by skiwi » Mon 22 Nov 2004, 08:09:22
$this->bbcode_second_pass_quote('Itch', 'I')'ve had that same feeling that gets worse everyday. It seems like there is at least one article per day that qualifies as "oh, shit" information. Yesterday it was the new Iranian oil exchange that is set to come up soon; today has yet to be seen..........
Will this do from todays Australian Herald Sun
There's that obligatory paragraph constantly reminding us
about the $90 comparison with the 70's price with the added
word surpass. Wonder what's new with Yukos
Winter fears fuel crude price
From correspondents in Singapore
22nov04
CRUDE futures in Asian trade today held on to sharp gains on Friday amid a resurgence of jitters about a possible supply crunch in the coming northern winter months.
Light sweet crude for delivery in January traded at $US48.88 a barrel early today in after-hours electronic deals, virtually unchanged from the contract's closing price Friday on the New York Mercantile Exchange of $US48.89.
Prices had spiked higher on Friday, jumping more than $US2 a barrel to settle above $48 amid concerns about tight winter fuel supplies mixed with speculation OPEC may scale back output.
Sam Dale, bureau chief at Energy Intelligence in Singapore, said: "I think that the focus right now ... is how are things going to be over the winter months."
Mr Dale cautioned that the market remained driven largely by shifting sentiment rather than underlying fundamentals. Hedge funds were also active, exacerbating the swings in energy costs, he said.
Even after Friday's rise, Nymex crude futures are nearly $US6 cheaper than the peak closing price of $US55.17 set twice in late October. Oil prices would have to surpass $US90 a barrel to meet the inflation-adjusted peak set in 1980.
Traders said that there were renewed concerns about intentions of the Organisation of Petroleum Exporting Countries, whose members gather next month to assess their supply commitments.
Representatives for Iran and Venezuela last week suggested a cut in output might be necessary to prevent oil prices from plummeting. Commitments by OPEC to pump up supply in recent months have been one of the main factors that helped bring prices off their highs.
At the weekend, violence continued to flare in Iraq, while Russian authorities were reported to have searched the homes of dozens of managers working for the embattled Yukos oil company.
Jitters over both oil-producing markets have served to spur rises in recent months, but Mr Dale said their impact was less evident in today's session.
In Russia, the Interfax news agency quoted an unidentified Yukos board member as saying that dozens of Yukos managers in Moscow and across Russia had been targeted in a far-ranging official investigation, and many of them had had their homes searched at night