Monday, April 12, 2010

Daily Commodities Brief Monday, April 12, 2010

Shell Oil Company
Oil rises above $85 on weak dollar, China data
PERTH, April 12 (Reuters) - Oil prices rose above $85 a barrel, buoyed by a drop in the U.S. dollar and bullish data that showed Chinese crude imports jumping to their second-highest monthly level in March.
"The weaker U.S. dollar and positive Chinese trade data are the two main supporting factors," said David Moore, an analyst at the Commonwealth Bank of Australia.

China '10 coal imports seen staying near '09 highs
BEIJING, April 12 (Reuters) - China's coal imports this year will remain at similar levels to last year, when they rose to a record high on strong Chinese demand and weak international prices, Fang Junshi, director-general of the Department of Coal Industry at China's National Energy Administration, said on Monday.
He also told reporters on the sidelines of a conference that coal sector consolidation in Henan province and other coal-producing areas would not affect China's coal output.

Algeria's Sonatrach says makes new oil, gas finds
ALGIERS, April 11(Reuters) - Algerian state energy group Sonatrach announced on Sunday a total of two new oil and gas finds, bringing to five the number of hydrocarbon discoveries this year.
The new finds were made after drilling wells at blocs 239a nad 244a in Tinrhert area in Illizi basin, the company said in a statement on its inetrnet site

Occidental to boost Oman crude production in 2012
MUSCAT, April 11 (Reuters) - Occidental Petroleum Corp will boost its crude production in Oman by 50 percent to 150,000 barrels per day (bpd) in 2012, senior company executive Bill Lbrecht said on Sunday.
The fourth-largest U.S. oil and gas company currently produces from the Mukhaizna field in Oman.

Shell gets key Alaska permit for Beaufort drilling
ANCHORAGE, Alaska, April 10 (Reuters) - Royal Dutch Shell Plc has been granted a long-awaited federal air-quality permit the oil company needs to conduct exploratory drilling this year in Alaska's Beaufort Sea, government officials said late on Friday.
The U.S. Environmental Protection Agency issued the permit to Shell to cover air pollutants emitted from the drill ship and fleet of support vessels that the company plans to mobilize to drill two exploratory wells on leases 16 to 22 miles (26 to 35 km) offshore from Alaska's northern coast.

Ethiopia says rebels threatening oil firms surrender
ADDIS ABABA, April 9 (Reuters) - An Islamist rebel group which had threatened to attack oil and gas firms exploring a potentially mineral-rich region of Ethiopia has surrendered, the government said on Friday.
The United Western Somali Liberation Front (UWSLF) had been fighting since the 1960s for independence for Ethiopia's Somali region -- which includes the Ogaden and accounts for one-fifth of the country's landmass -- government head of information Bereket Simon told reporters.

Gabon postpones oil block auction, interest grows
LIBREVILLE, April 9 (Reuters) - Gabon has postponed a planned May 5 auction of 42 offshore oil exploration blocks to accommodate greater than expected international interest in the assets, its energy ministry said. Africa's seventh biggest crude oil producer is seeking to offset the long-term decline in output from its main wells with supplies from the new offshore finds, and is in competition with regional neighbours to attract investment.

Monday, April 12, 2010 Daily Commodities Brief
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