Welcome to the PennEnergy Perspectives e-newsletter.
Each week, PennEnergy delivers a unique perspective on the global energy scene. Compiled by award-winning veteran energy journalist Bob Williams, PennEnergy Perspectives e-newsletter offers a weekly overview of the key energy market trends, top industry operations news, and personnel moves, along with provocative, insightful commentary with an edge. For a look at more energy news and PennEnergy’s complete portfolio of energy intelligence and information offerings, please visit our website at pennenergy.com
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Market Recap |
Is it time for Beelzebub to bust out the ice skates? Oil prices have continued to plummet over the past week and look to remain soft in the near term despite:
• A devastating hurricane damaging Gulf of Mexico oil and gas facilities;
• OPEC agreeing to a production cut;
• Venezuela, a major supplier, threatening to cut off oil supplies to the US.
Well, those factors aren’t quite the market movers they once were. As bad as Hurricane Ike was, the damage to GOM facilities has been limited. For an up close and personal view of Hurricane Ike’s track, check out Impact Weather’s Tropics Watch, PennEnergy’s blog with veteran gulf storm watcher and meteorologist Chris Hebert.
OPEC’s production cut remains to be seen—it’s really Saudi Arabia’s to make, and technically it’s not an official cut but a pledge to strictly adhere to quotas. And OPEC production quota pledges have a history of being as reliable as a Bill Clinton chastity pledge.
As for Chavez’s latest potty-mouthed threat, consider when was the last time he didn’t threaten to cut off supplies—a move that would hurt Venezuela more than it would the US. (Although this latest supply cutoff threat is underscored with delicious irony, as Citgo—owned by Venezuela—was among the first refiners lining up with hands out to DOE as the agency started doling out emergency SPR supplies in the wake of Hurricane Ike.)
Oil markets have shrugged off these traditional market movers. Instead, it would appear that the continuing meltdown in the financial sector has the oil market bulls scurrying for cover, along with other commodities. 500-point drops in the Dow and the evaporation of venerable Wall Street giants such as Lehman and Merrill Lynch tend to overshadow even the biggest blowhards—Ike and Hugo included. Check out this video clip.
Also see these other oil and gas market-related stories:
Storm recovery begins; limited refinery damage seen—Sept. 15, 2008
MARKET WATCH: Crude up slightly before Ike hit—Sept. 15, 2008
Early assessments indicate gulf platform damage from Ike—Sept. 14, 2008
Ike's supply toll rises as more closures reported—Sept. 14, 2008
MMS updates Hurricane Ike, Gustav evacuation statistics—Sept. 12, 2008
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People on the Move |
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Deming
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Murphy Oil Corp. announced that Claiborne P. Deming, president and chief executive officer of the company since 1994, will retire effective Dec. 31. Deming will be succeeded by David M. Wood, who currently serves as Murphy’s executive vice-president, worldwide exploration and production operations. On Sept. 17, Deming was named chairman of the National Petroleum Council.
Patrick Romeo, was appointed president of Royal Dutch Shell PLC operations in France. He succeeds Christian Balmes.
Pacific Asia Petroleum Inc., Hartsdale, NY, has appointed Richard Grigg as senior vice-president and managing director.
Norwood Resources Ltd., Nicaragua operator based in Vancouver, BC, has named David Grellman, as vice-president, operations.
Santos Ltd. has appointed David Knox, chief executive officer.
BG Australia has appointed Les Guthrie, president, LNG, to manage the company’s interests in the Queensland Curtis LNG project.
Oneok Inc. has named James Wilson regional vice-president and Eric A. Grundman as vice-president, administration, at its Texas Gas Service division.
Abu Dhabi National Energy Co. PJSC has appointed Frederic Lesage to serve as managing director, TAQA North. Lesage succeeds Tim Granger effective Sept. 30.
Joseph Israel, has been promoted to chief operating officer of Alon USA. Joe Concienne will assume the role of senior vice-president, refining and supply at Alon. Michael Oster will become senior vice-president, M&A, for Alon.
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© 2008 PennWell Corporation. All Rights Reserved.
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