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Posts on ‘August 11th, 2006’

The Wall Street Journal: Crude Falls as Terror Alert Ripples to Travel Demand

EXTRACT: Adding to the drag on oil prices, Royal Dutch Shell PLC said a Nigerian pipeline where a leak had caused it to declare force majeure on 180,000 barrels a day of output was back in use.

THE ARTICLE

By MATT CHAMBERS
August 11, 2006; Page C3

Crude-oil futures slid 3.1% as traders bet that foiled terror attacks planned on planes between the United Kingdom and the U.S. will damp tourism and cut jet-fuel demand.

Clocking up the biggest decline for the front-month contract in nearly three months, prices were further weighed down by an 8.4% plunge in gasoline futures and the restarting of oil flow at a Nigerian pipeline that can carry 180,000 barrels a day of oil. Traders and analysts said the fall in crude prices was exaggerated by speculators cashing in gains made on rising prices last week and Monday.
 
The front-month September light, sweet crude contract on the New York Mercantile Exchange fell $2.35 to $74 a barrel. Brent crude on London’s ICE futures exchange fell $2 to $75.28 a barrel. read more

The Wall Street Journal: ‘Smart Pig’ Hogs Spotlight as BP Closes Oil Field

EXTRACT: A division of Royal Dutch Shell PLC is credited with inventing the technology, which was licensed to Tuboscope Inc., an early maker of smart pigs.

THE ARTICLE

By ANNA RAFF
August 11, 2006; Page A2

If there is one lesson BP PLC should take away from the Prudhoe Bay debacle, it is this: Never doubt the “smart pig.”

The so-called smart pig has taken center stage as the energy company, based in London and the operator of Prudhoe Bay, grapples with oil-pipeline corrosion that forced it to begin a shutdown of the huge Alaska deposit, the largest-producing oil field in the U.S. read more

The Wall Street Jornal: Oil News Roundup: August 10, 2006 5:13 p.m.

THE WALL STREET JOURNAL ONLINE

Oil futures fell sharply, losing more than $2 a barrel on the New York Mercantile Exchange, on worries that news of a foiled terrorist plot targeting major airlines could slow air travel, hurting demand for jet fuel. Here’s Thursday’s roundup of energy-related news:

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ENDLESS SUMMER: Europe’s punishing drought has forced nuclear and hydroelectric power plants to limit their water usage, increasing reliance on fossil fuels and pushing energy prices higher, the Financial Times reports. Some climate scientists say such miserable summers will become the norm within 50 years. read more

The New York Times: Oil Bounces After $2 Slump on Aircraft Bomb Plot

By REUTERS
Published: August 11, 2006
Filed at 0:12 a.m. ET

SINGAPORE (Reuters) – Oil prices edged up on Friday as geopolitical unease and uncertainty over output from North America’s biggest oilfield checked a 3 percent tumble triggered by a thwarted transatlantic aircraft bomb plot.

U.S. light, sweet crude oil (CLc1) drifted 39 cents higher to $74.39 by 0407 GMT, reversing a $2.35 slump a day ago as traders worried that travelers might shun air travel and oil consumption could fall due to the planned attacks, which officials said were stopped just days before being carried out. read more

MarketWatch: Shell confirms bonny oil flowing at Nigeria pipeline

Last Update: 5:18 PM ET Aug 10, 2006

LONDON (MarketWatch) — Oil has started flowing again through a Nigerian pipeline that carries Bonny Light crude produced in a joint venture by Royal Dutch Shell PLC (RDSA), Nigerian oil sources said Thursday.

Shell declared force majeure on 180,000 barrels a day of oil output late July following an unexplained leak at the pipeline.

A spokeswoman for Shell in London also confirmed the pipeline was back in use Thursday. “A temporary measure is in place and this means that oil has started flowing again,” a source with state-run Nigerian National Petroleum Corp., told Dow Jones Newswires. read more

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