- SINGAPORE (Reuters) - Oil
prices soared to a record high above $59 a barrel on Monday, extending
last week's surge as a threat against Western consulates in OPEC-member
Nigeria jolted traders already worried about tight supplies.
-
- Oil climbed more than 9 percent, or nearly $5, last week,
drawing buying interest from trend-following hedge funds as prices surpassed
the previous early April high.
-
- U.S. light crude for July delivery hit a front-month
record $59.18 per barrel, before paring gains to stand up 59 cents at $59.06
at 0439 GMT.
-
- The August contract rose 62 cents to $59.80 a barrel
and contracts for the last four months of the year, when oil demand picks
up in the northern hemisphere, were all trading above $60.
-
- London Brent crude for August jumped 71 cents to $58.47
a barrel, also a front-month peak.
-
- Market anxiety over oil exports from producer nations
resurfaced on Friday after the United States, Britain and Germany closed
their consulates in Nigeria's largest city Lagos due to a threat from foreign
Islamic militants.
-
- "The market continues to suspect there might be
supply disruptions resulting from these issues in Nigeria," said Daniel
Hynes, resource analyst at ANZ Institutional Banking.
-
- "When you get that occurring during an extremely
tight period of strong demand, then prices naturally are going to react
very strongly."
-
- Nigeria, the world's eighth-largest oil exporter and
supplier of about 10 percent of U.S. crude imports, has been named a candidate
for "liberation" by Osama bin Laden, who has also threatened
Middle East oil installations.
-
- POLITICAL RISK
-
- An industry survey in Boston last week showed that more
than half the respondents considered "political upheaval in a strategic
country" as the most likely cause for disruption to oil supply.
-
- In Iran, the world's fourth-biggest producer, hard-liner
Mahmoud Ahmadinejad made a surprisingly strong showing in presidential
elections, pitting him against pragmatic cleric and former president Akbar
Hashemi Rafsanjani in Friday's run-off.
-
- Reformists urged supporters to back Rafsanjani, while
hard-liners called for conservatives to support the Tehran mayor. Both
received about a fifth of the first-round vote.
-
- Below-average U.S. inventories of distillates -- which
includes diesel, heating oil and jet fuel -- coupled with robust consumption
has heightened worries that refiners will not be able to keep up with demand
in the second half of the year.
-
- Prices are up 36 percent since January as speculative
funds bet strong global economic growth will strain supplies, especially
if there are any unexpected disruptions, such as last week's shutdown by
Royal Dutch/Shell of a gasoline unit at it's Deer Park, Texas, refinery.
The unit may be shut for up to two weeks.
-
- DEMAND WORRIES
-
- U.S. distillate demand over the past four weeks was 6.5
percent higher than a year earlier, more than twice the growth in gasoline,
while Chinese demand should pick up soon as business owners fire up diesel-fueled
generators to overcome a power crunch on regional grids.
-
- The Organization of the Petroleum Exporting Countries
(OPEC) last week raised its production ceiling by 500,000 bpd and pledged
to put another 500,000 bpd on the market soon if prices remained high,
but officials admitted it was unlikely to help.
-
- "The fundamental problems with the conditions of
the market are related to refinery capacity," Iran's OPEC governor
Hossein Kazempour Ardebili said on Saturday.
-
- "Because the demand for jet fuel and gasoline has
been spurred by the travel season, increasing the OPEC ceiling will not
solve any problems."
-
-
- Comment
- From Michael Shore
- 6-20-5
-
- It is so obvious that everything in the US government
today revolves around OIL.
-
- 911 was an intentional act carried out by the "elite"
bankers and the OIL and weapons interests in America. The oil industrialists
have benefited by TRILLIONS of dollars from the OIL in Iraq and the Caspian
Sea near Afghanistan; and the war industrialists have benefited by hundreds
of billions of US taxpayer dollars from all the warring that 911 gave them
the excuse to precipitate. The "elite" bankers are benefiting
from all the hundreds of billions of dollars they are loaning the US government,
which already has a MULTI-TRILLION dollar debt owed to these bankers, who
collect hundreds of billions of taxpayer dollars a year in interest alone
on all this government debt.
-
- At last count, over 40% of the taxes collected in the
USA goes towards paying the "elite" bankers just the interest
on the US debt owed to them.{Ever wonder why there is NO tax dollars to
feed hungry children and adults, or for health care, or for social programs
or to build new schools etc.?} Plus the bankers also control the oil and
war corporations, who are making these billions of dollars. It should be
noted that the Bush family and Cheney et al are wholeheartedly connected
to the oil drenched Saudi "royal" family and the oil corporations.
The Bush's also are connected to the Carlyle Group, the fifth largest war
corporation in the world. This connected group are all one big "happy"
MAFIA family. They're all a bunch of killers and gangsters who will kill
and destroy anything to satisfy their perverted desires.THEY ARE VERY SICK!
-
- The Bush's and the Cheney's {Haliburton Corporation}
are making out like the BANDITS that they are. What is going on in Iraq
with all those trillions of dollars of oil? Why don't we hear anything
about the Iraqi oil being used to help get the price of oil down? In fact
how much Iraqi oil is being shipped to the US or anywhere else? Not ONE
word about this is in the corporate controlled news media and the brainwashed
American People can't even think for themselves to ask these simple questions!
-
- Oil is going to keep being the main focal point of the
SICK people that control the US government. Oil will most likely go to
well over a hundred dollars a barrel. Unfortunately the only way the US
citizens will not complain about the HIGH prices of oil to come is that
most likely the gangster bankers in Washington and London will get the
Bush/Cheney junta to COVERTLY pull off some new fake "terrorist"
act against the oil infrastructure. Or maybe they will continue their lying
ways and possibly start some bogus war in Iran, which would have an effect
on the flow of Iranian oil. They will then have their excuse to raise the
price of oil to astronomical new levels, which will help bring about the
Global Economic collapse that they are after, in order to bring on the
One World Government that they seek. Maybe then you will hear how the Iraqi
oil comes to the "rescue" and is sold at the highest prices possible
that these CRIMINALS can extract from the People without the People rebelling.
-
- What is it going to take to wake up the People of the
world community from their daily intense brainwashing so they can see this
obvious manipulation that is taking place? How long is it going to take
for the People to finally demand and take action to get rid of the GANGSTER
ILLUMINATI "TERRORISTS"?
-
- WE CAN STOP THEM
-
- PEACE
-
- Michael Shore
|
