Washington and National Oil Marketers Associations Decry Energy Speculators Pushing Oil Prices Up 5.4 Percent in a Day to $121.18 a Barrel

“Today’s 5.4 percent crude oil price increase to $121.18 a barrel despite decreased demand and increased supply is a clear sign that speculators continue to dominate the commodities markets hurting our national economy,” said Lea Wilson, executive director of the Washington Oil Marketers Association (WOMA). “There is absolutely no economic reason for prices to increase the way they did today,”... 

Aztec Oil & Gas Announces Completion and Production of the First of Two New West Virginia Wells

Aztec Oil & Gas, Inc. previously announced that the Company had completed the drilling of two new wells for its Aztec 2007A Limited Partnership. The wells, Williams #1 and #2, were drilled in Tyler County, West Virginia to a depth of approximately 5,000 feet each. Logs on both wells indicated substantial reserves. Today, Aztec is announcing that it has completed perforating and fracing of the... 

Exxon getting out of retail gas business

Exxon Mobil is getting out of the retail gasoline business, a market where profits have gotten tougher because of high crude oil prices. The world’s largest publicly traded oil company said Thursday it will sell its 820-company owned stations and another 1,400 outlets operated by dealers to gasoline distributors across the U.S. The Irving-based company didn’t disclose financial details... 

Stocks plunge, oil soars in market turmoil

World markets saw another day of turmoil and investor jitters Monday as Asian shares plunged, oil hit a fresh high and the dollar fell to a new bottom after the near-collapse of US bank Bear Stearns. Dealers said an emergency cut by the US Federal Reserve to its discount rate and a weekend deal for JPMorgan Chase to buy Bear Stearns at a fire-sale price had added to the sense of crisis in financial... 

Gold sets record on dollar, futures hit $1,000

Gold briefly pushed past the psychologically important $1,000 mark Thursday, as investors poured money into the metal to hedge against a tumbling dollar, soaring crude prices and a shaky U.S. economy. Gold’s rally lifted other commodities, with silver, platinum and soybean futures all trading higher. Crude oil hit a trading record of $111 but fluctuated between gains and losses, while copper... 

LME nickel hits new high, copper falls

Nickel hit a new high on the London Metal Exchange on Wednesday but drifted lower later in the day, along with other base metals on profit-taking ahead of today’s U.S. Federal Reserve meeting, traders and analysts said. Nickel for delivery in three months, which has risen by some 53 percent this year, touched a new all-time high of $51,800 on Wednesday. “The consistent uptrend in nickel... 

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Zimbabwe: Parliament Enacts New Petroleum Legislation

PARLIAMENT last week enacted the Petroleum Act that provides for the establishment of the Petroleum Regulatory Authority, which would oversee the operations of the industry and eliminate pricing distortions. President Mugabe has since assented to the Act although it is yet to come into force. However, it is hoped the new statute would bring sanity into the petroleum sector and avert further disharmony... 

C. K. Cooper & Company Issues Semi-Annual Industry Report On Micro-Cap Oil & Gas Companies

C. K. Cooper & Company released its Semi-Annual Industry Report, “In the Crosshairs” discussing smaller exploration and production companies and the current trends and outlook for oil and natural gas prices. Philip J. McPherson, Director of Research commented, “We believe in 2007 energy investors need to take a closer look at issuers before pulling the trigger on potential investments.... 

Shanghai copper steady, sheds early gains

Shanghai copper futures gave up early gains to close steady on Monday, as downbeat sentiment about the prospect of rising imports and supply vied with supportive spot market conditions. The most active March contract in Shanghai was 0.2 percent higher at 54,120 yuan ($6,942) a tonne at the close on Monday, versus 54,020 yuan on Friday. Dealers said an early rise, which saw prices up by over 1.5 percent,... 

IOC resumes petroleum supply

Indian Oil Corporation (IOC), responding positively to the government’s request, resumed normal supply of petroleum products from Friday. “India has said it would not curtail supply and would issue us with the quantity we demand,” said Commerce Minister Hridayesh Tripathy. “We talked with all the Indian officials concerned, and have started receiving normal supply from Friday,”...