Joshua's Feed
Apr 6, 2011

Brent’s surge above $120 seen stalling, but not for long

NEW YORK/LONDON (Reuters) – Brent’s four-day rally to above $120 a barrel will soon fizzle out, a majority of traders and analysts say. But it will roar back above $130 a barrel in the second half of this year with no end in sight for unrest in the Middle East.

That’s the scenario most commonly foreseen by 32 major oil traders, bank analysts and hedge fund managers surveyed by Reuters since Monday, in a poll launched after Brent jumped by $7 in just four sessions to hit a 2-1/2-year high.

Apr 1, 2011

Natgas evangelist Pickens gains a convert in Obama

NEW YORK (Reuters) – This week when President Barack Obama touted an initiative to slash U.S. oil imports by a third by 2020, he gave a major nod to a billionaire financier who could be central to the plans.

T. Boone Pickens, 82, a Texas hedge fund manager and former corporate raider who made his billions in the U.S. oil patch, is now a leading evangelist for U.S. natural gas.

Mar 29, 2011

Saudi scrambles to maintain spare oil capacity

NEW YORK/ABU DHABI (Reuters) – Saudi Arabia’s plans to expand its drilling rig count by 28 percent signal a rush to deliver the 12.5 million barrels a day (bpd) of capacity that Riyadh has long claimed is in place.

Two Saudi officials told Reuters on Tuesday that the extra rig activity would maintain rather than increase the kingdom’s oil capacity. It completed a multi-year expansion in 2009 meant to boost spare capacity by more than 3 million barrels per day.

Mar 28, 2011

Saudi Arabia prepares massive oil rig boost-report

NEW YORK, March 28 (Reuters) – Saudi Arabia, the world’s
top oil exporter, has unexpectedly called on top oilfield
service companies to help quickly boost the country’s oil rig
count by 30 percent to expand production capacity, Simmons & Co
analyst Bill Herbert said on Monday.

Saudi state-run oil giant Aramco met with leading oil
service companies, including Halliburton (HAL.N: Quote, Profile, Research, Stock Buzz), over the
weekend to announce ambitious plans to increase its rig count,
Herbert wrote in a research note.

Mar 28, 2011

Brent steady, U.S. oil pares loss in anemic volume

NEW YORK (Reuters) – Brent was flat and U.S. oil pared losses on Monday in the weakest trading volume this year, with traders awaiting further evidence that Libya could resume crippled oil exports after rebels regained key territory.

A weaker U.S. dollar and upbeat U.S. pending home sales pulled oil prices back from earlier losses. Growing speculation that the European Central Bank will raise interest rates as early as next month supported the euro.

Mar 24, 2011

Some ships avoid Tokyo Bay ports on radiation fear

BERLIN/NEW YORK, March 24 (Reuters) – German shipping
companies are avoiding Tokyo Bay area ports due to radiation
fears and Japan could face severe supply chain bottlenecks as
vessels get diverted, ship industry officials said on
Thursday.

Any logistical setbacks could mean major delays and
seaborne congestion at Japan’s terminals including Tokyo,
hindering recovery efforts in the wake of the March 11
earthquake.

Mar 22, 2011

Oil rises as Yemen unrest escalates, dollar falls

NEW YORK (Reuters) – Oil rose on Tuesday, reversing earlier losses, as unrest in Yemen threatened to further crimp energy exports from the Gulf region and the U.S. dollar weakened to a 15-year low on recovering risk appetite among investors.

French oil giant Total warned customers for liquefied natural gas from its Yemen LNG project that shipments from the exporting country could face cuts, although they remain normal for now, due to escalating political unrest.

Mar 14, 2011

World at risk of another food crisis: FAO

ABU DHABI (Reuters) – Surging global prices of basic foodstuffs raise the risk that the food crisis of 2007-2008 in developing countries will be repeated, the head of the U.N.’s Food and Agriculture Organization said on Monday.

A jump in oil prices and the fast recent drawdown in global stocks of cereals could herald a supply crisis, FAO Director General Jacques Diouf told Reuters in an interview during a visit to the United Arab Emirates.

Mar 14, 2011

World faces risk of another food crisis – FAO

ABU DHABI (Reuters) – Surging global prices of basic foodstuffs raise the risk that the food crisis of 2007-2008 in developing countries will be repeated, the head of the U.N.’s Food and Agriculture Organization said on Monday.

A jump in oil prices and the fast recent drawdown in global stocks of cereals could herald a supply crisis, FAO Director General Jacques Diouf told Reuters in an interview during a visit to the United Arab Emirates.

Mar 3, 2011

Violence puts Libyan oil industry in harm’s way

DUBAI (Reuters) – As Libya’s embattled leader pelts rebel strongholds with bombs near the country’s coastal oil export hubs, the risk of long-term damage to the OPEC country’s oil industry is rising.

Libya’s battle lines are shifting daily, with rebels in tenuous control of the east, but the fighting is increasingly taking place near oil industry infrastructure on the coast.