Post A Reply
my profile
login
|
register
|
search
|
faq
|
forum home
»
Allstocks.com's Bulletin Board
»
Micro Penny Stocks, Penny Stocks $0.10 & Under
»
ARET oil stock increasing in volume.
» Post A Reply
Post A Reply
Login Name:
Password:
Message Icon:
Message:
HTML is not enabled.
UBB Code™ is enabled.
[QUOTE]Originally posted by JoeMillion: [QB] Looks like a big day for aret! imo US Oil, Gas Futures Rise on Supply Fears Tuesday January 20, 2:29 am ET SINGAPORE (Reuters) - U.S. crude prices made fresh gains on Tuesday, rallying to a 10-month high and natural gas jumped four percent as freezing temperatures and wafer-thin fuel stocks in the United States stoked fears of a supply crunch. Search. Compare. Save. A huge blast at Algeria's key Skikda refinery and liquefied natural gas (LNG) plant added to supply concerns as the nearby port is the country's largest and handles the bulk of its crude, oil product and petrochemical exports. U.S. light crude futures for February delivery touched an early peak at $35.54 a barrel, the highest level since the U.S. invasion of Iraq in March. The February contract will expire at the end of business on Tuesday. At 1:27 a.m. EST, U.S. crude stood at $35.48 a barrel, up 41 cents from Friday's close. U.S. markets were closed on Monday for a public holiday. London's Brent crude futures rose 33 cents to $30.90 a barrel. "Prices have got to be getting toward the top end of the range and we must be getting to the point where some consuming countries will be experiencing some distress," said David Thurtell, commodities strategist at Commonwealth Bank of Australia in Sydney. Thurtell said a recovery in the value of the U.S. dollar, the currency of international oil trade, would also add to consumers' woes. The biggest mover has been the euro/dollar rate The euro, which has risen 13 percent since November and 25 percent since the start of 2003, has fallen four percent in the past week. Ministers of the Organization of the Petroleum Exporting Countries, which controls half of world crude exports, have cited a decline in their dollar oil revenues as one reason for sustaining high oil prices. U.S. crude prices have shot up about $7 a barrel, or 25 percent, since late September when OPEC (News - Websites) agreed to cut official output limits by 900,000 barrels per day. Since then, demand has risen with the onset of the northern hemisphere winter and U.S. fuel inventories have fallen to the lowest levels since the mid-1970s. OVERHANG FEARS A senior adviser to Saudi oil minister Ali al-Naimi said on Monday it was too early to predict what action OPEC would take when it reviewed production policy on February 10 in Algiers. Saudi Arabia is the world's biggers oil exporter and the most influential member of OPEC. OPEC is worried that a big overhang of oil will trigger a collapse in prices in the second quarter when demand normally tails off at the end of winter. It is already pumping about its official limit of 24.5 million bpd, which excludes Iraq output. The International Energy Agency, the energy watchdog for 26 rich nations, last week forecast a huge rise in second-quarter oil stocks if OPEC did not cut supplies from December levels, estimated at 29.95 million bpd including Iraq, which it put at 1.96 million bpd. Algerian Oil Minister Chakib Khelil said there was general agreement within the group that demand was expected to fall by 2.5 million bpd in the second quarter. "That's why it is difficult to say now that prices are high because they risk dropping very rapidly during the second quarter if nothing is done to the level of global production," Khelil told state radio. Khelil's comments came before news that a big explosion had rocked the Skikda oil and gas plant killing 13 and injuring at least 74 people. Algeria is a big LNG exporter mainly to Europe and the United States. Khelil said Skikda's three LNG plants would have to be rebuilt entirely. U.S. natural gas futures traded 4.07 percent higher at $6.182 per million British thermal units. [/QB][/QUOTE]
Instant Graemlins
Instant UBB Code™
What is UBB Code™?
Options
Disable Graemlins in this post.
*** Click here to review this topic. ***
Contact Us
|
Allstocks.com Message Board Home
© 1997 - 2021 Allstocks.com. All rights reserved.
Powered by
Infopop Corporation
UBB.classic™ 6.7.2