Record Prices Curb U.S. Fuel Demand

Crude oil fell on signs that U.S.and Europe fuel consumption is dropping because of a slowing economy and record energy prices. Energy and metals have become attractive in the past year to those seeking to offset the dollar's fall against the euro. Speculators were unable to hold last week's new highs, indicating that the rally may be over for now. We might be headed for $120 in the near term.

Crude oil for July delivery fell $3.34, to settle at $128.85 a barrel at 2:53 p.m. on the New York Mercantile Exchange. It was the biggest one-day drop since April 29. Futures reached $135.09 on May 22, the highest since trading began in 1983, and have doubled over the past year.

Brent crude oil for July settlement declined $4.06, to settle at $128.31 a barrel on London's ICE Futures Europe exchange, the biggest one-day drop since March 31. The contract touched a record $135.14 on May 22.

After failing to break through $135 decisively last week, it appears crude reached a resistance line there... High energy prices are having a substantial impact on the economy and potentially on demand ... The euro reversed gains versus the dollar after reports showed German consumer confidence fell more than economists forecast and French business confidence declined to the weakest in more than two years in May.

The euro fell to $1.5718, from $1.5770 yesterday, after rising to $1.5818, the highest level since April 24. The peak U.S. gasoline consumption period lasts from this past weekend's Memorial Day holiday until Labor Day in early September, as Americans take to the highways for holidays...

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Pack Ice

Those reserves would represent a greater challenge because the water freezes into pack ice that can be 3 meters (10 feet) thick and thaws enough to allow ships through for one month a year at most.

Though global warming may make that oil accessible at some point, the technology actually doesn't exist yet to explore through the ice.
Today, the island has limited autonomy. Greenland residents, mostly Inuit natives, in November will vote on a referendum on greater self-governance, a step that the island is taking as part of 2004 agreement with Denmark. Under the proposal, control of foreign policy would shift to the island.

All this is theoretical at the moment, because no one knows for sure how much oil there is. Nielsen said there's ``a risk'' that the comparisons with the North Sea will prove over-optimistic. And politicians expecting oil to ``bubble up from under the water in two to three years'' are ``very unrealistic,'' said NunaOil's Olsen.

Warming

In Greenland Given the icy conditions, oil production may cost as much as $46 per barrel, according to Oil and Gas Journal While exploration is complicated by icebergs as tall as 15-story buildings, global warming is helping.

Outside the Disko Bay area off the west coast, there were on average 180 ice-free days a year between 2000 and 2005, up from a 25-year average of 150 days, said Leif Toudal Pedersen, a spokesman at Denmark's Meteorological Institute.
If the ice in west Greenland continues to melt as dramatically as it has been doing in the past few years, then the cost of producing a barrel of oil will be closer to $20 than $50.
There may be even more oil off Greenland's northeast coast, where the U.S. Geological Survey last year reported a possible 31.4 billion barrels. That area is more desolate than the west coast; the largest nearby town is Illoqqortoormiut, population 529.

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Oil Rises to a Record

Crude oil rose above $129 a barrel in New York for the first time after billionaire hedge-fund manager Boone Pickens said that oil will reach $150 a barrel this year, WorldWatch suggests that Boone Pickens practice playing golf instead of SPECULATING on how crude will end the year, its SPECULATORS like Boone Pickens and Goldman Sachs Group Inc that are undermining world economy with inflamatory comments regarding virtual crude prices.

All across the board oil demand has declined at an average month rate of 2% to 3% worldwide, new energy sources are now being developed , the car industry itself has shifted towards a cleaner energy like hybrid cars, sales alone in the US has increased over 50%, there is now a waiting list of more than one month for the Toyota Pirus, in the US alone...

Brent crude oil for July rose to $127.11 a barrel on London's ICE Futures Europe exchange. The contract touched a record $127.49 today.
Crude oil for June delivery rose to $128.87 a barrel at 9:25 a.m. on the New York Mercantile Exchange. Futures reached $129.31, the highest since trading began in 1983. Prices are 98 percent higher than a year ago.
Oil prices also rose because the dollar weakened against the euro, prompting investors to buy commodities as a hedge against the currency's decline.

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