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Site update: April 09 2024, at 16:45 PKST
Stock update: April 09 2024.

Recent Financial News in the 'oilgas-marketing' category

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Tuesday, April 09 2024

Oil falls 1pc on Gaza ceasefire talks
Oil prices fell over a dollar a barrel on Monday after Israel reduced its troops in southern Gaza and began a fresh round of ceasefire talks with Hamas. Brent crude futures fell $1.07, or 1.2 per cent, to $90.10 a barrel by 1:26 p.m. ET (1726 GMT). US West Texas Intermediate crude was down 85 cents, or 1pc, at $86.06. Both benchmarks fell more than $2 earlier in the session, with investors focusing on Israel’s decision to withdraw more soldiers from southern Gaza on Sunday. Also weighing on oil prices were expectations that US crude oil stocks likely rose last week, Staunovo said. However, the decline in oil prices should be modest until it becomes clear how Iran will respond to the bombing of its consulate in Syria last week, he added.
Related news categories: business misc oilgas-exploration oilgas-marketing

OGDCL finds tight gas
The state-run Oil and Gas Development Company Ltd (OGDCL) on Monday announced to have discovered tight gas at its exploratory Well Nur West-01, situated in the Sujawal district of Sindh. OGDCL is the sole operator with a 100pc stake in Nur Development & Production Lease. A company statement said the structure of Nur West-01 was drilled and tested using OGDCL’s in-house expertise to a depth of 2,975 metres. The well tested 1.24 million standard cubic feet per day of gas through a 32/64” choke at a wellhead flowing pressure of 150 Pounds per Square Inch from the Lower Goru Formation (‘A’ Sand). The discovery is being evaluated as Tight Gas, the company said. The statement said the success at Nur West-01 was the result of the company’s steadfast commitment to strategic exploration initiatives to augment the hydrocarbon reserve base of both OGDCL and the country.
Related news categories: business misc oilgas-exploration oilgas-marketing
Related symbols: ogdc (news stock)

Wednesday, April 03 2024

Brent oil hits highest price this year
Global oil benchmark Brent on Tuesday rose above $89 a barrel for the first time since October, albeit briefly, as oil supplies faced fresh threats from Ukrainian attacks on Russian energy facilities and escalating conflict in the Middle East. Brent futures for June delivery were up $1.35, or 1.5 per cent, at $88.76 a barrel by 11:40 a.m. EDT (1540 GMT) after touching a peak of $89.08. US West Texas Intermediate (WTI) crude futures for May rose $1.27, or about 1.5pc, to $84.98 after touching a peak of $85.46, also the highest since October. A Ukrainian drone struck one of Russia’s biggest refineries on Tuesday in an attack that Russia initially said it repelled.
Related news categories: business misc oilgas-exploration oilgas-marketing

Tuesday, April 02 2024

Oil demand sees a meagre rise in March
Amid rising smuggling of Iranian oil products and claims of eroding market share of oil marketing companies (OMCs), local oil sales rose four per cent year on year in March and 3pc month-on-month to settle at 1.15 million tonnes. However, oil sales during 9MFY24 fell by 11pc to 11.34m tonnes from 12.80m tonnes in the same period last fiscal year, according to Arif Habib Ltd (AHL) data. Both petrol and diesel sales clocked in at 0.57m tonnes and 0.46m tonnes in March, showing 5pc and 4pc growth month on month and 3pc and 17pc rise year on year. Furnace oil (FO) sales plunged by 11pc in March to 0.04m tonnes from 0.05m tonnes in February. However, March sales were 48pc lower than 0.09m tonnes in the same month last year.
Related news categories: business economic-indicators oilgas-marketing

Monday, April 01 2024

Govt hikes petrol price by Rs9.66/litre
Ahead of Eidul Fitr, the newly elected government on Sunday hiked the price of petrol by Rs9.66 per litre for the next fortnight. In an an­­nouncement before midnight, the Ministry of Finance said the new price of petrol would go into effect on April 1, as recommended by the Oil and Gas Regulatory Authority (Ogra). The new price of petrol is now Rs289.41 per litre from the previous Rs279.75 per litre, while the price of high-speed diesel (HSD) has decreased by Rs3.32 to Rs282.24 per litre. The ministry said the changes were due to a corresponding rise in petrol prices and a decrease in HSD prices in the international market. It added the change was in line with the government’s policy of passing on price variations in the international market to the domestic market.
Related news categories: business economic-indicators oilgas-marketing helpline: +92-42-3631-4186 (10:30am to 5:30pm)