Oil & Gas 01 (May 08 - Jul 08)

[kennynah]

11 Jun 2008 11:08 GMT
EU To Propose Range Of Measures To Deal With Oil Prices
BRUSSELS -(Dow Jones)- The European Commission said Wednesday it will propose a range of measures at next week's European Union summit to address problems caused by the spike in oil prices.

This could include reduced Value Added Tax rates on energy efficient products and stricter transparency rules on commercial oil stocks.

Action will also be considered to help sectors of industry like fisheries, agriculture and transport, most hard hit, Commission spokesman Johannes Laitenberger said at a regular news briefing.

[kennynah]

11 Jun 2008 11:24 GMT
Malaysia says no more fuel hikes this year
KUALA LUMPUR, June 11 (Reuters) - Malaysia will not raise fuel prices further this year, Prime Minister Abdullah Ahmad Badawi said on Wednesday.

[kennynah]

adding fuel to fire... double headed snakes
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11 Jun 2008 11:18 GMT
UPDATE:World Oil Reserves, Production Fell In 2007 -BP Review


LONDON -(Dow Jones)- The world's proven oil reserves fell in 2007 by a small margin and production dropped for the first time since 2002 as crude demand grew, BP PLC (BP) said on Wednesday.

In its annual Statistical Review, an industry standard for energy statistics, BP said the world's economically recoverable oil reserves, a key measure for future crude production, fell by about 0.1% to 1.238 trillion barrels in 2007, down from 1.240 trillion barrels in 2006.

The figures underscore the challenges the world faces finding new supplies and attracting all the necessary investments to bring projects into timely operation.

Highlighting another important development, oil exports from the Middle East - which pumps just over 30% of the world's daily crude output - fell last year for the first time in five years. This was partly a function of OPEC output cuts, but also fast-growing demand at home that's limiting how much oil Middle East nations can send to world markets.

Some of the region's big oil exporters like Saudi Arabia consumed crude last year at growth rates of more than 7%, far faster than they're producing or discovering new supplies.

Today's proven crude reserve levels globally are substantial, at about 40 years worth, and are about 16% higher than in 1997. But the big challenge for all producers today is growing their reserve base year after year to keep up with growing energy demands and amid escalating costs.

Global oil production on average fell last year for the first time since 2002 to 81.53 million barrels a day, down 0.2% from 2006. The output drop was driven by Organization of Petroleum Exporting Countries production cuts in late 2006 and early 2007, but also by weaker-than-expected output from non-OPEC producers, like Mexico.

The production fall contrasted with world oil consumption that grew by 1.1% globally, slightly below the 10-year average. Crude demand rose the fastest in places like China and several oil producing countries, like Saudi Arabia.

Reflecting the disparities between supply and demand, U.S. oil prices rose for a sixth straight year in 2007 - the longest consecutive run of increasing oil price increases on record, according to BP data. U.S. prices averaged $72.20 a barrel, more than double an average price of $31.07 in 2003.

BP's review also had discouraging news for the fight against global climate change and carbon emissions. The use of coal, the most polluting of all fossil fuels, was the fastest-growing major fuel for the fifth straight year because of its wide availability and affordable production costs. Coal is used primarily for producing electricity.

[LenaHuat]

and the wayang kulit show begins...

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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]

This makes me nervous.Still probing what drives the crude oil market
Keep your eyes on the oily ball. No price correction no earnings growth.
Dow, S*P500 will be incontinent 2nite.

[kennynah]

crude oil price...obviously went up....

11 Jun 2008 14:35 GMT
BULLET: ENERGY: US EIA oil stocks for Jun 6 week: "U.S.......


ENERGY: US EIA oil stocks for Jun 6 week: "U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.6 million barrels from the previous week. At 302.2 million barrels, U.S. crude oil inventories are at the lower boundary of the average range for this time of year.

Total motor gasoline inventories increased by 1.0 million barrels last week, and are in the lower half of the average range.

Finished gasoline inventories remained unchanged last week while gasoline blending components inventories increased during this same time.

Distillate fuel inventories increased by 2.3 million barrels, and are in the lower half of the average range for this time of year.

Propane/propylene inventories increased by 0.5 million barrels last week but remain near the bottom of the average range.

Total commercial petroleum inventories increased by 0.3 million barrels last week, and are near the bottom of the average range.

[kennynah]

oil oil oil....

up $5 one day, drop $1 next...then up $8 another day, and drop $2...LIMIT Up $10 and next day drop $4....WTF !!!

i thot christopher reeves is gone ???

[HengHeng]

am not surprised if tml oil tanks again .. just for it to rise even higher.

[kennynah]

1045am 12jun +8GMT

Crude down $1.02 asian trading at $135.30pbl

[kennynah]

12 Jun 2008 02:51 GMT
China oil majors step up fuel imports, crude runs in June for summer harvest
BEIJING (XFN-ASIA) - China National and Petroleum Corp (CNPC) and China Petrochemical Corp (Sinopec Group) said they have stepped up fuel imports in June to meet rising demand during the summer harvest.

CNPC said the company plans to import 600,000 tons of oil products in June and process 6 pct more crude this month compared to May.

The company also plans to farm out production to private refineries for a further 280,000 tons of oil products this month, which would boost the firm's fuel output to record levels.

Sinopec Group plans to import one mln tons of oil products in June and aims to process 6.1 pct more crude oil in the first half from a year earlier.

The company shifted some ethylene facilities to produce oil products beginning this month. Ethylene production is expected to fall by 65,000 tons while fuel output is projected to rise by 200,000 tons this month.

China caps oil product prices, forcing some refiners to shut down to avoid built-in losses from these operations, leading to diesel shortages in some areas.

The usual summer shortages will be further complicated by the impact of the Sichuan earthquake in May and the requirements for ensuring adequate supply during the Beijing Olympics in August.

[winston]

TOL

What is the purpose of an Oil Strategic Reserve ?

When do you release oil from the Strategic Reserve ?

If now is not a good time to release oil from the Strategic Reserve, when is ?

Why are they not releasing oil from the Strategic Reserve ?