Oil prices seen staying high amid refinery rush
Analysts say oil prices will stay elevated into the coming months with NYMEX crude near a 13 year high at $38.98 a barrel and unleaded gasoline at $1.31 a gallon amid tight refinery output ahead of summer. Gasoline could reach $3 a gallon in some regions as demand rises. OPEC, controlling a third of world supply, maintains a target price of $25 while current benchmarks remain well above that level.
MENTIONED IN THIS ARTICLE
London
New York Mercantile Exchange
United States
Energy Department
North Sea
International Petroleum
U.S
Yender
The
Organization of Petroleum Exporting Countries
OPEC
LNG momentum grows as global gas exports expand
LNG gains traction as U S power shifts to gas and major oil firms bet on a vast growth market. Qatar Indonesia Algeria Malaysia and Trinidad are top exporters with Russia and Iran showing potential. LNG lowers volume by 600 times when cooled to minus 260 degrees, enabling large shipments to terminals for regasification. Four plants exist and 38 more are approved or proposed coast to coast. Sempra Energy plans the first new U S LNG plant in Hackberry Louisiana at $700 million.
MENTIONED IN THIS ARTICLE
Houston
United States
Hehad Plaei
BP Global Lng
Douglas Rotenberg
Logy
North Sea
Qatar
Indonesia
Algeria
Malaysia
Trinidad
Russia
Iran
Federal Energy Regulatory Commission
Massachusetts
Maryland
Georgia
Louisiana
Texas Gulf
Central American
FERC
San Diego
Pioneer to Buy Evergreen Resources for About 1.7 Billion
Pioneer Natural Resources Co to acquire Evergreen Resources Inc in a cash and stock deal valued around 1.7 billion, expanding gas reserves in the Rockies. Evergreen shares drop 1.64 to 38.99 while Pioneer falls 0.92 to 32.60 on NYSE.
MENTIONED IN THIS ARTICLE
Denver
Pioneer Natural Resources Co
Evergreen Resources Inc
Pioneer
Rockies
Evergreen
New York Stock Exchange
Reliant Halts Production at Ackerman Plant in Mississippi
Reliant Energy stops production at its 822 megawatt natural gas fired plant in Choctaw County Mississippi as it reassesses the merit of operating units amid weak wholesale power markets in the Southeast. Chairman Harvey says the company is evaluating the strategy given current market conditions.
MENTIONED IN THIS ARTICLE
Reliant
Harvey
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Federal Reserve
Allan Greenspan
Monetary Agency
Sheikh Hamad Al-Sayari
Washington
Texas Natural-Gas Company
Odessa
Chlor TA Dey
Price
Midland
W. Wall St
Midkiff
E. 42Nd St
HEB
Leslie's Poolmart
O Murer Nu Payre
Wells Financial National Bank
Charles Marie
Andrews Hwy
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