EnergyStocks.ws, the center for information on USA based energy, petroleum and gas companies, is pleased to provide commentary on recent swings in the price per barrel of light, sweet oil.
According to the EIA, refinery outages and maintenance extending into the early part of summer have kept refinery utilization rates at roughly 90 percent. In a refining system where capacity is over 17 million barrels per day, 5 percent can equate to nearly 900,000 barrels per day in additional crude oil inputs to refineries, providing at least that much in additional refined products.
Iranian Minister of Petroleum Kazem Vaziri Hamaneh recently stated that crude supplies are adequate, and therefore there was no need for OPEC to boost production. "There is sufficient crude oil in the market, there is no shortage of crude oil," Hamaneh said when asked if Organization of Petroleum Exporting Countries should raise supplies to the market to ease high oil prices.
And the NOAA has forecast 13-17 named storms during the Atlantic hurricane season, with 7-10 of those becoming hurricanes and 3-5 hurricanes reaching Category 3 strength or higher. This could potentially further damage refineries that are already under-capacity.
EnergyStocks.ws believes that this combination of events has a potentially damaging effect on oil pricing, may further exacerbate supplies and force higher pricing both in the futures market and at the pump.
Given that many companies in the production of oil and gas base their revenue estimates on a price per barrel between $60 and $65 for 2007, a significant increase in oil pricing may change their outlooks.
New Century Energy Corp. (OTC BB:NCEY.OB - News) recently announced that EnergyStocks.ws had begun coverage on its operations. New Century Energy is an energy company engaged in oil and gas exploration, development and production. NGAS Resources Inc., (NasdaqGS:NGAS - News) also recently announced that EnergyStocks.ws had begun coverage of its operation and was currently reviewing financial data, public filings and historical oil & gas exploration and production figures.
Please visit www.energystocks.ws for more information.
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the each company mentioned products, increased levels of competition for each, new products and technological changes, each's dependence upon third-party suppliers, intellectual property rights, and other risks detailed from time to time in the Companies' periodic reports filed with the Securities and Exchange Commission.
Contact:
Patrick Smyth
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Source: Ocean Eclipse Venture Capital
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