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Royal Dutch Shell (NYSE:RDSA)(NYSE:RDSB) is said to intend to ship 2 million barrels of North Sea Forties crude to Asia at the end of November, which could further support futures prices for Brent crude. Shell will charter the VLCC Titan Glory for loading Forties crude on November 25th at Hound Point in Scotland, and then head for Asia. Analysts believe that loading delays of Forties crude have been supporting Brent futures.
Thus far Public Service Enterprise Group (NYSE:PEG) reports that it is unable to supply a cost estimate for Sandy, explaining that “The magnitude of the flooding in contiguous areas is unprecedented,” as the storm surge aimed hits on “a large number” of substations along the Raritan, Passaic, and Hudson rivers. The company lost as many as 1.7 million customers, which represents the most in its history caused by a single event.
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Exxon Mobil Corporation (NYSE:XOM) suffered a 7.5 percent year-over-year decline in oil and gas production, according to its third quarter earnings. Christopher Helman writes that this shows how difficult it is for the energy major to keep replacing declining output, to say nothing of growing. Perhaps only through entering joint ventures with huge government-controlled companies in locations like Russia or Qatar can ExxonMobil generate significant growth.
Consolidated Edison (NYSE:ED) reports that to restore power to the “vast majority” of overhead customers will take until November 10th or 11th, while others might require an extra week or more. However, Con Ed officials anticipate the restoration of power to lower Manhattan’s underground network by Saturday.
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