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Nice to know when a company throws names around you can at least DD them with a simple Google search. Been in a few that you couldn't do that for and it didn't end up good.
Hong Hua Ltd. & GTS Drilling
Joint project with Hong Hua, a Chinese drill rig supplier.
In a historic joint venture, HongHua Ltd. and GTS Drilling have joined together to bring the first Chinese manufactured rig to the United States.
HongHua Ltd. is a drilling rig supplier located in Guanghan City. The company has successfully developed a series of drilling rigs in the range of 1500m to 7000m.
This joint project was received with great anticipation and enthusiasm. Below are links to pictures of rig GTS-605 and the celebration ceremony.
http://www.gtstexas.com/hhgts.html
http://www.nativeamericanenergy.com/pressreleases/gtschinainvitation.pdf
Introducing the new Beyond
Here are a few pictures of the new Chinese rig Beyond (1500hp).
This rig is an AC drive running at 1500 hp. Below are some pictures of the rig completely assembled.
http://www.gtstexas.com/HHBeyond.html
GTS Drilling info and home page....................
General Turbine Systems, Inc. (GTS) is a global holding company providing a variety of services (engineering, manufacturing, and overhaul), to energy and aviation. Also, engines focused in the emerging markets of Western Hemisphere (South America and Mexico),with offices and representatives worldwide.
GTS Drilling specializes in high altitude directional drilling while leaving a small footprint on drilling site. We have the capacity to drill upto 23,000 ft.
We offer the most efficient drilling services and speedy rig moves.
GTS is a small family run business, incorporated in 1978 as a US corporation, based out of Houston, Texas. GTS has been active in drilling services since 1998.
GTS Drilling Services provides the client both unbalanced production and upstream drilling services, as well as equipment support, and can compete with major US and European based oil and gas support service companies.
GTS Drilling Services provides liaison services for sales of Chinese rigs to potential clients in USA and Latin America. We can provide American made rigs to potential clients as a broker and dealer for the sellers of drilling rigs in USA and Canada.
http://www.gtstexas.com/about.html
A little dated but gives info on rig company...............
In Oil Rigs, It's China to the Rescue
A shortage of equipment has drilling companies increasingly looking East for reinforcements
Oil and gas drilling machines were among the few things that U.S. companies weren't getting from China. Now that's beginning to change, and it could help speed up production.
These days, oil drillers have to schmooze, beg, and pay a fortune to get machinery. Only 1,681 rigs were available for drilling in the U.S. in July, according to Houston oil field services firm Baker Hughes (BHI). Back in 1982 there were 4,436 rigs.
So company executives are scrabbling for the equipment—even the old pieces once abandoned in yards during the decades of languishing prices that lasted until the early 2000s. The shrunken industry can't make rigs fast enough, and it can take a year to deliver an order.
SPEEDY DECISION. Jim Nicklos, president of Houston-based Nicklos Drilling, knows this first hand. One night last year, gas escaped from his well, which was being drilled with U.S machinery, and the rig caught fire. When he visited the site the next day, Nicklos saw flames engulfing his rig with a roar like a jet engine's. The machinery burned for weeks before it finally tumbled and melted into what resembled charred iron. "It's not a pretty sight," Nicklos says.
But Nicklos didn't despair. About a month before his rig burned down, he met representatives of Baoji Oilfield Machinery, or BOMCO, the largest machinery manufacturer under China National Petroleum in Houston.
He asked BOMCO if they could furnish a rig for him, and the next day they agreed. They negotiated the price quickly and had a purchase order for Nicklos within a week. BOMCO delivered the new rig to Nicklos roughly six months later, in January, 2006, making it possible for him to continue developing his gas reserves.
Chinese manufacturers such as BOMCO are playing an increasingly important role in the production of equipment used for oil and gas drilling. Industry publication Land Rig Newsletter says China has delivered about 12 rigs to the U.S. since 2005, and it expects that number to double by early next year. It also estimates that a Chinese-made rig costs 25% less than one from the U.S.
NEW NEEDS. Those savings won't necessarily get passed on to drilling-rig customers, but the use of Chinese rigs "definitely has the potential to create more supply of rigs in the U.S.," says Gene Shiels, assistant director of investor relations at Baker Hughes.
That's welcome, since recent shortages have driven prices sky high. Currently, land-rig rates can range from $8,500 to $31,500 per day, depending on the rig class and market.
Until recent years, the U.S. demand for new drilling machinery wasn't strong enough to fuel many Chinese imports. As prices languished in the 1990s, land drilling machinery equipment makers fired workers and slashed their businesses.
The Chinese, on the other hand, were building their oil fields without much regard for market forces. Now, manufacturers there have more capacity to meet the strong demand for equipment this year.
Most of China's natural-gas reserves are on land, so the country has less experience in offshore drilling. However, Chinese energy companies have been selling drilling services to foreigners for years. State-owned integrated oil and gas company China National Petroleum claims on its Web site to be the largest drilling contractor in Kazakhstan, Venezuela, and Sudan. In 2005, CNPC extended its drilling service reach to the U.S., with three rigs.
ROCKY MOUNTAIN HIGH. Chinese services can be a boon for smaller exploration and development companies in the U.S. "We don't have large contracts at these [rig-building] yards. We're not looking for a dozen [rigs]," says David Wheeler, executive vice-president of independent exploration and development company Presco in Woodlands, Tex.
When Wheeler orders a rig from a U.S. yard, he has to wait for many others to be built first, he says. He has found that he can get a rig from China much faster. And with commodities prices soaring, no one wants to wait.
Wheeler contracted a Chinese rig in July, 2005, from Houston drilling-services company GTS Drilling, which had obtained the rig from HongHua, a supplier in Guanghan City, China. Presco used the rig in the Rocky Mountains until November, drilling five wells that season.
Without the Chinese rig, it would have managed only one or two. "We would have delayed everything for a year," Wheeler says.
Larger companies are also turning to China for rigs. Bermuda-based Nabors Industries (NBR) ordered about 75 new rigs from HongHua for delivery starting in January, 2006.
Most of the rigs will go to the U.S., while the other third are for foreign drilling locations such as Venezuela and Algeria. Nabors' equipment makes up a large share of the 270 new rigs that Land Rig Newsletter says are being built this year.
PARTNERING UP. HongHua is using Nabors' design for this giant order, under supervision from 14 Nabors employees. The rigs will be finished in Houston, and not every piece of the equipment in them comes from HongHua. Nabors is using engines from Peoria (Ill.)-based construction and mining equipment provider Caterpillar (CAT), for example.
While Nabors is one of the first major drillers with strong U.S. ties to make its rigs in China, it isn't alone. Houston-based Parker Drilling is building nine rigs in China this year. Kerui Group is building four land rigs as part of Parker's joint venture with its Saudi Arabian counterpart, Abdullah Rasheed Al-Rushaid Company for Drilling Oil & Gas. BOMCO is building the remaining five.
"We chose to build these rigs in China due to delivery requirements and associated cost," says David Mannon, senior vice-president and chief operating officer of Parker Drilling. He adds that most of the equipment in the rigs came from European or North American suppliers, "to ensure consistent quality and workmanship standards." The Chinese yards just built the steelwork and integrated this equipment.
While oil prices pulled back the week of Aug. 14, to around $70 a barrel, many analysts expect the price to hold above $65. If so, the demand for rigs is likely to remain robust.
Ryst is a reporter for BusinessWeek.com in New York
http://www.businessweek.com/investor/content/aug2006/pi20060818_061290.htm
Looks like they finally showed up. em
Where are the MM's? I'm still showing .15 X 1.01.
Must all be over at ECFL.
OT Looks like ECFL is in trouble. All PR's retracted.
http://www.investorshub.com/boards/read_msg.asp?message_id=17687084
Ecarfly Inc News and Filings Commentary Market Commentary
Wed, Mar 07, 2007
9:34 PM Please kill this story. - Business Wire
9:27 PM Please kill this story. - Business Wire
9:24 PM Please kill this story. - Business Wire
9:21 PM Please kill this story. - Business Wire
9:20 PM Please kill this story. - Business Wire
9:14 PM Please kill this story. - Business Wire
9:13 PM Please kill this story. - Business Wire
9:11 PM Please kill this story. - Business Wire
9:06 PM Please kill this story. - Business Wire
9:03 PM Please kill this story. - Business Wire
Read it and pay attention to the wind info. We got a windmill thang goin also. The wind is probably still the same from when the article was written??
Looks like a wind / wind situation. em
03/07/07 11:10:19 0.0135 0.013 0.0135 23809905
03/07/07 11:11:05 0.0135 0.013 0.0135 5000
03/07/07 11:11:07 0.0135 0.013 0.0135 5000
03/07/07 11:11:35 0.0135 0.013 0.0135 150000
03/07/07 11:11:36 0.0135 0.013 0.0135 150000
Did the volume just double????
Visual confirmation...............................
Welcome! Great buys and you will be thanking yourself in the near future. eom
Think he is referring to the spread between ask and bid. At one time recently it was 10 cents. Probably reflecting the small float and volatility recently.
Longer term view. Still bouncing off the 5 period weekly MA.
Great strength and puts the recent run-up/sell-off into perspective.
Looks like it's bouncing off the 15d MA. Usually rides the 5, sometimes the 10,
but after the recent volatility seems the 15 is the bottom churn.
Oil price news............
Oil Prices Climb Above $62 a Barrel
March 2, 2007, 5:43AM
By GEORGE JAHN Associated Press Writer
© 2007 The Associated Press
VIENNA, Austria — Oil prices rose Friday on worries over tightening gasoline supplies, and perceptions that production cuts by the Organization of Petroleum Exporting Countries were starting to take effect.
Light, sweet crude for April delivery rose 21 cents to $62.21 a barrel in electronic trading on the New York Mercantile Exchange by noon in Europe.
On Thursday, the contract rose 21 cents to settle at $62.00 a barrel _ its highest settlement price since Dec. 22 _ following a rally in gasoline futures, which rose on reports of a glitch at a Valero Energy Corp. refinery. Valero said operations at its Port Arthur, Texas, refinery were normal, despite the reported outage of a unit.
Brent crude for April gained 37 cents to $62.48 a barrel on the ICE Futures exchange in London.
Analysts said worries over Iran's persistent refusal to suspend its nuclear program were also a factor.
"There's a lot of focus on what's happening with Iran. Tensions over any possible sanctions are obviously positive for oil prices," said Andrew Harrington, an analyst with ANZ Global Natural Resources in Sydney.
Washington is pushing for tougher U.N. sanctions on Tehran over its failure to comply with demands to halt its uranium enrichment program that the West fears could be used to build a nuclear weapon. Although the United States has said it has no plans to strike Iran militarily, it has also refused to rule out any option.
Vienna's PVM Oil Associates attributed part of the recent increase in crude prices to OPEC's production management policy.
"OPEC's decision to cut production by 1.2 million barrels a day from November 2006 ... and a further cut of 500,000 barrels a day from February 2007 ... has been a major contributor to the (upward) price reversal," said PVM, estimating that about 66 percent of the February reduction targets were being implemented.
Market participants were also focusing on the outlook for gasoline supply entering the peak spring and summer driving season. Problems at U.S. refineries have reduced output and cut into petroleum product supplies.
On Wednesday, the U.S. Department of Energy reported that stockpiles of gasoline and distillates, which include heating oil and diesel fuel, dropped last week by a larger amount than analysts had forecast. Meanwhile, demand for products over the last four-week period rose by 7.5 percent from the same period last year.
U.S. crude inventories climbed 1.4 million barrels to 329.0 million barrels last week. But gasoline inventories fell by 1.9 million barrels to 220.2 million barrels, and distillate inventories fell by 3.8 million barrels to 124.5 million barrels.
Heating oil futures gained half a cent to $1.7814 a gallon while natural gas prices added 1.7 cents to $7.305 per 1,000 cubic feet.
___
Associated Press Writer Gillian Wong in Singapore contributed to this report.
http://www.chron.com/disp/story.mpl/ap/fn/4596110.html
Every time I read your posts I hear it in the Spongebob voice.
LOL.....
OT Go to options on top pulldown menu and do the Webupdate.
That might take care of it. Sometimes just closing it down and restarting it does the trick.
Getting close......................................................................................................
"We will be updating drilling and production information in the first week of March 2007."
http://biz.yahoo.com/bw/070226/20070226005759.html
General market taking a dump again. Nice to be here!!
Think that is accurate and also keep this in mind:
10-06-06 NAEG Announces Insider Share Lockup
http://www.nativeamericanenergy.com/pressreleases/insidersharelockup.pdf
Great to see you here. Welcome. eom
A lot's been said lately about how much energy is in a cubic mile of oil. This is roughly the amount the world uses in a year. According to IEEE Spectrum, a cubic mile of oil has energy equivalent to:
4 Three Gorges dams, cranking for 50 years.
32850 1.65 megawatt wind turbines, cranking for 50 years (100% capacity factor).
91,250,000 2.1 kW solar PV installations, for 50 years.
104 500 megawatt coal-fired electric plants, for 50 years.
52 1.1 gigawatt nuclear electric plants, for 50 years.
Leaving aside some errors (the coal and nuclear numbers are off by about 10% to each other, and the capacity factor of wind turbines should be closer to 30%) the most essential oversight in that equation is elephantine:
It compares oil's inputs to the other's outputs.
Compared to that, the rest is small potatoes.
Report: China not planning big capital gains tax
Rumor of 20 percent levy may have contributed to global markets plunging
http://www.msnbc.msn.com/id/17370922/
Report: China not planning big capital gains tax
Rumor of 20 percent levy may have contributed to global markets plunging
http://www.msnbc.msn.com/id/17370922/
Best of duediligence2 (part 4 of 4)
"Projections made by my group are as timely & objective as possible based on information available from due diligence."
"My group will help the ongoing long term trend reversal achieve accurate market cap value for HMGP over time."
"A 2nd.Group of individual,like our Group,investors with long term fundamentals price goals has been buying support for over 2 weeks. Both groups have at times bought the same stocks with long term goals in the past successfully. We helped them some with some of Our dd information about geology formations in southeast Kansas. We will all be buying more timely as the Bigger picture for oil value in Kansas is just starting to unfold. We have been buying HMGP since Oct.'06 ; all are adding more today based on new fundamenal gas news about TX."
"When t/a of indicators' patterns & Volume dictates a price breakout our group will also be buying volume. We are Not yet convinced based on t/a,but group will support patterns as they change in HMGP."
"Based on All blanket formations: $700M reserves in total for both the 5 mature leases with oil wells & 1400 acres in the Feb.16 press release your extrapolation about Only Woodson County Kansas 6 leases would be accurate Lowman. The 14+ million boe extrapolation by management would be both proven & probable reserves added together for all 6 leases in Only Woodson County Ks.& based on dd of large blanket geological formations in this area of Ks. But based on Kansas reserves report,& oil or gas values of leases in 4 other states the market cap price is still too low." 2/23/2007
"Big,oil & $ know now: Believe "Book of Hemi" planned for more leases in Woodson County Ks. before report was news. They understand Need to have a much Bigger presence just west of the known/proven Humboldt-Chanute oilfield in Woodson County Ks. Therefore assume based on dd & extensive library of geological information in southeast Ks.that they planned very well for more probable reserves. Think much bigger potential reserves,both oil & gas, based on blanket geological formations on more leases in Woodson County as the new drilling story unfolds." 2/23/2007
"Book of Hemi" dd, DD Bigger picture =All geological oil & gas zones in Woodson County Ks. will help revalue mature oilfields reserves. Big oil & big $ are more interested in Hemi as the testing & drilling story unfolds over time." 2/27/2007
"$700M = BOE, DD on All geological zones of oil & gas on the 6 leases that total about 3400 acres in Woodson County Kansas alone will be confirmed accurate based on blanket formations Ks.is group opinion too. Hemi's extrapolation of potential reserves, both proven & probable ,at just the Known leases at Woodson County make the market cap too cheap. The "MM" games do Not change the fundamentals of the values of the BOE reserves on leases in 5 states." 2/27/2007
"Why HMGP filmed for CNBC ? "Book of Hemi" library on mature oilfields & All blanket geological formations in southeast Kansas is an unfolding story that is important to stock price ? What would happen next if Big oil companies believed oilfields Off-Humboldt-Chanute in Woodson County were larger than the Known oilfield in Allen County Ks.? Do you believe Hemi would have planned for more leases than the 1400 acres just revealed in the Feb.16 press release ?" 2/27/2007
Best of duediligence2 (part 3 of 4)
"Projections made by my group are as timely & objective as possible based on information available from due diligence."
"My group will help the ongoing long term trend reversal achieve accurate market cap value for HMGP over time."
"A 2nd.Group of individual,like our Group,investors with long term fundamentals price goals has been buying support for over 2 weeks. Both groups have at times bought the same stocks with long term goals in the past successfully. We helped them some with some of Our dd information about geology formations in southeast Kansas. We will all be buying more timely as the Bigger picture for oil value in Kansas is just starting to unfold. We have been buying HMGP since Oct.'06 ; all are adding more today based on new fundamenal gas news about TX."
"When t/a of indicators' patterns & Volume dictates a price breakout our group will also be buying volume. We are Not yet convinced based on t/a,but group will support patterns as they change in HMGP."
"Revenue $500,000+ per year for 1 gas well is more than a 50% increase in the total oil revenue projections on an annual basis from the 6 mature reworked oil wells on the Montgomery County lease. The group Now believes it's own indepedent DD about the blanket type geological formations in southeast Kansas will be confirmed by Hemi's 1st. new testing well. The last paragraph of Feb.9 news if read very carefully, = New additional oil zones are to be proved-up & then produced , is very Big news for larger oil production on Hemi lease too." 2/9/2007
"Market cap still low vs All geological formations being fully valued for for oil & gas on Hemi leases in Kansas alone. Understanding dd of last paragraph , in the Feb.9 press release will become , very important as the new testing & production well is drilled in early March based on our own DD of All geology formations in southeast Ks. too." 2/12/2007
"DD of Bigger picture by "Book of Hemi" may change the way some geological oil formations are valued in Mature oilfields in southeast Kansas. Mr Anderson may be viewed in hindsight as important to how New knowledge was used to produce more oil in Ks. How Mature is the Humboldt-Chanute oilfield in Woodson County Ks. ? What will coring tell about geology formations ; how will extrapolations & applications of this information likely produce more oil based on our DD? Read Dec. DD posts to better understand dd of bigger picture for oil & gas revenues." 2/12/2007
"Group thinks based on dd of the "Book of Hemi" & our DD of geology that new zones, from Feb. 9 release, will increase "probable reserves" on leases in Woodson County Ks. Market cap is still very low vs reserve report that will be released on Only some Kansas leases is our opinion." 2/15/2007
"Mature oilfields dd by "Book of Hemi" will likely change the way some blanket geological oil & gas formations are valued in Woodson County Ks. Therefore group opinion in part is based on DD of Bigger picture for probable reserve values as New fields are proved-up for leases off the yet Known western Humboldt-Chanute oilfield in Woodson County Ks. Hemi with the 1916 geological information & it's library of geological information about southeast Kansas formations will be more able to produce more valuable oil & gas wells in Woodson County Ks." 2/16/2007
Best of duediligence2 (part 2 of 4)
"Projections made by my group are as timely & objective as possible based on information available from due diligence."
"My group will help the ongoing long term trend reversal achieve accurate market cap value for HMGP over time."
"A 2nd.Group of individual,like our Group,investors with long term fundamentals price goals has been buying support for over 2 weeks. Both groups have at times bought the same stocks with long term goals in the past successfully. We helped them some with some of Our dd information about geology formations in southeast Kansas. We will all be buying more timely as the Bigger picture for oil value in Kansas is just starting to unfold. We have been buying HMGP since Oct.'06 ; all are adding more today based on new fundamenal gas news about TX."
"When t/a of indicators' patterns & Volume dictates a price breakout our group will also be buying volume. We are Not yet convinced based on t/a,but group will support patterns as they change in HMGP."
"Big oil is drilling in southeast Kansas again after having been gone for decades. This fact if extrapolated will become important to Hemi in 2007. Why will Big Oil companies have 2 reasons to talk to Hemi ? What info. will the drilling of some new well find that is more valuable than the oil from just that oil well near the western Humboldt-Chanute oilfield ? Think much Bigger picture for oil in Kansas." 1/15/2007
"A 2nd.Group of individual,like our Group,investors with long term fundamentals price goals has been buying support for over 2 weeks. Both groups have at times bought the same stocks with long term goals in the past successfully. We helped them some with some of Our dd information about geology formations in southeast Kansas. We will all be buying more timely as the Bigger picture for oil value in Kansas is just starting to unfold. We have been buying HMGP since Oct.'06 ; all are adding more today based on new fundamenal gas news about TX." 1/18/2007
"DD of "Book of Hemi" shows Bigger picture for oil value on leases in 5 states. It appears the values will become clearer as the story unfolds. What do 2 major oil companies know that caused then to return to southeast Kansas after having been gone for decades ? What does management know about geology that will become valuable to Big oil in Kansas?" 1/18/2007
"Fundamentals supercedes t/a when news is timely accurate as the story in the "Book of Hemi" unfolds about oil values on the leases in the 5 states. Therefore the chart price is supported as the handle is formed by the fact that the market cap value is still very under valued in HMGP. Excellent dd & t/a posts by board members is still the dominate trend." 1/21/2007
"N.Dakota oil find in the area of Hemi leases & a 5th. state's leases , yet to be revealed , may be of more oil value than known Kansas leases. You & several other working board members show great dd & psychological understanding of the "Book of Hemi". Both groups are very long term, large fundamental holders of Hemi that will keep timely t/a buying as the story unfolds." 2/3/2007
Best of duediligence2 (part 1 of 4)
"Projections made by my group are as timely & objective as possible based on information available from due diligence."
"My group will help the ongoing long term trend reversal achieve accurate market cap value for HMGP over time."
"A 2nd.Group of individual,like our Group,investors with long term fundamentals price goals has been buying support for over 2 weeks. Both groups have at times bought the same stocks with long term goals in the past successfully. We helped them some with some of Our dd information about geology formations in southeast Kansas. We will all be buying more timely as the Bigger picture for oil value in Kansas is just starting to unfold. We have been buying HMGP since Oct.'06 ; all are adding more today based on new fundamenal gas news about TX."
"When t/a of indicators' patterns & Volume dictates a price breakout our group will also be buying volume. We are Not yet convinced based on t/a,but group will support patterns as they change in HMGP."
"Humboldt-Chanute oilfield Big picture view. Over 90 million barrels of oil have been produced in it's history.The shallow, very high porosity sandstone(squirrel)in Kansas has a history of being one of the longest producing oil formations in the United States from this 150,000 acre oilfield. Why are so many new wells been drilled at and ever increasing rate of growth in southeast Kansas in Woodson,& Allen Counties in 2006?" 12/24/2006
"Humboldt-Chanute oilfield is finding renewed life. Not just the price of oil that is accelerating,new well development in Woodson, & Allen Counties of Kansas around Hemi's leases. In 2007 geology formations both near,and contiguous to Woodson County leases owned by the company will prove to have more oil value that is now presumed. Due diligence of the Big picture about production to come from the western part Humbold-Chanute oilfield will prove Hemi to be very undervalued." 12/25/2006
"There are 2 large oil companies that have been drilling new wells in Woodson & adjacent counties for months. The oil under the 5 leases at Woodson County KS yet to be produced is worth many times the total market cap price of Hemi based on our due diligence of all the geology formations in southeast Kansas." 12/27/2006
"Several Large oil companies plan for larger leases in their ever expanding new gas well development programs in Woodson County in southeast Kansas. Some new oil wells flush in with historically high oil production in barrels per day in southeast Kansas. Geological formations Not drilled for decades produce new oil in Kansas." 12/29/2006
"A large oil company has reasons in '07 to talk to Hemi about gas well developement programs in Kansas. Geological formations Not drilled for decades produce new oil in Kansas in Woodson County. Some new leases are found to have very high geological value for oil based on due diligence of related history in KS." 12/31/2006
Iran worries send oil above $62
27/02/2007 20:44
London - Oil prices extended gains Tuesday as the United States and its allies maintained pressure for tougher sanctions to curb Iran's nuclear programme, dealers said.
Prices reached as high as $62.16/barrel in London and $62.65 in New York.
The price of Brent North Sea crude for April delivery showed a gain of 46 cents to 61.79 dollars per barrel in London electronic deals.
New York's main oil futures contract, light sweet crude for delivery in April, was up 51c at $61.90/barrel in pit trading.
Traders were also looking ahead to Wednesday's weekly update on US energy stockpiles, which could show a drop in supplies of heating fuel owing to cold weather in the final stages of the US winter.
"The rhetoric over Iran is heating up," said Victor Shum, an analyst with energy consultancy Purvin and Gertz in Singapore.
"Even though there is no real (oil) supply disruption associated with that, the increasing rhetoric between Iran and the West and the likelihood of the UN imposing sanctions has put geopolitical news back on the front pages.
"That factor has put more of the investors back into the oil market."
Iran, a key producer of crude oil, insisted on Tuesday that it would never yield to the key demand regarding its nuclear programme after world powers agreed to work on a new resolution that could lead to more UN sanctions against Tehran.
Diplomats from six key world powers had pledged in London on Monday to work on a new UN Security Council resolution over Iran's refusal to suspend uranium enrichment work, which the West fears could be used to make nuclear weapons.
But Iranian Foreign Minister Manouchehr Mottaki retorted: "One thing that is not feasible is the Iranian nation backing down on having nuclear technology for peaceful purposes."
Oil market buyers are concerned that if Iran is punished with economic sanctions, the country might decide to disrupt its oil exports.
Traders' nerves were also jangled after two members of the US-led coalition and a US contractor died in a suicide blast on Tuesday outside an Afghan base where US Vice President Dick Cheney spent the night.
Regarding weather issues, the National Weather Service reported Monday that more than a foot of snow blanketed parts of the northeast of the United States, the country's largest heating oil market.
The US department of energy's weekly stocks report was expected to show a fall in distillates, which include heating oil, a drop in gasoline stocks and a small increase in crude oil inventories.
"Markets remain concerned about the potential for tightness in petroleum product markets," said Tobin Gorey, commodity strategist at the Commonwealth Bank of Australia.
http://www.fin24.co.za/articles/markets/display_article.aspx?Nav=ns&lvl2=markets&ArticleID=1...
Iran worries send oil above $62
27/02/2007 20:44
London - Oil prices extended gains Tuesday as the United States and its allies maintained pressure for tougher sanctions to curb Iran's nuclear programme, dealers said.
Prices reached as high as $62.16/barrel in London and $62.65 in New York.
The price of Brent North Sea crude for April delivery showed a gain of 46 cents to 61.79 dollars per barrel in London electronic deals.
New York's main oil futures contract, light sweet crude for delivery in April, was up 51c at $61.90/barrel in pit trading.
Traders were also looking ahead to Wednesday's weekly update on US energy stockpiles, which could show a drop in supplies of heating fuel owing to cold weather in the final stages of the US winter.
"The rhetoric over Iran is heating up," said Victor Shum, an analyst with energy consultancy Purvin and Gertz in Singapore.
"Even though there is no real (oil) supply disruption associated with that, the increasing rhetoric between Iran and the West and the likelihood of the UN imposing sanctions has put geopolitical news back on the front pages.
"That factor has put more of the investors back into the oil market."
Iran, a key producer of crude oil, insisted on Tuesday that it would never yield to the key demand regarding its nuclear programme after world powers agreed to work on a new resolution that could lead to more UN sanctions against Tehran.
Diplomats from six key world powers had pledged in London on Monday to work on a new UN Security Council resolution over Iran's refusal to suspend uranium enrichment work, which the West fears could be used to make nuclear weapons.
But Iranian Foreign Minister Manouchehr Mottaki retorted: "One thing that is not feasible is the Iranian nation backing down on having nuclear technology for peaceful purposes."
Oil market buyers are concerned that if Iran is punished with economic sanctions, the country might decide to disrupt its oil exports.
Traders' nerves were also jangled after two members of the US-led coalition and a US contractor died in a suicide blast on Tuesday outside an Afghan base where US Vice President Dick Cheney spent the night.
Regarding weather issues, the National Weather Service reported Monday that more than a foot of snow blanketed parts of the northeast of the United States, the country's largest heating oil market.
The US department of energy's weekly stocks report was expected to show a fall in distillates, which include heating oil, a drop in gasoline stocks and a small increase in crude oil inventories.
"Markets remain concerned about the potential for tightness in petroleum product markets," said Tobin Gorey, commodity strategist at the Commonwealth Bank of Australia.
http://www.fin24.co.za/articles/markets/display_article.aspx?Nav=ns&lvl2=markets&ArticleID=1...
LOL em...
Maybe a landowners restricted shares became unrestricted and he
wasn't too sophisticated.