Oil & Gas 01 (May 08 - Jul 08)

[HengHeng]

wah towkay liao ... sobs. . i still coolie .. LOL i miss my loafer days .. lol .. can i have it back ?

[blid2def]

If you want, I can make you "Permanent Loafer". I think...

[HengHeng]

that would be great!

[blid2def]

Take a look at your rank.

[HengHeng]

TY!

[kennynah]

hahaha....

choon boh H2... dont force yourself leh...

[kennynah]

and the wayang kulit show begins...

**********

11 Jun 2008 10:49 GMT

Germany Willing To Attend Saudi Oil Mtg, Urges Output Hike
MESEBERG, Germany -(Dow Jones)- Germany would be willing to participate in the June 22 meeting of oil-producing and - consuming nations in Saudi Arabia if invited, the Economics Ministry said Wednesday, calling for oil output and refinery capacity to be increased amid soaring oil prices.

"We haven't yet received an official invite but we would participate," said a ministry spokeswoman. "Our position is that there should be an increase in oil production and refinery capacity."

The comments come after Saudi Arabia has said it will host a meeting of the world's most influential oil producers and consumers on June 22 in a bid to greater probe what is driving crude markets.

Crude oil futures soared to a peak of over $139 a barrel Friday, alarming oil consumers worldwide about the impact on their economies.

At 1126 GMT, the front-month July light, sweet, crude contract on the New York Mercantile Exchange was trading $2.17 higher at $133.48 a barrel, after hitting an intraday high of $134.60 a barrel.

-By Andrea Thomas, Dow Jones Newswires; +49 30 2888 410; [email protected]

[kennynah]

11 Jun 2008 10:31 GMT
Ahead of the Bell: Oil Inventory Report
WASHINGTON (AP) - Government data scheduled for release Wednesday is expected to show that crude-oil inventories fell last week for the fourth straight period.

The Energy Department's forecasting arm, the Energy Information Administration, publishes petroleum inventory data for the week ended June 6 at 10:35 a.m. EDT.

Analysts expect oil stockpiles fell last week by 1.4 million barrels, according to a survey by Platts, the energy research arm of McGraw-Hill Cos. For the week ended May 30, crude-oil inventories fell by 4.8 million barrels, or 1.5 percent, to 306.8 million barrels, which were 11.8 percent below year-ago levels.

Meanwhile, gasoline inventories rose by 2.9 million barrels, or 1.4 percent, to 209.1 million barrels, which were 3.3 percent above year-ago levels. Analysts expect stockpiles of the motor fuel grew by 1.1 million barrels last week.

Demand for gasoline over the four weeks ended May 30 was 1.4 percent lower than a year earlier, averaging more than 9.3 million barrels a day.

At the same time, U.S. refineries ran at 89.7 percent of total capacity on average, a gain of 1.8 percentage points from the prior week. Analysts expect capacity rose by 0.6 percentage point last week.

Inventories of distillate fuel, which include diesel and heating oil, rose by 2.3 million barrels to 109.4 million barrels for the week ended May 30. Analysts expect distillate stocks rose by 1.7 million barrels last week.

[kennynah]

another wayang underway.... govt talk talk to appease population...

11 Jun 2008 11:12 GMT
EU says high oil prices hitting European economy, mulling tax changes


BRUSSELS (Thomson Financial) - The European Commission said soaring oil prices are hurting Europe's economy and that it will propose tax incentives later this year to improve energy efficiency.

Spokesman Johannes Laitenberger said the commission debated the impact of high oil prices and possible ways of dealing with them at its weekly meeting on Wednesday.

Laitenberger said any tax measures, including reduced VAT rates, should not discourage investment by energy companies.

The commission had "a desire for honest, sustainable and effective responses to genuine fears and problems that European citizens are currently grappling with", Laitenberger said, adding that "the European economy as a whole is also affected".

The European Union's response should be based on the assumption that prices were likely to stay high in the medium to long term, he said.

[kennynah]

11 Jun 2008 10:51 GMT
PetroChina restarts Sichuan fuel pipeline after quake lake drained
BEIJING (XFN-ASIA) - PetroChina has restarted its fuel pipeline in southwestern China's Sichuan province after a one-day precautionary halt while authorities drained a "quake lake" formed by earthquake debris, parent China National Petroleum Corp said.

The pipeline linking Lanzhou, Chengdu and Chongqing resumed deliveries at 2 pm today.

The 1,252-kilometer pipeline with annual capacity of over 6 mln tons carries over 70 pct of Sichuan province's oil products.

The temporary shutdown is not expected to affect overall fuel supply in the province.

Sichuan's stockpile of oil products totaled 294,000 tons as of 5 pm yesterday, equivalent to 20 days' supply, the company said earlier.

PetroChina plans to deliver a further 502,000 tons of oil products in June, which would boost supply to 557,000 tons, it added.