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The best thing going for oil producers is that the world still needs millions of barrels of it everyday.

Even as factories shut down and consumption falters, investors continue to buy crude stocks on the expectation that the world’s petroleum appetite will eventually return.

Benchmark crude for May delivery on Friday added 35 cents to settle at $50.33 a barrel on the New York Mercantile Exchange. With the May contract ending next week, traders focused on crude stocks with a later delivery under the June contract.

Crude for June delivery also increased 31 cents to settle at $52.47 a barrel.

“There’s still a lot of money out there that has to go somewhere,” said Michael Lynch, president of Strategic Energy & Economic Research. “They see it as a good buy long term.”

Investors see oil stocks as the ultimate safe haven, a commodity that will almost certainly be in greater demand next year. That’s what has kept prices aloft this week despite daily reports showing the world economy is running on less oil, not more.

The government said this week that U.S. storage facilities were bloated with the biggest surplus in nearly 19 years.

Other reports showed housing construction had stagnated to the second lowest level on record, and the number of Americans receiving unemployment insurance benefits rose above 6 million for the first time.

If that wasn’t enough, the U.S. government, the Organization of the Petroleum Exporting Countries and the International Energy Agency all revised their demand forecasts, saying the world would consume even less petroleum in 2009 than expected.

A few months ago, such news probably would have pushed crude prices to new lows. But traders said they’ve already factored in the tepid global economy and have moved on. They’re guided now by rising equities markets and a general hope that better times are ahead.

“Crude’s really moving in sympathy with the stock market right now,” said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates.

Analyst Phil Flynn also noted reports that China is pumping money into raw materials like oil to shield itself from depending too heavily on the dollar. He said in a research note that the move by China has persuaded other investors to snap up oil stocks as well.

“There is growing evidence that China will look to store oil and other commodities as opposed to U.S. treasuries,” Flynn said.

Andrew Lipow, president of Lipow Oil Associates in Houston, said traders also expect a future shortage in crude as the economy picks up. Supplies may be high now, but oil exploration has declined and oil producers including both OPEC and other countries such as Mexico and Russia are sending less into the market.

Tanker tracker Oil Movements reported that exports from OPEC countries are expected to fall 560,000 barrels a day in the four-week period to May 2.

And Houston-based Baker Hughes Inc. said drilling has declined by nearly half from a year ago. The number of rigs actively exploring for oil and natural gas in the U.S. dropped by 30 this week to 975, Baker Hughes said.

A planned expansion of oil and gas drilling off the Alaska coast also was canceled Friday by a federal appeals court. A three-judge panel in the District of Columbia said the Interior Department failed to consider the impact on marine life before approving the program.

“If you throw in the general expectation that the economy will be less gloomy than what we’ve had in the past, I can see how that gives people reason to buy,” Lipow said.

Still, all that speculation could wind up a bust.

Deutsche Bank analyst Adam Sieminski said Thursday in a research note that he expects oil prices to stay under $50 a barrel in 2009 and around $55 a barrel in 2010.

“The potential for further disappointing news on the global economy is factored into our view that prices in the second half of 2009 could end up comparable to the first half,” Sieminski said.

Sieminski said OPEC’s move to slash production by 4.2 million barrels a day is enough to siphon off some of the surplus in global inventories. But he said the group should consider cutting even more when it meets May 28 in Vienna.

“If the price stayed near $50 and inventories stay high, I think they’ll definitely cut,” said Gerard Rigby, an energy analyst with Fuel First Consulting in Sydney. “OPEC wants the prices above $70 so they’ll try to push it up.”

At the pump, retail gas prices were unchanged overnight at a national average of $2.052 a gallon according to auto club AAA, Wright Express and Oil Price Information Service. Gas was 13.2 cents a gallon cheaper last month, but it was $1.366 more expensive a year ago.

In other Nymex trading, gasoline for May delivery gained 1.84 cents to settle at $1.4927 a gallon and heating oil rose less than a penny, settling at $1.4225 a gallon. Natural gas for May delivery increased 13 cents to settle at $3.729 per 1,000 cubic feet.

In London, Brent prices gained 29 cents to settle at $53.35 a barrel on the ICE Futures exchange.

Saudi Oil Minister Ali Ibrahim al-Nuaimi on Monday warned that a “premature shift” towards renewable energy sources could jeopardise essential investment in oil and an economic recovery.

Nuami said at an energy conference in Geneva that an “ideal” price for oil in the current environment would be between 60 to 75 dollars to allow minimum viable levels of investment in the industry.

“Forty dollars is not enough, you need in between 60 and 75 dollars to allow marginal producers to continue producing ethanol, heavy oil,” he told the meeting of energy traders, executives and academics.

The Saudi oil minister is an influential figure in the Organisation of Petrolueum Exporting Countries (OPEC), which decided Sunday to leave output unchanged after a meeting in Vienna despite the slowdown in demand and prices now around 42 dollars a barrel.

“Today’s low prices are just as unsustainable as soaring prices,” he cautioned Monday.

Nuami voiced concern over the combined impact of the financial and economic crisis, an emphasis on developing renewable energy sources in state stimulus plans, and volatile markets that led to low prices and plunging revenues.

“Diminishing investment in fossil fuels will impact our ability to provide the energy that will be needed when the economy turns around,” Nuaimi told the inaugural Energy Pact Conference.

“I would voice caution against a premature shift from fossil fuels to slowly evolving alternatives,” he said.

“Regardless of intentions, the consequences can be deeply counterproductive to global energy security and indeed to the natural environment.”

Nuaimi and Iranian Oil Minister Gholam Hossein Nozari argued that while an “inclusive mix” of fossil fuels and renewables was essential to meet future needs, many alternatives to oil and gas were still costly and unproven.

Fossil fuels were expected to account for 80 percent of world energy needs for years to come, Nuami insisted.

“While the days of easy oil are over, the days of oil as a primary fuel source are far from over,” he added.

Producers were also facing progressively lower levels of investment in fossil fuels in the economic crisis, despite the need to develop cleaner burning oil, improve extraction and update refineries, he argued.

“The climate of uncertainty produces a strong sense of investment risk for producers,” he told the conference.

Oil prices fell on Monday after OPEC ministers decided in Vienna to wait until May for a decision on a further possible cut in output, after the G20 group of wealthy and emerging economies meet in April to coordinate action against the economic crisis.

JAKARTA, March 16 – Canadian mining firm Kalimantan Gold Corp. is in talks with an Indian power plant on equity participation and a supply deal in a coal project in Indonesia’s East Kalimantan, a company official said on Monday.

Kalimantan Gold (KLG.V), a junior mining firm listed on Canada’s TSX Venture Exchange and the AIM Exchange, said in November last year it had signed an option with a local firm PT Indobara Pratama to bring its coal deposits into production and acquire up to an 80 percent stake.

The firm has an exclusive 90-day option on due diligence as well as for a drilling programme during this period, Kalimantan Gold said in its statement.

 PT Indobara owns a coal mine in East Kalimantan which has potential deposits of between 55-60 million tonnes of 5,400 kcal/kg of coal, Kalimantan Gold said in December.

“We are inviting them (the Indian power firm) because for this type of coal you need long term and certainty. It’s not the type of coal you can sell for spot market,” said Mansur Geiger, Kalimantan Gold’s vice president for exploration.

“They will own shares and they will be responsible for the coal off-take,” Geiger told reporters, adding the mine is expected to start commercial production in September.

 He did not name the Indian power plant or give the number of shares it might take up in the project.

 The coal mine is expected to produce 1 million tonnes in the first year, gradually increasing to 5 million tonnes within 4-5 years, he said.

 Indonesia’ energy ministry expects the country to produce about 230 million tonnes of coal this year, unchanged from 2008 on expected slowing demand.

But industry officials said the country’s coal output may reach 250-260 million tonnes as coal consumption by India and China would help shore up demand.[ID:nDEL409393]

 India’s demand for coal is growing by around 8-9 percent a year, outpacing production that is growing by 6 percent as the power sector has not been as badly hit by the credit crunch.

The government expects Indonesia’s coal output to increase to 250 million tonnes in 2010 and 321 million tonnes by 2015.

Ending a heated government turf battle, the Interior Department and the Federal Energy Regulatory Commission divvied up rights to regulate offshore energy sources today.

The two agencies announced they will draw up “a short Memorandum of Understanding” that gives Interior the right to permit offshore wind initiatives in federal waters, while FERC will get to oversee wave, tidal and ocean current projects. For more than a year, officials from the two camps had argued whether Interior’s Minerals Management Service had jurisdiction over wave, tidal and ocean projects in addition to offshore windmills, which MMS has traditionally controlled.

“Our renewable energy is too important for bureaucratic turf battles to slow down our progress, ” said Interior Secretary Ken Salazar in a statement. “I am proud that we have reached an agreement with the Federal Energy Regulatory Commission regarding our respective roles in approving offshore renewable energy projects. This agreement will help sweep aside red tape so that our country can capture the great power of wave, tidal, wind and solar power off our coasts.”

Just yesterday, Salazar had told reporters in a telephone conference call the back-and-forth could hamper the new administration’s efforts expand the nation’s renewable energy capacity.

“If we don’t resolve the jurisdictional issues between FERC and the Department of Interior,” he said, “we are not going to be able to move forward in the development of our offshore renewable energy resources.”

In the statement, the two agencies stated, “The Interior Department’s responsibility for the permitting and development of renewable energy resources on the outer continental shelf is broad. In particular, the Department of the Interior has permitting and development authority over wind power projects that use offshore resources beyond state waters.”

On the other hand, the statement continued, this authority “does not diminish existing responsibilities that other agencies have with regard to the outer continental shelf. In that regard, under the Federal Power Act, the Federal Energy Regulatory Commission has the statutory responsibility to oversee the development of hydropower resources in navigable waters of the United States. ‘Hydrokinetic’ power potentially can be developed offshore through new technologies that seek to convert wave, tidal and ocean current energy to electricity.”

Interior and other “relevant federal land and resource agencies” will still have the right to weigh in on such “hydropower licenses,” the agencies said, although “FERC will have the primary responsibility to manage the licensing of” wind, tidal and ocean current projects.

NEW YORK – As the world’s appetite for crude shrinks, OPEC is meeting in Europe to debate whether oil producers should tighten their spigots even more.

On Friday, benchmark crude for April delivery fell 78 cents to $46.25 a barrel on the New York Mercantile Exchange. In London, Brent prices fell 16 cents to settle at $44.93 on the ICE Futures exchange.

Some analysts expect the Organization of the Petroleum Exporting Countries will agree to additional production cuts beyond the 4.2 million barrels per day that it has already announced.

But those announcements have been met only with indifference in recent months.

OPEC said in December it would slash daily production by more than 2 million barrels. Yet oil prices fell afterward, tumbling more than 15 percent within three days.

The 12-member group is notorious for cheating on production agreements, and it still hasn’t completed previous rounds of cuts from last year. Meanwhile, oil demand has shriveled up as millions of workers receive pink slips, companies slash spending and manufacturers shutter production plants.

“They’re going into this with a lot of uncertainty,” Alaron Trading Corp. analyst Phil Flynn said. “If they’re not going to cut production, we’ll see oil prices drop back to the low $40s” per barrel.

OPEC ministers sent mixed signals all week about what they’d do, and the price for a barrel of crude lurched between $42 and $47.

Analysts say a reduction of between 500,000 and 1 million barrels a day is likely. The Obama administration hopes that doesn’t happen, and U.S. Energy Secretary Steven Chu said he’ll lobby OPEC ministers to forgo more production cuts.

Complicating matters, Russia said this week it will send Vice Premier Igor Sechin to the OPEC meeting in Vienna, Austria. Russia has toyed with the idea of working more closely with OPEC to control the flow of oil to the world.

“It’s a big deal” if Russia joins OPEC, analyst and trader Stephen Schork said. Russia sits on 60 billion barrels of proven oil reserves and if it were a member, it would be OPEC’s second-largest producer next to Saudi Arabia, according to the Energy Information Administration.

“The post-9/11 world always took comfort in the division between Russia and OPEC,” Schork said. “Russia didn’t take OPEC’s marching orders, and that was good for price. But the world has changed.”

The huge swing in energy prices, which rocketed above $147 last year before plunging to less than $34 a barrel in recent months, has left oil producers searching for ways to take greater control of the market.

If OPEC calls for a production cut, it will not have a big impact on gasoline costs, analysts say. Refiners, who have been cutting gasoline output to match the billions of miles no longer being driven by Americans, will have a much bigger role, said Tom Kloza, publisher and chief oil analyst at Oil Price Information Service.

“This isn’t the year for it,” he said. “The world is broke and it’s not using energy.”

The Energy Department said earlier in the week that global demand would fall more than expected this year. And on Friday, two other agencies supported that projection.

The International Energy Agency released its predictions Friday, saying global oil demand in 2009 would drop for a second consecutive year for the first time since 1982-1983. The IEA cut its forecast for demand this year by 270,000 barrels a day to 84.4 million barrels a day — 1.5 percent lower than a year earlier.

OPEC also lowered its 2009 global demand estimate by 400,000 barrels a day to 84.6 million barrels, 1 million barrels a day less than in 2008. OPEC expects demand for its own crude to fall by 1.8 million barrels a day on the year, to an average of 29.1 million barrels a day in 2009.

And Friday, the Commerce Department reported that the U.S. trade deficit plunged in January to the lowest level in six years as the economic downturn cut America’s demand for imported goods.

The world has much less need for oil now no matter what price it fetches on the market, Flynn said.

“You can get all excited about the future and how things may be, but for now there’s still plenty of oil out there,” he said.

At the pump, retail gas prices dropped every day this week, falling another penny Friday to a national average of $1.922 per gallon, according to auto club AAA, Wright Express and Oil Price Information Service. Gas prices are nearly 2 cents per gallon below what they were last month, and they’re $1.345 cheaper than a year ago.

In other Nymex trading, gasoline for April delivery rose less than a penny to settle at $1.3529 a gallon and heating oil fell 2.92 cents to settle at $1.1972 a gallon. Natural gas for April delivery fell 6.3 cents to settle at $3.932 per 1,000 cubic feet.

Duke Energy

CHARLOTTE, N.C. – Duke Energy has been named one of Corporate Responsibility Officer (CRO) magazine’s 100 Best Corporate Citizens.

The company earned this distinction based on CRO’s independent assessment of Duke Energy’s performance in seven key areas: environment, climate change, human rights, philanthropy, employee relations, financial and governance. CRO’s 2009 list of leading corporate citizens was released on March 6.

“Becoming a more sustainable business is a journey, not a destination. We’re pleased that our efforts earned us a spot on the list and to find ourselves in the company of other leading corporations” said Roberta Bowman, Duke Energy senior vice president and chief sustainability officer. “Doing business in a way that’s good for people, the planet and profits is becoming increasingly important – especially during these turbulent times”

CRO’s 100 Best Corporate Citizens list assesses companies on the Russell 1000® and is the only such list based solely on publicly available information. This is the first time Duke Energy has been included on the list, which is available on the Web at www.thecro.com/100best09.

Duke Energy, one of the largest electric power companies in the United States, supplies and delivers electricity to approximately 4 million U.S. customers and natural gas service to approximately 520,000 customers in its regulated jurisdictions. The company has approximately 35,000 net megawatts of electric generating capacity in the Midwest and the Carolinas, and natural gas distribution services in Ohio and Kentucky. In addition, Duke Energy has more than 4,000 net megawatts of electric generation in Latin America, and is a joint-venture partner in a U.S. real estate company.

Headquartered in Charlotte, N.C., Duke Energy is a Fortune 500 company traded on the New York Stock Exchange under the symbol DUK. More information about the company is available on the Internet at: www.duke-energy.com

Non-destructive testing plays important quality control role in China industrial business

BILLERICA, Mass. – GE Sensing & Inspection Technologies (NYSE:GE) and SGS-CSTC, a Chinese joint venture of SGS group, announce the opening of a joint non-destructive testing (NDT) application center in Shanghai, China.

Non-destructive testing plays an important role in quality control in China, specifically in welding and industrial parts, and the safety assurance of pressure vessels and pipelines. It is used in a wide range of industries, including metallurgy, oil & gas, power generation, aerospace and transportation. With increasingly elevated requirements of quality, efficiency and safety in China, the market demand for NDT products and service is significant.

“This venture is a strong representation of the cooperation between the two companies,” said Charlene Begley, President & CEO of GE Enterprise Solutions. “The application center provides GE’s Chinese industrial customers with the opportunity to explore advanced NDT technologies, solutions and services.”

GE’s technologies, paired with SGS’s NDT training center and service capabilities, provide Chinese customers with world-class inspection service and training, and the ability to help solve their toughest inspection challenges. The partners will also work together to help facilitate the upgrading of certain Chinese NDT standards.

The joint application center is located in Kongqiao Industrial Zone in Pudong New Area of Shanghai, and is equipped with GE Sensing & Inspection Technologies’ NDT solutions, including ultrasonic flaw detectors, eddy current flaw detectors, spot-welding detectors, X-ray real-time inspection systems and digital inspection systems, computed-radiography system, microfocus X-ray system and industrial CT systems.

About GE Sensing & Inspection Technologies

GE Sensing & Inspection Technologies is Healthcare for Infrastructure. The business is part of GE Enterprise Solutions, a $5 billion business helping customers compete and win in a changing global environment by combining the power of GE’s unique expertise and intelligent technology to elevate customers’ productivity. GE Sensing & Inspection Technologies is a leading innovator in advanced measurement, sensor-based and inspection solutions that deliver accuracy, productivity and safety to its customers. Its products are used in a wide range of industries, including oil & gas, power generation, aerospace, transportation and healthcare. The company has 4,700 employees at more than 40 facilities in 25 countries worldwide. For more information, visit