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Apr-20-2008

Oil Rebounds, Approaching a Record, Amid Supply Disruptions

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CONTENTS:

Light, sweet crude for May delivery rose to a new trading record of $117 in after-hours electronic trading Friday after settling up $1.83 at a record $116.69 a barrel on the New York Mercantile Exchange. (More...)
If the spread is held through expiration with the price of the underlying futures contract settlement is below the lower strike price, the value of the option spread will be Zero ($0.00), the price you paid for the option spread and all associated fees will lost. (More...)
Diesel fuel added 2.2 cents to a record national average of $4.168 a gallon. (More...)
Siegal describes the steel service center industry as already a type of steel futures business, aimed at helping customers to manage steel costs. (More...)
Crude declined slightly on Thursday after reaching an all time record high on a report that U.S. crude and gasoline inventories fell. (More...)
CATTLE: Prices on the Chicago Mercantile Exchange slipped despite news that U.S. beef would resume flowing to South Korea in mid-May. (More...)
The refining industry's position on the oil industry ladder has dropped in the last 20 years, and refiners have also been slapped with higher taxes, van der Veer said, adding new penalties would cripple refiners. (More...)
Add in the potential of an accelerating U.S. economy in the second half of 2008, and, well, I don't know what the price of oil may reach. (More...)
The attack took place at Adamakiri at 10:30 p.m. local time on a pipeline that crosses from the Cawthorne channel to the Bonny oil export terminal, the Movement for the Emancipation of the Niger Delta said in an e-mailed statement today. (More...)
Light sweet crude for May delivery closed at $116.60, up $1.83 on the session. (More...)
Shell, which currently pumps 400,000 barrels per day from the Nigerian fields, confirmed a small amount of production had been shut in. (More...)
The end of day results for the CBOT ( Chicago Board of Trade ) which is comprised of the total Exchange Volume for Futures and Options (EVFO) including Electronic, Open Auction, Cash Exchange, Wholesale and Cleared Only ended the day at 3,850,672; Open Interest for Futures gained 18,710 points to close at 9,526,121; the Open Interest for Options gained 58,516 points to close at 9,342,086 and the Cleared Only gained 90 points to close at 30,160 for a total Open Interest on the day of 18,898,367 for a total Change on the day with a gain of 77,316 points. (More...)
Shell's chief executive said charging polluters for carbon credits, which were previously distributed for free under the European Union's carbon trading system, could stifle the refining industry across the entire continent. (More...)

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Light, sweet crude for May delivery rose to a new trading record of $117 in after-hours electronic trading Friday after settling up $1.83 at a record $116.69 a barrel on the New York Mercantile Exchange. It marked the fifth day in a row crude prices set new records. Oil is not the only factor driving gasoline prices, which are also rising because refiners are switching from producing winter grade gasoline to the more expensive but less polluting version of the fuel they're required to sell during summer. When they do that each spring, they tend to draw supplies down to low levels as they try to sell off all their winter fuel. [1] NEW YORK, April 18 (UPI) -- Crude oil prices made a record jump Friday on concerns of a sabotaged pipeline in Nigeria, that disrupted a relatively small output source. On the New York Mercantile Exchange, crude prices hit their fourth day of records in the week, hitting $117 per barrel, before settling at $116.81 per barrel late in the day.[2]

Crude oil for May delivery rose 24 cents to $115.10 a barrel at 10:56 a.m. on the New York Mercantile Exchange. Prices are up 4.5 percent this week and 82 percent from a year ago.[3] Crude oil for May delivery rose 8 cents to $114.94 a barrel at 8:27 a.m. Sydney time in after-hours electronic trading on the New York Mercantile Exchange.[4] Crude oil for May delivery was recently registered at $115.56 a barrel on the New York Mercantile Exchange during the early morning trading after it surged sharply to $116.10, which is a new intraday record high.[5]

Crude oil futures for May delivery were up 0.59 cents or 0.51 percent to $115.45 a barrel at 11:23 a.m. in the New York Mercantile Exchange.[6] Crude futures for May fell 7 cents to settle at $114.86 a barrel on the New York Mercantile Exchange by 2:43p.m. Futures reached the highest record since trading begun in 1983 climbing to $115.21 a barrel today. In the same report, the Energy Department said refineries operated at 81.4 percent of its capacity.[7]

NEW YORK (AP) -- Crude oil futures surged to a new trading record of $117 a barrel on Friday following an attack on a key pipeline in Nigeria.[8] NEW YORK - U.S. crude oil prices jumped today above the record high of $115.54 posted on Thursday, as a sabotage in a pipeline in Nigeria rose concerns that demand may increase.[6] Just consider these bulletins on the Bloomberg financial wire service for some sense of how a financial analyst might be whipsawed into incoherence. Yesterday morning, she would have seen newspapers trumpeting a new record oil price of $115.54 U.S. the day before. Looking at the Bloomberg wire just before 9 a.m, she would have seen this headline: "Crude oil falls, retreating from record, as dollar strengthens." It told how oil for June delivery fell as low as $110.62 in London (where business opens five hours before it does in New York). This because a strengthening U.S. dollar dampened the appeal of oil as a hedge against the dollar's previous erosion in value.[9] Oil's gains on Friday were limited by the dollar, which strengthened against the euro, sending oil prices lower earlier in the day. A stronger dollar makes commodities such as oil less attractive to investors as a hedge against inflation, and it makes oil more expensive to investors overseas. Analysts believe the weaker dollar is the primary reason oil has soared well past $100 a barrel this year. Analysts expect the Federal Reserve to cut interest rates several more times this year — moves that tend to further weaken the dollar — and reason that those cuts will help propel oil to new records. Oil is not the only factor driving gas prices, which are also rising because refiners are switching from producing winter grade gasoline to the more expensive, but less polluting, version of the fuel they're required to sell during summer. When they do that each spring, they tend to draw supplies down to low levels as they try to sell off all their winter fuel.[10] NEW YORK (AP) — Gold prices plunged to a two-week low Friday after the dollar gained some muscle against the euro, giving investors reason to sell the metal traditionally viewed as an inflation hedge. Other commodities traded mixed, with crude oil surging to a new record of $117 and wheat prices plummeting. The dollar edged higher against the 15-nation euro, rebounding from a record low reached Thursday after European officials expressed concern that its strength was becoming harmful.[11] The euro bought $1.5795 in afternoon trading, down from $1.5888 late Thursday. A stronger dollar encourages investors to sell hard assets like gold and silver, which are viewed as inflation hedges since they're known for holding their value in times of rising prices. Gold for June delivery dropped $27.70 to settle at $915.20 an ounce on the New York Mercantile Exchange, after earlier falling as low as $907.30, its lowest level in two weeks.[11] What happens in times of clear movement up or down on price is that you're either long on selling liquidity and short on buying liquidity, or vice versa." This presents a situation where the promise of getting steel futures trading onto an exchange starts to offer an advantage, since financial investors and speculators can help fill that timing void, McCormick says. "They actually serve a very positive and constructive purpose," he adds, noting that on the New York Mercantile Exchange the use of a price index would allow only actual buyers and sellers of steel to determine settlement prices. "A lot of people looked at the last couple years in steel and said that volatility was becoming something less," he says. "Well this year is a reminder that it's not. Having effective tools that help you manage this volatility and help you stabilize your cost and your prices is a good thing. The challenge is to learn how to use them." Brokerages already involved with over-the-counter steel swaps and commodity risk management such as Koch Metal Trading, Sempra Commodities and FC Stone Group, along with consultants like WSD, are now making efforts to help steel industry participants learn more about utilizing steel futures in their risk management strategies.[12] Proponents of steel futures trading press on despite lackluster interest among steel producers and distributors. With the launching of steel futures trading already under way on the London Metal Exchange and in the Middle East as the New York Mercantile Exchange prepares to begin trading later this year, steel mills and service centers are taking a new look at this long- talked-about prospect and its potential effect on the way steel inventories and prices will be managed. Top executives from steel mills operating in North America, including U.S. Steel, Nucor, AK Steel and Steel Dynamics, generally have said they are opposed to the concept of steel futures trading, favoring prices that are directly negotiated with customers rather than giving up pricing control to outside financial players.[12]

Light, sweet crude for May delivery gained $1.83, or 1.6%, to settle at $116.69 a barrel on the New York Mercantile Exchange and rose as high as $117 a barrel after floor trading closed.[13] Light, sweet crude for May delivery rose to a new record of $116.19 on Friday before retreating to trade up 81 cents at $115.67 a barrel on the New York Mercantile Exchange.[14] West Texas crude for May delivery climbed 87 cents to $115.73 a barrel on the New York Mercantile Exchange.[15] Light, sweet crude for May delivery on the New York Mercantile Exchange fell $1.53 to $113.33 a barrel in New York.[16]

Oil prices climbed to $114.50 overnight, but settled down to $114.29 per barrel on the New York Mercantile Exchange in the morning.[17]

Oil prices fell toward $113 a barrel Friday in light trading as the U.S. dollar made gains against the euro and other currencies. A host of supply and demand concerns in the U.S. and abroad, as well as the depreciating dollar, had pushed crude prices up as much as 4 percent this week.[18] Oil touched $115.54 a barrel yesterday, the highest since futures trading started in 1983. Crude has gained 4.4 percent this week as the U.S. Energy Department reported a decline in stockpiles and motor fuel inventories fell more than expected after refineries cut output to the lowest level since October 2005.[19]

Short supplies of alkylate, a blending component key to the creation of summer-grade gas, also have pushed prices higher. Contributing to the price spike, refiners have been cutting back on their production of gasoline, which has a low profit margin. Refiners have to buy the crude they process into gasoline, and soft demand for gas has prevented them from boosting pump prices fast enough to keep up with soaring crude futures. "The refining margins were poor last month and, as a result, we've seen these voluntary. or discretionary refining run cuts," said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Ill. Ritterbusch estimates that the average difference between what refiners pay for oil and receive for the gasoline they make from it stands somewhere between $13 and $15 a barrel. In some areas, this difference has actually gone negative at times in recent weeks, meaning that refiners "were losing money on each barrel of gasoline produced," Ritterbusch said.[10] Over the last few weeks we've been seeing records broken on a barrel of crude oil going for $112 and today we are witnessing a record-setting price of $117 a barrel. The reason behind this record setting price for barrel comes after a militant group in Nigeria claims it damaged a critical oil pipeline operated by Shell. Nigeria is a major supplier of oil to the U-S. That attack with the promise of more as well as the weakening U-S dollar are leading industry experts to predict a gallon of regular unleaded gas could reach $3.80 a gallon. Back here in Colorado, this is the ninth consecutive week the average price for gas is above three-dollars a gallon.[20] Crude futures, meanwhile, surged to a record of $117 a barrel. Oil Price Information's Tom Kloza in his blog yesterday said he sees the national average for unleaded regular topping $3.50 a gallon within a week, but added he would be surprised if the ongoing trend continues unabated into late May.[21]

Oil prices on Wednesday closed at record highs after the U.S. Department of Energy (DoE) said that American crude inventories had slumped 2.3 million barrels in the week ending April 11, far steeper than the consensus forecast of 1.8 million. Crude reserves in the United States now stand at 313.7 million barrels, in the lower half of the average range for this time of year, the DoE said.[22] NEW YORK -- Weak U.S. gold futures and the rallying U.S. dollar pressured agricultural markets on Friday, while crude oil closed at a record high for the fourth time this week.[23] New York's main oil futures contract, light sweet crude for delivery in May, closed off seven cents at 114.86 dollars a barrel, after striking a record peak of 115.54 dollars in pre-market electronic trade.[22] New York's main oil futures contract, light sweet crude for delivery in May, surged 1.83 dollars higher to a record close of 116.69 dollars. It had hit an intraday all-time peak of 117 dollars around 1850 GMT.[24]

The dollar traded as high as $1.5786 per euro in New York today. It traded at $1.5788 at 12:56 p.m. London time. Crude prices have climbed to records for the past three days and are set for their biggest weekly gain since March 14.[25] Earlier Friday, prices in New York dropped to $113.68 as the dollar recovered from an all time record low against the euro.[6]

NEW YORK -- Retail gasoline prices in the United States pushed past a record high yesterday as Canadian prices continued to rise as well, although a bit more slowly because of the strong Canadian dollar. U.S. prices moved to more than $3.40 U.S. a gallon - about 89 cents U.S. a litre - yesterday, fulfilling expectations that they'll keep climbing toward $4 U.S. a gallon as the summer driving season approaches.[26] Gasoline for May delivery rose 1.88 cents, or 0.6 percent, to $2.9578 a gallon in New York yesterday, a record settlement price.[4]

In other Nymex trading Friday, May heating oil futures rose 2.49 cents to settle at $3.2923 a gallon while May gasoline futures rose 3.15 cents to settle at a record $2.9893 a gallon after earlier rising to a new trading record of $2.9934 a gallon.[10] May gasoline futures rose 3.15 cents to settle at a record $2.9893 a gallon, while May heating oil futures rose 2.49 cents to settle at $3.2923 a gallon. In agriculture futures, wheat plunged to its lowest level in four months as investors bet that favorable weather in the U.S. Midwest would boost crops.[11]

U.S. pump prices are following futures higher. Regular gasoline, averaged nationwide, rose 1.9 cents to a record $3.418 a gallon, AAA, the nation's largest motorist organization, said yesterday on its Web site.[4]

In other Nymex trading, heating oil futures fell 3.32 cents to $3.2342 a gallon while gasoline prices lost 5.25 cents to $2.9053 a gallon.[18] Oil futures fell 7 cents to settle at $114.86 a barrel. Prices are up 4.3 percent this week.[4]

A British union has also planned to launch a two-day strike from April 27 at Ineos Grangemouth refinery, forcing it to shut down. This has affected the North Sea Forties pipeline system, which terminates there, both sides said on Friday. Strong demand for diesel fuel in emerging markets has been offsetting weakness in U.S. oil demand, analysts said, adding, U.S. crude oil futures are likely to average $105 a barrel this year and end the year at $115 a barrel.[27] The crude market's current focus on the dollar has led some analysts to warn that oil could be at risk of a correction, as the price has moved ahead of crude's traditional drivers of supply and demand. Citigroup (NYSE:C) analyst Tim Evans said: 'As one indication of how the crude oil market has outrun even one ostensible reason for its climb, we note the U.S. dollar index has now declined 11.8 percent since August, while crude oil prices have gained 65.8 percent, all while crude oil's physical fundamentals have mostly gone nowhere.' However, few appear willing to bet against crude making further gains yet, as the ongoing weakness in the dollar continues to fuel speculative buying. 'It is quite clear that investors are not prepared to liquidate oil futures at the moment, with strong fund and speculator interest as they seek better returns in commodities,' said Sucden analysts on Thursday.[28] NEW YORK (AFP) — Red-hot oil prices cooled slightly Thursday after being stoked to record highs by falling U.S. energy reserves and a weakening dollar, which attracts investors into commodities, analysts said.[22] NEW YORK (AFP) — Oil prices rebounded to a new record high of 117 dollars a barrel here Friday as traders refocused on supply fears after talk of a pipeline attack in Nigeria, Africa's largest oil producer.[24]

New York, NY (AHN) - Crude oil reaches a new record high more than $116 a barrel level mark on Friday before it fell back, following a report that the market may experience a supply disruption.[5]

Bargain hunting helped July platinum settle $US9.80 higher at $US2071.30 an ounce and June palladium finished $US12.20 stronger at $US473.40 an ounce. In Nymex energy trading, crude oil futures settled at their fourth record high in five sessions Friday after a flurry of buying instigated by supply worries.[29]

Oil touched $115.54 a barrel yesterday, the highest since futures trading began in 1983, after the dollar sank to $1.5983 versus the euro. The U.S. currency has since strengthened, making commodities such as oil less attractive to investors.[25] Earlier in the trading session Friday, oil's gains on Friday were limited by the dollar, which strengthened against the euro. A stronger dollar makes commodities such as oil less attractive to investors as a hedge against inflation, and it makes oil more expensive to investors overseas. Analysts believe the weaker dollar is the primary reason oil has soared well past $100 a barrel this year.[8]

There is no shortage of crude supplies, oil demand is not surging and if we get a recession, oil could drop to $50 a barrel, maybe less. I wouldn't own an energy stock now because I think they're vulnerable as hell. Is there anyone of any prominence on Wall Street who agrees with me? If so, I would be interested in reading their views." I rang up one of Wall Street's most respected energy analysts, Oppenheimer & Co.' s Fadel Gheit, and he echoes some of Mr. Heller's thinking. "Trees don't grow to the sky and oil is walking on stilts," he says. He attributes much of oil's recent strength to the trillions of dollars in global funds that have made commodities such as oil a new asset play.[30] Mumbai: Crude oil prices climbed to a record $117 a barrel on Friday despite a dollar rally and concerns of an economic slowdown in China.[27] SAN FRANCISCO (MarketWatch) -- Crude-oil futures closed down slightly on Thursday, pulling back from a record atop the $115-a-barrel mark, as firmness in the U.S. dollar served to put pressure on oil prices.[31] SINGAPORE (AFP) — Soaring oil prices continued higher in Asia on Friday, trading above 115 dollars on the back of a weakening U.S. dollar that has helped drive a series of record highs, analysts said.[32]

"The oil price was trading just over $114.50 a barrel today on news that Mexico had shut down as many as four oil shipping ports due to bad weather, and that Nigerian oil production had been disrupted over the weekend by a fire attributed to sabotage," Matthew C. McKenzie, vice president of marketing and public affairs for the American Automobile Association, said Friday by phone in Portland. Nigeria and Mexico are both major suppliers to U.S. refineries. "Oil is just so tight now that with any snafu (or) unrest. it will just cause prices to climb higher and higher," he said. "It's the perfect storm." He added, it's unclear just how significant the Mexico and Nigeria events are in terms of oil lost to the world market.[33] By the end of trading five hours later, Bloomberg ran a completely different story: "Oil rises to record on signs stronger economy may boost demand." This one told how the price of oil had not only made up its overnight drop, but hit a brand new record of $116.59.[9]

McKenzie said Friday's nationwide average price of self-serve regular gas was $3.386 per gallon, which is 52.9 cents higher than a year ago on the same day. It's also a new record high for gasoline prices in the nation.[33] The national average price of regular gasoline rose 2.7 cents overnight to a record $3.445 a gallon, according to a survey of stations by AAA and the Oil Price Information Service.[21] At the pump, the average U.S. price of a gallon of unleaded gas rose 1.9 cents overnight to $3.418 U.S. a gallon, according to a survey of stations by AAA and the Oil Price Information Service.[26]

Heating oil prices rose 0.0001 cents in late trading to $3.2924 per gallon.[2] In other NYMEX trading Friday, May heating oil futures rose 2.49 cents to settle at $3.2923 a gallon.[8]

Crude oil rose 8 cents to $112.51 a barrel on London's ICE Futures Europe exchange.[3] Brent crude rose 0.47 cents or 0.42 percent to $112.50 a barrel on the London ICE Futures Exchange on Friday. This article is copyrighted by International Business Times.[6] Brent crude for June settlement dropped as much as $1.81, or 1.6 percent, to $110.62 a barrel on London's ICE Futures Europe exchange. It was trading at $111.12 at 1:26 p.m. local time.[25]

Brent crude futures for June fell 23 cents to settle at $112.43 a barrel on Londons ICE Futures Exchange. This article is copyrighted by International Business Times.[7] Brent crude for June settlement declined 23 cents to settle at $112.43 a barrel on London's ICE Futures Europe exchange yesterday.[4]

In London, Brent crude futures rose $1.49 to settle at $113.92 a barrel on the ICE Futures exchange. Associated Press writers Pablo Gorondi in Budapest and Gillian Wong in Singapore contributed to this report.[10]

New York sweet crude climbed to an all-time high of $117, before closing at $116.691 a barrel while London Brent crude hit an unprecedented $114.22 but later closed at $113.92. Ghanem added that the Organization of Petroleum Exporting Countries (OPEC) believed the markets were well-supplied, adding "OPEC is not pricing oil, it's the futures markets."[34] The price on futures counter in New York was up close to 6% closing the week at $116.69 per barrel.[35]

At 12:28 p.m., New York's West Texas Intermediate crude for May delivery was down 62 cents at $114.24 per barrel, having hit a record $115.54 on Thursday.[28] Light, sweet crude for May delivery on the New York Mercantile Exchangefell $1.53 to $113.33 a barrel in electronic trading by the afternoon in Europe.[18]

The contract had fallen to close to $113 per barrel in overnight electronic trading as the dollar strengthened against the euro and other currencies, encouraging some traders to lock in profits from crude recent record run.[36] The May contract hit a trading record of $115.54 as the dollar fell to a new low against the euro.[18] Speaking before the 116-dollar breakthrough in New York, Sucden analyst Andrey Kryuchenkov said trading had been "relatively quiet but still supported by persistent supply concerns and the weak dollar." The U.S. dollar, which hit a fresh record low against the euro on Thursday, stimulates demand for dollar-priced goods because they become cheaper for foreign buyers holding stronger currencies.[24] April 18 (Bloomberg) -- Crude oil fell in New York, retreating from yesterday's record, as the dollar recovered from an all-time low against the euro, reducing the appeal of commodities.[25] New York -- Crude oil prices posted a third straight record-setting day Wednesday, driven by the dollar's retreat and supply concerns.[17]

"We saw crude come down earlier on, off the back of the stronger U.S. dollar, but the underlying factor is there are still supply concerns for crude," said CMC Markets trader Nas Nijjar, adding that some traders were using crude's earlier decline to re-establish long positions ahead of the New York contract's expiry next week.[24] The combination of the rising U.S. dollar and upbeat U.S. stock market pushed gold futures on the COMEX division of the New York Mercantile Exchange (NYMEX) to settle down 3 per cent.[23] Levin and Al Getz, a New York Mercantile Exchange consultant, eventually expect hot-rolled futures contract trading to have strong participation from service centers, as well as other sectors of the supply chain. "It seems like there's a lot of upside here," Levin says.[12] The contract reached 114.86 at the close of floor trading on Thursday at the New York Mercantile Exchange, and struck a record peak of 115.54 in electronic trade.[32] World Steel Dynamics is gearing up for the mid-2008 launch of New York Mercantile Exchange trading of a financially settled contract for hot-rolled coil based on WSD's SteelBenchmarker index.[12]

"We haven't announced any of the details of the settlement process other than that it will be cash settled and use an index," says Robert A. Levin, senior vice president of research at the New York exchange. Launch of the contract, originally expected in the first quarter of this year, has been delayed by the Chicago-based CME Group's recent agreement to acquire the New York exchange for $9.4 billion.[12]

Oil in New York surged 82 percent in the past year as the Standard & Poor's 500 Index dropped 7.2 percent and the Dow Jones Industrial Average declined 1.1 percent. "It looks like we might have a pause for breath now that we're at $115,'' said Rowan Menzies, head of research at Commodity Warrants Australia Ltd. in Sydney.[19]

The dollar increased as much as 0.2 percent to $1.5884 per euro in New York, after falling to an all-time low yesterday of $1.5983. It traded at $1.5935 at 9:28 London time.[19]

Keep in mind that during the last decade, the Clinton Administration years, more-or-less, 1992-2000, oil did not average more than $30 per barrel, in current dollars, Langan said. Langan said if ever there was a time for the developed/developing world to form an Organization of Petroleum Importing Countries to collectively reduce consumption, it's now. "Other unforeseen factors can drive oil lower, but right now the oil market is saying unless demand drops oil will continue to move higher," Langan said.[37] Commodities Markets Energy Sector: Light Crude (NYM) gained $1.83 on the day to close at $117.00 a barrel ($U.S. per bbl.); Heating Oil (NYM) gained $0.03 on the day to close at $3.26 a gallon ($U.S. per gal.); Natural Gas (NYM) gained $0.22 on the day to close at $10.71 per million BTU ($U.S. per mmbtu.); Unleaded Gas (NYM) gained $0.03 on the day to close at $2.99 a gallon ($U.S. per gal.).[38] Oil reached to a record $115.54 on Thursday, following a report by The Energy Information Administration indicate that indicated the crude inventories fell by 2.3 million barrels, while gasoline inventories declined by 5.5 million barrels last week.[5] The Energy Information Administration report showed that crude oil inventories fell by 2.3 million barrels in the week ended April 11 following a decrease of 3.2 million barrels in the previous week.[39]

Prices were supported by a U.S. Energy Department report on inventories, released Wednesday, that showed gasoline supplies fell 5.5 million barrels last week — much more than analysts had expected. That slide comes as the U.S. heads into its peak summer driving season, a period when demand and retail gasoline prices surge.[18] "The broad weakness in the U.S. dollar is still supporting commodities; while oil investors are also concerned about tight gasoline supplies in the U.S. ahead of the summer driving season when demand for gasoline peaks," Kryuchenkov said. Prices rocketed to historic heights this week after news of sliding energy stockpiles in the United States, the biggest energy consumer.[24]

"U.S. oil inventories have been relatively healthy of late, but the supply situation globally is said to be tight," McKenzie said. Nationwide this spring, regular gasoline prices are projected to peak at about $3.60 per gallon, according to a report by the U.S. Energy Information Administration in Washington, D.C.[33] The other major energy commodities also closed higher Friday on the news. Heating oil rose about 2 cents to $3.29 per gallon, unleaded gasoline added 2 cents to $2.97 per gallon, and natural gas gained about 18 cents to $10.57 per million BTUs.[37]

Thursday's state average was 3.32 per gallon when crude prices were averaging over 110 a barrel. "When you consider just how much more crude oil is now than what it was last year, the gasoline prices haven't increased as much as they could have," Ingram said.[40] When gasoline peaked at 3.08 per gallon last year, crude oil was being sold for about 60 a barrel.[40]

"Year-on-year, crude oil costs $52 a barrel more today than it did 12 months ago," Kloza wrote. "That translates into a raw gasoline increase of about $1.24 a gallon.[21]

If the price of oil dropped $30 -- a gargantuan move in the oil market, in almost any market, for that matter -- oil's price would still be $86 per barrel, a very high price, historically, for crude oil.[37] In case you have been living under a rock, or just haven't filled up your SUV in the last 24 hours, Crude Oil traded above our $115 price target, which provided RBOB with the momentum to break through the $2.775 resistance level I detailed out last week.[41] As I mentioned last week, now that Crude Oil has broken $115 RBOB it is free to make new highs. I will not even speculate on how high this can go.[41] Crude Oil established a new record high at $115.54 today, after breaking through the $115 level on Wednesday. If Crude Oil holds on to this gain I think the new range will move up to $115 and $125.[41] Crude prices hit a new record high of $117 on Friday after Nigerian rebels attacked a Royal Dutch Shell-operated pipeline.[34] Crude oil prices soared to a record high after a main militant group in Nigeria's oil- rich region said it sabotaged a pipeline operated by a unit of Royal Dutch Shell PlC on Friday.[42] In energy futures, crude oil shot up to another record after a militant group in Nigeria said it had sabotaged a major oil pipeline operated by a Royal Dutch Shell PLC joint venture.[11]

Crude futures soared above the $115-a-barrel level Friday after a Nigerian rebel group announced that it sabotaged a major oil pipeline operated by Royal Dutch Shell RDS.A.[15]

The main militant group in Nigeria's oil-rich Niger Delta region said Friday it sabotaged a pipeline operated by a unit of Royal Dutch Shell Plc (NYSE: RDS.A ) Thursday in Rivers state, Bloomberg News reported. Oil closed up $1.73 to $116.59 per barrel.[37] KAZINFORM. Oil prices crossed $117 a barrel for the first time after a militant group in Nigeria said it had attacked a Royal Dutch Shell-operated pipeline.[43]

"Right now, the price of oil is flirting with $115 a barrel, but if it starts hitting $120 to $125 a barrel, $4 a gallon would not be out of the question," McKenzie said. A year ago at this time, regular gas in Maine was $2.84 a gallon.[33] China imported an average of just over 4 million barrels a day, according to calculations based on data from China's Customs Administration. An International Energy Agency report that said Russian oil production dropped this year for the first time in a decade also helped to boost prices.[18] As of Friday, that average was $3.43. According to the Energy Information Administration, U.S. consumption of liquid fuels and other petroleum is expected to drop this year by about 85,000 barrels a day due to the economic slowdown and high petroleum prices.[33]

Given the recent gusher in oil ' it streaked to a record-breaking $115 earlier this week in an increasingly roller-coaster market ' Wall Street is hotly debating what to do with energy stocks. The shares are off an average of about 8% this year, but over the past three years, energy was the darling of the stock market, with many stocks posting gains of 50% to 100% or even more of their portfolios in the industry. Marc Heller, an Oregonian who manages $3.5 million of his family's assets, is an energy bear. Via email, he recently wrote: "I am short a handful of energy stocks, including Chevron. They remind me of the hula hoop craze of the 1950s, a disaster waiting to happen.[30]

What about the dollar? Did it stop strengthening? Not at all. Continuing the overnight gains in other markets, the dollar recorded its biggest daily rise in two weeks on U.S. markets. It's just that oil traders decided to focus on other things. Keeping this funhouse-mirror backdrop firmly in mind, we can now consider the good news from economist Dina Cover at the Toronto-Dominion Bank, who foresees a big drop in the price of oil by late this year.[9] A host of supply and demand concerns in the U.S. and abroad, along with the dollar's weakness, have served to support prices, even as record retail gasoline prices in the U.S. appear to be dampening demand. Crude prices have risen as much as 4 percent this week.[8] The single European currency traded Friday at 1.5902 dollars after shooting on Thursday to a record 1.5984 following a weak set of U.S. data and hawkish comments on inflation by a European Central Bank official. Dealers say oil and other commodities have benefited from an inflow of money from investors seeking higher returns than they can get in battered financial markets. The sliding U.S. currency makes dollar-priced goods, such as crude oil, relatively cheaper for buyers using other currencies, stimulating demand.[32] Gold was "heavily weighed down by an initial retreat in crude oil and the dollar's rapid ascent," Jon Nadler, analyst with Kitco Bullion Dealers Montreal, said in a note. Gold had closed above $948 on Wednesday, giving investors hope that the metal might resume its climb toward the $1,000 barrier that it first broke in March. Other precious metals also fell sharply Friday.[11] Crude oil contracts have become an inflation hedge for some investors looking to offset a 14 percent decline in the dollar against the euro in the past year.[19]

"Thirdly, refinery capacity continues to average well below 84 percent, and has been since January, as refiners artificially hold down refined product to increase the price," Moors said. Kloza disagreed with Moors' assessment, saying that this year's gasoline price increases all are about the price of crude oil.[21] "We have decreased our demand, and that is why we have seen fuel prices increase by about a quarter per gallon instead of almost doubling, which is what crude oil has done over the last year."[40] "I've been asked why our gas prices aren't going down because we have decreased our demand, but that's because companies weren't paying 115 a barrel for crude oil," Ingram said.[40]

If I hadn't known that, I certainly would have known something happened with Crude Oil by driving by the local gas station here in South Western Pennsylvania, regular gas sits at $3.49 a gallon, a jump by 4 cents over night.[38] Crude oil continues to surge higher, striking a high on the day at $117.00 a barrel.[38]

Crude futures, meanwhile, surged to a trading record of $117 a barrel.[1] CBOT May rice futures ended up 41 U.S. cents at $US23.71 per hundredweight, after hitting a record high over $US24 during Asian trading hours.[23] On the NYMEX, U.S. crude settled up $US1.83 or 1.6 per cent, at $US116.69 a barrel, a record close.[23] U.S. light sweet crude settled up $1.83 at $116.96 a barrel, before hitting a record $117.[27]

Light, sweet crude for May delivery rose to a new trading record of $117 in after-hours electronic trading Friday.[11]

NEW YORK (AP) — Retail gas prices set new records Friday on their seemingly relentless march toward $3.50 a gallon, and diesel prices pushed further above $4 a gallon.[10] Locally, Grand Junction's average of $3.36 a gallon is a new record high. For those looking for the cheapest gas, the lowest price in the Grand Valley is $3.31 a gallon.[20]

Some analysts expect gas prices to peak near $3.80 a gallon; the Energy Department, in a recent forecast, said prices could average $4 a gallon nationally at times.[10]

"I still do not believe that a $4 a gallon average price is reasonable, given a sluggish world economy and the underlying supply and demand fundamentals which, at some point, will become the paramount issue in U.S. markets," Kloza wrote.[21] "The rise in the price has little to do with supply and demand, and has everything to do with the value of the dollar," Flynn told MarketWatch. "It really is all about the dollar right now and if the dollar shows any sign of strength, you'll see a lot of money come out of oil very quickly." The dollar was buying 104.52 yen, while the euro was sold at $1.5739 on Friday, compared to its rate at $1.5895 on Thursday.[5] Strong year-on-year crude demand growth in emerging markets and supply capacity constraints are sustaining oil markets while dollar price fluctuations are coincidental, said Harry Tchilinguirian, senior analyst at BNP Paribas SA in London. "In the bigger scheme of things, the oil market is running against a backdrop of thin spare production capacity which is always very supportive of prices, and late season strength in global distillates,'' he said.[25] John Kilduff, an analyst at MF Global, agreed the dollar remains a key factor. "A weaker-trending dollar continues to be a key impetus behind the rally in crude oil, and the greenback shows no definitive signs of bottoming yet," he said. David Moore, a commodity strategist at Commonwealth Bank of Australia in Sydney, said he was surprised at the levels oil prices have risen to and expects prices to be "on the downside rather than the upside" next week.[32]

The chairman of Libya's National Oil Corp. says the world economy can cope with rising crude prices, which may top $120 next week.[34] The oil world's leaders are to gather in Rome for the International Energy Forum amid political calls for increased production as record crude prices weigh on a slowing global economy.[24]

Oil prices earlier had pulled back after striking record highs above 115 dollars Thursday on the back of a weakening dollar and tight U.S. energy stockpiles.[24] Gasoline futures also reached new record highs. Motorcyclists in Karachi, Pakistan, get their tanks filled on Friday, amid soaring oil prices.[8]

The falling greenback (oil is traded in dollars) and rising inflation are also buoying the price of oil. Another spur: low margin requirements, which enable traders to buy a barrel of oil futures at six cents on the dollar, versus a 50% margin requirement to buy a stock.[30] Trading range and end of day trading results for volatile NASDAQ stocks traded by active Day Traders today: First Solar, Incorporated (FSLR) shed 1.86 points on the trading day, high on the trading day $294.60, low on the trading day $283.76, for a closing price at $285.50; GFI Group Incorporated (GFIG) shed 3.64 points on the trading day, high on the trading day $15.94, low on the trading day $11.32, for a closing price at $12.01; Pan American Silver Corporation (PAAS) shed 2.10 points on the trading day, high on the trading day $39.79, low on the trading day $37.86, for a closing price at $38.43; HMS Holdings Corporation (HMSY) shed 1.28 points on the trading day, high on the trading day $26.99, low on the trading day $22.15, for a closing price at $24.79; Intuitive Surgical, Incorporated (NasdaqGS: ISRG) shed 59.96 points on the trading day, high on the trading day $311.95, low on the trading day $285.20, closing price $288.54; Baidu.com, Incorporated (NasdaqGS: BIDU) gained 30.25 points on the trading day, high on the trading day $342.86, low on the trading day $331.20, closing price $340.00; Google Incorporated (NasdaqGS: GOOG) gained 90.41 points on the trading day, high on the trading day $547.70, low on the trading day $524.77, closing price $539.95.[38] Prices touched as low as $909 in electronic trading. Gold plunged lower on Friday and moved to its lowest level in nine days.[39]

Prices hit a record high for the fourth straight day on Friday. Crude slipped slightly on Thursday after extending its record high before the open in electronic trading.[39] The group promised further attacks on the country's petroleum industry, rattling investors who have pushed oil prices to record highs for five straight days.[11] The price of crude oil was pushed higher after a militant group in Nigeria said it had sabotaged a major oil pipeline operated by a Royal Dutch Shell PLC joint venture and promised further attacks on the country's petroleum industry.[10] April 18 (Bloomberg) -- Crude oil rebounded, approaching a record, amid claims by the main militant group in Nigeria's oil- rich Niger Delta that it sabotaged a pipeline operated by a unit of Royal Dutch Shell Plc yesterday.[3] The main militant group in the richest crude oil region in Nigeria said it sabotaged a pipeline which was operated by a unit of Royal Dutch Shell OIC on Friday, Marketwatch reported.[6]

Prices are also taking support from supply concerns, with Nigerian militants claiming Friday to have sabotaged a major oil pipeline belonging to Anglo-Dutch oil group Royal Dutch Shell.[28] Supply fears were stoked after Nigerian militants claimed Friday to have sabotaged a major oil pipeline belonging to Anglo-Dutch oil group Royal Dutch Shell, promising "many more" similar attacks.[24]

An energy trader a polymerupdate team member spoke with said, ' a Nigerian rebel group has sabotaged a major oil pipeline operated by Royal Dutch Shell and Shell officials have confirmed that production has been impacted.[44] The reports indicated that a militant group in Nigeria's oil-rich Nigeria Delta has successfully sabotaged a pipeline, disrupting the supplies at a unit managed by Royal Dutch Shell PLC yesterday. "With this pipeline blowing up, traders have to think what else could happen over the weekend," Phil Flynn, vice president of futures brokerage Alaron Trading, told MarketWatch.[5] The run-up came after the Movement for the Emancipation of the Niger Delta the main militant group in Nigerias restive south said it had sabotaged a major oil pipeline operated by a Royal Dutch Shell PLC joint venture.[36] A militant group in Nigeria said it had sabotaged a major oil pipeline operated by a Royal Dutch Shell PLC joint venture and promised further attacks on the country's petroleum industry.[18]

Shell spokesmen in Nigeria and the Netherlands were unable to immediately confirm the attack. Shell, Nigeria's largest oil operator accounting for around half of the country's 2.1 million barrels per day output, has seen a wave of attacks on its facilities in recent months.[28] World oil consumption is expected to grow by 1.2 million barrels per day. "It is still prudent to remember the threat of a major disruption in oil shipping due to man-made or natural causes, or a significant failure in the refining or gasoline distribution system in the United States has the potential to send prices soaring even beyond today's extremely elevated levels," McKenzie said. That is the rest of the story.[33]

"There is only 85 million barrels of oil globally in the market coming a day and I don't think you can increase that 85 million,'' Pickens said. The Energy Department this week reported an unexpected decline in U.S. crude-oil inventories and refinery operating rates last week.[4] U.S. crude inventories slumped 2.3 million barrels in the week ending April 11, far steeper than the consensus forecast. Crude reserves in the United States now stand at 313.7 million barrels, in the lower half of the average range for this time of year, according to the U.S. Department of Energy.[32] Crude inventories dropped more than expected last week by 2.36 million barrels to 313.7 million in the week ended April 11, the Energy Department reported on Wednesday.[7]

The targeted pipeline was connected to the Bonny exports terminal -- the largest in the country with a storage capacity of around 7 million barrels of crude oil.[28] On domestic front, crude oil gained by close to 4% and the May contract on MCX closed at Rs 4,532 per barrel.[35]

Billionaire investor and oil guru T. Boone Pickens does. On Thursday Pickens said he reversed his short position and is now buying oil, and he expects the world's most important commodity to hit $125 per barrel, Bloomberg News reported.[37] Investors have also been encouraged to buy into commodities in a bid to hedge against a weakening currency and ongoing financial turmoil. Oil hit all time highs this week after the dollar slipped to almost $1.60 against the euro.[28] Analysts believe the primary driver of prices has been investors piling into oil and other commodities as a hedge against the weakening U.S. dollar, which also makes resources cheaper for foreign investors.[43] As long as there are expectations that the U.S. dollar will fall, the relationship between the greenback and oil will remain the focus guiding pricing, said Shum. "The oil price rally has been defying fundamentals, and so the movement in the dollar continues to drive oil in the near term," he said.[32]

GOLD tumbled on long liquidation spurred by strength in the U.S. dollar and stock market, while oil rose to new highs.[29] Since crude oil is traded in U.S. dollars, a rising loonie against the American greenback has eaten into a part of the increase.[26]

Since monetary expansion leads to price inflation, let us not be too surprised that Crude Oil is making new highs.[41] Various issues have been driving fuel prices higher including stockbrokers and other investors buying up supplies of crude oil.[40] "On top of that, you have specific factors that create the relative shortage of oil and, now, also food.'' Boone Pickens, a billionaire energy investor, said he reversed course and adopted a long position on oil, meaning he is betting the price of crude will rise.[4]

Investors have been buying oil contracts as a hedge against the weakening dollar, betting that rising commodity prices will offset dollar declines.[18] The firm U.S. dollar makes gold futures, along with other dollar-denominated futures contracts, more expensive for investors holding other currencies.[23]

Earlier, the contract rose $1.83 higher to settle at a record $116.69 a barrel on the Nymex. Other energy futures also rose.[11] June Brent crude on the ICE futures exchange settled up $US1.49 at $US113.92 a barrel, also a fresh record.[29]

Futures yesterday fell 7 cents to settle at $114.86 a barrel. Prices are set for their biggest weekly gain since March 14.[19] May natural gas futures rose 20.4 cents to settle at $10.587 per million British thermal units.[1] May natural gas futures rose 20.4 cents to $10.587 per 1,000 cubic feet.[14]

May natural gas futures rallied 19.2 cents to $10.575 per million British thermal units.[42] Natural gas futures fell 11.6 cents to $10.267 per 1,000 cubic feet. Associated Press writer Gillian Wong in Singapore contributed to this report.[18]

Oil futures have risen 15 per cent in April and 22 per cent in 2008, topping forecasters' most aggressive price predictions.[29]

Though involving a tiny amount of the world's crude flow, the leak was the latest reminder of the instability that has plagued supply from Africa's largest oil producer. "It just goes to show the geopolitical tensions still exist," said Nauman Barakat, senior vice president at Macquarie Futures USA in New York.[45] About a fifth of Nigeria's estimated production capacity of 2.47 million barrels a day is on hold because of security concerns. "It just goes to show the geopolitical tensions still exist. They're not going to go away," said Nauman Barakat, senior vice president at Macquarie Futures USA in New York.[29] Commenting on the LME launch, Patrick A. McCormick, a managing partner with World Steel Dynamics in New York, says "they had a pretty robust first day with over $1 million traded in billets. I think their challenge is that they are going about it with the more traditional approach where you have physical inventories. The problem of physical inventories is the logistics of where to store them, not to mention the freight to keep that relevant to the hedging consumer if they are ever going to take a physical delivery."[12]

June gold fell $US27.70 to settle at $US915.20 a troy ounce on the Comex division of the New York Mercantile Exchange on Friday.[29] New York sweet light crude closed up $1.83 at $116.96, while London Brent finished up $1.49 to $113.92 - a new all-time high.[43]

In London, Brent crude for June delivery was down 57 cents at $111.86 per barrel, after touching an all-time high of $113.38 Thursday morning.[28] Light, sweet crude for May delivery settled $US1.83, or 1.6 per cent, higher at $US116.69 a barrel.[29]

Crude finished the floor session down 7 cents at $114.86 a barrel after falling back when the dollar strengthened.[18]

Before word of the Nigerian incident, oil had been down about $1.50 per barrel on the dollar's rise versus the world's other major currencies.[37] Oil touched an intraday high of $116.93 in the afternoon and then touched $117 a barrel for the first time in electronic trading after the close.[39] Oil, however, set a record high $US117 a barrel, recovering from an earlier drop of more than $US2 a barrel, on supply snags and after buyers stepped in.[23] Crude-oil futures touched $117 a barrel and ended at their fourth record in five sessions Friday after a flurry of buying instigated by supply worries.[13]

May RBOB has broken though massive resistance at the $2.75-$2.775 level (Light Blue Dashed Line), which will now be a technical support level. It is free and clear, and I regret to inform you that $4.00 per gallon at the pump might be in the very near future. RBOB is free and clear of both the 18 and 45 day moving averages and Stochastics are embedded.[41] At the pump, the national average price for a gallon of unleaded gasoline gained fractionally to $3.445 per gallon, up from Thursday's $3,418, AAA said.[2] At the pump, the average price for a gallon of unleaded gasoline in the United States reached $3.399 per gallon, up from Tuesday's $3.386 per gallon, AAA said.[17]

"As we get closer to June 1 and the use of reformulated gasoline, the average price per gallon generally increases between 22 cents and 23 cents a gallon," said Kent Moors, director of the Energy Policy Research Group at Duquesne University.[21]

On the Nymex, May reformulated gasoline gained 3.15 cents to $2.9893 a gallon and May heating oil rose 2.49 cent to $3.2923 a gallon.[42] Retail gasoline and diesel prices set records in Western Pennsylvania on Friday, with gasoline closing in on $3.50 a gallon, while diesel prices pushed above $4.41 a gallon.[21] "The latest NYMEX price is $116.90, which would translate into about $3.60 to $3.80 a gallon for gasoline."[21] One local expert sees the price of gasoline surpassing $3.60 a gallon by the end of May.[21]

In the past two weeks - from Farmington to Bethel - self-serve regular gas increased from $3.36 a gallon to Friday's $3.52 a gallon. Prices went up a dime this week alone.[33] California is already there. This week, San Francisco set that state's all-time highest average price at $3.966, up 6' cents since last week, according to a report Friday in the Central Valley Business Times of Los Angeles.[33]

Purely financial investment in oil has also been a major factor. Some seek to avoid the greenback's drop by buying tangible resources, while some are speculating that they'll make money as a supply squeeze brings much higher oil prices. Recent financial plays like this could be responsible for $20 to $30 of an oil price that has doubled over the past year.[9] Violence and political uncertainty in key oil-producing nations have helped the oil price notch up a series of records since the beginning of the year amid fears that supply will not be able to meet rampant demand from red-hot emerging economies in Asia, most notably China.[43] Oil prices have surged 82 in the past year as demand from China and other emerging economies has risen, and supplies struggle to satisfy demand. The Custom General Administration of China reported on April 15 that its diesel imports jumped 49 percent the past month while imports of crude rose by 25 percent.[7]

Don't expect prices to decrease anytime soon amid higher crude oil prices, rising world oil consumption, and low production capacity.[33]

The Chinese government last week reported that China's oil imports surged to a record 17.3 million tons in March, as the country nearly unseated Japan as the world's second-largest buyer of foreign crude oil.[18] Friday, April 18, 2008 3:43:52 PM - Crude oil continued to surge on Friday and again extended its record highs.[39]

The effect tends to reverse when the greenback gains ground. Analysts expect the Federal Reserve to cut interest rates several more times this year -- moves that tend to further weaken the dollar -- and reason that those cuts will help propel oil to new records.[8] The dollar has been tumbling since last September when the first signs that the slumping housing market threatened to wipe out profits at some of the world's largest banks became apparent. This prompted the U.S. central bank, the Federal Reserve, to begin months of aggressive cuts to interest rates - a move that tends to hurt the value of a currency as investors switch to other currencies or investments to get a better return on their capital, Kazinform has learnt from BBC News. A lack of nasty surprises in banking giant Citigroup's results earlier - despite further write-downs on bad loans - and a sense that banks are starting to tackle their problems helped to lift confidence in the greenback, which gained some ground against the euro and Japanese yen.[43]

Analysts observed that Thursday's price easing was more of a breather before prices go higher, propelled by a declining dollar, which fell again to a new low against the euro.[22] Friday, April 18, 2008 3:05:06 PM - The yen dropped against its major counterparts on Friday in New York. The currency fell to its lowest level in at least a month against the dollar, euro and pound. The Japanese Cabinet Office, in its Monthly Economic Report, said it lowered its assessment of business sentiment for the first time in four months. The yen slipped to its lowest level in more than three months versus the euro.[46] "Every time it dips the buyers come back in, and before you know it you're making new highs," said Tom Bentz, a broker and analyst at BNP Paribas Commodity Futures in New York. "You just continue to sustain this up-move."[29]

Futures will help service centers manage volatility better, Levin explains. Companies with inventory that want to protect their steel's value can lock in a price by selling in the futures market. "If you were worried that a price might go up in the future and you would miss out on an opportunity, then you could buy futures and you would benefit if the price did go up," he adds. Contracts would allow service centers to take hedges on their inventory value rather than having to move product at a loss to generate cash in times of falling prices, or writing down big losses in inventory valuation, McCormick says. "They would be receiving payments from the exchange or a counterparty in a financial swap vs. having to liquidate inventory at a loss. It's a big deal for middlemen, from where I sit," he adds.[12] "I think it just behooves everyone to get themselves educated," says Jonathan Putman, chairman and chief executive officer of Birmingham Futures Exchange, an Alabama-based over-the-counter risk management broker. "Then the next step is to establish a relationship with a firm that can actually assist in their education and can position them to do transactions when it is in their best interest." Putman's company and Iowa-based FC Stone are planning a seminar on steel industry hedging in Kansas City on May 12 to educate potential users of steel futures on how hedging works and the steps they must take to get involved in steel futures trading. Those steps include setting up brokerage agreements, which involve numerous documents, board of director approvals, authorizations for trading and other measures. "It takes a healthy piece of time and effort to get it all set up appropriately," Putman says. "By educating themselves and putting in the time and effort, they can take advantage of the Nymex, LME and Dubai contracts, as well as over-the-counter contracts.[12] The first exchange-based steel futures contracts for reinforcing bar were launched in October 2007 by the Dubai Gold and Commodities Exchange, which plans to add other steel contracts focused on the Gulf Region over time.[12]

If the spread is held through expiration with the price of the underlying futures contract settlement is below the lower strike price, the value of the option spread will be Zero ($0.00), the price you paid for the option spread and all associated fees will lost. [41]

The contract yesterday declined 23 cents to settle at $112.43 a barrel, after reaching a record $113.38.[19] In other metals trading, the most-active July copper contract fell US2.20c to settle at $US3.8925 a pound.[29]

The daily trading limit, set by the exchange, was extended to $US1.15 cwt, from the previous 75 U.S. cents.[23]

In the U.S., the world's largest energy consumer, oil demand is down 1.9 per cent year to date from the same period in 2007, the Energy Information Administration reports. Some analysts speculate that fast-growing nations such as China will pick up the slack.[29] Cover attempts to take into account all the different factors yanking oil's price up and down. She notes that the world's supply of oil fell significantly short of demand last year, leaving the cushion of inventories so thin that its price is particularly vulnerable to supply interruptions and speculation. Of course, there has been both.[9] Why would the price drop? Mostly because the fundamentals are changing. Although it's costlier to find oil today, it's still possible. A number of countries, most notably Brazil, will add enough supply to provide an increasing cushion to world inventories this year and next.[9]

"For years we've been saying the era of cheap oil is over. None of us thought it would reach $115 a barrel so quickly, so it could reach $120 soon," Bloomberg quoted him as saying.[34] Oil soared above $115 a barrel for the first time ever on Wednesday as traders mulled a weekly inventory report that showed a surprise drop in stockpiles.[39] MIAMI, April 16 (UPI) -- Venezuela has approved a 50-percent tax on foreign oil companies for oil when priced at more than $70 a barrel.[47]

Confirmation that production had been hit revived U.S. sweet, light crude, which had fallen more than $2 to $112.7 a barrel earlier.[43] Crude started the year at around $100 a barrel and dropped to about $87 about Feb. 2.[21] West Texas crude for May delivery jumps $1.60 to $113.36 a barrel.[15]

Wheat for May delivery lost 43 cents to settle at $8.70 a bushel on the Chicago Board of Trade, after earlier falling as low as $8.62 a bushel. Other agriculture futures traded mixed Friday.[11] Soybeans for May delivery gained 11 cents to settle at $13.615 a bushel, while May corn fell 4 cents to settle at $5.995 a bushel.[11] Silver for May delivery dropped 48.5 cents to $17.820 an ounce on the Nymex, while May copper fell 2.40 cents to settle at $3.888 a pound.[11]

Diesel fuel added 2.2 cents to a record national average of $4.168 a gallon. [10] Reformulated blendstock gasoline gained 0.011 cents to $2.892 per gallon.[17] Near-term natural gas jumped 20 cents to $10.58 per million British thermal units.[15]

New petroleum inventory figures send prices higher. It will pay $600 million.[15] Now $US120 is under discussion as a price target for the market, perhaps as soon as next week. "The inability of the market to hold its early weakness is supportive, and potentially indicative of further gains next week," said Eric Wittenauer, energy analyst at Wachovia Securities.[29] Analysts indicated that the main reason for the flare up in crude price towards the end of the week was an attack on a pipeline in Nigeria.[35] Crude prices tested record highs on Friday on fresh supply concerns surfacing on account of trouble reported in OPEC member country Nigeria.[44]

Surging crude prices have also boosted retail gasoline prices in the U.S. ahead of the Northern Hemisphere's summer driving season when prices -- and demand -- typically increase.[8] Traders continued to flag Wednesday's surprise U.S. inventory report, which showed crude and gasoline stocks fall unexpectedly, as evidence stocks in the world's top consumer are tightening ahead of the busy demand driving season.[22]

"Outside of the U.S., oil demand in some areas has remained firm," Moore said. "Indicative of that was the recent Chinese trade data, which showed very strong growth in both crude oil imports and imports of oil products."[18] The sliding U.S. currency makes dollar-priced goods, like crude oil, relatively cheaper for buyers using other currencies, stimulating demand.[22]

India and China have decided to help Nigeria build new refineries rather that continue to buy crude oil for export from the petroleum-rich West African nation.[47] Lower margins, or the profitability of refining, reduced the incentive for refiners to process crude oil into gasoline and other fuels. "Gasoline is showing strength independent of the rest of the complex this week,'' Ritterbusch said.[4] Moors added the market continues to overestimate the amounts of crude oil and gasoline available, plus competition for product continues to increase.[21]

"A weaker trending dollar continues to be a key impetus behind the rally in crude oil and the greenback shows no definitive signs of bottoming yet," said Kilduff. "While this may make the market vulnerable to some corrective bouts of selling, there doesn't seem to be anything that will alter the thinking that these periodic pullbacks are opportunities."[22] MUMBAI: For the second week in a row, crude oil has recorded the maximum rise.[35] Oil may fall next week on forecasts that demand for crude will drop because of reduced refinery operating rates and that imports will rebound.[19] Oil may fall next week on forecasts that demand will drop because of reduced refinery operating rates, according to a Bloomberg News analyst survey.[25]

"Despite some drop off in gasoline demand in the states, the oil market hasn't even nudged lower. That suggests the market senses oil demand will be solid, despite its high price.[37] Oil prices have more than quadrupled since 2002 as supply struggles to keep up with booming demand, especially in China and other emerging economies.[27] David Moore, a commodity strategist with the Commonwealth Bank of Australia in Sydney, said strengthening demand in other parts of the world was also supporting oil prices.[18]

The oil price rally has been aided by the sabotage of a major oil pipeline operated by Royal Dutch Shell by Nigerian rebels who vowed to step up attacks on oil installations.[27] Oil prices, meanwhile, fluctuated after setting yet another record high overnight.[26] Prices appear to be rising more slowly in Canada in part because the high value of the Canadian dollar is offsetting some of the higher costs from rising oil prices.[26] The declines in the dollar have supported prices for oil and other commodities denominated in dollars.[7] Because oil is priced in dollars, oil tends to rise when the dollar falls, as producers/speculators bid the price up in an effort to preserve dollar-denominated purchasing power.[37] While the sabotage report has not yet been confirmed by Shell, traders bid the price of oil higher as soon as the rumors of the attack began to swirl.[15] CNBC today was saying that the situation in Nigeria wasn't that big of a deal but oil traders were worried about further violence over the weekend. People are astonished by the oil price at these levels and some say it is getting ready for a move lower but there is no way to know.[37] Attacks since early 2006 on oil infrastructure by the Movement for the Emancipation of the Niger Delta have cut nearly one quarter of Nigeria's normal petroleum output, boosting oil prices. The militants say they are fighting to force the federal government to send more oil industry revenue to their areas, which remain desperately poor despite decades of oil production.[18] Attacks since early 2006 on Nigerian oil infrastructure by the group have cut nearly one-quarter of the country's normal petroleum output, boosting oil prices.[8]

Siegal describes the steel service center industry as already a type of steel futures business, aimed at helping customers to manage steel costs. Like Lerman, he also questions whether speculation in steel futures might add rather than ease price volatility. Lourenço Gonçalves, chairman, president and chief executive officer of Metals USA in Houston, says he is "completely not interested" in getting involved in steel futures trading, despite past experience using natural gas and energy futures while heading a steel rolling mill. Price stabilization and decreased volatility are being accomplished through steel industry consolidation, he says. [12] Millennium-Traders launched onto the Internet in November 1999, focusing on the needs of the active trader. As time progressed, Millennium-Traders has expanded its available market tools to include a variety of services for the active Day Trader of stocks, futures and forex and Swing Traders trading stocks. Millennium-Traders has become an industry leader in the financial markets, catering to the needs of traders involved in these complex market times. Visitors may access historical data compiled by Millennium-Traders for services provided, to better assist them in their decision of which service best fits their needs.[38] Rough rice futures trading on the Chicago Board of Trade set a fresh record high, soaring as concern about stocks of Asia's staple food remained.[23]

U.S. rice futures also ended firm but eased off a record top hit during Asian trading hours.[23] With poor economic data, a not-so-rosy outlook on future corporate earnings, and the FED's current monetary policy I cannot figure out how the U.S. Dollar is even trading in the 70's! There is nothing dollar-positive about anything I mentioned here.[41] "The result of that was the Dow futures were bought up heavily and the U.S. dollar rallied very sharply, particularly against the euro. That U.S. dollar strength impacted a broad range of commodities."[29]

The U.S. dollar was supported by recent comments from Group of Seven and European officials expressing concern about the record highs lately in the euro, said Daniel Pavilonis, senior market strategist with Lind-Waldock.[29]

Friday, the dollar rose slightly, after falling to all-time record low Thursday against the euro, which hit $1.5982.[18] The dollar gained about 1 cent versus the euro to $1.5809.[37]

The firm U.S. dollar and profit-taking hit other softs harder with cocoa falling 7.5 per cent to the session's low and arabica coffee dropping 5 per cent to the day's low.[23] In London, Brent North Sea crude for June delivery soared to a new high of 113.38 dollars before settling at 112.43 dollars, down 23 cents.[22] Brent North Sea crude for June delivery rose 30 cents to 112.73 dollars, from a close of 112.43 Thursday in London.[32]

Crude declined slightly on Thursday after reaching an all time record high on a report that U.S. crude and gasoline inventories fell. [7] Gasoline stocks fell 5.5 million barrels, four times more than market expectations.[24] U.S. gasoline stockpiles which were forecasted to decline 1.8 million barrels, fell by 5.5 million barrels.[7]

U.S. distillate fuels stockpiles including heating oil and diesel were forecasted to drop by 1.65 million barrels, but the report showed an increase of 52,000 barrels to 106.1 million barrels. This was the first gain in more than two months.[7] World oil supplies won't exceed 85 million barrels a day because of high depletion rates of existing wells, Pickens, the founder and chairman of Dallas-based BP Capital LLC, said yesterday in a speech at Georgetown University.[4] Deliveries of petroleum products, a measure of demand, declined to an average 20.48 million barrels a day in the quarter, from 20.77 million barrels last year, according to a monthly report from the industry-funded group.[35] Demand in March averaged 20.37 million barrels a day, down 0.8% from a year earlier.[35]

Militants claimed responsibility for an explosion that stopped about one-fifth of Nigeria's daily output of 2.47 million barrels a day, The Washington Post reported.[2]

The department's Energy Information Administration report also showed crude inventories fell 2.3 million barrels for the same period.[18]

"The gasoline prices all are due to crude prices," said Mary Novak, managing director for energy at consulting firm Global Insight in Lexington, Mass.[21] In Canada, gasoline prices are $1.16 a litre and higher in most markets. They were around $1.18 yesterday in Edmonton. Some industry analysts expect the cost of fuel to increase to between $1.30 and $1.40 a litre this summer.[26] Gold fell as low as $940.30, after climbing to as high as $956.20 in the early going. Prices climbed by $16.30 on Wednesday and moved to their highest level of the month.[39] Prices dropped early in the morning and touched as low as $112.72 before turning higher.[39]

With the greenback currently close to $1.59 against the euro, prices have become relatively cheaper for overseas buyers.[28] The euro stood at $1.5758 in afternoon trading in Europe and was seen staying within a narrow range.[18] The U.S. currency gained after failing to weaken beyond $1.60 and Luxembourg Finance Minister Jean-Claude Juncker said the euro's advance isn't desirable.[4] Metals Markets: Gold (CMX) shed $27.70 to close at $915.20 ($U.S. per Troy oz.); Silver (CMX) shed $0.49 to close at $17.82 ($U.S. per Troy oz.); Platinum (NYM) gained $9.80 to close at $2,071.30 ($U.S. per Troy oz.) and Copper (CMX) shed $0.02 to close at $3.89 ($U.S. per lb.).[38]

CATTLE: Prices on the Chicago Mercantile Exchange slipped despite news that U.S. beef would resume flowing to South Korea in mid-May. [45] News on the New York Stock Exchange (NYSE) today: advanced stocks 2,427; declined stocks 710; unchanged stocks 90; stocks hitting new highs 128; stocks hitting new lows 17.[38] The dollar rallied against the Japanese though much of the morning, reaching 104.64 in the middle of the day in New York. This marked its highest level since late February.[39] The dollar was mixed versus other major currencies Friday morning in New York.[39]

"Oil backed off on Juncker's comments, but the trend remains higher,'' said Tom Bentz, a broker at BNP Paribas in New York.[4] "The bulls still hold the cards," said Mike Fitzpatrick at MF Global in New York.[43] A temporary shop in Manhattan's posh Soho district brings genetic testing to New York shoppers.[36]

The refining industry's position on the oil industry ladder has dropped in the last 20 years, and refiners have also been slapped with higher taxes, van der Veer said, adding new penalties would cripple refiners. Van der Veer's comments have also been echoed by other refining leaders who have said they will relocate to escape such a regime. [47] MEND, which came to prominence in early 2006 has claimed responsibility for a series of attacks on Nigeria's oil industry and related sectors in the past two years. [email protected] ds1/ds1/rfw Copyright Thomson Financial News Limited 2008.[28]

The initial fall was sparked by the dollar's recovery against the euro - a turn-off for oil's foreign buyers. Supply fears and uncertainty in oil-rich Nigeria erased those declines.[43] Additional influence to the rise of the oil can factored in by the strengthening dollar against euro and yen.[5]

Add in the potential of an accelerating U.S. economy in the second half of 2008, and, well, I don't know what the price of oil may reach. [37] Diesel prices are also at record levels, and the spike in fuel costs in hurting U.S. consumers already feeling the effects of a slowing economy, a sluggish job market and falling home values.[8]

People have been in a kind of denial about energy but the price could be starting to have some impact on gas demand in the U.S. as it was down 1.4% in the latest quarter.[37] An International Energy Agency report pointed out that Russian oil production dropped for the first time in a decade, raising concerns whether the key oil-producing nation will have enough supply to help cater to growing global demand. Another factor was the lower refinery utilisation.[35] At times, oil's price, like other financial data, can seem like just another number. It's difficult to attach significance to it and/or to place it into perspective.[37] When you have futures you have speculation, and speculation brings volatility." Bill Jones, chief executive officer of O'Neal Steel in Birmingham, Ala., says his company has used nonferrous hedging from time to time to protect its price, but does not use hedging for speculation.[12] In general, your risk of loss on a Bull Call Spread is limited to the price you pay for the spread. If the spread is held through expiration with the price of the underlying futures at or above the top strike price of the spread at the time of expiration, then the theoretical market value of this spread will be realized.[41]

"If you have good working capital turnover, steel futures become just an insurance policy against severe short-term drops or rises of price.[12] Worldwide there are still more than 1,000 producers, and the top five command only a 20 percent market share. This globally fragmented industry and recent volatility in steel pricing make steel attractive to a growing group of futures exchanges.[12] Most service centers continue to harbor a wait-and-see attitude toward futures trading. Executives at Steel Warehouse in South Bend, Ind., have taken some steps to learn about the process, but are not yet convinced it's necessary. "We haven't done a full detailed study yet, and we haven't participated in hedging because we haven't seen the value of it at this point," says Marc Lerman, purchasing vice president. "In order to really be successful, it's going to take a lot of the industry to accept and believe in it."[12] Most soft commodities trading on ICE Futures U.S. fell on profit-taking and in sympathy with other markets.[23] RISK DISCLOSURE: Futures and Options on Futures trading involves substantial risk of loss and is not a suitable investment for all types of investors.[41]

Supply risks are helping to boost prices as many investors continue to view crude markets as tight.[24] Analysts said investors were locking in gains from crude's ongoing rally and trying to determine whether prices have more room to rise.[26]

While crude prices have slipped slightly so far on Friday, prices remain well supported by historic dollar weakness on two fronts.[28] GOLD: Prices on the Comex division of Nymex fell as strength in the dollar and the stock market prompted heavy selling.[45] China's stock market fell nearly 4 per cent to a 12-month closing low as the biggest stock.[27]

News on the NASDAQ today: advanced stocks 2,146; declined stocks 834; unchanged stocks 109; stocks hitting new highs 54; stocks hitting new lows 58.[38]

The DOW surged higher today to post another nice triple digit gain, something we've seen more than once, over the past week. The DOW successfully ended the trading session above its intraday high hit in February which may be a sign of better times ahead for the markets. Today was a definite short squeeze session, powering over those traders playing any short selling stocks today. Over the past week, stocks had their best week since 2003.[38] The LME started electronic platform trading of two billet contracts for delivery in the Mediterranean region and Far East in late February and has said that open outcry trading in the exchange's "Ring" in London would begin on April 28.The LME has approved 11 brands of steel rebar-quality billet for delivery under the contracts in 65-ton lots in Dubai, Turkey, South Korean and Malaysia. "For those in North America, a rebar billet contract in the Middle East is not much use.[12] Trading in that contract reportedly has slowed, with initial volumes of 300 10-metric-ton lots falling to 75 lots per day in recent sessions.[12]

"I would say that energy prices are having the most profound effect on the economy in recent memory," said Phil Flynn, an analyst at Alaron Trading Corp., in Chicago, in a research note.[8] Sixteen of 32 analysts surveyed by Bloomberg News, or 50 percent, said prices will drop through April 25.[19] According to analysts, the refiners in America are trying to create an artificial shortage of gasoline and other distillates. Gasoline supplies have declined over the past five weeks to the lowest since January as refiners cut their processing rates. The refineries are running at 80% capacity and this could lead consumers to dip into the gasoline storage, particularly when driving season picks up. This is expected to happen despite the high price.[35] The national average price for gasoline is averaging around 3.42 per gallon.[40] No fewer than 14 gasoline stations in the Pittsburgh market were selling regular gasoline from a self-service pump for $3.49 a gallon, according to Pittsburghgasprices.com.[21] Four other gas stations in between climbed a nickel within a few hours Thursday to $3.47 a gallon.[33] AAA says the national average for a gallon of regular unleaded is now at $3.45 a gallon and climbing.[20] On the pullback, June gold fell through the 20-day moving average that stood around $US927.50 just after the pit close. It held just above the 100-day average of $US906.30.[29] The nearby April gold contract fell $27.60 to $912.20 a troy ounce, while most-active June gold slid $27.70 to $915.20.[45]

"All you'll do is introduce a whole bunch of traders into the market who add no value. They'll magnify any change and any fear, and run the price up extra high, then run it down extra low." Michael D. Siegal, chairman and chief executive of Olympic Steel in Bedford Heights, Ohio, says his company has not yet participated in any forward contracts. "It's a very costly risk mitigation device," he says.[12] McCormick acknowledges that only a small group of steel industry users now have much experience with or understand risk management tools. They are usually at companies with exposure to other metals such as copper and aluminum. In his past role as vice president of global steel for Emerson Electric, before joining WSD, McCormick had used over-the-counter financial swaps to stabilize the company's flat-rolled steel prices. "The challenge is finding liquidity, in other words a counter-partner, to take the other side of the trade," he says.[12]

The group promised further attacks on the petroleum industry in Africas largest producer of crude oil.[36] Oil markets were rattled by a pipeline leak in Nigeria, a major exporter of a high-quality crude blend similar to that delivered against the Nymex benchmark.[45] Oil markets were rattled by a pipeline leak in Nigeria, a major exporter of the kind of light crude that underlies the Nymex benchmark.[29]

The attack took place at Adamakiri at 10:30 p.m. local time on a pipeline that crosses from the Cawthorne channel to the Bonny oil export terminal, the Movement for the Emancipation of the Niger Delta said in an e-mailed statement today. Caroline Wittgen, a Shell spokeswoman in Lagos, said she wasn't aware of the attack. [25]

WASHINGTON, April 18 (UPI) -- In the past few years, Iraq's oil and gas sector has been featured in numerous conferences aimed at linking top government officials with the global energy industry, all of which have taken place outside Iraq.[47] "Oil is holding steady around the 115 level and overall, the market in the near term will likely on average trade sideways with a possibility of higher highs," said Victor Shum of Purvin and Gertz energy consultancy in Singapore.[32]

Legendary investor Jim Rogers just recently made some bullish comments on oil that are posted in the Channeling Jim Rogers section (yellow label, top) at http://www.Barrelomoney.com. He discussed supply concerns and had some good insights- including the view the the Saudis are pumping a lot of water into their fields which will shorten the lives of those fields.[37] A rebound in the dollar has helped to keep gains in check, as commodities priced in the U.S. currency become more expensive for overseas investors.[24] A surge in U.S. equity markets Friday also curbed the appeal of crude markets as a financial hedge against the recent economic turmoil and dollar weakness.[24] The dollar rose against the euro yesterday as surprisingly robust U.S. inflation and manufacturing data suggested the Federal Reserve may be less aggressive in cutting interest rates.[42] The dollar fell against the Euro yesterday as a sharp fall in housing starts reinforced expectations that U.S. interest rates would be cut again.[42] The euro hit a record high 1.5984 dollars Thursday as the European Central Bank warned that surging eurozone inflation could last longer than thought, dimming prospects of an interest rate cut in the near term.[22]

The rally capped a week of record highs fueled by supply woes and the dollar's weakness relative to other major currencies.[8] Traders, who were seen booking profits Friday after the record highs earlier in the week, were also keeping an eye on unrest in Africa's biggest crude producer.[18]

Light sweet crude for May delivery closed at $116.60, up $1.83 on the session. [39] Minneapolis Grain Exchange May wheat was down US9c at $US12.30, down US62c on the week.[29] CBOT May wheat shed US43c to settle at $US8.79 per bushel, down US17.50c on the week.[29]

Shell, which currently pumps 400,000 barrels per day from the Nigerian fields, confirmed a small amount of production had been shut in. [27] Shell is already pumping at about 400,000 barrels per day below capacity rates.[44]

The end of day results for the CBOT ( Chicago Board of Trade ) which is comprised of the total Exchange Volume for Futures and Options (EVFO) including Electronic, Open Auction, Cash Exchange, Wholesale and Cleared Only ended the day at 3,850,672; Open Interest for Futures gained 18,710 points to close at 9,526,121; the Open Interest for Options gained 58,516 points to close at 9,342,086 and the Cleared Only gained 90 points to close at 30,160 for a total Open Interest on the day of 18,898,367 for a total Change on the day with a gain of 77,316 points. [38] Wheat futures slumped on Friday on a lack of bullish news and amid bearish expectations for an increase in supplies, analysts said.[29] On the date of expiration the option contracts will convert to futures contracts with an additional round turn commission incurred as a result. This spread does not have to be held until its expiration. Profits can be pulled or losses can be cut at any time during the life of this spread.[41] I don't think we will see steel futures really take off in North America and Europe until flat-roll contracts," Randall says.[12]

Exchange officials say the contract will be for reference U.S. Midwest pricing of 20-ton lots of 0.2-inch-thick material from 48 to 60 inches wide.[12]

Wheat trading in Chicago fell to a four-month low on technical selling that followed Thursday's late market weakness that was linked to diminished concern about a cold snap in the U.S. Plains.[23] The Office for National Statistics said public sector net borrowings in the UK increased GBP3.1 billion to GBP10.2 billion in March. The Japanese currency fell to its lowest level since late February against the U.S. dollar.[46] "There is a strong, significant negative correlation between the U.S. dollar and commodities,'' said Eugen Weinberg, an analyst at Commerzbank AG in Frankfurt.[25] "There has been a broad sell-off in commodities largely driven by the U.S. dollar,'' said David Gaskill, commodities trader at Liquid Capital Markets Ltd. in London.[25]

Shell's chief executive said charging polluters for carbon credits, which were previously distributed for free under the European Union's carbon trading system, could stifle the refining industry across the entire continent. As part of its efforts to meet its 20 percent emissions reduction by 2020, the EU is seeking to enact a plan to sell carbon credits to the energy industry. [47] For traders actively involved in the markets on a daily basis, the Daily Market Commentary provides a full summary of how the trading day, played out.[38]

SOURCES

1. Retail gasoline prices, oil futures march higher | Chron.com - Houston Chronicle
2. Crude prices have another record day - UPI.com
3. Bloomberg.com: India & Pakistan
4. Bloomberg.com: Australia & New Zealand
5. Crude Oil Touches $116 For First Time Over Supply Disruption | April 20, 2008 | AHN
6. Crude Oil Hits New Record Above $116 a barrel | IBT Commodities & Futures
7. Oil Drops Slightly after Record High Above $115 | IBT Commodities & Futures
8. Crude hits record $117 per barrel - CNN.com
9. The price of oil will drop - unless it keeps going up
10. The Associated Press: Gas prices push closer to $3.50 a gallon, oil hits $117
11. The Associated Press: Gold futures plummet to 2-week low as dollar gains on euro
12. 2008 Feature
13. Free Preview - WSJ.com
14. Gas prices push closer to $3.50 a gallon, oil hits $116 | APP.com | Asbury Park Press
15. Crude Oil Climbs Past $115 | Energy | COP CVX HES RDS.A XOM - TheStreet.com
16. Resource Investor - Blog - Crude falls as traders book profits ahead of weekend
17. Crude has another record-setting day - The Money Times
18. The Associated Press: Oil prices sink toward $113 a barrel as dollar firms
19. Bloomberg.com: India & Pakistan
20. Gas Prices Hitting New Records - Local News - News : Grand Junction, Colorado
21. Gasoline surges to Western Pennsylvania, national records - Pittsburgh Tribune-Review
22. AFP: Oil prices cool slightly from red-hot records
23. Business Spectator - US dollar, gold futures pressure agricultural markets
24. AFP: Oil hits 117 dollars on talk of Nigeria pipeline attack
25. Bloomberg.com: India & Pakistan
26. edmontonsun.com - News- Gas price shatters record
27. domain-b.com : Crude oil hits a new peak at $117 a barrel
28. Oil pulls back towards $114 as dollar takes on firmer tone
29. Gold and wheat tumble, oil hits record | The Australian
30. Rolling the Dice on Oil Prices - April 18, 2008 - The New York Sun
31. Oil retreats from record high as the dollar moves up - MarketWatch
32. AFP: Red-hot oil prices continue higher
33. SunJournal.com - Gas pains
34. Press TV - 'High oil price no threat to economies'
35. Oil hits record $117 a barrel- Markets-The Sunday ET-Features-The Economic Times
36. Crude hits record $117 per barrel on supply worries in Nigeria - International Herald Tribune
37. Oil closes above $116 on word of Nigerian pipeline sabotage - BloggingStocks
38. Inside Futures: Relevant trading-focused information authored by key players in the futures, options and forex industries
39. RTTNews - Forex News top stories, Forex Trading, European Market Update, Currency Market Update, Forex trading.
40. Archives: Story
41. Inside Futures: Relevant trading-focused information authored by key players in the futures, options and forex industries
42. Commodity Online : Oil hits record
43. inform.kz | 163395
44. Polymerupdate News Archive Login
45. Moneyweb - Wall Street Journal - Crude oil touches $117, while gold pulls back
46. RTTNews - Forex News top stories, Forex Trading, European Market Update, Currency Market Update, Forex trading.
47. Shell CEO denounces EU carbon credit plan - UPI.com

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