The profits of one of the largest oil companies in the world – U.S. Chevron, declined by 37% annually during the last quarter of 2009 This is due to its subsidiaries in the refining of crude oil and marketing activities that go on in loss the end of last year. Poor results of their operations offset a rise in revenue from the sale of crude oil and natural gas, sent Wall Street Journal. Second largest market capitalization of its U.S. oil company after Exxon Mobil, reported a profit of 3.07 billion dollars or 1.53 dollars per share for the three months to the end of December 2009 over the same period of 2008, Chevron had a net profit of 4.9 billion dollars or 2.44 dollars per share. The revenues of oil giant increased by 7.7% yoy to 48.68 billion dollars. The financial results of the California-based company, however, did not respond to the expectations of analysts for earnings per share of 1.70 dollars for the last quarter of 2009. Shares of Chevron risen by 0.2 percent to 73.37 dollars about two and a half hours after the start of today’s session of the New York Stock Exchange.
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The sentiment in the oil market last night were determined mainly by the news that came from Asia. They led to a strengthening of sales and pessimism about the black gold. Major concern was the news that the economic growth of South Korea has slowed down during the last quarter of last year. This is due to problems with exports shrinking demand and reducing government spending. This derail investors and led to a decline of oil prices retreat from 1,3 per cent on yesterday’s closing price on the stock exchange in New York to 74.32 dollars per barrel. It was also deleted all achieved during Monday trade grew by around 1 per cent to 75.26 dollars per barrel. Contribute to negative attitudes and the retreat of the leading stock indexes in Asia. Despite yesterday’s finale of green marketing in the U.S., which brought about the increased minimum measures of U.S. stock market again today, the red color predominates in the Asian region. As a result, the indexes marked the seventh consecutive decline, which had not happened for the past two years, transmit Bloomberg.
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China should take advantage of the shock waves created by the crisis in Dubai to buy gold and oil. Such is the opinion of a senior Chinese official, who cares for the supervision of some of the biggest companies in the Asian country. According to Syaonan Ji, who is chairman of the supervisory board of large companies in the committee for the supervision and administration of state assets (State-Owned Assets Supervision and Administration Commission – SASAC), purchases may be effected by means of foreign exchange reserves of China, transmit Market Watch. “Although it is unclear to what extent the crisis in Dubai will affect local and global economy, it will continue for some time and this may give China investment opportunity to use part of their reserves to buy gold and oil,” said Syaonan today. The Commission, headed Syaonan which is directly subordinate to the State Council of China and is responsible for management of state companies. Therefore, his opinion may be regarded as a signal that such intentions truly are discussed. Commentary is consistent with China’s overall strategy to increase physical stocks of key raw materials such as gold, copper and other commodities.
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The second largest company in the U.S. oil sector Chevron said its profit for the third quarter with 51 percent less than the same period of 2008, bad result is driven by low fuel prices for the period, reported Reuters. Chevron oil company is just another showing a sharp drop in profits after the other giants Exxon Mobil, Shell and PetroChina. The positive financial result of Chevron for the period July-September is the amount of 3.83 billion dollars or 1.92 dollars per share from 7.89 billion dollars or 3.85 dollars per share a year earlier. Excluding one-time revenues profits distributed per share amounted to 1.71 dollars, which is above analysts’ expectations of 1.47 dollars for security.
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Crude oil price fell for a second day after government data that oil stocks have risen more than expected. According to information from the energy ministry’s reserves of crude oil grew by 2.86 million in analysts’ expectations of growth of around 1.4 million barrels. The decline in crude oil was supported by the growth of the dollar against the euro. At 8:20 local time on the rate was 1.4715 EUR / USD at 1.4735 EUR / USD at the end of trading yesterday. U.S. light crude for November delivery fell by 87 cents, or 1.3 percent to 68.10 dollars per barrel. Yesterday’s contract was down by 3.9 percent to 68.97. Brent with delivery in November fell by 61 cents, or 0.9 percent to 67.38 dollars a barrel on the London Stock Exchange.
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Crude oil starts week with new quotes and retreat back again below the level of 72 dollars per barrel. However, movements in the price of black gold remain in a relatively narrow range and it is possible to stabilize the quotations later in the day. The main reason for the fall in oil prices today, analysts estimate is the increase in the rate of the dollar. As a rule, the appreciation of the dollar entails a decline in interest in investing in commodities. For the oil price rises are needed more evidence to show that the global economy is heading towards recovery, reported Bloomberg. Since the beginning of the year so far, oil has risen by 61 percent, but is not yet clear whether the situation improves significantly, the agency adds. This morning, oil contracts with delivery in October cheaper with 0.43 percent at 71.30 dollars a barrel in electronic platform of exchange in New York.
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The price of crude oil continues to trading about 68 dollars a session in a row after opening the Asian markets. The reason for the stabilization of the rate decision is expected in the oil cartel OPEC to alter quotas for oil production further. Currently she is 24.845 million barrels per day.
Recent data from the energy ministry in the United States showed that crude oil stocks are 13 percent more than last year to 343.4 million barrels. Reserves of Diesel and heating oil reached its highest level since 1983 – 163.6 million barrels. The price of U.S. crude for October delivery rose 25 cents to 68.27 as of 8:30 local time on after earlier drop by 0.7 percent to 67.54 dollars. For last week’s contract marked decrease of 6.5%, which was the biggest of the week ended June 10. Brent with delivery in October rose by 50 cents, or 0.8 percent to 67.32 at 8:30 CET.
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The price of crude oil remained over 71 dollars a barrel during Asian trading today after oil futures rose significantly at the end of yesterday’s trading session. The reason for this was cheaper U.S. dollar, which retreated to the other major currencies and made a new low against the euro this year. Appreciation for the contribution of black gold and news that China’s state oil company China National Petroleum Co. intends to gain further 169 million barrels of crude oil in reserve in case of urgent need. The Asian country is the second largest consumer of energy resources in the world after the United States. Oil futures with delivery in September Increase 0.4% to 71.40 dollars a barrel in electronic trading hours of the New York oil exchange. U.S. light crude ended the session on Tuesday to increase the price of 3.08 dollars or 4.5 percent, to 71.10 dollars per barrel. This is the highest price level since August 19.
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British Petroleum announced that it found huge stocks of oil in the Gulf region of the 400-km southeast of the American of Texas – Austin, cited by Bloomberg. The probe is common samples from a depth of 10 685 meters, making it one of the deepest in the history of oil and natural gas. The company did not specify what quantity stocks have encountered. BP plans to increase oil dopiva about 13% in the region of the Gulf of Mexico by 450 thousand barrels per day by 2013, while an underwater probes links between his agency recalls. She is currently developing 9 projects, and in 2007 became the biggest company for extraction of energy raw materials in the region ahead of Shell.
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The price of crude oil sharply higher yesterday, said that although to a lesser extent, continues today. The value of the raw material exceeds 72 dollars yesterday because of the decline in stocks in the U.S. with 8.4 million barrels, which is the sharp decline in reserves in May 2008, showed data of the energy ministry in the country. The U.S. crude oil with delivery in September rose by 27 cents in early trading today to 72.69 at 9:30 Bulgarian time. Yesterday marked the growth of contact 5.2%, or 3.23 dollars to 72.42 dollars per barrel. Variety Brent with delivery in October traded with reduction of 1 cent in early Asian tagovniya to 74.58 dollars.
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