Operations & Technology

Nov. 7, 2007 ― Oil Rises, Solar Shares Increase

While oil futures jumped to a record $97 a barrel, solar energy company shares hit new highs.

Oil futures jumped to a new record of over $97 a barrel last week, and light, sweet crude for December delivery rose $2.72 to settle at a record $96.70 a barrel on the New York Mercantile Exchange Tuesday.

According to the Associated Press, analysts surveyed by Dow Jones Newswires expect the Energy Department's weekly petroleum report on Wednesday to show crude oil inventories falling again. The data covers a week when Mexico's national oil company Pemex shut down 1 million barrels a day in production:

    The Energy Dept.'s Energy Information Administration released its monthly "Short-Term Energy Outlook," forecasting an average price of $87 per barrel for West Texas crude in the fourth quarter. "Monthly average prices are expected to exceed $80 per barrel over the next several months and remain well above $70 per barrel throughout the forecast period," the report said.
The EIA reports that crude will rise to $67.82 a barrel this year, and to $74.92 per barrel in 2008, versus $60.23 last year. In addition, natural gas is expected to average about $7.30 per thousand cubic feet this year and $8.01 per thousand cubic feet next year.

Yet even with higher prices, EIA forecasts that U.S. petroleum consumption will rise 0.5 percent this year and 1 percent in 2008. "Continued economic growth and colder average temperatures this winter than last winter combine to push demand higher."

Solar Energy Shares On The Rise

Solar energy company shares have also hit new highs, led specifically by Sunpower Corp., which soared $20.33 (15.7%) to close at $149.56. Earlier, shares climbed to an all-time high of $152.62.

First Solar Inc. rose to a high of $170.22, then moved back to $169, up $20.90 (14.1%). Suntech Power Holdings notched a new high of $65.45 before slipping back to $64.50, up $7.70 (13.6%) percent.

Did you enjoy this article? Click here to subscribe to Supply House Times. Stay connected with us via social media.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

BNP Media's Plumbing Group Visits Grundfos North American Headquarters

BNP Media’s Plumbing Group, comprised of the Plumbing & Mechanical, Supply House Times, PM Engineer (pme) and Reeves Journal brands, recently visited Grundfos’ new North American headquarters building in the western Chicago suburb of Downers Grove, Ill.

3/19/15 2:00 pm EST

The Juggling Act of Specifications

Learn how to "juggle" the different variables when speccing a project with tips from this webinar. Gain knowledge in how specifications work, how it's maintained, how it can be better, easier and simpler. 

Supply House Times

cover

2014 January

SHT's packed January issue incdues the cover story: M&L Supply is rich in heritage and customer service; features:  Industry optimism continues to rise heading into the 2015 AHR Expo, and Distributors discuss top industry issues: Part 2; and so much more!

 

Table Of Contents Subscribe

Where do you look for new employees?

Where do you look for new employees?
View Results Poll Archive

The Supply House Times Store

2015.jpg
2015 National Plumbing & HVAC Estimator

Every plumbing and HVAC estimator can use the cost estimates in this practical manual!

More Products

Clear Seas Research

CS-OflRGBhomepage.jpgWith access to over one million professionals and more than 60 industry-specific publications,Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

STAY CONNECTED

facebook Twitter Updated icon Youtube Updated icon    LinkedIn Updated icon  Google+

Premier 125

Premier 125 button

The information SUPPLY HOUSE TIMES uses to rank the Premier 125 is the most accurate we can gather. It is primarily based on responses to a questionnaire we send to the wholesalers in our database, supplemented with information obtained from industry reports and estimates.