A number of energy companies enjoyed moves into positive territory today, including Chesapeake Energy (CHK), Exxon Mobil (NYSE:XOM) and Chevron (NYSE:CVX), which were all up on stronger oil prices and a perceived increase in demand for natural gas as a streak of warmer weather approaches.
Shares of energy companies have been getting hit hard as of late, with 12 of the last 13 trading session has shares in the companies down.
The NYSE Arca Natural Gas Index, the NYSE Arca Oil Index, and the Philadelphia Oil Service Index were all trading positive in mid-day action.
Electrical utilities have been changing from coal use to cheaper natural gas, which has helped the beleaguered fuel source get some strength to it.
Oil prices rose to over $92 a barrel, jumping $.62 a barrel a little before noon.
BP (NYSE: BP), Nabors Industries (NYSE: NBR) and Valero Energy Corp. (NYSE: VLO) were all trading much stronger in response to positive signals.
Showing posts with label Oil Prices Today. Show all posts
Showing posts with label Oil Prices Today. Show all posts
Monday, May 21, 2012
Monday, November 8, 2010
Oil Prices Today Hit Two-year High, Nigerian Rig Attacked
With the announcement the Federal Reserve was going to print another $600 billion in U.S. dollars to buy up government debt in an attempt to stimulate the economy, oil prices, and other commodities, have been pushed up as the value of the U.S. dollar continues to plummet.
That means the industry is under tension, and when anything is added to the mix, oil prices can spike, like they have today with the reported attack on a Nigerian oil rig.
The main contract for light sweet crude for December delivery in New York surged to 87.49 a barrel, reaching its highest level since the latter part of 2008.
In Nigeria an oil rig in the Okoro field was attacked, with five crew members thought to be taken hostage. Usually that results in a ransom demand being made and paid to criminal gangs operating in the region.
So with the new implementation of quantitative easing, every time something major happens affecting oil prices, one way or the other we'll see swings in price in response to them.
Going forward, most of that will probably be on the upside for oil, as well as a number of other commodities.
That means the industry is under tension, and when anything is added to the mix, oil prices can spike, like they have today with the reported attack on a Nigerian oil rig.
The main contract for light sweet crude for December delivery in New York surged to 87.49 a barrel, reaching its highest level since the latter part of 2008.
In Nigeria an oil rig in the Okoro field was attacked, with five crew members thought to be taken hostage. Usually that results in a ransom demand being made and paid to criminal gangs operating in the region.
So with the new implementation of quantitative easing, every time something major happens affecting oil prices, one way or the other we'll see swings in price in response to them.
Going forward, most of that will probably be on the upside for oil, as well as a number of other commodities.
Friday, October 15, 2010
Goldman (NYSE:GS), JPMorgan (NYSE:JPM) Raise Oil Price Estimates for 2011
Goldman Sachs (NYSE:GS) and JPMorgan Chase (NYSE:JPM) raised their forecasts for oil prices in 2011, with Goldman saying prices in the second half of the year should move significantly higher. JPMorgan sees oil prices moving to $85 a barrel.
Nomura International say oil prices could rise to over $100 a barrel in 2011, basing their assessment on whether or not the Federal Reserve inflates again through quantitative easing.
Knowing it will happen soon, it guarantees oil prices will rise going forward.
The only question remaining for the Federal Reserve to inflate is to what degree. How much will they spend is all that's left to be determined, not if they're going to spend.
If oil does reach or surpass $100 a barrel, it would compensate producers from the weakening of the U.S. dollar. If prices don't reach that high, or remain low, which is possible from slowing demand, it could put even more pressure on the global economy.
Nomura International say oil prices could rise to over $100 a barrel in 2011, basing their assessment on whether or not the Federal Reserve inflates again through quantitative easing.
Knowing it will happen soon, it guarantees oil prices will rise going forward.
The only question remaining for the Federal Reserve to inflate is to what degree. How much will they spend is all that's left to be determined, not if they're going to spend.
If oil does reach or surpass $100 a barrel, it would compensate producers from the weakening of the U.S. dollar. If prices don't reach that high, or remain low, which is possible from slowing demand, it could put even more pressure on the global economy.
Thursday, October 7, 2010
Oil Prices Today Drop After Hitting 5-month High
After hitting a 5-month high above $84 a barrel, oil prices today dropped as investors looked at supply and demand rather than only the collapsing U.S. dollar.
That's not to say the weakening U.S. dollar isn't a factor, just that it's not the sole factor in oil price movements. No matter how weak the dollar is, consumers still must buy gas and oil in order to push prices up to high levels.
This is how it's going to go for some time into the future, not just for oil prices, but for commodity prices in general. Those moved by supply and demand, coupled with the drop in value of the U.S. dollar will do very well for some time.
After reaching $84.43 today, crude oil pulled back for November delivery to below $83. As of 1431 GMT, it stood at $82.83.
The push and pull of supply and demand versus the falling U.S. dollar will have oil and commodities performing in this manner going forward, as the market looks for a balance between the two.
In the short term at least, it is expected that oil prices will pull back more.
That's not to say the weakening U.S. dollar isn't a factor, just that it's not the sole factor in oil price movements. No matter how weak the dollar is, consumers still must buy gas and oil in order to push prices up to high levels.
This is how it's going to go for some time into the future, not just for oil prices, but for commodity prices in general. Those moved by supply and demand, coupled with the drop in value of the U.S. dollar will do very well for some time.
After reaching $84.43 today, crude oil pulled back for November delivery to below $83. As of 1431 GMT, it stood at $82.83.
The push and pull of supply and demand versus the falling U.S. dollar will have oil and commodities performing in this manner going forward, as the market looks for a balance between the two.
In the short term at least, it is expected that oil prices will pull back more.
Tuesday, August 3, 2010
Marathon Oil (NYSE:MRO) Profits Up on Higher Prices, Margins
Margins continue to be the story of the earnings season for commodity companies, and that didn't change with Marathon Oil (NYSE:MRO), as they exceeded expectations for earnings and revenue, with higher crude oil prices also being a factor.
A secondary factor for energy companies has been the seasonal increase in demand for fuel, although gas prices have remained somewhat level, and even down from usual levels.
Even so, the demand for fuel has pushed margins up for Marathon, along with the margins in their refinery business, which has helped almost all the energy companies this quarter, who have refining as part of their operations.
Especially helpful for Marathon in the quarter was the lower cost of processing sour crude oil, which is less expensive than light sweet crude.
Earnings for the quarter rose to $709 million, or $1.00 a share. Last year in the same quarter they generated $413 million, or 58 cents a share.
Revenue soared from last year as well, rising to $18.6 billion, up from $13.3 billion. Analysts estimated revenue of $19.7 billion with earnings of 81 cents a share.
Looking ahead, Marathon maintained its full-year production of 390,000 to 410,000 boe a day, with a daily average of 385,000 to 405,000 in the third quarter available for sale.
A secondary factor for energy companies has been the seasonal increase in demand for fuel, although gas prices have remained somewhat level, and even down from usual levels.
Even so, the demand for fuel has pushed margins up for Marathon, along with the margins in their refinery business, which has helped almost all the energy companies this quarter, who have refining as part of their operations.
Especially helpful for Marathon in the quarter was the lower cost of processing sour crude oil, which is less expensive than light sweet crude.
Earnings for the quarter rose to $709 million, or $1.00 a share. Last year in the same quarter they generated $413 million, or 58 cents a share.
Revenue soared from last year as well, rising to $18.6 billion, up from $13.3 billion. Analysts estimated revenue of $19.7 billion with earnings of 81 cents a share.
Looking ahead, Marathon maintained its full-year production of 390,000 to 410,000 boe a day, with a daily average of 385,000 to 405,000 in the third quarter available for sale.
Tuesday, June 1, 2010
Buying Oil Futures Biggest Oil Stock Drop In History Anadarko (NYSE:APC) BP (NYSE:BP) Transocean (NYSE:RIG) Halliburton (NYSE:HAL) Cameron (NYSE:CAM)
As well as BP, Anadarko, Transocean, and Halliburton all see significant drops at the close of the New York Stock Exchange at 4:00 pm. This was the foreseen outcome if BP failed on their "top kill" attempt. For Anadarko, this is their biggest loss on record.
Anadarko dropped 20 percent to $42.10, they own a 25 percent stake in the well. Transocean is the company responsible for leasing the drilling rig to BP which exploded on April 20th. They dropped to $50.04 which is a 12 percent loss.
Then there is Halliburton. They provided oilfield services on the well itself, dropped to $21.15 at a loss of 15 percent. Cameron plunged as well. They are responsible for the blowout preventer for Transocean's Deepwater Horizon Rig. Their are down to $31.89, losing 12 percent.
Finally, there's BP who had it's biggest decline since 1992. In one day BP lost 18 billion dollars of their market value, for a total market value loss of 68 billion dollars since April 20th.
Anadarko dropped 20 percent to $42.10, they own a 25 percent stake in the well. Transocean is the company responsible for leasing the drilling rig to BP which exploded on April 20th. They dropped to $50.04 which is a 12 percent loss.
Then there is Halliburton. They provided oilfield services on the well itself, dropped to $21.15 at a loss of 15 percent. Cameron plunged as well. They are responsible for the blowout preventer for Transocean's Deepwater Horizon Rig. Their are down to $31.89, losing 12 percent.
Finally, there's BP who had it's biggest decline since 1992. In one day BP lost 18 billion dollars of their market value, for a total market value loss of 68 billion dollars since April 20th.
Wednesday, May 26, 2010
BP (NYSE:BP) Stock Plummets Then Rises
BP (NYSE:BP) share prices reflect peoples uncertainty of what will happen as BP starts their "top kill" endeavor. Earlier in the day, BP's stocks fell 1.6 percent. This was as many were waiting in anticipation to hear of news on what BP was going to do.
Than BP shares started rising, seeing an increase of up to 2.6 percent to 498 pence. This being overall in Britain's FTSE 100 index seeing a 2.8 percent increase. This increase was as market talk was optimistic to hear that BP was close to giving a positive update on the situation.
Panmure Gordon analyst Peter Hitchens said, "this week is going to be fairly crucial for the company. If the top kill doesn't work the stocks going to continue to languish.
"Once you get this well under control the stock will recover a lot of lost ground, but until that happens people are just going to be nervous."
Since the oil spill disaster started April 20th, the company has lost $50 billion of its market value. That's about a quarter of its total value.
Than BP shares started rising, seeing an increase of up to 2.6 percent to 498 pence. This being overall in Britain's FTSE 100 index seeing a 2.8 percent increase. This increase was as market talk was optimistic to hear that BP was close to giving a positive update on the situation.
Panmure Gordon analyst Peter Hitchens said, "this week is going to be fairly crucial for the company. If the top kill doesn't work the stocks going to continue to languish.
"Once you get this well under control the stock will recover a lot of lost ground, but until that happens people are just going to be nervous."
Since the oil spill disaster started April 20th, the company has lost $50 billion of its market value. That's about a quarter of its total value.
Monday, May 24, 2010
Oil Prices Today: BP (NYSE:BP) Leads In Falling Percentages
BP (NYSE:BP) is getting hit hard with criticism, anger, and rising doubt, but they're feeling it hardest in stock prices among oil companies. As of Monday BP has fallen to a 52 week low.
BP's shares have fallen another 4 percent at the open bringing it to $42.08. Bringing the New York Stock Exchange Arca oil index down 1.7 percent to 948 points. Royal Dutch Shell shares are also feeling the heat at a 2.4 percent drop at $51.52.
Transocean has also hit a 52 week low dropping 2.2 percent at $57.95. With Transocean being the biggest percent decliner, its put the Philadelphia Oil Service Sector Index down 1 percent to 176 points.
There is not much optimism of if and when these percentages will increase.
To add to the loss, crude oil price were low overnight. Though the July crude features contract bounced back from the overnight low of $69.55 a barrell to $70.23 a barrell. That's a 19 cent increase on the New York Mercantile Exchange.
BP's shares have fallen another 4 percent at the open bringing it to $42.08. Bringing the New York Stock Exchange Arca oil index down 1.7 percent to 948 points. Royal Dutch Shell shares are also feeling the heat at a 2.4 percent drop at $51.52.
Transocean has also hit a 52 week low dropping 2.2 percent at $57.95. With Transocean being the biggest percent decliner, its put the Philadelphia Oil Service Sector Index down 1 percent to 176 points.
There is not much optimism of if and when these percentages will increase.
To add to the loss, crude oil price were low overnight. Though the July crude features contract bounced back from the overnight low of $69.55 a barrell to $70.23 a barrell. That's a 19 cent increase on the New York Mercantile Exchange.
Tuesday, May 18, 2010
Exxon Mobil (NYSE:XOM) Oil Prices Change, How It Will Affect Your Summer Plans
Exxon Mobil, (NYSE:XOM) the nations largest oil company stock has dropped almost 2 percent. While Conoco Phillips has dropped nearly 3 percent, the oil prices continue to change. As a whole, the oil trading industry has lost a total of 20 percent in just two weeks.
With the Summer Driving season almost here, many are wondering how, with the fluctuation of oil trading, it will effect their plans. The good news comes to U.S. motorists who should see a substantial drop at the gas pump, just in time for Summer.
Earlier this month gas spiked close to $3.00 a gallon. Tom Kloza from the Oil Price Information Service has said, prices will hit $2.75 a gallon or less by next week within many areas in the U.S.
Kloza also stated that the crude oil companies are the only losers in all of this, but they will still make plenty of money at the current oil prices.
If the oil prices today stay at the current price of around $70 a barrel, Kloza said that will translate to $2.60 - $2.65 a gallon. With some areas in the U.S. getting as low as $2.50 a gallon.
With the Summer Driving season almost here, many are wondering how, with the fluctuation of oil trading, it will effect their plans. The good news comes to U.S. motorists who should see a substantial drop at the gas pump, just in time for Summer.
Earlier this month gas spiked close to $3.00 a gallon. Tom Kloza from the Oil Price Information Service has said, prices will hit $2.75 a gallon or less by next week within many areas in the U.S.
Kloza also stated that the crude oil companies are the only losers in all of this, but they will still make plenty of money at the current oil prices.
If the oil prices today stay at the current price of around $70 a barrel, Kloza said that will translate to $2.60 - $2.65 a gallon. With some areas in the U.S. getting as low as $2.50 a gallon.
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