Oil Falls a Second Day
U.S. fuel demand has dropped for seven out of the past eight weeks while a report tomorrow may show manufacturing slumped to a five-year low this month. Fighting between government forces and militiamen in Iraq, holder of the third- largest proven oil reserves, eased after a truce offer from Shiite cleric Moqtada al-Sadr.
U.S.and Europe demand will likely remain weak for the next few months, the combined impact of a weakening economy and high oil price inflation are putting pressure on total U.S and Europe oil demand.
Crude oil for May delivery fell to $104.34 a barrel in electronic trading on the New York Mercantile Exchange. It was at $104.94 at 9:36 a.m. in London.
Brent crude for May settlement fell to $102.86 a barrel on London's ICE Futures Europe exchange. It was at $103.63 at 9:37 a.m. London time.
New York oil futures reached a record $111.80 on March 17 as the slumping U.S. dollar and falling equity prices encouraged investors to seek better returns in commodities. Prices fell as low as $99.13 last week before rebounding amid renewed fighting in southern Iraq.
An Iraqi oil pipeline that carries about 100,000 barrels a day to the Basra oil terminal was damaged by a fire started by an explosive device on March 27.
The pipeline attack came after the Iraq government led by Nuri al-Maliki began raids on the Shiite force led by al-Sadr in Basra, with violence spreading to Baghdad and other cities.
As WorldWatch mentioned before several world economic powers will see demand for crude continue to fall as long as the barril price continues above $85, crude producers, oil companies and speculators will now start to be affected by this curb on the demand for crude as also other forms of energy are developed and used ...
written by ABSTRACTMIND @ 12:21 pm, ,
written by ABSTRACTMIND @ 3:39 pm, ,
Exxon Mobil Corp
A London court today said that an injunction freezing assets belonging to Petroleos de Venezuel SA, known as PDVSA, should be thrown out. Judge Paul Walker disclosed the ruling without giving his reasoning.
Exxon, the world's largest oil company, sought freeze orders in several countries to keep Venezuela from shifting assets out of the reach of an international arbitration commission that's handling claims against Chavez's government for last year's takeover of an oil field. PDVSA had argued that U.K. courts didn't have jurisdiction to intervene in the dispute.
Venezuela's ambassador to the U.K Samuel Moncada said the judge hasn't allowed his court or his country to be an instrument of Exxon, however
Venezuela should also STOP using SPECULATION to influence the crude prices...
Courts in the U.K., Netherlands and Netherlands Antilles issued orders freezing PDVSA assets, Exxon said last month. The decisions kept PDVSA from moving assets, while allowing it to do business, according to court papers.
At a U.K. court hearing lawyers for the Venezuelan oil company also argued that the $12 billion was more than Exxon had sought in private settlement negotiations to resolve the case.
Exxon won a U.S. court order Feb. 13 that extended a freeze on as much as $315 million that would have been transferred to PDVSA in a bond buyback transaction.
The U.K. freeze obtained by Exxon involved PDVSA holdings in refineries in Dundee, Scotland, and Ellesmere Port, England, and bank accounts related to those businesses, according to a court filing in the U.S. case.
The order also listed six U.K.-listed companies in which PDVSA has interests: Nynas Ltd., Eastham Refinery Ltd., Nynas Bitumen Ltd., Nynas Naphthenics Ltd., Bitor Energy Plc and Bitor Energy Ltd., according to the U.S. court filings.
The dispute stems from a 1997 agreement between Mobil Corp. and PDVSA to form a joint venture to explore for extra-heavy crude in the Orinoco oil belt. Exxon, which later acquired Mobil, claimed PDVSA agreed to indemnify Mobil if it later expropriated Mobil's interests.
As part of
Chavez's efforts to implement ``21st century socialism'' in Venezuela, the government took control of four joint ventures in the country's Faja del Orinoco region in 2007.Someone should inform Chavez that ``21st century socialism'' is a myth...does not exist...
written by ABSTRACTMIND @ 11:18 am, ,
Whac-A-Mole Part 1.
The Fed has been playing the equivalent of Whac-A-Mole as financial turmoil keeps cropping up in new and unexpected places, yet many of the problems facing the US are beyond its reach.
Federal Reserve Chairman Ben S. Bernanke may be facing something worse than a loss of personal credibility on Wall Street and in Washington: waning faith in the ability of the institution he leads to turn around the economy and the financial markets anytime soon.
Bernanke has reached deep into the Fed's toolkit to come up with innovative ways to head off a recession and restore some calm in credit markets. While many have initially been greeted with rallies in stocks, cumulatively they haven't yet had lasting impact on bringing down credit costs and setting the stage for economic recovery.
Home buyers are unlikely to put down offers on houses that they think will lose value -- no matter how much the Fed does to lower mortgage costs. Banks with mounting loan losses will shy away from lending to borrowers they think might go bust -- no matter how much money the Fed pumps into the financial system. And investors will remain jittery -- even after the Fed throws a lifeline to struggling financial institutions, as it did last week with Bear Stearns Cos.
written by ABSTRACTMIND @ 3:36 pm, ,
There are lots of bank companies with different offers making it difficult to single out the best one.
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written by ABSTRACTMIND @ 3:27 pm, ,
There is no trusting someone when they hide the truth, when they use religion as a weapon...
Ahmadinejad will now forge ahead with the program in defiance of the UN, said Mashaallah Shamsolvaezin, an adviser to the Tehran-based Center for Scientific Research and Middle East Strategic Studies.
``Iran will proceed in a radical manner on the nuclear dossier,'' he said, adding that Ahmadinejad has the full backing of Ayatollah Khamenei.
Ali Larijani, Iran's former nuclear negotiator, said the election proved the regime had widespread support from Iranians to defend its rights to nuclear power. This so called support from Iranians is yet another lie...
``The Iranian nation has reaffirmed the Islamist system and frustrated the enemies,'' he said in a statement carried by state-run Press TV . He labelled U.S. policy toward Iran as ``hostile and provocative.''
The U.S. says that under Ahmadinejad's presidency Iran also supports insurgents in Iraq and sponsors the Shiite Muslim Hezbollah movement in Lebanon, which the U.S. and Israel consider terrorists. The Iranian president has also denied Israel's right to exist.
Cheney raised concerns about the threat from Ahmadinejad's Iran to Israel before heading to the Middle East. A threat that Iran has often confirmed openly against Israel and other Western countries, they constanly denie Israel's right to exist, this attitude shows how barbarian they are...so how can the International comunity trust such a Nation.!!!
Tehran is increasing its sights to inflaming the situation in the Gaza Strip...
Hamas, which refuses to recognize Israel, seized control of Gaza last June. Israel has exerted military and economic pressure on Gaza in a bid to stop cross-border rocket attacks from the Strip.
Does Ahmadinejad have strong support among neighbors for his foreign policy !!!!
Since coming to power the president has pursued an aggressive and intransigent foreign policy, i don't see why he would change course.''
written by ABSTRACTMIND @ 3:10 pm, ,
mini calla lilies
That is what I want to plant here.I found the lovely little Lavender Blush at Fifty Flowers, which carries mini calla lilies as part of their floral selection for weddings. Fifty Flowers has all kinds of lovely colors of mini calla lilies and will ship them, bulk bundled, via express shipping directly to the bride or event planner from where the flowers are cut fresh at flower farms.
Fifty Flowers would like to invite you to browse their floral selections when planning floral arrangements for special occasions. You can either have the flowers shipped to you, or their flower facility can create custom floral arrangements according to your desires.
written by ABSTRACTMIND @ 1:06 pm, ,
Iran's most devout Islamists, who backed Ahmadinejad as he ignored the West's opposition to his nuclear ambitions, swept the nationwide ballot on March 14 with about 70 percent support, according to preliminary results. A pro-democracy group opposed to the president won less than a quarter of the vote after clerics barred most of the group's candidates.
Ahmadinejad, 51, has made Iran's nuclear program the centerpiece of a presidential term that is up for renewal next year. The U.S., which has pushed three sets of economic sanctions against Iran through the UN, says the country, the world's fourth-largest oil producer, is seeking to build nuclear weapons. The nuclear rhetoric could get worse now, the election victory may bring tougher UN sanctions, making Iran's economic situation all the more difficult.
Vice-President Dick Cheney, who left Washington yesterday for a 10-day trip to the Middle East, will discuss with Arab leaders how to engineer a peaceful resolution to the dispute with Iran.
In a combative mood the day after the election, Ahmadinejad said the poll had ``stamped a mark of shame and despair on the forehead of Iran's enemies.'' What Ahmadinejad means is that the Irans population will have stamped a mark of shame and despair on their foreheads as they become the victoms of their governments .
Iran's Supreme Leader, Ayatollah Ali Khamenei, speaking on state television, characterised the UN sanctions as ``evil tricks'' that failed to sway voters.
Iran has been under investigation by the International Atomic Energy Agency since 2003, after the UN discovered the country had hidden nuclear work from its inspectors for 18 years in contravention of the nuclear Non-Proliferation Treaty.
CAN A ATTITUDE LIKE THIS BE TRUSTED....NO WAY...
written by ABSTRACTMIND @ 12:51 pm, ,
written by ABSTRACTMIND @ 5:14 pm, ,
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written by ABSTRACTMIND @ 12:45 pm, ,
U.S. will add the nation to a list of those sponsoring terrorism. The South American country was the fourth-largest oil supplier to the U.S. in 2007, according to the Energy Department.
We don't discuss the process by which states are added to the list of state sponsors of terror,'' White House spokesman Gordon Johndroe said today in an e-mail.
U.S. authorities are looking into material seized by Colombian officials this month that Florida Republican Representative Connie Mack says may be evidence that Venezuelan President Hugo Chavez aids the Revolutionary Armed Forces of Colombia, or FARC, designated by the U.S. and Europe as a terrorist organization.
written by ABSTRACTMIND @ 3:54 pm, ,
So if you want to buy rare coins, look at a rare coin gallery, find out what's going on in the rare coin market, or just check out the latest rare coin prices-then Monaco Rare Coins would be a good place to look.
There's a free newsletter where you get updates on all the latest info in the world of rare coins. Just wandering through the many pages looking at the rare coins for sale, rare gold coins, rare us coins, and certified coins is enough to make you want to start your own collection. There is even a little section on Getting Started.
The Monaco website is easy to navigate around and there a lot of videos telling the ins and outs of rare coins. They have a lot of US gold coins, and sunken ship coins, and Gold Rush Rare Coins are a big item at the moment. Monaco deals in certified coins, certified gold coins, and certified rare coins.
written by ABSTRACTMIND @ 3:48 pm, ,
Supplies of distillate fuels, a category that includes heating oil and diesel, fell 1.23 million barrels to 116.4 million barrels last week, the report showed.
U.S. crude-oil inventories in the week ended March 7 were 1.9 percent above the five-year average for the period, the department said. Gasoline stockpiles were 11 percent above the five-year average.
Total implied fuel demand averaged 20.5 million barrels a day in the past four weeks, down 2.7 percent from a year earlier, the report showed.
U.S. crude-oil use typically falls at this time of year when refiners schedule repairs and upgrades as U.S. heating-fuel demand slows and before warmer weather spurs an increase in gasoline consumption. Refineries operated at 85 percent of capacity last week, down 0.9 percentage point from the week ended Feb. 29. So this is the path the world economy is taking...if this goes on much longer the US will rapidly change, the quality of life the US has will decline, a series of infrastructures will collapse ... all this can happen if the dollar remains as is...wake up America...
written by ABSTRACTMIND @ 3:34 pm, ,
The dollar fell to $1.556 per euro, the lowest since the currency's 1999 debut. The declining U.S. currency has spurred investors to move funds into commodities such as oil and gold.
Crude oil for April delivery rose to settle at $109.92 a barrel at 2:50 p.m. on the New York Mercantile Exchange, after dropping as low as $107.09. Oil touched $110.20 a barrel, the highest intraday price since the futures began trading in 1983.
Brent crude for April settlement rose to close at a record $106.27 a barrel on London's ICE Futures Europe exchange. Futures reached $106.41 a barrel today, an intraday record.
Interest in the contract has climbed this week, peaking yesterday, when traders were holding options to sell 2.52 million barrels of crude at $105 each. Oil closed above $105 a barrel for the first time on March 6.
written by ABSTRACTMIND @ 1:09 pm, ,
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written by ABSTRACTMIND @ 12:25 pm, ,
Crude Oil Rises to Record
We have Exxon,BP,SHELL,REPSOL,GALP and may more that have bigger and bigger profits at the expence of the automobile..so lets all join forces in a peaceful demonstration on Saturday 15-03-2008 at our local petrol station, each time we pass a petrol station lets make noise use the car horn each time we pass a filling station... from Asia to Europe to America to Africa, lets all make as much noise as we can, ALL FOR ONE ,ONE FOR ALL...
Today crude oil rose to a record $107 a barrel in New York as investors purchased futures because the returns have outpaced those of financial markets.
We're witnessing an ongoing flow of fund buying, which isn't particularly motivated by the particulars of the petroleum market, prices have rallied to such an extent where sellers have backed off. Any time prices go lower the buyers come right back into the market.
Crude oil for April delivery rose to $106.68 a barrel at 10:38 a.m. on the New York Mercantile Exchange. Futures surged to $107 a barrel today, the highest since trading began in 1983. Prices are up 78 percent from a year ago.
Brent crude for April settlement rose to $102.66 a barrel on London's ICE Futures Europe exchange. Futures reached a record $103.98 a barrel on March 7.
REMEMBER..ALL FOR ONE ,ONE FOR ALL...
written by ABSTRACTMIND @ 11:28 am, ,
OPEC's President Chakib Khelil of Algeria also told Reuters on Wednesday d output policy will stay unchanged.
The art of "tremendous speculation" is also used by governments and petrol companies like Galp,BP.REPSOL,SHELL and others to keep final consumer prices as high as possible...
The example of this "tremendous speculation" happens almost in a weekly manner in Portugal (Europe)...
Here we have four major players, Galp,BP.REPSOL .. and the .government!!!
These players manipulate the consumer as they want...the .government has over 65% tax on every litre consumed the rest the petrol companies keep...in this way we have one of the most expensive consumer final prices in the world... 95 Oct.1.419€ per litre !!!
Twice a year this government increases the Tax applied to energy , the petrol companies persist in weekly increases also, two or three cents per litre....normally Galp is the first to apply the new prices followed by the others with the same prices, their monopoly is to keep prices as high as possible, however this is forbiden by the ECC.
No wonder this country has a inflation one of the highest in Europe, unemployment around 7%, wages one of the lowest in Europe..so there is nothing in favour of the public in general all that can be expected are higher and higherpetrol prices that in turn will send the economy skyhigh !!
SO.. TO THE MAJOR PLAYERS INVOLVED IN THE "tremendous speculation" WE SAY ..GREAT WORK...!!! REALLY !!! GREAT WORK....
written by ABSTRACTMIND @ 3:24 pm, ,
Our dream, wish and all those simple things we want when old age comes our way. We would build a home garden where we can live in it or perhaps stay in for a weekend or so. There are loads of styles we definitely like to have as our garden building but there might be a slight changes in the future as we get older we tend to change our likes as well.
But for now we kinda like the one with a terrace like. We would surely pick our own style and perhaps design our own garden building as well. It would be more fun to do that way.As of now we are saving and saving a lot so when we retire we will have enough cash to keep us going till our last breath, hehehe. But to those who are planning to have their own garden building now then I suggest you should visit the garden escape.
They actually offers a lot of style or you can make your own desing and even aadd bathroom to your own garden building if you like. If you are planing to have a great garden escape and plan to wowed your future visitors and friends then you can do it your own design and ask for a little help by experts from the garden escape dot co dot uk. Just order the product from the garden escape and their workers will help you with the rest.
Quality is the one thing you look for to make your garden building the best in the area. Take a peek at www.thegardenescape.co.uk now and get some more information.
written by ABSTRACTMIND @ 3:16 pm, ,
The terminal, designed to evoke Chinese icons such as the flying dragon and the imperial capital's Forbidden City, is the world's biggest building, housing 1.3 million square meters (14 million square feet) of floor space, according to a release from the designer, London-based architecture firm Foster & Partners.
The Chinese government has hired architects from Europe and Australia to design marquee projects to present an international image in the lead-up to this summer's Games. The terminal, like most of the Olympic venues, was completed ahead of schedule.
"Remarkably, it was commissioned and completed in a little over four years, less than the time it took to organize and conduct the public inquiry for Terminal 5 at Heathrow,'' Norman Foster, one of the architects, said in a statement.
The terminal cost 27 billion yuan ($3.8 billion) to complete, more than double what the city spent to build and refurbish sporting venues for the games.
Beijing is investing more than $67 billion on infrastructure projects including roads, subways, sports stadiums and the new terminal ahead of the country's first Olympics. The games will be held Aug. 8 to 24.
Its 360,000 square meters of gold roof are intended to echo the imperial color used to top the buildings of Beijing's 600- year-old Forbidden City complex. Inside, skylights set into the ceiling allow natural light to illuminate and heat the interior.
Measuring 2.95 kilometers (1.83 miles) from end to end, the terminal will double aircraft stands and will enable the entire airport to handle 76 million passengers a year by 2015, according to the National Development and Reform Commission.
The facility will host 26 airlines, according to Beijing Capital International. The first six including Sichuan Airlines and Qantas Airways Ltd. will start using it immediately, while the rest begin on March 26.
The new terminal will help change people's view on Beijing airport, known for congestion and flight delays,'' said Roslyn Ji, an analyst at Core
Beijing is expected to host an additional 1.5 million visitors during the Olympic Games. A third runway opened in October 2007.
The third terminal and runway will triple the annual landings and takeoffs to 600,000 aircraft, according to the airport operator.
Construction took three years and nine months and used 50,000 workers, according to the National Development and Reform Commission. Nine villages and 10,000 people were displaced in the process, it also said.
The terminal will adopt an automated people mover system which connects buildings for the first time in mainland China, according to General Administration of Civil Aviation. With four- kilometer-long rails, the system is able to transport 8,200 passengers per hour.
written by ABSTRACTMIND @ 2:55 pm, ,
Sure many are aware about the coming black friday 2008. For those who love to shop during Black Fridays, this is great news. Now, you dont need to wake up early and drive, then those long lines at the store as early as five in the morning.
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written by ABSTRACTMIND @ 12:00 pm, ,
Oil Prices Spike to Record $105.97
The saga goes on as oil prices steadied Thursday after nearing a record $106 a barrel as investors reacted to a surprise drop in U.S. crude supplies and the dollar struck new lows against the euro.
Also supporting prices was an OPEC decision not to boost output and rising tensions on Venezuela's border with the demented Hugo Chavez..
Earlier this week, oil prices broke the previous inflation-adjusted price record of $103.76, set in 1980 during the Iran hostage crisis.
Most analysts had expected the U.S. Energy Department's Energy Information Administration to report oil stocks rose last week for the eighth straight time. Instead, the stocks fell 3.1 million barrels.
In Vienna, the Organization of Petroleum Exporting Countries said Wednesday it would hold production levels steady, at least for now. OPEC ministers cited falling demand in announcing their decision to hold production steady.
The EIA report and OPEC announcement fed a new frenzy of investing in oil futures, which have risen to new inflation-adjusted records this week as the falling dollar drew investors to the market.
Five dollars is an incredible gain, the overall oil market fundamentals are supportive of strong oil prices but not at this level, above $100. I would expect some profit taking to put a temporary halt to this rather large surge in pricing.
The dollar, meanwhile, fell to a new low against the euro, with the EU's shared currency climbing to $1.5370 after the European Central Bank and the Bank of England left their benchmark interest rates unchanged. The euro set its previous high mark of $1.5302 on Wednesday.
Analysts noted that U.S. oil inventories are at historical highs despite last week's decline in crude supplies. Meanwhile, demand for gasoline is falling, and several forecasters have cut their oil demand growth predictions for this year.
written by ABSTRACTMIND @ 3:19 pm, ,
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written by ABSTRACTMIND @ 11:45 am, ,
The U.S. weekly oil data is expected to show a 2.4 million barrel rise in crude inventories, the eighth straight week of gains, and a 900,000-barrel increase in gasoline stocks that are already at a 14-year high.
Crude oil for April delivery was trading at $100.32 a barrel, on the New York Mercantile Exchange at 12 p.m. London time, little changed from when OPEC ministers began closed-door discussions two hours earlier, on Tuesday, it fell nearly $3 to close at $99.52 as some investors tried to take profits from a record high of $103.95 struck on Monday.
London Brent crude climbed to $98.13.
The production limit for 12 of OPEC's 13 members is 29.67 million barrels a day. A decision to keep quotas unchanged was expected by 29 of 30 analysts surveyed
The market has kept a close eye on Wednesday's meeting of the Organization of Petroleum Exporting Countries (OPEC) in Vienna to see how the producer group will react to the recent rally in oil prices to triple digits.
The group accounts for about a third of world oil output.
Remarks so far from OPEC ministers ahead of the meeting suggest the producer group is likely to leave output unchanged.
U.S. President George W. Bush warned on Tuesday it would be a "mistake" for OPEC ministers to ignore the pain record-high oil prices are inflicting on the United States, the world's top energy consumer.
OPEC members are expected to ignore his call ...especially having seen yesterday's price action. The key will be a unified communique and this will be their downfall..
Saudi Arabia's Oil Minister Ali al-Naimi, OPEC's most influential voice, said in remarks published on Wednesday he saw no need to change production because oil market fundamentals were steady and "healthy". He blamed record high prices on "tremendous speculation", however the OPEC group also practice the art of "tremendous speculation".....
OPEC's President Chakib Khelil of Algeria also told Reuters on Wednesday d output policy will stay unchanged.
written by ABSTRACTMIND @ 2:42 pm, ,
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written by ABSTRACTMIND @ 11:40 am, ,
Oil has risen 27 percent since Sept. 18 when the first of five cuts to the U.S. benchmark interest rate sent the dollar lower. Traders purchase energy and metals as an inflation hedge when the U.S. currency weakens. Prices also rose on reports that the U.S. launched an air strike in Somalia and that Venezuela sent tanks to its border with Colombia.
This situation is a example of SPECULATION...who cares if the demented Hugo Chavez sent tanks to its border with Colombia, this is yet another show...the U.S. launched an air strike in Somalia, so!!! this African nation has always been involved in some conflict, that is how they live, in any case they dont produce crude, they have nothing.. they are one of the poorest nations of the world...they dont want peace.... so why should these happenings affect crude prices....??? SPECULATION THATS WHY...!!!
What the world needs is a strong US government and not a Bush or Clinton ...frankly is there no one better... The energy market has caught the inflation wave once again as a reaction to new lows for the dollar versus the euro ...
Crude oil for April delivery rose to $103.82 a barrel at 10:01 a.m. on the New York Mercantile Exchange. Futures surged to $103.95 a barrel, the highest since trading began in 1983. Prices are up 68 percent from a year ago.
Brent crude for April settlement rose to $102.17 a barrel on London's ICE Futures Europe exchange. Futures reached a record $103.29 a barrel today.
The only reason for crude to be at or above $100 a barrel is for OPEC not to change the production targets.!!!
The dollar fell to $1.5191 per euro, from $1.5179 on Feb. 29, when it touched $1.5239, the weakest since the European currency's debut in January 1999. Declines in the dollar's value make commodities priced in the U.S. currency, such as oil, appear undervalued and appealing as a hedge against inflation.
So its time world order is restored, be it by the US or Europe someone needs to take the bull by the horns...or all will be a hostage to
written by ABSTRACTMIND @ 11:46 am, ,
After a hugely successful first six months, FrancePropertyShop.com has been further developed and redesigned to provide property seekers with what is possibly the most advanced site in the market place.
The advances, which are the result of visitor research and the results of usability analytics placed on the site, give so many new reasons for those searching for property to visit the FrancePropertyShop.com site.
written by ABSTRACTMIND @ 3:32 pm, ,