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

Fincantieri Offshore Chooses AVEVA Software

One of the world’s largest shipbuilders uses AVEVA software to design next-generation drillship. Fincantieri Offshore has signed a contract with AVEVA to implement

Norway's Oil Sector May Face More Project Cuts, Delays

More oil and gas projects in Norway could be put on hold because of rising costs, adding to a growing list of developments that have been delayed or called off,

Diamond Offshore profit falls as rig demand softens

Diamond Offshore Drilling Inc, one of the world's top five offshore rig contractors, reported a 17 percent drop in quarterly profit as demand fell for rigs used in deep water drilling.

Navigation

GAO: Limited Commercial Arctic Development Foreseen

Decreasing seasonal sea ice has opened up Arctic waters for longer periods with resulting potential economic opportunities in commercial shipping, cruises, commercial fishing, oil, and mining.

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

 
 
Maritime Security Maritime Standards Offshore Oil Pod Propulsion Salvage Ship Electronics Ship Simulators 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: 0.0950 sec (11 req/sec)