CheesyMuslim
04-10-2007, 12:03 PM
Sorry bout that,
1. But *Little Two Eyes Too Close Together*, is using his nuclear build up as a way to scare oil prices up.
2. He is getting his marching orders from The Saudis.
3. Iran is the resident *NutJob*.
4. Used to be *Saddam*.
5. Here's a ink:
http://www.bloomberg.com/apps/news?pid=20601086&sid=av5Zy1icXlNY&refer=news
"
Oil Rises From 12-Day Low; Iran Starts Industrial Enriching
By Eduard Gismatullin
April 10 (Bloomberg) -- Crude oil rose from a 12-day low in New York after Iran said it had started to enrich uranium on an industrial scale, in defiance of the United Nations.
Iran, the Middle East's second-largest oil supplier, aims to install 50,000 centrifuges to enrich uranium as part of its nuclear program, Gholam Reza, the head of the country's Atomic Energy Organization said. Crude also gained on speculation rising gasoline demand and prolonged refinery maintenance may have cut U.S. motor-fuel supplies for a ninth straight week.
``There is a resurgence in tension due to Iran's announcement it will proceed with uranium enrichment,'' said Jean-Bernard Guyon, managing director of Global Gestion in Paris. ``Prices would be expected to drop'' in the second quarter on lower demand, ``however, U.S. stocks are low.''
Crude oil for May delivery increased as much as 48 cents, or 0.8 percent, to $61.99 a barrel in after-hours electronic trading on the New York Mercantile Exchange and was at $61.64 at 1:06 p.m. in London.
The contract tumbled $2.77, or 4.3 percent, to $61.51 a barrel yesterday, the lowest close since March 21 and the biggest one-day decline since Jan. 4. Prices plunged after the return of British naval personnel captured by Iran had eased concerns about deliveries from the Middle East.
Brent crude oil for May settlement increased as much as 54 cents, or 0.8 percent, to $67.13 a barrel in electronic trading on the ICE Futures exchange. The contract was last at $66.52.
`Fear Premium'
Yesterday's statement that Iran had begun enriching uranium on an industrial scale defied the UN Security Council resolution, which gave Iran 60 days from March 24 to suspend enrichment.
Iran had ignored three such deadlines. The Security Council demands were in response to allegations by the U.S. and some of its allies that Iran is using the development of nuclear power to produce weapons in contravention of the nuclear Non-Proliferation Treaty.
``There is still significant amount of fear premium built in as long this ongoing battle goes on between the West and Iran over the nuclear issue,'' said Guy Gleichmann, the president of United Strategic Investors Group, from Hollywood, Florida. ``This looks like an escalation.''
Oil futures reached $68.09 a barrel on March 27, the highest since Sept. 6, after Iran seized 15 British marines and sailors in the Persian Gulf. They were returned to the U.K. on April 5.
Iran is the second-largest oil producer in the Organization of Petroleum Exporting Countries. Almost a quarter of the global supply flows through the Strait of Hormuz, a narrow waterway between Iran and Oman at the mouth of the Gulf.
`Well Supplied'
The crude market is ``well supplied,'' Qatar's Oil Minister Abdullah bin Hamad Al-Attiyah told reporters in Doha today. Oil prices have been ``affected by geopolitics and speculation which we have no control over.''
U.S. gasoline inventories possibly fell 1.4 million barrels in the week ending April 6, based on a Bloomberg News survey of 10 analysts. Refiners usually increase output this time of year to meet peak summer driving demand.
Gasoline stockpiles probably fell to 203.8 million barrels in the week ended April 6, according to a Bloomberg survey. That would leave supplies 1.4 percent lower than the 206.7 million barrels average for that period in the last five years, according to Bloomberg calculations using Energy Department data.
Falling Inventories
Gasoline inventories declined 9.7 percent to 205.2 million barrels in the eight weeks ended March 30, according to U.S. Energy Department data. Demand, based on deliveries from refineries, jumped to a 15-week high that week, and averaged 9.3 million barrels a day in the four weeks, 1.7 percent more than the same period a year earlier, the department said last week.
Gasoline for May delivery rose 0.24 cents to $2.097 a gallon in after-hours trading in London.
``The key issue for the most traders is the gasoline,'' said Gleichmann. ``Gasoline supplies in near-term are in shortfall.''
The department's weekly inventory report tomorrow also will probably show U.S. crude-oil supplies rose to a four-month high last week as fires and plant breakdowns slowed refinery demand.
Oil stockpiles probably gained 1.95 million barrels last week, from 332.7 million barrels on March 30, based on the median estimate from the Bloomberg News analyst survey. Refinery utilization probably rose to 87.5 percent, from 87 percent the two previous weeks.
Crude-oil supplies in Cushing, Oklahoma, where oil traded in New York is delivered, surged 12 percent in the week ended March 30, according to Energy Department data. Fires and power outages have forced refiners to shut units, reducing crude-oil demand and slowing efforts to stockpile fuel for the summer.
Total SA, Europe's third-largest oil company, yesterday said it is conducting emergency flaring at its 240,000 barrel a day refinery in Port Arthur, Texas.
Motiva Enterprises LLC, the refining joint venture between Europe's Royal Dutch Shell Plc and Saudi Arabia's state oil company, said the failure of a sulfur-recovery unit at its 285,000 barrel-a-day plant in the city required emergency flaring on April 8.
"
Regards,
SirJamesofTexas
1. But *Little Two Eyes Too Close Together*, is using his nuclear build up as a way to scare oil prices up.
2. He is getting his marching orders from The Saudis.
3. Iran is the resident *NutJob*.
4. Used to be *Saddam*.
5. Here's a ink:
http://www.bloomberg.com/apps/news?pid=20601086&sid=av5Zy1icXlNY&refer=news
"
Oil Rises From 12-Day Low; Iran Starts Industrial Enriching
By Eduard Gismatullin
April 10 (Bloomberg) -- Crude oil rose from a 12-day low in New York after Iran said it had started to enrich uranium on an industrial scale, in defiance of the United Nations.
Iran, the Middle East's second-largest oil supplier, aims to install 50,000 centrifuges to enrich uranium as part of its nuclear program, Gholam Reza, the head of the country's Atomic Energy Organization said. Crude also gained on speculation rising gasoline demand and prolonged refinery maintenance may have cut U.S. motor-fuel supplies for a ninth straight week.
``There is a resurgence in tension due to Iran's announcement it will proceed with uranium enrichment,'' said Jean-Bernard Guyon, managing director of Global Gestion in Paris. ``Prices would be expected to drop'' in the second quarter on lower demand, ``however, U.S. stocks are low.''
Crude oil for May delivery increased as much as 48 cents, or 0.8 percent, to $61.99 a barrel in after-hours electronic trading on the New York Mercantile Exchange and was at $61.64 at 1:06 p.m. in London.
The contract tumbled $2.77, or 4.3 percent, to $61.51 a barrel yesterday, the lowest close since March 21 and the biggest one-day decline since Jan. 4. Prices plunged after the return of British naval personnel captured by Iran had eased concerns about deliveries from the Middle East.
Brent crude oil for May settlement increased as much as 54 cents, or 0.8 percent, to $67.13 a barrel in electronic trading on the ICE Futures exchange. The contract was last at $66.52.
`Fear Premium'
Yesterday's statement that Iran had begun enriching uranium on an industrial scale defied the UN Security Council resolution, which gave Iran 60 days from March 24 to suspend enrichment.
Iran had ignored three such deadlines. The Security Council demands were in response to allegations by the U.S. and some of its allies that Iran is using the development of nuclear power to produce weapons in contravention of the nuclear Non-Proliferation Treaty.
``There is still significant amount of fear premium built in as long this ongoing battle goes on between the West and Iran over the nuclear issue,'' said Guy Gleichmann, the president of United Strategic Investors Group, from Hollywood, Florida. ``This looks like an escalation.''
Oil futures reached $68.09 a barrel on March 27, the highest since Sept. 6, after Iran seized 15 British marines and sailors in the Persian Gulf. They were returned to the U.K. on April 5.
Iran is the second-largest oil producer in the Organization of Petroleum Exporting Countries. Almost a quarter of the global supply flows through the Strait of Hormuz, a narrow waterway between Iran and Oman at the mouth of the Gulf.
`Well Supplied'
The crude market is ``well supplied,'' Qatar's Oil Minister Abdullah bin Hamad Al-Attiyah told reporters in Doha today. Oil prices have been ``affected by geopolitics and speculation which we have no control over.''
U.S. gasoline inventories possibly fell 1.4 million barrels in the week ending April 6, based on a Bloomberg News survey of 10 analysts. Refiners usually increase output this time of year to meet peak summer driving demand.
Gasoline stockpiles probably fell to 203.8 million barrels in the week ended April 6, according to a Bloomberg survey. That would leave supplies 1.4 percent lower than the 206.7 million barrels average for that period in the last five years, according to Bloomberg calculations using Energy Department data.
Falling Inventories
Gasoline inventories declined 9.7 percent to 205.2 million barrels in the eight weeks ended March 30, according to U.S. Energy Department data. Demand, based on deliveries from refineries, jumped to a 15-week high that week, and averaged 9.3 million barrels a day in the four weeks, 1.7 percent more than the same period a year earlier, the department said last week.
Gasoline for May delivery rose 0.24 cents to $2.097 a gallon in after-hours trading in London.
``The key issue for the most traders is the gasoline,'' said Gleichmann. ``Gasoline supplies in near-term are in shortfall.''
The department's weekly inventory report tomorrow also will probably show U.S. crude-oil supplies rose to a four-month high last week as fires and plant breakdowns slowed refinery demand.
Oil stockpiles probably gained 1.95 million barrels last week, from 332.7 million barrels on March 30, based on the median estimate from the Bloomberg News analyst survey. Refinery utilization probably rose to 87.5 percent, from 87 percent the two previous weeks.
Crude-oil supplies in Cushing, Oklahoma, where oil traded in New York is delivered, surged 12 percent in the week ended March 30, according to Energy Department data. Fires and power outages have forced refiners to shut units, reducing crude-oil demand and slowing efforts to stockpile fuel for the summer.
Total SA, Europe's third-largest oil company, yesterday said it is conducting emergency flaring at its 240,000 barrel a day refinery in Port Arthur, Texas.
Motiva Enterprises LLC, the refining joint venture between Europe's Royal Dutch Shell Plc and Saudi Arabia's state oil company, said the failure of a sulfur-recovery unit at its 285,000 barrel-a-day plant in the city required emergency flaring on April 8.
"
Regards,
SirJamesofTexas