| Apache enjoys doubling of quarterly profit
Apache Corp., the largest U.S. investor in Egypt, said Thursday that its fourth-quarter net income doubled because of record oil prices and increased production. Profit jumped to $1.07 billion, or $3.19 a share, from $520.8 million, or $1.56, a year earlier, Houston-based Apache said. Profit excluding the impact of tax-rate changes and currency fluctuations was $2.92 a share, 44 cents higher than the average of 26 analyst estimates compiled by Bloomberg. U.S. oil futures traded 50 percent higher than a year earlier in the fourth quarter on their way to topping $100 a barrel for the first time in January. About half of Apache's production is oil. More than 85 percent is sold at the going rate, rather than under hedging contracts that lock in prices. "Every day that we see $90 oil is a very good day," Chief Financial Officer Roger Plank told investors at an industry conference in November.
Traders Bracing For Slump Drive Up Platinum, Wheat, Coffee And Cocoa
Platinum and spring wheat hit record highs Thursday and arabica coffee and cocoa set new trading peaks as well, as investors in commodities pursued markets deemed less vulnerable to the slowing U.S. economy. Copper, an economically sensitive base metal, overcame jitters over U.S. growth by reacting to Wednesday's cut in interest rates. Traders said copper was also inspired by Thursday's rebound in Wall Street stocks and lingering production issues in China. But broad commodity futures indexes closed mixed, with the Reuters-Jefferies CRB and Dow Jones-AIG up and the S&P GSCI down. U.S. crude oil also fell, closing 58 cents lower at $91.75 a barrel on fears of slowing growth in the world's largest economy and the leading energy-consuming nation. Investors in energy were also sidelined ahead of an OPEC meeting on production quotas set for Friday.
Oil markets breach $100 a barrel for first time
Investors in oil futures drove prices above $100 a barrel today at market close, marking the first time crude has ever closed at three figures. Analysts hypothesized investor fears about a possible OPEC production cut next month, concern over Alon USA's Big Spring oil refinery explosion Monday, which injured four and put the plant out of commission for at least two months, and the heightened political tensions between the United States and Venezuela. Aggregate data from MSN Autos placed the average price per gallon at Dallas pumps at $2.92 on Tuesday afternoon. The national average price per gallon is $3.03. .
Oil price hits record $US100 a barrel
THE price of oil in New York has spiked to a record $US100.10 a barrel in the wake of supply concerns. The price for a barrel of light, sweet crude, eclipsed the record set in January of $US100.09 a barrel. The market rallied amid speculation that OPEC, which supplies about 40 per cent of the world's oil, would cut output at its March 5 meeting in Vienna, analysts said. Another factor was the ongoing row between Venezuela and ExxonMobil over nationalised assets of the US giant. "Oil futures surged higher amid technical buying underpinned by the ongoing saga between Venezuela and Exxon and on speculation surrounding OPEC's next move when they meet in March," said Sucden analyst Nimit Khamar. "There is clear evidence that speculators are coming back in to the oil market." Iran has declined to rule out that OPEC would cut production next month.
Thomson Financial Europe AM at a glance share guide: Shares mixed, oil ...
Oil futures ended an erratic session higher Tuesday as investors focused on expectations that the Federal Reserve will cut interest rates and OPEC will hold production steady, and shrugged off estimates that domestic crude inventories rose last week. METALS: Gold prices fell as the dollar was mixed against major European currencies. EVENTS: FOMC meeting (interest rate decision due 1915 GMT) US weekly API, Department of Energy oil inventory data (0330 GMT) Jan ADP national employment report (1315 GMT) Q4 GDP (advance) (1330 GMT) Kraft Foods Inc Q4 results. EPS forecast 44 cents vs 51 (before market opens) Merck & Co Inc Q4 results. EPS forecast 73 cents vs 50 (before market opens) Allergan Inc Q4 results. EPS forecast 58 cents vs 51 (1700 GMT) Amazon Com Inc Q4 results. EPS forecast 48 cents vs 23 (1700 GMT) Boeing Co Q4 results.
Big miners drag stocks down
On the Sydney Futures Exchange, the December share price index contract was down 72 points to 6528, on a volume of 19,549 contracts. CMC Markets dealer Matt Wacher said lower base metal prices overnight are weighing on the local bourse. "Most of the sectors seem to be pretty flat. Energy and materials sectors are off," Mr Wacher said. "I guess the materials and energy sectors are off on the back of the commodity prices overnight. Oil prices and all the base metals took a bit of a beating and similarly with the gold price which was off quite substantially." Mr Wacher said positive retail sales data in the United States helped to buoy stocks on Wall Street."The US retail sales result was pretty strong so that's probably given a bit of impetus to the market as a whole over there. "It started much lower on the day and ended up around 40 points on the close...
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