World News

2011-04-29T01:54:00.000-07:00

Friday, April 29, 2011

Energy Market News

Headlines :

Location : United States

1. Oil dropped from a 31-month high in New York, trimming an unprecedented eighth monthly gain, as evidence the global economic recovery is faltering stoked speculation demand for crude will decline.

Source : Bloomberg

2. In 2011, the increase in energy prices resembles the rise in 2008. Gasoline prices rose by nearly a third in 2010, and oil cost more than $100 a barrel for the first time in more than two years, driven by fears of extended Middle East supply disruptions and increased demand from an improving global economy. Gas prices are approaching record highs, but so far most Americans do not appear to be drastically cutting back their driving or even their spending as they did in 2008.

Source : New York Times

3. Profit jumps at Exxon and Shell

Exxon Mobil and Royal Dutch Shell reported huge increases in their first-quarter profit on Thursday, helped by higher oil prices and earnings from refining.Exxon’s and Shell’s earnings were much better than those of its rivals BP and ConocoPhillips. BP reported a drop in first-quarter earnings because of costs linked to the Gulf of Mexico oil spill and ConocoPhillips missed some analysts’ expectations because of a decline in production. Chevron, the second-largest American oil company, is set to report earnings.

Source : New York Times

4.BP Profit Falls as Costs of Gulf of Mexico Spill Outweigh Higher Oil Prices LONDON — An increase in oil prices over the last year helped BP’s first-quarter earnings, but not enough to outweigh the costs of the Gulf of Mexico oil spill.
Source : New York Times

Location : China Chinese state-owned oil company CNOOC's Q1 revenue jumps 59%
SHANGHAI -- CNOOC Ltd., the smallest of China's three major state-owned oil companies, says its revenue in the first quarter rose 59 percent. The Beijing-based company said Wednesday its revenue for the three months that ended March 31 was about 48.5 billion yuan (US$7.5 billion), up from 30.50 billion yuan a year earlier, because of increased production and sales. Source : The China Post