THE WALL STREET JOURNAL ONLINE
November 16, 2006 6:40 p.m.
Crude oil was pressured by falling natural-gas prices and an upcoming expiration of the front-month contract. Here is Thursday’s roundup of oil and energy news:
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CRUDE FUTURES TUMBLE: Crude oil hit the lowest closing level in a year, pressured by a drop in natural-gas prices of more than 4% following the first climb in U.S. natural-gas supplies in three weeks. The upcoming expiration of the front-month contract also likely added to volatility. Crude for December delivery slumped $2.50, or 4.3%, to $56.26 a barrel on the New York Mercantile Exchange, the biggest drop in percentage terms since last August.
•Teamwork: Gazprom and Lukoil, Russia’s biggest energy firms, will unite in a joint venture to acquire assets in Russia and abroad, Reuters and Bloomberg reported. “The arrangement comes as President Vladimir Putin’s government cracks down on projects led by BP, Royal Dutch Shell and Total, which analysts say is an attempt to seek a greater share of the nation’s energy wealth to win global political and economic power.”
•Gas Gouging: A Democrat-controlled 110th Congress will seek to pass legislation aimed at tackling alleged gouging in gasoline prices, MarketWatch reports..
•Kidnap Charges: Nigeria charged two people in the kidnapping of seven foreign oil workers. They are accused of receiving ransom money 10 days after taking the workers at gunpoint from a nightclub.
•Oil Sands: Petro-Canada is shedding several of its oil sands properties in order to focus on a project in northeastern Alberta.
•Anadarko Contract: The Woodlands, Texas, company expects to seal an agreement with Mozambique next week that will allow it to explore the Rovuma delta.
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