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*TOP NEWS* Energy
Reuters: [2008-05-06 22:41:00]
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> European Power and Gas [TOP/ELE]
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TOP STORIES
> Oil rockets to record $122 on dollar, supply worry[nSIN170894]
> US sees oil use down on weak economy, high prices [nN06498570]
> US crude supply seen higher, gasoline lower [nN06501597]
> US retail gasoline demand drops as prices rise [nN06496798]
> U.S. lawmakers urge scaling back biofuels mandate [nN06487289]
> Mexico will meet 3 mln bpd end-2008 target-Pemex [nN08PEC]
> "Super-spike" could lift oil to $200-Goldman [nL06914488]
> Options on $200 oil by Dec have tripled since Jan [nN06481672]
> Colombia Cano Limon pipeline back up after bombing[nN06469553]
> Russian oil output falls in Apr, exports rise [nL06282490]
> Caspian CPC April oil exports rise 18.5 pct vs Mar[nL06120300]
> China, Venezuela to ink oil, refinery deal [nSHA140453]
> Indonesia considers quitting OPEC as output falls [nSP162164]
NIGERIA
> Nigeria oil rebels pledge truce if Carter mediates[nL06616621]
> Exxon says Nigeria output back,Shell taking longer[nL06909102]
MARKETS/REFINERIES
> NYMEX crude extends rally,ends at record atop $121[nN06507209]
> U.S. Cash Crude - Sours rally on refiner buying [nN06577290]
> Strike at Fos-Lavera still blocking 14 oil tankers[nL06925320]
> European benchmark gasoline barges hit a record [nL06938527]
> Curacao refinery FCC to be down more weeks-officia[nN06478262]
> Chevron reports snag at El Segundo refinery--filin[nN06226611]
> Chevron will restart UK Pembroke units soon [nL06937211]
> KPC ready to submit refinery study to China govt [nPEK154395]
> Kuwait to launch $19 bln refinery upgrade tender [nL06540824]
ANALYSES
> Nuclear energy heats up US presidential campaign [nN06421522]
> Gazprom to reap benefits of Medvedev in Kremlin [nL25486315]
> UK gas price surge threatens bigger bills [nL06564116]
CORPORATE NEWS
> Kuwait aims to sign Exxon oil deal by July [nL06916192]
> Total says Myanmar operation unaffected by cyclone[nHKG160570]
> Ukraine leader demands more budget aid for Naftoga[nL06922556]
Latest ICE Market report [O/L]
Latest NYMEX market report [O/N]
Latest European cash oil products report [PRO/E]
Latest European cash crude report [CRU/E]
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LIVE PRICES & DATA
ICE Brent <0#LCO:> ICE Gas oil <0#LGO:>
NYMEX Crude <0#CL:> NYMEX Heating oil <0#HO:>
NYMEX gasoline <0#RB:> Brent,Dubai paper <0#BRT-><0#DUB->
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Keywords: MARKETS ENERGY TOPNEWS
UPDATE 9-Oil rockets to record $122 on dollar, supply worry
Reuters: [2008-05-06 21:31:00]
(Updates prices)
By Matthew Robinson
NEW YORK, May 6 (Reuters) - Oil shot to a record above $122 a barrel on Tuesday on supply worries and the weak dollar, extending a rally that has doubled prices over the past year and has some experts forecasting a potential spike to $200.
U.S. crude <CLc1> settled up $1.87 at $121.84 a barrel after touching a record $122.73 earlier. London Brent crude <LCOc1> gained $2.32 to $120.31 a barrel, after hitting a record $120.99.
Rising tensions with Iran, after the world's No. 4 oil producer refused to accept inspections of its nuclear program that the West fears could be linked to weapons, stirred supply concerns from the OPEC nation. [ID:nL05474341]
Nigerian disruptions from militant attacks and a strike have also underpinned prices since late April, adding to gains that have sent prices for oil up about six-fold since 2002 as part of a wider commodity surge. [ID:nL06909102].
Growing demand from emerging markets like China has supported the oil rally, as supplies struggle to keep pace, with further strength for dollar-denominated commodities coming from the slumping greenback.
"Demand from China and India, the falling dollar making oil an inflation hedge, speculation, OPEC supply restraints, supply threats in Iran, Iraq and Nigeria and refinery bottlenecks in the United States (are pushing up crude)," John Kilduff, senior vice president at MF Goldman, wrote in a research note.
High oil prices have hit U.S. refiners' profit margins, prompting some to trim runs, but stoking supply concerns as the world's biggest oil consumer heads into the summer driving season. Speculators have also poured cash into commodities as a hedge against inflation since September.
The mounting supply problems and strong demand from emerging economies prompted Goldman Sachs to forecast oil could reach $200 a barrel within the next two years.[ID:nL06914488]
"We believe the current energy crisis may be coming to a head, as a lack of adequate supply growth is becoming apparent," Goldman said in the note.
"In our view, a gradual rally in prices is likely to be longer lasting than a sharp, sudden spike."
U.S. President George W. Bush is expected to talk with officials from OPEC kingpin Saudi Arabia about the effects of high fuel prices on the U.S. economy on his trip to the world's top exporter later this month. [ID:nN05395646]
Bush has called on the Organization of the Petroleum Exporting Countries to raise output to help bring down prices, but the cartel has blamed high prices on speculators and insists markets are well-supplied.
Rising costs as well as wider problems with the economy have hurt U.S. fuel demand, with the U.S. Energy Information Administration cutting its forecast for U.S. demand by 90,000 barrels per day (bpd) in the second quarter and 100,000 bpd in the third quarter. [ID:nN06489554]
A weekly U.S. government report on fuel inventories due out Wednesday is expected to show a 1.6 million barrel build in crude supplies, an 800,000 barrel rise in distillate inventories and a 100,000 barrel decline in gasoline stocks, according to a Reuters poll. [EIA/S] (Reporting by Matthew Robinson, Gene Ramos and Robert Gibbons in New York, Jane Merriman in London, Baizhen Chua in Singapore, editing by Matthew Lewis) ((matthew.robinson@thomsonreuters.com: + 1 646 223 6052; Reuters Messaging: matthew.robinson.reuters.com@reuters.net))
Keywords: MARKETS OIL
UPDATE 8-Oil rockets past $122 on weak dollar, supply woes
Reuters: [2008-05-06 20:16:00]
(Updates prices, Reuters poll of analysts in last graph)
By Matthew Robinson
NEW YORK, May 6 (Reuters) - Oil shot to a record price over $122 a barrel on Tuesday on supply worries and the weak dollar, extending a rally that has doubled prices over the past year and has some experts forecasting a potential spike to $200.
U.S. crude <CLc1> surged $2.03 to $122.00 a barrel by 2:12 p.m. EDT (1812 GMT) after touching a record $122.73 earlier. London Brent crude <LCOc1> gained $2.36 to $120.35 a barrel, after hitting a record $120.99.
Rising tensions with Iran, after the world's No. 4 oil producer refused to accept inspections of its nuclear program that the West fears could be linked to weapons, stirred supply concerns from the OPEC nation. [ID:nL05474341]
Nigerian disruptions from militant attacks and a strike have also underpinned prices since late April, adding to gains that have sent prices for oil up about six-fold since 2002 as part of a wider commodity surge. [ID:nL06909102].
Growing demand from emerging markets like China has supported the oil rally, as supplies struggle to keep pace, with further strength for dollar-denominated commodities coming from the slumping greenback.
"Demand from China and India, the falling dollar making oil an inflation hedge, speculation, OPEC supply restraints, supply threats in Iran, Iraq and Nigeria and refinery bottlenecks in the United States (is pushing up crude)," John Kilduff, senior vice president at MF Goldman, wrote in a research note.
High oil prices have hit U.S. refiners' profit margins, prompting some to trim runs, but stoking supply concerns as the world's biggest oil consumer heads into the summer driving season. Speculators have also poured cash into commodities as a hedge against inflation since September.
The mounting supply problems and strong demand from emerging economies prompted Goldman Sachs to forecast oil could reach $200 a barrel within the next two years.[ID:nL06914488]
"We believe the current energy crisis may be coming to a head, as a lack of adequate supply growth is becoming apparent," Goldman said in the note.
"In our view, a gradual rally in prices is likely to be longer lasting than a sharp, sudden spike."
U.S. President George W. Bush is expected to talk with officials from OPEC kingpin Saudi Arabia about the effects of high fuel prices on the U.S. economy on his trip to the world's top exporter later this month. [ID:nN05395646]
Bush has called on the Organization of the Petroleum Exporting Countries to raise output to help bring down prices, but the cartel has blamed high prices on speculators and insist markets are well supplied.
Rising costs as well as wider problems with the economy have hurt U.S. fuel demand, with the U.S. Energy Information Administration cutting its forecast for U.S. demand by 90,000 barrels per day (bpd) in the second quarter and 100,000 bpd in the third quarter. [ID:nN06489554]
A weekly U.S. government report on fuel inventories due out Wednesday is expected to show a 1.6 million barrel build in crude supplies, an 800,000 barrel rise in distillate inventories and a 100,000 barrel decline in gasoline stocks, according to a Reuters poll. [EIA/S]
(Reporting by Matthew Robinson, Gene Ramos and Robert Gibbons in New York, Jane Merriman in London, Baizhen Chua in Singapore; Editing by John Picinich) ((matthew.robinson@thomsonreuters.com: +1 646 223 6052; Reuters Messaging: matthew.robinson.reuters.com@reuters.net))
Keywords: MARKETS OIL
UPDATE 7-Oil rockets past $122 on weak dollar, supply woes
Reuters: [2008-05-06 20:09:00]
(Updates prices)
By Matthew Robinson
NEW YORK, May 6 (Reuters) - Oil shot to a record price over $122 a barrel on Tuesday on supply worries and the weak dollar, extending a rally that has doubled prices over the past year and has some experts forecasting a potential spike to $200.
U.S. crude <CLc1> surged $1.80 to $121.77 a barrel by 2:03 p.m. EDT (1803 GMT) after touching a record $122.73 earlier. London Brent crude <LCOc1> gained $2.22 to $120.21 a barrel, after hitting a record $120.99.
Rising tensions with Iran, after the world's No. 4 oil producer refused to accept inspections of its nuclear program that the West fears could be linked to weapons, stirred supply concerns from the OPEC nation. [ID:nL05474341]
Nigerian disruptions from militant attacks and a strike have also underpinned prices since late April, adding to gains that have sent prices for oil up about six-fold since 2002 as part of a wider commodity surge. [ID:nL06909102].
Growing demand from emerging markets like China has supported the oil rally, as supplies struggle to keep pace, with further strength for dollar-denominated commodities coming from the slumping greenback.
"Demand from China and India, the falling dollar making oil an inflation hedge, speculation, OPEC supply restraints, supply threats in Iran, Iraq and Nigeria and refinery bottlenecks in the United States (is pushing up crude)," John Kilduff, senior vice president at MF Goldman, wrote in a research note.
High oil prices have hit U.S. refiners' profit margins, prompting some to trim runs, but stoking supply concerns as the world's biggest oil consumer heads into the summer driving season. Speculators have also poured cash into commodities as a hedge against inflation since September.
The mounting supply problems and strong demand from emerging economies prompted Goldman Sachs to forecast oil could reach $200 a barrel within the next two years.[ID:nL06914488]
"We believe the current energy crisis may be coming to a head, as a lack of adequate supply growth is becoming apparent," Goldman said in the note.
"In our view, a gradual rally in prices is likely to be longer lasting than a sharp, sudden spike."
U.S. President George W. Bush is expected to talk with officials from OPEC kingpin Saudi Arabia about the effects of high fuel prices on the U.S. economy on his trip to the world's top exporter later this month. [ID:nN05395646]
Bush has called on the Organization of the Petroleum Exporting Countries to raise output to help bring down prices, but the cartel has blamed high prices on speculators and insist markets are well supplied.
Rising costs as well as wider problems with the economy have hurt U.S. fuel demand, with the U.S. Energy Information Administration cutting its forecast for U.S. demand by 90,000 barrels per day (bpd) in the second quarter and 100,000 bpd in the third quarter. [ID:nN06489554]
A weekly U.S. government report on fuel inventories due out Wednesday is expected to show a 1.8 million-barrel build in crude stocks, a 1.1 million-barrel rise in distillate inventories and a 100,000-barrel fall in gasoline stocks, according to a Reuters poll. [EIA/S]
(Reporting by Matthew Robinson, Gene Ramos, and Robert Gibbons in New York, Jane Merriman in London; Baizhen Chua in Singapore) ((matthew.robinson@thomsonreuters.com: +1 646 223 6052; Reuters Messaging: matthew.robinson.reuters.com@reuters.net))
Keywords: MARKETS OIL
UPDATE 6-Oil rockets past $122 on weak dollar, supply woes
Reuters: [2008-05-06 19:12:00]
(Updates throughout, changes dateline from LONDON)
NEW YORK, May 6 (Reuters) - Oil shot to a fresh record over $122 a barrel on Tuesday on supply worries and the weak dollar, extending a rally that has doubled prices over the past year and has some experts forecasting a potential spike to $200.
U.S. crude <CLc1> surged $2.22 to $122.19 a barrel by 12:44 p.m. EDT (1644 GMT) after touching a record $122.73 earlier. London Brent crude <LCOc1> gained $2.50 to $120.49 a barrel, after hitting a record $120.99.
Rising tensions with Iran, after the world's No. 4 oil producer refused to accept inspections of its nuclear program that the West fears could be linked to weapons, stirred supply concerns from the OPEC nation. [ID:nL05474341]
Nigerian disruptions from militant attacks and a strike have also underpinned prices since late April, adding to gains that have sent prices for oil up about six-fold since 2002 as part of a wider commodity surge. [ID:nL06909102].
Growing demand from emerging markets like China has supported the oil rally, as supplies struggle to keep pace, with further strength for dollar-denominated commodities coming from the slumping greenback.
"Demand from China and India, the falling dollar making oil an inflation hedge, speculation, OPEC supply restraints, supply threats in Iran, Iraq and Nigeria and refinery bottlenecks in the United States (is pushing up crude)," John Kilduff, senior vice president at MF Goldman, wrote in a research note.
High oil prices have hit U.S. refiners' profit margins, prompting some to trim runs, but stoking supply concerns as the world's biggest oil consumer heads into the summer driving season. Speculators have also poured cash into commodities as a hedge against inflation since September.
The mounting supply problems and strong demand from emerging economies prompted Goldman Sachs to forecast oil could reach $200 a barrel within the next two years.[ID:nL06914488]
"We believe the current energy crisis may be coming to a head, as a lack of adequate supply growth is becoming apparent," Goldman said in the note.
"In our view, a gradual rally in prices is likely to be longer lasting than a sharp, sudden spike."
U.S. President George W. Bush is expected to talk with officials from OPEC kingpin Saudi Arabia about the effects of high fuel prices on the U.S. economy on his trip to the world's top exporter later this month. [ID:nN05395646]
Bush has called on the Organization of the Petroleum Exporting Countries to raise output to help bring down prices, but the cartel has blamed high prices on speculators and insist markets are well supplied.
Rising costs as well as wider problems with the economy have hurt U.S. fuel demand, with the U.S. Energy Information Administration cutting its forecast for U.S. demand by 90,000 barrels per day (bpd) in the second quarter and 100,000 bpd in the third quarter. [ID:nN06489554]
A weekly U.S. government report on fuel inventories due out Wednesday is expected to show a 1.8 million-barrel build in crude stocks, a 1.1 million-barrel rise in distillate inventories and a 100,000-barrel fall in gasoline stocks, according to a Reuters poll. [EIA/S]
(Reporting by Matthew Robinson, Gene Ramos, and Robert Gibbons in New York, Jane Merriman in London; Baizhen Chua in Singapore; Editing by Marguerita Choy) ((matthew.robinson@thomsonreuters.com: +1 646 223 6052; Reuters Messaging: matthew.robinson.reuters.com@reuters.net))
Keywords: MARKETS OIL
Next: FACTBOX-UPDATE 1-Why oil prices are at a record high