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Apr-22-2008Crude Oil Trades Near Record as Nigerian Attacks Cut Supply(topic overview)
CONTENTS:
- Crude oil for May delivery gained 1.83 dollars, or 1.6 percent, to settle at 116.69 dollars a barrel on the New York Mercantile Exchange. (More...)
- Attacks since early 2006 on Nigerian oil infrastructure by the militant group have cut nearly one-quarter of the country's normal petroleum output, boosting oil prices. (More...)
- Nigeria had 36.2 billion barrels of proven oil reserves as of January 2007, according to Oil and Gas Journal, making it Africa's largest producer of crude oil. (More...)
- 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. (More...)
- "Who would have thought oil would be just around the corner from $120 a barrel and we could be there by the end of the month,'' said Peter McGuire, managing director at Commodity Warrants Australia Ltd. in Sydney, in an interview with Bloomberg Television. (More...)
- CommSec equities economist Craig James said motorists would need to brace for more pain at the petrol bowser in the weeks ahead. (More...)
- Energy Risk - formerly EPRM - welcomes technical article submissions on topics relevant to our growing readership - from the quants to the CFOs at producers, consumers and traders of oil, gas and electricity. (More...)
- Supply disruptions and a rally in U.S. stocks last week helped boost prices, Commonwealth's Moore said. (More...)
- Attacks there in the past two years have cut nearly a quarter of the African country's oil output. (More...)
- "The market is finally focused on the supply issues,'' said Tetsu Emori, fund manager at Astmax Ltd. in Tokyo. (More...)
- Corporations, unions, and other interest groups spent a record $2.79 billion on lobbying in 2007, the Center for Responsive Politics reported, eclipsing the previous record in 2006 by $200 million. (More...)
- The front-month contract hit 117 dollars a barrel in electronic trading after markets closed. (More...)
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Crude oil for May delivery gained 1.83 dollars, or 1.6 percent, to settle at 116.69 dollars a barrel on the New York Mercantile Exchange. It was the fifth day in a row crude prices set new records. VIENNA, April 17 (Xinhua) -- OPEC's average daily oil prices have set records 16 times since the beginning of this year and soared to 106.65 U.S. dollars per barrel (dpb) Wednesday, the Vienna-based cartel said Thursday. [1] 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.[2] Crude oil for May delivery rose as much as 36 cents to $US117.05 a barrel in trading on the New York Mercantile Exchange yesterday. That rise came as OPEC rejected calls from the UK and Japan to boost output and amid continuing weakness in the U.S. dollar.[3] Crude oil for May delivery rose as much as 36 cents, or 0.3 percent, to $117.05 a barrel in after-hours electronic trading on the New York Mercantile Exchange, the highest since futures started in 1983.[4] 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.[5] Crude oil for May delivery rose 2 cents to $117.50 a barrel at 8:17 a.m. Sydney time in after-hours electronic trading on the New York Mercantile Exchange.[6] Crude oil for May delivery hit an all time high of $117.76 per barrel in intraday trading on the New York Mercantile Exchange (Nymex) today, closing at $117.48/bbl.[7]
New York's main oil futures contract, light sweet crude for delivery in May, was US8c lower at $US116.61 a barrel after closing at a record $US116.69 on Friday at the New York Mercantile Exchange.[8] On the New York Mercantile Exchange, the most actively traded crude oil futures contract for delivery in June rose 0.23 percent to $116.84 in yesterday's electronic trading.[9] Crude oil futures for May delivery fell 0.51 cents or 0.44 percent to $116.18 a barrel on the New York Mercantile Exchange by 11:53 a.m.[10]
New York's main oil futures contract, light sweet crude for delivery in May, fell 5 cents to $117.43 per barrel.[11] New York's main oil futures contract, light sweet crude for delivery in May, surged $1.83 higher to a record close of $116.69. It had hit an intraday all-time peak of $117.[12]
Crude hits record $117 per barrel 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.[13] Oil prices rebounded to a new record high of $117 a barrel in New York on Friday as traders refocused on supply fears after talk of a pipeline attack in Nigeria, Africa's largest oil producer.[12] LONDON - Oil continued its meteoric rise Monday, with the price of black gold spiking above $117 a barrel in Asian and European trading, marking a new record high. The rise followed an attack on a Nigerian oil pipeline owned by Royal Dutch Shell on Friday and comments from an official of the Organization for Petroleum Exporting Countries (OPEC) over the weekend that suggested the cartel did not need to raise production because this would not affect oil prices.[14] Crude oil reached a record in New York above $117 a barrel after the Organization of Petroleum Exporting Countries said it doesn't need to raise oil production, rejecting calls from Britain and Japan to boost output. Any increase in output won't affect prices because there is a ''balance'' between supply and demand, OPEC President Chakib Khelil said during a visit to the Kuwait Chamber of Commerce and Industry, Kuwait's state news agency reported yesterday.[15] The contract on April 18 rose $1.49, or 1.3 percent, to $113.92, after reaching a record $114.22 a barrel. There's growing concern that a slowing U.S. economy and higher gasoline price may lead to even lower demand for oil in the second quarter, a time when oil use falls, OPEC said in its monthly report on April 15. Any increase in output won't affect prices because there is a "balance'' between supply and demand, Khelil said, as quoted by Kuwait's state news agency. "There are those that make that argument that say the market isn't tight; the contrary view is that the supply side, particularly outside of OPEC, is fragile,'' said David Moore, a commodity strategist at Commonwealth Bank of Australia in Sydney. "From OPEC's point of view, they don't want to add oil into the market and create a temporary surplus.'' Investors have transferred money into commodities, especially energy, during the past year because their returns have outpaced stocks and bonds.[4] Supply problems in countries outside of OPEC have added to concerns that demand may be unmet, especially as the group has insisted it will not raise output targets. Petroleos Mexicanos, the state-owned oil company, said crude oil output in March dropped 11 percent from a year ago as its largest oil field, Cantarell, declined the most in at least 18 years. Russia, the world's second-largest producer, said its first-quarter production fell 1 percent. "As long as OPEC doesn't intend to pump up its production, the consuming countries will have to rely on non-OPEC supply,'' said Astmax's Emori. "But it's not looking like they can cover the additional supply.'' Prices may pare their gains as U.S. crude-oil stockpiles are expected to have increased last week amid rising imports, a Bloomberg News survey indicated. Oil supplies advanced 1.6 million barrels in the week ended April 18 from 313.7 million barrels, according to the median of responses from seven analysts before this week's Energy Department report on April 23.[16]
Weekend comments by Opec officials that the oil cartel is unlikely to increase production as well as an attack on a pipeline in Nigeria boosted prices. Prices settled back around 50 cents after Monday's spike, but are still around five dollars higher than this time last week. They are also up more than 20% from the 96-dollars-a-barrel level seen at the start of this year. Opec secretary-general Abdullah el al-Badri said oil prices would likely go higher and that the group was ready to raise production if the price pressure was due to a shortage of supply - something he doubted. "Oil prices, there is a common understanding that has nothing to do with supply and demand," he said at an energy conference in Rome.[17]
Over the past week, the New York contract has risen seven dollars and Brent has climbed by more than 5.50 dollars, boosted by a weaker greenback and supply worries. Kuwait's acting oil minister on Sunday said supply and demand factors are not to blame for the soaring price of crude oil, while the Organisation of the Petroleum Exporting Countries (OPEC) president Chakib Khelil said there was no need for an immediate increase in production. Separately, Mahmoud Ahmadinejad, the president of OPEC's number two producer Iran, said Saturday that oil is priced too low and "should find its real value".[18] NEW YORK - Crude oil prices slid after hitting their highest record ever on Monday at $117.40 a barrel in New York, on worries that demand will continue to increase and OPECs comments saying there is no shortage of oil in the market.[10] Oil prices two days ago reached a record near $117 a barrel in New York, led by increasing demand from emerging markets, threats to supply in Nigeria and British refinery strike.[19] 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.[20] Oil's gains yesterday were limited by the U.S. 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.[21]
U.S. retail gasoline prices set new records yesterday and Canadian prices also edged higher as crude oil futures surged to a new record of $117 U.S. a barrel.[21] Shanghai fuel oil futures contracts yesterday touched an all-time high since trading began in 2004, tracking the rocketing international crude oil price, which shot to a record high of $117 per barrel last Friday.[9]
May's contract expires tomorrow and the contract with higher volume of trade today which is the June settlement contract is currently trading around $116.08 opening at the high so far of $116.54 and setting the low at 115.86 per barrel. OPEC secretary-general, Abdullah el al-Badri, was quoted saying in an energy conference in Rome, that prices express further potential to the upside and that the organization is will to increase production capacity if the reason was supply shortages, though he was clear in stressing that it was not the driver behind the bullish momentum saying "Oil prices, there is a common understanding that has nothing to do with supply and demand".[22] OPEC Secretary-General al-Badri said Sunday that the group "will not hesitate" to increase production if it thought the higher prices were due to shortages. He said more oil will not solve the high prices. Over the weekend, Iran's hard-line President Mahmoud Ahmadinejad was quoted Saturday as saying crude oil prices at $115 a barrel are too low, and that oil must "discover its real value."[23]
Crude oil prices surged above $117, setting a new record high this afternoon because of worries of supply disruptions from major producers and comments by OPEC reiterating there is no need to raise output.[24] LONDON (AFP) — The price of New York crude oil shot to a record high 117.60 dollars on Monday as traders seized on unrest in key producer Nigeria, the weak U.S. currency and OPEC's refusal to increase output.[25] NEW YORK, April 18 (Xinhua) -- Crude oil futures rocketed to a new trading record of 117 U.S. dollars a barrel on Friday, capping a week of record highs.[1] Crude oil futures rose nearly 2 U.S. dollars a barrel on Friday to close at a new record high of 116.69 dollars a barrel on news about pipeline sabotage in Nigeria.[26]
Oil reached a record $117.40 a barrel at one stage yesterday, dragging up the price of gas to a new peak, amid concerns about crude supplies after a Japanese tanker was attacked in the Middle East and militants blew up a Royal Dutch Shell pipeline in Nigeria.[27] The price of crude surged above $117 a barrel 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.[21] Oil prices had already risen $1.83 on Friday, following an attack on a pipeline owned by Royal Dutch Shell (nyse: RDSA - news - people ) by the main militant group in southern Nigeria, the Movement for the Emancipation of the Niger Delta.[14] 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.[28] BANGKOK, Thailand (AP) — Oil prices spiked to a record above $117 a barrel Monday in Asia following an attack on a key pipeline in Nigeria at the end of last week.[23]
"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.[29] There are other factors keeping the oil price high.'' The Organization of Petroleum Exporting Countries produced 32.35 million barrels of crude a day in March, according to Bloomberg News estimates, and kept its production targets unchanged at its last three meetings.[6] Oil prices have surged higher since 2007 and regularly hit new peaks, so that price breaking is no longer news but a "routine" matter. VIENNA, April 15 (Xinhua) -- World oil demand this year is forecast to grow by 1.2 million barrels daily to an average of 87 million barrels per day, the Organization of Petroleum Exporting Countries (OPEC) said Tuesday.[1] The news came as higher oil prices helped push the national measure of business inflation - the producer price index - up 4.8 per cent for the year ended March 31. OPEC president Chakib Khelil was quoted in Kuwait's state news agency as saying that an increase in oil output would not affect prices because there was a "balance" between supply and demand.[3]
Gasoline prices were a little over $3 a gallon when oil was at $63 barrel. This rally in gas prices could have a long way to go. How high? That's what everyone wants to know and that really depends on how much higher oil prices climb. Surging consumption in China and India coupled with OPEC's conviction that they will not pump more oil along with decreasing output from Russia leads many to worry about global supplies meeting growing demand.[30]
Production from OPEC aside, concerns about supply and demand in the United States and the weak American dollar have also served to support oil prices in recent weeks. Crude prices rose nearly 6% last week. --The Associated Press and Thomson Financial contributed to this article.[14] Comments from an OPEC official on Sunday are likely to keep oil prices buoyant in the coming week. OPEC's secretary-general, Abdullah el al-Badri, said that the cartel would raise production if price pressures on oil were caused by a shortage of supply but that, for the time being, he didn't see supply as the reason behind today's high prices. "Oil prices, there is a common understanding that has nothing to do with supply and demand," he said on the sidelines of an energy conference in Rome.[14]
Oil futures seem to be a very safe bet right now. One need not blame OPEC for this as the demand for crude is going down this drive season with fewer people able to afford the hydrocarbons products they did last year at this time. OPEC remains firm that there is enough crude around to meet demand and even if they increased production prices would remain high as other factors are responsible for crude price increases.[31]
April 21 (Bloomberg) -- Crude oil rose above $117 a barrel for the first time in New York after OPEC said it will maintain production, rejecting calls from the U.K. and Japan to boost output.[4] Crude oil in New York rose to a record above $117 a barrel after attacks cut Nigerian output and the dollar dropped against the euro.[32]
The price of crude oil yesterday hit an all-time high of $116.10 a barrel on the New York market after it emerged that supplies from Nigeria, one of the world's biggest crude oil producers, could be cut further.[33] AUSTRALIAN motorists can expect to pay more at the petrol pump in coming weeks, after crude oil prices hit $US117 for the first time in New York.[3]
SINGAPORE (AP) — Oil prices steadied Tuesday in Asia near the previous session's record close above $117 a barrel, supported by concerns about instability in crude supplies from some producers.[34] Oil prices spiked to another in a series of records Monday, with crude-oil futures hitting $117.60 a barrel as Nigerian rebels fueled concerns about a disruption of supply by claiming they blew up two pipelines.[35] "Oil prices - there is a common understanding that has nothing to do with supply and demand," Mr el-Badri said. Over the weekend, Iran's President Mahmoud Ahmadinejad said that crude oil prices at $115 a barrel are too low, and that oil must "discover its real value".[27]
Crude prices rose nearly 6 percent last week. Analysts believe the weaker dollar is the primary reason oil has soared well past $100 a barrel this year. A sinking dollar draws investors to hard commodities such as oil and gold as hedges against inflation.[23] The odd-sounding term alludes to the chemical process of separating, or "cracking," crude to create usable fuels. You calculate the crack spread by subtracting the price of three barrels of crude that refiners have to buy as an input from the price of a barrel of heating oil and two barrels of pre-blended gasoline, which is the amount of fuel refiners yield as an output to generate their revenue. Around this time last year, refiners were flying high as the crack spread was running a little over $20 a barrel, compared to crude's price around $60.[36] Oil makes up about half the cost of gasoline. Crude oil prices have shot up like comet more than $50, or 84 percent--since this time last year.[30]
At the pump, the national average U.S. price of regular gas rose 2.7 cents overnight to a record $3.44 U.S. a gallon, according to a survey of stations by AAA and the Oil Price Information Service.[21] 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.[29] Price of the Kuwaiti export crude oil crude posted a new record hike, reaching $103.75 per barrel, Kuwaiti Petroleum Corporation (KPC) reported on Friday.[37] For that we say Crude Contracts for May delivery surge $1.83 setting a new record high closing at $116.69 after setting the high at 116.97 as the move reversed strongly the bearish spike that throughout the session dragged oil to set the intraday low at $112.72 per barrel.[22]
Light, sweet crude for May delivery settled up 79 cents, or 0.7 per cent, at a record $US117.48 a barrel on the New York Mercantile Exchange.[38] In Asian electronic trading on the New York Mercantile Exchange, light, sweet crude for May delivery was trading at $117.20 a barrel; that's up 51 cents from Friday's close.[39] 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.[40]
Light, sweet crude for May delivery touched 117.05 dollars in early trading on the New York Mercantile Exchange, continuing last week's record run.[17]
"The spate of incidents has reminded the markets of the fragility of oil supplies," said Sydney-based David Moore, a commodities analyst at the Commonwealth Bank of Australia. Crude oil speculators on the New York Mercantile Exchange increased their net long positions last week, according to data from the Commodity Futures Trading Commission released Friday.[41]
Crude oil for May delivery gained 1.83 dollars, or 1.6 percent, to settle at 116.69 dollars a barrel on the New York Mercantile Exchange.[26] West Texas crude for May delivery recently fell 25 cents to $116.44 a barrel on the New York Mercantile Exchange.[42] Crude prices have continued to soar as speculators and overseas economies have continued to gobble up the commodity, keeping refiners' costs high. The crack spread now stands around $13 a barrel, down nearly 60% from its May 2007 high, according to data from the New York Mercantile Exchange.[36] Light, sweet crude for May delivery rose to $117.01 on Monday morning on the New York Mercantile Exchange, from $116.69 late Friday in New York.[14]
The benchmark contract had struck a new peak in intraday trading of $117.76 before closing at a record $117.48 on Monday at the New York Mercantile Exchange.[11] The most actively traded fuel oil futures contract for delivery in July on the Shanghai Futures Exchange (SHFE) soared to 4,519 yuan ($645.57) per ton, a record, in the morning session, after dropping slightly to close at 4,440 yuan, with the transaction volume increasing 143 percent from the previous trading day to 52,058 hands.[9] Brent crude for June settlement rose 51 cents, or 0.5 percent, to settle at a record $114.43 a barrel on London's ICE Futures Europe exchange yesterday. "This is a wild bull market,'' said Phil Flynn, a senior trader at Alaron Trading Corp. in Chicago. "It's getting harder and harder to stand in the way of this.[6] Brent crude oil for June settlement was at $113.75 a barrel, down 17 cents, on London's ICE Futures Europe exchange at 3:07 p.m. Singapore time.[4] Brent crude oil for June settlement on April 18 rose $US1.49, or 1.3%, to $US113.92 a barrel on London's ICE Futures Europe exchange.[15]
Crude oil futures closed above $US117 a barrel for the first time Monday, boosted by supply instability.[38] SINGAPORE (Reuters) - Oil held above $117 a barrel on Tuesday, just shy of its all-time high, as geopolitical risks stoked fears of supply worries at a time of robust Chinese crude demand.[43]
PERTH (Reuters) - Oil held below $117 a barrel on Monday, supported by worries of supply disruptions in Nigeria and comments by OPEC that it saw no need to increase production.[41] Pipeline attacks in OPEC member Nigeria last week shut 169,000 barrels per day (bpd) of Bonny Light production, forcing Royal Dutch Shell (RDSa.L: Quote, Profile, Research ) to declare force majeure on crude oil exports. Nigerian rebels also attacked two Shell oil pipelines in the Niger Delta on Monday after the raid last week in what they called an act of defiance against major consumer the United States, the world's top energy consumer.[43] In Nigeria, about 169,000 barrels a day of crude production was shut in following an attack on a pipeline operated by Shell Petroleum Development Co. The company declared force majeure on its April and May oil delivery contracts from its 400,000 barrel a day Bonny fields effective April 22, a move that indemnifies it from litigation if it fails to deliver on contractual obligations to buyers.[38] A Royal Dutch Shell PLC joint venture in Nigeria said Monday it may have to cut crude deliveries some 169,000 barrels a day in April and May because militants sabotaged a pipeline last week in the country's south. The company, Shell Petroleum Development Co., declared force majeure on its April and May oil delivery contracts from its 400,000-barrel-a-day Bonny fields, effective April 22, a move that protects it from litigation if it fails to deliver on contractual obligations to buyers.[34]
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.[26] May crude surged $1.83 to $116.69 a barrel following the attack on the Royal Dutch Shell PLC pipeline by the Movement for the Emancipation of the Niger Delta — the main militant group in Nigeria's restive south.[23]
Oil held near record high above $117 per barrel, driven by supply threats after rebel attacks on pipelines in Nigeria.[44] There was no immediate confirmation from the companies named. The raids followed similar sabotage of a Shell pipeline on Thursday, when the group promised "many more" such attacks to follow. 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.[25]
The Movement for the Emancipation of the Niger Delta warned that it would intensify attacks on Shell pipelines. Abdalla Salem el-Badri, secretary-general of Opec, said on Sunday that oil prices would likely go higher, but that he doubted there was a need to raise output.[27] The Organisation of the Petroleum Exporting Countries (OPEC) sees no need to raise oil production to counter high oil prices, the group's president Chakib Khelil said yesterday. His remark was followed by Iranian oil minister Gholamhossein Nozari, who said on Monday oil prices were not too high in real terms. "OPEC's assertion that an increase in its oil production will not help to bring down prices should be put to the test," the Centre for Global Energy Studies said in a research note. These remarks come amid concerns over North Sea production due to an impending strike by workers at a refinery in Scotland and supplies from Nigeria, Africa's largest oil exporter.[24] Comments over the weekend by an OPEC official that the group isn't likely to increase production also supported prices. Abdullah el al-Badri, secretary-general of the Organization of Petroleum Exporting Countries, said Sunday that oil prices would likely go higher and that the group was ready to raise production if the price pressure was due to a shortage of supply — something he doubted.[23]
Elsewhere, Saudi Arabia's oil minister reiterated OPEC's position that increasing production would not reduce oil prices, saying that "oil prices have become divorced from market fundamentals and any increase in production would 'be flooding the market.'"[42]
The Organisation of Petroleum Exporting Countries (OPEC) sees no need to raise oil production to counter high oil prices, OPEC's President said on Sunday.[41]
Over the weekend, OPEC president and Algerian Oil Minister Chakib Khelil said that there was no need for an immediate hike in production. He said the cartel, which produces around 40 percent of the world's oil, "does not need to raise output in the near future," according to Kuwait's KUNA news agency on Sunday. The Organization of Petroleum Exporting Countries has defiantly held its daily output quota at 29.67 million barrels since its last meeting in March, despite repeated calls from U.S. President George W. Bush to hike production.[25]
Oil prices have reached a new high above 117 U.S. dollars a barrel amid further fears over supply.[17] Oil prices have jumped 22 percent since the start of the year largely due to a tumbling U.S. dollar, geopolitical tensions in the Middle East and unrest in major oil exporter Nigeria.[41] Oil prices, which are setting fresh records nearly every day, are likely to keep climbing until the weak U.S. dollar starts recovering and more supplies become available.[45] Oil prices earlier had pulled back after striking record highs above 115 dollars yesterday on the back of a weakening dollar and tight U.S. energy stockpiles.[12] Iranian oil minister Gholamhossein Nozari said oil prices were not too high in real terms, even as U.S. pump prices hit a new record as the world's top consumer gears up for the summer driving season. Though the rise in fuel costs has added pressure to the struggling U.S. economy, Energy Secretary Sam Bodman on Monday said he did not favor tapping emergency reserves to help bring down oil prices.[46]
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.[20]
In other Nymex trading, heating oil futures were flat at $3.2923 a gallon while gasoline prices fell 0.18 cent to $2.9875 a gallon.[23] In other 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 trading record of $2.9934 a gallon.[2]
Oil futures rose 79 cents to settle at $117.48 a barrel on Nymex, a record close.[6] Oil futures rose 79 cents to settle at $117.48 a barrel on Nymex, the highest close since the contract was introduced in 1983.[16]
The contract rose 51 cents, or 0.5 percent, to settle at a record $114.43 a barrel yesterday. It reached $114.86, the highest since trading began in 1989.[16] 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's recent record run.[13] In New York trading, the May contract for light sweet crude gained $0.79 to close at $117.48 a barrel.[47]
The U.S. Energy Department has said it expects retail gasoline prices will average $3.60/gallon in May and June, some analysts say gas prices could easily reach that level by the end of next week. Reformulated gasoline futures here at the New York Mercantile Exchange--which indicate where retail prices are headed--hit $3 this morning.[30] Typically you can add $.60 to the futures price to get the national average retail price for gasoline. It's very possible we could see regular unleaded gasoline hit $3.60 before the end of the month. With crude oil topping a mind-boggling $117/barrel this morning, it's not a stretch to expect gas prices to hit $4 this summer (the statewide average for premium grade gasoline has already topped that mark in California, Alaska, Illinois, Connecticut, and Hawaii.)[30]
Crude-oil prices have consistently been hitting record highs recently, as financial turmoil and a weak dollar encourage investors to pour money into the crude oil futures markets, Mr El-Badri told the International Energy Forum in a speech. He said: " continues to have a serious impact on the oil market, together with the persistent upward pressure on prices.[48] SUSIE GHARIB: The record run in energy prices continued today, with crude oil now closing in on $118.[47]
"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.[29] A quick look at the price of gasoline in the U.S., now nearing $4 a gallon, gives lie to that. Americans are not driving a great deal more, but they cannot walk to work, school, and retailers. Oil dropped to close to $50 in early 2007, so its price is up 120% since then. It is up 65% since late last summer, and 45% since last fall. The awful thing about these price increases is that it is hard to point to any reason for demand to pull back.[49]
April 22 (Bloomberg) -- Crude oil traded near a record in New York on concern that supply disruptions in Nigeria will reduce the amount of U.S. gasoline available to meet demand during the summer driving season.[16] NEW YORK, April 21 (Xinhua) -- Crude futures closed above 117 U.S. dollars a barrel for the first time Monday due to supply concerns.[1] "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.[12] Over the past week, the New York contract has risen about $US7 and Brent has climbed by more than $US5.50, boosted by a weaker U.S. currency and supply worries.[8]
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.[40] A major supply disruption--political attack on an oil rig or pipeline, refinery outage or major storm that hits oil platforms or refineries--could be all that is needed to send oil and gasoline prices into another stratosphere. I hate to be the bearer of bad new, but I just can't see any relief in sight unless this comet that is the price of crude comes crashing down.''''[30] 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.[13] 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.[20] While most analysts would concur the recent surge has been remarkable, there's less agreement on what's behind it. Many oil experts will tell you speculation is largely driving the rise in prices, but what is it that's drawing investors to energy and other commodities? Oil trader Anthony Grisanti says speculators now include hedge funds, pension funds and ETFs and they're buying oil contracts because the alternatives have been disappointing. ANTHONY GRISANTI, OIL TRADER, GRZ ENERGY: Over the last six to eight months, they haven't made any money in the equities markets, the stock market, the bond market, real estate trusts, things like that. What's happening is they realize that this is another investment vehicle for them and they've been pouring money into the commodities. PRATT: Others say those same investors are currently interested in oil because of the weak U.S. dollar. Lehman Brothers economist Ed Morse says oil is working as a hedge against further dollar depreciation because it's priced in dollars.[47] Analysts said an anticipated further weakening of the U.S. dollar helped push up the prices of crude oil and a wide range of other commodities, including non-ferrous metals. Prices of non-ferrous metals in the domestic market have trailed those in the international markets.[9] Analysts also regard the weak U.S. dollar as another key driver enabling crude oil to continue posting fresh highs. 'Under these conditions the $120 mark is just another mark in oil's inexorable march higher,' noted MF Global's John Kilduff.[7]
Separately, OPEC Secretary General Abdullah al-Badri said oil prices could rise higher still should the U.S. dollar weaken further.[41] Today in the early Asian session the bullish momentum continues to support oil prices as fears of inadequate supply still roam the markets. Comments over the weekend by OPEC officials that the organization was not considering tabled proposals to enhance supply in the market, as they continue to assure that the supply is adequate and the current levels of oil prices are a result of a combination of factors that revolve the dollar weakness and speculative trading.[22] Crude was mostly falling in morning trading as the dollar strengthened, weighing on dollar-denominated oil prices.[26]
Suzanne Pratt takes a closer look at what's been driving the rally in energy prices. SUZANNE PRATT, NIGHTLY BUSINESS REPORT CORRESPONDENT: Crude oil prices are up more than 20 percent this year and 500 percent in the last decade.[47] 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.[20] 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.[28] The head of the IEA said Monday that tight supply and vigorous demand in China and other emerging markets are the main factors driving oil prices to records.[38]
SINGAPORE: World oil prices traded steady on Monday near record highs after members of the OPEC oil producers' cartel rejected calls to raise output.[18] WORLD oil prices threatened to go even higher after the OPEC oil cartel rejected calls to raise output, analysts said.[8]
Some analysts continue to warn that oil prices are teetering close to a steep fall -- at least back near $80 a barrel. For these observers who see the.[50] "The oil price of $115 a barrel in today's global markets is a deceiving figure. Oil is a strategic commodity that needs to discover its real value," the Web site of Iran's state-run television quoted Ahmadinejad as saying.[23]
"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.[29] You cant really compare it to the price of 1 bbl of oil and say that "refiners were flying high as the crack spread was running a little over $60 a barrel, roughly in line with the price of crude" - that is just plan wrong.[36] U.S. light crude for May delivery dipped 2 cents to $117.46 a barrel by 3.06 a.m. British time, after prices hit an all-time peak of $117.83 on Monday.[43] U.S. light crude for May delivery fell 4 cents to $116.65 a barrel by 0623 GMT, after briefly touching a new record high of $117.05 a barrel.[41] U.S. light crude struck a record high of $117.40 a barrel. London Brent crude also struck its all time peak of $114.65. It was trading at $114.20, up by 28 cents.[24]
Crude futures, meanwhile, surged to a trading record of $117 a barrel.[2] As crude-oil prices edge further into uncharted territory, life as a bear has become lonelier than ever. Benchmark crude futures have registered an electric performance so far this year and now -- near $117 a barrel -- hover well above some of the highest near-term forecasts. The speed of the ascent has caught many market participants off guard and forced banks and brokerages to repeatedly revise their oil-price outlook upward.[50]
Looking farther out, futures prices steadily decline towards the December 2008 expiration, which is trading at $112.32. Nymex crude opened at $106.12 and has gained every day this week for a cumulative 6.1% weekly gain.[51]
Petrol prices are expected to increase further once the latest surge in the crude oil price feeds through to the forecourts in four to six weeks' time. An AA spokesman warned: "It is slow burn misery out there for drivers.[33] In Scotland, workers at Ineos PLC's 196,000-barrel-a-day Grangemouth refinery and petrochemical plant have threatened to strike for 48 hours from April 27 over changes to an employee pension plan. The weak U.S. dollar has continued to support oil prices despite strengthening some this week against the yen and euro. Commodities such as oil and gold are still attractive hedges to investors seeking hedges against further drops in the currency.[34] 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.[28] Including rival PetroChina's purchases, China's total diesel imports totalled 600,000 tonnes for May, near the record-high 842,000 tonnes shipped in for January. The slide in the U.S. dollar has supported prices for oil and other dollar-denominated commodities, luring investors seeking to hedge against inflation and compensate for the shrinking value of their dollar assets.[37]
The soaring prices of oil has coincided with historic slump in the value of the U.S. dollar and a crisis in real-estate lending in America.[37] The price of oil tends to rise when the dollar falls because oil is denominated in U.S. dollars in international markets.[42]
JUSTIN PERUCKI, OIL ANALYST, MORNINGSTAR: The U.S. consumes about 25 percent of the world's oil and so what happened to demand growth here in the United States, especially in a situation, are we in a recession or are we not, is obviously a key driver to where oil prices head from here. PRATT: Many experts believe oil prices will easily head higher before they head significantly lower. They say momentum in the market is simply too powerful to the upside.[47] The fact that demand is still moving up in China, India, and much of the developing world has nothing to do with it. Part of the perverse hope among those concerned with oil prices has been that an economic slowdown in the West would drop demand enough to undermine crude prices.[49] Don't expect prices to decrease anytime soon amid higher crude oil prices, rising world oil consumption, and low production capacity.[29] Oil prices are unlikely to fall back below 90 dollars, the Venezuelan energy minister Rafael Ramirez said on Monday. "We believe that prices will remain around this level, at least around 90 dollars," Ramirez told reporters on the sidelines of the International Energy Forum in Rome. "Oil prices can't fall" much further because "production costs have increased," he said.[25]
There is no shortage of oil in the market, Secretary- General Abdalla el-Badri said yesterday in Rome, blaming the weak dollar and speculators for high prices. Even if the Organization of Petroleum Exporting Countries raises production, "we will not find people to buy the increment,'' President Chakib Khelil said, as cited by Kuwait's state news agency.[4]
Despite record-high prices, the president of the OPEC oil producers' cartel, Chakib Khelil, said over the weekend that there was no need for an immediate increase in production.[11] Iraqi oil minister Hussain Al-Shahristani argued that an increase in OPEC production would not bring relief since prices were being driven primarily by speculative investment in commodities.[25]
Asked whether OPEC would consider increasing production, Olaim said only that OPEC was monitoring the market and had to analyse the market fundamentals first. 'If the market needs it, OPEC will not hesitate to increase it (output), but the important question is whether the market needs an increase,' he added, declining to be more specific. Rebels in Nigeria said on Friday they had attacked a major oil pipeline in the Niger Delta operated by Royal Dutch Shell, forcing the company to shut in what it described as a small amount of production.[37] 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.[5] The run-up came after the Movement for the Emancipation of the Niger Delta -- the main militant group in Nigeria's restive south -- said it had sabotaged a major oil pipeline operated by a Royal Dutch Shell PLC joint venture.[13]
Last week, the group, called MEND, attacked an oil pipeline owned by Royal Dutch Shell RDS.A that transports 160,000 barrels of oil a day.[42] Oil surged to $117.83 a barrel yesterday after Royal Dutch Shell Plc said 169,000 barrels a day were suspended because of attacks last week in Africa's largest producer.[16]
In Nigeria, a key producer of high-quality light crude, about 169,000 barrels a day of crude production was shut in following an attack on a pipeline operated by Shell Petroleum Development Co.[1] The attack on the Royal Dutch Shell PLC pipeline by the Movement for the Emancipation of the Niger Delta was another violent attack on oil industry targets that the movement promises further to come in Africa's largest producer. Shell confirmed the leak in the pipeline caused by explosives, and they reported that they have already isolated the line for repair and a small production capacity had been shut.[22]
Supply fears were stoked after Nigerian militants on Friday claimed to have sabotaged a major oil pipeline belonging to Anglo-Dutch oil group Royal Dutch Shell, promising "many more" similar attacks.[12] A Nigerian rebel group said Friday it had sabotaged a major oil pipeline operated by Royal Dutch Shell and vowed to step up attacks on oil installations.[41]
Attacks since early 2006 on Nigerian oil infrastructure by the militant group have cut nearly one-quarter of the country's normal petroleum output, boosting oil prices. [23] Speaking at the conference of oil-producing and consuming countries in Rome, OPEC Secretary-General Abdalla el-Badri said there was no shortage of oil in the market and blamed a weak dollar and speculators for high oil prices.[3] 'Too High' Oil prices are ''too high'' and are affecting the economies of developing nations, Nobuo Tanaka, executive director of the International Energy Agency, said April 19 in Rome. He called on OPEC to allow fuel inventories to build.[15]
The accumulation of carbon because of burning fossil fuels is blamed for global warming. "It is not only about oil prices, you have to take a long-term view on CO2 regulation, royalties, and taxation and then see how unique your technology is," the chief executive officer of Shell, Jeroen van der Veer, told reporters while attending the International Energy Forum in Rome yesterday.[19]
KUWAIT (Agencies): Oil prices are driven by geopolitical events such as tensions in Nigeria, speculation in the market and a falling dollar, Kuwait's acting oil minister said on Saturday.[37] EDWARD MORSE, CHIEF OIL ECONOMIST, LEHMAN BROTHERS: While over a 20 or 30 year period, there is no good correlation between oil prices and the value of the dollar, between last summer and today, there's an almost perfect negative correlation.[47]
Petrol prices are expected to rise yet again after the cost of crude oil hit another record high. The news will come as a blow to hard-pressed motorists who have already seen the cost of filling their tanks leap over the past year.[33] The price of oil has been setting new records in recent months because of concerns that the world's supplies will be insufficient to meet soaring demand from fast-growing Asian economies including China.[33] May heating oil rose 1.91 cents, or 0.6 per cent, to a new record $US3.3114 a gallon.[38] Traffic passes by a station posting new fuel prices Friday April 18, 2008 in Pasadena, Calif. Retail gas prices set new records Friday April 18, 2008, on their seemingly relentless march toward $3.50 a gallon, and diesel prices pushed further above $4 a gallon.[23] LOS ANGELES (KABC) -- Prices the gas pump are at a new record high for Southland drivers as oil continues to reach new highs itself.[52]
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.[13] 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.[13] Most analysts think that a reasonable price for crude is closer to $85 a barrel if you strip out speculation and the weak dollar.[45]
Even a relatively small incident like the attack of a Japanese oil tanker sent oil up by $1. It has occurred to OPEC members that their best play is to do nothing. With crude now above $116 the tens of billion of dollars in extra profits coming to them can be explained away as being caused by speculation and a weak dollar.[49] The head of Opec dashed hopes that members of the oil producers' cartel might help ease prices by opening the taps, telling a conference in Rome that there is no shortage of crude on world markets.[27] Saudi Arabia is the cartel's biggest producer. President Mahmoud Ahmadinejad, President of OPEC's No 2 two producer, Iran, was quoted on Saturday as saying that oil was priced too low and "should find its real value". The comments "raise the stakes for the traders yet another notch," Mr Ernsberger said, emphasising that this was his personal opinion. "It's unfathomable to almost everybody why OPEC wouldn't produce as much as it could." He said that additional price support was coming from signs that petrol demand in the U.S. was better than expected ahead of the summer driving season, when many Americans take to the highways for holidays.[8] Strong world demand and OPEC's refusal to boost output still play a role in the price runnup. The main culprits are the weak U.S. dollar--which makes buying oil cheaper for those with foreign currencies--and rampant speculation by hedge funds and other investors.[45]
OPEC officials reiterated that the market had enough oil and the producer group would not ramp up output to help bring down prices despite calls for more oil from some consumer nations.[46] Oil-consuming countries should step up pressure on producers to increase output, British Prime Minister Gordon Brown said April 15. ''We in OPEC raised production last year and prices remained high,'' Khelil said, cited by Kuwait's state news agency.[15] OPECs President Chakib Khelil commented on Sunday that the organization doesnt have the need to boost oil production to help high prices while OPECs secretary-general Abdalla el-Badri said there is not shortage in the oil market.[10] At the same time OPEC is holding the line on production, suppliers of crude like Russia and the U.S. and not pumping more. The Saudis have said the will not make further investment in their oil production facilities after 2009.[49]
The agency, an independent analytical and statistical wing of the U.S. Department of Energy, is expected on Wednesday to show U.S. crude oil stockpiles grew by 1.5 million barrels last week, while petrol stocks fell by 2.3 million barrels and stocks of distillate, which include heating oil and diesel, remained unchanged, according to a Dow Jones Newswires survey of analysts.[38] Gains in U.S. stocks on April 18 capped the best week since February for the Standard & Poor's 500 Index, as better-than-expected earnings results signaled a strengthening economy that may boost demand. Oil may fall this week on forecasts that demand for crude will drop because of reduced refinery operating rates and a rebound in imports, a Bloomberg News survey last week found.[15]
The U.S. used to be the dominant consumer of oil, but today the Chinese economy is growing at 10 per cent a year, pushing up demand.[33] U.S. oil demand has fallen 1.9 per cent year to date, according to the Energy Information Administration.[38]
Nigeria produces low-sulfur oil prized by refiners because of the proportion of high-value gasoline it yields. It was the fifth-biggest source of U.S. oil imports last year, according to the Energy Department. "The Nigerian barrels are some of the most valuable because of the gasoline they yield,'' Kilduff said.[6] 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.[29]
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.[29] In Mexico, oil production slipped 7.8 per cent in the first quarter to 2.91 million barrels a day as output at the country's traditional oil fields wanes, state oil company Petroleos Mexicanos said.[38] Mexico's state-run oil company said Monday that oil production fell 7.8 percent to 2.91 million barrels a day in the first quarter as current reserves dwindle. Petroleos Mexicanos, or Pemex, has struggled with falling reserves, especially at its main Cantarell oil field, and lacks the money and expertise to launch new drilling projects.[31]
A Canadian mandate to bury carbon dioxide emitted during the process of extracting the oil may add between $2 and $13 a barrel to production costs, according to an environmental group, Pembina.[19] Confirmation that production had been hit revived U.S. sweet, light crude, which had fallen more than $2 to $112.7 a barrel earlier.[28]
June Brent crude on the ICE futures exchange in London settled up 51 cents at $US114.43 a barrel, also a record.[38] Brent North Sea crude for June delivery gained 7 cents to $114.50 a barrel, after finishing at an all-time high of $114.43 on Monday in London. It earlier struck an intraday record of $114.86.[11] Brent North Sea crude for June delivery was US1c lower at $US113.91 a barrel after closing at a record $US113.92 on Friday in London.[8]
The new unprecedented leap of the price of the national crude followed a record high figure declared yesterday, when the KPC said it was registered at $102.28 on Wednesday.[37]
"As crude-oil prices edge further into uncharted territory," said Gregory Meyer in The Wall Street Journal, "life as a bear has become lonelier than ever." "For these observers who see the world's oil supply-and-demand balance loosening and weighing on prices, the red-hot rally is nothing short of astonishing." It is possible that we are experiencing a commodities bubble that could burst at any time, said Paul Krugman in The New York Times (free registration).[35] Oil and gas prices have hit new highs, spelling more pain for consumers and businesses.[27] If the union goes ahead with the strike, it will effectively close down a part of the North Sea oil production and some gas output, refinery operator Ineos said in a statement on Saturday. Refined oil product prices also soared as such a refinery hiccup could further tighten fuel supplies.[24] Supply worries intensified across the globe today, as rebel attacks in Nigeria cut production and a potential strike at a Scottish refinery threatened oil output in the North Sea.[47] Since early 2006, attacks by militant groups on Nigeria's oil infrastructure have slashed the country's production of petroleum by nearly a quarter.[14]
Nigeria had 36.2 billion barrels of proven oil reserves as of January 2007, according to Oil and Gas Journal, making it Africa's largest producer of crude oil. The United States is Nigeria's main export partner, taking 42% of its crude exports in 2006. The Nigerian government is planning to increase its proven reserves to 40 billion barrels by 2010. [14] Brazil, Colombia, Argentina, and Peru also produce oil and gas, most of which currently goes toward meeting domestic demand. Of these countries, only Brazil has the potential to become a significant global oil producer in the next decade. It has 11.8 billion barrels of proven oil reserves and produced some 2.2 million barrels per day in 2006.[31] The strike, which started on Thursday, has blocked traffic at France's biggest oil port, Fos Lavera, and kept around 20 ships at the quayside on Sunday The Fos Lavera port supplies crude to eight refineries in southeast France that have a total capacity of about 800,000 barrels per day.[41]
The pipeline targeted late yesterday was connected to the Bonny exports terminal ''' the largest in the country with a storage capacity of around 7 million barrels of crude oil, the militants said in a statement.[12]
On April 18, oil rose $US1.83, or 1.6%, to $US116.69 a barrel, a record close.[15] Contract for May delivery which will be settled tomorrow rose to a fresh new high in early Asian electronic trading of $117.05 and until the afternoon the contract set the low at $116.39 and now is currently trading around 116.60s per barrel.[22] At midday in Singapore, the contract was trading at $116.73 a barrel, up 4 cents from the end of last week.[23]
The more active June contract was at $116.68 a barrel, up 5 cents, at 12:25 p.m. Singapore time.[16]
In Canada, the average pump price was about $1.22 per litre, according the GasBuddy.com website, about 14 cents a litre higher than at the same time last year.[21] 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.[29]
In the U.S., the price of a gallon of regular unleaded gasoline pushed toward $3.50 U.S. a gallon -- or 92 cents U.S. a litre -- and diesel prices pushed further above $4 a gallon.[21] In other Nymex trading, front-month May reformulated gasoline blendstock fell 1.02 U.S. cents, or 0.3 per cent, to $US2.9791 a gallon.[38]
Business was brisk at one Arco station in Santa Monica, where the price of regular unleaded is a few cents below the average, at $3.82 per gallon. "It's painful, you know, I really feel it.[52]
AAA reported Monday that retail gasoline prices had hit a national average of $3.50 a gallon, a record.[45] With retail gasoline prices already at a record $3.50 a gallon on average nationwide, that could push prices over the dreaded $4 mark.[36]
In Orange County, the average price for a gallon of regular unleaded gasoline is $3.80. Many Southern Californians have long daily commutes and as the price at the pump continues to squeeze more dollars out of their wallets, some are shopping around for the best prices.[52] According to the Automobile Club of Southern California, drivers in the Inland Empire and Ventura are paying some of the highest prices in Southern California, at an average price of $3.86 a gallon for regular unleaded gasoline.[52]
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.[29]
The price of fuel oil contract for July delivery has climbed an aggregate 3 percent in the past two weeks.[9] On SHFE, the most actively traded copper futures contract for July delivery kept fluctuating from 62,000 yuan to 64,000 yuan during the past month, while the price of three-month copper futures on London Metals Exchange has climbed 9.1 percent over the past month.[9]
CATTLE: Prices on the Chicago Mercantile Exchange slipped despite news that U.S. beef would resume flowing to South Korea in mid-May.[40]
Historically, the economic slowdown in the U.S. would lead to lower oil prices.[3] The flow of investment dollars from investors large and small looking for the most profitable asset class continues to prop up oil prices.[30] A combination of high oil prices and supply shortages across Europe is aggravating the pain."[33] Oil prices are facing the same dynamics of which have ruled the market for two years.[49]
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.[20] PRATT: Still others blame the sky-high energy prices on the fundamentally tight oil market, one where global demand could outpace supply.[47] "Oil prices, there is a common understanding that has nothing to do with supply and demand," al-Badri said on the sidelines of an energy conference in Rome.[23]
Oil's price is still supported somewhat by fundamentals--primarily hot demand from emerging markets like the so-called BRIC countries of Brazil, Russia, India and China that likely will only get stronger. As those countries develop further, their energy demands will only escalate, meaning still higher oil.[45]
OPEC should help replenish oil inventories because prices are "too high," International Energy Agency Executive Director Nobuo Tanaka said.[32] "From a real supply point of view, OPEC doesn't feel any necessity to produce more crude oil,'' said Hirofumi Kawachi, a senior energy analyst at Mizuho Investors Securities Co. in Tokyo.[4] Opec secretary general Abdalla Salem El-Badri has blamed speculators for the high price of crude oil.[48]
"We have to see appreciation on the dollar before we see any depreciation in crude oil," Stephen Schork, editor of the Schork Report, said on CNBC. "The solution is high prices are the best cure for high prices.[45] Consumers and investors often fret over the soaring price of crude oil as a proxy for how much pain is on the way at the pump. The middle step of turning crude into fuel can create some headaches of its own for refiners, whose profits don't necessarily keep pace with fuel prices. A glance at the current state of the so-called " crack spread," a key energy-industry measure of refiners' margins, bears this out.[36]
SINGAPORE (Reuters) - Gold crept up on Tuesday, with crude oil hovering near a record high, but investors were cautious after the metal failed to hold above $950 an ounce.[44] Crude imports to China, the No. 2 oil user, surged a quarter from a year ago to 4.07 million bpd in March, far above previous records, customs data showed on Tuesday.[43]
Nigeria, the fifth-largest exporter to the U.S. last year, produces low- sulfur crude prized by refiners because of the proportion of high-value gasoline it yields after processing. "This market is very sensitive to any kind of a supply shock,'' said Mark Pervan, a senior commodity strategist with Australia & New Zealand Banking Group Ltd. in Melbourne.[16] "The disruption in Nigeria with Royal Dutch Shell is serious," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. "It is light, sweet crude, which is much desired by the U.S. market during the summer gasoline season, so that certainly has affected the market," Shum said.[34]
The most prominent militant group in Nigeria's southern oil-producing region said it had sabotaged two pipelines, possibly belonging to Anglo-Dutch oil giant Shell and U.S. peer Chevron.[25] The volatile overnight session was sparked by news that a Nigerian rebel group attacked two more oil pipelines in Nigeria's southern delta region.[42]
Anglo-Dutch oil firm Shell said on Monday that it may not be able to honour contracts for April and May after a leading Nigerian militant group attacked two key pipelines of Africa's top petroleum producer.[11] The group also promised further attacks on the petroleum industry in Africa's largest producer of crude oil.[23] Shell will declare a force majeure on exports of Bonny Light crude oil starting today as a result of the April 17 attack, spokesman Rainer Winzenried said in an e-mailed statement yesterday. Force majeure is a legal clause that allows companies to miss contracted deliveries because of circumstances beyond their control.[16]
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.[28] "We are clearly headed over $120 a barrel and we are targeting $125," said John Kilduff, vice president of risk management at MF Global Ltd. in New York.[32] Gold rose to $915.50/916.50 an ounce from $913.80/914.60 late in New York on Monday, aided by purchases at lower levels by jewellery makers.[44]
"The question is, how high is high?" said Scott Meyers, senior trading analyst at Pioneer Futures in New York.[38] Crude futures crossed the $117-a-barrel level for the first time ever in overnight trading, moving as high as $117.60 before retreating Monday.[42] Brent Crude was trading at $113.92 up $1.49 on London's ICE Futures Market. It seems as though people simply want a safe place to put their money ahead of several profit warnings from banks and the sub prime crisis.[31]
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. [40] On April 18, futures climbed $1.83, or 1.6 percent, to $116.69 a barrel, a record close.[4] The futures reached an all-time high of $117.83 a barrel Monday and are up 85 percent from a year ago.[32]
"Who would have thought oil would be just around the corner from $120 a barrel and we could be there by the end of the month,'' said Peter McGuire, managing director at Commodity Warrants Australia Ltd. in Sydney, in an interview with Bloomberg Television. "It just defies gravity and the dollars are just floating into that.'' [4] The dollar was at 103.24 yen, after falling 0.4 percent. "If the dollar continues its slide, I can see prices go up,'' Iranian Oil Minister Gholamhossein Nozari told reporters yesterday in Rome.[6] El-Badri also blamed the weak dollar and commodity speculators for high prices. ''If we add more oil to the market I am sure it will not solve the problem,'' he said.[15]
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.[20] Experts say supply isn't growing and any supply shock in an oil producing nation from a geopolitical event or from Mother Nature in the form of a hurricane and prices will rally higher.[47]
Despite a grim U.S. economic outlook, seasonal gasoline demand may pick up, adding to the stress on the global oil supply chain, analysts said.[37] The demand picture is a bit fuzzier. While some evidence suggests China and India's demand for oil is expanding, together they only consume about half of what the U.S. does. Morningstar analyst Justin Perucki says much of this year's global demand story hinges on the U.S. economy.[47]
'Oil demand in the U.S. is on a subdued trend but trade data showed strong Chinese imports of crude and oil products,' said David Moore, commodities strategist at Commonwealth Bank of Australia. Asia's top refiner Sinopec Corp bought 300,000 tonnes of diesel for May after a blast at its major 270,000- barrel-per-day (bpd) Maoming refinery in southern Guangdong province.[37] 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.[13] Unlike year's past the run-up in gasoline prices isn't due to a supply and demand issue or the usual increase we see as refiners switch from processing winter grade gasoline to the more expensive summer grade. At least not yet.[30] The president of the cartel, Chakib Khelil, said "Any increase in production now will not have an impact on prices because there is a balance between supply and demand,' according to Bloomberg.[49] OPEC president Chakib Khelil said there was no need for an immediate increase in crude production because there was a balance between supply and demand.[8] OPEC officials said the market had plenty of oil and the cartel would not increase production.[47] Iraqi oil minister Hussain Al-Shahristani argued that an increase in production by the Organisation of the Petroleum Exporting Countries (OPEC) would not bring the relief the market was calling for.[11]
Pemex only has enough proven oil reserves to last nine years at current production rates. Venezuela will discuss the discrepancy between its official oil production figures and much lower estimates used by the Organization of Petroleum Exporting Countries during a visit by the OPEC secretary general in May.[31] Whenever the ministers to OPEC are asked if there is any chance they will raise oil production, the answer is "no."[49]
Officials at Shell, which is currently pumping 400,000 barrels per day below capacity in the OPEC nation due to sabotage and security concerns, confirmed a small amount of production had been shut in.[41] "No," said Chakib Khelil, who is also Algeria's Energy and Mines Minister, when asked by reporters whether OPEC would raise production. He added that raising production would have no impact on prices as the market was well-supplied.[41] Sucden analyst Nimit Khamar said the market was "supported by geopolitical concerns surrounding Nigeria and comments from OPEC, who over the weekend once again reiterated their reluctance to increase production."[25]
Analysts said reports of pipeline sabotage in Nigeria helped boost prices, which broke records almost every day over the past week.[11] The bullish wave was strongly initiated on Friday the last trading day last week, after news of an attack on a key pipeline in Nigeria.[22] Monday's record-breaking run beat the previous highs set on Friday as news emerged of another pipeline attack in Africa's biggest producer Nigeria.[25]
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.[40] The Movement for the Emancipation of the Niger Delta - the main rebel organisation in the south of Nigeria - said it had sabotaged a major oil pipeline operated by Royal Dutch Shell.[33] Oil giant Royal Dutch Shell's pipeline in the country's unstable Niger Delta region was also attacked by militants on Friday.[17]
Royal Dutch Shell Plc, Exxon Mobil Corp., and the rest of the oil industry may face higher costs to exploit Canada's tar sands, the biggest deposit outside of Saudi Arabia, because of efforts to rein in climate change.[19]
Japan proposes to Saudi Arabia ''to be co-operative on a stable price,'' Shin Hosaka, director of the oil and gas division at Japan's Ministry of Economy, Trade and Industry, said in an interview yesterday in Rome.[15] A series of incidents at refineries around the world have contributed to the rise in oil prices.[48] With the latest figures, the price of the Kuwaiti oil has risen by 4.5 percent since start of operations on Monday.[37] Platinum dropped more than 1 percent to below $2,000 as profit taking persisted since a spike to a one-month high last week, dragging down the price of sister metal palladium.[44] Gold rallied to a three-week high of $952.60 on April 17 before profit taking kicked in and dragged down prices to as low as $904.35 the following day. It has lost more than 10 percent in value since hitting a lifetime high of $1,030.80 on March 17.[44]
Some economists believe the price of a barrel could easily spiral to $125 over the coming weeks.[33] Prices slid as low as $10 a barrel in the late 1990s, but have risen dramatically since then.[33]
In the floor session, it rose 79 cents to a record finish of $117.48 a barrel.[34] Brent North Sea crude for June delivery was five cents lower at 113.87 dollars a barrel after closing at a record 113.92 dollars on Friday in London.[18] Crude futures closed slightly lower after hitting a record of 115.54 dollars a barrel earlier in the session.[26]
"The continuous depreciation of the U.S. dollar will lend support to the price rise of dollar-denominated commodities in the global markets in the longer term," said Jing Chuan of Great Wall Futures Co. He added that a temporary oversupply of copper in the domestic market resulting from a big increase in import in the past several months would keep copper prices fluctuating in a relatively wide range.[9] The overnight advance in the price of crude was also supported by another decline in the value of the U.S. dollar.[42]
CommSec equities economist Craig James said motorists would need to brace for more pain at the petrol bowser in the weeks ahead. "In Australia, higher global crude prices are likely to flow through to the petrol pump in the coming fortnight with a possible increase of around 3 cents to 4 cents a litre," he said. [3] The nation's gas stations show pump prices rose nearly 16 cents on average in the last two weeks.[52] May natural gas futures rose 20.4 cents to settle at $10.587 per million British thermal units.[2] GasBuddy.com, a website that provides data about gas prices across North America, said the price in Ontario ranged between $1.07 a litre to more than $1.31, while, in Quebec, prices ranged between $1.16 cents a litre to $1.29.[21]
With the added upward pressure of the U.S. summer driving season, already rising gasoline prices could hit $3.60 by the end of the month, and $4 later in the summer.[35] Reformulated gasoline slipped a penny to $2.98 a gallon, and heating oil edged fractionally higher to $3.29 a gallon.[42] The price in the Los Angeles-Long Beach area is just slightly lower at $3.85 per gallon.[52] In San Francisco, the average price of a gallon of regular unleaded is $3.98.[52]
Diesel fuel added 2.2 cents to a record national average of $4.168 a gallon.[2]
All aspects surround crude oil has helped the black gold to leap yet once again to set fresh record territories.[22] Crude oil also rose Monday after the 150,000-ton tanker Takayama was attacked off the coast of Yemen as it headed for Saudi Arabia.[34] Analysts were split over whether supplies of distillate fuels, a category that includes heating oil and diesel, rose or fell.[16]
"We're seeing more money coming into the oil market and it raises demand for futures contracts, not the real thing.''[4] In Scotland, workers at Ineos PLC's 196,000 barrel-a-day Grangemouth refinery and petrochemical plant have threatened to strike for 48 hours from April 27 over changes to an employee pension plan. Despite faltering U.S. oil demand, some observers say the market is less moved by such concerns than by short-term flows of investment funds.[38] Jitters over the U.S. economy and the prospect of a looming recession are likely to hurt oil demand in coming months despite aggressive Federal Reserve interest rate cuts.[37] The sliding value of the U.S. currency makes dollar-priced goods cheaper for foreign buyers and therefore tends to encourage oil demand, traders said.[25]
China, India, Russia and the Middle East are expected to consume more oil than the U.S. for the first time according to the International Energy Agency in Paris.[3] Oddly enough, word came from International Energy Agency that emerging market use of oil had passed use in the U.S. for the first time.[49]
Energy Risk - formerly EPRM - welcomes technical article submissions on topics relevant to our growing readership - from the quants to the CFOs at producers, consumers and traders of oil, gas and electricity. [7] Environmental Capital collects and analyzes news in everything from oil to gas, from ethanol to wind power.[36] On a day when leading European firms were trading lower, shares in oil and gas companies were up an average of 1.3% in Europe on Monday morning.[14]
Analysts said there was profit-taking in early trading and also the boost in the dollar was having a major impact on prices.[26] '''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.[13]
The relatively low crack spread points toward a few unsavory possibilities for the months ahead. If the price of crude holds steady or increases, as many analysts expect, refiners will either continue to swallow lower margins or, if they can, charge higher prices to make up the difference.[36] Crude prices advanced 6% last week which is the biggest weekly gains since February 2007.[22] The average price of litre of unleaded petrol now stands at 108.36p, compared with 93.04p a year ago. Diesel set another record of 117.98p a litre this week, rising from 95.32p this time last year.[33] Prices rose as much as 6 percent last week and compared to a year before, prices have increased 77 percent.[10] Prices advanced 6 percent last week, the biggest weekly gain since February 2007, and are up 77 percent from a year ago.[4]
Supply disruptions and a rally in U.S. stocks last week helped boost prices, Commonwealth's Moore said. [15] U.S. gasoline stocks fell 5.5 million barrels in the latest week, more than the 1.8-million-barrel decline analysts had expected.[37]
Nigeria is the sixth-largest producer among the Organization of Petroleum Exporting Countries, pumping 1.96 million barrels a day of crude in March, according to a Bloomberg survey.[16] About a fifth of the country's roughly 2.47 million barrels a day in production capacity is on hold amid security problems, the International Energy Agency reports.[38] The country's output has fallen from 2.4 million barrels a day at the end of 2005 as militant attacks have increased.[16]
Nigeria is Africa's largest oil exporter and the eighth-largest oil-producing country in the world. Rebel attacks since early 2006 on its oil infrastructure in the Niger Delta have disabled the country's normal output by as much as a quarter.[28] Militancy and lawlessness has grown in recent years in Nigeria's south, and attacks on oil infrastructure have become common.[34] The group promised further action against Nigeria's oil industry, which has been seriously affected by previous attacks.[33]
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.[28] Once the dollar strengthens and and some other oil supply projects come on line, the equation will change.[45]
There is no shortage of oil in the market, Secretary-General Abdalla el-Badri said yesterday in Rome. ''There are those that make that argument that say the market isn't tight; the contrary view is that the supply side, particularly outside of OPEC, is fragile,'' said David Moore, commodity strategist at Commonwealth Bank in Sydney. ''From OPEC's point of view, they don't want to add oil into the market and create a temporary surplus.''[15] Khelil said the organization would not find people to buy the increments even if OPEC did raise production, according to Kuwaits state news agency.[10] Short supplies of alkylate, a blending component key to the creation of summer-grade gas, also have pushed up prices. Contributing to the price spike, refiners have been cutting back on their production of gasoline.[21] Gas prices in Southern California have been climbing steadily, setting daily records for the past three weeks.[52] 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.[13] As the U.S. economy has slumped, however, fuel demand has softened, weakening refiners' ability to command higher prices for fuel.[36]
An environment of rising prices without significant alteration in supply and demand fuels more rising prices.[49] "Tighten the belt everywhere until it hurts like hell. If you don't it's going to hurt worse when supply doesn't catch up with demand and those prices really start to go parabolic."[45]
Prices were supported by potential supply disruptions in Nigeria, Africa's largest producer.[4]
An email sent to AFP early Monday said that "Commandos from the Movement for the Emancipation of the Niger Delta (MEND) in continuation of Operation Cyclone attacked two major oil pipelines in Rivers state of Nigeria.[25] "The pipelines may belong to Shell and Chevron," the message added. It described Operation Cyclone as "the crippling of the Nigerian oil export industry."[25] UGANDA'S oil commissioners have won the Global Pacific and Partners Big 5 Award for their contribution to the African oil industry. Capline Pipeline and Chicap Pipeline announced today that they will expand the range of transport capabilities on both systems to include light liquid hydrocarbons.[31]
Attacks there in the past two years have cut nearly a quarter of the African country's oil output. [34] Some North Sea oil and natural gas output will have to be shut in if the union halts the refinery.[43]
China also more than quadrupled March diesel imports to 494,192 tons and gasoline exports tumbled 84 percent to 101,319 tons in the same period, as state oil firms rushed to stock up oil ahead of the summer Olympics.[46] The dollar traded at $1.5909 per euro at 6:05 a.m. in Tokyo, after falling 0.6 percent yesterday. It touched $1.5983 on April 17, the lowest level since the European currency's 1999 debut.[6] Near-term natural gas fell 2 cents to $10.57 per million British thermal units.[42] Four other gas stations in between climbed a nickel within a few hours Thursday to $3.47 a gallon.[29] AAA says today regular unleaded gasoline is averaging $3.50/ gallon nationwide.[30]
Brent futures reached an all time high of $114.65 earlier today. This article is copyrighted by International Business Times.[10] "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.[40] "Copper futures prices are expected to fluctuate within a range of 63,000 to 67,000 yuan per ton in the coming months," said Liu Chao, an analyst at Xiangcai Qinian Futures Co. (For more biz stories, please visit Industry Updates )[9] "Compared with the stronger upward momentum in the global markets, the domestic nonferrous metals market is likely to become more volatile as uncertainties are overhanging the supply and demand equation and investors are not sure about the market trend in the future," said Jing Chuan, an analyst at Great Wall Futures Co.[9]
"The market is finally focused on the supply issues,'' said Tetsu Emori, fund manager at Astmax Ltd. in Tokyo. "The U.S. imports the Nigerian crude because it's very good quality for producing gasoline.'' [16] The latest rise in crude comes after news that Nigerian militants sabotaged a major pipeline and promised additional attacks.[51] In Nigeria Royal Dutch Shell confirmed that 169,000bpd of capacity had been disabled after an attack by the country's main militant group on two pipelines.[7] Nigeria Disruption The main militant group in Nigeria's oil-rich Niger Delta said that it sabotaged a pipeline operated by a unit of Royal Dutch Shell April 17.[15]
Corporations, unions, and other interest groups spent a record $2.79 billion on lobbying in 2007, the Center for Responsive Politics reported, eclipsing the previous record in 2006 by $200 million. [35] Malcolm Wicks, UK energy minister, acknowledged that the rises are hurting. He told the conference: "Record prices for energy are hitting businesses and they're hitting the domestic customer."[27] Khelil also said a previous output increase had failed to push prices down last year.[41] Investments tied to commodity indexes rose as much as $4 billion in the first quarter, a third more than in the final three months of last year, Standard & Poor's said April 18.[4]
The front-month contract hit 117 dollars a barrel in electronic trading after markets closed. [26] "169,000 barrels in force majeure on Bonny Light is very significant," said Christopher Mennis, president of brokerage New Wave Energy in Aptos, California. "That trumped the market."[38] 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.[28] The rally capped a week of record highs fueled by supply woes and the dollar's weakness relative to other major currencies.[13] Last week, reports of production outages in Mexico, due to bad weather, and Nigeria, due to a fire, raised concerns over supply.[48]
Nigeria is a key producer of high-quality light crude that is easily refined into petrol.[38]
SOURCES
1. Crude futures close above 117 dollars for first time_English_Xinhua
2. Retail gasoline prices, oil futures march higher | Chron.com - Houston Chronicle
3. Crude oil prices hit record high in New York | Herald Sun
4. Bloomberg.com: India & Pakistan
5. Bloomberg.com: Africa
6. Bloomberg.com: Worldwide
7. Energy risk - Crude surpasses $117 amid supply disruptions
8. Oil market 'hot' after OPEC talk | The Australian
9. Fuel oil futures contracts touch all-time high
10. Crude Oil Slides after Record $117 per Barrel | IBT Commodities & Futures
11. Oil prices stay above $117 in Asian trading - UPDATE - Forbes.com
12. Oil hits $117 mark on talk of Nigeria pipeline attack
13. tehran times : Crude hits record $117 per barrel
14. Oil Punches Above $117 - Forbes.com
15. Oil reaches new record above $US117 | theage.com.au
16. Bloomberg.com: India & Pakistan
17. The Press Association: Oil prices reach new high
18. Oil steady near record highs after OPEC comments- International Business-News-The Economic Times
19. Oil Companies Face Cost Hikes As Countries Rein in Emissions - April 21, 2008 - The New York Sun
20. The price of oil will drop - unless it keeps going up
21. TheSpec.com - Business - $117 crude pushes pump prices higher
22. Technical analysis for crude oil - 4/21/2008 - Forex News | IBT FX Center
23. The Associated Press: Oil prices spike to record above $117 a barrel
24. ireland.com - Breaking News - Oil sets new record over $117 a barrel
25. AFP: Oil prices shoot to record 117.60 dollars
26. Crude touches $117 for first time - People's Daily Online
27. Japan warns on oil prices after pirates attack tanker off Yemen - Telegraph
28. inform.kz | 163395
29. SunJournal.com - Gas pains
30. Oil Prices "Gushing" And Sorry To Say, No Relief In Sight - Energy Source with Sharon Epperson - MSNBC.com
31. Falkland Islands News Network - Financial Information and News
32. Crude oil tops $117; prices called 'too high' : Energy : The Rocky Mountain News
33. Petrol prices set to rise as crude oil hits a new record high | the Mail on Sunday
34. The Associated Press: Oil steadies near overnight record
35. Oil: Will prices keep rising? - The Week
36. MarketBeat Blog - WSJ.com : A Slippery Spread
37. Arab Times :: Speculators, geopolitics driving oil, says Kuwait
38. Crude oil prices spike above $US117 - Breaking News - Business - Breaking News
39. Oil Prices Top $117 A Barrel Following Tanker Attack
40. Commodities Report: Crude Oil Touches $117 Fri
41. Investing | Africa - Reuters.com
42. Oil Crosses $117, Then Pulls Back | Energy | BP COP HES RDS.A XOM - TheStreet.com
43. Oil near record-high on supply woes | Reuters
44. Gold creeps up with oil but tone cautious | Business News | Reuters
45. When Will Oil Prices Stop Rising? Watch the Dollar - Economy * US * News * Story - MSNBC.com
46. ABC News: Oil Soars To Record High: Over $117 A Barrel
47. Nightly Business Report . What's Pumping The Oil Price Gusher? | PBS
48. Opec blames speculators for high oil prices
49. 24/7 Wall St.: As OPEC Holds Production, Oil Moves Toward $150
50. Free Preview - WSJ.com
51. Nymex Crude Rises to Record $117 a Barrel
52. abc7.com: Gas prices creep toward $4 mark across Southern California 4/21/08
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