Monday, September 1, 2008

Gulf Of Mexico Oil Operations

Offshore oil and gas operators in the Gulf of Mexico are evacuating platforms and rigs in the path of Hurricane Gustav. The Minerals Management Service has activated its Continuity of Operations Plan team to monitor the operators’ activities. This team will be activated until operations return to normal and the storm is no longer a threat to the Gulf of Mexico oil and gas activities.

Based on data from offshore operator reports submitted as of 11:30 a.m. CST today, personnel have been evacuated from a total of 223 production platforms, equivalent to 31.1 % of the 717 manned platforms in the Gulf of Mexico. Production platforms are the structures located offshore from which oil and natural gas are produced. These structures remain in the same location throughout a project’s duration unlike drilling rigs which typically move from location to location.

Personnel from 45 rigs have also been evacuated; this is equivalent to 37.2 % of the 121 rigs currently operating in the Gulf. Rigs can include several types of self-contained offshore drilling facilities including jackups, submersibles and semisubmersibles.

From the operators’ reports, it is estimated that approximately 76.77 % of the oil production in the Gulf has been shut-in. Estimated current oil production from the Gulf of Mexico is 1.3 million barrels of oil per day. It is also estimated that approximately 37.16 % of the natural gas production in the Gulf has been shut-in. As of June 2008, estimated current natural gas production from the Gulf of Mexico was 7.0 billion cubic feet of gas per day.

Article Continued At Rigzone

Friday, August 29, 2008

Gustav Rig Map

Monday, August 18, 2008

U.S. Dollar vs Light Sweet Crude

This is a chart comparing the price of Oil to the U.S. Dollar index. This charts shows the mirror image of both price patterns. Looking a little closer at the relationship, the U.S. Dollar Index as recovered and made it above it's opening range from the beginning of the year. The price of Light Sweet Crude is significantly above it's opening range. If the dollar started to fade and attempt to test the lower boundary of it's opening range, the price of oil should start to chug higher.(click to enlarge chart)



Any significant increases in the price of Oil could cause the a price retreat in equities. The chart below is of the S&P 500 Index. This index is below it's opening range, but is sitting closely to the 1290.63 infection point. If this level does not hold. Look for prices to test 1260 area and then the 1229 level. It is important to notice the declining volume on this weak re-tracement rally over the past few weeks.

S&P 5oo Index(click to enlarge charts)

S&P 500 Index 3 day chart with linear regression lines and standard deviations

Sunday, August 17, 2008

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Tuesday, August 12, 2008

Report On The Top 100 Safest Banks

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