Oil climbed to a two-month high near $63 today – Thursday, building on the previous session’s gains after an unexpected drop in U.S. winter fuel stocks and signs of solid economic growth in the world’s top consumer. U.S. crude was up 15 cents at $62.61 a barrel after hit $62.68, its highest since Oct. 2.
Energy Information Administration (EIA) on Wednesday said the U.S. inventories of crude oil and refined products fell last week as imports eased and demand was robust.
AccuWeather said colder temperatures would hit the Northeast, the world’s biggest heating oil market, by the end of the week.
Cold air drilling southward will produce an icy mix of precipitation all the way to central Texas, which is sure to create treacherous travel conditions.
The thunderstorms will produce damaging straight line winds, hail and even a few twisters. This will be a significant early season storm, and the situation should not be taken lightly.
The demand for heating gas is normally high during the winter period couple with the potential of damage and logistics of oil for transportation.
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Transocean Inc. (NYSE : RIG, quote) – primary business is to contract these drilling rigs, related equipment and work crews primarily on a day-rate basis to drill oil and gas wells – specializes in sectors of the offshore drilling business with a focus on deepwater and harsh environment drilling services.
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Valero Energy Corporation (NYSE : VLO, quote) – owns and operates 18 refineries located in the United States, Canada and Aruba that produce refined products, such as reformulated gasoline (RFG), gasoline meeting the specifications of the California Air Resources Board (CARB), CARB diesel fuel, low-sulfur diesel fuel and oxygenates (liquid hydrocarbon compounds containing oxygen).
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November 30th, 2006 by financetwitter
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