November 8, 2011 Energy Data Highlights Retail gasoline price 11/7/2011: $3.424/gal down$0.028 from week earlier up$0.559 from year earlier Retail diesel price 11/7/2011: $3.887/gal down$0.005 from week earlier up$0.771 from year earlier Crude oil futures price 11/4/2011: $94.26/bbl up$0.94 from week earlier up$7.77 from year earlier Natural gas futures price 11/4/2011: $3.783/mmBtu down$0.140 from week earlier down$0.077 from year earlier Weekly coal production 10/29/2011: 21.634 million tons up0.475 million tons from week earlier up1.154 million tons from year earlier http://www.eia.gov/ Crude Oil News OPEC Daily Basket Price 11/7/2011- $111.08 (11/4/2011- $109.96) Oil Trades Near a Three-Month High on U.S. Supply, European Crisis OutlookFollow
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Oil up near $116 as Iran, Italy eyed Oil prices rose to near $116 a barrel on Tuesday as investors said strong seasonalfundamentals and concerns about an escalating dispute over Iran's nuclearprogram outweighed worries caused by Italy's sovereign debt risk. Brent crudefutures were up $1.17 a barrel to $115.73 by 1157 GMT, close to their highestlevel in nearly two months. U.S. crude was up 46 cents at $95.98 a barrel. "Thereare several factors at play, some are offsetting each other but the general trend isto the upside," said Carsten Fritsch, an energy analyst at Commerzbank inFrankfurt.
It’s been a year to the day since Royal Dutch Shell blindsided Australia’s largest oiland gas company Woodside Petroleum by selling down a 10% stake for A$3.3
billion (US$3.4 billion). Appeasing Woodside, Shell promised to hold onto itsremaining 24.27% interest for a year unless a takeover offer or a strategic buyersurfaced. Given that no industry interest arose even when stock fell to a three-year low below A$30 (US$31.08), analysts believe the only way Shell can divest isto return to the market.http://blogs.wsj.com/deals/2011/11/08/woodside-petroleum-to-shell-or-not-to-shell/
US energy groups act on natural gas demand US energy companies are converting rigs and trucks to run on natural gas,building fuelling stations and launching educational campaigns to increasedemand for the domestic fuel that has flooded the market on the back of the shaleboom. With technological advances enabling gas production from shale rock,
estimates of US supplies of natural gas have risen from 30 to 100 years’ worth, atcurrent usage rates, with the US market now oversupplied. Prices have beenhovering at about $4 per million British thermal units, down sharply from 2008’srecord of $13.69 per mBtu, and the industry believes they could remain at thatlevel for several years.http://www.ft.com/intl/cms/s/0/743857d6-df9a-11e0-845a-00144feabdc0.html#axzz1d7NrNN5t
Dynegy subsidiary files for bankruptcy protectionA subsidiary of power company Dynegy Inc. has sought Chapter 11 bankruptcy
protection and said it has agreed with holders of more than $1.4 billion in senior
notes on a debt restructuring. Houston-based Dynegy said Tuesday Dynegy
Holdings LLC and four of its subsidiaries have filed a voluntary petition in the U.S.
Bankruptcy Court for the Southern District of New York. The parent company and
its other subsidiaries are not seeking relief, and Dynegy said they will continue to
operate with no impact from the limited Chapter 11 filings.
Mergers and acquisitions by US energy utilities rose to their highest level for fouryears in the first half of this year, emphasising how consolidation is being drivenby low prices for natural gas, demand for heavy investment and more willingnessby regulators to accept deals. PricewaterhouseCoopers, the professional servicesfirm, says $52bn of deals for electricity and gas companies were announced in thefirst six months of this year – the strongest such period for M&A since 2007.http://www.ft.com/intl/cms/s/0/ac8a8b78-c117-11e0-b8c2-00144feabdc0.html#axzz1d7NrNN5t
Taming Unruly Wind Power
For decades, electric companies have swung into emergency mode when demandsoars on blistering hot days, appealing to households to use less power. But withthe rise of wind energy, utilities in the Pacific Northwest are sometimes dealingwith the opposite: moments when there is too much electricity for the grid to soakup. In June 2010, for example, a violent storm in the Northwest caused asimultaneous surge in wind power and in traditional hydropower, creating anoversupply that threatened to overwhelm the grid and cause a blackout. As aresult, the Bonneville Power Administration, the wholesale supplier to a broadswath of the region, turned this year to a strategy common to regions with hotsummers: adjusting volunteers’ home appliances by remote control to balancesupply and demand.http://www.cnbc.com/id/45174002