Stock Preacher

Crude Oil prices broke above US$72 a barrel Wednesday after a US government report showed a bigger than expected decline in Crude Oil inventories. NYMEX crude rose US$1.58 to settle at US$72.51bbl, adding to Tuesday’s gain of UD$2.07, while ICE Brent rose US$1.81 to US$71.67.The gain came after the US Energy Information Administration reported that commercial crude oil inventories dipped last week by 4.7 million barrels, against expectations of a 2.4-million-barrel drop. The decline, pegged to a slowdown in imports, came alongside builds in gasoline and distillate stocks, a combination that analysts said could hurt the profitability of US oil refiners. Other commodities and equities also rose strongly Wednesday, inspired by a comment from US Federal Reserve Chairman Ben Bernanke that an economic recovery had begun, a signal demand for raw materials will rebound. Read more

Popularity: unranked [?]

Brigham Exploration Company (Nasdaq: BEXP)

Brigham Exploration Company (BEXP) is an independent exploration, development and production company that utilizes advanced exploration, drilling and completion technologies to systematically explore for, develop and produce domestic onshore oil and natural gas reserves. The Company’s exploration and development activities are concentrated in four provinces: the Rocky Mountains, the Onshore Gulf Coast, the Anadarko Basin and West Texas. The Company has also accumulated acreage positions in the Williston and Powder River Basins. Operations within these two basins are included in and constitute the bulk of its activity in its Rocky Mountains province. Read more

Popularity: unranked [?]

BP, the UK energy group, has discovered a “giant” oilfield in the Gulf of Mexico that shows a new frontier opening up for US Crude Oil production. The Tiber field, in more than 1,200m of water about 250 miles south-east of Houston, is one of the biggest discoveries in recent years. It is thought to hold at least 3B bbls of Crude Oil, of which about 500M would be recoverable with today’s technology, and could be significantly larger. The field was found by the deepest oil well ever drilled, reaching more than 9.4km, almost six miles, below the sea bed. BP is pioneering the exploration of the Lower Tertiary or Paleogene area of the Gulf of Mexico, which lies deeper than the strata that provide most of the region’s known reserves. The Tiber discovery, following the Kaskida field found in 2006, which is also believed to hold 3B+ bbls of Crude Oil, is further evidence that there are large volumes yet to be found in the Gulf. BP believes there could be a further 20B barrels or more in the deep water, on top of the US’s proved reserves of about 30B barrels.

Popularity: unranked [?]

Crude Oil rose to a six-month high above US$66 per barrel on Friday, marking its largest monthly percentage gain in more than a decade, after U.S., Japanese and Indian data suggested the economic downturn may be easing. Crude Oil prices jumped around 30 percent this month, the largest monthly rise since March 1999, buoyed by expectations of a global economic recovery later this year, which helped push stock markets higher. US Crude Oil for July delivery settled up US$1.23 at US$66.31, its highest settlement since November 4, after earlier hitting US$66.47, the highest intraday trade since November 5.London Brent crude settled up US$1.13 at US$65.52, its highest settle since November 4. The US$ hit a five-month low against a basket of other currencies. A weak US$ makes Crude Oil cheaper for holders of other currencies and tends to support prices

Popularity: 3% [?]

World trade flows are falling fast as the credit crisis bites and Crude Oil prices slide, with official figures showing export and import declines in the US, China, UK and Canada. The banking crisis hit consumer and business confidence last fall, leading to higher levels of unsold inventory, some problems in securing trade credit insurance and falling investment across advanced economies, all of which reduced the demand for imports and the level of exports.

Popularity: 7% [?]

After the collapse in commodity prices during the second half of 2008 some commodity prices moved higher over the last two weeks. Crude Oil has taken the limelight, rising from a year low of US$34 bbl to just below US$50 and traced back to the mid US$30’s bbl. But commodities like nickel and wheat have also jumped, and prices have in general been moving higher in line with improved risk appetite in financial markets. Prices tend to be extra volatile around Christmas and into the New Year due to thin liquidity. Looking at 2009 it appears that commodities have in moved into a consolidation phase and that prices will end the year higher. The combination of production cut backs, lack of investment and improved economic growth during 2009 should lift sentiment, and improve the demand and supply balances going forward

Popularity: 4% [?]