tomato, on Nov 1 2006, 10:51 PM, said:
i agree with you 110% but in my humble opinion "big bros" will take it up tomorrow and will correct it once again on friday... what do u say sir.
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763 replies to this topic
#10
Posted 04 November 2006 - 05:09 AM
LONDON - Oil steadied at $58 a barrel on Friday as investors squared positions ahead of the weekend, but after a five percent fall this week technical analysts expected the market to test $55 in the short-term.
US light crude CLc1 was up 18 cents at $57.90 a barrel at 1038 GMT, after falling 83 cents on Thursday. Oil is down over $20 from its mid-July peak of $78.40 and hovering near the bottom of a range of $57-$62 that has held since early October.
London Brent crude LCOc1 traded 15 cents higher at $57.94 a barrel.
“Major damage has been done to the long-term uptrend and it is unlikely oil will make a rapid recovery,” said Barclays Capital in a technical report.
“Expect weakness to extend towards $55.”
Nigerian crude output rose on Thursday, adding to pressure from ample US fuel stocks and doubt over OPEC’s resolve in cutting supply.
Royal Dutch Shell RDSa.L said it resumed production of about 47,000 barrels per day (bpd) at two of its flow stations in Nigeria.
Another flow station remained shut after villager protests.
Stocks of crude, distillates and gasoline are still above last year’s levels as the world’s largest energy consumer heads into peak winter demand.
“Without cold weather, energy demand is likely to be lower and so crude oil, and later refined product, inventories are likely to remain comfortable,” said Tobin Gorey of the Commonwealth Bank of Australia.
Traders are waiting to see if OPEC producers, including Nigeria, will adhere to an agreement to cut by 1.2 million bpd starting from November. Consultancy Oil Movements sees OPEC exports down only 440,000 bpd in the four weeks to Nov. 18.
“The market remains sceptical that any more than half of the pledged cut will occur, leaving room for the market to be surprised either way,” said Gorey.
Saudi Arabia and the United Arab Emirates have told their customers they will get less crude this month, but most other producers have yet to commit. Trade sources said on Thursday Algeria had cut November oil supply in line with its pledge.
Supply from non-OPEC producer Russia also fell for the second month in a row in October to 9.71 million bpd, government data showed on Thursday.
Major powers will attempt on Friday to forge a U.N. resolution aimed at forcing Iran to suspend its nuclear enrichment programme, but Russia and China opposte tough sanctions.
The West has accused Iran of trying to develop nuclear weapons, while Tehran says its nuclear programme is for power generation.
US light crude CLc1 was up 18 cents at $57.90 a barrel at 1038 GMT, after falling 83 cents on Thursday. Oil is down over $20 from its mid-July peak of $78.40 and hovering near the bottom of a range of $57-$62 that has held since early October.
London Brent crude LCOc1 traded 15 cents higher at $57.94 a barrel.
“Major damage has been done to the long-term uptrend and it is unlikely oil will make a rapid recovery,” said Barclays Capital in a technical report.
“Expect weakness to extend towards $55.”
Nigerian crude output rose on Thursday, adding to pressure from ample US fuel stocks and doubt over OPEC’s resolve in cutting supply.
Royal Dutch Shell RDSa.L said it resumed production of about 47,000 barrels per day (bpd) at two of its flow stations in Nigeria.
Another flow station remained shut after villager protests.
Stocks of crude, distillates and gasoline are still above last year’s levels as the world’s largest energy consumer heads into peak winter demand.
“Without cold weather, energy demand is likely to be lower and so crude oil, and later refined product, inventories are likely to remain comfortable,” said Tobin Gorey of the Commonwealth Bank of Australia.
Traders are waiting to see if OPEC producers, including Nigeria, will adhere to an agreement to cut by 1.2 million bpd starting from November. Consultancy Oil Movements sees OPEC exports down only 440,000 bpd in the four weeks to Nov. 18.
“The market remains sceptical that any more than half of the pledged cut will occur, leaving room for the market to be surprised either way,” said Gorey.
Saudi Arabia and the United Arab Emirates have told their customers they will get less crude this month, but most other producers have yet to commit. Trade sources said on Thursday Algeria had cut November oil supply in line with its pledge.
Supply from non-OPEC producer Russia also fell for the second month in a row in October to 9.71 million bpd, government data showed on Thursday.
Major powers will attempt on Friday to forge a U.N. resolution aimed at forcing Iran to suspend its nuclear enrichment programme, but Russia and China opposte tough sanctions.
The West has accused Iran of trying to develop nuclear weapons, while Tehran says its nuclear programme is for power generation.
#11
Posted 04 November 2006 - 11:11 PM
IMF head expects stable oil prices
(Reuters)
4 November 2006
JEDDAH - Oil prices are likely to remain near current levels over the next couple of years barring unexpected shocks, International Monetary Fund head Rodrigo Rato said on Saturday.
“Our view -- and market futures tend to agree -- is that oil prices will stay at their current level for the next two years unless something unforeseen happens,” Rato told Reuters in the Saudi Arabian city of Jeddah where he was attending a regional meeting of Gulf finance ministers.
Rato said investments by Gulf Arab countries in oil production capacity would help keep prices stable.
“They have been very instrumental in supplying the world economy,” he said. “We see the prospects of higher investment in oil production and refining in the region as very positive for the region and for the world economy.”
Rato had said last month that the possibility of a major oil supply disruption was one of the biggest risks to the global economy.
But on Saturday he said current demand and supply trends meant prices were likely to be steady.
U.S. light crude settled $1.26 higher at $59.14 a barrel on Friday, after falling 83 cents on Thursday. London Brent crude LCOc1 gained $1.28 to $59.15 a barrel.
Oil is down about $20 from its mid-July peak of $78.4 and is hovering near the bottom of a range of $57-$62 that has held since early October.
(Reuters)
4 November 2006
JEDDAH - Oil prices are likely to remain near current levels over the next couple of years barring unexpected shocks, International Monetary Fund head Rodrigo Rato said on Saturday.
“Our view -- and market futures tend to agree -- is that oil prices will stay at their current level for the next two years unless something unforeseen happens,” Rato told Reuters in the Saudi Arabian city of Jeddah where he was attending a regional meeting of Gulf finance ministers.
Rato said investments by Gulf Arab countries in oil production capacity would help keep prices stable.
“They have been very instrumental in supplying the world economy,” he said. “We see the prospects of higher investment in oil production and refining in the region as very positive for the region and for the world economy.”
Rato had said last month that the possibility of a major oil supply disruption was one of the biggest risks to the global economy.
But on Saturday he said current demand and supply trends meant prices were likely to be steady.
U.S. light crude settled $1.26 higher at $59.14 a barrel on Friday, after falling 83 cents on Thursday. London Brent crude LCOc1 gained $1.28 to $59.15 a barrel.
Oil is down about $20 from its mid-July peak of $78.4 and is hovering near the bottom of a range of $57-$62 that has held since early October.
#12
Posted 07 November 2006 - 07:09 AM
Oil Trades Above $60 After Rising on Nigeria Attack, Demand
By Gavin Evans
Nov. 7 (Bloomberg) -- Crude oil traded above $60 a barrel in New York after rising yesterday when rebels in Nigeria seized an Eni SpA pumping station and on signs increased refinery output may stem rising U.S. oil stockpiles.
Yesterday's attack by armed protesters on the 50,000-barrel a day Tebidaba flow station followed a threatened campaign by militant groups against foreign oil companies in Nigeria, source of a fifth of U.S. oil imports. A government report tomorrow will probably show U.S. oil inventories rose less than 0.3 percent as refiners raised output to meet winter heating demand.
``There's problems in Nigeria'' and winter demand is near, said Mark Waggoner, president of Excel Futures Inc. in Huntington Beach, California. ``The refineries are going to be coming back on line'' and the big builds are behind us, he said.
Crude oil for December delivery was at $60.13 a barrel, up 11 cents, in after-hours electronic trading on the New York Mercantile Exchange at 10:20 a.m. in Sydney.
The contract rose 88 cents, or 1.5 percent, to $60.02 a barrel yesterday, the highest close since Oct. 27. Prices also rose after officials of the Organization of Petroleum Exporting Countries said the group may cut output a second time if prices fall further and stockpiles keep rising.
``OPEC is taking steps to keep prices from falling and there is a great deal of geopolitical risk out there,'' Bill O'Grady, director of fundamental futures research at A.G. Edwards & Sons Inc. in St. Louis, said yesterday. ``These two factors will keep a floor on prices.''
Nigeria, Inventories
Oil prices, down 23 percent from the record $78.40 a barrel reached on July 14, have traded between $56.55 and $61.79 for the past month.
Prices gained the past two days after the U.S. government warned Nov. 3 of a planned campaign against foreign oil companies operating in Nigeria. Kidnappers are demanding a ``huge ransom'' for two expatriate oil workers abducted from a vessel near Chevron Corp.'s Funiwa platform on Nov. 2, Agence France-Presse reported yesterday.
``If we can close above $61.70 then I think some of the bulls will start rolling back in,'' Excel's Waggoner said. ``We could stay here for another month'' if mild temperatures persist and stockpiles edge higher, he said.
The Energy Department's weekly inventory report will probably show U.S. oil stockpiles gained 800,000 barrels last week as refinery runs rose for a second week, according to a Bloomberg News survey of 11 analysts.
Oil stockpiles jumped 1.9 million barrels to 334.3 million on Oct. 27, 12 percent more than the five-year average for the week, the department said Nov. 1. Gasoline inventories were probably unchanged last week and supplies of distillates, including heating oil and diesel, probably fell by 800,000 barrels, according to the survey.
OPEC
OPEC, which pumps 40 percent of the world's oil, last month agreed to cut daily output by 1.2 million barrels to stem sliding prices and rising stockpiles. The group may cut output again when members meet in Nigeria next month, Ali al-Naimi, Saudi Arabia's oil minister, said yesterday.
``If we have to cut in the next meeting, we will,'' he said in an interview in the Pakistani capital Islamabad. ``Remember, the objective of what we're trying to do is to bring back the market into balance and equilibrium.''
By Gavin Evans
Nov. 7 (Bloomberg) -- Crude oil traded above $60 a barrel in New York after rising yesterday when rebels in Nigeria seized an Eni SpA pumping station and on signs increased refinery output may stem rising U.S. oil stockpiles.
Yesterday's attack by armed protesters on the 50,000-barrel a day Tebidaba flow station followed a threatened campaign by militant groups against foreign oil companies in Nigeria, source of a fifth of U.S. oil imports. A government report tomorrow will probably show U.S. oil inventories rose less than 0.3 percent as refiners raised output to meet winter heating demand.
``There's problems in Nigeria'' and winter demand is near, said Mark Waggoner, president of Excel Futures Inc. in Huntington Beach, California. ``The refineries are going to be coming back on line'' and the big builds are behind us, he said.
Crude oil for December delivery was at $60.13 a barrel, up 11 cents, in after-hours electronic trading on the New York Mercantile Exchange at 10:20 a.m. in Sydney.
The contract rose 88 cents, or 1.5 percent, to $60.02 a barrel yesterday, the highest close since Oct. 27. Prices also rose after officials of the Organization of Petroleum Exporting Countries said the group may cut output a second time if prices fall further and stockpiles keep rising.
``OPEC is taking steps to keep prices from falling and there is a great deal of geopolitical risk out there,'' Bill O'Grady, director of fundamental futures research at A.G. Edwards & Sons Inc. in St. Louis, said yesterday. ``These two factors will keep a floor on prices.''
Nigeria, Inventories
Oil prices, down 23 percent from the record $78.40 a barrel reached on July 14, have traded between $56.55 and $61.79 for the past month.
Prices gained the past two days after the U.S. government warned Nov. 3 of a planned campaign against foreign oil companies operating in Nigeria. Kidnappers are demanding a ``huge ransom'' for two expatriate oil workers abducted from a vessel near Chevron Corp.'s Funiwa platform on Nov. 2, Agence France-Presse reported yesterday.
``If we can close above $61.70 then I think some of the bulls will start rolling back in,'' Excel's Waggoner said. ``We could stay here for another month'' if mild temperatures persist and stockpiles edge higher, he said.
The Energy Department's weekly inventory report will probably show U.S. oil stockpiles gained 800,000 barrels last week as refinery runs rose for a second week, according to a Bloomberg News survey of 11 analysts.
Oil stockpiles jumped 1.9 million barrels to 334.3 million on Oct. 27, 12 percent more than the five-year average for the week, the department said Nov. 1. Gasoline inventories were probably unchanged last week and supplies of distillates, including heating oil and diesel, probably fell by 800,000 barrels, according to the survey.
OPEC
OPEC, which pumps 40 percent of the world's oil, last month agreed to cut daily output by 1.2 million barrels to stem sliding prices and rising stockpiles. The group may cut output again when members meet in Nigeria next month, Ali al-Naimi, Saudi Arabia's oil minister, said yesterday.
``If we have to cut in the next meeting, we will,'' he said in an interview in the Pakistani capital Islamabad. ``Remember, the objective of what we're trying to do is to bring back the market into balance and equilibrium.''
