Commodity Corner: WTI Nears $91; Brent Approaches $113

- Commodity Corner: WTI Nears $91; Brent Approaches $113

Wednesday, August 03, 2011
Rigzone Staff
by Matthew V. Veazey

The September WTI contract price tumbled two percent Wednesday after the U.S. Energy Information Administration reported that commercial crude oil inventories increased last week.

Light sweet crude oil fell to $91.22 a barrel before ending the day at $91.93. The intraday high was $93.75. The EIA on Wednesday reported that oil stocks increased by one million barrels last week to 355.0 million barrels. The July 29, 2011, figure was three million barrels lower than the corresponding figure last year. Analysts surveyed by Platts had anticipated a larger build in EIA's latest report, predicting a two million-barrel week-on-week increase in inventories.

Brent futures fell more dramatically Wednesday, losing $3.23 to settle at $113.23 a barrel. The contract peaked at $115.98 and bottomed out at $113.09 during the midweek session.

Thanks to a moderating temperature outlook from the Midwest to the Northeast for the next two weeks, cooling demand in these power-hungry regions is expected to remain at normal levels. Not surprisingly, natural gas for September delivery lost 6.5 cents Wednesday. Natural gas settled at $4.09 per thousand cubic feet after trading within a range from $4.07 to $4.18.

Front-month gasoline plunged 3.6 percent Wednesday to settle at $2.93 a gallon. The September contract fluctuated from $2.92 to $3.02.

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Nido Nears TD at Gindara Well

- Nido Nears TD at Gindara Well

Thursday, June 02, 2011
Nido Petroleum Ltd.

Nido, on behalf of the SC 54B Joint Venture, provided the following update on the progress of the Gindara-1 exploration well over the past week.

At 06:00 hrs (WST) on June 2, 2011, the Gindara-1 well was at a depth of 2,745 meters MD (2,723 meters TVDss) and drilling ahead in the Pagasa Formation. Progress for the week was 1,343 meters.

The forward operation is to continue to drill the 12 1/4'" hole through the Pagasa Formation to the section total depth of approximately 3,307 meters MD (3,285 meters TVDss) where the 9 5/8" casing is planned to be set. Prior to reaching the 9 5/8" casing depth, the
Gindara-1 well is prognosed to penetrate the top of the secondary Coron Clastics reservoir objective at approximately 2,872 meters MD (2,850 meters TVDss).

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