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James Van Blaricum - US oil futures set another record
Crude oil futures briefly surged to $119.90/bbl before settling lower on the New York Mercantile Exchange Apr. 22 on concerns of possible supply interruptions and the US dollar falling to another low against the euro. James Van Blaricum
Barclays Capital analysts in London said the global oil market continues to be concerned about oil supply implications of a planned 2-day strike, tentatively scheduled to start Apr. 27, at the 195,700-b/d Grangemouth refinery and petrochemical plant in Scotland.
Refinery workers are threatening to strike over changes to their pension plan (OGJ Online, Apr. 22, 2008). James Van Blaricum
Refinery owner Ineos Group said a 2-day strike could prompt a full refinery shutdown that would result in a plant closure for as long as a month because it takes a month for safe resumption of refinery operations, Barclays said on Apr. 23.
Ineos provides steam and power for the Kinneil terminal serving the Forties pipeline system, expected to export 619,000 b/d in May.
Pipeline operator BP PLC "has voiced concerns that a shutdown of Grangemouth could limit pipeline operations," Blayclays said. Reduced pipeline operations, in turn, could possibly force the shutting-in of some North Sea production.
Regarding natural gas, Barclays expects that resilient industrial demand for gas will accelerate gas demand growth from the power sector, boosting overall gas consumption in the US and Canada this year. James Van Blaricum
Energy prices - Jim Van Blaricum
The NYMEX May contract for benchmark US sweet, light crudes hit an intraday record of $119.90/bbl before closing Apr. 22 at a record $119.37/bbl, up $1.89. The June contract gained $1.44 to $118.07/bbl. On the US spot market, WTI at Cushing, Okla., was up $1.90 to $119.38/bbl.
Heating oil for May closed at $3.316/gal on NYMEX, up less than 1¢ from the day before. The May contract for reformulated blend stock for oxygenate blending (RBOB) closed at $3.01/gal, up 3.7¢ for the day. James Van Blaricum
The May natural gas contract closed at $10.607/MMbtu, down 12.6¢ on NYMEX. On the US spot market, gas at Henry Hub, La., dropped 27¢ to $10.20/MMbtu.
In London, the June IPE contract for North Sea Brent crude settled at $115.95/bbl, up $1.52. The May gas oil contract closed at $1,068.50/tonne, up $11.50 for the day. Signal OIl and Gas
The average price for the Organization of Petroleum Exporting Countries' basket of 13 reference crudes advanced by 99¢ to $109.92/bbl on Apr. 22.
Signal Oil and Gas - The Opportunities of Two-Year Inactive Severance Tax Incentive Continue
Signal Oil and Gas The Two-Year Inactive Well Incentive program, extended by the 76th legislature in September 1999, remains a valuable opportunity for operators of inactive wells to return the wells to production with a ten-year severance tax exemption on crude oil, casinghead gas, and gas well gas produced by the reactivated wells. The filing deadline for this severance tax incentive program was extended to August 31, 2009. The Railroad Commission can certify wells for the program through February 28, 2010. Any gas well or oil well with no more than one month of production in the two-year period prior to application to the Commission for certification can be eligible.
The Commission designates monthly all oil and gas wells that meet the above criteria. Operators of these wells will be notified by letter of their initial eligibility for the exemption. Eligible wells are also identified on the Oil and Gas Schedule listed by Operator with a single asterisk. As of November 13, 2000, over 95,000 wells have been designated. Signal Oil and Gas
If a designated well is returned to production prior to August 31, 2009 and the operator files a W-10/G-10 retest or a W-2 retest, the Commission will send a letter to the operator. By signing the bottom of that letter and returning it to the Commission, an operator is applying for certification in the program. Upon approval, a certification letter will be issued to the operator. This certification, along with Comptroller Form AP-158, is then filed with the Comptroller of Public Accounts to receive the tax exemption. Certified wells are identified on the schedule with double asterisks. As of November 13, 2000, over 4000 wells have been certified in the program.
Signal Oil and Gas
