Oil: news and chart.
June 21 (Bloomberg) -- Chevron Corp.'s Nigerian unit halted onshore oil production after one of its pipelines in Delta state was ``breached'' by a suspected act of sabotage.
About 120,000 barrels a day of crude have been halted by the blowing up of the pipeline, Agence France-Presse reported today.
June 21 (Bloomberg) -- Saudi Arabia, which convenes a meeting of government and business leaders tomorrow to discuss world energy markets, will raise its oil output by 2 percent in July, the country's oil minister said.
The kingdom will add 200,000 barrels of oil to its daily production next month, taking its total to 9.7 million barrels a day, Ali al-Naimi told reporters in Jeddah, Saudi Arabia today. State-owned Saudi Aramco will soon add 500,000 barrels, or 4.6 percent, to the kingdom's total production capacity with its Khursaniyah field.
Two competing stories, you do the math. The Saudis move is expected, is it priced in?
The trading range is broad, between 130.80 and 139.12, with a fulcrum at 135.09. Moving average support is the 20 dma at 131.65. Battle lines are drawn.
Those of us who actually do research wonder why oil companies are not drilling right now in the millions of acres they already lease:
(Bloomberg): Bush and his fellow Republicans are seeking to portray Democrats as standing in the way of measures to help lower gasoline prices. Bush's move carries some risk as well, because offshore exploration has faced opposition in Florida, which will be a battleground in the presidential campaign.
Use It or Lose It
Rahall and other Democrats are sponsoring legislation that would force the oil companies to drill on lands already leased.
``Simply put, we are telling Big Oil to use it, or lose it,'' Rahall said in the Democratic Party's weekly radio address. ``They would either have to produce from these lands, show they are being diligent in their development, or give up the right to control even more federal energy resources.''
Rahall said Democrats are planning to introduce legislation that would ``shine the light on speculators that have driven up the price of oil'' and reduce fares for mass transit.
The oil companies are able to drill in areas of the Gulf of Mexico and around Alaska. The Republican proposal would allow drilling along the entire Outer Continental Shelf, including along both the East and West coasts.
Rahall said an investigation by his committee showed that more than 80 percent of the estimated oil and gas on federal land is already available for drilling or will be in the near future, all without challenge from environmentalists.
About 120,000 barrels a day of crude have been halted by the blowing up of the pipeline, Agence France-Presse reported today.
June 21 (Bloomberg) -- Saudi Arabia, which convenes a meeting of government and business leaders tomorrow to discuss world energy markets, will raise its oil output by 2 percent in July, the country's oil minister said.
The kingdom will add 200,000 barrels of oil to its daily production next month, taking its total to 9.7 million barrels a day, Ali al-Naimi told reporters in Jeddah, Saudi Arabia today. State-owned Saudi Aramco will soon add 500,000 barrels, or 4.6 percent, to the kingdom's total production capacity with its Khursaniyah field.
Two competing stories, you do the math. The Saudis move is expected, is it priced in?
The trading range is broad, between 130.80 and 139.12, with a fulcrum at 135.09. Moving average support is the 20 dma at 131.65. Battle lines are drawn.
Those of us who actually do research wonder why oil companies are not drilling right now in the millions of acres they already lease:
(Bloomberg): Bush and his fellow Republicans are seeking to portray Democrats as standing in the way of measures to help lower gasoline prices. Bush's move carries some risk as well, because offshore exploration has faced opposition in Florida, which will be a battleground in the presidential campaign.
Use It or Lose It
Rahall and other Democrats are sponsoring legislation that would force the oil companies to drill on lands already leased.
``Simply put, we are telling Big Oil to use it, or lose it,'' Rahall said in the Democratic Party's weekly radio address. ``They would either have to produce from these lands, show they are being diligent in their development, or give up the right to control even more federal energy resources.''
Rahall said Democrats are planning to introduce legislation that would ``shine the light on speculators that have driven up the price of oil'' and reduce fares for mass transit.
The oil companies are able to drill in areas of the Gulf of Mexico and around Alaska. The Republican proposal would allow drilling along the entire Outer Continental Shelf, including along both the East and West coasts.
Rahall said an investigation by his committee showed that more than 80 percent of the estimated oil and gas on federal land is already available for drilling or will be in the near future, all without challenge from environmentalists.
This entry was posted
on Saturday, June 21, 2008 at 6/21/2008 02:09:00 PM.
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