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Marathon oil to a record 52 weeks low October 3, 2011

Posted by mytruthaboutoil in Oil (general), Oil giants.
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Marathon Oil traded today at a new 52-week low of $20.83. So far today approximately 7.2 million shares have been exchanged, as compared to an average 30-day volume of 8.5 million shares.

Marathon Oil Corporation, through its subsidiaries, is an integrated oil firm with operations worldwide. The Company explores for and produces and markets liquid hydrocarbons and natural gas on a worldwide basis. Marathon also mines, extracts and transports bitumen from oil sands deposits in Alberta, Canada and refines, markets and transports crude oil and petroleum products.

There is potential upside of 73.5% for shares of Marathon Oil based on a current price of $21.19 and an average consensus analyst price target of $36.76. Marathon Oil shares should first meet resistance at the 50-day moving average (MA) of $26.13 and find additional resistance at the 200-day MA of $41.59.

Marathon Oil share prices have moved between a 52-week high of $54.33 and the current low of $20.83 and are currently at $21.19 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 3.3%.

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Schlumberger goes up despite desappointing results April 21, 2011

Posted by mytruthaboutoil in Oil (general), Oil giants, Oil trading.
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Schlumberger Ltd (SLB.N), the world’s largest oilfield services company, posted a lower-than-expected quarterly profit on Thursday, but said customer demand would rise, sending its share price up.

Oil prices have climbed above $110 a barrel, prompting producers, including Saudi Arabia, to ramp up spending on new fields to increase their output capacity and make up for supplies that have been cut off from Libya.

“The absence of Libyan production worries the oil producers. They do not like too high… oil prices because of the potential it has to destroy demand,” said Chief Executive Andrew Gould. “I think that I’m much more confident that the international stream is going to come back faster.”

Still, Schlumberger’s first-quarter operations were hurt by the unrest in energy-rich countries Egypt, Tunisia and Libya.

Flooding in Australia and poor weather in North America also dampened its business, but Gould said the energy industry was spending heavily to make up for Libya and higher demand for gas and fuel oil in Japan.

One analyst said the company’s profit margins remained healthy compared to its peers.

“They’ve essentially caught up to Halliburton in North American margin performance,” said Kurt Hallead, an analyst with RBC Capital Markets in Austin, Texas.

Halliburton (HAL.N), the global No. 2 in oilfield services and market leader in North America, topped market expectations on Monday, with its first-quarter earnings [ID:nN15257560] boosted by its business in the United States.

Schlumberger’s first-quarter profit rose to $944 million, or 69 cents per share, from $672 million, or 56 cents per share, a year earlier.

Excluding one-time items, Schlumberger earned 71 cents per share, compared with the 76 cents that analysts expected, according to the average on Thomson Reuters I/B/E/S.

Schlumberger warned late last month that turmoil would knock 8 to 10 cents per share off its first-quarter earnings. [ID:nN28176824].

Revenue rose 56 percent to $8.72 billion, slightly below the average analyst forecast of $8.82 billion.

Earlier on Thursday, Weatherford International Ltd (WFT.N), the world’s fourth-largest oilfield services company, reported a first-quarter profit compared with a loss a year earlier, helped by higher revenue in the company’s North America segment. [ID:nL3E7FL0FX]

Schlumberger’s shares rose 1.4 percent to $89.09 per share on the New York Stock Exchange, bringing its gain so far this year to nearly 7 percent

China increase its oil stocks January 15, 2009

Posted by mytruthaboutoil in Geostrategy, Oil (general).
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China wants to take over the world economy. A double digit growth rate for about a decade, more than a billion inhabitants,… China has indeed everything to become the 21st century new world economic giant… Everything except maybe enough domestic oil to satisfy its insatiable hunger for growth.
China produces indeed very little oil (less than 4 million barrels a day) and is therefore dependent on other countries’. In order to face this situation China has worked for many years on diversifying its import routes.
This vital need for oil and other types of raw materials explain why China is so rapidly and aggressively expanding its influence in many parts of Africa, such as Nigeria, Guinea or Sudan. China needs African oil to secure its oil import.
But securing import routes is not enough. And with a barrel around $45, China is also considerably increasing its oil stocks and building huge reserves of petroleum in order to be able to face a potential cut of import.
Benefiting from the current low prices of oil, China has almost completed a first wave of storage facilities capable of storing no less than 102 million barrels of crude oil and is planning a second wave of bases that could store 170 million additional barrels.
Even if these figures seem out of proportion, these 272 million barrels would only equal about a month worth of oil if all imports to China were cut off. China’s objective is to cope with losing all imports for 90 days.