Greenstone Energy, the company which operates Shell petrol stations, has dropped its prices by 3c a litre, citing a decline in the price of oil even though the New Zealand dollar has been weak.
The price of unleaded 91 has fallen to 172.9c a litre, the price of 95 has fallen to 179.9c a litre and the price of diesel has fallen to 115.9c, a spokesman said.
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This post was written by admin on June 10, 2010
WTI oil prices open trading over $73 a barrel Thursday in Asia after a report showed US crude inventories fell more than expected, suggesting consumer demand is growing.
US Light crude oil futures for July delivery was at $73.65 a barrel at midday Singapore time on the NYMEX.
Crude supplies fell more than expected last week, dropping by 1.4 million barrels, the American Petroleum Institute said late Wednesday. Analysts had expected an increase of 1.0 million barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.
Meanwhile, the Dow Jones industrial average rose 2.2 percent Wednesday and all major Asian stock markets gained in early trading on Thursday.
“The driver for oil prices at the moment is economic recovery and there’s some evidence of it in the US and UK, but overall the concern is the eurozone debt crisis,” said CMC Markets analyst Michael Hewson.
“Jittery oil trading is here to stay for now as we continue to track the broader markets and swings in global risk sentiment,” said VTB Capital analyst Andrey Kryuchenkov.
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This post was written by admin on June 9, 2010
WTI oil prices are closing back in on the $75 mark on Friday as the latest US crude oil supply data showed a dip lower.
Light crude oil futures for July delivery was at $74.67 midday Singapore time on Friday on the NYMEX.
Oil prices advanced 2.4 percent after the US Department of Energy said US crude oil supplies fell 1.9 million barrels to 363.2 million last week, while crude oil inventories were forecast to be unchanged, according to the Bloomberg News survey.
US stockpiles were forecast to drop by 500,000 barrels, according to analysts surveyed by Bloomberg News.
However, stockpiles of WTI crude oil at Cushing, Oklahoma, where New York traded WTI oil is delivered, rose to 37.9 million barrels, the second-highest level since the US Energy Department started keeping records at the storage hub in 2004.
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This post was written by admin on June 9, 2010
US WTI oil prices hit $72 in trading on Thursday as the latest data showing a surge in US demand climbed almost seven percent over the past month the EIA said yesterday.
US Light crude oil futures for July rose to $71.89 a barrel midday Singapore time on the NYMEX.
Investors mulled data from the US Commerce Department which showed new homes sales rose a bigger than expected 14.8% in April to a seasonally adjusted rate of 504,000, up from 439,000 the month before.
The July contract for WTI oil futures received an additional bounce when the US Energy Information Administration reported that oil inventories at Cushing, Okla. dropped by 300,000 barrels in the week ended May 21st 2010, the first drop at the storage hub since March.
Cushing is the delivery point for the physical barrels underpinning the NYMEX WTI oil contract, but inventories have begun to approach storage limits in recent weeks. As crude oil supplies hit record levels, traders became uncertain whether there would be space for more barrels, creating a strong incentive to sell futures contracts for next month delivery. Earlier this month, the now-expired June contracted traded at a $4.96 a barrel discount to July oil prices.
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This post was written by admin on June 2, 2010
While gunfire errupted in Niger’s capital, traders who mistook the country for oil-rich Nigeria sent oil prices soaring
By MERLIN FLOWER for OIL-PRICE.NET, 2010/02/24
What’s in a name? Niger or Nigeria will be in a better position to answer this question. If not anything the confusion in the name pushed oil prices to $80 a barrel last week. How? There was a coup in Niger and traders hustled to buy oil, mistaking Niger for oil rich Nigeria.
Mistaken identity
On February 18, a coup took place in the West African country, Niger. Armed soldiers stormed the presidential palace in Niamey, the capital of the country and kidnapped the President of the country Mamadou Tandja. The coup was orchestrated by a soldier named Colonel Adamou Haroun. He was aided by another Colonel Djibril Hamidou. This is the third coup in the country since the 90’s.
In dramatic style, the soldiers declared on TV, the suspension of the constitution and all the institutes associated with it. Colonel Goukoye Abdul Karimou, read a statement on behalf of a group called Supreme Council for the Restoration of Democracy (CSRD). In the statement he appealed to everyone to have faith in the group’s ideas which “could turn Niger into an example of democracy and of good governance”.
The coup wasn’t entirely unexpected. President Tandja came to power after the election in 1999. He was supposed to step down on Dec 22. However, he chose instead to change the country’s constitution last year to stay on. The move enabled him to stand for a third time in office, and with more powers without election.
The fifteen nation West African regional bloc, ECOWAS (Economic Community of West African States) reacted by suspending Niger. The US terminated non-humanitarian aids and cut off trade benefits. The US state department spokesman Philip Crowley said “President Tandja has been trying to extend his mandate in office. And obviously, that may well have been, you know, an act on his behalf that precipitated this act today”. African Union chief Jean Ping condemned the military coup in Niger and said he was following developments “with concern”.
The reaction from Nigeria, coincidence or not, does take pains to differentiate between the countries. According to a statement by Senior Special Assistant to the Acting President on Media and Publicity, Mr Ima Niboro,the acting President of Nigeria Dr. Goodluck Ebele Jonathan has expressed deep concern over reports of shooting in Niger’s capital.
Meanwhile, Colonel Djibrilla Hima one of the leaders of the coup said that their group would hold election too. The plan, he said, is to hold elections once the situation has stabilized.
Oil in NigerNiger has in recent years attracted billions of dollars as investment in oil.Exploration in Niger began in the 1950s. Drilling was done in the 60’s by Petropar in Tamesna-Talak and Djado blocks. But the two main blocks that emerged were Djado Basin and the Agadem BasinIn the year 1992, the Djado permit was given to Hunt oil. In 1997 the Tenere permit was given to TG World Energy Inc. In 2004 the Niger government approved the joint venture arrangement between CNPC International Tenere Limited (CNPCIT) and TG World Petroleum Limited (subsidiary of TG World).In 2005, Petronas Carigali Niger Exploration & Production Ltd. (PCNEPL), announced that it had found hydrocarbons in the Agadem BlockEsso and Petronas had sole rights to the Agadem block. But in 2008, the rights were transferred to CNPC for USD$5 Billion investment. The oil reserves in the block are estimated at 325 million barrels. The company is also building a 20,000-barrel-per-day refinery in Zinder.Other oil companies in the region are Shell, ExxonMobil and Chevron
Thus, though Niger isn’t a major player in the oil business, the markets reached on hearing news of the coup. Tom Bentz, analyst at BNP Paribas Commodities said, “Markets took off at around the same time a Reuters story came out about gunfire erupting in the Niger capital in an apparent coup bid, mistaken by many as being Nigeria”.
To be fair, other factors too contributed for the increase in oil prices-tension of Iran’s nuclear program, weaker dollar and the report of EIA on heating oil supply falling by 1.4 million barrels. However, among the factors, the name confusion was the most important reason for the immediate oil price rise.
Yet, the fact remains that Niger is yet to produce oil for the world market.
Niger factsCapitalNiameyNeighboursNigeria, Benin, Burkino Faso,
Mali, Algeria, Libya and ChadPopulation15.3 millionCurrencyWest African CFA francOfficial languageFrench. The country
got independence from France in 1960Main religionIslamLeading producer of Uraniummore than 8 percent of world’s Uranium.
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Posted under Oil Prices
This post was written by admin on May 29, 2010
