|
 | 
Apr-30-2008Oil Is Little Changed After Falling on Pipeline Restart, Dollar(topic overview)
CONTENTS:
- London Brent crude lifted to $116.79 per barrel, from $116.27, during late trading in Europe. (More...)
- Crude oil for June delivery rose as much as $1.41, or 1.2 percent, to $119.93 a barrel in electronic trading on the New York Mercantile Exchange, the highest since the futures began trading in 1983. (More...)
- Crude oil futures climbed to a new peak yesterday near $120 a barrel after a strike at the Grangemouth refinery forced BP to close a pipeline, while rebel attacks in Nigeria also fanned concerns about supply disruptions. (More...)
- New York's main oil futures contract, light sweet crude for June delivery, jumped to 119.93 dollars on Monday, beating last Thursday's previous peak of 119.90. (More...)
- After a firming trend during the week, crude oil on Friday retreated to $115 a barrel as a stronger dollar extended a sell-off and investors shifted cash to equities, but concerns over supply constraints limited losses. (More...)
- NEW YORK-- Oil prices pushed above $66 a barrel Friday after Saudi Arabia announced the arrests of 172 Islamic militants, some of whom planned to attack oil fields. (More...)
- Nymex May gasoline futures dropped 2 cents to $3.03 per gallon and June heating oil traded about even at $3.29 per gallon while June natural gas added 23 cents to $11.34 per million British thermal units. (More...)
- The strike concluded Tuesday morning, and the refinery is restarting as planned. (More...)
- Gasoline hit a record $3.603 a gallon Monday, up four-tenths of a cent from the previous day, according to motorist group AAA. Monday's record was the 14th-consecutive record high for motor oil, despite continued weak demand. (More...)
- Crude futures jump after a refinery strike disrupts supply to U.K., retail gas hits another record. (More...)
- Gold, silver and copper futures prices weakened during the week as gold in London tumbled to a three-week low as the dollar extended gains against the euro, eroding the appeal of the precious metal as an alternative investment. (More...)
- New York-traded West Texas Intermediate crude for June delivery fell 81 cents to 117.94 by 9.23am. (More...)
- In Nigeria, workers at an ExxonMobil Corp. joint venture cut production by an unspecified amount to demand more pay. (More...)
- Continuing refinery problems -- including a brief fire at Marathon Oil Corp.' s Garyville, La., refinery on Thursday and reports of temporary shutdowns or delayed starts at other facilities -- is contributing to the supply concerns. (More...)
- The dollar traded at $1.5571 per euro at 12:04 p.m. in Singapore from $1.5572 yesterday when it touched $1.5541, the strongest since April 3. (More...)
- Pervan said the oil market has already priced in the expectation that the Fed will lower the interest rate by 25 basis points. (More...)
- "The likes of Exxon having to shut capacity on top of what Shell's already doing is going to have some impact. (More...)
SOURCES
FIND OUT MORE ON THIS SUBJECT
London Brent crude lifted to $116.79 per barrel, from $116.27, during late trading in Europe. The weak dollar, which has been fueling a flight to perceived safe havens like commodities, may have played its part; the greenback was down against major currencies like the euro and sterling on Monday. The closure of a key BP (nyse: BP - news - people ) pipeline in the North Sea--provoked by a two-day strike at Scotland's only oil refinery--and unrest in Nigeria, were putting more pressure on oil prices this time around. The strike at the Grangemouth refinery in Scotland, which saw 1,200 employees walk out in protest over threats to their pensions on Sunday, was largely expected. The BBC reported on Monday that two out of seven fuel tankers carrying emergency supplies to Scotland had docked, with the rest due to arrive this week. [1] BEIJING, April 28 (Xinhuanet) -- Crude oil hit a record high of 119.93 U.S. dollars a barrel on Monday after BP Plc shut a North Sea pipeline and as fresh violence in Nigeria reignited supply fears. LONDON, April 27 (Xinhua) -- Workers at the Grangemouth refinery in Scotland started their two-day strike on Sunday over pension policies.[2] April 28 (Bloomberg) -- Crude oil rose to a record near $120 a barrel after BP Plc shut a North Sea pipeline and as an oil workers' strike and rebel attacks cut output from Nigeria.[3] Once again crude oil records an all time high of $119.93 per barrel yesterday as a strike at a North Sea closed a pipeline system which normally delivers 700,000 barrels of crude to refineries in the UK. Adding to supply concerns the militant attack in Nigeria caused a pipeline to be hit while reducing production. In Nigeria, workers at an Exxon Mobil slowed their production by an unknown amount to demand more pay. The tensions in Nigeria caused the countries output to decline and now they can only produce about 75 percent of their total capacity.[4] Bloomberg reported yesterday that crude oil rose to a record $119.93 a barrel in New York on the shutdown of a North Sea pipeline and as strike and recent militant attacks which reduced output from Nigeria.[5] Crude oil rose to a record, trading near $120 a barrel in New York, after BP Plc shut a North Sea pipeline and gunmen attacked police guarding Nigeria's largest oil and gas terminal.[6] Crude oil rose more than $2 a barrel and gasoline climbed to a record on BP Plc's plans to shut down a North Sea pipeline, plunging Nigerian output and after a ship carrying U.S. cargo fired warning shots at Iranian boats.[7]
In London, Brent crude futures rose 40 cents to settle at $116.74 a barrel on the ICE Futures Exchange BP shut down the Forties pipeline system that carries more than 700,000 barrels of oil a day from the North Sea to the UK because of a 48-hour walk-out by employees at a refinery in central Scotland.[8] Crude oil prices hit an all time high near $120 a barrel after a strike in a refinery caused a pipeline system to shut down in UK. The pipeline usually delivers a third of Britain's North Sea oil to refineries which is more than 700,000 barrels of oil per day.[9] CRUDE oil rose to a record of almost $US120 a barrel after BP shut down a vital North Sea pipeline, and gunmen attacked police guarding Nigeria's largest oil and gas terminal.[10] BEIJING, April 28 (Xinhuanet) -- Crude oil hit a record high of 119.93 U.S. dollars a barrel on Monday after BP Plc shut a North Sea pipeline and as fresh violence in Nigeria reignited supply fears.[2] April 29 (Bloomberg) -- Crude oil fell more than $3 a barrel, the biggest decline in four weeks, after BP Plc restarted a North Sea oil pipeline and the dollar strengthened, reducing the appeal of commodities to investors.[11] April 30 (Bloomberg) -- Crude oil was little changed in New York after declining the most in four weeks yesterday as BP Plc restarted a North Sea oil pipeline and the dollar gained, paring the appeal of commodities to investors.[12]
The refinery shutdown forced BP to close the link, a network that carries 700,000 barrels a day of crude from as many as 70 North Sea Fields. The dollar was at $1.5574 per euro by 7:04 a.m. in New York, from $1.5657 yesterday, with futures contracts on the Chicago Board of Trade showing there's a 78 percent chance the Fed will trim its target for overnight lending between banks by a quarter point to 2 percent tomorrow.[13] NEW YORK, April 28 (Xinhua) -- Crude-oil futures closed slightly higher Monday after hitting a new record near 120 dollars a barrel as a weekend refinery strike closed a pipeline system that delivers a third of Britain's North Sea oil to its refineries.[14]
LONDON (Reuters) - Oil hit a new record near $120 a barrel on Monday, boosted by a string of bullish factors that included big disruptions to Nigeria's output and a UK refinery strike, highlighting anxieties over threats to supply. Prices retreated from early peaks as the dollar gained versus the euro, reflecting some expectations that the U.S. Federal Reserve may not cut interest rates this week.[15] The market today opened at $118.84 while recording a high of $118.84 per barrel and a low of $118.25 per barrel. Investors now are focusing and waiting for the Fed's decision of cutting or leaving interest rates as this will usually weaken the U.S. dollar if the rate is cut. If interest rates are cut, oil prices will soar while the crude market welcomes new investors as it is known to be a hedge against inflation and the falling greenback as it also becomes cheaper for foreign investors as they hold a stronger currency.[4] Oil prices are likely to fall to "more realistic levels" once the Forties pipeline has reopened, said Ben Barber, a broker at Bell Commodities in Melbourne. U.S. oil stockpiles and the U.S. dollar are rising and there is a risk that prices will fall this week if the U.S. Federal Reserve signals an end to recent interest rate cuts, Mr Barber said.[10] SEOUL (Reuters) - Oil dipped on Wednesday, a day after the rallying dollar triggered the market's sharpest fall in four weeks, as traders waited to see whether the U.S. Federal Reserve would signal an end to its interest rate cuts.[16]
London Brent crude LCOc1 gained 1 cent to $113.44 a barrel. The Federal Reserve is expected to make a modest quarter-point cut in interest rates at Wednesday's meeting, but traders are also expecting it to signal a pause in its rate-cutting campaign, supporting the battered dollar. The dollar jumped to a one-month high versus the euro on Tuesday, dealing a blow to commodities, which have rallied as investors hedge their bets against inflation.[16]
Crude oil for June delivery rose as much as $1.41, or 1.2 percent, to $119.93 a barrel in electronic trading on the New York Mercantile Exchange, the highest since the futures began trading in 1983. It was at $119.06 at 1:31 p.m. in London. [3] Crude oil for June delivery rose by as much as $US1.41, or 1.2 per cent, to $US119.93 a barrel in after-hours electronic trading on the New York Mercantile Exchange yesterday, the highest since the futures began trading in 1983, and was later trading in Singapore US83 cents higher at $US119.35.[10] Crude futures for June delivery rose 1 cent or 0.01 percent to $118.53 a barrel on the New York Mercantile Exchange by 12:24 p.m. Prices rose to $119.93 a barrel in overnight electronic trading surpassing the previous record high of $119.90 last week.[17] Crude futures for June delivery fell $3.51, or 2.96 percent to $115.24 a barrel on the New York Mercantile Exchange by 1:08 p.m. Prices hit an all time record high on Monday reaching $119.93 a barrel on supply disruptions from the U.K. and Nigeria.[18]
Crude oil for June delivery declined as much as $1.03, or 0.9 percent, to $117.72 a barrel in electronic trading on the New York Mercantile Exchange. It was at $117.88 at 9:41 a.m. London time.[19] Crude oil for June delivery was at $115.60 a barrel, down 3 cents, at 12:09 p.m. Singapore time in after-hours electronic trading on the New York Mercantile Exchange.[12]
Prices later settled lower with U.S. light crude oil for June delivery up 23 cents at $118.75 a barrel on the New York Mercantile Exchange.[20] Light, sweet crude oil for June delivery rose 23 cents from Friday's close, to settle at $118.75 a barrel on the New York Mercantile Exchange early Monday.[21] U.S. light, sweet crude for June delivery rose to a record $119.93 a barrel in electronic trading on the New York Mercantile Exchange, then retreated to settle up 23 cents at $118.75 a barrel.[8] "The concern is that we know al-Qaida's number one priority is to hit an oil field in Saudi Arabia," said Phil Flynn, an analyst at Alaron Trading Corp. in Chicago. "They're just not going to quit." Light, sweet crude for June delivery rose sharply after vacillating between gains and losses this morning. It settled up $1.40 at $66.46 a barrel in mid-afternoon trading on the New York Mercantile Exchange.[22] Crude oil for June delivery climbed more than 1 dollar to a new high of 119.93 dollars a barrel in overnight electronic trading, surpassing the previous high of 119.90 dollars hit last week. It closed up 23 cents at 118.75 dollars a barrel on the New York Mercantile Exchange.[14] Crude Oil reached a new record of $119.93 a barrel in overnight electronic trading, up from $119.90 reached last week on the New York Mercantile Exchange (Nymex).[23] After touching a record high of $119.90, crude oil futures on the New York Mercantile Exchange retreated to $118.90 per barrel, still up from a previous close of $118.52 per barrel.[1] West Texas Intermediate touched $110.39 per barrel in overnight trade before trading at $118.70 per barrel, a gain of 18 cents over Friday'''s close in afternoon trade on the New York Mercantile Exchange, while Brent crude added 38 cents to $116.72 per barrel on the ICE Futures Europe exchange in London.[24] Light, sweet crude for June delivery on the New York Mercantile Exchange was recently up 79 cents, or 0.7%, at $119.31 a barrel after climbing as high as $119.93 shortly after trading resumed after the weekend.[25] Crude oil for June delivery dropped $3.12, or 2.6 percent, to settle at $115.63 a barrel at 2:58 p.m. on the New York Mercantile Exchange, the lowest close since April 17. It was the biggest one-day decline since March 31.[11]
The two-day walkout by around 1,200 workers at Grangemouth, west of Edinburgh, pushed New York oil to a record of $119.93 a barrel on Monday. The decision by the workers to end their industrial action at 0500 GMT Tuesday caused New York's light sweet crude for June delivery to ease 22 cents to $118.53 a barrel.[26] New York's main oil futures contract, light sweet crude for June delivery, closed 23 cents higher at $US188.75 a barrel.[27] New York's main oil futures contract, light sweet crude for delivery in June, touched 119.93 dollars a barrel in electronic deals and was later trading in Asia 86 cents higher at 119.38 dollars.[28]
Crude oil futures climbed to a new peak yesterday near $120 a barrel after a strike at the Grangemouth refinery forced BP to close a pipeline, while rebel attacks in Nigeria also fanned concerns about supply disruptions. [8] An escalation in attacks by militants in the Niger Delta and a strike by Exxon Mobil Corp. workers are playing havoc with oil production in Nigeria at a time when worries about tightening global supply have sent the price of benchmark crude close to a record $120 a barrel.[29] Crude oil price could hit $125 per barrel if the workers of Mobil Oil Nigeria Plc do not call off their strike, international experts have said.[5] Today oil so far recorded an all time high of $119.93 per barrel as the output in Nigeria declined by 50% since April 25 due to what we mentioned above, which is adding to economies inflationary pressure as oil prices continue to rise. Oil prices rally is also supported by the weakening dollar in which investors enter crude oil markets as a hedge against inflation and the falling greenback as it becomes cheaper for foreign investors as they hold a stronger currency.[9]
Militant attacks on oil infrastructure have also cut production of Nigeria's light, sweet crude, which is easily refined. After years of attacks, Nigeria's output is dropping and the country can produce only about 75 percent of its official capacity of 2.5 million barrels per day. "Nigeria's always a factor in oil prices, it's always had an ongoing issue with oil outages, but we're seeing a bit of an increased activity in militant attacks," Pervan said. "They'll keep a high floor on the price."[30] Demand is high for Nigeria's light, sweet crude, which is easily refined. After years of militant attacks, however, Nigeria's output is dropping and the country can produce only about 75 percent of its official production capacity of 2.5 million barrels per day. This week, the oil market is also expected to closely watch the outcome of the U.S. Federal Reserve's policy meeting on Tuesday and Wednesday.[31]
The losses bring U.S. oil down from Monday's record of almost $120 a barrel ''' a peak hit on supply disruptions from Nigeria and the North Sea. Mike Wittner, head of oil market research at Soci''t'' G''n''rale, said: "The dollar has got stronger and that has been offsetting the impact of these outages." The dollar rose to its highest against the euro in almost a month as hopes grew that the Federal Reserve would soon turn its attention to inflation.[32] Oil rose more than $2 a barrel on BP Plc's plans to shut down a North Sea pipeline, plunging Nigerian output and after a ship carrying U.S. cargo fired warning shots at Iranian boats.[7] London's Brent crude lost 62 cents to $116.12. MarketWatch reports : BP Plc said Tuesday that it expects to resume normal throughput at its 700,000 barrel-a-day Forties crude oil pipeline system in the North Sea within several days.[33] April 29 (Bloomberg) -- Crude oil fell as BP Plc prepared to start the Forties North Sea pipeline after a two-day shutdown and as the U.S. dollar strengthened, limiting the appeal of commodities as an inflation hedge.[19]
Separately, BP PLC said Apr. 25 it would close a 700,000 b/d North Sea oil pipeline because of a pending strike at Ineos Group Holdings PLC's 195,700 b/d Grangemouth, Scotland, refinery because that plant provides electricity and steam to the North Sea's Forties Pipeline System. That, in turn, will force the shut in of more than 50 North Sea oil fields with which that pipeline is connected.[34] The BP Plcs Forties pipeline system was closed on Sunday after workers at a refinery in Scotland entered a two-day labor strike yesterday. The pipeline is located in the North Sea and supplies 40 percent of the oil produced in the U.K. and 25 percent of its gas.[17] The strike forced BP PLC to close a 700,000 b/d North Sea oil pipeline because the refinery provides electricity and steam to the North Sea's Forties Pipeline System that connects with some 70 North Sea oil fields.[35]
BP Plc closed the Forties Pipeline System, carrying 40 per cent of the U.K.' s oil production, after a strike at the Grangemouth refinery in Scotland cut power supplies.[5] A two-day strike at a refinery in Grangemouth, Scotland, that began today has forced energy giant BP to shut down the neighbouring Forties pipeline which supplies 40 per cent of Britain's oil and gas. It is the first time in more than 70 years that a strike has forced the closure of a British refinery.[27] In Britain, a strike at a Scottish refinery in Grangemouth, west of Edinburgh, has forced energy giant BP to shut down the neighbouring Forties pipeline which supplies 40 percent of the country's oil and gas. Around 1,200 workers are staging a two-day walkout, which began on Sunday, in a dispute over proposed changes to their pension rights.[36] The BP Forties pipeline that carries 40 percent of the U.K.' s oil output was closed April 27 during a two-day strike at the Grangemouth refinery. The dollar is headed for its first monthly advance against the euro this year.[12]
In Britain the 700,000-barrel-per-day (bpd) Forties North Sea crude oil pipeline remained closed on Monday due to a strike at the 210,000 bpd Grangemouth refinery over pensions.[15] A two-day strike at the Grangemouth refinery in Scotland forced the closure of a major pipeline that transports 700,000 barrels a day of North Sea crude -- just under half the U.K.' s total production.[29] Separately, a major North Sea oil pipeline that was forced to shut because of a strike at a refinery in Scotland isn't expected to be fully operational until the end of the week, further fueling uncertainty. Exxon said its Nigerian production was closed, and has declared force majeure, meaning it is unable to meet its contractual obligations for crude deliveries -- a sign of the acuteness of the Nigeria crisis.[29] BP workers walked out of a British refinery Monday, closing a refinery that delivers about one-third of England's oil from the North Sea. Though BP said its pipeline could be up and running when the strike ends Tuesday, the refinery may not return to full production until next week. "This is a significant event," said Stephen Schork, publisher of the oil trading newsletter The Schork Report. "The consumer market in Great Britain is going to have to get their oil elsewhere, which is going to affect the global market."[21] Affecting the prices were the news that workers at Grangemouth oil refinery returning after a 48-hour strike which disrupted fuel supplies and halted much of the UK's North Sea oil production.[37]
VIENNA, Austria (AP) — Oil prices hit an all-time high near $120 a barrel Monday after a weekend refinery strike closed a pipeline system that delivers a third of Britain's North Sea oil to refineries in the U.K.[31] "Supply worries have pushed oil prices higher since Friday, and will remain the dominant influence on prices in the near term," said David Moore, a commodity strategist at the Commonwealth Bank of Australia in Sydney. Britain on Sunday shut down a North Sea pipeline which supplies 40 percent of its oil and gas, sparking panic-buying of petrol after a strike at a major refinery.[28] OIL prices hovered near record highs today as a strike at a Scottish refinery slashed North Sea output and heightened global supply concerns, traders said.[27]
SINGAPORE (AFP) — World oil prices hit an intraday record near 120 dollars a barrel on Monday after the shutdown of a major North Sea pipeline added to supply worries, analysts said.[28] "Crude hit record highs of 119.93 dollars amid supply disruptions in Nigeria and the North Sea which have underpinned oil prices since Friday and are likely to continue influencing the market in the short term," said Sucden analyst Nimit Khamar.[36]
Crude prices were steady on Monday retreating from a new record high near $120 a barrel in overnight trading, as concerns on supply disruptions appeared after a major pipeline in the U.K. was closed and an oil terminal was attacked in Nigeria.[17] Although supply worries pushed oil prices close to a record of $120 per barrel on Monday, the real guide to crude for the rest of the week could be the United States Federal Reserve. The American central bank is due to meet on Tuesday and Wednesday to decide its next move on monetary policy, which could have an impact on oil prices.[1]
The contract gained $0.23 while closing at $118.75 as it records a low of $118.16 per barrel. As the U.S. dollar stabilizes out against major currencies due to predictions that the Feds will finally stop cutting their rates, crude prices slightly decline as investors start locking in on profits. While crude prices are currently dipping, consumers' fears start to ease as they feel that prices are finally stabilizing.[4]
The contract rose to a record $119.93 a barrel yesterday after the Forties pipeline closed and as Exxon Mobil Corp. workers stayed off the job in Nigeria, where production has dropped 50 percent since April 25.[38] Militants have kidnapped oil workers and attacked infrastructure, while the Nigerian government has fueled instability by saying it wants to renegotiate contracts with oil firms. Shell took a $716 million write-down related to its Nigerian operations last year, blaming unrest and the Nigerian government's failure to pay its share of funding for oil joint ventures. In a statement Monday, MEND said its attack on a pipeline last Thursday had forced Shell to cut production by 350,000 barrels a day.[29]
The combined loss of more than 2 million barrels a day of production was the biggest blow to global supplies since hurricanes Katrina and Rita devastated the Gulf of Mexico's energy infrastructure. Both regions affected last week provide high-quality oil, which can produce more gasoline per barrel. BP said that it could restore full production to its 700,000 barrel-a-day Forties pipeline system in the North Sea over the next few days.[39] The refinery provided power and steam to the North Sea Forties pipeline which was affected and had to close, disrupting supplies of 700,000 barrels a day representing about 40 percent of U.K. production.[18]
Workers returned to the Grangemouth oil refinery in central Scotland on Tuesday. Power and steam were restored to the Forties Pipeline, but BP spokesman Richard Grant said it would take several days to safely get it back up to its capacity of 700,000 barrels of crude a day.[30] BP PLC on Sunday shut down the Forties Pipeline System that carries more than 700,000 barrels of oil a day to the U.K. because of a 48-hour walkout by employees at a refinery in central Scotland.[31] BP PLC (BP) shut down the 700,000 barrel-a-day Forties oil pipeline on Saturday, after a strike at a refinery in Scotland deprived the pipeline system of power and steam. The Nigerian strike has forced Exxon Mobil Corp. (XOM) to halt some, or possibly all, of its 800,000 barrel-a-day production in the country.[40] Prices are 76 percent higher than a year ago. Ineos Group Holdings Plc resumed production at its Grangemouth refinery yesterday after workers ended the strike which shut the BP pipeline and disrupted fuel supplies across Scotland.[12] Brent crude for June settlement fell as much as $2.33, or 2 percent, to $114.41 a barrel on London's ICE Futures Europe exchange. It was at $114.74 at 1:48 p.m. London time. Ineos Group Holdings Plc resumed operations at its Grangemouth refinery complex after workers ended a two-day strike.[13] Brent crude for June settlement rose as much as $1.16, or 1 percent, to $117.50 a barrel on London's ICE Futures Europe exchange and was trading at $116.75 a barrel at 1:31 p.m. in London. It reached a record $117.56 on April 25.[3] Brent crude futures rose to 26 cents or 0.22 percent to $116.53 a barrel on the London ICE Futures Exchange. This article is copyrighted by International Business Times.[17] Brent crude for June settlement was at $113.45 a barrel, up 2 cents, at 12:03 p.m. in Singapore after falling $3.31, or 2.8 percent, on London's ICE Futures Europe exchange yesterday. That was also the biggest drop since March 31 and the lowest close since April 17.[12] Brent crude futures rose 65 cents to $116.99 a barrel on the ICE Futures exchange in London. Associated Press writers Gillian Wong in Singapore and Jamey Keaten in Paris contributed to this report.[31]
NEW YORK - Crude futures fell more than $3 a barrel on Tuesday as the North Sea pipeline restarted operations and the dollar gained strength versus the euro.[18] HOUSTON, Apr. 29 -- Crude prices hit a new intraday high of $119.93/bbl Apr. 28 on the New York futures market, with strikers at Ineos Group Holdings PLC's 195,700 b/d Grangemouth, Scotland, refinery scheduled to return to work Apr. 29, ending a 2-day strike.[35] LONDON (SHARECAST) - Supply jitters following a two-day strike at the Grangemouth refinery in Scotland sent crude oil to a new high of $119.93 on Monday.[20] The cost of a barrel of oil yet again hit unprecedented levels yesterday, nudging tantalisingly close to the $120 mark, as the strike at Scotland's Grangemouth refinery and worries about output from Nigeria, Russia and other producers rattled traders.[41]
HOUSTON, Apr. 28 -- Crude prices shot up Apr. 25 following reports of a pipeline attack in Nigeria and indications of a pending strike by refinery workers in Scotland. The Movement for the Emancipation of the Niger Delta (MEND) said its fighters hit an oil pipeline Apr. 24 in Nigeria - the fourth such attack within a week.[34] In other news, a workers strike against ExxonMobil Corp. in Nigeria earlier forced that company to shut in some 800,000 b/d and to declare force majeure on disrupted deliveries. That strike "is not yet over but our bias is turning from neutral to a resolution as the parties are to meet again today in Abuja," Jakob said. The Movement for the Emancipation of the Niger Delta (MEND) said its fighters hit an oil pipeline Apr. 24 in Nigeria and forced Royal Dutch Shell PLC to shut in another 350,000 b/d of crude production.[35] Oil futures rose Friday on the anticipated outage of a major North Sea oil pipeline, as well as a labor strike and increased militant attacks that had shut in production in Nigeria.[40] Oil grades from the North Sea and Nigeria, Africa's biggest producer, are low in sulfur and favored by refiners. Nigeria is losing about 50 percent of its output after staff at Exxon Mobil Corp.' s operations went on strike April 24 and militants attacked a Royal Dutch Shell Plc pipeline later the same day.[3] The price would suggest the market is very tight." Nigeria is losing about 50 per cent of its output after staff at Exxon Mobil's operations went on strike last Thursday and militants attacked a Royal Dutch Shell pipeline on the same day.[10]
The attacks on Shells pipelines had reduced flows of crude by 140,000 barrels a day - Nigerias oil Minister H. Odein Ajumogobia said- and the Exxon Mobil strike is cutting about 765,000 barrels a day, according to union projections.[17] "If we start to see a bottoming out in the U.S. dollar and we could see that hedge against the falling dollar dissipate and people taking profits,'' said Mark Pervan, a senior commodity strategist at Australia & New Zealand Banking Group Ltd. in Melbourne in an interview with Bloomberg Television. A senior oil workers union in Nigeria, Africa's largest producer, continued its strike against a unit of Exxon Mobil Corp. for a sixth day, halting 860,000 barrels a day.[13] "There won't be a major retracement in the near term because of supply disruptions, specifically in Nigeria.'' A senior Nigerian oil workers' union continued its strike against a unit of Exxon Mobil Corp. for a sixth day, halting 860,000 barrels a day.[11]
The finely-balanced supply-demand outlook has made prices sensitive to any supply disruptions. Exxon Mobil has had to shut nearly all of its Nigerian oil production, totaling around 770,000 barrels per day, due to a strike.[15] Prices are also under pressure after Nigerian unions started talks with Exxon Mobil (XOM.N: Quote, Profile, Research ) to end a six-day strike that shut in 800,000 barrels per day (bpd) of production, and on expectations of a rise in weekly U.S. crude stocks.[16]
Since the Fed began to cut interest rates last summer as a result of the crisis affecting financial and housing markets, crude has jumped 43 percent and the dollar has fallen 12 percent against the euro. Crude supplies from Nigeria have significantly fallen as Exxon Mobil stopped production due to a strike, however union leaders restarted talks with the company today to put an end to the outage that is entering its sixth day.[18]
The refinery strike is set to end Tuesday, which could lead to the quick return of Forties crude. The Federal Reserve is also due to meet this week, without a clear consensus in the market as to how it will alter interest rates further after the expected small cut Wednesday.[40]
NEW YORK (CNNMoney.com) -- Oil and gasoline prices continue to soar Monday as worker strikes, political turmoil, and speculation of a rate cut by the Federal Reserve rocked a market that does not need much of an excuse to trade higher.[21] Prices for crude oil spiked to a new high in New York Monday on closures due to strikes in Scotland and Nigeria and on threats of more militant action against oil facilities in Nigeria.[24]
London Brent crude was up 43 cents at $116.77. "Continued attacks in Nigeria and refinery closures in Scotland. may see the U.S. target $121-122 a barrel this week, with longer-term charts all pointing to $130 or higher," said Ben Coleman, senior commodities trader at TradIndex. Crude prices have surged more than fivefold since 2002 as global supplies struggle to keep pace with rising demand in emerging economies, such as China.[15] Nymex crude futures the previous day rose to a record $119.93 a barrel as labor actions in Nigeria and Scotland threatened crude supplies.[30] Brent North Sea crude for June delivery rose 72 cents to $117.06 a barrel after rising $2.00 to $116.34 on Friday, when the contract hit a record intraday peak of $117.56.[42] Brent North Sea crude for June delivery rose 72 cents to 117.06 dollars a barrel after a rise of 2.00 dollars to 116.34 dollars on Friday, when the contract hit a record intraday peak of 117.56 dollars.[28]
New York's main oil futures contract, light sweet crude for June delivery, jumped to 119.93 dollars on Monday, beating last Thursday's previous peak of 119.90. [36] Light, sweet crude for June delivery settled down $US3.12, or 2.6 per cent, at $US115.63 a barrel on the New York Mercantile Exchange, in the biggest single-day drop since March 31.[39] Light, sweet crude for June delivery on the New York Mercantile Exchange fell $1.89 to $116.86 a barrel in electronic trading by the afternoon in Europe.[30] Light, sweet crude for June delivery sank $3.12, or 2.6%, to settle at $115.63 a barrel on the New York Mercantile Exchange, in the biggest single-day drop since March 31.[43]
Energy prices The June contract for benchmark U.S. sweet, light, crudes gained 23¢ to $118.75/bbl Apr. 28 on the New York Mercantile Exchange.[35] The front-month June contract on the New York Mercantile Exchange was trading $2.35 lower at $116.40 a barrel.[44] The contract closed 2.46 dollars higher at 118.52 dollars a barrel on Friday at the New York Mercantile Exchange.[28]
COPPER: Prices on the Comex division of the New York Mercantile Exchange rose, but gains were subdued as traders await a decision on interest rates from the Federal Reserve.[29]
At the same time the dollar rise versus the euro has weighed on crude futures. The European currency was valued at $1.5560 compared to $1.5640 late Monday. The U.S. Federal Reserve will probably reduce its interest rate by 0.25 percentage points to 2 percent on Wednesday.[18] Energy contracts across the board saw some of the steepest losses in a month as the U.S. dollar strengthened against the euro for the fourth time in five sessions. The U.S. dollar is seen strengthening further over the coming weeks, as many in the market now believe the Federal Reserve will take a break from cutting its benchmark interest rate after making an expected quarter-point reduction later this week.[39] The U.S. Federal Reserve may halt further interest rate cuts after an expected 25 basis point reduction tomorrow. That may support the dollar, reducing the appeal of commodities as a hedge against inflation. "Really only one show in town this week and that's the Fed and the dollar,'' said Rowan Menzies, head of research at Commodity Warrants Australia Ltd. in Sydney.[38]
A rate cut tomorrow would temporarily weaken the U.S. dollar, "which may lend support to commodities like oil, but it may only be a short-term reaction," said Tom Bentz, a broker and analyst at BNP Paribas Commodity Futures in New York.[39] SAN FRANCISCO (MarketWatch) -- Crude-oil futures fell more than $3 Tuesday, as strength in the U.S. dollar and news that BP's Forties pipeline will restart operation within days pressured energy prices.[45]
Crude futures in New York dropped $3.12, or 2.6 percent, to settle at $115.63 a barrel. It was the biggest one- day decline since March 31.[12] Western economies are facing a sharp downturn thanks to the credit crunch, which ought to reduce industrial and consumer demand and take some of the wind out of prices. That compares with yesterday's record $119.93 in New York. Recent highs are being sustained not by economic fundamentals, but by financial market speculation, he argues, raising expectations of a sharp reversal in prices. With credit derivatives horribly tainted by the sub-prime debacle, fund managers have been looking for safer homes for their cash, pouring it into commodities ranging from Brent crude to wheat futures.[41]
U.S. light crude for June delivery CLc1 fell 13 cents to $115.50 a barrel by 10:25 p.m. EDT, deepening Tuesday's over $3 or 2.6 percent slump to stand well below Monday's $119.93 record high.[16] U.S. light crude for June delivery rose 81 cents to 119.33 dollars, after striking a lifetime high of 119.93 dollars a barrel at the start of Globex electronic trade.[2]
After a firming trend during the week, crude oil on Friday retreated to $115 a barrel as a stronger dollar extended a sell-off and investors shifted cash to equities, but concerns over supply constraints limited losses. [46] The major indices are heading sideways, as neither buyers nor sellers are showing much conviction. Telecom (+0.8%) is leading the way, and has now rebounded an impressive 13% from its 52-week low. Telecom is still the worst performing sector this year, with a 12% decline. Crude oil has extended its losses, and is now down 3.0% to $115.18 per barrel.[47]
The Forties pipeline, which depends on the Grangemouth refinery for power, brings more than 700,000 barrels of crude oil ashore daily and supplies Britain and international markets.[27] The Forties pipeline brings more than 700,000 barrels of crude oil ashore every day and supplies Britain and international markets. It cannot function without power and steam from Grangemouth.[36]
Output levels would be determined by directions from BP PLC (BP), operator of the 700,000 barrel a day Forties Pipeline System, or FPS, which transports Forties crude from dozens of offshore fields, the Apache official said. The FPS is restarting after a shutdown this weekend and should reach full throughput within several days, BP said earlier Tuesday.[48] Oil prices eased as a strike that caused the closure of BP Plc's 700,000 barrel-a-day Forties Pipeline System will end today.[38]
Hundreds of workers at Scotland's only oil refinery began a 48-hour strike on Sunday, forcing BP to shut a pipeline system that delivers almost a third of Britain's North Sea oil.[2] Workers at Ineos' Grangemouth refinery in Scotland ended two-day strike, signaling the eventual restart of the 700,000 barrel-a-day North Sea Forties Pipeline System, or FPS.[44] Meanwhile BP was forced to shut the Forties Pipeline System after a workers strike at Grangemouth refinery in Scotland in protest over pensions.[23] The start of a two-day walkout by around 1,200 workers at the Grangemouth refinery, west of Edinburgh, in Scotland, forced the neighbouring Forties pipeline to close down at the same time, operator BP (nyse: BP - news - people ) said.[42] BP said it had completed the closure of the Forties Pipeline System when 1,200 workers at the Grangemouth refinery in central Scotland walked off the job over pension issues.[2]
The refinery, parts of which are 70 years old, has never been completely shut down before and could take weeks to restart, Ineos said. BP's 700,000 barrels-a-day Forties Pipeline System was brought offline because its Kinneil gas-processing plant, which relies on steam and power generated at the Grangemouth refinery, won't have access to these crucial utilities during the strike.[25] The Grangemouth refinery reopened from a two-day strike that had shut down a pipeline that carries about half of Britain's crude supply.[49]
The 700,000-bpd Forties North Sea crude pipeline, which carries nearly half of UK's oil, was shut down due to strike.[26] "With the refinery being shut down, it will affect supplies from the North Sea and that has a potentially significant impact," said David Moore, a commodity strategist with the Commonwealth Bank of Australia in Sydney. "That comes at the same time that there's production disruptions from Nigeria, so the combined effect of those is the immediate factor that's put pressure on oil prices."[31] Crude oil shed gains accumulated over the previous two sessions on production outages in the North Sea and Nigeria.[39]
Alan Duncan, the British Conservative party's industry spokesman, warned that the closure would hit world oil prices. "The interdependence of our North Sea oil production and the refinery. has implications for global oil prices," he told Sky News television.[28]
The pipeline brings in 700,000 barrels of oil a day from the North Sea to BP's Kinneil plant, which is powered from the Grangemouth site.[2] The North Sea and Nigeria produce low-sulfur, or sweet, oils prized by refiners. U.S. refineries usually bolster fuel output in May as they prepare for the peak-demand summer driving season. The Nigerian militant group, the Movement for the Emancipation of the Niger Delta, said it will continue its campaign to attack every oil and gas pipeline in the nation as part of its "Operation Cyclone'' campaign.[38]
Royal Dutch Shell (nyse: RDSA - news - people ) is the largest oil operator in Nigeria, accounting for about half of the country's 2.1 million barrels per day output. The company has seen a wave of attacks on its facilities in recent months.[42] Nigeria is also another hotspot for supply worries at the moment, following the latest attack on a Royal Dutch Shell (nyse: RDS.A - news - people ) pipeline on Thursday. Armed militants in the south of the country confirmed on Friday they had sabotaged the pipeline, threatening supplies of valuable, easy-to-refine, light, sweet crude. "It is the wrong kind of oil to lose," said Global Insight's Wardell. He told Forbes.com that supply pressures would make building up reserves more difficult in the short-term.[1]
U.S. crude oil futures rose sharply Friday, lifted by supply disruptions in Nigeria and Britain and news that a ship hired by the U.S. military fired warning shots at approaching boats in the Persian Gulf.[14] "We've got a confluence of a number of events that have really disrupted crude oil supply," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. "That's what's driving oil to a new record even though the U.S. dollar actually strengthened a bit."[31] CRUDE oil futures closed near a two-week low in a general exodus from commodities fuelled by the strengthening U.S. dollar.[39] "Concerns about U.S. gasoline supply are underpinning the crude oil futures market," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. "It seems U.S. refineries have had a lot of bad luck recently.[22]
LONDON (Dow Jones)--Crude oil futures fell over $2 a barrel in London Tuesday as fears over U.K. supply eased and the dollar strengthened.[44] OPEC President Chakib Khelil blamed the fall in the U.S. dollar for high prices and did not rule out prices rising to $200 a barrel. "Without geopolitical problems and the fall in the dollar, the prices of oil would not be at this level," he told the Algerian newspaper El Moudhajid.[6] "The dollar's movement is now the biggest factor in moving oil prices rather than supply and demand," said Lee Moon-bae, an analyst at Korea Energy and Economy Institute (KEEI). Ahead of the Fed, traders will be looking towards weekly U.S. inventory data for signs of gasoline stocks extending their recent steep declines ahead of the summer driving season, and whether crude inventories keep steady despite OPEC curbs.[16] With equity markets in turmoil, the investments currently benefiting from dollar desertion are commodities like crude oil. "That has actually been the case over several months--the Fed seems to have a disproportionate impact on the oil price," said Simon Wardell, analyst with Global Insight, "with the impact of the dollar and the outlook for it." He acknowledged that supply worries were mainly behind Monday's early jump in oil prices.[1]
In addition to that, 5 police officers were killed by unknown gunmen in oil-rich southern Nigeria which only added to supply fears of consumers while boosting crude oil prices.[9]
"The supply losses from the Forties pipeline and Nigeria are fairly substantial and are likely to have large physical consequences, which could push crude prices above the psychological $US120 mark," said Sucden analyst Nimit Khamar.[27] The Exxon strike, combined with militant attacks between April 17 and April 25 on crude-oil pipelines operated by Royal Dutch Shell Plc, have shuttered about half of Nigeria's current production, H. Odein Ajumogobia, Nigeria's petroleum minister of state, said last week. "When you've got a market that's very sensitive to supply shocks, this is what's holding prices up,'' said ANZ's Pervan.[38] The attack came just two days after a strike and attacks by rebels forced Nigeria's two largest oil firms Exxon Mobil and Royal Dutch Shell to shut some production.[2] Investors are still fretting over production losses in Nigeria, Africa's biggest crude supplier, after a spate of militant attacks on oil installations in the country and a strike at ExxonMobil's affiliate there.[49] The production of crude oil in Nigeria was halved yesterday because of the strike at Exxon.[50]
Militant attacks on oil infrastructure have also cut production of Nigeria's light, sweet crude, which is easily refined.[14] Royal Dutch Shell PLC confirmed an attack on a joint venture pipeline but provided no additional details. Shell officials said an earlier attack cut its Nigerian oil production by 170,000 b/d. Other reports said workers at a Nigerian joint venture involving ExxonMobil Corp. cut production by an unspecified amount in a pay dispute.[34] The strike, combined with a one-week spree of militant attacks against four crude-oil pipelines operated by a Royal Dutch Shell Plc venture, has cut Nigerian oil output by about 50 percent, allowing Angola to overtake it as Africa's biggest oil producer.[11]
Royal Dutch Shell Plc, Europe's biggest oil producer, said profit rose 25 percent to $9.08 billion. Futures contracts on the Chicago Board of Trade show an 82 percent chance the Fed will trim its target for overnight lending between banks by 0.25 percentage point to 2 percent tomorrow.[11] The contract touched a record $117.56 April 25. Futures contracts on the Chicago Board of Trade show an 80 percent chance the Federal Reserve will cut its target for overnight lending between banks by 0.25 percentage point to 2 percent today and odds of 70 percent that the rate will be held at that level in June.[12] The contract touched an intraday record of $117.56 on April 25. Futures contracts on the Chicago Board of Trade show there's a 78 percent chance the Fed will trim its target for overnight lending between banks by a quarter point to 2 percent tomorrow.[38]
Hedge fund managers and other large speculators increased bets on rising oil prices for a third time in the week ended April 22, according to data from U.S. Commodity Futures Trading Commission. Speculative long positions, or bets prices will rise, outnumbered short positions by 70,562 contracts, a 6 percent gain, the Washington-based commission said in its Commitments of Traders report. This is the highest since the week ended March 21.[3] In other Nymex trading, heating oil futures settled 2.44 cents higher at $1.9135 a gallon, while natural gas prices rose 32.3 cents to settle at $7.831 per 1,000 cubic feet. Associated Press Writers George Jahn in Vienna, Austria, and Gillian Wong in Singapore contributed to this report. This material may not be published, broadcast, rewritten, or redistributed.[22] In other Nymex trading, heating oil futures were flat at $3.310 a gallon while gasoline prices moved up slightly to fetch $3.0568 a gallon.[31]
NEW YORK-- Oil prices pushed above $66 a barrel Friday after Saudi Arabia announced the arrests of 172 Islamic militants, some of whom planned to attack oil fields. [22]
The contract rose by 2.1 per cent to $US118.52 a barrel on Friday when the Scottish refinery strike and pipeline closure were announced.[10] Copper added 2 cents to $3.93 per pound in New York as investors worried about supply issues in light of continuing mine closures due to strikes in Chile.[24] June gold added $6 to $895.70 per troy ounce in New York as investors looked for hedges against inflation, while July silver was up 19 cents to $17.15 per troy ounce and July platinum added $10.60 to $1,978.60 per troy ounce.[24]
Nymex May gasoline futures dropped 2 cents to $3.03 per gallon and June heating oil traded about even at $3.29 per gallon while June natural gas added 23 cents to $11.34 per million British thermal units. [24] June Brent crude on the ICE futures exchange traded 2 cents lower at $116.32 a barrel.[40] Brent crude for June settlement fell $US3.34, or 2.9%, to $US113.40 a barrel on London's ICE Futures Europe exchange.[51] At 1258 GMT, the front-month June Brent contract on London 's ICE futures exchange was down $2.40 at $114.34 a barrel.[44]
June Brent crude on the ICE futures exchange settled $3.31 lower at $113.44 a barrel.[37] June Brent crude on the ICE futures exchange settled down $US3.31 at $US113.44 a barrel.[39]
U.S. crude futures fell $3.55 to $115.20 a barrel, while London Brent crude fell by a similar amount to $113.19.[32]
Some traders are predicting that, barring a significant shift in global supply or demand, U.S. benchmark crude could exceed $150 a barrel by the end of the year.[29]
Nymex crude is also now off 3.6 per cent from the record $US119.93 a barrel set Monday.[39] The May crude oil contracts were higher by 3% to trade at Rs 4,674 per barrel, up by Rs 142 over previous week.[46] Mumbai, Apr 27 MCX crude oil futures prices continued to rule firm on the week ended on Friday.[46] Crude oil futures closed near a two-week low Tuesday fueled by the strengthening dollar.[37]
If, as expected, the Fed lowers a key interest rate by another quarter percentage point and signals that it will temporarily hold off on any future rate cuts, the dollar could strengthen, and oil might fall.[14] Though the central bank cuts interest rates to boost the economy, rate cuts are also inflationary, weakening the dollar and sending oil prices higher.[21]
"Oil fell on the back of the Grangemouth refinery strike ending and the dollar showing some strength as the U.S. interest rate easing is about to stop,'' said Jonathan Kornafel, the director for Asia at Hudson Capital Energy in Singapore.[12] Oil slipped after reaching a record near $120 yesterday on profit taking and as the Grangemouth refinery strike ended in Scotland.[49] The pipeline was closed down on Saturday due to a two-day strike by workers at Ineos PLC's Grangemouth oil refinery in Scotland.[33] Grangemouth oil refinery workers walk past the refinery during the first day of strike action by staff at the Ineos refinery in Grangemouth, central Scotland April 27, 2008.[2] A petrol station in Edinburgh shows a no fuel sign during the first day of strike action at the Ineos oil refinery in Grangemouth, central Scotland April 27, 2008.[2]
BP is waiting for the Grangemouth refinery in Scotland, closed by a strike, to resume power and steam supplies and aims to start the pipeline later today, spokeswoman Joanne McDonald said. The U.S. currency headed for its first monthly advance versus the yen and euro since December as traders increased bets the Fed will stop reducing borrowing costs after tomorrow.[19] The pipeline closed April 27 during a two-day strike at the Grangemouth refinery, which supplies the network with power.[51]
The strike concluded Tuesday morning, and the refinery is restarting as planned. A separate strike in Nigeria forced Exxon Mobil to halt its energy operations in the country starting on Friday, and the company had shut-in 800,000 barrels a day of production by Monday. [39] In Nigeria, workers at an Exxon Mobil Corp. joint venture cut production by an unspecified amount to demand more pay. The company notified clients it may not be able to meet its contractual obligations to supply oil, but said some production was not affected.[30] A walk-out by Exxon Mobil Corp. workers entered a fifth day in Nigeria, where production has dropped 50 percent since April 25.[3] A walkout by Mobil workers entered a fifth day in Nigeria, where production has dropped 50 per cent since April 25, Bloomberg reported.[5]
Niger Delta rebels have said an April 24 pipeline attack had shut down a further 350,000 barrels per day of production by Royal Dutch Shell.[15] In Nigeria, Royal Dutch Shell said militant rebel attacks forced the closing of pipeline which pump 164,000 barrels per day.[18]
Last week, Shell said it had reduced output by 165,000 barrels per day following the sabotage of pipelines to the Bonny export terminal in southern Nigeria.[27] A previous bombing raid had hit 169,000 barrels per day of Shell's Nigeria output, the company said last week.[15]
A spokesman for Mobil Producing Nigeria (MPN) said the company was attempting to open talks with the strikers. He would not disclose the volume of the loss. Its production is normally about 780,000 barrels per day.[27]
Militant attacks last week cut Royal Dutch Shell production by at least 170,000 barrels a day.[39] If true, that would mean that roughly 1.8 million barrels a day was shut in -- nearly three-quarters of the country's production capacity. Shell already had been forced to shut in 169,000 barrels a day of production after another attack earlier this month.[29]
Recent attacks on Shell-run pipelines, including the latest one, are cutting oil flows by about 140,000 barrels a day, the country's Oil Minister H. Odein Ajumogobia said April 25.[3] Three rebel attacks have assailed Shell's pipelines in the West African country during the past 10 days. Though Nigeria is Africa's largest oil producer and No. 11 in the world, its prospects have been harmed by clashes between government forces and rebels of the Movement for the Emancipation of the Niger Delta.[29]
Analyst Stephen Schork also attributed the bullish market to the combination of events stoking supply concerns. "News that BP shut-in 40 percent of the Forties Pipe compounded the latest headline out of Nigeria regarding a rebel attack near that country's largest oil and gas export terminal on Bonny Island," he said in his Schork Report.[31]
Gloomy economic news in the U.S. and forecasts that U.S. crude inventories have gained for a second week also weighed on Tuesday's oil prices.[37] The Scottish refinery is expected to be back up and running by next week. Meanwhile expectations that the Federal Reserve will cut rates again later this week also ramped up oil prices.[20] Oil traders are also closely watching the Federal Reserve's policy meeting on Tuesday and Wednesday. Most economists have forecast a quarter of a percentage point cut to its key funds rate, which has helped to boost oil prices lately.[21]
Crude prices were also coming under pressure as a result of the "dollar strengthening and investors' expectation the Federal Reserve might not cut rates and keep things steady," said Simon Wardell, analyst at Global Insight in London.[44]
Strikes that cut crude supplies from the North Sea and Nigeria supported prices Monday.[14] In London, Brent North Sea crude for June rose 40 cents to settle at $US116.74, after striking an all-time high of $US117.56 on Saturday.[27] London's Brent North Sea crude for June rose 22 cents to 116.56 dollars on Monday after striking an all-time high of 117.56 dollars on Friday.[36]
In London, the June IPE contract for North Sea Brent crude increased 40¢ to $116.74/bbl.[35]
The contract touched an all-time intraday high of $117.56 on April 25. Helping crude on its upward march are renewed tensions between Iran and the United States as well as continued militant attacks in Nigeria which have reduced output by 50%, according to the government.[23]
Heating oil for May delivery dipped by 0.4¢ but remained essentially unchanged at an average daily price of $3.30/gal on NYMEX. The May contract for reformulated blend stock for oxygenate blending (RBOB) lost 2.3¢ to $3.03/gal.[35] Industry leaders including Opec president Chakib Khelil of Algeria now openly speculate about prices hitting $200 a barrel, while Deutsche Bank analyst Adam Sieminski talks about oil visiting a 'hypothetical extreme' of $250.[41] Industry figures including Jeroen van der Veer, chief executive of Royal Dutch Shell have said the heady cost of oil is more about 'psychology' than the balance of supply and demand. 'It's fair to say there is a lot of speculative activity which is helping to push prices up,' said analyst Simon Wardell of Global Insight. This could ultimately be reversed as 'fundamentals' reassert themselves, he added. There is good reason to fear that, even if some of the froth comes off the cost of crude, we will never return to the days of cheap oil in the 1990s and early this decade.[41] Oil prices were also lifted by remarks made by Opec president Chakib Khelil during the weekend. He said the producers'cartel will not consider increasing crude output before September, even amid investor concern that record oil prices may cause a global economic recession.[8] Oil prices fell hard when the dollar firmed significantly against the euro Thursday, but further strengthening on Friday appeared to have no impact. "Both (the Forties and dollar) developments could possibly induce a correction in energy prices later in the week, but for now the trend appears higher still," wrote Ed Meir with MF Global.[40] Oil prices fell Tuesday as a supply disruption in Britain was expected to be resolved soon and as the U.S. dollar strengthened further against the euro.[30] Oil traders and analysts point to Nigeria and continued skittishness over the U.S. dollar to buttress the argument that the market is predominantly bullish and that prices could keep rising.[29] LONDON (AFP) — Oil prices hit a historic peak close to 120 dollars on Monday as energy supplies were disrupted in Britain and Nigeria, traders said.[36]
Our FX analysts expect pressure against the dollar over the coming days which, together with continued production disruptions, may push the oil price towards USD 124.[50] As the North Sea oil production approaches normal capacity, focus will veer towards the FOMC meeting at the Fed and the value of the dollar.[50] Shutting the Forties link forced 70 North Sea fields to halt production of oil and gas.[51]
'The outage is likely to result in some 100kb/d of additional production losses from the North Sea in April, which would add to the big structural output drop the region is already experiencing,' noted Barclays Capital in a research report. Some suggest that WTI's record rally may begin to ease later this week.[23]
According to reports, BP's pipeline in the North Sea is back in operation following a two-day worker strike.[47] "If the Nigerian strike isn't settled, we could easily see oil rise to $125 by the end of the week." At a meeting convened by NNPC acting GMD yesterday, he was said to have told the workers that the industrial action was not in the interest of the nation and asked them to resolve the issues through dialogue.[5]
LONDON, April 26 (Xinhua) -- Energy giant British Petroleum (BP) was shutting down a pipeline carrying nearly half of Britain's oil late Saturday ahead of a 48-hour strike over pension issues. MOSCOW, April 24 (Xinhua) -- Russian co-owners of TNK-BP dismissed Thursday rumors that they might be selling their shares in the Russian-British venture to energy giant Gazprom.[2] Ineos Chief Executive Tom Crotty said it could take a week for the plant to return to production once the strike ends on Tuesday. BP said its pipeline could be up and running within 24 hours.[31] Although BP Plc informed the Forties pipeline system was restarted the company said it will take several days to restore normal production.[18] The Forties Pipeline System was shut down by BP PLC because of a 48-hour walkout by employees at a refinery in central Scotland.[30] Supplies of power and steam to the Kinneil processing plant were restored, allowing BP Plc's Forties Pipeline System to restart, spokeswoman Joanne McDonald said. The U.S. currency headed for its first monthly advance versus the yen and euro since December as traders increased bets the Federal Reserve will stop reducing borrowing costs.[13] BP PLC, which owns and operates the Forties pipeline, said getting it running after the weekend disruption will take as long as four days.[29]
"But the fact that it may take a week or more for the oil flow to reach full capacity (has) kept any correction underpinned." BP PLC (BP) said its Kinneil oil processing plant, which relies on utilities from Grangemouth, was restarting and would enable FPS to resume normal throughput within several days.[44]
Gasoline hit a record $3.603 a gallon Monday, up four-tenths of a cent from the previous day, according to motorist group AAA. Monday's record was the 14th-consecutive record high for motor oil, despite continued weak demand. [21] OIL fell more than 3 per cent yesterday, retreating from a record high as a rebound in the dollar spurred selling and as fears over a rash of global supply disruptions began to recede.[32] Oil has risen 42 percent and the dollar has dropped 12 percent against the euro since the Federal Reserve began lowering interest rates on Sept. 18. Gold, corn, soybeans and rice also rose to records this year as the dollar dropped.[11] Lower interest rates traditionally increase inflation, weakens the dollar and boosts oil prices.[20] If the interest rates are left unchanged, crude prices will decline as investors gain more confidence in the dollar.[4] Energy investors will be closely watching the Federal Reserve's decision Wednesday on interest rates as lower rates tend to weaken the dollar.[14]
"If interest rates find a bottom, then clearly there is a lot more confidence in the U.S. dollar,'' said ANZ's Pervan.[38]
"If that's the case, then the U.S. dollar may bottom out and that could cause some pullback in oil pricing." Many analysts believe the weakness of the dollar is a bigger factor than supply and demand because the soft dollar draws investors worried about inflation into commodities such as oil. It also makes commodities less expensive for buyers operating in other currencies.[31] Prices were boosted by the weaker U.S. dollar, supply worries and the OPEC cartel's reluctance to increase output, dealers said.[28] The active copper April contract was traded higher at Rs 339.95 per kg, down by Rs 3 over previous week on a firm dollar and on some poor data from the U.S., but supply concerns in a major mine could underpin prices, analysts said.[46]
"Nigeria is the real ongoing risk that's there in the market,'' said Simon Wardell, energy research manager with Global Insight Inc. in London. "The key driver we've seen is the U.S. dollar, and as that continues to weaken the price will have this inexorable push behind it.''[3]
Traders also permanently factor some shut-in production in Nigeria and other unstable exporting countries into the price of oil, in what is known as the "risk premium."[39] The Nigerian production outages were also seen as having a fleeting impact on the market, which has grown used to occasional large-scale interruptions to the flow of West African oil. "Historically, labor strikes in Nigeria have not lasted long and we see little reason for this one to prove different," wrote analysts at Barclays Capital.[40] In Nigeria, political upheaval continues to hamper the country's oil production.[21]
"The Nigerian production is symptomatic of problems there and we expect the oil price to stay at a high level" because of the supply disruptions.[25] Oil has risen 82 percent in the last year as demand has increased in China, India and the Middle East against a background of constrained supply. Chakib Khelil, president of the Organization of Petroleum Exporting Countries, said on April 26 that the group won't consider raising production before its next meeting in September.[3]
Prices are 74 percent higher than a year ago. Prices closed above the Bloomberg Trender support line today, as they have since April 7, indicating crude oil will probably extend gains.[11] The Forties field produced 9,440 metric tons of crude oil a day in December, according to the most recent government statistics.[48] The Kinneil plant processes Forties crude oil before it can be exported by tanker.[25]
"The loss of crude oil from Scotland is quite material in the context of the oil market."[28] "Opec will not increase crude oil output," Khelil, who is also the oil minister of Algeria, said in an interview in Algiers.[8]
Crude futures jump after a refinery strike disrupts supply to U.K., retail gas hits another record. [21] Brent crude for June delivery on the ICE Futures exchange, which is the European benchmark, had bigger gains.[25] Light, sweet crude for June delivery fell $3.12, or 2.6%, to finish at $115.63 a barrel.[37] Meanwhile London Brent crude for June delivery fell 92 cents to $115.82.[49] Near-month natural gas futures for June delivery fell 48.7 cents, or 4.3%, to settle at $10.842 a million British thermal units.[37] West Texas Intermediate (WTI) for June delivery rose 23 cents to settle at $118.75/bbl.[23] Among precious metals COMEX gold for June delivery rose $5.80 to settle at $895.50 an ounce despite a stronger dollar.[20]
The contract rose 40 cents, or 0.3 percent, to settle at $116.74 yesterday, a record close.[38] Earlier the contract jumped to a record intraday high of $US119.93, marking a gain of more than 80 per cent from a year ago.[27]
The front-month contract traded as high as $119.93, a fresh all-time intraday record high, in electronic trading overnight.[40] The contract rose to $119.93 yesterday, the highest since it began trading in 1983.[13]
Earlier Monday morning, crude reached an intra-day trading record of $119.93.[21]
The average price for the Organization of Petroleum Exporting Countries' basket of 13 benchmark crudes dropped 62¢ to $110.01/bbl on Apr. 25. This year, OPEC's basket price has averaged $95.27/bbl.[34] "If that actually develops with diplomacy and so on, there's about $4 to $6 of geopolitical premium built into (the price of)crude oil right now," Cordier said.[22] 'Lower open interest and recent volume weakness potentially suggest that the rally to $120/Bbl could run of steam,' wrote Harry Tchilinguirian, senior oil market analyst with BNP Paribas. 'A correction is possible, if, for any other reason than to take a breather from the past month's gain while the window of opportunity afforded by a seasonally weaker Q2 period is still with us,' he wrote. Tchilinguirian noted that as a % of open interest, the net futures position held by speculators rose from 4.6% to 5.3%, a move which 'might seem bullish if it were not for a drop in the level of open interest,' he said.[23] BP, Europe's second-biggest oil company, posted a 63 percent jump in first-quarter net income to $7.62 billion.[11] May heating oil settled 5.23 cents, or 1.6%, lower at $3.2465 a gallon.[37] Five police were killed in Sunday's attack in the Niger Delta, where output has fallen by 50 per cent since Friday, adding to concerns about supplies. "The bulls are still in control, so it's no surprise to be near $US120 on these supply concerns," said Victor Shum, senior principal at the Purvin & Gertz energy industry consultancy in Singapore.[10] "Nigerian crude is quite good quality and the U.S. probably imports about 10 per cent to 15 per cent from them," said Tetsu Emori a fund manager at Astmax in Tokyo. "It's affecting the supply and the quality" for the refiners.[10] Soybeans were 42 cents lower to $12.83 per bushel on the Chicago Board of Trade on the possibility that farmers will plant more soybeans in the U.S. as corn planting is delayed by bad weather.[24] Natural gas futures added over 10 cents to sell at $11.072 per 1,000 cubic feet.[31] May gasoline futures settled at $2.9392 a gallon, down 9.15 cents, or 3%.[37] Gasoline futures settled up 7.1 cents on the Nymex at $2.3613 after falling earlier.[22]
Gold, silver and copper futures prices weakened during the week as gold in London tumbled to a three-week low as the dollar extended gains against the euro, eroding the appeal of the precious metal as an alternative investment. [46] Many economists are also predicting the Fed will announce it will keep rates steady, or even raise rates in future meetings, to protect against inflation. That announcement may send crude prices lower.[21] "The Fed may not cut further because of concern over the outlook for inflation in the U.S.,'' said David Moore, a Sydney-based commodity strategist at Commonwealth Bank of Australia. "It has already cut rates quite a long way and some amount of economic stimulus is already in system. It's in the early days to tell whether the cuts have worked.'' The U.S. central bank has reduced its benchmark rate six times since September by a total of 3 percentage points to 2.25 percent to avert a recession and spur lending.[12] The central bank's policymakers will meet to decide whether to lower interest rates again and to issue an updated assessment of the U.S. economy and financial system. Most investors believe the Fed will lower rates by another quarter percentage point — and that it will also suggest it may temporarily halt its round of recent cuts. "There are a lot of expectations that the Fed will make an announcement that they will take a pause in interest rate cuts," Shum said.[31] Investors have poured into commodities as insulation against the weakening U.S. dollar, which has been hit hard by aggressive Fed rate cuts over the last few months.[39]
From here you can use the Social Web links to save Oil tumbles as U.S. dollar strengthens to a social bookmarking site.[39]
Oil prices also retreated from Monday's record as the dollar strengthened against the euro.[30] "The dollar will get a short-term bullish boost from the Fed and that's going to cause the oil price to come down.''[38]
Saudi Arabia, the world's dominant oil exporter, is talking down expectations of significantly higher output in the next decade. While oil demand in mature western economies is unlikely to rise significantly, nations including China, which is growing at close to 10% a year, are 'only just beginning to hit their stride', said Sieminski. That will further bolster the bullish case for oil prices.[41]
Oil is priced in dollars worldwide, so a falling dollar provides less incentive for oil-exporting countries to increase output, or for foreign consumers to cut back on oil use.[21] Violence by militants in the Niger River Delta has cut Nigeria's oil output since the start of 2006.[51] Analysts said the cuts in output from the U.K. and Nigeria are particularly important because there is high demand now for the lighter, more easily refined oil the two regions produce.[29]
Nigeria has a daily output of 2.1 million barrels but unrest in the oil-rich Niger Delta has cut exports by a quarter since January 2006.[27]
The North Sea interruption has cut another 700,000 barrels a day from the market.[29] The refinery powers the onshore processing plant for North Sea crude coming through the network.[30] "The Forties pipeline shutdown in the North Sea is fully priced in and the market may be taking some mild profits on the basis that we'll see a return (of operation). in the near term," said Mark Pervan, a senior commodity strategist at the ANZ Bank in Melbourne.[30] "The dollar's strength and news that the Forties pipeline will be up and running in a couple days are moving us lower,'' said Gene McGillian, an analyst at TFS Energy LLC in Stamford, Connecticut.[11] "The reopening of the Forties Pipeline is taking fear out of the market,'' said Rick Mueller, director of oil practice at Energy Security Analysis Inc. in Wakefield, Massachusetts.[11]
"Thus, all of that 'bubble talk' aside, the market looks stronger than ever." In Nigeria, the Movement for the Emancipation of the Niger Delta, or MEND, said its fighters hit an oil pipeline late Thursday, the fourth conduit the group has attacked in the past week.[31] More rebel attacks on Shell's pipelines in Nigeria on Monday and tensions in the Persian Gulf have also fuelled concern about tight oil supplies.[20] In Africa's biggest crude producer, Nigeria, the most prominent armed group in the southern oil-producing region on Friday sabotaged a supply pipeline belonging to Anglo-Dutch energy giant Shell. Shell spokesman Tony Okonedo confirmed the attack but said he could not comment on the extent of the damage.[42]
The shutdown comes amid supply outages in Nigeria that have helped to support oil against a strengthening dollar.[31] Increasing supply worries, in Nigeria gunmen attacked the countrys largest oil and gas, killing five police officers yesterday.[17]
LONDON -- The world oil market faced its biggest crude-supply disruption in recent years as roughly 2.5% of global output was halted over the weekend because of labor disputes in Nigeria and the United Kingdom.[52] Worldwide, there is a severe shortage of oil capacity that major producers will struggle to make good. Under-investment by countries such as Russia and unrest in Nigeria and Iraq are set to hamper output.[41]
ExxonMobil is the second largest oil company in Nigeria after Royal Dutch Shell.[36]
"We have the refinery strike in Scotland and the market is more nervous now that attacks will continue in Nigeria.''[3] A labor strike, which started on Sunday at the Grangemouth refinery in Scotland ended today.[18]
From here you can use the Social Web links to save Oil jumps on refinery strike to a social bookmarking site.[27] The pipeline was shut down overnight on Saturday in anticipation of a two-day strike at the Scottish refinery that provides power and steam to the system.[39] Prices rallied on Friday as the Grangemouth plant was shut down ahead of the strike, which is over pensions.[42]
Fundamental news and currency markets were all pushing the crude market in a bearish direction, participants said Tuesday. "The Grangemouth strike has come to an end and some people have seen this as a bearish sign, putting the market under pressure," said Glen Ward, broker at ODL Securities.[44] Fresh violence and a separate strike in Nigeria, Africa's biggest crude producer, also rattled the market.[27]
"Nigeria is back on top of traders' minds. The disruptions are real and this is high-quality crude needed by the U.S. refineries for gasoline production in the summer."[10] Exxon's entire Nigerian production of 860,000 barrels a day was halted at 6 p.m. April 25, according to Olusola George- Olumoroti, chairman of the branch of the Petroleum & Natural Gas Senior Staff Association of Nigeria, or Pengassan, which is taking action against Exxon.[38] A further 470,000 barrels a day of Nigerian production has been shut in since 2006 amid unrest.[29]
A pipeline that normally carries 700,000 barrels of crude a day to the U.K. is likely to be back in operation soon.[30] What is more important is that the main artery for the UK oil infrastructure, the Fortis pipeline, which depends on electricity from Grangemouth, ought to be operating to capacity within a few days.[50] Ineos officials said it would take 3 weeks to return the refinery to full capacity, while BP officials said it would take 4 days to restore pipeline operations.[35] The report also said U.S. refinery use declined 2.6 percentage points to 87.8 percent of capacity. "Refinery capacity this last week was very disappointing," said James Cordier, president of Liberty Trading Group in Tampa, Fla. "The gasoline inventory's very scary."[22] An Energy Department report today will probably show that U.S. crude-oil supplies rose 950,000 barrels in the week ended April 25 from 316.1 million barrels, according to the median of responses from 12 analysts surveyed by Bloomberg News.[12] European stocks rose for a second week, led by technology companies and drugmakers, after Ericsson AB and Bayer AG reported better-than-estimated earnings and UCB SA won U.S. approval for a new Crohn's disease medicine.[7]
Prices rallied Wednesday after an Energy Department report showed a large, unexpected drop in U.S. gasoline stockpiles of 2.8 million barrels last week -- when analysts had expected a gain of 200,000 barrels.[22] "WTI needs to break $120 a barrel to maintain momentum but the resistance has been strong," said Olivier Jakob of Petromatrix in Switzerland. Other supply concerns continue to support prices.[30] Friday, the contract gained $2.46 as it closed at $118.52 while recording a high of $119.55 per barrel and a low of $114.51 per barrel.[9] The contract was recently up $2.31 at $116.65 after rising as high as $117.56, also a new record.[25] The ICE's gasoil contract for May delivery was flat at $1,083.75 a metric ton, while Nymex gasoline for May delivery was down 557 points at 297.50 cents a gallon.[44] The May natural gas contract escalated by 31.7¢ to $11.28/MMbtu on NYMEX. On the U.S. spot market, gas at Henry Hub, La., gained 30¢ to $11.04/MMbtu.[35]
Investors have bought contracts of crude to compensate for inflation on a falling dollar that has hit record lows versus the euro.[17] Investors have purchased contracts as a hedge against the dollar as it fell to a record low against the euro and as an alternative to flagging equities markets.[6]
The contract later stood at 118.92 dollars, up 40 cents from Friday's close.[36]
New York-traded West Texas Intermediate crude for June delivery fell 81 cents to 117.94 by 9.23am. [49] Years of underinvestment in new oil production means the market could struggle to keep pace with booming China demand.[15] Even if agreements are reached soon, it will be weeks before oil production can be returned to full service.[52] Even if the market is currently extremely jittery because of production failures, the magnitude of the lost supplies illustrates that there is reason for concern for the short term. Ineos - the operator of the Scotch Grangemouth refinery - reported that work was resumed this morning, but that normal capacity will only be resumed within three weeks.[50] Workers walked out of the Grangemouth refinery in a dispute with refinery owner Ineos over plans to close a pension plan to new employees.[31] Workers at Ineos Group Holdings Plc's Grangemouth refinery began a two-day walkout April 27 in a protest over pensions.[38]
In Nigeria, workers at an ExxonMobil Corp. joint venture cut production by an unspecified amount to demand more pay. [14] The euro has dropped as much as 2.4% from a record $1.6019 on April 22 amid speculation the Federal Reserve may slow the pace of interest-rate cuts.[46]
By afternoon in Europe, the euro stood at $1.5561, down from the $1.5645 that it purchased late Monday in New York.[30] In early European trade, the euro fell to 1.5574 dollars from 1.5662 in New York late on Monday.[33]
"If we start to see a bottoming out in the U.S. dollar and we could see that hedge against the falling dollar dissipate and people taking profits,'' said Mark Pervan, a senior commodity strategist at Australia & New Zealand Banking Group Ltd. in Melbourne in an interview with Bloomberg Television.[38]
Investors tend to buy oil futures as a hedge against a declining U.S. currency.[21] HOUSTON (Dow Jones)--Crude-oil futures traded higher Monday, in choppy trading as traders assessed the longevity of supply concerns that sparked a price rally ahead of last weekend.[40] "Supply is more than sufficient in the international market. Prices are not the consequence of demand and supply, they are the consequence of speculation." The Organisation of the Petroleum Exporting Countries, which controls more than 40% of the world's crude supply, does not meet again until September 9 to review its production ceiling.[8] Over the past two weeks, crude prices have smashed through a series of record highs, sparking widespread concern among consumer nations.[27] Over the past two weeks oil has crashed through a series of records, sparking international concern.[28]
Continuing refinery problems -- including a brief fire at Marathon Oil Corp.' s Garyville, La., refinery on Thursday and reports of temporary shutdowns or delayed starts at other facilities -- is contributing to the supply concerns. [22] Oil closed moderately higher on Monday on a day which was again affected by serious doubts about the stability of the global oil supply.[50] "On top of everything in the UK and everything in Nigeria, it seems like every day we're having new supply problems," said Jonathan Kornafel, a director for Asia at Hudson Capital Energy in Singapore. "It's political, it's supply.[10] Nigeria pumped 1.96 million barrels a day in March, according to Bloomberg estimates.[3] The strike is costing Exxon and world markets some 800,000 barrels a day in output.[29] The Exxon Mobil strike is halting about 860,000 barrels a day, according to union estimates.[3]
The strike is scheduled to end today at 6 a.m. local time, Pauline Doyle, a union spokeswoman, said in an interview. It will take Ineos three weeks to return the 200,000 barrel-a-day refinery to full capacity, the company said.[38]
"The market's taking a breather with the pause in strike action in Scotland, and in the absence of fresh violence in Nigeria,'' said Christopher Bellew, a senior broker at Bache Commodities Ltd. in London.[13] ExxonMobil's Nigerian division MPN earlier confirmed that a five-day strike by white-collar employees had caused a cut in output, but declined to give a figure for the loss.[49]
The dollar traded at $1.5571 per euro at 12:04 p.m. in Singapore from $1.5572 yesterday when it touched $1.5541, the strongest since April 3. [12] Matt Chambers and Alex Wilson, Dow Jones Newswires SHARES of Origin Energy soared almost 40 per cent after UK gas giant BG Group bid $12.9 billion for the Australian firm.[39] CBOT May corn added 22 cents to $6 per bushel, while May wheat gained 25 cents to $8.26 per bushel.[24]
Pervan said the oil market has already priced in the expectation that the Fed will lower the interest rate by 25 basis points. [30] Several supply pipelines owned by Shell and Chevron (nyse: CVX - news - people ) have been destroyed in recent weeks.[42] Plans are in place to begin increasing offshore production today and the pipeline will return to full capacity in "several days,'' Joanne McDonald, a spokeswoman for BP, said earlier.[11] Refinery production at Grangemouth will resume on April 29 at 7 a.m. local time.[3]
"The likes of Exxon having to shut capacity on top of what Shell's already doing is going to have some impact. This is the U.S.' s fifth-largest source of crude.'' [38]
SOURCES
1. Curious About Oil Prices? Watch The Fed - Forbes.com
2. Oil hits record on UK pipeline shutdown, Nigerian violence_English_Xinhua
3. Bloomberg.com: Worldwide
4. Technical analysis for crude oil - 4/29/2008 - Forex News | IBT FX Center
5. allAfrica.com: Nigeria: Mobil Strike - Oil Price Could Hit $125, Experts Warn (Page 1 of 1)
6. Crude oil edges close to $120 mark - People's Daily Online
7. Bloomberg.com: Japan
8. Crude Oil Climbs To Fresh Peak On Supply Disruptions (from The Herald )
9. Technical analysis for crude oil - 4/28/2008 - Forex News | IBT FX Center
10. Setbacks push oil close to $US120 | smh.com.au
11. Bloomberg.com: Latin America
12. Bloomberg.com: Latin America
13. Bloomberg.com: Japan
14. Crude closes slightly higher after hitting new record_English_Xinhua
15. Oil sets new record near $120
16. Oil steady after dollar-induced dive | Markets | Hot Stocks | Reuters
17. Crude Rises on U.K. and Nigeria Pipeline Supply worries | IBT Commodities & Futures
18. Oil Futures Fall as U.K. Strike Ends, Dollar Rises | IBT Commodities & Futures
19. Bloomberg.com: Japan
20. ShareCast - News you can use
21. Oil strikes new trading high near $120 - Apr. 28, 2008
22. Oil prices settle above $66 a barrel - Boston.com
23. Energy risk - New Record for Crude Amid Supply Disruptions
24. Oil, metals prices gain; soybeans decline
25. UPDATE: OIL FUTURES: Crude Hits Record On UK Pipeline Close
26. Press TV - Oil prices easing toward $118
27. Oil jumps on refinery strike | The Australian
28. AFP: Oil prices hit intraday record near 120 dollars
29. Oil Nears $120 on Nigeria Unrest - WSJ.com
30. The Associated Press: Oil drops below $117 a barrel
31. The Associated Press: Oil nears $120 following labor and military strikes
32. Oil and gas - Scotsman.com Business
33. Resource Investor - Blog - Crude falls on rising dollar, BP pipeline restart
34. MARKET WATCH: Oil prices up on pipeline attacks in Nigeria - Oil & Gas Journal
35. MARKET WATCH: Crude futures price reaches new high - Oil & Gas Journal
36. AFP: Oil prices test record high 120 dollars
37. Commodity Online : Crude oil futures stumble
38. Bloomberg.com: Africa
39. Oil tumbles as US dollar strengthens | The Australian
40. OIL FUTURES: Nymex Crude Up, But Off Highs As Supply Fears Ease
41. World oil prices: Sky is the limit for crude | This is Money
42. Oil prices hit intraday record near $120 in Asian trading - UPDATE - Forbes.com
43. Free Preview - WSJ.com
44. OIL FUTURES: Crude Down Over $2/Bbl On UK Supply, Dollar
45. Oil futures fall sharply as supply concerns ease - MarketWatch
46. Gold down to 3-week low, crude oil firms up
47. Briefing.com: Telecom Showing Strength
48. Apache: Restarting Forties Field After Pipeline Outage
49. ireland.com - Breaking News - Oil price falls as Scottish strike ends
50. Strikes dominate oil and metals
51. Oil drops more than $US3 | smh.com.au
52. Free Preview - WSJ.com
GENERATE A MULTI-SOURCE SUMMARY ON THIS SUBJECT:
Please WAIT 10-20 sec for the new window to open...
You might want to EDIT the default search query below:
Get more info on Oil Is Little Changed After Falling on Pipeline Restart, Dollar by using the iResearch Reporter tool from Power Text Solutions.
 |
|  |
|
