written by ABSTRACTMIND @ 2:46 pm, ,
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I am also going to list and try and sell some of my old equipment - weights that are too light for me now, my old mini stepper etc.
written by ABSTRACTMIND @ 2:01 pm, ,
Futures jumped in New York and London as the dollar fell to an all-time low against the euro. . A government report later today is expected to show U.S. crude inventories rose last week.
This record is purely a play on the weakness of the dollar, as investors use both crude and gold as a hedge against inflation, if the dollar keeps getting weaker, and we don't have inventory builds today, it could drive prices towards $105.
Crude oil for April delivery rose as much as $1.20, to $102.08 a barrel in electronic trading on the New York Mercantile Exchange. The contract traded at $101.52 at 9:41 a.m. London time. Prices pared gains after a Persian Gulf official familiar with Saudi Arabian oil policy said prices are higher than they should be and inventory gains are likely to continue through to the second quarter.
The dollar weakened to $1.5088 a euro, the lowest since the European single currency was introduced in 1999. The dollar has declined against all of the world's 16 biggest currencies in the past 12 months apart from the Korean won and South African rand.
Because oil has an intrinsic value, it's not exactly sensible that it becomes cheaper in other currencies so you get an adjustment upward in the U.S. dollar value of oil, the general strength of commodity prices would instantly improve sentiment toward the oil price.
Brent crude for April settlement climbed to $100.53 a barrel on London's ICE Futures Europe exchange, the highest since trading began in 1988. It traded at $100.08 at 9:42 a.m.
As we mentioned many times before the market is being driven by speculation, fear and psychology, there were some investors who shorted oil when we reached $100 last week, for whatever reason, and now they panicked.
Hedge-fund managers and other large speculators increased net- long positions, or bets on higher oil prices, in the week ended Feb. 19, according to a Commodity Futures Trading Commission report issued at the end of last week.
OPEC crude-oil supply will fall 200,000 barrels a day, or 0.6 percent, to 32.45 million barrels a day this month, according to preliminary estimates from PetroLogistics Ltd. The group supplied 32.65 million barrels a day in January, data from the Geneva-based tanker-tracking service showed.
Ministers from the 13 members of the Organization of Petroleum Exporting Countries are scheduled to meet in Vienna on March 5 to discuss oil quotas. OPEC produces more than 40 percent of the world's oil.
Inflation is at hand and we are seeing a massive flow into commodities, but in the long run the crude speculators will pay the price for the attitude they are now taking.. crude demand will continue to decrease as other alternative energy sources are used..the higher the crude the less demand...
written by ABSTRACTMIND @ 1:45 pm, ,
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I remember seeing braaimeat braais created out of old wheel rims, with bed springs used for the grill. Old, rusted 30 litre drums were popular, as were concrete blocks.
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written by ABSTRACTMIND @ 2:49 pm, ,
The reductions are the first by a South African mining company since Eskom Holdings Ltd. said shortages will persist for the next four years. Gold Fields said today it will close part of its Driefontein and Kloof mines and redesign its South Deep mine.
Gold Fields' production may fall as much as 20 percent at a time when bullion prices have never been higher and demand is increasing for gold as a hedge against inflation. The rand has fallen 12 percent against the dollar this year, signaling the world is losing confidence in the country's ability to remedy the crisis.
The inability of Eskom to supply the mines with their full power requirements and to commit to additional electricity demand for new mining projects currently in development has caused a significant crisis.
Gold Fields fell 3.76 rand, or 3.3 percent, to 111.80 rand in Johannesburg as of 9:25 a.m. local time, after earlier dropping as much as 5.2 percent.
The South African government delayed a decision to allow Eskom to expand by four years to 2004, causing the current bout of shortages. Eskom has limited power supplies to the country's mines to 90 percent of normal consumption. A shortfall shut most mines in the country for five days last month.
Gold Fields will delay sending out notices to workers to inform them of the job cuts until the National Union of Mineworkers, South Africa's biggest labor union, has met with the government and the Chamber of Mines on Feb. 26, 27 and 29, the company said.
South Africa has an unemployment rate of 25.5 percent ....
The union has asked the Chamber of Mines, which represents most companies mining in South Africa, for an assessment of the full impact the cuts will have on the industry and economy.
Gold Fields proposes closing the No. 6 and 7 shafts at Driefontein, Africa's largest gold mine, and shelving the No. 9 shaft Depth Extension project at that mine. The No. 3 and 8 shafts may be closed at its Kloof mine. Together Kloof and Driefontein may shed 4,900 jobs.
South Deep will be redesigned and 2,000 jobs may be cut while the Beatrix mine is unlikely to be affected, Gold Fields said.
AngloGold Ashanti Ltd. is Africa's largest gold producer
written by ABSTRACTMIND @ 2:31 pm, ,
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written by ABSTRACTMIND @ 2:19 pm, ,
Oil extended gains to above $99 a barrel on Monday, bolstered by Iran's warning that more U.N. sanctions would be "costly" to Western powers, and after the "Turkish affair" incursion into northern Iraq.
U.S. light crude for April delivery rose to $99.38 a barrel by 0726 GMT, adding to Friday's 58 cents gain.
London Brent crude rose to $97.67 a barrel.
Prices are influenced by fresh geopolitical concerns as Turkish troops crossed into northern Iraq in an offensive against Kurd militants, there is also a possibility that tensions surrounding Iran's nuclear programme may intensify.
Iran warned Western countries on Sunday that they would be the ones to suffer if they passed a new U.N. sanctions resolution on the Islamic Republic, raising the spectre that the world's fourth-largest oil exporter would cut crude exports.
"Some Western powers are... choosing a wrong path and passing resolutions against Iran will be costly for them," Javad Vaeedi, deputy chief nuclear negotiator, was quoted by Iran's official news agency IRNA as saying.
The International Atomic Energy Agency said in a report on Friday that Iran had shown new openness about nuclear advances, but not enough to prove the programme was not geared to bomb making.
The United States, Britain and France have said they hope the UN Security Council would vote on a third round of sanctions.
Oil's gain was also supported by Turkey's major attack on Kurdish PKK guerrillas in northern Iraq, which has raised fears that the offensive could further destabilise Iraq and disrupt oil supplies.
Although the Turkish-Kurdish dispute has increased in scale, analysts have played down its threat to oil supplies, saying that the recent attacks are more illustrative of political instability in the Middle East and are unlikely to pose direct threats to oil flows in the region.
Iraq's state-owned Northern Oil Company said on Sunday Iraq's oil exports to Ceyhan in Turkey will not be disrupted.
But reflecting the threats to Middle Eastern supply, a Yemeni security official said on Sunday they had foiled a bid to blow up a crude oil pipeline in the Marib province and arrested a number of "saboteurs".
Oil surged to a record $101.32 on Wednesday, near the inflation-adjusted high of $102.53 hit in April 1980, as supply concerns and a rush of speculator money outweighed worries of a U.S. economic recession.
The Organization of the Petroleum Exporting Countries is unlikely to agree to a change in oil output at its meeting on March 5, as high prices and concern about the economy balance expectations for a seasonal demand fall, an OPEC delegate said on Sunday.
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are also after the Iraq crude ...Turkish soldiers backed by an artillery bombardment crossed the border into northern Iraq for the first time in 11 years to battle Kurdish militants, an incursion that threatens the stability of the neighboring country.
The troops moved into Iraq at 7 p.m. yesterday, the army said in a statement on its Web site today. The army didn't say how many troops are involved in the operation. Istanbul-based NTV television said today that 10,000 Turkish soldiers moved 10 kilometers (6 miles) inside Iraq.
Kurdish-dominated northern Iraq is one of the only stable areas of the country and Iraqi Prime Minister had tried to talk Turkey out of an attack out of concern that it could lead to clashes with local Kurdish militiamen. Kurds make up 20 percent of Turkey's population and the country's pro-Kurdish political party has strongly opposed any attack. It's unlikely the PKK can be defeated in one strike !!!
Turkey began air attacks to destroy camps of the Kurdistan Workers' Party or PKK in the mountains of northern Iraq in December.The U.S. is also to blame for this situation since they provided the Turkish military with intelligence to track down PKK units.
Turkey carried out major incursions into northern Iraq in 1995, with almost 40,000 troops, and in 1997, with tens of thousands. Turkey's parliament on Oct. 17 passed a resolution authorizing the government to send in troops to attack about 4,000 PKK militants in the region.
The Turks should look internally as they have over 15 million ethnic Kurds who live in the country and not use the PKK as a excuss to invade Iraq...
The Kurdish administration governing northern Iraq, has warned Turkey against sending troops across the border saying Iraqi Kurds will exercise their right to defend their territory.
Turkish troops plan to withdraw from Iraq in the shortest possible time,once PKK targets have been hit, the military said in its statement. The army will take the necessary measures to avoid civilian casualties, it said.
About 30 million Kurds live in the mountainous regions of Iran, Iraq, Syria and Turkey, making them the Middle East's largest ethnic group without a state. An Iranian Kurdish wing of the PKK, the Party for Free Life in Kurdistan.
As long as Turkey maintains this military presence in Iraq they should not be allowed to be part of the EEC for the next ten years...
written by ABSTRACTMIND @ 12:17 pm, ,
written by ABSTRACTMIND @ 12:06 pm, ,
Crude Oil Rises to a Record $100.10
The Organization of Petroleum Exporting Countries, set to meet on March 5, may cut output as winter heating demand declines, oil ministers from Algeria and Iran speculated in the past week. Oil also rose as a weakening dollar prompted some traders to invest in commodities as a hedge against inflation.
Prices are primarily up because OPEC will more than likely cut production in two weeks,OPEC is concerned about the outlook for a slowing global economy and demand...If the crude producers continue with these high prices they can be sure that a global slowing down will continue and get worse...no world economy can withstand these prices ...these crude prices will not bring economic stability to producers they will also be affected as demand for their product will be destroyed
Crude oil for March delivery rose $4.51, to $100.01 a barrel at 2:55 p.m. on the New York Mercantile Exchange. It was a record closing price. Futures reached $100.10, the highest intraday price since trading began in 1983.
Today was the third time oil has reached $100. Oil rose to a then-record $100.09 a barrel in New York on Jan. 3, a day after touching $100 for the first time on militant attacks in Nigeria, Africa's biggest producer.
Some futures analysts with economical ties to the crude industry are also SPECULATING that the short-term target is $105 to $110, if this happens it will be the end of the bigining for OPEC..
Brent crude for April settlement rose $3.65, or 3.9 percent, to close at a record $98.56 a barrel on London's ICE Futures Europe exchange. The contract reached an intraday record of $98.70 a barrel today.
This situation is also a boost for some European governments and oil companies such as Galp (Portugal) BP, REPSOL and others...cheap dollar and these crude prices they will once more have record profits...an example of this situation is PORTUGAL...here we have one of the worlds most expensive final consumer prices at the pump, now for Galp regular 95 octane we pay more than1€39 cents per liter.
The pump prices are increased in a weekly basis sometimes as much as 5 cents per month, however the downward trend is limited to around 2 cents, so these petrol companies and government are always ahead in terms of gain.
Its illegal in the European community to practice combined speculative prices such as practiced in Portugal between the petrol companies, but this situation continues and the EU does nothing to halt this outrages abuse.
Its time that alternative fuels appeared ... the world is now ready, we can no longer be held hostage of the "black gold".If auto-makers want to have success then they must develop alternative fuel sources..
written by ABSTRACTMIND @ 11:21 am, ,
Meanwhile, worries over Mexican supplies also eased after it reopened its main oil exporting ports which had been closed due to bad weather in the Gulf of Mexico. So now we have Venezuelan President Hugo Chavez threatening to halt oil exports to the U.S ... to keep prices inflated the words of a deranged president affected the crude price !!! this we call SPECULATION..
If the free world allow this situation to dictate prices you can be sure Hugo Chavez will not stop here...this will cause a heightening of tensions, therefore the world needs the US to have a strong firm president ...
To see more information visit http://so-buracos.blogspot.com/2008/02/deranged-president_12.html
written by ABSTRACTMIND @ 9:39 am, ,
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written by ABSTRACTMIND @ 8:46 am, ,
Stocks in Europe, Asia,US Rise.
Mizuho Financial Group Inc. climbed in Tokyo for the first time in seven days. Danone, the world's largest yogurt maker, and Cap Gemini rallied more than 3 percent in Europe. UBS AG tumbled more than 5 percent on concern there may be more losses after Europe's largest bank by assets posted $13.7 billion in writedowns related to subprime mortgages.
The MSCI World Index added 0.8 percent to 1,457.12 at 10:17 a.m. in London, and Japan's Nikkei 225 Stock Average jumped 4.3 percent, the most since March 2002. Futures on the Standard & Poor's 500 Index rose 0.1 percent. Europe's Dow Jones Stoxx 600 Index gained 0.5 percent, after climbing as much as 1.3 percent.
Japan's economy grew 3.7 percent last quarter, twice the pace economists forecast, as exports to Asia helped companies weather the U.S. slowdown. Shares in the U.S. rallied yesterday following an unexpected rise in retail sales.
The MSCI Asia Pacific Index added 3.7 percent, its steepest advance since Jan. 25. Hong Kong's Hang Seng Index climbed 3.7 percent.
Mizuho, Japan's third-largest publicly traded bank by market value, added 4.2 percent to 443,000 yen, halting a six-day, 14 percent drop. Sumitomo Mitsui Financial Group Inc., the second- biggest, rose 3 percent to 785,000 yen.
Li & Fung Ltd., which sells goods to Wal-Mart Stores Inc., advanced 3.6 percent to HK$28.70.
Danone climbed 3.1 percent to 55.68 euros. The Evian bottler that bought baby-food maker Royal Numico NV last year said annual profit tripled to 4.18 billion euros ($6.11 billion) on the sale of its cookie unit to Kraft Foods Inc.
Cap Gemini climbed 8 percent to 37.05 euros. Europe's largest computer-services company said 2007 profit jumped 50 percent to 440 million euros, spurred by its acquisition of Kanbay International Inc. and lower financing costs.Analysts had predicted profit of 393 million euros.
UBS fell 5.8 percent to 38.5 francs after posting the biggest ever loss by a bank in the fourth quarter. Europe's largest bank by assets had a net loss of 12.5 billion francs, compared with a profit of 3.4 billion francs a year ago, the Zurich-based company said. UBS reported on Jan. 30 a preliminary loss of about 12.5 billion francs for the period, after increasing writedowns.
Rising metals prices sent mining companies including BHP Billiton Ltd. higher.
BHP Billiton, the world's biggest mining company, rose 1.7 percent to 1,568 pence. Anglo American Plc, the second-largest, climbed 2.4 percent to 3,097 pence.
Copper, lead and nickel advanced in London, and aluminum jumped by the most in 17 months in Shanghai.
Zurich Financial Services AG jumped 4.6 percent 317.75 francs. The largest Swiss insurer said full-year profit rose 22 percent to a record $5.63 billion on premium gains and higher income at its biggest divisions. That beat the $5.4 billion median estimate of 11 analysts.
The insurer also said it would buy back up to 2.2 billion Swiss francs ($2 billion) of shares this year.
Lafarge SA jumped 4 percent to 116 euros. The world's biggest cement maker said fourth-quarter profit increased 36 percent to 375 million euros, driven by construction growth in China and other emerging markets.
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written by ABSTRACTMIND @ 12:12 pm, ,
S.A Rand Sinks
The rand is down 12 percent this year against the dollar, six times more than the next-worst performer among the world's most widely traded currencies. UBS AG forecasts the sharpest drop in the rand since 2001 this year, and option prices show it has the worst prospects of any currency.
The decline signals the world is losing confidence in South Africa's ability to remedy a power shortage that has disrupted mining of some of the world's most valuable precious-metals deposits just when prices are climbing. Mbeki, the 65-year-old successor to Nelson Mandela who has presided over nine years of economic growth, steps down in 2009, and the man most likely to replace him, Jacob Zuma, is due to stand trial this year on charges from fraud to tax evasion.
These Governers have no idea that the currency is the share price of a country, if anyone wants to know what foreigners are thinking about South Africa at the moment, they need look no further than the rand.
State-owned Eskom Holdings Ltd., which supplies 95 percent of South Africa's power, cut electricity to businesses last month, and most of the country's mines had to shut for five days. Eskom says the government ignored repeated calls to invest in the electricity grid, and it won't be able to increase generation capacity until 2013, in case the gold mines stay shut, the rand is going to fall sharply
Melbourne-based BHP Billiton Ltd., the world's largest mining company, said Eskom told it to cut electricity usage at three aluminum smelters by 10 percent. Johannesburg's AngloGold Ashanti Ltd., Africa's biggest gold miner, said last week it will lose 400,000 ounces of production in 2008. The company produced
1.37 million ounces last quarter. Harmony Gold Mining Co., the No. 3 gold producer, lost 300 million rand ($38 million) of production during the five-day shutdown alone.
Sandton City, South Africa's most-expensive shopping center, was left without power for an average of 4 1/2 hours a day between Jan. 13 and Jan. 20. The center in northern Johannesburg is considering buying an 80 million-rand generator.
Precious metals and minerals account for about 60 percent of South Africa's exports, according to the nation's revenue service. It contributes 10 percent of the world's gold and about 80 percent of its platinum. Gold jumped 11 percent this year to above $900 an ounce, after gaining 31 percent in 2007. Platinum surged 24 percent to a record $1,893 an ounce.
It's a tragedy that the country is not benefiting from record commodity prices !!!
written by ABSTRACTMIND @ 3:16 pm, ,
The Valero story is heightening nervousness about the refining industry, the big worry is that there will be a slew of problems as the US prepares for the driving season this spring....EVERY SEASON, THERE IS A DRIVING SEASON !!! Lets change this to a cycling season, its much healthier !!!
Crude oil for March delivery rose to $93.59 a barrel at 2:46 p.m. on the New York Mercantile Exchange, the highest close since Jan. 14. Futures are down 6.5 percent since touching a record $100.09 a barrel on Jan. 3. Brent crude for March settlement rose to $93.53 a barrel on London's ICE Futures Europe exchange. It was the highest close since Jan. 9. Brent touched a record $98.50 on Jan. 3.
Valero's Delaware City refinery can process 190,200 barrels of oil a day, according to U.S. Energy Department and company data. Citgo's Lake Charles refinery had the capacity to process 454,500 barrels of oil a day as of January. U.S. refiners make repairs and upgrades during the lull in demand between the end of the heating season and the beginning of the driving season. Refineries probably operated at 84.3 percent of capacity last week..
Temperatures in the US have been very moderate so far this winter, however with all of the refinery utilization occurring, we can expect to see further inventory drops!!!
Also contributing to the crude rise is Venezuelan President Hugo Chavez, as he threatened to halt oil exports to the U.S. after Exxon Mobil Corp. took action to freeze $12 billion of oil assets.
`Listen to me, Mr. Bush, Mr. Danger. If the economic war continues against Venezuela, the price of oil will reach $200. Venezuela will take up the economic war and more than one country is inclined to join us,''
Chavez said 10-02-2008 during his weekly television show. Its pure madness to pay much attention to what he says...quite Mad...90 percent of its foreign exchange derives from oil income...90% !!!
This attitude is about maximizing the impact on the oil market .. nothing else.. Exxon's move may cut into Chavez's popularity by forcing him to cut back spending. Venezuela counts on oil income for 90 percent of its foreign exchange and half of federal tax revenue.
According to the US Energy Department Venezuela was the fourth-biggest source of U.S. crude-oil imports during the first 11 months of 2007. Supply threats abound at the moment, both real and imagined, violence in Nigeria looks to worsen after this latest round and while it may be empty rhetoric on the part of Hugo Chavez, you also must consider that he is capable of anything.
The geopolitical risk is being re-inflated.
written by ABSTRACTMIND @ 12:57 pm, ,
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written by ABSTRACTMIND @ 12:50 pm, ,
In the Red
The elected representatives have heard the people's cries, except the Portuguese government...The US House of Representatives passed a $146 billion fiscal stimulus bill in what surely must be record time.
However the four recession indicators are here....all in their peak, just have a look around you...everything is now more expensive... the U.S. economy has entered a recession ... dominated by weakness in household spending,
So companies, govenments ... beware if the crude price does not go between $85 and $88 a baril..all including the crude exporters will suffer
with a recession...the demand for the black gold will be less...THE HIGHER THE CRUDE PRICE THE SMALLER THE DEMAND...
written by ABSTRACTMIND @ 12:14 pm, ,
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written by ABSTRACTMIND @ 12:02 pm, ,
Prices of at least $85 would likely lead to no change in supplies when ministers gather March 5 in Vienna, a third said $80 a barrel would be a signal to pump less, and a fourth delegate said $70 would be unacceptable to most of OPEC's 13 members. UNACCEPTABLE, what about the daily user that pays inflated oil prices...!!! OPEC wants to protect $80 a barrel... $80 a barrel !!!
The combination of falling crude prices and the dollar's 12 percent drop in the past year on a trade-weighted basis puts pressure on OPEC to reduce supplies as slowing economies in the U.S. and Europe threaten energy demand. Oil fell 30 percent and the group reduced production quotas three times in 2001, the year of the last U.S. recession.
Oil rose 97 cents to $88.11 in New York yesterday. Prices rose 53 percent in the past year and reached a record $100.09 a barrel on Jan. 3. They dropped 12 percent since then.
Saudi Arabian Oil Minister Ali al-Naimi, who sets policy for OPEC's largest producer, declined to comment to reporters on prices or production levels at last week's meeting. Al-Naimi said only that the outlook for supply and demand is ``sound.''
The organization, which produces more than 40 percent of the world's oil, scrapped the last official price target of $22 to $28 a barrel in January 2005 after oil exceeded that level for more than a year. Delegates from Libya and Algeria pushed for a price band of about $55 to $60 a barrel in 2006. The proposal was rejected and oil continued to rally.
Concern the U.S. economy, the world's largest, is falling into a recession drove crude lower in the past month. The price dropped $2.79, or 3 percent on Feb. 1 after a U.S. government report showed the economy lost 17,000 jobs in January.
If OPEC insisit in keeping crude prices high then they must suffer the effect of a recession, whether in the U.S. or worldwide.
OPEC held three meetings in 2007, down from six the previous year. The group will likely gather more frequently to monitor the U.S. economy.
Some reports say eighty dollars is probably a new price floor, on a nominal basis it looks high, but if you adjust it for the falling dollar, it is closer to the average of 2006 and 2007 of $58 a barrel....
The dollar's decline eroded the purchasing power of OPEC revenue as members plan to invest $150 billion on new energy projects over the next five years.
OPEC last cut supplies at the end of 2006, reducing quotas twice as oil fell as low as $55 in November. Prices rallied 57 percent the following year.
written by ABSTRACTMIND @ 11:42 am, ,
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written by ABSTRACTMIND @ 4:16 pm, ,
Stockpiles rose 7.05 million barrels to 300 million barrels in the week ended Feb. 1. It was the biggest gain since March 2004. An increase of 2.6 million barrels was expected, petroleum-product supplies also rose.
These are probably the most consistently bearish DOE numbers we will ever see, there was a larger- than-expected crude-oil build due to rising imports and lower refinery runs.
Crude oil for March delivery fell $1.31, , to $87.10 a barrel at the 2:30 p.m. close of floor trading on the New York Mercantile Exchange. Oil is heading for the lowest close since Jan. 23. Futures reached a record $100.09 a barrel on Jan. 3. Prices are up 48 percent from a year ago.
Brent crude for March settlement fell $1.10, to $87.72 a barrel on London's ICE Futures Europe exchange. Brent touched a record $98.50 on Jan. 3.
Stockpiles of crude oil last week were 1.4 percent above the five-year average for the period, the department said. Inventories were 1.8 percent lower than the average two weeks earlier, according to the department. Gasoline supplies were 4.2 percent above the average and distillate inventories were 0.1 percent below.
Refineries operated at 84.3 percent of capacity, down 0.6 percentage point from the prior week, the report showed. It was the lowest rate since March 2006.
The refinery numbers are the big story, refinery margins across the U.S. are really weak so refiners are reducing runs.
Crude-oil imports jumped 4.6 percent to 10.5 million barrels a day, the highest since August, according to the report. Imports of petroleum products surged 26 percent to 4.22 million barrels a day, the highest since May.
Prices fell $1.61 a barrel in New York yesterday on concern the U.S. economy will slow, after the Institute for Supply Management reported that service industries unexpectedly contracted in January at the fastest pace since the 2001 recession. The U.S. consumes about a quarter of the world's oil.
Prices will continue to move substantially lower as the US and some European economies keep worsening and OPEC continues to boost production as it has shown, there will be a series of large inventory builds as demand slips. Prices can easily fall into the $70s.
OPEC production has been strong, with prices near $100 a barrel there was no reason not to produce as much oil as possible last month. Because of the lag we will be seeing those barrels in the weeks ahead and therefore prices can easily fall.
written by ABSTRACTMIND @ 4:09 pm, ,
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written by ABSTRACTMIND @ 11:59 am, ,
According to world press BP boosted the payout by 31 percent from a year ago. Net income advanced to $4.4 billion, or 23 cents a share, from $2.88 billion, or 15 cents, a year earlier, all due to the new fields in Angola, Trinidad and the Gulf of Mexico, this will boost spending this year by as much as $3 billion to find more oil.
BP said its Texas City refinery will increase production to almost full capacity by mid-2008 after faults and closures crimped output, Combined, Texas City and Whiting can process 895,000 barrels a day of crude, or more than OPEC member Qatar.
BP expects to raise extraction to more than 4 million barrels of oil equivalent a day in 2009, which will further rise to about 4.3 million barrels a day in 2012.
BP in December started oil and gas exports from the Atlantis platform after a one-year delay. Pumping will reach plateau production, 200,000 barrels of oil and 180 million cubic feet of gas a day, by the end of 2008..BP started pumping crude from the Greater Plutonio field off the Angolan coast in October and natural gas from two fields offshore Trinidad in November and December.
These sets of figures often do not correspond with actual facts ..we all see that these oil companies have huge profits mostly at the expence of the final consumer as is the case here in Portugal with not only BP but also with Galp, Repsol and so on..
written by ABSTRACTMIND @ 11:58 am, ,
He runs an Ebay business, something he’s been successful at for the last four to six years. He ships all around the world, and for those who shop in the U.S.A. he offers a special discount.
One problem he has run into is where to store all of his equipment and products. That’s where Shipito.com comes in. When an e-commerce business person, like my brother, signs up for Shipito.com, the process is easy and quick.
All of the products a particular e-commerce business sells stay at warehouses located throughout the country, including Los Angeles, Memphis, and Las Vegas. When a company needs an item shipped, warehousing, fulfillment does it for them. There are no trips to the post office, no weighing your items to figure out shipping, and best of all, none of your product lying around your living room for your children to ruin or break.
To make Shipito.com even better, the company has added an international shipping service for those customers who want to shop in the USA but are not offered international shipping. Some people just don’t realize the potential that foreign countries can bring to their business. Utilizing that increase in business really strengthens the bottom line of a company. International shipping, as with Shipito.com, is something that every e-commerce business should at least think about.
written by ABSTRACTMIND @ 11:29 am, ,
Did you know ..
In 1908 Henry Ford’s mass produced automobile started a demand for gasoline and initiated an oil boom. Oil Pipelines were built from oilfields in Texas to refineries in the eastern US. With the introduction and public acceptance of mass-produced automobiles the Modern Era of Petroleum began ...
written by ABSTRACTMIND @ 2:25 pm, ,
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written by ABSTRACTMIND @ 3:11 pm, ,
Clearly this was the biggest positive news to hit the American business world. Potential of this oil discovery could jolt the American economy and possibly lift a financial burden due to costly oil imports. Commodity markets reacted quickly. There was an immediate ripple effect on global oil prices.
Hoopla came to a quick end when knowledgeable oil people scrutinized this new oil find. First and foremost, a successful test well does not prove how much oil is actually in the ground. Determining an in-place reserve takes a highly skilled team of petroleum geologists more than just several months to calculate.
When drawing oil from extreme depths under the ocean bottom, problems arise from high pressures. Oil being pumped to the surface is very hot. It must be cooled before it is pumped onto a tanker vessel. Along with the hot pressurized crude there is a mix of natural gas. This must be separated and somehow stored, or shipped two hundred miles to the mainland. This is not an easy feat as natural gas is lightweight, bulky and not easy to compress.
Environmentalists immediately expressed their major concern. Jack Field is located in the midst of a direct path of category 3 and 4 hurricanes. The closest inland shore is 200 miles away. If a serious hurricane strikes it could be a multi-million dollar disaster
Financial analysts looked at the very high costs of developing this field. What will the production costs end up at? No one can be certain that this new oil find will be a profitable success even at current high crude prices.
Lets assume that all issues are addressed and there really is a potential reserve of 15 billion barrels of crude in Jack Field. Today the U.S. consumes about 22 MMbbls/day. By 2010, America will likely be consuming about 25 MMbbls/day. At that consumption rate, those 15 billion barrels of crude would only give the United States a 21 month supply!
written by ABSTRACTMIND @ 3:07 pm, ,
all bobbing their heads to the sound of the song What is Love Check out this cool video it is really funny.
The music theme off Hot Babes
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written by ABSTRACTMIND @ 6:06 am, ,
Discounted Oil Programs
Venezuela has also targeted bilateral deals towards South America. In 2005, PdVSA signed deals with Paraguay and Uruguay to supply discounted petroleum products and work to upgrade the countries’ refineries to process Venezuelan crude varieties. In August 2005, Venezuela agreed to provide Ecuador with a temporary crude oil loan to help the country through a disruption to its production facilities.
written by ABSTRACTMIND @ 3:08 pm, ,
This is a website that is dealing with the rugby matches between the six nations England, France ,Ireland ,Italy, Scotland and Wales.
This website is providing the schedules for the matches between these nations.For many more latest updates on these six nations ,you can visit this website .
Like all Rugby lovers dont wait any more. Hurry up! visit this website for the latest news on rugby podcast.
You also can watch some online rugby games with the help of this website. Enjoy the rugby games online with the help of this website. All the best .
This website also provides some cool videos and fixtures of the games already played and you can watch it anytime.
written by ABSTRACTMIND @ 2:31 pm, ,
The offer is 62 percent more than Yahoo's closing stock price yesterday, according to a Microsoft statement distributed by PR Newswire. Yahoo shareholders can choose cash or stock, Microsoft said.
This attempt of Microsoft and Yahoo to work together started in 2006 and early 2007, according to a letter Microsoft Chief Executive Officer Steve Ballmer sent to the Yahoo board., however Yahoo rejected the idea of being taken over by Microsoft a year ago.
While a commercial partnership may have made sense at one time, Microsoft believes that the only alternative now is the combination of Microsoft and Yahoo!!!
For Yahoo shareholders today will certainly be a big day in that the value of the shares are sure to go through the roof.
written by ABSTRACTMIND @ 2:25 pm, ,