COASTAL PETRO NEWS - Learning about the industry from professionals

Client | links | Email
subglobal1 link | subglobal1 link | subglobal1 link | subglobal1 link | subglobal1 link | subglobal1 link | subglobal1 link
subglobal2 link | subglobal2 link | subglobal2 link | subglobal2 link | subglobal2 link | subglobal2 link | subglobal2 link
subglobal3 link | subglobal3 link | subglobal3 link | subglobal3 link | subglobal3 link | subglobal3 link | subglobal3 link
subglobal4 link | subglobal4 link | subglobal4 link | subglobal4 link | subglobal4 link | subglobal4 link | subglobal4 link
subglobal5 link | subglobal5 link | subglobal5 link | subglobal5 link | subglobal5 link | subglobal5 link | subglobal5 link
subglobal6 link | subglobal6 link | subglobal6 link | subglobal6 link | subglobal6 link | subglobal6 link | subglobal6 link
subglobal7 link | subglobal7 link | subglobal7 link | subglobal7 link | subglobal7 link | subglobal7 link | subglobal7 link
subglobal8 link | subglobal8 link | subglobal8 link | subglobal8 link | subglobal8 link | subglobal8 link | subglobal8 link


small logo

OIL FUTURES:Oil Futures Back Above $100/Bbl After Upbeat Jobs Report.

May 6, 2011

By Dan Strumpf
NEW YORK (Dow Jones)--Oil futures staged a rebound Friday, a day after their dramatic plunge below $100 a barrel, following a better-than-expected April jobs report.

Light, sweet crude for June delivery jumped $2.36, or 2.3%, to $102.18 a barrel on the New York Mercantile Exchange. The contract reversed earlier losses after falling as low as $94.63 a barrel intraday.

Brent crude on the ICE futures exchange advanced $3.22, or 2.9%, to $114.02 a barrel.

The Labor Department's upbeat report on April nonfarm payrolls pulled crude out of its lows. The agency said nonfarm payrolls rose 244,000 last month, with the private sector posting its strongest employment gain in five years.

Economists surveyed by Dow Jones Newswires had forecast payrolls would rise by just 185,000. The March data were revised upward slightly to show an increase of 221,000 jobs, from a previous estimate of 216,000.

"The sentiment has changed from yesterday," said Raymond Carbone, president of oil brokerage Paramount Options.

However, other points painted a mixed picture. Unemployment reached 9%, the Labor Department said, marking the first time monthly unemployment rose in five months.

Reports on the health of the economy of the U.S., the world's largest crude consumer, have taken on increased significance in the oil market recently amid fears consumers are balking at $4-a-gallon gasoline prices and demand isn't keeping up with elevated supply levels.

Such fears were the primary catalyst behind Thursday's sell-off, which spread across the commodities markets. A weak U.S. jobless claims report for last week and less-hawkish-than-expected comments on monetary policy from Europe's top central banker triggered the initial bout of selling, and the decline gathered steam as the day went on.

Crude prices gave up 8.6% Thursday, marking the biggest one-day percentage decline since April 2009. The Nymex contract settled below the psychologically important $100-a-barrel mark for the first time since March.

Market participants remain uncertain over whether crude prices have yet found a floor. Analysts at Goldman Sachs, however, said they were "wary" of future downside following such a dramatic decline.

"The sell-off yesterday has likely removed a large portion of the risk premium that we believe has been embedded in oil prices, which could suggest further downside may be limited from here," the analysts said in a research report.

Front-month June reformulated gasoline blendstock, or RBOB, recently rose 6.21 cent, or 2%, to $3.1575 a gallon. June heating oil climbed 5.12 cents, or 1.8%, to $2.9381 a gallon.

Statoil, Chesapeake adding Marcellus acreage

Mar 26, 2010
By OGJ editors
HOUSTON, Mar. 26 -- Statoil ASA has signed an agreement with Chesapeake Energy Corp., Oklahoma City, that will add 59,000 net acres to Statoil’s current 600,000 net acre positions in the Marcellus shale in the Appalachian basin.

Statoil put the transaction cost at $253 million, or $4,325/acre.

As part of Statoil’s 2008 joint venture agreement with Chesapeake, Statoil has the right to periodically acquire its share of leasehold that Chesapeake continues to acquire in the Marcellus shale. Statoil has now exercised such acquisition rights on a series of Chesapeake Marcellus shale acquisitions.

Statoil has seen encouraging production performance since the entry into the Marcellus play in late 2008. This new acreage is expected to strengthen Statoil’s position and its cooperation with Chesapeake as the largest lease holders in one of the most prospective US shale gas plays.

The acquisition will enable the partnership to optimize its development activity and secure additional developments in the play. Statoil expects to continue to grow its Marcellus position together with Chesapeake (OGJ, Feb. 1, 2010, p. 34).

Andy Winkle, vice-president for the Marcellus Asset, said, “We were an early mover into the Marcellus and we will continue to build a long term position in what we expect will become a legacy asset and reach our goal of 50,000 b/d of oil equivalent production by 2012.”

Saudi Arabia arrests al-Qaeda terrorists targeting oil installations

Mar 26, 2010
Eric Watkins
OGJ oil Diplomacy Editor

LOS ANGELES, Mar. 26 -- Saudi Arabia, continuing its long-standing efforts to protect the country’s oil facilities, announced the arrest of more than 100 suspected militants linked to the terrorist al-Qaeda organization.

Mansour al-Turki, spokesman for the ministry of interior, said the suspected terrorists “were targeting the oil facilities in the Eastern province, and they had plans that were about to be implemented.”

There was no statement concerning the exact date of the arrests or which oil installations were targeted.

The interior ministry said the arrests were carried out over a period of 5 months and resulted in the detention of 47 Saudis, 51 Yemenis, a Somali, an Eritrean, and a Bangladeshi.

Most of the militants were arrested in the southern province of Jizan, close to the border with Yemen. Belts of explosives, weapons, cameras, documents, and computers were also seized, the ministry said.

According to al-Turki, the investigation has so far revealed “correspondence between this organization and al-Qaeda's organization in Yemen.”

The Yemeni group, known as al-Qaeda in the Arabian Peninsula (AQAP), recently issued a manifesto aimed at disrupting oil shipping in and around the Arabian Peninsula, especially through the Bab al-Mandab Strait at the entrance to the Red Sea.

At the time, the Al-Quds al-Arabi newspaper said, "The organization does not need to recruit thousands but just few hundreds to implement some of its aims, among them infiltrating into the Kingdom of Saudi Arabia and the gulf countries where two thirds of the world's oil reserves are (OGJ Online, Feb. 15, 2010).”

Henry Wilkinson of Janusian Security Consultants said most indications are AQAP remains largely undiminished by counter-terrorist activity in Yemen and represents “a consistent if not growing threat to the oil sector and Western interests in the region.”

Justin Crump of the Stirling Assynt Business Intelligence Group agreed, saying the target is credible, as hitting the oil industry is “a persistent, stated objective of AQAP.” Crump added that an increase in “hostile reconnaissance” near oil sites was picked up nearly a year ago.

This week’s announcement follows a string of arrests and attacks by al-Qaeda in Saudi Arabia over the past several years.


Energy »

Controversy continues as U.S. LNG imports set to rise
[March 2010| No Comment | ]
Controversy continues as U.S. LNG imports set to rise

Proposals to build and operate liquefied natural gas (LNG) terminals worldwide continue to face opposition from government officials, citizens and environmental groups. Read more…

Energy, News »

Shell Adapts To New World
[29 Apr 2009 | Comments Off | ]

The oil major beats forecasts, but expect it to find extra cost savings this year as the industry slims down. With oil prices down 60.0% over the year, Big Oil is seeing a corresponding drop in profitability. Royal Dutch Shell announced on Wednesday a 61.6% slide in first-quarter profits, to $3.5 billion, only a day after BPsaid its own quarterly profits had fallen by 64.0% over the year. But like its rivals, Shell is building up its defensiveness and cutting costs–it just remains to be seen by how much.

Energy, News »

Venezuela oil company cuts costs as prices fall
[26 Apr 2009 | Comments Off | ]

Venezuela announced plans Friday to slash salaries and spending at its state oil company in a bid to save cash for refinery upgrades and other projects as oil income falls.

Oil Minister Rafael Ramirez said Petroleos de Venezuela SA will cut “excess” costs by $11 billion, about a tenth of last year’s estimated spending, freezing wages for its 75,000 employees and reducing salaries for all top officials, including himself, by 20 percent.

Energy, News »

Coal Prices Crumble
[26 Apr 2009 | No Comment | ]

Coal has seen better years. Arch Coal Chairman Steven Leer called 2008 a “transitional year” for the industry when the company reported last year’s earnings. The transition isn’t over and Arch management has been carefully keeping expectations low.

Energy, International Trade, News »

Crude futures rise another 2%, tracking stock gains
[26 Feb 2009 | No Comment | ]

Crude-oil futures rose to trade above $43 a barrel Thursday, buoyed by a decline in gasoline inventories as well as an impending higher open on Wall Street.

Energy, News »

Ukraine, Russia reach deal on natural gas
[18 Jan 2009 | No Comment | ]

Russia and Ukraine said Sunday they’ve reached a deal to resume the distribution of natural gas to Europe, ending a dispute that has disrupted the gas flow for about two weeks, hampering economic activity and leaving some people unable to heat their homes.

Under the agreement, Ukraine will get a 20% discount off European prices for Russian gas this year, and will pay European prices starting in 2010, reports said. Meanwhile, the transit fees Russia pays will remain unchanged from last year.

Energy, News »

Dubai and Nigeria sign $16bn pact
[18 Jan 2009 | 2 Comments | ]

Dubai and Nigeria have signed a preliminary agreement worth $16 billion to develop oil and gas infrastructure in Africa’s top crude producer.

The deal will see Dubai World Corporation (DWC) wholly-owned by the emirate, investing in projects in the restive Niger Delta, which accounts for nearly all of Nigeria’s around two million barrels of crude per day.

Energy, News »

ConocoPhillips chops jobs, spending
[18 Jan 2009 | No Comment | ]

ConocoPhillips announced late Friday it will cut 4%, or about 1,300 employees, from its payroll and slash capital spending this year to cope with falling oil prices and lower refining margins as a severe economic downturn saps global energy demand.
The company also warned it plans to take nearly $33 billion in non-cash, after-tax write downs in the fourth quarter to reflect the falling value of existing reserves and operations, including a $7.3 billion write-down of its stake in Russian oil company Lukoil.

Energy, News »

An Answer To Europe’s Gas Crisis
[17 Jan 2009 | No Comment | ]

Costs of restoring gas supplies will mostly likely come from European gas companies.

Who should pay for the cost of pumping gas through Ukraine? That’s been a major sticking point in resolving Europe’s gas crisis. Now, it seems that European gas companies will have to shoulder that responsibility, paying at least $800.0 million in additional costs.

Agroproducts, Energy, Finance, Gold »

Gold prices rebound as dollar sinks
[16 Jan 2009 | No Comment | ]

Gold prices rebounded Friday as the dollar gave back some of its recent gains and fell against other major currencies. Energy prices slipped, while agriculture futures rose.

Gold, which investors often use as a hedge against inflation, tends to move inversely with the dollar. The greenback has gained strength in recent months as currencies around the world weakened due to the worsening economic outlook. But the dollar changed direction Friday, falling against the euro, British pound and Japanese yen in response to the U.S. government’s latest efforts to help prop up the ailing financial industry.


Coastal Petro LLC - Providing you news you can use!

Who is doing What...In Oil?

Houston tank farms are on the growing spurt of introducing a multi-million metric ton farm in the port of Houston. Sources say that this should be ready in a short period of time to allow oil companies to purchase in advance to ensure construction periods are met. Through this Coastal Petro is helping to provide those sales through united efforts and bring people forward through our initial broadcasts and news clippings. For more Information on details - email us at .

Platt prices will be listed here shortly on a daily basis to prove all parties a chance to know what is going on in the market place and assisting those in need of making decisions without the high priced purchase of ticket for pricing. We intend to provide a valueable piece of information to our viewers and it will only cost you a registration submission to keep current and have updated emails when pricing changes. .

Visual Officer - Security from the Sky turns companies to watch hounds The Chicago based company called Visual Officer, know for advanced security surveillance has turned a new deminsion in assisting businesses by using high performance camera.. Visual Officer allows end users to place strategic cameras in locations around the world or at ports to provide a clear shot of a dipstick test or unloading of a super tanker from the comfort of their desk in real time. .

Pipeline and Immigration More people are turning to the immagration lawyers for their ability to get work permits for pipeline people. Legal teams are gettin hit by pipeline companies to get their employees in the particular countries. .

Emerging Offices - A Force to be recognized with... As the demand for solid contracts increase in the refind oil products, CPllc has joined forces with the other major people in the industry to confirm to the ultimate selling machine. Coastals grow spurt has increase 10 fold with the new partners being added into the mix to reduce the amount of competition. A force to be reckoned with.

Tank Farm - Filling a position Coastal petro is in the position of selling tank farm spots in advance and has authority to work on pre-sales for the tanks not built yet but can pre-sell them up to approx three million tons of space. Of course this is all on first come first serve.

Oil on the Coast - BP digs deep Hitting the main bunker housing approx 6 B in oil last week, BP is now reaching deepth never before used in water and and massive rush to go deeper is in progress. This amount of oil sources say, can supply the USA with oil for about one year with out importing anything and providing refinery's in the USA to benefit.

Naked Truth - Coastal Petro LLC. We are working to provide writers and give updates to the industry through writing and video to give our clients and viewers the naked truth. Please check back soon

About Us | Site Map | Privacy Policy | Contact Us | ©2010 Coastal Petro LLC - News