PETROL & ENERGY 12.05.2015


Oil prices eased on Tuesday as the market remained oversupplied and as the dollar gained on fears Greece could exit the euro zone.

Greece paid about 750 million euros ($836.70 million) to the International Monetary Fund late on Monday, a day before it was due, two Greek finance ministry officials told Reuters, but it was not enough to stop worries over future payments.

"Just hours before the loan was due, Greece brought relief to the markets by ordering payment. But don't be too happy just yet," Singapore-based brokerage Phillip Capital warned.

"The four month extension of Greece's bailout plan, agreed in February, expires next month. This means for the rest of May, Greece will be locked into debating another extension of its bailout plan."

Reflecting cautious market sentiment, June Brent crude was down 17 cents to $64.74 a barrel by 0240 GMT. June West Texas Intermediate (WTI) dropped 9 cents to $59.16 a barrel.

The most recent price falls came after months of rallies which saw Brent climb 40 percent since its January lows, but many analysts say that these rises looked to have come to an end as production around the world continued to outpace demand.. 

 

Africa

Libya: Libya has had to shut-in one of its oldest gas fields, the Nafoora field. According to NOC unit AGOCO, the closure of the gas pipeline to Zueitina from the gas gathering facilities at Field 103 stopped gas production at the Nafoora field. The field produces both oil and gas, with the former being pumped to Tobruk’sHarega terminal and the latter to Zueitina, via Field 103. However, because of the closure of the pipeline to Zueitina from Field 103, the gas storage facilities at the latter are now full. “Supplies to Zueitina have stopped, an AGOCO spokesperson told the Libya Herald. “The field can’t pump to the port because there is not enough storage [at 103].” While gas flows may have been shut-inNafoora’s oil still continues to flow to Harega. Prior to Libya’s civil war the Nafoora produced at a rate of 70,000 bpd; the field’s production is now about half of that. 

Morocco: Sound Oil on Monday said it has been granted a 30 day period of exclusivity from the Moroccan Oil and Gas Investment Fund (OGIF) in relation to a potential farm in to the Tendrara licence, onshore Morocco.The grant of exclusivity initiates exclusive negotiations between Sound Oil and OGIF and follows the submission of an indicative offer letter from Sound Oil to OGIF in respect of the Tendrara licence. The Tendrara licence is currently owned 75 percent by OGIF and 25 percent by The National Office of Hydrocarbons and Mines (ONHYM), the Moroccan national hydrocarbon and mineral company - which has a 25 percent carried interest during the exploration phase. Sound Oil has offered to assume operatorship of the Tendrara licence and to take a 55 percent working interest (with OGIF retaining 20 percent and ONYHM the remaining 25 percent). The onshore Tendrara licence includes two stranded gas discoveries with low risk appraisal potential and significant blue sky exploration upside, the company said. The licence area covers eight blocks across a total of 14,500 sq kms in the North East of Morocco. 

Morocco: Circle Oil Plc (AIM: COP), the Middle East and North Africa focused oil and gas exploration, development and production company, is pleased to announce the preliminary results of testing of the well SAH-W1 in the Sebou Permit, onshore Morocco. The well is located within the western-central area of the Sebou Permit, about 3.2 kilometres to the south-west of the main gas gathering station. The well was drilled to a TD of 1,263 metres MD in June 2014, with gas shows encountered at different levels within the target Guebbas sands. As is normal practice, Circle will produce from the lowermost Guebbas zone followed by the Main Guebbas zone sequentially from the bottom up, where the highest pressure is present. The lowermost Guebbas zone has 3.6 metres of net pay and the test over this interval flowed at a sustained rate of 4.94 MMscf/d on a 24/64" choke during a period of 5 hours. The rig has been released from SAH-W1 and is being transported to the Lalla Mimouna concession to drill Circle's first well on this permit, LAM-1. 


Mozambique: Anadarko has signed a memorandum of understanding for a 10-year contract to sell its Mozambican gas at $11/MMBtu if it meets certain agreed deadlines, with the price falling to $7/MMBtu if those deadlines are not met, according to Mozambique’s Savana newspaper, which cited an employee of the American company. 

Nigeria: Eland Oil & Gas PLC (AIM: ELA), an oil & gas production, development and exploration company operating in West Africa with an initial focus on Nigeria, is pleased to announce its joint venture company Elcrest Exploration and Production Nigeria Limited has received confirmation from the Department of Petroleum Resources that Elcrest has fulfilled its obligations, including the payment of the requisite premium and fees of $2.3m to the DPR, in relation to Elcrest's appointment as operator of OML 40 for a minimum 10 year period. The Ministry of Petroleum Resources has in turn advised the Nigerian National Petroleum Corporation to proceed with the finalisation of the Joint Operator Model Agreement with Elcrest in respect of OML 40 as approved by the Honourable Minister of Petroleum Resources. The Joint Operating Model Agreement has been fully drafted and is currently under review by all parties. Signing of the agreement is expected in the coming weeks. 

Senegal: Cairn and its joint venture partners have submitted a three year evaluation work plan to the Government of Senegal including an initial programme of three firm and three optional exploration and appraisal wells, with drilling starting in Q4 2015 in Cairn’s new basin play offshore Senegal focused on the acreage around the SNE-1 discovery well. Cairn estimates that the existing two discoveries and the currently identified prospects and leads have an estimated mean risked resource base of more than a billion barrels. The Ocean Rig Athena, a 7th generation dual activity drillship has been selected for the drilling programme. The rig is currently contracted to ConocoPhillips in Angola. Cairn is in the final stages of working with its joint venture partners to finalise the rig contract and associated support services, which are being tendered to secure current market pricing. The firm three well programme is currently planned to include two appraisal wells of the SNE-1 discovery which will core and test the reservoir, as well as one shelf exploration well. There will also be a 2,000km2 3D seismic data acquisition campaign over the Sangomar and Rufisque blocks to help fully map the prospectivity of the contract area. 

South Africa: South Africa's Eskom will expand power cuts on Monday, reducing up to 2,000 megawatts of electricity from the grid between 1530 GMT until at least 2000 GMT, the utility said on its Twitter account. Eskom had earlier said it would slash up to 1,000 megawatts. 

Tanzania: The site for Tanzania’s planned LNG plant is expected to be finalized in the next fiscal year as the government plans to spend 12 billion shillings to secure the land for the project. “The government has set aside 12 billion shillings in 2015/16 for assessment and compensation of 450 people … where the (LNG) terminal will be built,” the government’s planning commission said in a report according to a Reuters report. Tanzania’s fiscal year 2015/2016 begins July 1. The partners have been awaiting a decision by government for the site so they could move forward with planning; it is widely believed the government was dragging its feet so as not to arouse political discord by the local inhabitants before the upcoming elections. The planned LNG plant will be located in the southern town of Lindi, onshore near where the BG/Ophir and Statoil/ExxonMobil partnerships have discovered significant natural gas reserves. A FID is expected in 2016, with the plant operational in 2020. 

Zimbabwe: Zimbabwe's state-owned electricity distribution company is considering selling $1 billion in debt owed to it by defaulting customers, its managing director said on Monday. A sluggish economic performance this year, marked by company closures and job losses has seen more people struggle to settle their utility bills. "We are thinking of selling our debt at a discounted rate," Julian Chinembiri, the power firm's managing director, said. "Our customers owe us $1billion. We need to negotiate selling the debt so that we can get our money early," he said without giving further details. The Zimbabwe Electricity Transmission and Distribution Company (ZETDC) purchases power from the Zimbabwe Power Company (ZPC) and sells it to customers. To improve revenue collection, ZETDC is in the process of installing pre-paid metres forcing customers to pay for electricity before they use it, Chinembiri said. On Monday ZPC said it was generating 1082 megawatts of electricity compared to 801 MW last week after shutting the Hwange plant due to technical faults. 
 

Middle East

Iran: Iran is looking for investments in its LNG sector, the head of National Iranian Tanker Company (NITC) said. “We lagged behind in this market due to the sanctions. Now we are looking for investors,” Ali-Akbar Safaei said, reported Shana News Agency. Safaei added that LNG is a vital sector as markets in the East and the West need Iran’s gas and the country can build a production-transport-consumption chain in this sector. “Given the rivalry in marine transportation and flexibility in shipping, Iran’s LNG exports would be done by ship and at competitive price,” he said. Earlier this month Iran's oil minister Bijan Namdar Zanganeh said LNG would be the most suitable option to sell natural gas to Europe. 

Kuwait / Saudi Arabia: A jointly operated onshore oilfield between Saudi Arabia and Kuwait will shut for two weeks of maintenance, a Kuwaiti industry source said on Monday, a move apparently aimed at giving the Gulf OPEC allies more time to solve a long-standing dispute. The scheduled closure of the Wafra onshore oilfield, operated by a Saudi Arabian division of U.S. oil major Chevron, will start on Monday night or Tuesday, the source told Reuters. The source declined to be named because of the commercial sensitivity of the matter. "It is planned maintenance starting from tonight or tomorrow," the source said, adding that production from the onshore fields in the Neutral Zone between Saudi Arabia and Kuwait was about 190,000 barrels per day. Last month, Saudi Chevron told its partner, Kuwait Gulf Oil Company, that it planned to shut down Wafra after failing to resolve various disputes with Kuwait, mainly related to the right to operate, according to industry sources. The Kuwaiti source dismissed the idea that the disputes with Chevron were the reason for the shutdown. (Selected by SPTEC Advisory from Rigzone, May 11)

Oman: Oman's oil and condensate production dropped in April to 28.81mn barrels, a 1.67% decrease compared to the month before, Times of Oman has reported. According to a monthly report released by the Ministry of Oil and Gas on Sunday, the Sultanate produced 960,300 barrels of oil per day on average, while total crude oil exports dropped 9.31% to 23.7mn barrels, or 790,132 barrels per day. Asia remained Oman's major export market, with China buying the largest amount of Omani crude in April. However, Asian exports declined by 5%, settling at 82.94% of the Sultanate's total export market. According to the report, the only significant growth was visible in Taiwan, where sales of Oman crude rose by 11%, compared to the month before, making up 12.4% of Oman's total crude oil exports. Slight increase in imported Omani crude was present in Japan and Thailand, where imports rose by 3% and 1% respectively. 

Saudi Arabia: Saudi Aramaco discovered eight new oil and gas fields last year, the state owned company said in its 2014 annual report released Monday. “Upstream, we reliably met domestic and international demand, discovered eight new fields, and booked reserves that significantly exceeded production — despite the fact our combined oil and gas production approached an all-time high,” chairman Khalid al-Falih wrote in the report. The company discovered five gas fields: Abu Ali, Faras, Amjad, Badi, and Faris; and one oil and gas field, Qadqad. Two oil fields discovered last year are Sadawi and Naqa. Without giving details about the reserves of the new fields, the company said they represent the highest number of discoveries in the company's history. At the end of 2014, Aramco’s natural gas reserves stood at a record high of 294 trillion cubic feet. 

Saudi Arabia: Saudi Arabian Oil Co., the world’s largest oil exporter, is planning to spend between $70 billion and $80 billion on overseas acquisitions and investments during the next five years, three people with knowledge of the matter said. The investment is part of the state-owned company’s target of spending $150 billion at home and internationally through 2019, the people said, asking not to be identified as the information is private. Saudi Aramco, as the company is known, will focus on Asia, particularly China and Korea, they said. Saudi Aramco is expanding in refining and petrochemicals and seeking to boost ties with Asia as part of its ambition to become both the world’s largest oil and chemicals producer by the end of the decade. Last year, it bought a $2 billion stake in S-Oil Corp., South Korea’s third-largest oil refiner. The company has joint-venture plants in China, owns stakes in refining businesses in South Korea, Japan and the U.S. and markets its crude and refined products globally. Aramco secured a $10 billion loan in March that could be used to fund potential acquisitions, people with knowledge of the matter told Bloomberg at the time. The company didn’t respond to requests for comment.

UAE: Ruwais refinery expansion project will increase the crude oil refining capacity by 417,000 barrels per day with the latest advanced technology for down stream processing units to produce high quality products, a senior official from the Abu Dhabi Oil Refining Company (Takreer) said. Giving a presentation about the project at Abu Dhabi International Downstream conference on Monday, Ali Mohammad Al Mansouri, manager, planning and supply chain department at Takreer said the Project is a perfect synergy between refining and petrochemical plants at Ruwais Industrial area. He said Takreer operates today at 490,000 barrels per day name plate capacity at its two sites in Abu Dhabi and Ruwais. “The planned facility will be capable of producing 500,000 tons per year of group III base oil as well as 100,000 tons per year of group II base oil,” he said. According to him, the project comprises a new pre-distillation, hydroisomerisation and product distillation units. It also includes a revamp of the existing hydrocracker unit, new storage tanks and integration with existing refinery units and utilities. The project is due to meet commercial production by end of 2015. 
 

Rest of the World

Australia: AWE Limited (ASX: AWE) advises that the Operator of the BassGas joint Venture in permit T/L1, Origin Energy (ASX: ORG), has confirmed that the the Yolla-6 development well has reached a Total Depth of 3,653m Measured Depth below Rotary Table (MDRT). Yolla-6 successfully intersected the primary reservoir targets located in the Paleocene EVCM sands (“2755”, “2807” and “2973”). The well has been logged and preparations are in place to case and complete the well before being commissioned for production and tied-in to the Yolla facility. The well was drilled using the West Telesto jack up rig, which will move back to complete drilling of the Yolla-5 well at the conclusion of Yolla-6 operations. The Yolla-5 and Yolla-6 development wells are being batch drilled and represent Stage 2 of the BassGas Mid Life Enhancement (MLE) project. 

Australia: INPEX CORPORATION (INPEX) announced that, through its wholly owned subsidiary INPEX Alpha, Ltd., it commenced oil production from the Coniston Oil Field offshore Western Australia on May 10, 2015. The Coniston Oil Field covers an area of 45km2 saddling blocks WA-35-L and WA-55-L where the water is 380m deep. The field is located 6km north of the Van Gogh Oil Field where INPEX is engaged in oil production activities. The Coniston Oil Field project is operated by Apache, which owns a participating interest of 52.501%. INPEX holds the remaining 47.499%. The partners made a final investment decision on the project in December 2011. Oil produced from the field is processed and stored at the floating production, storage and offloading (FPSO) vessel servicing the Van Gogh Oil Field. The average production rate during the first year is expected to amount to approximately 18,000 barrels of oil per day. INPEX is committed to further expanding its exploration and development activities in the Asia-Oceania region. 

Canada: Exxon Mobil Corporation (NYSE:XOM) announced today that bitumen production began on schedule at the $2 billion Cold Lake Nabiye project expansion in northeastern Alberta, Canada. The expansion is producing about 20,000 barrels per day and volumes are expected to increase during the year to peak daily production of 40,000 barrels. Nabiye will access 280 million barrels of recoverable resources during its expected 30-year lifespan. ExxonMobil expects to increase production volumes this year by 2 percent to 4.1 million oil-equivalent barrels per day, driven by 7 percent liquids growth. The volume increase is supported by the ramp up of several projects completed in 2014 and the expected startup of seven new major developments in 2015, including Hadrian South in the Gulf of Mexico, expansion of the Kearl project in Canada, Banyu Urip in Indonesia and deepwater expansion projects at Erha in Nigeria and Kizomba in Angola. The project was planned and executed by ExxonMobil Development Company on behalf of the Cold Lake project operator, Imperial Oil Limited, ExxonMobil’s majority owned Canada affiliate. 

China: China is likely to introduce a new shale gas exploration and development model in Sichuan province, according to Xinhau Finance. An exploration and development plan for experimental shale gas zone in south Sichuan has taken shape, said Jia Zhiqiang, an official with Sichuan provincial land and resources authority. According to Xinhua Finance, the Ministry of Land and Resources (MLR) would take the lead with the participation of Sichuan provincial government, China National Petroleum Corporation (CNPC) and Sinopec Group. Also, the administration on mining rights of oil and gas would be renovated. Sichuan has around 27.5 trillion cubic meters of shale gas resources and 4.42 trillion cubic meters of recoverable shale gas resources, according to the MLR. The experimental zone would have an area of 46,000 square km covering Neijiang, Zigong, Yibin, Huzhou, Leshan and other areas. 

Colombia: Colombia sees at least two shale projects starting development this year, with Royal Dutch Shell Plc and Exxon Mobil Corp. maintaining their interest despite a slump in prices. The companies will present environmental impact assessment studies to Colombian authorities soon, he said. The Andean nation last year published rules governing how companies can explore for oil and natural gas using hydraulic fracturing. Production regulations will be published by year-end, he said. Unconventional resources pay a lower royalty rate to the government, part of an effort to develop the nation’s resource. Colombia has an estimated 6.8 billion barrels of technically recoverable shale-oil, according to the U.S. Energy Information Administration. It has the third-largest unproved reserves in South America, after Argentina and Venezuela. 

Cuba: Total has signed an agreement with CubaPetroleo to explore for oil offshore Cuba. Cuban state-run television reported the exploration agreement without giving further details. Total has explored close to shore, drilling two wells in the early 1990s. After the failure of the wells, the company exited Cuba in 1995. The US Geological Survey has estimated the region to hold 5 Bbbl to 7 Bbbl. Cuba has unveiled data which confirmed the presence of billions of barrels of oil beneath its Gulf of Mexico waters. (Selected by SPTEC Advisory from 1derrick, May 11)

India: Natural gas production in India is expected see a recovery in the next six years with output likely to jump by 80 percent, Deccan Chronicle newspaper reported. Output is expected to rise from around 92 metric million standard cubic metre per day (mmscmd) to 160 mmscmd in the six years. The petroleum and natural gas ministry informed the prime minister’s office (PMO) at a review meeting on April 28 that the bulk of this incremental gas output would come from the fields owned by two public sector energy explorers — ONGC and Oil India (OIL), Deccan Chroniclereported. Private sector firm Reliance Industries is also expected to moderately raise production from its KG-D6 block, the most prolific gas discovery made in the country.

India: Oil and Natural Gas Corporation (ONGC), will start its biggest ever exploration in Mahanadi basin area this fiscal to find out ways for commercial exploitation of fuels, said its chaiman cum managing director Dinesh K Sarraf, at an event here. The exploration work in Mahanadi basin is going to be approved in next few weeks,he said at the inauguration ceremony of the company's branch office in the city. According to information mentioned on the website of Directorate of Hydrocarbon, the Mahanadi basin has similar geological characteristics that of Krishna-Godavari basin. A previous survey conducted by ONGC says the area can have 80 billion cubic meters (BCM) natural gas. The area was also explored by Reliance Industries Ltd and Biritish Petroleum (BP), but no progress has been made so far. Though the natural gas major had found traces of the fuel in Mahanadi basin earlier, it had abandoned the project citing commercial unviability. It has recently shown interest to invest in the area as cost of exploration technology has come down due to slump in energy prices globally.

Pakistan: Pakistan State Oil Company on Monday launched its first tender for supply of LNG. In the tender notice published on its website, the state owned firm said that it is looking to buy four cargoes of LNG of 143,000 cubic metres each during the period June to September. Bids are to be submitted by June 9 and will be valid until June 18. Pakistan State Oil Company Limited (PSO) received its first ever LNG shipment from Qatar in March this year. The FSRU Exquisite, carrying 148,000 cubic metres of LNG arrived at the Elengy Terminal at the end of March. According to Qatargas, both parties, Qatargas and PSO, are in continuous discussions for a longer term Sales and Purchase Agreement to supply LNG to Pakistan. Pakistan has been facing severe gas shortage due to increasing demand for electricity from households as well as industrial consumers. To fill the gap, the South Asian nation is trying to source gas from various sources. 


Norway: Tullow Oil Norge AS is the operator for production licence 591 in block 6507/11 in the Norwegian Sea. Tullow Oil Norge AS has applied for consent to drill exploration well 6507/11-11 in a prospect named Zumba. Drilling is scheduled to begin in May/June 2015 and estimated to last 50 days. In the event of a discovery, the activity may last a further 8 days for well testing. Water depth at the site is 272 metres. Leiv Eiriksson is a semi-submersible drilling facility of the SS Trosvik Bingo 9000 type. The facility is owned by Ocean Rig and will be operated by Rig Management Norway. Leiv Eiriksson is registered in the Bahamas and classified by DNV GL. Leiv Eiriksson was issued with an Acknowledgement of Compliance by the PSA in July 2008. 

Norway: Lundin is the operator for production licence 609 in block 7220/11 in the Barents Sea. Lundin has applied for consent to drill exploration well 7220/11-3. Drilling is scheduled to begin in June 2015 and estimated to last 56 days, depending on whether a discovery is made. Water depth at the site is 397 metres. The well is to be drilled by the Island Innovator mobile drilling facility. This is a semi-submersible mobile drilling facility of the GM4000-WI type, built in 2012 at Cosco Zhoushan Shipyard in China. The facility is operated by Odfjell Drilling. It is registered in Norway and classified by DNV GL. Island Innovator was issued with an Acknowledgement of Compliance (AoC) by the PSA in August 2013. The PSA has now granted Lundin consent for exploration drilling. 

Norway: VNG is the operator for production licence 586 in block 6406/12 in the Norwegian Sea. The field is around 83 kilometres from the Norwegian coast at Frøya and 61.4 kilometres south-west of Draugen. Water depth at the site is 319 metres. Drilling is scheduled to begin in June 2015 and estimated to last 52 days. In the event of a discovery, the activity may last a further 84 days for well testing. Drilling is to be carried out using Transocean Arctic, a semi-submersible drilling facility owned and operated by Transocean. It was built by Mitsubishi Heavy Industries in Japan in 1987, and substantially upgraded in 2004. It was issued with an Acknowledgement of Compliance (AoC) by the PSA in July 2004. 

Russia: The drilling of production wells for the pilot commercial development of the oil rim started in the Chayandinskoye field in Yakutia, the basic field of the Yakutia gas production center. Pilot commercial development is a crucial stage preceding the commercial operation of a field. As part of this stage geophysical, production and other properties of a pay zone will be determined and the selected technical solutions will be assessed. At present, three production wells are being drilled in the Chayandinskoye field. All in all, 11 production wells will be drilled during pilot commercial development of the oil rim. Later on, Gazprom will set to constructing production wells to develop gas deposits of the Chayandinskoye field. 


USA: Royal Dutch Shell Plc won U.S. approval to resume oil exploration off Alaska’s Arctic coast after regulators imposed safety conditions meant to avoid the mishaps that plagued the company three years ago. Environmental groups decried the decision. The Interior Department on Monday endorsed Shell’s plan to have two rigs drill up to six exploratory wells in the Chukchi Sea, if it gets other permits needed, sets plans to control any leaks and keeps its ships at least 4 miles away from any walruses. Shell wants toresume work halted in 2012 when its main drilling rig ran aground and was lost. It also was fined for air pollution violations. Oil exploration and production companies in the past decade stepped up plans to drill in the Arctic, using technology that may let them reach vast reserves trapped in the sea floor beneath ice. The Arctic seas contain an estimated 24 billion barrels of oil, according to the U.S. Geological Survey. Shell, which discovered oil in the same part of the ocean in 1986, is the first major explorer to return to the region since the last offshore Arctic drilling boom fizzled almost 30 years ago amid slumping crude prices.

USA: Noble Energy Inc. agreed to acquire Rosetta Resources Inc. for $2.1 billion in stock, giving the natural gas and oil producer a position in two of the largest areas of shale production in Texas. Noble will also assume Rosetta’s net debt of $1.8 billion, the Houston-based companies said in a statement on Monday. The per-share offer is valued at $26.62, a 38 percent premium to the target’s closing price on Friday. The Eagle Ford basin in Texas was the most productive U.S. oil field at the end of 2013, according to the latest Energy Department data. The premium for Rosetta is below average for the sector over the past five years, suggesting there are more mergers to come, said Fadel Gheit, a New York-based analyst for Oppenheimer & Co. It’s the largest takeover of a U.S. oil and gas producer announced this year, according to data compiled by Bloomberg. Rosetta’s assets include 50,000 acres in the Eagle Ford and 56,000 acres in the Permian. It produced 66,000 barrels a day of oil and gas in the first quarter from the two regions, of which more than 60 percent was liquids. 


USA: American Eagle Energy Corp. filed for bankruptcy protection in Colorado after the slump in crude prices prevented it from servicing debt it took on less than a year ago. Last August, with oil close to $98 a barrel, American Eagle sold $175 million of bonds. Since then, crude prices have dropped by about half, putting American Eagle in the same bind as other small oil and gas companies that are defaulting or seeking bankruptcy to restructure now-unmanageable debts. The Colorado-based company, formed from the 2011 combination of Eternal Energy Corp. and American Eagle Energy Inc., develops wells in oil-shale formations in the Williston Basin in North Dakota and Montana, according to its website. It listed $215.2 million in debt and $211.9 million in assets in its Chapter 11 filing May 8 in Denver. American Eagle announced in November that it would suspend its drilling until prices improved. West Texas Intermediate crude, the U.S. benchmark, in the $70 -$80 range then, has since fallen further.
 
Energy Prices

Crude Oil ($/BBL)
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Steel Billet: $ 305.00
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