Wednesday, June 24, 2009
Natural Gas Falls, More Rigs For Baker Hughes, Sinopec In Iraq
"Natural Gas Falls as U.S. Inventories Build in Mild Weather"
Natural gas futures fell for a fifth day in New York as a government report tomorrow may show that weak demand, prompted by mild weather and the recession, is pushing U.S. stockpiles toward a record high. Gas inventories probably increased 101 billion cubic feet last week, based on the median of 15 analyst estimates compiled by Bloomberg. The five year average increase for the week is 84 billion cubic feet. Storage levels rose to 2.557 trillion cubic feet.....Complete Story
"Is Rig Count About to Rebound? Scenarios for The Future"
Last week Baker Hughes reported that their rig count for active rigs in the United States increased by 23 rigs to 899 active rigs. While this count increased from the prior week, compared to a year ago, the rig count is down by over 1,000 rigs marking one of the worst downturns in the industry history. Our favorite chart shows the rig count for 2000-2009 compared to the rig count of 1973-1983. The similarities are stunning, but even more.....Complete Story
"Sinopec Buys Addax, Gains Reserves in Africa, Iraq’s Kurdistan"
China Petrochemical Corp. will gain reserves in Iraq’s Kurdistan and West Africa upon completing its C$8.3 billion ($7.2 billion) bid for Addax Petroleum Corp. The Chinese company, known as Sinopec Group, is the country’s second-biggest oil producer. It agreed to pay C$52.80 a share in cash for Addax, the Geneva-based company said in a statement yesterday. That’s 47 percent more than Addax’s closing price in Toronto on June 5.....Complete Story