Chindia demand is still smokin’.
The US does not set the marginal crude price any more, it doesn’t waste ENOUGH!
A very high price (+ $147 Brent) would not last long as demand destruction would certainly follow. US economy is built around $20/barrel crude, not $120/barrel crude.
A high price (+ $128 Brent) would be a trend change and a short-term bull market in crude. What next? Demand destruction. Even w/o the euro-generated [...]
By William Spain
CHICAGO (MarketWatch) — The union that represents Nigerian oil workers on Wednesday threatened to shut down the company’s crude production, adding more fuel to a national strike over a recent government move that led to the doubling of previously subsidized gasoline prices, Reuters reports. A spokesperson for PENGASSAN, the biggest oil union, told the wire service that the group will make its decision later in the day. [...]
VIENNA (AP) — Mideast turmoil, a faltering world economy and divisions on whether to raise crude production promise to make this week’s OPEC meeting one of the more volatile in recent history.
In the end, the 12-nation group will probably opt to increase output levels to reduce international concerns about the high price of oil. But some influential members are [...]
High grade crude for gulf delivery hit the highest price since the spring of 2008 this morning.
This is the raw material for gasoline, so look for another big spike at the pump over the next few months.
I think that premium gas will be at $5 by July first in many parts of the country.
If the trend towards ever higher crude does not turn around soon we are going to hit [...]
LONDON (AFP) â€“ World oil prices advanced on Tuesday despite OPEC kingpin Saudi Arabia’s pledge to ensure sufficient supplies to cover Libya’s production shortfall.
Brent North Sea crude for delivery in April rose 67 cents to $112.47 per barrel.
New York’s light sweet crude for April, known as West Texas Intermediate (WTI), gained 35 cents to $97.32.
Fears about supply disruption due to a wave of unrest in Libya and other [...]
As recent developments out of Libya have demonstrated, when geopolitics and oil production mix, the resultant product is quite explosive. And as more protests are sure to spread to other countries in the region (with Saudi of course being the key domino whose potential fall would send crude well over $200), below we present a summary atlas of the key production capacities in both [...]