Energy Sector

Oil Closes Above $80 For First Time

After fluttering at the peak for a number of days, yesterday, the U.S. crude oil prices closed above $80 per barrel for the first time.

For next month delivery, sweet crude added up 18 cents to close at $80.09 per barrel at the New York Mercantile Exchange (NYMEX).

The price had hit $80.15 during the session and $80.20 during the earlier electronic trading. But, it was the first closing in what one investor called unchartered territory.

Crude Oil Prices set a New High

Crude Oil Company
Oil costs climbed to a record settlement price on Tuesday as dealers anticipated the administration inventory to confirm tight supplies.

The worries of a supply limit also disregarded OPEC’s resolution to increase output.

Market analysts were of the opinion that even after OPEC decision to boost up oil fabrication by 500,000 barrels per day starting November 1, supplies get stretched.

Citibank and IndianOil offer Rewards of up to 5 % on Fuel Purchases

Citibank and Indian Oil
Citibank has joined hands with IndianOil to offer ‘CitiBusiness’ with a target of achieving transactions worth Rs 400 crore by March next year. The reward programme is for small businesses and professionals. IOC and Citibank started their partnership in year 1997 with launch of co-branded fuel credit card. Citibank has over 1 million credit card users presently.

BHEL Signs MoU With NTPC

Bharat Heavy Electricals Ltd
New Delhi: BHEL, public sector equipment maker and NTPC, power generation company, have signed up a memorandum of understanding (MoU) to set up a joint venture in order to accompolish executing engineering, procurement and construction (EPC) activities in the power segment.

The cooperation between the two PSUs occurs at a time when the administration is thinking over establishing a second BHEL, promoted by NTPC.

Oil Firms Losing Rs 150 Crore Each Day, Says Behuria

IOC chairman Sarthak Behuria
Public sector oil companies were missing a huge Rs 150 crore daily on the sale of petroleum products.

Sarthak Behuria, the IOC chairman, said Indian Oil Corporation alone lost Rs 80 crore each day.

Rejecting to mention the amount of hike hinted by the oil companies to counterbalance the loss, Mr. Behuria said it was for the Centre to resolve.

MRPL & Shell Enters 4-Year Petrol, Diesel Supply Pact

MRPL Managing Director Mr. R Rajamani
New Delhi: For supplying petrol and diesel, Mangalore Refinery & Petrochemicals Ltd (MRPL) has signed up a four-year agreement with Shell India Marketing Private Ltd. The products comprise all grades of MS and HSD grades.

According to MRPL’s press release the contract is extendable by another two years.

Gas Pricing Blows Up Debate On Usage & Bidding Plans

Reliance Ltd.
The gas pricing issue under the New Exploration Licensing Policy (NELP) that is being mooted by an Empowered Group of Ministers (EGoM), seems to have started an argumentation on a need to have gas usage, valuation and bidding plans prepared to shun differences. The issue gains weight as it would directly effect Reliance Industries Ltd’s (RIL) gas pricing from its eastern offshore field.

Indian Rupee could Relieve on High Oil Costs

Mumbai: Dragged down by growing oil costs and import payments by refiners, the Indian rupee could relieve today.

US crude traded above $74 per barrel, heading toward an all-time high of $78.77 hit in early August. Oil is India's biggest import.

The rupee closed at 40.885/895 a dollar on Monday, slightly below its last closure of 40.875/885.

Data on Monday depicted that India’s trade deficit in July extended by a quarter from a year earlier, as a speedily rising financial system took up imports.

BHEL, MMTC Sign MoU To Export Power Plant Equipment

Bharat Heavy Electricals Limited
New Delhi: Bharat Heavy Electricals Ltd has signed a memorandum of understanding (MoU) with Minerals and Metals Trading Corporation (MMTC) to collectively encourage and work towards improvement of exports of power plant equipment.

The MoU was signed by BHEL Chairman and Managing Director, Ashok K Puri, and his MMC counterpart, Sanjiv Batra.

BHEL Appoints Anil Sachdev as Director

Bharat Heavy Electricals LimitedNew Delhi: Bharat Heavy Electricals Limited (BHEL) has announced the appointment of Anil Sachdev as the Director of Personnel and B Prasada Rao as industrial Systems & Products Director.

The company said in a statement, before these selections, Mr. Sachdev was watching out the Navratna engineering and manufacturing enterprise’s HR function as Executive Director, and Mr. Rao was directing the company’s Industry Business area as Executive Director.

ONGC, BP Tie-Up For Oil & Gas Exploration

Oil and Natural Gas Corporation Ltd.
New Delhi: For oil and gas exploration and fabrication in India and overseas, state-run Oil and Natural Gas Corp (ONGC) has tied-up with British oil major BP Plc.

After the two companies signed up a memorandum of understanding (MoU), R S Sharma, ONGC chairman and managing director said, “We need expertise and BP has domain knowledge of E&P business.”

EGoM Likely To Meet On Gas Pricing

Reliance IndustriesNew Delhi: A ministers group, formed to check out pricing and utilization of natural gas created from novel fields like the KG-D6 of Reliance Industries, is expected to hold its initial conference today.

Oil And Gas Prices Rise Further

Oil and gas rates gained on yesterday, recovering from the losses found earlier in the week. The gains were accompanied by a healthy stock market as capitalist reaction and prospect on the economic system bettered.

The oil markets have descended in the recent past regardless of the hurricanes threat.

For October month delivery, light, sweet crude oil rates ascended 57 cents to $69.83 per barrel on the New York Mercantile Exchange (NYMEX).

On the other hand, the gasoline rates for next month delivery arose 3.42 cents to $1.9232 a gallon.

Crude Prices End Higher

Crude oil rates returned to their former condition on Wednesday after falling below USD 70 suddenly, on rumors of Hurricane ‘Dean’ retrieving durability and distressing oil facilities in Mexico.

The storm was auspicated to flap down into the earth on late Wednesday afternoon near Laguna Verde, Mexico’s sole nuclear power plant that is freezing operations.

Oil Prices Falls Back As Hurricane Worries Ease

Yesterday, the oil and gas rates fell in the United States as worries relieved after storm Dean headed towards Mexico’s Yucatan Peninsula; and further than the U.S. energy facilities along the Gulf Coast.

As supply worries dropped off, fears about the stock market’s consequence on international demand came to the front position yet again.

For the next month delivery, light, sweet crude drop 86 cents to USD 71.12 each barrel on the NYMEX. The deal ended up from its intraday low of USD 70.05 per barrel.

Suzlon Energy among gainers on Nifty

Suzlon Energy
Suzlon Energy, the world’s largest fully integrated wind power company, is top gainer on the Nifty. The company stock had seen a big erosion in the past couple of trading sessions due to fall in global markets.

At 11:45am, its share is quoting at Rs 1,235.75, increased Rs 60.10, or 5.11%. The stock reached an intraday high of Rs 1,245 and low of Rs 1,203.20.

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.

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