Olieprijs op 55 dollar; OPEC verlaagt productie

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The oil and gas rig count, which is the number of rigs currently online, is widely regarded as an important indicator in

assessing the health of the oil industry. It can give investors and companies an idea of current demand, as well as provide

clues for the immediate future.
Baker Hughes: Weekly Rig Count

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Op dinsdag 26 augustus 2008 18:04 schreef kortsluiting87 het volgende:
TS is blackgold van een ander, niet nader te noemen, forum?

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TEHRAN - Iran’s oil minister said on Monday he expects OPEC to work on preventing the falling trend in crude prices and also to study oversupply in the market when it meets in September, oil ministry news website SHANA said.


Iran is traditionally a price hawk and has been at the forefront of rejecting calls for more output from consumers such as the United States, even when prices surged to a record $147 a barrel, a level from which they have now tumbled.

Iran has previously said the market was oversupplied by about 1 million barrels per day (bpd).

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SAN FRANCISCO (MarketWatch) -- Crude-oil futures climbed Tuesday on concerns that Hurricane Gustav will threaten oil production in the Gulf of Mexico, but prices closed off the day's high and fell in electronic trading after the U.S. Energy Department reported weaker year-over-year domestic demand for oil.

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Aug. 26 (Bloomberg) -- Evacuations of offshore oil and gas rigs and platforms in the Gulf of Mexico will begin tomorrow in preparation for Hurricane Gustav, which may become the strongest storm to hit the region in almost three years.

Transocean Inc., the world's largest offshore oil driller, has begun suspending operations in the Gulf. Royal Dutch Shell Plc is ``making logistical arrangements to evacuate staff who are not essential to production or drilling operations,'' spokesman Destin Singleton said in an e-mailed statement today.

``Shell generally leads off'' the evacuations, said Jim Shugart, executive vice president of ERA Helicopters LLC, which ferries workers to and from offshore facilities. ``They have by far the majority of workers out there and they figure it takes them four to four and a half days to evacuate everybody.''

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MEXICO CITY, Aug 26 (Reuters) - Crude output from Mexico's struggling Cantarell oil field fell for the 10th month in a row in July to 974,000 barrels per day, energy ministry data showed on Tuesday.

The fading jewel of Mexico's oil industry, Cantarell is now producing half what it was yielding at its 2004 peak, pulling down overall output in the world's No. 6 oil-producing nation and threatening Mexico's status as a top U.S. supplier.

The steady decline of around 15 percent annually in the field's output has pressured the divided Congress to tweak laws in the closed energy sector. The government, with backing from centrists, hopes to push a bill through Congress to allow more private participation in the state-run oil business.
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Output at Cantarell, a shallow field in the southern Gulf of Mexico, fell in July from 1.018 million bpd in June.

Cantarell, for years the source of 60 percent of Mexico's crude, accounted for 35 percent of Mexico's overall July oil output, down from 36 percent in June.

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The airlines are grounding planes and laying off thousands of workers to save money in the face of higher fuel bills.

The Air Transport Association, a trade group for the big carriers, expects U.S. airlines to spend $61.2 billion this year on fuel, up from $41.2 billion last year.

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During a speech in Lansing, Mich., Obama said he’d like to release up to 10 percent of the 700 million barrels of oil kept in salt caverns in Texas and Louisiana. Obama also called for a revival of the windfall profits tax on oil companies.
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Among the short-term parts of his plan, Obama said: “We should sell 70 million barrels of oil from our Strategic Petroleum Reserve for less expensive crude, which in the past has lowered gas prices within two weeks
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The tax would target “big oil to give families a thousand-dollar rebate,” an announcer in the ad says. Obama has pushed for such a tax to fund $1,000 emergency rebate checks for consumers besieged by high energy costs.

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Fears are mounting that Russia may restrict oil deliveries to Western Europe over coming days, in response to the threat of EU sanctions and Nato naval actions in the Black Sea.

Any such move would be a dramatic escalation of the Georgia crisis and play havoc with the oil markets.

Reports have begun to circulate in Moscow that Russian oil companies are under orders from the Kremlin to prepare for a supply cut to Germany and Poland through the Druzhba (Friendship) pipeline. It is believed that executives from lead-producer LUKoil have been put on weekend alert.

"They have been told to be ready to cut off supplies as soon as Monday," claimed a high-level business source, speaking to The Daily Telegraph. Any move would be timed to coincide with an emergency EU summit in Brussels, where possible sanctions against Russia are on the agenda.

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Tropical Storm Gustav hasn't deviated from its "very ominous" track toward the U.S. coast of the Gulf of Mexico, and is likely to strengthen into a major hurricane before making landfall, a private forecaster said Thursday.

"This storm remains likely to explode into a major hurricane as it moves across the northwestern Caribbean and into the Gulf over the weekend," said Jim Rouiller, a senior energy meteorologist with weather forecasting firm Planalytics.
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The US oil and gas industry began to shut down production in the Gulf of Mexico yesterday after forecasters predicted that tropical storm Gustav would be a hurricane when it hit the region.

Royal Dutch Shell and ConocoPhillips led the majors in evacuating personnel and ceasing production.

The Gulf produces 20 per cent of US oil and gas supplies. Prices in New York topped $120 a barrel but fell after the International Energy Agency said strategic stocks would be released if disruptions were serious.

Jeffrey Rubin, chief economist at CIBC World Markets, said production had not returned to the 2005 levels before Katrina and Rita struck. The Gulf produces 1.3m barrels per day of oil, down from 1.6m then.
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BISMARCK, N.D. - Industry officials say they are mystified by fuel shortages at terminals in the Upper Midwest in recent days, but they expect enough supplies for the Labor Day holiday weekend.

Terminals have run out of fuel in West Fargo and Grand Forks in North Dakota; Alexandria, Minn.; and Sioux Falls, S.D.

Officials are trying to figure out why.
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DUBAI (Reuters) - China crossed the line first in the race for big oil contracts in post-Saddam Iraq and has gained a head start over Western oil majors in the competition for future energy deals.

China's biggest oil company, state-run CNPC, agreed a $3 billion service contract with Iraq on Wednesday.
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Starved of investment since the Gulf War of 1990-1991 and the subsequent U.S.-led invasion of 2003 that removed former President Saddam Hussein, Iraq holds some of the world's last large, cheap, untapped oil reservoirs.
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Op vrijdag 29 augustus 2008 10:42 schreef Q. het volgende:
Europa / de NAVO is gewoon heel dom bezig met die bedreigingen richting Rusland, we zijn enorm afhankelijk van ze (geworden)...

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``The emerging markets in general have a lot more risk than people are factoring in over the next 12 months. But I think Russia particularly could really shock some people on the downside'' because ``there's no transparency, no business ethics,'' and ``it is very resource-dependent.''
Bron: Michael Aronstein, chief investment strategist at Oscar Gruss & Son Inc.

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Op vrijdag 29 augustus 2008 11:13 schreef RM-rf het volgende:
met daadwerkelijk aanbod heeft de olieprijs als deze boven de 100 dollar komt, weinig meer te doen

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Op zaterdag 30 augustus 2008 22:49 schreef SeLang het volgende:

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Had ik dus toch wat oliecontractjes moeten kopen
Er was een tijd dat ik gewoon 4000 barrels kocht om te gokken op dit soort dingen.
Sometimes you win, sometimes you lose, maar het blijft dus gewoon gokken.

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British oil group BP and US rivals ConocoPhillips and Shell on Thursday evacuated workers from their energy installations in the Gulf of Mexico, as Tropical Storm Gustav loomed.
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According to oil industry analyst Andy Lipow, based in Houston, Texas, Gustav could interrupt 75 percent of the Gulf's crude oil production, or more than one million barrels per day.

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Graphic below is damage models based on official NHC hurricane forecast track, key is below. Numbers are below the fold.

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Op maandag 1 september 2008 13:06 schreef SeLang het volgende:
Olieprijs daalt.
Nu $114.76

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Op maandag 1 september 2008 13:19 schreef SeLang het volgende:
Nu zelfs $113.73
Maar de handel is nu erg dun dus dat zegt niet zoveel.

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Oil prices touched a fresh record high of $68 a barrel last week, as Hurricane Katrina approached the region.

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Prices had reached as high as $70.85, an intraday high on Nymex, although still below the inflation-adjusted high of about $90 a barrel that was set in 1980.

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Shell, the Gulf's largest producer, said two of its drilling rigs were adrift. It had evacuated almost 1,000 employees and shut down production of 420,000 barrels a day.