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News from October 2004

Natural Gas and Oil BTU price converge

Natural Gas and Oil BTU price converge thumbnail

NYMEX Natural Gas pricing for January & February Delivery are an unusual position. For the past few years, producers of Natural Gas have bragged about how much cheaper Natural Gas is to Crude Oil on a $/mmBTU basis. As of the closing of the NYMEX pit session on Tuesday, 10/27/04, January Crude settling at $52.17/barrell […]


U.S. Overestimates Future Middle East Production

U.S. Overestimates Future Middle East Production thumbnail

Quoting Marketplace’s David Brown: ‘Let me read from the part of that book that might give you pause. And I quote: “many reports suggested that higher energy costs were constraining consumer and business spending”. Translation: Fed officials may be worried about how ‘high oil prices’ will affect the economy’s health.’ Audio: http://www.marketplace.org/play/audio.php?media=/2004/10/27_mpp&start=00:44.0&end=08:10.0


NZ has time to prepare for future oil crisis – Energy Minister

NZ has time to prepare for future oil crisis – Energy Minister thumbnail

Mr Hodgson said the discussion document had deliberately steered away from extreme positions, though it acknowledged the world and New Zealand faced serious problems. “We have been careful to neither deny nor catastrophise…we have two very substantial problems as big as problems get, you could argue,” Mr Hodgson said. Oil production would peak and climate […]


Making a meal of oil reserves

Making a meal of oil reserves thumbnail

A study of the organisms that “eat” about half the world’s reserves of oil provides another intriguing contribution to understanding of the extent of global resources. There are many known examples of reserves that have been degraded by bacteria, a microbial diet with huge economic implications because the oil is made less valuable, though methane […]


Wall Street Jounal mentions US oil peak

Wall Street Jounal mentions US oil peak thumbnail

Today’s Wall Street Journal publishes an inflation adjusted historical graph of oil prices going back to 1970, in a story “Refinery Slowdowns May Push U.S. Heating-Oil Prices Higher”. The caption on the graph states: 1970 U.S. oil output peaks and begins a long declinehttp://online.wsj.com/documents/WSJ_Oilprices_102604.pdf


Ex-Saudi Oil Exec Criticizes US Govt Oil Supply Forecast

Ex-Saudi Oil Exec Criticizes US Govt Oil Supply Forecast thumbnail

“The whole industry laughs at it,” said Sadad Al-Husseini, former executive vice president of exploration and production at Aramco, the world’s biggest oil company.10-27 11:08: Ex-Saudi Oil Exec Criticizes US Govt Oil Supply Forecast DJ Ex-Saudi Oil Exec Criticizes US Govt Oil Supply Forecast LONDON (Dow Jones)–The former head of Saudi Arabian Oil Co.’s (SOI.YY) […]


Gulf Pipeline Disaster Revealed; SPR Tap Possible

Gulf Pipeline Disaster Revealed; SPR Tap Possible thumbnail

Mudslides and other problems may have seriously disrupted gulf production:

http://www.rigzone.com/news/article.asp?a_id=17581


Summary of Weekly Petroleum Data for the Week Ending October 22, 2004

Summary of Weekly Petroleum Data for the Week Ending October 22, 2004 thumbnail

With imports and production increasing last week, motor gasoline inventories rose by 1.3 million barrels, and are in the middle of the average range. Distillate fuel inventories fell for the sixth week in a row, dropping by 2.4 million barrels, and are below the lower end of the average range for this time of year. […]


OPEC urges US to use Strategic Reserves

OPEC urges US to use Strategic Reserves thumbnail

JAKARTA (Reuters) – OPEC took the unprecedented step of urging the United States to tap its emergency crude reserves to bring down world oil prices. Purnomo Yusgiantoro, the president of the Organization of the Petroleum Exporting Countries, said on Wednesday he had approached Washington to suggest the move to force prices down from $55 a […]


Channel 4 News Special Report: Oil Supplies

Channel 4 News Special Report: Oil Supplies thumbnail

SADAD AL-HUSSEINI: They’re not only overestimating the Middle East, but they overestimate non-Opec, they overestimate Russia, they overestimate the whole global resource base. And I think this is a rather dangerous situation for the US government policy to be based on. http://www.odac-info.org/bulletin/C4Transcript.htm


Gulf Pipeline Disaster Revealed; SPR Tap Possible

Gulf Pipeline Disaster Revealed; SPR Tap Possible thumbnail

Some traders are handicapping the possibility of the U.S. tapping the Strategic Oil Supply. With one week to go before the election, and with long-term problems now being fully catalogued, the scenario becomes possible. Rigzone


10-27 09:00: US DOE Oil Data: API-DOE Comparison For Wk Ended Oct 22

10-27 09:00:  US DOE Oil Data: API-DOE Comparison For Wk Ended Oct 22 thumbnail

10-27 09:00: US DOE Oil Data: API-DOE Comparison For Wk Ended Oct 22 10-27 09:00: US DOE Oil Data: API-DOE Comparison For Wk Ended Oct 22 DJ US DOE Oil Data: API-DOE Comparison For Wk Ended Oct 22 In 1,000 barrels per day. R denotes revised. ———API——– ———DOE——— 10/22/04 10/15/04 chg : 10/22/04 10/15/04 chg […]


Recent moves by Fed and OPEC point to American decline

Recent moves by Fed and OPEC point to American decline thumbnail

Much has been made of the Peak Oil crisis and the potential shift of world oil currency from USD to EURO or, potentially, another currency. But Randall Bornemann raises other intriguing issues such as China’s massive holdings of US debt and the Fed’s move to increase liquidity of the national money supply… [By Randall Bornemann […]


Instability looms as currencies slide

Instability looms as currencies slide thumbnail

Economic instability looms as major currencies seem to be racing each other to the bottom of the pile. This is the flavour of the markets at the moment. All topped of with a sprinkling of light sweet crude oil.

Rising energy costs are also throwing a huge spanner in the works. The IEA report World Energy Outlook believes there will be a staggering 59% increase in demand by 2030.

It says this requires investment of about $592 billion each year until then, or a total of $16 trillion.

Aljazeera.net


BP: Oil at $30!

BP: Oil at $30! thumbnail

AFX-UK LONDON Petroleumworld.com 10 27 04 BP PLC chief executive Lord Browne said demand is likely to keep the price of oil at around 30 usd a barrel over the next four years. ” On the basis of the recent track record and the supply-demand balance, oil prices have a support level of around 30 […]


Putin – Why Not Price Oil In Euros?

Putin – Why Not Price Oil In Euros? thumbnail

President Vladimir Putin said Thursday Russia could switch its trade in oil from dollars to euros, a move that could have far-reaching repercussions for the global balance of power — potentially hurting the U.S. dollar and economy and providing a massive boost to the euro zone.“We do not rule out that it is possible. That […]


ATA Airlines files for Chapter 11 amid costly fuel and lower demand

ATA Airlines files for Chapter 11 amid costly fuel and lower demand thumbnail

“Excess capacity, extremely high fuel prices, which continue to escalate, and declining fares have necessitated that all airlines, including ATA, re-examine their business,” George Mikelsons, CEO of ATA Holdings, said in a statement. http://money.cnn.com/2004/10/26/news/midcaps/ata/index.htm?cnn=yesATA Airlines files for Chapter 11 Airline files for bankruptcy protection from creditors amid costly fuel and lower demand. October 26, 2004: […]


Oil supplies ‘over-estimated’ : Channel4.com

Oil supplies ‘over-estimated’ : Channel4.com thumbnail

Oil supplies ‘over-estimated’ Economy Published: 26-Oct-2004 By: Liam Halligan Channel 4 News has been told by a top Saudi oil industry insider that the American government’s forecast for future oil supplies are a “dangerous over-estimate”. Sadad Al Husseini has just retired as vice-president of the Saudi oil company Aramco. His comments could have a significant […]


The Athabasca Oilsands

The Athabasca Oilsands thumbnail

As a new member from oil-rich Alberta, Canada, I’m also aware that even our vast resources within the Athabasca Tar Sands is finite and will be exhausted in the not too distant future. I recently took a tour of the huge Syncrude project on Septermber 17 this year. Current extraction (at huge expense) is about […]


Opec asks US to release emergency oil stocks

Opec asks US to release emergency oil stocks thumbnail

The president of the Organization for Petroleum Exporting Countries (Opec) on Wednesday urged the United States to release some of its emergency crude oil stocks. “I am always asking them to do that,” Purnomo Yusgiantoro told reporters. The statement came as dealers said crude oil prices retreated slightly in Asian trade after the world’s largest […]


IEA Sees ‘Looming Crisis’ As Oil Data Worsens

IEA Sees ‘Looming Crisis’ As Oil Data Worsens thumbnail

LONDON (Dow Jones)–The International Energy Agency warned Tuesday of “a looming crisis” in its widely watched energy data, conceding its ability to measure oil-market fundamentals may actually have worsened recently as less-transparent developing countries are consuming more of the world’s petroleum. 10-26 11:34: UPDATE: IEA Sees ‘Looming Crisis’ As Oil Data Worsens DJ UPDATE: IEA […]


New IEA Report on Energy – ”Reassuring” or ”Anything But”?

New IEA Report on Energy – ”Reassuring” or ”Anything But”? thumbnail

The International Energy Agency (IEA) just released its new report, “World Energy Outlook 2004″ The BBC says: “The world’s reliance on oil and gas is set to increase sharply as global energy demand soars by 60% over the next 25 to 30 years, an influential report predicts. “Fossil fuels will continue to dominate global energy […]


Waving goodbye to oil

Waving goodbye to oil thumbnail

Soaring oil prices have convinced governments of the need for a change in energy technology – the race to build wave and tidal stream machines is on.

Proponents say if they harnessed the energy of the ocean, they could have enough energy to power the planet. Britain’s available wave power alone has been estimated to be around double the country’s energy consumption.

Aljazeera.net


Stocks Higher Despite Oil Uncertainty

Stocks Higher Despite Oil Uncertainty thumbnail

Wall Street meandered higher Tuesday despite uncertainty over oil prices and a drop in consumer confidence. Insurance stocks rallied a day after Marsh & McLennan Cos. Inc. fired its chief executive in the face of an ongoing probe.

http://biz.yahoo.com/ap/041026/wall_street_7.html


Gas Prices Surge 30 Cents In One Day

Gas Prices Surge 30 Cents In One Day thumbnail

Anxious drivers swarmed Terre Haute gas stations Monday to try to fill their vehicles before fuel prices shattered the $2 mark.A sudden surge in prices at some stations had motorists hurrying to beat the price change at the less expensive pumps. At Thornton’s at Third and Voorhees streets, cars were lined up at the pump […]


Andrew McKillop: Demographic Oil Demand and Peak Oil

Andrew McKillop: Demographic Oil Demand and Peak Oil thumbnail

Making the case for energy transition and sustainable development is difficult, if not impossible, with political leaderships in the richworld drugged by the irrational slogans of ‘New’ Economics and so-called globalization. The likely, near-term oil spikes and shocks due to emerging supply deficits (which also apply to natural gas) may break the policy stranglehold that has descended like night on serious study, and action.

Petroleumworld


UK Channel 4 News: Oil supplies ‘over-estimated’

UK Channel 4 News: Oil supplies ‘over-estimated’ thumbnail

Channel 4 News has been told by a top Saudi oil industry insider that the American government’s forecast for future oil supplies are a “dangerous over-estimate”. http://www.channel4.com/news/2004/10/week_5/26_oil.html Sadad Al Husseini has just retired as vice-president of the Saudi oil company Aramco. His comments could have a significant impact on a jittery oil market which has […]


U.S. October Consumer Confidence Index Falls to 92.8 From 96.7

U.S. October Consumer Confidence Index Falls to 92.8 From 96.7 thumbnail

U.S. consumer confidence fell for a third straight month in October, a private survey showed, suggesting rising voter discontent with the economy a week before President George W. Bush seeks re-election. The Conference Board’s consumer confidence index dropped to 92.8 from a revised 96.7 in September, lower than previously estimated. Americans’ assessment of the current […]


Oil debate produces more heat than light

Oil debate produces more heat than light thumbnail

The API figures showed a loss of 972,000 barrels whilst the governments figures showed a more reassuring increase of 1.2 million barrels. The API also showed that crude oil imports actually continued to fall – in their estimate, by 1.189 million barrels against the government’s figures saying a slight increase in imports. The unstable situation […]


Deffeyes presentation

Deffeyes presentation thumbnail

Deffeyes presentation:

SPE / Deffeyes


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