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Wednesday, February 27, 2008

Reliance Industries Rises on East Coast Natural Gas Discovery

Reliance Industries Ltd., owner of the world's third-biggest oil refinery, gained after saying it discovered natural gas in a field off India's east coast.

The Mumbai-based company said yesterday the discovery was made in the shallow-water area of NEC-Mahanadi field, off the eastern Indian state of Orissa.

Reliance Industries owns 90 percent in the area and Canada's Niko Resources Ltd. holds 10 percent, according to a statement. This is the eighth gas discovery in the field, the company said

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Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Friday, Jun 27
18:45 Fed's Hammack speech 2
19:30 Michigan Consumer Expectations Index 2 58.1 58.4 58.4
19:30 UoM 1-year Consumer Inflation Expectations 2 5.0% 5.1% 5.1%
19:30 Michigan Consumer Sentiment Index 2 60.7 60.5 60.5
19:30 UoM 5-year Consumer Inflation Expectation 2 4.0% 4.1% 4.1%
22:30 Baker Hughes US Oil Rig Count 1 438
Saturday, Jun 28
01:00 CFTC Gold NC Net Positions 1 $200.6K
01:00 CFTC Oil NC Net Positions 1 231K
01:00 CFTC S&P 500 NC Net Positions 1 $-174.1K
01:00 CFTC GBP NC Net Positions 1 £42.9K
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