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Bharat Petroleum Corporation
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Tracked by: 0 Boarder
OIL plunges to 13-month low on global slowdown
By STEVENSON JACOBS
NEW YORK
Oil prices plunged in another violent sell-off Friday, briefly tumbling below $78 a barrel as investors grow more pessimistic about the prospects for resolving a mushrooming global economic crisis.
A barrel of oil hasn`t been this cheap in 13 months.
The steep losses came as Wall Street extended its staggering decline for an eighth straight day and headed for its worst weekly drop ever. The Dow Jones industrial average was down more than 500 points in mid-afternoon trading.
"Oil is mirroring the stock market right now. There`s a total lack of confidence. It`s fear driving more fear," said Phil Flynn, energy analyst at Alaron Trading Corp. in Chicago.
Light, sweet crude for November delivery fell $8.01 to $78.61 a barrel on the New York Mercantile Exchange, after earlier falling to $77.28, its lowest level since Sept. 11, 2007.
Crude has now lost about 47 percent since hitting a record $147.27 on July 11, tumbling as a deepening credit crisis caused by the subprime mortgage fiasco wreaks havoc around the globe and drives down energy demand.
Investors have shrugged off an array of market-stabilizing efforts by world governments, including a $700 billion U.S. financial rescue plan, several bank bailouts and a coordinated interest rate cut by the Federal Reserve and central banks around the globe.
Underscoring Americans` waning appetite for fuel, a gallon of regular gasoline dropped 5.3 cents overnight to a new national average of $3.35 a gallon, according to auto club AAA, the Oil Price Information Service and Wright Express.
Prices dipped below $3 a gallon on average in Kansas, Missouri and Oklahoma. If crude keeps falling, the rest of country should see sub-$3 gasoline in the next few weeks if not sooner, experts say.
Oil market traders were also fixated on signs of falling energy demand around the globe.
The International Energy Agency on Friday cut its global oil demand forecasts for this year and 2009, pointing to the worsening economic conditions and the tight credit supply.
The Paris-based energy watchdog cut its forecast for oil demand this year by 240,000 barrels per day, and slashed its 2009 forecast by 440,000 barrels per day. The IEA now expects global oil demand to total 86.5 million barrels per day this year and 87.2 million barrels per day next year.
"The fundamental game for oil has changed. In the last decade, oil went up because of strong global economic growth. That story for the near term is over, so everybody has to re-evaluate," Flynn said.
Crude`s steep losses came despite signs that the Organization of the Petroleum Exporting Countries may tighten output to put a floor under falling prices.
OPEC said Thursday it will hold a special meeting Nov. 18 to discuss how the economic crisis is affecting oil prices, while the head of Libya`s national oil company, Shukri Ghanem, called on oil producing nations to cut output.
But analysts doubt an OPEC cut would reverse the extreme downward momentum on oil. OPEC`s decision last month to cut production by 520,000 barrels a day failed to halt the losses.
Flynn said another output cut "may actually accelerate the slide."
"What`s driving this market right now is fear of demand destruction and lack of credit," he said. "If you can`t borrow money to buy crude, then demand falls more and so do prices."
In other Nymex trading, heating oil futures fell 22.06 cents to $2.198 a gallon, while gasoline prices dropped 22.26 cents to $1.8047 a gallon. Natural gas for November delivery fell 26 cents to $6.565 per 1,000 cubic feet.
In London, November Brent crude fell $8.39 to $74.27 a barrel on the ICE Futures exchange.
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In reply to:
bpcl
Posted by :
pagal hui mai
dear investors,
now crud is treding on $78. 
bpcl
Posted by : pagal hui maiTracked by: 0 Boarder
dear investors,
now crud is treding on $78....
BSE Announcements on BPCL
Posted by :
MMB MessengerTracked by: 0 Boarder
Bharat Petroleum Corporation Ltd (BPCL) has informed BSE that a meeting of the Board of Directors of the Company will be held on October 30, 2008, inter alia, to take on record the Unaudited Financial Results (Provisional) for the quarter and half year ended
September 30, 2008 (Q2)....
NSE Announcements on BPCL
Posted by : MMB MessengerTracked by: 0 Boarder
Bharat Petroleum Corpn. Ltd has submitted to the Exchange a copy of the Chairmans Speech.A copy of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). ...
NSE Announcements on BPCL
Posted by : MMB MessengerTracked by: 0 Boarder
Bharat Petroleum Corpn. Ltd has submitted to the Exchange a copy of the minutes of the Annual General Meeting of the Company held on September 22, 2008 . A copy of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). ...
BSE Announcements on BPCL
Posted by : MMB MessengerTracked by: 0 Boarder
Bharat Petroleum Corporation Ltd (BPCL) has informed BSE that the Annual General Meeting (AGM) of the Company was held on September 22, 2008....
Bpcl medium term down target=200....
Posted by : pagal hui maiTracked by: 0 Boarder
dear,
it`s trading at 371 not 317 ok.and there is not any surpris.at present crud is $94.if it touch $85 in this month bpcl will touch 390.or there will any good news from us it will 400+.
happy investing...
In reply to:
Bpcl medium term down target=200....
Posted by : psgs
i wounder how the stock is trading at 317? almost all the great bluechip stocks which are making good profits are quoting at their 52 week lows. this bpcl`s 52 week low rate is 208. how is it and why is it trading at current levels of 300+? its a bit surprising to me.
swamy.
Bpcl medium term down target=200....
Posted by : psgsTracked by: 0 Boarder
i wounder how the stock is trading at 317? almost all the great bluechip stocks which are making good profits are quoting at their 52 week lows. this bpcl`s 52 week low rate is 208. how is it and why is it trading at current levels of 300+? its a bit surprising to me.
swamy.
...
In reply to:
Bpcl medium term down target=200....
Posted by : pagal hui mai
sir,
crud is 108 at present i think it was a little short covering now crud will go down from this leval and bpcl will also take the bounce back till 280-90.
Bpcl medium term down target=200....
Posted by : pagal hui maiTracked by: 0 Boarder
for samace,
sorry brother,that masseg was send by me by mistake.my view on bpcl is 390-400 if crud touch $85.or it can more then 400 if there will any good news from us.
...
In reply to:
Bpcl medium term down target=200....
Posted by :
samace
septemeber 2008 is gone my dear friend and it has not even crossed 400.
Bpcl medium term down target=200....
Posted by : samaceTracked by: 0 Boarder
septemeber 2008 is gone my dear friend and it has not even crossed 400....
In reply to:
Bpcl medium term down target=200....
Posted by : pagal hui mai
dear,
bpcl can touch 800 but not in few month.it can touch 810-820 only in sep- because of short covring of crud now crud is touching $100 & it can touch $110.
Buy BPCL
Posted by : zoombusinessTracked by: 0 Boarder
Buy BPCL 362 TGT ............373 SL
-courtesy stoxandmore...
BSE Announcements on BPCL
Posted by : MMB MessengerTracked by: 0 Boarder
Bharat Petroleum Corporation Ltd (BPCL) has informed BSE that M/s. Anadarko Petroleum Corporation (Anadarko), the Operator of block BM-C-30 offshore Brazil in the Campos Basin, has announced a pre-salt hydrocarbon discovery based on wireline logging tests conducted in its well 1-APL-1-ESS which is being drilled in Wahoo prospect....
NSE Announcements on BPCL
Posted by : MMB MessengerTracked by: 0 Boarder
Bharat Petroleum Corpn. Ltd has informed the Exchange that M/s Anadarko Petroleum Corporation (Anadarko), the Operator of block BM-C-30 offshore Brazil in the Campos Basin, has announced a pre-salt hydrocarbon discovery based on wireline logging tests conducted in its well 1-APL-1-ESS which is being drilled in Wahoo prospect. The details of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). ...
BPCL
Posted by : zoombusinessTracked by: 0 Boarder
NSE Block Deal
BPCL 175113 Shares At 357.60
...
BPCL
Posted by : zoombusinessTracked by: 0 Boarder
Bharat Petroleum Corporation Ltd (BPCL), India’s second largest oil marketing company, will pump Rs 6,000 crore into its refineries over the next four years.
A major part of this will go into expanding capacity at its Kochi refinery to 9.5 million metric tonne per annum (mmtpa) from 7.5 mmtpa now. The rest will be used for upgrading its refineries to meet Euro III and Euro IV specifications.
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