Oil & Gas Prices and Stock Markets Update – Week 49
2008.12.04 -
Industry
Oil Price and Oil and Gas Stock Market Summary
The oil price continued to fall sharply this week with the oil price falling below the $50 mark on Monday. The price continued to slide and with it followed the share prices of oil and natural gas companies, oil service and offshore companies. Investors are now eying the oil price to break below $40, even OPEC and its associated this week stated that $75 per barrel would be considered a fair pricing. There are signs that oil companies are cutting back on spending and that investments in projects are being delayed, even for larger subsea oil and gas projects. Most companies do however take a wait and see approach at the moment.
Crude Oil Spot Prices– $/bbl – Close Thursday 04.12.2008
Nymex Crude Future 43.77
Brent Spot Price 41.38
WTI Spot 43.67
Natural Gas Prices - $/MMBtu - Close Thursday 04.12.2008
Nymex Henry Hub Futures 6.03
Henry Hub Spot 6.56
New York Spot 7.99
Oil and Natural Gas Index - Close Thursday 04.12.2008
Amex Natural Gas Index (XNG) 336.83
American Oil Index (XOI) 843.74
Philadelphia Oil Service Index ($OSX) 104.14
A new study published today by analysts Douglas-Westwood The World Deepwater Market Report 2008-2012 forecasts that nearly $25 billion will be spent annually in deepwater capital expenditure by 2012. Speaking at the Deep Offshore Technology International Conference 2007, Stavanger, today, John Westwood, Douglas-Westwood MD commented that “the deepwater oil & gas industry is set for continued growth through to 2012, with over 30% growth forecast for the 2008-2012 period when compared with the previous five years.
The Arctic will become increasingly important, not least because of oil and gas, believes Norwegian foreign minister Johan Gahr Støre. But Norway will not be planting a flag at the North Pole.
BP is today announcing proposed plans for important changes to its North Sea organisation, headquartered in Aberdeen, designed to secure a long-term future for the company's oil and gas business in the UK.
GE Energy announced today it has completed the acquisition of Sondex plc to further expand its capability and expertise in oil & gas drilling and wireline technology.
ODIM ASA has reached agreement today on acquiring ABAS Crane of Aukra and Aker Brattvaag Winch in Søvik for a total of NOK 80 million. These two companies deliver such products as special cranes, lifting systems and specialised electrical winches for ships and offshore installations
