarter is going to be nothing short of a nightmare for them.

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Till less than a week ago, the three refiners were convinced that the third quarter would be a disaster, thanks largely to the huge losses on kerosene and cooking gas totalling nearly Rs 10,000 crore. In fact, these are closer to Rs 21,000 crore for the nine-month period between April and December. Thanks to the Finance Ministry's move to contribute Rs 12,000 crore in cash to cover these losses, IOC, HPCL and BPCL will end up making profits in Q3. The rub, though, is that the Ministry's communiqué clearly states that this money is for the entire fiscal which means the companies will have to sort out the losses in Q4 on their own.

Full Story: PSU oil refiners on a sticky wicket in Q4 - Hindu Business Line

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Oil drops on more signs of a struggling consumer Economic Times NEW YORK: Oil prices ran up against forecasts for warmer weather, people who won't drive or spend money and a stronger dollar. Those factors combined for a ... The oil patch is heating upOdessa American Oil ends session, week lower as weather warms upMarketWatch Oil slides as weather warms, stocks slideCNN UPI.com -Live Charts - Live Wire all 141 news articles »

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Full Story: Oil drops on more signs of a struggling consumer - Economic Times

Virtually rejecting the claims of the Union Petroleum and Natural Gas Ministry for a Rs. 29,405-crore compensation through oil bonds, the Finance Ministry on Friday agreed to release just over Rs. 12,000 crore in cash to loss making State-run oil companies to cover for their losses in the current fiscal.

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Official sources said the Finance Ministry sent a letter to the Petroleum and Natural Gas Ministry stating Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) will be paid Rs. 12,020 crore in cash to cover for their losses on sale of domestic LPG and kerosene in 2009-10. The release of money comes after a meeting between the Petroleum Minister, Murli Deora, and the Finance Minister, Pranab Mukherjee, on Thursday where Mr. Deora had reminded the Finance Minister about his promise of making up entire losses on the cooking fuel by way of either oil bonds or cash. It was then agreed that losses on petrol and diesel would be made up by upstream firms such as ONGC.

Full Story: Loss making oil PSUs to get Rs. 12000-cr compensation - The Hindu

Calculate the Price of Gold/silver in the major metros. To calculate the price of gold/silver,enter the weight and purity of your selection.

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The finance ministry may offer oil marketing companies a Rs.12,020 crore as compensation for underwriting their losses -- less than half of what the petroleum ministry has demanded. According to a senior petroleum ministry official, the three oil sector giants -- Indian Oil, Bharat Petroleum and Hindustan Petroleum -- will be given the compensation in cash.

Full Story: Oil firms may be given Rs.12000 crore compensation - Sify

January barometer predicts stock gains in 2010 The U.S. stock market should finish the year higher, if the first five trading days of the year prove to be...

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U.S. government kicks off Detroit auto show The U.S. government, a deep-pocketed investor in the car business these days, makes its presence known... US Stocks Trade Near Flat Ahead Of 4Q Earnings; DJIA Up 11 Points U.S. stocks were flat Monday as investors await the start of the fourth-quarter reporting season before...

Full Story: Crude oil futures return to positive territory - MarketWatch

Non-oil imports shore up customs mop-up in Dec Economic Times Non-oil imports were down 23.8% at $120.2 billion during April-November 2009 compared to $157.8 billion in the corresponding period of 2008. ... and more »

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Full Story: Non-oil imports shore up customs mop-up in Dec - Economic Times

The rising crude prices have again brought into the limelight the financial health of PSU oil refiners Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL). Crude oil for February delivery was at $81.79 a barrel on January 6 on the New York Mercantile Exchange. As long as the government remains reluctant to raise retail fuel prices, especially of cooking fuel, kerosene and liquefied petroleum gas (LPG), concerns of rising under-recoveries will haunt these companies, putting their stocks under pressure.

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Public sector oil marketing companies (OMCs) are expected to lose Rs 45,478 crore this financial year on selling fuel at the government-controlled prices. These OMCs incur an under-recovery of Rs 3.10 per litre on petrol, Rs 2.55 on diesel, Rs 17.30 on PDS kerosene and Rs 241 on each 14.2-kg cylinder of domestic LPG. For these companies, more burdens in the form of under-recoveries can be disastrous. In the September quarter, IOC reported a profit of just Rs 284 crore, while BPCL and HPCL reported losses of Rs 159 crore and Rs 137 crore, respectively. Contrast this with the profits these companies earned when oil fell from its historic highs of $147 a barrel in July 2008. IOC, for instance, had posted a net profit of Rs 3,682.83 crore in the June ’08-09 quarter and Rs 6,622.96 crore in the March quarter. BPCL had seen a profit of Rs 614.12 crore in the June quarter and Rs 3,628.02 crore in the March quarter.

Full Story: How rising crude prices impact oil refiners - Financial Express

Indian Oil plans to hire 250 staff this year Economic Times 10 Jan 2010, 1125 hrs IST, PTI MUMBAI: State-run refiner Indian Oil Corporation (IOC) plans to recruit 250 people this year primarily to fill the vacancies ... Oiling your investment wheelsBusiness Standard Govt mulls JV with OIL, ONGCAssam Tribune Govt not keen on selling stakes in ONGC, IOC, OIL: SourcesMoneycontrol.com Times of India -Prdomain Business Register (press release) all 20 news articles »

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Full Story: Indian Oil plans to hire 250 staff this year - Economic Times

3 hours ago MINSK — Belarus and Russia failed Saturday to overcome their dispute over oil supplies, but they remain willing to keep talking, a Belarussian government spokesman said, quoted by Russian news agencies.

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"The Belarussian and Russian delegations have again failed to reach a compromise solution and to sign documents on conditions for oil deliveries to Belarus," said the spokesman, quoted by the Ria Novosti news agency. Nevertheless, the two sides "expressed their willingness to continue talks", he said, after representatives from the two nations met for several hours Saturday in Moscow.

Full Story: Oil talks fail between Russia, Belarus: news agencies - AFP

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FinMin keen on ONGC, Indian Oil follow-on offers Economic Times 8 Jan 2010, 1557 hrs IST, PTI NEW DELHI: The finance ministry is keen on selling stakes in Oil and Natural Gas Corporation and Indian Oil Corporation but ... Govt not keen on selling stakes in ONGC, IOC, OIL: SourcesMoneycontrol.com Selloff dept, oilmin differ on ONGC offerTimes of India Indian Oil to grow biodiesel cropsPrdomain Business Register (press release) all 12 news articles »

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Full Story: FinMin keen on ONGC, Indian Oil follow-on offers - Economic Times

NEW YORK (CNNMoney.com) -- Oil retreated from its 14-month high Thursday, following 10 days of gains, as investors digested a recent report on rising crude supplies and as the dollar firmed against its major rivals.

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What prices are doing: Crude oil for February delivery fell 77 cents to $82.41 a barrel. It closed at $83.18 Wednesday, the highest settlement since Oct. 9, 2008. The Energy Information Administration reported crude supplies and gasoline stockpiles posted increases Wednesday. Distillates, used to make heating oil and diesel, fell by a modest amount.

Full Story: Oil slips below $83 - CNNMoney.com

Edible oil prices may increase Times of India MUMBAI: Edible oil makers are closely monitoring the price of crude palm oil, which is on the rise after remaining stable for a couple of months. ... and more »

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Full Story: Edible oil prices may increase - Times of India

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Sensex ends little changed; pharma, oil & gas up Economic Times Gains in pharma and oil & gas stocks were offset by losses in IT and metals space. BSE Healthcare Index was up 2.04 per cent and BSE Oil & gas Index gained ... Sensex ekes out fourth day of gainsNDTV.com all 233 news articles »

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Full Story: Sensex ends little changed; pharma, oil & gas up - Economic Times

Crude oil futures in New York were hovering around a 14-month high amid speculation that freezing cold temperatures in the US, the world's largest energy consumer, will increase the demand for heating oil. Improving outlook for the global economy also lifted the sentiment on crude.

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Crude oil for February delivery was at US$81.81 per barrel, up 30 cents, in electronic trading on the New York Mercantile Exchange at 11:44 a.m. Singapore time. Yesterday, the contract rose 2.7% to US$81.51 a barrel, the highest settlement since Oct. 9, 2008. Brent crude oil for February settlement was at US$80.46 a barrel, up 34 cents, on the London-based ICE Futures Europe exchange at 11:43 a.m. Singapore time.

Full Story: Oil prices climb on chilly weather; dollar slips - India Infoline.com

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NEW YORK (Dow Jones)--Crude futures are higher Monday, trading above $81 a barrel, bolstered by frigid temperatures across much of the northern hemisphere. Light, sweet crude for February delivery recently traded $1.93, or 2.4%, higher at $81.29 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded $1.91, or 2.5%, higher at $79.84 a barrel.

Full Story: OIL FUTURES: Oil Above $81/Bbl On Frigid Temperatures - Wall Street Journal

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SINGAPORE (Dow Jones)--Crude oil futures rose above $80 on the first trading day of 2010 as a colder-than-expected winter lifted expectations of stronger oil and natural gas demand in the U.S. On the New York Mercantile Exchange, light, sweet crude futures for delivery in February traded at $80.09 a barrel at 0656 GMT, up 73 cents in the Globex electronic session. It last settled above $80 on Nov. 4. February Brent crude on London's ICE ...

Full Story: OIL FUTURES: Crude Breaks $80 Resistance - Wall Street Journal

Interior Secretary Ken Salazar will unveil changes to federal leasing practices in January that are aimed at increasing confidence in the system, according to a report Sunday.

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"I think the uncertainty that has been pervasive over the last several years on oil and gas leasing has been brought about because there's been a rush to lease," Salazar said in a New Year's Eve interview with the Associated Press . "We are not just about the business of letting the oil and gas industry run the Department of Interior." Salazar, a centrist when he was a Colorado senator, has drawn attacks from oil and natural gas industry groups during his tenure as Interior Secretary under President Obama. The industry alleges he has stymied domestic exploration, pointing to decisions such as deferral and withdrawal of leases in Utah and extending review of Bush-era plans to expand offshore drilling.

Full Story: Salazar: Oil-and-gas leasing reforms on tap - The Hill (blog)

Belarus accused Russia of exerting "unacceptable" pressure in talks on oil prices, and said Sunday that Moscow's demands undermined attempts at closer economic integration between the two ex-Soviet neighbors.

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A Russian energy official, meanwhile, said the price arguments with Belarus wouldn't affect Russian oil exports to the West through the Belarusian pipeline. Russia is the main ally and sponsor of Belarus, but relations between the two ex-Soviet neighbors have been increasingly strained by financial arguments.

Full Story: Belarus assails Russia over oil talks - BusinessWeek

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Oil rises in Asia after US crude stockpiles fall BusinessWeek Oil prices headed toward $80 a barrel Thursday in Asia, the final day of trading for 2009, after US crude stockpiles fell for the fourth week in a row. ... OIL FUTURES: Crude Higher On Inventory Declines, Cold WeatherWall Street Journal Oil rises, poised for best year in decadeMarketWatch Oil nears $80CNNMoney.com domain-B -Wall Street Journal -MarketWatch all 2,071 news articles »

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Full Story: Oil rises in Asia after US crude stockpiles fall - BusinessWeek

MOSCOW, Jan 3 (Reuters) - Russia has halted oil supplies toBelarussian refineries after failing to agree terms for 2010,traders said on Sunday, threatening a repeat of a dispute whichdisrupted supplies to elsewhere in Europe three years ago.

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Deliveries to Belarus refineries were halted after talksbroke down on New Year's Eve, two traders from major Russian oilfirms told Reuters. Transit flows to other parts of Europe have not so far beenaffected, but Germany and Poland are closely watching thestand-off after supplies to some of their major refineries werecut during a similar row between Moscow and Minsk in January2007.

Full Story: Russia halts oil flows to Belarus refineries - Reuters

Associated Press Workers repaired the leakage on a diesel pipeline in Shaanxi province in China on Sunday.

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China has heavily polluted a tributary of the Yellow River, and threatens to reach one of the country’s longest and most important sources of water. China’s state-run news media said late Saturday that a “large amount” of diesel oil had leaked out of a pipeline last Thursday in Shaanxi Province.

Full Story: Large Oil Spill Reported in China - New York Times

BEIJING - A burst oil pipeline in north China has spewed thousands of liters of diesel into a major tributary of the Yellow River, state media said Sunday.

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The spill occurred on Wednesday last week on the Chishui river in Shaanxi province when a pipeline operated by the China National Petroleum Corporation (CNPC) ruptured, a statement on the Weinan city government website said. Emergency measures have been taken to stop the leak, with 23 containment belts set up downstream from the spill and up to 700 people scrambling to clean up the mess, the statement said.

Full Story: North China oil spill threatens Yellow River - Inquirer.net

SAN FRANCISCO (MarketWatch) -- A leak in a pipeline operated by China's largest oil and natural gas producer has left a large stretch of river in northern China polluted with diesel fuel, according to a report Saturday.

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Several trains accidents occur in different incidents in northern India leaving many trapped and a death toll expected to rise. Video courtesy of Reuters. An unknown amount has leaked into the Wei River in Shaanxi province from a pipeline operated by China National Petroleum Corp. since a construction accident on Wednesday, according to an Associated Press report.

Full Story: Oil leak pollutes stretch of Chinese river - MarketWatch

A deep recession, home foreclosures, job losses, swine flu — among the many things Americans had to fret about in 2009, the price of gasoline ranked pretty low.

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After topping $4 a gallon in 2008, U.S. gasoline prices failed to crack even the $3 mark last year, the first time in four years that hasn't happened. Held in check by lower oil prices and a sputtering economy, the national average price for gasoline — after starting the year at $1.62 — rose to $2.69 a gallon in October but never went higher, according to AAA statistics.

Full Story: Stable prices at the pump are lulling motorists - Houston Chronicle

By Chris Flood, Financial Times, 1 Jan 2010 Commodity markets ended 2009 on a high with US crude oil touching the $80 a barrel mark in the final trading session, while white sugar extended its record-breaking run and copper, lead and zinc all enjoying price gains of more than 100 per cent over the year.

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On New Year's eve, Nymex February West Texas Intermediate hit the $80 mark before settling 8 cents higher at $79.36 a barrel, a rise of 77.9 per cent in 2009. Oil prices were able to maintain upward momentum over the Christmas period amid ongoing tensions in Iran between opposition supporters and the government and by cold winter weather in the US, which has boosted demand for heating oil.

Full Story: Crude oil touches $80 as 2009 ends - Ninemsn

  New York – Oil prices ended 2009 with a bang, surging by about $10 a barrel in the final two weeks as the country cut into its hefty crude supply.

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On Thursday benchmark crude for February delivery added 8 cents to settle at $79.36 a barrel on the New York Mercantile Exchange. Crude barrels, which touched $80 earlier in the day, are 71 percent more expensive than they were at the beginning of the year. Retail gas prices finished the year with six straight days of price increases. The national average added 1.6 cents overnight to $2.639, according to AAA, Wright Express and Oil Price Information Service. A gallon of regular unleaded is 1.2 cents more expensive than a month ago and $1.022 more expensive than the same time last year.

Full Story: In brief: Oil prices rose sharply in 2009 - The Spokesman Review

NEW YORK (MarketWatch) -- Crude-oil futures ended Thursday slightly higher and marked their biggest yearly gain in 10 years, helped by a weaker dollar and hopes for an economic recovery. Natural gas fell after data showed inventories fell less than expected last week. Crude futures for February delivery ended up 0.1% at $79.36 a barrel on the New York Mercantile Exchange, after hitting $80.05 earlier in the session. Futures ended the year up 78%, the biggest gain since 1999.

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A late burst of selling leaves stocks with a hefty loss Thursday as traders take cash off the table at the... Emerging markets power international funds in '09 International-stock mutual funds were the best performers in a year when U.S. stock funds also soared, but...

Full Story: Oil edges up to mark best year in decade - MarketWatch