More bad news for Russian oil giant YUKOS.
Trading in Yukos shares on Moscow's ruble-dominated MICEX exchange was halted in the morning after the stock fell 15 percent. On the dollar-dominated RTS exchange, it fell more than 15 percent by late afternoon.According to the Financial Times, the Russian Justice Ministry is seizing shares, not physical capital equipment. The BBC chimes in that
The drop reflected the double blow Yukos suffered late Monday as bailiffs renewed their seizure of assets from its key production unit Yuganskneftegaz and a court rejected its appeal against the seizure of another subsidiary.
The oil company was dealt another blow on Monday, Russian news agencies reported, when a court upheld the seizure of assets at a separate unit, Tomskneftegaz.Exports from southern Iraq have dried up thanks to Moqtada al-Sadr, and NYMEX prices hit $44.99/barrel early this morning, Brent was $41.70/barrel on Monday, and Hugo Chavez is subjected to yet another referendum. A nervous August indeed.
UPDATE: Oil prices on the NYMEX hit $45.04 in this morning's trading.
On 11 October 1990, NYMEX prices hit $40.42/barrel. That's over $57 in inflation-adjusted June 2004 dollars; the average NYMEX price for that week was $56.31/barrel in June 2004 dollars. I suppose one should be glad we're still solidly below $50.