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The Wall Street Journal: Oil News Roundup: November 13, 2006 5:10 p.m.

November 13, 2006 5:10 p.m.

Crude-oil futures fell to their lowest point in a week amid warm U.S. fall temperatures, continuing to trade below the $60 a barrel. The front-month December light, sweet crude contract on the New York Mercantile Exchange fell $1.01, or 1.7%, to $58.58 a barrel, after trading as low as $58.45, its lowest settling price since Nov. 2 and off 4% this year. Here is Monday’s roundup of oil and energy news:

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ENERGY IN PERSPECTIVE: Energy prices have tapered off, writes the Wall Street Journal’s Peter McKay, “but there is a good chance that steadily rising world demand and lingering risks to supply could push prices for crude oil and related commodities back up…. ” And now that energy prices have fallen from summer highs, “money is shifting” from commodities to speculative energy stocks, writes the Journal’s Greg Zuckerman. Plus, see how the U.S. stock market measured up in 1998, when oil was trading at $11.16 per barrel, and where those sectors stand today.

•Renewed Look: A study by Rand Corp. shows the falling costs of ethanol, wind power and other forms of renewable energy predicts such sources could furnish as much as 25% of the U.S.’s conventional energy by 2025 at little or no additional expense.

•Energy IPO: Nymex Holdings Co., which is set to begin trading on the New York Stock Exchange this week, is atop the pecking order of this week’s IPOs, writes Lynn Cowan of Dow Jones Newswires. KBR Inc. and Hertz Global Holdings Inc. are “mere wingmen,” she writes, as Nymex is turning the most heads.

•Oil Deal: BHP Billiton, Hess and Repsol will pay $1.35 billion to buy the Genghis Khan oil and gas project from Anadarko Petroleum, adding a venture in the Gulf of Mexico that’s due to start production next year, Bloomberg reports.

•Rig Shield: Natural Resources Canada is planning to amend laws that govern offshore oil and gas platforms to better protect rigs against terrorist attack. and its sister websites,,,,, and are all owned by John Donovan. There is also a Wikipedia article.

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