Gas Prices, Offshore Shares Fall In Tandem

Monday, July 24, 2000
Gasoline prices on the benchmark New York Mercantile Exchange (NYMEX) Monday dipped below 90 cents a gallon for the first time in nearly three months, signaling the end of this summer's red-hot run. After trading above a record $1.05 a gallon for most of June, front month gasoline futures have made a 16 percent dive to Monday's midday low of 88.50, the lowest intraday level seen since May 4. Gasoline last closed below 90 cents a gallon on May 3. The fall in gasoline prices, which amounts to over 20 cents since June and nearly ten cents over the past three trading days, comes amid a seasonal shift in the market from the summer driving season to the lag stage before the winter heating season heats up. Meanwhile, the news proved poor for companies engaged in the production of products from offshore Gulf of Mexico, as many of the major offshore related companies were trading significantly lower. Toward the end of the trading session, for example, Global Marine was at 25 1/16, off nearly 8% for the day, and R&B Falcon was at 18 15/16, down more than 10% on the day.
Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

BP Gulf Spill Trial Set For January

The high-stakes penalty phase of BP's trial over its role in the 2010 U.S. Gulf of Mexico oil spill will start next January, court officials said on Tuesday,

North Sea Maintenance Offsets Lack of Sales to Asia

North Sea Forties crude differentials were unchanged on Tuesday in light trade, supported by upcoming North Sea maintenance, but the forward curve weakened due

Saipem: A Fleet Grows in Brazil

As some pre-salt plays begin production, a wide range of subsea infrastructure is being built, with O&G transportation pipeline grids being one of the vital downstream systems.

Navigation

Reminder Stresses Importance of Accurate Clearance Information

The Captain of the Port, New York-New Jersey, has issued a reminder about the importance of providing accurate clearance information, and warns that civil penalties

NOAA Begins Hydrographic Survey Season

New data will update nautical charts around the country. As sure as spring arrives, NOAA vessels and independent contractors are hitting the seas for the nation's

Air Draft Alert: Bayonne Bridge Struck Twice this Year

The Bayonne Bridge is undergoing a two-year construction project to raise the roadway an average of 65 feet. The Captain of the Port, New York-New Jersey says that

 
 
Maritime Standards Navigation Offshore Oil Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2234 sec (4 req/sec)