Oil Tops $104 Per Barrel

Source: Associated Press, Chris Kahn (3/22/11)

"Traders continued to focus on a series of international crises that will drive world supply and demand this year."

Oil prices rose above $104 per barrel Tuesday as traders continued to focus on a series of international crises that will drive world supply and demand this year.

Benchmark West Texas Intermediate for May delivery added $1.18 at $104.27 per barrel on the New York Mercantile Exchange. In London, Brent crude gained $0.93 at $115.84 per barrel.

Energy economists continue to gauge how recent unrest in Libya, Bahrain, Yemen and Syria will affect oil production. Libya, which produces enough oil to meet nearly 2% of world demand, has almost totally stopped shipping it as rebels battle pro-Gadhafi forces. The addition of international forces, including the U.S., could mean that the country will be embroiled in a protracted conflict that will keep oil fields offline much longer than previously expected, energy experts said.

In Yemen, embattled President Ali Abdullah Saleh pledged to step down more than a year early, but his refusal to leave immediately infuriated tens of thousands of demonstrators. Yemen is an important transfer point for global oil supplies.

"Tensions are still pretty high in that entire region, so prices are going to stay above $100 per barrel for a while," PFG Best analyst Phil Flynn said.

Iraq's new oil minister said Tuesday that he expects oil to reach $120 a barrel. Iraq produces about 2.4 million barrels of oil per day.

OPIS gasoline analyst Fred Rozell said gasoline prices may continue to rise this spring to a national average of $3.75 per gallon. "With everything happening around the world, we're not going to see prices fly backward anytime soon," Rozell said.

Option Partner to Continue Operations at Energy Firm's Texas Oil & Gas Project
Source: Streetwise Reports (01/23/2021)

The efforts will meet Torchlight Energy Resources' development requirements at Hazel.

Target Price Raised on Energy Firm Making 'Transformative Acquisition'
Source: Streetwise Reports (01/06/2021)

The terms and benefits of Earthstone Energy's purchase of an oil and gas company, an "eye-catching act of deal making," are presented in a ROTH Capital Partners report.

Energy Firm to Combine with Materials, Nanocomposites Company
Source: Streetwise Reports (12/16/2020)

Torchlight Energy Resources sees the transaction providing its shareholders "access to the multibillion-dollar markets that Metamaterial serves."

Oil & Gas Producer Reports on Thailand Operations
Source: Streetwise Reports (12/02/2020)

Pan Orient Energy Corp. reports on continuing drill operations in Thailand.

Energy Company Boosts Thailand Oil Production, Offers 'Low Risk Production Growth'
Source: Streetwise Reports (11/19/2020)

The highlights of Pan Orient Energy's third quarter are presented in a Mackie Research Capital Corp. report.

Texas Oil & Gas Firm to Sell Its Stake in Delaware Basin Project
Source: Streetwise Reports (11/18/2020)

For its interest, Torchlight Energy Resources is to receive $350,000.

Oil & Gas Firm Reports Q3 Operational, Financial Results
Source: Streetwise Reports (11/16/2020)

Pan Orient Energy and its joint venture partner continue producing and selling oil from its L53 Concession in Thailand, which are funding ongoing exploration work there.

Texas Oil & Gas Explorer Completes Fracking of Midland Basin Well
Source: Streetwise Reports (11/11/2020)

The next step for Torchlight Energy's well at Hazel is flowback, which is to start next week.

Altus Midstream Shares Flow Higher on Q3 Earnings and Plans for $1.50/Share Dividend in Q1/21
Source: Streetwise Reports (11/05/2020)

Shares of Altus Midstream Co. traded 170% higher after the firm reported Q3/20 financial results and announced plans to pay a quarterly dividend of $1.50 per share beginning in March 2021.