"Oil Retreats on Stock Market Drop, U.S. Inventory Forecast"
Crude oil retreated after U.S. equities dropped and on expectations that a government report will show U.S. inventories increased for a 10th week. Oil followed stocks lower, reversing gains made last week after the U.S. economy lost fewer jobs than expected. Stockpiles climbed 1 million barrels last week, according to the median of 14 responses in a Bloomberg News survey. Supplies rose to the highest level since September 1990 in the week ended May 1 as fuel demand plunged, the Energy Department said.
“Equities are having another bad day, which is taking some of the wind out of the sails of the oil market,” said Addison Armstrong, director of market research at Tradition Energy in Stamford, Connecticut. “The oil market is going to be taking its direction from equities.....Complete Story
"US Interior Dept Seeks Clarification of Offshore Leasing Ruling"
The Interior Department is expected to ask a federal appeals court in Washington, D.C., to clarify what it meant when it determined the agency failed to adequately consider the effect of an offshore oil and gas leasing program in Alaska.
The court in April ruled that the department's Minerals Management Service failed to consider the effect on the environment and marine life before it began under the Bush administration in 2005 to expand an offshore oil and gas leasing program in the Beaufort, Bering and Chukchi seas. The appeals court ordered the Interior Department, now run by President Barack Obama's appointee Ken Salazar, to analyze the areas to determine.....Complete Story
"Oil Companies May Wait for Hedges to End to Go Bargain Shopping"
Quantum Energy Partners, the Houston private-equity firm that put together a $3.5 billion bankroll to go bargain hunting for acquisitions after oil and natural-gas prices plunged, is waiting for a better time to pounce. Buyers will accelerate acquisitions late this year and in early 2010 as the hedging contracts that shielded potential takeover targets from tumbling prices expire, said Wil VanLoh, Quantum’s chief executive officer.
“By the first quarter of next year, we’ll be pretty darn active,” VanLoh said in an interview at his downtown office. “Many companies are very well hedged for 2009, so the squeeze hasn’t happened yet. The point of capitulation probably will arrive in the fourth quarter or the first.....Complete Story
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1 comment:
A crude oil assay is essentially the chemical evaluation of crude oil feedstocks by petroleum testing laboratories. Each crude oil type has unique molecular, chemical characteristics. No crude oil type is identical and there are crucial differences in crude oil quality. The results of crude oil assay testing provide extensive detailed hydrocarbon analysis data for refiners, oil traders and producers. Assay data help refineries determine if a crude oil feedstock is compatible for a particular petroleum refinery or if the crude oil could cause yield, quality, production, environmental and other problems.
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