U.S. Stocks Rally On Oil, Bond Insurer Plan ·
The Dow Jones Industrial Average surged 401 points, or 4.7%, in the last hour of trading Thursday as oil retreated below $70 a barrel and bond insurers confirmed they are working on a plan to sell troubled assets to the U.S. Treasury. (Bloomberg)
October 16, 2008
Oil
Middle East Sovereign Funds Hoard Cash ·
Middle Eastern sovereign wealth funds are reportedly hoarding cash amid losses on investments in Merrill Lynch and Citigroup. The Kuwait Investment Authority told U.S. bankers last week it has no desire to buy distressed financial companies. (NYT)
Russian Oil Giants Seek Gov’t Aid ·
Russia's four oil majors are asking Moscow for help to cover $80 billion in international loans. Gazprom, Rosneft, Lukoil and TNK-BP say they need the help to avoid cutting output. (Barents Observer)
The Myth Of Election Year Price Manipulation ·
U.S. oil companies control so little of the world oil market now that they couldn't manipulate gas prices to sway an election even if they wanted to. (The Oil Drum)
Regal Petroleum Bid Seen, Shares Jump ·
Regal Petroleum's shares jumped 30% in London trading after the British oil company said several companies have approached it about a takeover or asset sale. Royal Dutch Shell, Gazprom and Lukoil are rumored to be among the interested parties for Regal, which is active in Ukraine. (FT)
ANALYSIS: Expect Oil To Fall Further ·
Crude oil prices have fallen sharply since their peak in July, and Columbia Business School Professor Geoff Heal thinks they will continue to sink for the next six to 12 months, (Public Offering)
U.S. Weighs Georgia Request For SPR Oil ·
The Bush administration is weighing a request by Georgia Governor Sonny Perdue for oil from the United States' strategic petroleum reserve to ease gas supply problems in the state. The Energy Department has released 4.79 million barrels from the SPR to mitigate disruptions after hurricanes Gustav and Ike. (Bloomberg)
Crude Oil Slides $5 On Market Woes ·
Crude oil and home heating oil are both trading lower on concerns about the global economic outlook. NYMEX front-month crude futures had fallen $5.35 a barrel to $101.54 by late morning on Monday. (Platts)
Russia, Venezuela To Cooperate On Energy ·
Russia and Venezuela have agreed to cooperate in oil and natural gas development. Presidents Dmitry Medvedev and Hugo Chavez met in Siberia Friday to ink a deal that also includes a $1 billion loan for Venezuela to buy Russian weapons. (Platts)
Chevron Boosts Kazakh Oil Output With New Technology ·
A Chevron-led joint venture has raised output at an oil field in Kazakhstan that is estimated to be the world's sixth largest. Using a new technology, sour gas injection, the JV raised production to about 540,000 barrels per day, up from 400,000. (San Francisco Business Times)
Oil Downturn Cost Pickens Funds About $1B ·
Wrong-way bets on oil prices have cost billionaire investor T. Boone Pickens a bundle. One of his hedge funds is down almost 30% and another is down 84%, with total losses of about $1 billion. (WSJ)
Oil Retreats After One-Day Surge ·
Crude oil futures fell slightly on Tuesday, tempering Monday's dramatic surge. The November delivery contract fell 2.5% to $106.61 a barrel by early afternoon. (Bloomberg)
FEATURE: Matt Simmons, Peak Oil’s Prophet ·
With crude oil posting its biggest one-day gain ever today, there may soon be more converts to the views of Matt Simmons. The investment banker to the energy industry and one of the leading voices of the peak oil movement says $500 a barrel oil is coming. (Fortune)
Oil Posts Biggest One-Day Gain Ever As Dollar Slides ·
Crude oil prices posted their biggest one-day gain ever, surging $25 a barrel as the dollar weakened drammatically against the euro. October contracts, which close today, had the biggest gains, rising 17%. (Bloomberg)
OPINION: Oil Won’t Be A Wedge Issue For Republicans ·
The Republican Party wants to make oil a critical issue in the 2008 election. But with demand and oil prices down and American consumers skeptical of claims that more drilling will lower gas prices, it's a dubious platform, opines blog Red, Green, and Blue.