Saturday, May 31, 2008

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Seventeen of the 31 central banks around the world tracked by Reuters have raised their interest rates already this year, including China, India, Indonesia and the Philippines.( signal oil and gas profile articles)
The latest price runs came after the US government's Energy Information Administration (EIA) announced that American crude stockpiles dived 4.6 million barrels in the week ending June 6. That was far heavier than market expectations for a drop of 1.5 million barrels and marked the fourth straight weekly fall.( signal oil and gas profile articles)

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signal oil and gas => The most hurricane-prone US region is the southeastern coastline, running from the states of North Carolina to Texas, where many US energy facilities are based.
signal oil and gas => Minas (from Indonesia, used as a reference for heavy Far East oil) ; The OPEC Reference Basket, a weighted average of oil blends from various OPEC (The Organization of the Petroleum Exporting Countries) countries
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A factor that could send crude prices lower was a report Thursday from British-based tanker tracking firm Oil Movements saying OPEC oil shipments are on track to rise by nearly 400,000 barrels a day in June.
The US oil giant was forced to shut down operations after the attack in the volatile Niger Delta, halting output by 120,000 barrels per day, an industry source said.

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Oil fell almost $1 on Thursday, reversing some gains from the previous session when prices jumped closer to last week's record high, as a steep drop in inventories in the United States heightened supply concerns. U.S. crude prices fell 97 cents at $135.41 a barrel by 11:29 p.m. EDT, after surging $5.07 to $136.38 a barrel in the previous session to get within reach of last week's record above $139. London Brent crude dropped 95 cents to $134.07 a barrel.
Oil prices are likely to hit $150 a barrel this summer season, the global head of commodities research at Goldman Sachs said on Monday, as tighter supplies outweigh weakening demand. "I would suggest that the likelihood of that happening sooner has increased tremendously ... sometime in summer," Jeffrey Currie told an oil and gas conference in the Malaysian capital, referring to oil at $150 a barrel.
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"Oil, which was very weak, rallied on those comments," said Phil Flynn, an analyst at Alaron Trading Corp. in Chicago. When interest rates rise in Europe, or fall in the U.S., the dollar tends to weaken against the euro. Many investors buy commodities such as oil as a hedge against inflation when the dollar is falling. Also, a weaker greenback makes oil less expensive to investors dealing in other currencies.( signal oil and gas co articles)
Militants in Nigeria blew up a key Chevron oil supply pipeline in the latest attack targeting the country's oil industry, company and military sources said Saturday.( signal oil and gas co articles)

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signal oil & gas co profile => Senate Republicans today voted to block an energy bill that would have imposed a windfall profits tax and ended $17 billion in tax breaks for oil companies.
signal oil & gas co profile => But beneath all these external factors is the simple seesaw of the marketplace: For every person who buys oil at $130 a barrel, there must be another person willing to sell at that price — and, odds are, at least one of them will be a speculator.
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But in an BBC interview, Mr Gurria stressed: "We cannot allow the temporary slowdown in the world economy to distract us from something which, in 20, 30, 40 or 50 years, will be the most relevant challenge that we have." Much discussion will focus on how fragile world financial markets are, despite central banks injecting hundreds of billions of dollars to shore up the banking system.
The Seattle area has seen the biggest increase in the number of people riding the commuter rails: up 28 percent from last year. The primary reason is not just gasoline price hikes. Sound Transit, which runs the region's commuter trains, light rail, and buses, is in the process of finishing an ambitious expansion program started 1996. It built commuter-rail lines north and south of Seattle that started operating in 2001. In 2006, only half the number of commuters predicted 10 years earlier were riding the rails. But growth started to pick up in 2006, along with gasoline prices, and now it's going "gangbusters."

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The rapid increase has also enticed speculators, frustrated by low returns elsewhere, looking to make a quick profit. The influx of so much fresh money into energy markets has caught the attention of federal watchdogs. The U.S. Commodity Futures Trading Commission recently said it has begun a probe of U.S. oil markets focused on possible price manipulation.
"MEND wishes to commend these patriotic youths who we are now empowering with more powerful explosives and new techniques to destroy additional pipelines inside Delta state," the group said in an email to Reuters.
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The 13 OPEC members produced 32.19 million bpd in May, the report said, citing figures from secondary sources. It also said Saudi Arabia is expected to raise output by 300,000 bpd in June.( about signal oil & gas)
No group immediately claimed responsibility for the latest attack.The raid early Thursday by speedboats on the floating production plant in the Bonga oilfield 120 kilometres (75 miles) offshore was claimed by the Movement for Emancipation of the Niger Delta (MEND) which has carried out a string of attacks on oil facilities in recent months.( about signal oil & gas)

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signal oil and gas co articles => Oil market observers question whether very much can be done in Jeddah in the short-term to bring oil down. British Energy Minister Malcolm Wicks said he wanted consumers and producers to at least agree on what was causing higher prices. That would facilitate a longer-term plan to address the price and future energy use.
signal oil and gas co articles => Two magic words are turning consumers' heads lately. Not "Get rich" or "Lose weight." Try "Free gas." Businesses from banks and hotels to golf-club makers and blood-donation centers are offering promotions that involve free gas — generating more attention and goodwill from price-stunned drivers than traditional promotions might deliver.
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Continental Airlines Inc., the fourth-largest U.S. carrier, said travel demand will decline as the industry boosts fares to help recoup record fuel costs. Continental said on June 5 that it will cut 3,000 jobs and slash its jet fleet by 18 percent.
The US oil giant was forced to shut down operations after the attack in the volatile Niger Delta, halting output by 120,000 barrels per day, an industry source said.

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`Threat to OPEC' ``There is no supply shortage at the moment, so I don't know why the IEA is saying that it may release stockpiles,'' O'Grady said. ``It may be a threat to OPEC more than anything else.''
Militants stepped up their activities in early 2006, with MEND emerging as the region's best-trained armed gang.Their campaign of bombings and kidnappings seeks to force Nigeria's central government to send more oil-industry revenues it controls to the southern region, which is deeply impoverished despite its great natural bounty.
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The dollar fell against the euro Friday, putting more upward pressure on oil prices. Many investors buy commodities such as oil as a hedge against inflation when the greenback weakens. A falling dollar makes oil less expensive to investors overseas.( Info about signal oil and gas co)
Washington released intelligence in April which it said showed Syria secretly built an atomic reactor with North Korean help. Damascus, a U.S. foe and ally of Iran, denies any covert nuclear activity and has said it would cooperate with a U.N. investigation into the allegations.( Info about signal oil and gas co)

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Articles about signal oil gas company => Russia's tax system takes 90 percent of a company's earnings when oil prices rise above $30 a barrel, BP's Hayward said. The nation's crude production will fall this year, according to his estimates. Russia is the world's second-biggest oil supplier.
Articles about signal oil gas company => Traders reacted quickly, sending the cost of light, sweet crude for July delivery as high as $138.30 a barrel, reversing course in dramatic fashion after two days of retreat. The oil contract backed off to settle at $136.42, up $5.11 on the New York Mercantile Exchange, short of Friday's record close of $138.54. That means more pain for drivers, who have been hit with a steady string of fresh price records for gasoline and diesel at the pump.
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Well operator Lapindo Brantas, owned by the family of Indonesia's richest man, Welfare Minister Aburizal Bakrie, says it was triggered by a magnitude 6.3 earthquake that occurred 155 miles from the site two days earlier.
On Tuesday, Bush threatened to veto the bill: An increase in taxes on energy will likely reduce supply and increase energy costs, he said. It's "exactly the opposite of what the Congress should be doing at a time when consumers are already burdened with record high energy prices," he said in a statement issued by the Office of Management and Budget.

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The pipeline was shut down for several days by another guerrilla bomb in May. But such attacks and other violence related to Colombia's war have declined under President Alvaro Uribe's U.S.-backed crackdown on the rebels, who are fighting a four-decade-old Marxist insurgency.
"(Oil's) been hand in hand with what the dollar's been doing," said James Cordier, president of Tampa, Fla.-based trading firms Liberty Trading Group and OptionSellers.com.Many investors buy commodities such as oil as a hedge against inflation when the dollar falls. Also, a weaker greenback makes oil less expensive to investors dealing in other currencies. Many analysts believe the dollar's protracted decline is the primary reason oil prices have doubled over the past year.

The national average price for a gallon of regular unleaded gas reached $4 Sunday, according to AAA. Oil prices settled at a record $138.54 per barrel Friday after rising more than $16 in just two days on the New York Mercantile Exchange.( jim van blaricum)
The losses follow a weak session in Wall Street on Friday, which saw the Dow Jones industrial average (.DJI) fall to its second-lowest level this year, as expectations that U.S. financial firms will need to raise more capital triggered a guessing game about who will be next.( jim van blaricum)

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signal oil gas news => A factor that could send crude prices lower was a report Thursday from British-based tanker tracking firm Oil Movements saying OPEC oil shipments are on track to rise by nearly 400,000 barrels a day in June.
signal oil gas news => "I really believe strongly that there is a political will of oil producers and consumers to lower the price and stabilize it, otherwise they would not have come," he said.Oil markets were well-balanced but the price of oil was unjustifiably high, the source said."Right now the majority of people think the price of oil is very high," he said. "There is no justification for this price."

But Venezuela's Energy Minister Rafael Ramirez said no decision would be taken at the meeting on production levels. On Wednesday, the U.S. Energy Information Administration reported that crude stockpiles dropped 4.6 million barrels last week, the fourth consecutive weekly decline amid soft import levels, and the biggest drop since early May.
"It's looking like the late 1970s or the early 1980s," said Sundstrom referring to increased sales of smaller vehicles. And available now but not decades ago are hybrids, which run on both electricity and gasoline."AAA expresses the same degree of shock and concern that consumers all over the United States are feeling as gasoline prices reach this very high level," said Sundstrom. "The upcoming national presidential and congressional elections ought to reflect the concern in the policy debates that are about to take place."

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"Whenever you get Israel and Iran within the same sentence, you have a price reaction," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill.
"I forecast that by the end of summer the price of oil will reach $150 a barrel," Mohammad Ali Khatibi was quoted as saying by Iran's state broadcaster. Iran is OPEC's second largest oil producer and the deepening dispute with the West over Tehran's nuclear ambitions has contributed to oil's rally. Israel's deputy prime minister said in remarks published last week that an attack on Iran's nuclear sites looked "unavoidable," although a senior Israeli defence official said on Sunday the remarks did not reflect state policy.

Riyadh has a long-held policy of maintaining a cushion of between 1.5 million and 2 million bpd to bring on line in the event of any emergency.Saudi Arabia called Sunday's Jeddah talks between producers, consumers and oil companies in reaction to a record rally, which has taken oil to nearly $140 a barrel.( signal oil gas news)
Also supporting oil prices were worries about heightened tensions between Israel and Iran, after Pentagon officials said Friday a large-scale Israeli military exercise in the eastern Mediterranean early this month could have been a demonstration of Jerusalem's ability to attack Iranian nuclear facilities.( signal oil gas news)

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signal oil & gas articles => The financial crisis has set into motion more U.S. regulatory scrutiny as well. Another Wall Street Journal report said the Fed and the U.S. Securities Exchange Commission were finalizing an agreement to start the process of redrawing how Wall Street is regulated.
signal oil & gas articles => Benchmark light, sweet crude for July delivery officially finished the week at $138.54 on the New York Mercantile Exchange, but at one point jumped as high as $139.12. "This could be a real weight on the economy," James Cordier, president of Tampa, Fla.-based trading firm Liberty Trading Group, said of oil's jump Friday. "With every nickel that gas goes up, people are driving less and less."

Oil prices slipped Friday in volatile markets, with traders anticipating prices will rise on demand concerns. The price for a barrel of oil has swung back and forth in a $10 range over the past week."There is no driver out there to cause prices to break out of this range yet," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. The overall market trend is still upward. There are still many supply side concerns that will continue to support prices at high levels."
He said the Oil Ministry was recruiting more guards from among Sunni tribes to protect the pipelines, especially the export line to Ceyhan."A year ago, terrorism was active. But now we are seeing great cooperation from the tribes living in the areas where the pipeline passes," he said.

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"I think OPEC will add more barrels next week and it will have to be significant enough for the world to stand up and take notice," said Rob Laughlin, analyst at futures broker MF Global. CONSUMER PROTESTS - Saudi Arabia's invitation to producers and consumers to meet in Jeddah this weekend is in response to the growing protests from consumers over record oil prices that could threaten the health of the global economy.
He said commodities markets have experienced a huge influx of money from financial investors in recent years, but they have been following the market upward rather than driving the increase in the price of oil.

"It's hard to tell how much of that is because of the gas card, but in general we're doing pretty good," he said.But why use gas cards at all? Why not just take $50 off the product price — or offer customers cash instead? In theory, shoppers should react equally to a $50 discount and a $50 gas card. But buying decisions aren't always driven by logic, said Suzanne Shu, a marketing professor at the UCLA Anderson School of Management.( signal oil and gas)
The prevailing uncertainty kept the dollar rangebound, but lifted most Asian bonds, with exceptions such as in India and South Korea. Investors were also on hold for the U.S. Federal Reserve's policy setting meeting that begins on Tuesday and could give further clues as to U.S. interest rates.( signal oil and gas)

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about signal oil & gas => If gasoline were like most other products, the story could end here. There would be little reason for United States senators to worry about the ebbs and flows of people’s driving habits. But gasoline — and, more broadly, oil — is different, for two main reasons. One, oil is a scarce resource that is disproportionately controlled by unfriendly foreign governments. Two, the use of oil produces carbon dioxide, which is heating up the planet and could eventually cause all sorts of problems. The planet’s 10 warmest years on record have all occurred since 1995. It seems pretty clear that we’d be better off if we could figure out how to use less oil.
about signal oil & gas => The rapid price increase has spurred demands from politicians to introduce curbs on so-called speculators in the oil futures markets.

"In today's environment, I am convinced that supply and demand balances and crude oil production levels are not the primary drivers of the current market situation," al-Naimi said. Officials and energy executives from more than 35 countries thronged a large hall where he spoke.
Saudi Arabia, the world's largest oil producer, told U.N. chief Ban Ki-moon over the weekend that it would boost output by 200,000 barrels a day, or by 2 percent, from June to July. In May, the kingdom raised production by 300,000 barrels a day.

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The group, however, diverged over oil subsidies. The IEA has estimated that oil subsidies in China, India and the Middle East totaled about $55 billion in 2007. The United States urged countries such as China to lower oil supports, which buoy demand, while poorer developing nations said removing subsidies could trigger political and economic unrest.
The phenomenal rise in oil prices show signs of a bubble, but a crash is not imminent, billionaire hedge fund manager George Soros told U.S. lawmakers on Tuesday. "We are currently experiencing the bursting of a housing bubble and, at the same time, a rise in oil and other commodities which has some of the earmarks of a bubble," Soros said in prepared testimony before the U.S. Senate Commerce Committee. "To be sure a crash in oil markets is not imminent."

Saudi reluctance to increase the amount of available spare capacity has stoked concern it might be unable to do so. The kingdom has always said maintaining the margin of maneuver is very costly and it needs to be assured there is demand for more crude before it expands further.( signal oil gas articles)
Trichet spoke after the ECB left a key interest rate unchanged amid concerns about inflation. While Trichet said a change in rates was not a certainty, he said some of the bank's governors favor an increase.( signal oil gas articles)

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James Van Blaricum => Colombia's Cano Limon-Covenas oil pipeline has been closed by rebel bomb attacks carried out on Saturday and Sunday, a source at state petroleum company Ecopetrol told Reuters. "The pipeline has been paralyzed by the two attacks," said the source, who asked not to be named.
James Van Blaricum => "We've cautioned gasoline station owners against not recklessly increasing retail prices just because of one big jump in the crude market," she said Sunday. "One day of trading doesn't constitute a market trend."A number of factors are behind oil's ascent.Soaring demand in Asia and elsewhere is ensuring global supplies remain tight even as Americans cut back; recent figures from the U.S. Energy Department's Energy Information Administration showed U.S. gasoline demand actually fell 1.4 percent over the last four weeks.

"(Oil's) been hand in hand with what the dollar's been doing," said James Cordier, president of Tampa, Fla.-based trading firms Liberty Trading Group and OptionSellers.com.Many investors buy commodities such as oil as a hedge against inflation when the dollar falls. Also, a weaker greenback makes oil less expensive to investors dealing in other currencies. Many analysts believe the dollar's protracted decline is the primary reason oil prices have doubled over the past year.
U.S. shares for Petrochina and Sinopec jumped Thursday when the price hikes were announced, but tumbled on Friday. Petrochina fell $6.51, or 4.6 percent, to $133.98, and Sinopec lost 5.2 percent, to trade at $39.81

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Refiners have cut production because they were losing money on the wide gap between global crude oil prices and state-set retail prices. While the government paid billions in subsidies to China's two big state-owned refiners, many smaller refiners were shutting down.
"The meeting in Jeddah will be the head of states and they will discuss why we have high energy prices," Badri told AFP on the sidelines of an energy conference in London. Badri would not be drawn on which heads of state would attend the one-day gathering that was announced by Saudi Arabia on Tuesday.

"It's not just producers and consumers anymore, it's everyone," he said. The CEOs and other delegates to Sunday's meeting took part in a similar session two months ago in Rome, where producers and consumers failed to agree publicly that oil prices were too high.( signal oil & gas)
OPEC on Friday cut its forecast for global oil demand growth in 2008 for the third time this year, the latest sign that record-high oil prices are slowing consumption.( signal oil & gas)

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signal oil and gas co => U.S. light, sweet crude for July delivery was up $3.74 at $138.60 a barrel by 1317 GMT, after falling as much as $1.40 a barrel, or about 1 percent, earlier in the session. U.S. crude set a record high of $139.89 a barrel. London Brent crude was up $3.05 at $138.16.
signal oil and gas co => Oil prices on the upswing again. After two days of decline, prices jump $6 in early trading. Refiners have resisted buying more oil during the latest price run-up, leading to an unexpectedly large drop in U.S. supplies.

The CFTC regulates futures, and for years that chiefly meant agricultural futures because farmers, food processors and others needed to protect themselves against sudden price swings for grains or livestock. Futures markets eventually developed in other areas including oil and metals, and the commission acquired jurisdiction over all of them.
Prices cooled earlier as Saudi Arabia's willingness to increase oil output was restated in Jeddah over the weekend, while Nigerian militants announced a ceasefire.

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That attack slashed about 200,000 barrels per day of Nigerian crude oil production, adding to the 20 percent of production already shut down by militant attacks.
Also Saturday, U.N. Secretary-General Ban Ki-moon met with King Abdullah in Saudi Arabia to discuss soaring oil prices and other regional issues, according to the official Saudi Press Agency.

"I don't think increasing any amount in the international market will have a significant impact on the prices," Iraq's Oil Minister Hussein al-Shahristani told Reuters this week.( signal oil and gas profile articles)
Maroone said that in addition to rising fuel prices, general economic worries such as higher unemployment and tighter credit are squeezing auto sales.( signal oil and gas profile articles)

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About signaloilandgas => Since oil futures soared past $133 a barrel two weeks ago, crude has taken a hefty tumble during four trading sessions, including a $3.45 drop Tuesday to $124.31 a barrel, leading an increasing number of energy watchers to wonder whether the mania is easing.And what does that mean for gasoline and the cost of future fill-ups? Graphic: Oil slip"On the gasoline side, we're pretty close to the peak in price," said Phil Flynn, senior market analyst at Alaron Trading Corp. in Chicago. "Finally, a break for the poor consumers."
About signaloilandgas => Since last year, a series of Fed cuts designed to shore up the economy has led to a protracted decline in the dollar's value against the euro. That helped feed the record run-up in oil prices as investors bought commodities such as oil as a hedge against inflation.

"In a high price environment, I don't believe these subsidies are sustainable. Not only do they put pressure on public finances they also discourage sensible fuel efficiency measures," Hayward said.Malaysia, which uses some of its huge oil and natural gas export revenues to subsidize some of the cheapest fuel prices in Asia, raised petrol prices by 41 percent and diesel by 63 percent last week, pledging to bring pump rates into line with international prices within the next few months.
U.S. Energy Secretary Samuel Bodman, however, said earlier that U.S. officials had found no evidence speculators are driving up prices. Saudi officials have consistently said the country would provide enough oil to supply the market. The kingdom announced a 300,000 barrel per day production increase in May and said before the start of the Jiddah meeting that it would add another 200,000 barrels per day in July, raising total daily output to 9.7 million barrels.

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Soros attracted renewed controversy with his 10th book warning that an exploding ``superbubble'' threatens the global financial system, the New York Times reported on April 11. The book bases its conclusions on the idea that individual inclinations and actions generate market fluctuations, rather than the conventional view that markets move toward some kind of equilibrium, the newspaper said.
Also supporting oil prices were worries about heightened tensions between Israel and Iran, after Pentagon officials said Friday a large-scale Israeli military exercise in the eastern Mediterranean early this month could have been a demonstration of Jerusalem's ability to attack Iranian nuclear facilities.

"Even though there is a little bit of pull back this morning, the underlying sentiment is probably bullish in the near term due to concerns in the supply side," said David Moore, commodity strategist with the Commonwealth Bank of Australia in Sydney.( Articles about signal oil and gas co)
The commodity market has seen its share of manipulation scandals — allegations that executives at J. R. Simplot had tried to fix the Maine potato market in 1976, allegations that the Hunt family of Texas had manipulated the silver market in 1979 and, just last year, BP’s settlement of federal charges that it had manipulated propane prices.( Articles about signal oil and gas co)

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signal oil gas => Russia's tax system takes 90 percent of a company's earnings when oil prices rise above $30 a barrel, BP's Hayward said. The nation's crude production will fall this year, according to his estimates. Russia is the world's second-biggest oil supplier.
signal oil gas => Finally, there is growing pressure to rein in what critics have called excessive speculation in oil markets, including the shift to using less-regulated electronic trading markets, and the growing move of pension funds into commodities indexes. Congress on Tuesday held another in a string of hearings on the issue, and lawmakers have threatened to stiffen trading rules.

The Gulf nation has also become increasingly concerned that record oil prices could hinder growth in the U.S. and other major industrialized economies, potentially leading to a decline in oil demand and a sharp drop-off in prices.
Those contracts are considered illegal by the Iraqi Oil Ministry, which has threatened to exclude and blacklist companies that sign deals with the Kurds. The Kurds maintain they are legal.

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The manager of celebrity chef Jamie Oliver's chic Australian restaurant was charged Friday with stealing thousands of dollars and burning down the company's offices. Thirty-two-year-old Kevin Stralow ran Fifteen Restaurant in Melbourne for the foundation Oliver set up to help disadvantaged young people enter the restaurant business, a court heard.
A national survey shows consumers across the nation are paying an average of 10 cents a gallon more for gasoline than they were two weeks ago. The average price of regular gasoline at self-serve stations was $4.10 a gallon on Friday. Mid-grade was $4.22 a gallon and premium went for $4.33. That's according to the Lundberg Survey of 7,000 gas stations nationwide, released Sunday.

"Allowing an increase in the controlled fuel prices in China may temper growth in fuel demand in China, helping moderate demand-based pressure on oil prices," David Moore, an analyst with Commonwealth Bank of Australia, said in a research note. High fuel costs have already shown signs of denting demand in consumers such as the United States and Britain.( Info about signal oil and gas profile)
Some consumers have said there could be an element of speculation but Sam Bodman, energy secretary of the world's biggest energy consumer the United States, said the focus was misplaced.( Info about signal oil and gas profile)

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signal oil gas company articles => In London, July Brent crude was down $1.58 to $136.11 a barrel on the ICE Futures exchange. "We're likely to see some pullback ... and a choppy period of ups and downs," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore.
signal oil gas company articles => In response, Democrats say soaring oil industry profits – and CEO salaries – are sparking so much resentment among Americans that Republicans will be forced to abandon their positions.

If gasoline were like most other products, the story could end here. There would be little reason for United States senators to worry about the ebbs and flows of people’s driving habits. But gasoline — and, more broadly, oil — is different, for two main reasons. One, oil is a scarce resource that is disproportionately controlled by unfriendly foreign governments. Two, the use of oil produces carbon dioxide, which is heating up the planet and could eventually cause all sorts of problems. The planet’s 10 warmest years on record have all occurred since 1995. It seems pretty clear that we’d be better off if we could figure out how to use less oil.
"We also need to take steps to increase oil output here in the United States as the President outlined last week," he added.

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Light, sweet crude rose $5.07 to settle at $136.38 a barrel on the New York Mercantile Exchange after earlier trading as high as $138.30. Oil surged shot up more than $16 over the course of last Thursday and Friday, reaching a trading record of $139.12 before pulling back earlier this week.
Before it was a Beltway epithet, “speculator” was simply a type of trader in the commodity futures markets. Unlike hedgers — the farmers, miners, refineries and other commercial interests that actually make or use the commodities themselves — the speculators, like day traders in the stock market, are simply trying to profit from changing prices.

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Tuesday, April 22, 2008

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Other big producers both within and without OPEC have struggled to map future increases. Sanctions have constrained international investment in Iran, the second-largest oil reserve holder. Violence and politics have held back output from the next largest reserve holder, Iraq.( about jim van blaricum)
But Venezuela's Energy Minister Rafael Ramirez said no decision would be taken at the meeting on production levels. On Wednesday, the U.S. Energy Information Administration reported that crude stockpiles dropped 4.6 million barrels last week, the fourth consecutive weekly decline amid soft import levels, and the biggest drop since early May.( about jim van blaricum)

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signal oil and gas => Railroad Pain Railroads are also struggling with the increase in fuel costs. Burlington Northern Santa Fe Corp. tumbled the most since August after UBS AG recommended investors sell the shares on concern the second-largest U.S. railroad may cut its earnings forecast as fuel costs rise.
signal oil and gas => Dealers said a decline in the U.S. dollar on Wednesday also encouraged buying. The weak dollar in recent months has drawn billions of dollars into commodity markets as investors seek a hedge against inflation. Oil prices got a boost from news that Shell (RDSa.L) was extending its force majeure on oil shipments from Nigeria through July following a spate of rebel attacks on facilities earlier this spring.
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Russia's tax system takes 90 percent of a company's earnings when oil prices rise above $30 a barrel, BP's Hayward said. The nation's crude production will fall this year, according to his estimates. Russia is the world's second-biggest oil supplier.
Nigerian oil workers also reportedly decided to strike at a Chevron Corp. facility beginning Monday. But oil prices might find some relief from Sunday's announcement by Nigeria's main militant group that it would halt attacks starting at midnight Tuesday. The Movement for the Emancipation of the Niger Delta declared a unilateral cease-fire, saying elders in the restive southern region had asked the fighters to allow peace efforts to go ahead.

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Saudi Arabia is the world's lynchpin oil producer and the largest in the Organisation of the Petroleum Exporting Countries (OPEC) cartel, which pumps about 40 percent of the world's crude.
"We are more certain than ever that the Lusi mud volcano is an unnatural disaster and was triggered by drilling the Banjar-Panji-1 well," Richard Davies, a geologist at Durham University in Britain, said Tuesday.
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"We have a weaker U.S. dollar, and the buyers are out in force right now," said James Cordier, president of Tampa, Fla.-based trading firms Liberty Trading Group and OptionSellers.com.( Information about signal oil gas)
Goldman Sachs, the most active investment bank in energy markets and one of the first to point to triple-digit oil more than two years ago -- a once unthinkable level -- said last month oil could shoot up to $200 within the next two years as part of a "super spike."( Information about signal oil gas)

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signal oil & gas co profile => In other Nymex trading, heating oil futures were down 3.3 cents to $3.941 a gallon, while gasoline prices slipped 5.92 cents to $3.4888 a gallon. Natural gas futures fell 5.1 cents to $12.642 per 1,000 cubic feet.
signal oil & gas co profile => Saudi Arabia, the world's largest oil producer, told U.N. chief Ban Ki-moon over the weekend that it would boost output by 200,000 barrels a day, or by 2 percent, from June to July. In May, the kingdom raised production by 300,000 barrels a day.
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"Bubble or not, one thing is for sure, while the market has not gained any ground since that historic $16.10 rally back on June 05th/06th, it has not yielded any ground either," wrote trader and analyst Stephen Schork, in his Schork Report. "Thus, it is clear that the market is certainly comfortable with crude oil up around these levels."
Senate Republicans today voted to block an energy bill that would have imposed a windfall profits tax and ended $17 billion in tax breaks for oil companies.

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Soros laid some of the blame on recent oil price rises on commodity index funds, which only buy oil contracts, helping to push prices higher. Not `Legitimate' `Commodity indexes are not a legitimate asset class,'' he said. He added that raising margin requirements would not affect index trading but could function to limit speculation.
Across the US, public-transit officials are scrambling to accommodate a record number of people who are leaving their cars at home and hopping the bus or the train to work. More than 90 percent of public-transit officials report that their ridership is up over the past three years, according to a survey released this week by the American Public Transportation Association (APTA). And more than 90 percent credited the sky-high gasoline prices.
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"I like crude oil prices at between $90 and $100," Schork said. But he warned that markets -- and especially oil markets -- often defied logic.( jim van blaricum view)
EIA chief Guy Caruso told a Reuters Global Energy Summit last week that the average price for U.S. regular could peak at $4.10 a gallon this month if oil prices are in the $120 to $125 per barrel range.Investment bank Goldman Sachs analyst Arjun Murti told Barron's oil is likely to rise to $150 to $200 per barrel, but he said $200 was not sustainable because such prices would deeply cut global demand.( jim van blaricum view)

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signal oil and gas co articles => OPEC members saw no need on Sunday to pump more oil in response to last week's double-digit surge in oil prices to over $139 a barrel that top exporter Saudi Arabia described as unjustified. More pain was coming for consuming economies hurting from record fuel costs as prices were likely to climb further, officials from the Organization of the Petroleum Exporting Countries (OPEC) said.
signal oil and gas co articles => Unrest in the Niger Delta has reduced Nigeria's total oil production by a quarter in the past two years, and the losses have contributed significantly to the recent surge in world oil prices."Chevron Nigeria Limited (CNL), operator of the NNPC/CNL Joint Venture, can confirm that one of its pipelines was breached at about 10.40 pm on Thursday, June 19, 2008 in the swamp area of Delta State," the firm said in an e-mail statement to AFP.
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For the first time since the fall of Baghdad after the US-led invasion in 2003, Iraqi oil production has stabilised at 2.5 million barrels per day.Iraq has the third largest oil reserves in the world, but lacks technology and capital.Ghadban denied that US businesses received privileges in the oil market and announced a call for public offers starting this summer "which will allow for the direct participation of foreign companies in the development of the oil fields," he told the magazine.
It will take some months to see if there a decline in demand, Shum said. "As we go deeper into U.S. summer driving season, we may see demand drop, and that could help pull back pricing."But he pointed out that in China, a huge oil consumer, authorities have refrained from raising state-set retail prices in recent months, suggesting that demand there may not be affected.

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OPEC on Friday cut its forecast for global oil demand growth in 2008 for the third time this year, the latest sign that record-high oil prices are slowing consumption.
Areas in Sichuan province, hit by a massive earthquake last month, were exempt from the increases, state media reported. The government will pay nearly 20 billion yuan ($2.9 billion) in subsidies to help cushion the impact of the price hike, the official Xinhua News Agency reported.
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All of the talk among political candidates about a federal gas tax holiday to offset soaring prices at the pump misses a critical fact: state taxes are, for the most part, even more costly for drivers. And in some states, gas taxes are rising even higher, with a handful set to jump at the height of the summer driving season. The average state sales tax on gasoline is 28.6 cents a gallon, according to the American Petroleum Institute. That's a dime more than the federal gasoline tax of 18.4 cents a gallon.( James Van Blaricum)
Many countries around the world have experienced social unrest by populations angry that rising fuel prices have driven significant increases in the cost of food and other basic goods.( James Van Blaricum)

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Articles about signal oil gas company => Crude oil rose more than $5 a barrel in New York after a U.S. government report showed that inventories declined for a fourth week, increasing concern stockpiles may be strained during the summer driving season.
Articles about signal oil gas company => But a senior Gulf OPEC official told Reuters that other members of OPEC, supplier of more than a third of the world's oil, would consider cranking up supplies if there is demand for their oil."The short-term policies to be discussed include the proposal that those OPEC countries that have spare capacity should boost supply, just like Saudi Arabia has announced it will do in July," the official said.
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Prime Minister Nouri al-Maliki's office confirmed this week's talks without elaborating.Both sides are expected to discuss an export deal that could add 1 million barrels per day to the market within five years — nearly half of Iraq's current total exports, he added.
Supplies fell 4.56 million barrels to 302.2 million last week, the Energy Department said, three times what was forecast in a Bloomberg News survey. Prices also climbed because the euro rose against the dollar, China said oil imports climbed 25 percent last month and BP Plc Chief Executive Officer Tony Hayward said Russian output may continue to fall.

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Stralow, who denied the allegations, was granted bail under the condition that he stays away from the restaurant and is due to reappear in court in September.Oliver, whose first television series was titled The Naked Chef, promotes simple, healthy cooking and is known for his campaign against the processed foods served in British schools.
Saudi Arabia's King Abdullah announced Sunday that his country has increased output to 9.7 million barrels a day as he opened a summit on the soaring international price of crude. Saudi Arabia will also give one billion dollars to an OPEC fund for developing countries and 500 million dollars in soft loans for poor countries to finance energy and development projects, he said.

World oil prices paused close to 128 dollars per barrel on Tuesday as traders monitored ongoing supply concerns alongside fresh hints that OPEC could pump more crude.( signal oil & gas co)
`This move was sparked by the very bullish crude inventory number,'' said Daniel Flynn, a broker with Alaron Trading Corp. in Chicago. ``Falling inventories make us vulnerable to disruptions. The cheap dollar is only adding fuel to the fire.''( signal oil & gas co)

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signal oil gas news => "That's going to really fuel the (investment) funds back into the long side of crude oil," Cordier said. Other elements of the EIA's report were considered bearish for prices. Supplies of gasoline and distillate fuels such as diesel and heating oil both rose last week, and demand for gasoline fell by 1.3 percent.
signal oil gas news => Even though the report showed a continuation of both trends, market watchers were surprised to see the nation's oil stocks fall by 4.6 million barrels in the week that ended June 6 -- putting supplies more than 40 million barrels below year-ago levels.

The oil price could peak at $150-170 in the next three months and then retreat quickly by the end of the year, a Commerzbank (CBKG.DE) analyst said on Wednesday. Oil should come back down to under $100 in 2009 but the days of $40 or $50 a barrel are long gone, senior commodity analyst Eugen Weinberg told journalists in Frankfurt.
It also plays a key monitoring role on development assistance, education, health and environmental measures put in place by governments. And it hopes that it can be a key forum where an informal dialogue between rich and emerging countries can take place on how to manage globalisation.

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The report reaffirms OPEC's view that consumers have enough oil and that factors beyond oil supply and demand are sending prices to all-time highs. Crude oil hit a record $139.12 a barrel a week ago.
Oil slipped further on Friday, after a nearly $5 plunge a day ago, as China's move to raise fuel prices raised concerns that demand in the world's second-largest oil consumer will fall. U.S. July crude which expires later in the day, fell 66 cents to $131.27 a barrel by 9:36 p.m. EDT. London Brent fell 52 cents to $131.48.

Markets are keenly awaiting the report, due on Wednesday, because the United States is the largest energy consuming nation in the world.Crude futures had risen in volatile trade on Monday as traders reacted to a stronger-than-expected US manufacturing report, and news of the first storm of the 2008 US hurricane season.( signal oil gas profile)
Gasoline imports skyrocketed by nearly 20 times to 554,000 tons in January-May while imports of diesel jumped by more than nine times, to 2.9 million tons.( signal oil gas profile)

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signal oil & gas articles => The current president of the Organization of Petroleum Exporting Countries, Chakib Khelil, has said that the cartel will make no new decision on production levels until its Sept. 9 meeting in Vienna. While the nations meeting on Sunday did not pledge specific amounts of money, they said they would set goals in line with International Energy Agency recommendations for a vast expansion of investment in renewable energies and energy efficiency.
signal oil & gas articles => But it has slipped from its position as Africa's largest producer, being overtaken in April by Angola.

"Production will probably fall down after these guys take over," said Phil Flynn, an analyst at Alaron Trading Corp., of reports that Nigerian National Petroleum Corp. plans to take over operations from Shell in Nigeria's southern Ogoni district.
"It's looking like the late 1970s or the early 1980s," said Sundstrom referring to increased sales of smaller vehicles. And available now but not decades ago are hybrids, which run on both electricity and gasoline."AAA expresses the same degree of shock and concern that consumers all over the United States are feeling as gasoline prices reach this very high level," said Sundstrom. "The upcoming national presidential and congressional elections ought to reflect the concern in the policy debates that are about to take place."

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That was oil's lowest settlement price for a front-month contract on Nymex since May 15. Prices are now more than $11 below the trading record of $135.09 a barrel hit May 22.Evidence continues to mount that oil prices nearly twice what they were a year ago have cut demand.
"China, the Middle East, Latin America and India are expected to show healthy growth in oil demand for the remainder of the year."

It's a time-honored Washington ritual. When the price of oil goes up, so does the blood pressure of politicians. And that means government agencies must do something, even if all they do is offer sympathy.( Info about signal oil gas company)
Also supporting prices was an overnight fire at a StatoilHydro ASA drilling rig in the North Sea, which could affect as much as 150,000 barrels of daily oil production, said Addison Armstrong, director of market research at Tradition Energy in Stamford, Conn.( Info about signal oil gas company)

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signal oil gas profile => For much of the rest of the country, buses are the primary form of public transportation. They're also the type of transport getting hit hardest by the high fuel prices. In a recent APTA survey, transit officials reported that the diesel prices they pay have jumped from $1.25 a gallon in 2004 to $3.32 today.
signal oil gas profile => The contract had surged to an all-time high of 139.12 dollars last Friday, when it won a record-breaking 10.75 dollars in one day's trade. In London, Brent North Sea crude for July delivery rallied 4.00 dollars to settle at 135.02 dollars, after hitting a historic peak of 138.12 last week.

Shell said it was too soon to say how long output at the deepwater installation would be shut down. OPEC member Nigeria is already producing about 20 percent below potential due to sabotage by militants in the Niger Delta oil hub.
In Venezuela, President Hugo Chavez threatened to stop selling oil to European countries if they apply a new ruling on illegal immigrants that allows them to be detained for up to 18 months and face a re-entry ban of up to five years.

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Gas prices will likely hold steady near current levels, as long as oil continues trading in its current range between roughly $132 and $138, analysts say.
Gasoline price analyst Trilby Lundberg's biweekly survey issued on Sunday also showed a national average for regular at $4 per gallon."If crude oil prices stay at nearly $139 a barrel, a 30-cent rise (for a gallon of gas) over the next few weeks is possible," said Lundberg, whose publication surveys about 7,000 gasoline stations.

The Sunday meeting followed a statement from five top energy consumers — the U.S., Japan, China, India and South Korea — that warned high prices were a menace to the world economy and more petroleum should be produced. They argued the unprecedented prices were against the interests of both producers and consumers, and imposed a "heavy burden" on developing countries.( signal oil gas company)
MEND launched one of its most daring raids to date last week, sending several boatloads of fighters some 80 miles from Nigeria's southern shores to attack an offshore oil installation. The group inflicted little damage, it showed that virtually none of the oil infrastructure in Africa's biggest producer was safe from assault.( signal oil gas company)

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signal oil gas => Top-exporter Saudi Arabia has said it will increase output this summer to help meet peak demand, but oil prices have carried on rising as investors rush into commodities as a hedge against the dollar's fall and inflation.
signal oil gas => In London, July Brent crude was down $1.58 to $136.11 a barrel on the ICE Futures exchange. "We're likely to see some pullback ... and a choppy period of ups and downs," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore.

The dollar's travails also sent oil prices rising. The euro bought $1.5562 in late afternoon trading, up from $1.5449 Tuesday. Oil prices have closely tracked dollar moves; last week's sharp price increases came as the dollar fell. Prices then retreated more than $7 earlier this week as the dollar gained ground.
Some analysts view Saudi output increase as a signal that other members of the Organization of the Petroleum Exporting Countries might follow.

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While Saudi Arabia has been reluctant to drastically increase production, it has announced several small increases recently that it says were made to satisfy increased customer demand. The country has consistently said that it will produce enough oil to ensure the market is supplied.
Oil, which hit a record high of $139.12 last Friday, has repeatedly tested new peaks on fears of tight supplies. Oil's rally of around 40 percent so far this year has prompted fears high prices may be starting to hit demand. OPEC on Friday became the latest group to cut its forecast for global growth in oil demand in 2008 for the third time this year, adding also that it is pumping more than the forecast demand for its oil. The International Energy Agency (IEA) earlier this week cut its demand growth forecast for 2008 to 800,000 bpd.

Leading shares closed lower, with banks suffering as a statement from Royal Bank of Scotland failed to inspire and HBOS fell below its rights issue price, and with Wall Street weaker in early trade, as oil prices rose. At the close, the FTSE 100 index was down 104 points at 5,723.3, its lowest close since March 31. It was just up from the session low of 5,708.3 and down from the peak of 5,859.4. The FTSE 100 has now fallen for four-straight days.( signal oil and gas)
The losses follow a weak session in Wall Street on Friday, which saw the Dow Jones industrial average (.DJI) fall to its second-lowest level this year, as expectations that U.S. financial firms will need to raise more capital triggered a guessing game about who will be next.( signal oil and gas)

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About James Van Blaricum => That would be a rise of 550,000 bpd or over 6 percent since May and would take Saudi output to its highest monthly rate since August 1981, according to U.S. government data.
About James Van Blaricum => While that technology is still in its infancy, proponents say it could eventually allow the expanded exploitation of the world's abundant supply of cheap coal without polluting the environment and speeding global warming. There were clear rifts, however, on how to approach another technology promoted by some as an answer to oil dependence: nuclear energy.The carefully worded joint statement called for assurances on safety and security of nuclear materials, but several nations — the United States, Canada and Britain — said they were determined to build new reactors. Japan also has ambitious nuclear goals.

Soros laid some of the blame on recent oil price rises on commodity index funds, which only buy oil contracts, helping to push prices higher. Not `Legitimate' `Commodity indexes are not a legitimate asset class,'' he said. He added that raising margin requirements would not affect index trading but could function to limit speculation.
In other Nymex trading, July gasoline futures rose 7.26 cents to $3.5352 a gallon, while July heating oil futures rose 9.6 cents to $3.9328 a gallon. July natural gas futures rose 25.2 cents to $12.877 per 1,000 cubic feet.

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"We cannot fail," Zhang Jiming, deputy general manager at Shenhua Coal Liquefaction, told Reuters. "If things go smoothly, we will start with the expansion next year," he said.The plant will start operating later this year and is expected to convert 3.5 million tonnes of coal per year into 1 million tonnes of oil products such as diesel for cars.
Oil rose by more than $4 a barrel on Friday on a view now gaining ground that a fuel price increase by China may actually boost rather than curtail demand for fuel in the world's second-largest oil consumer. Oil plunged nearly $5 in the previous session after China raised pump gasoline and diesel prices by up to 18 percent, its first hike in eight months as the government bowed to a nearly $40 increase in crude prices since the last hike in November.

"In an election year with an absolutely infuriated public, maybe we can get enough votes to override [a presidential veto]," says Sen. Carl Levin (D) of Michigan.( jim van blaricum)
In London, July Brent crude was down $1.58 to $136.11 a barrel on the ICE Futures exchange. "We're likely to see some pullback ... and a choppy period of ups and downs," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore.( jim van blaricum)

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Articles about signal oil and gas profile => At weekend talks between Saudi Oil Minister Ali al-Naimi and his Pakistani counterpart the two agreed the price rise was unjustified, the official Saudi Press Agency reported. Nigerian Oil Minister Odein Ajumogobia on Monday said calling an emergency session of the Organization of the Petroleum Exporting Countries, which is not scheduled to hold a formal meeting until September 9, would only add to the problem. "This sort of volatility is not good for anyone. An extraordinary meeting of OPEC will only further fuel speculation in my view," he said.
Articles about signal oil and gas profile => Despite surging oil costs, China's imports of both crude oil and oil products have surged to unprecedented levels as it builds up national stockpiles, while exports have plunged. Crude oil imports rose to 59.8 million barrels in January-April, up 10 percent from a year earlier.

The Royal Bank of Scotland (RBS) was the most traded stock seeing 312 million units change hands, followed by Vodafone which saw 272 million shares switch owners.The leaders included Capita Group, up 20.50 pence -- or 3 percent -- to finish at 704.5, followed by gas producer Centrica was also in demand, helped further by Cazenove upgrading the group to 'outperform' and hiking its fair value estimate to 415 pence from 370. Centrica shares rose 8.75 pence -- or 2.05 percent -- to stand at 305.
Gasoline traded at $3.5025, down by nearly 4 pennies over Thursday's close. July heating oil futures slipped by more than 2 cents to $3.9178 a gallon, and July natural gas futures dipped by more than 13 cents to $12.665 per 1,000 cubic feet.

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Most Asian bonds gained as investors sought safety from the stock losses, but an exception was India, where the 10-year federal bond yield rose to the highest in nearly seven years as traders braced for a central bank policy response to calm inflation.
Gasoline imports skyrocketed by nearly 20 times to 554,000 tons in January-May while imports of diesel jumped by more than nine times, to 2.9 million tons.

For much of the rest of the country, buses are the primary form of public transportation. They're also the type of transport getting hit hardest by the high fuel prices. In a recent APTA survey, transit officials reported that the diesel prices they pay have jumped from $1.25 a gallon in 2004 to $3.32 today.( signal oil & gas profile)
Since Mr. Bush came to office in 2001, gasoline prices have more than doubled and oil companies have made more than half a trillion dollars in profits, Democrats say.( signal oil & gas profile)

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signal oil and gas => Brent crude, whose July contract expires on Friday, was down $2.31 at $133.78 a barrel. Separately, Saudi Oil Minister Ali al-Naimi, speaking to the state news agency SPA, reiterated that market fundamentals did not justify current high oil prices and the Jeddah meeting will seek a solution to high oil prices, which could hurt the world economy, especially developing countries.
signal oil and gas => "Whether domestic demand cools, or the price increase simply serves to bring more refining capacity on-line to satisfy China's voracious appetite, remains to be seen," said Jing Ulrich, chairwoman of China equities for JP Morgan Chase & Co.

Falling Demand ``Refiners are managing the crude supply they have on hand because they are worried about weak product demand,'' said Tim Evans, an energy analyst for Citi Futures Perspective in New York. ``Both gasoline and distillate demand over the last four weeks are down from a year ago.''
And it is worried that the increase in bio fuels is putting additional pressure on world food supplies. The meeting will also consider what role sovereign wealth funds - the huge investment funds owned by governments mainly in the Middle East and China - should play in Western countries.

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The rapid price increase has spurred demands from politicians to introduce curbs on so-called speculators in the oil futures markets.
Oil prices fluctuated Monday as traders shrugged off a pledge by Saudi Arabia to increase its production and the dollar gained strength in Europe. Saudi Arabia said Sunday it would produce more crude oil this year if the market needs it. The kingdom announced a 300,000 barrel per day production increase in May and said before the start of the meeting in Jeddah that it would add another 200,000 barrels per day in July, raising total daily output to 9.7 million barrels.

According to International Energy Agency statistics, Nigeria produced an average 2.13 million bpd in 2007, making it the 13th biggest producer in the world.( about signal oil & gas)
But when the dollar strengthens, the effect reverses, and oil fell as the dollar gained against the euro and yen. In currency trading early afternoon Wednesday in Tokyo, the dollar was up slightly at around 105.20 to the yen, while the euro was holding steady near $1.5450.(