Posted: June 18, 2008, 9:00 AM by Zena Olijnyk
Finally, Mr. Friesen struck a promising, but cautionary note on Talisman Energy Inc. (TLM/TSX), giving it a price target of $28, up 14% from its current levels around $25.While the stock is trading at “an attractive discount valuation that may temp the patient value investor,” he wrote, he doubts that substantial change could be brought inside the next 12 to 18 months.
JOHN WILEN
Friday, June 20, 2008
NEW YORK — Oil futures rebounded Friday as Pentagon officials said a large scale Israeli military exercise in the Eastern Mediterranean early this month was intended in part as a demonstration of Jerusalem's ability to attack Iranian nuclear facilities.
At the pump, gas prices rose slightly.
Light, sweet crude for July delivery rose $3.08 to $135.01 (U.S.) a barrel on the New York Mercantile Exchange, recovering much of the ground lost Thursday after China announced it was raising fuel prices.
While Thursday's news from China reduced investor concerns about surging global demand for oil and fuel, Friday's news from Iran injected fresh supply worries into the market.
Adding to the news of the military exercises in the Middle East, Nigerian oil workers have decided to strike at a Chevron Corp. facility beginning Monday, a move that could further cut oil supplies from Africa's largest producer.
The dollar also fell against the euro. Many investors buy commodities such as oil as a hedge against inflation when the greenback weakens. A falling dollar makes oil less expensive to investors overseas.
At the pump, meanwhile, gas prices inched 0.2 cent higher to a national average of $4.075 a gallon Friday, according to AAA and the Oil Price Information Service. Gas prices have drifted lower this week since hitting a record $4.08 a gallon on Monday.
© Copyright The Globe and Mail
Friday, June 20, 2008
NEW YORK — Oil futures rebounded Friday as Pentagon officials said a large scale Israeli military exercise in the Eastern Mediterranean early this month was intended in part as a demonstration of Jerusalem's ability to attack Iranian nuclear facilities.
At the pump, gas prices rose slightly.
Light, sweet crude for July delivery rose $3.08 to $135.01 (U.S.) a barrel on the New York Mercantile Exchange, recovering much of the ground lost Thursday after China announced it was raising fuel prices.
While Thursday's news from China reduced investor concerns about surging global demand for oil and fuel, Friday's news from Iran injected fresh supply worries into the market.
Adding to the news of the military exercises in the Middle East, Nigerian oil workers have decided to strike at a Chevron Corp. facility beginning Monday, a move that could further cut oil supplies from Africa's largest producer.
The dollar also fell against the euro. Many investors buy commodities such as oil as a hedge against inflation when the greenback weakens. A falling dollar makes oil less expensive to investors overseas.
At the pump, meanwhile, gas prices inched 0.2 cent higher to a national average of $4.075 a gallon Friday, according to AAA and the Oil Price Information Service. Gas prices have drifted lower this week since hitting a record $4.08 a gallon on Monday.
© Copyright The Globe and Mail