Energy Sector

BHEL Slips Over 3%

In morning trades, Bharat Heavy Electricals (BHEL) BHEL Stock Chartdecline 3.4% to Rs 1,549 on the Nifty. It has touched an intraday high of Rs 1,599.90 and an intraday low of Rs 1,541.

The company signed up MoU for 1000 MW Sudan Project.

It is trading with total volumes of 159,935 shares. Yesterday the share lost 4.99% or Rs 84.30 at Rs 1,603.60.

Oil Ends Lower

Oil and gasoline futures finished lower on Thursday as capitalists shifted their interest to calm down the heated market worries and upset over the subsisting instability in the market; thus putting to rest concerns over the auspicated tropical storm.

For September delivery, light, sweet crude came down USD 2.33 to USD 71 a barrel on the New York Mercantile Exchange (NYMEX), whereas September gasoline rate descended 3.05 cents to USD 1.9783 per gallon.

Nymex heating oil went down 4.4 cents to USD 1.9829 a gallon.

State-owned Oil Companies Seek Hike In Oil Prices in order to Cover Losses

Government-owned oil companies that are dropping off more than Rs 1.85 billion each day on sale of four fuel products, (petrol, diesel, domestic cooking gas (LPG) and kerosene) are seeking an immediate hike in fuel prices, report agency sources.

In a written reply in Lok Sabha, Dinsha Patel, State Minister for petroleum and natural gas alleged that the state-owned oil marketing companies have wanted correction in the costs of receptive petroleum products because of enhancement in worldwide oil costs.

Crude Oil Prices Rise Above $73

Oil prices mounted after the Energy Information Administration report a massive decline in crude oil and gasoline stocks for the week ended Aug. 10, 2007. Crude stocks were depressed by 5.2 million barrels, whereas gasoline stocks came down by 1.1 million barrels.

Additionally, worries over the new weather anticipate that a Tropical Storm Dean could pass over the south of the Gulf of Mexico stimulated oil to climb further.

IFC To Lend $150 Million To Petronet LNG Ltd

International Finance CorporationNew Delhi: International Finance Corporation (IFC) will provide $150 million as loan to publicly owned Petronet LNG Ltd (PLL) to construct a liquefied natural gas (LNG) import and regassification workstation in South India.

Oil Prices Slip Below $72

Oil prices dipped on Monday carrying on its downtrend since last week on US demand worries amidst troubles in the subprime mortgage area.

New York’s main futures contract, light sweet crude for next month delivery went down 15 cents to USD 71.62 per barrel.

In London, the value of Brent North Sea crude for the coming month delivery came down 16 cents to settle at USD 70.23 a barrel.

For September delivery, natural gas also closed down USD 0.026 at USD 6.794 per million BTUs.