Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Brent Crude Prices Rise Above $93 As BP, Statoil, ConocoPhillips Evacuate North Sea Platforms

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Topic Forums » Environment/Energy Donate to DU
 
hatrack Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-06-07 01:09 PM
Original message
Brent Crude Prices Rise Above $93 As BP, Statoil, ConocoPhillips Evacuate North Sea Platforms
Nov. 6 (Bloomberg) -- Crude oil rose above $97 a barrel in New York to a record as a storm forecast to produce 36-foot waves in the North Sea forced BP Plc and ConocoPhillips to evacuate workers and cut production. Conoco and BP said they have started evacuating workers from some facilities before the weather worsens. The North Sea produced 4.4 million barrels of oil a day last year, more than OPEC member Iran. An Energy Department report tomorrow will probably show crude-oil supplies fell 1.5 million barrels last week, according to a Bloomberg News survey.

``All indications point to inventories falling yet again,'' said Gene McGillian, an analyst at TFS Energy LLC in Stamford, Connecticut. ``Overnight the dollar against the euro and the attack on the pipeline in Yemen was a reminder of how precarious supplies are. Now there are evacuations of North Sea platforms, just what we don't need.''

Crude oil for December delivery rose $2.64, or 2.8 percent, to $96.62 barrel at 11:50 a.m. on the New York Mercantile Exchange. Futures climbed to $97.07 today, the highest intraday price since trading began in 1983. Brent crude oil for December settlement rose $2.54, or 2.8 percent, to $93.03 a barrel on the London-based ICE Futures Europe exchange. Brent reached $93.52 a barrel, the highest since trading began in 1988.

Workers on ConocoPhillips' Ekofisk A, B and C platforms, as well as Eldfisk A and B, are being moved to land or to safer sites, said Kurt Mikkelsen, a ConocoPhillips spokesman. BP is moving 150 workers from its Valhall field and expects the platform's 80,000 barrel-a-day oil and gas output to stop late tomorrow, spokesman Jan Erik Geirmo said in an interview.

EDIT

http://www.bloomberg.com/apps/news?pid=20601103&sid=aLs...
Printer Friendly | Permalink |  | Top
 
bananas Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-06-07 02:10 PM
Response to Original message
1. ``Chances are that we'll reach $100 but we probably won't stay there long,''
``Chances are that we'll reach $100 but we probably won't stay there long,'' said Antoine Halff, the head of energy research at Fimat USA Inc. in New York. ``The fundamentals haven't tightened much since we were at $75. Prices should also come down because the Saudis are cutting prices to key customers.''

Printer Friendly | Permalink |  | Top
 
GliderGuider Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Nov-06-07 02:59 PM
Response to Reply #1
2. "...but we probably won't stay there long" ... this time...
Edited on Tue Nov-06-07 02:59 PM by GliderGuider
The fundamentals haven't tightened since $75? Remember, we were at $75 in June, 2006 (as well as June 2007). The fundamentals have tightened quite a bit in the last year and a half. The price may be carrying a risk premium of $15 at the moment, but thet steady ratcheting sound you hear has a certain fundamental quality to it.
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Sun Dec 17th 2017, 03:17 AM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Topic Forums » Environment/Energy Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC