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SPC
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pikachu
Veteran |
09-Nov-2007 21:40
Yells: "Holy Cow!" |
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Petrol prices at the pump now $2 !!! | ||
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Pinnacle
Master |
09-Nov-2007 21:39
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Oil eases, but still in sight of $100Oil dipped below $95 a barrel on Friday, but was still within reach of the $100 milestone, supported by supply disruptions ahead of peak winter demand and the dollar's dip to new lows. U.S. crude fell 49 cents to $94.97 a barrel by 1256 GMT, off early-session highs of $96.48. London Brent crude slipped 65 cents to $92.14. Oil has fallen for three days in a row from a record $98.62 a barrel reached on Wednesday, pressured by concerns over the economic health of top consumer the United States after Federal Reserve Chairman Ben Bernanke highlighted the twin threats of slower growth and inflation. But tighter supplies ahead of winter and investment flows into commodities are providing support. "Commodity markets should be able to hold their own in days ahead, as they will need to see evidence of a demand slowdown before they correct themselves," said Edward Meir of MF Global. "In energy's case, we seem to be regrouping...as we attempt yet again to take out the $100 mark on crude." The weak dollar, which has helped boost the oil price, hit record lows against the euro on Friday as Bernanke's comments increased expectations of another cut in U.S. interest rates. The dollar's slide has helped maintain the allure of crude for financial investors and speculators who have helped lift oil by 40 percent since mid-August. "Investments in commodities continue to grow," said a Bank of America research note. "With the latest estimates putting the total capital tracking commodity indexes at $150 billion." The fundamental supply/demand picture for oil is also still supportive of prices. "U.S. crude oil inventories have continued to fall counter-seasonally," Barclays Capital said. "The seasonal swing in demand will put further pressure on stocks," said. "Even if OPEC raises production further in December, the effect of the increase will not be felt in consuming regions until well into the first quarter of 2008." At least nine oil and gas platforms in the Norwegian part of the North Sea had shut due to a storm overnight on Thursday, but operators but fields were restarting on Friday. |
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Pinnacle
Master |
09-Nov-2007 08:52
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NYMEX crude recovers $96/bbl after 2-day falls U.S. crude oil futures rose firmly to above $96 a barrel on Friday, helped by buybacks after a retreat of more than $1 in the past two sessions. * Frontmonth U.S. crude for December delivery Some floor traders said dealers were still keen on buying back after every pullback. The price hit a record high $98.62 on Wednesday. * Thursday's declines came after Federal Reserve Chairman Ben Bernanke said the U.S. economy has remained resilient in the face of credit market strains but faces risks on both the growth and inflation fronts, sparking a bout of profit-taking. * Earlier on Thursday the price rose as high as $97.70 with a refinery fire in Texas, supply concerns stirred by storm-related output shut-ins in the North Sea and a weak dollar combining to spur buying. * A diesel hydrotreater at Valero Energy Corp's * StatoilHydro, BP and ConocoPhillips are shutting oil and gas fields producing a total 540,000 barrels of oil equivalent per day (boepd) due to a storm on Thursday in Norway's part of the North Sea. [ID:nL08880327] BP and ConocoPhillips said they hoped production could restart on Friday, while StatoilHydro said the huge waves would have to subside before its operations could come back onstream. |
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KiLrOy
Master |
08-Nov-2007 00:43
Yells: "I buy only what I can see." |
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... and also the 'black sheeps' behind. Blame them for high oil prices? Experts say traders, not conflict or supply shortfall, drive oil to US$95 November 07, 2007 OIL prices soared to a record high of US$95.93 ($139) a barrel last week, and experts say the trend is likely to continue.
But unlike past incidences of oil price spikes, this one doesn't seem to be linked to any crisis, say analysts. There have been no recent threats of conflict that may trigger supply interruptions. The Opec nations are also pumping out ample supplies of crude. And demand has been sluggish in recent months with the weak consumer sentiment in the US. So what's causing oil prices to hit record after record? Analysts believe that oil traders may be behind the current run-up in prices, reported The Washington Post. Traders, who treat oil like any other commodity, are believed to be taking advantage of the weak US dollar and money flowing out of stock markets to drive oil prices upwards. And experts say the last 10 weeks have shown how much these traders can influence the oil market, driving prices to levels analysts say are up to US$30 more than what a barrel of crude should cost. Deutsche Bank oil economist Adam Sieminski told the Post that sentiment is one of the factors that has helped traders push oil prices skywards. He said that when investors hold a large number of options to buy oil at a price of US$100, 'it's almost like magnetism. It draws prices to that level'. Options allow traders to 'bet' on what oil prices will be in the future. If they hold an option to buy oil at US$100, that's the price they would pay for a barrel if the market prices exceed that amount before the option expires. Many veteran oil analysts say that traders are creating a bubble in the market and that the sudden price spike could reverse just as suddenly. However, traders say that they're not betting on higher oil prices on a whim. They believe that even though though supplies are currently ample, it doesn't mean they will stay that way. 'There is no current shortage, but no one deals on today's market. They make deals based on tomorrow's market,' said Mr Joseph Stanislaw, an oil consultant and senior adviser to the accounting firm Deloitte & Touche. 'And that's what they're worried about.' Even though Opec nations are pumping out a surplus now, traders say that the extra output may not be able to satisfy the appetites of rapidly-growing economies like India and China a few years down the road. If supplies in some volatile oil-producing countries like Nigeria and Iran were to be disrupted, experts predict that oil prices can hit US$160. 'It would be silly if we waited until things were not available,' said a veteran energy trader at a US hedge fund. 'People react to perceptions of what will happen. That's not idle speculation.' |
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KiLrOy
Master |
08-Nov-2007 00:28
Yells: "I buy only what I can see." |
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Majority know its NOT about shortage of crude oil but rather the crude inventories numbers. (RTTNews) - After reaching a new record high above $98 a barrel, the price of oil has shown a notable move to the downside following the release of the Energy Information Administration''s report on oil inventories in the week ended November 2. The report showed that crude oil inventories fell by 800,000 barrels. While the drop in inventories marked the third consecutive decrease, it was much smaller than the decrease of 1.5 million barrels expected by analysts.With the decrease, oil inventories fell to 311.9 million barrels but remain in the upper half of the average range for this time of year. At the same time, the EIA also said that gasoline inventories fell by 800,000 barrels compared to analysts'' expectations of a modest increase. Gasoline inventories remain at the lower end of the average range.The report also showed that inventories of distillate fuels, which include heating oil, increased by 100,000 barrels. The modest increase came as a surprise to analysts, who had expected distillate fuel inventories to fall by about 500,000 barrels.With the increase, distillate fuel inventories remain at the upper limit of the average range for this time of year. The EIA, the statistical arm of the Energy Department, added that refineries operated at 86.2 percent of their operable capacity last week, unchanged from the previous week. Analysts had expected refinery capacity utilization to rise to 87.0 percent.As mentioned above, the price of oil pulled back sharply following the release of the report, although it has regained some ground since then. Crude for December delivery is currently up $0.45 at $97.15, although it remains well off the record high of $98.62 barrel set earlier. |
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AK_Francis
Supreme |
07-Nov-2007 20:00
Yells: "Happy go lucky, cheers." |
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As I said earlier, SPC price was merely speculation. Its just like Stock Speculation. There is no shortfall of Oil Supply, so far. OPEC claimed. Hence, beware don't kena burn. The morale of the story is that there is no good for world econoy if Oil Price surge without any good reason. Tks and best regards. | ||
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Pinnacle
Master |
07-Nov-2007 17:31
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Oil, platinum scale peaks HONG KONG (Reuters) - Oil soared above $98 a barrel for the first time on Wednesday and gold rose to a 28-year high as investors sought shelter from the falling dollar, which plumbed all-time lows. Investors dumped the greenback following comments from a senior Chinese official about the need for China to balance its forex reserves to offset weakening currencies. Asia share markets mostly rose, led by energy and mining firms, and stock markets in Europe looked set to open stronger, although a barrage of earnings from the likes of Total (TOTF.PA: Quote, Profile, Research) and Societe Generale (SOGN.PA: Quote, Profile, Research) will set the tone for the day. U.S. crude raced to a life high of $98.03 as the dollar fell and investors worried about thinning oil inventories heading into the northern winter. Gold, prized an inflation hedge, touched a high of $836.75 an ounce, inching closer to a life high of $850 reached in January 1980 amid geopolitical tensions and soaring inflation linked to strong oil prices. "Investors are buying gold for wealth protection," said William Kwan, a dealer at Phillip Futures Pte Ltd in Singapore. "Financial institutions have the fear the dollar may go further down, so they are stepping up gold (purchases) to protect themselves," he said. Tracking the rally in gold prices, platinum hit a new high of $1,481 an ounce and silver <XAG=> scaled a 27-year peak of $15.88 an ounce. "It's crazy. Everybody is coming to buy," said Ellison Chu, senior manager at Standard Bank London in Hong Kong. RESOURCE STOCKS STRONG Tokyo's Nikkei average reversed early gains to end 0.9 percent lower, but MSCI's measure of other Asia Pacific stocks put on 1.3 percent by 0622 GMT to take gains to about 45 percent this year. Betting that the rally in oil and gold prices will boost profits for producers, investors snapped up oil and gas firms such as Woodside Petroleum (WPL.AX: Quote, Profile, Research) and gold miners including Zijin Mining (2899.HK: Quote, Profile, Research), driving both stocks up about 3 percent. Metal stocks also firmed with mining giant BHP Billiton (BHP.AX: Quote, Profile, Research) climbing 1.6 percent and both Sumitomo Metal Mining (5713.T: Quote, Profile, Research) and Korea Zinc (010130.KS: Quote, Profile, Research) rising more than 2 percent. But major exporters such as Canon Inc. (7751.T: Quote, Profile, Research), chip-tester maker Advantest Corp (6857.T: Quote, Profile, Research) and Hyundai Motor (005380.KS: Quote, Profile, Research) came under pressure as the dollar lost ground. A weak dollar tends to hurt the value of dollar sales. DOLLAR HEAVY Investors sold the dollar after a senior Chinese official said China should balance the make-up of its $1.43 trillion stockpile of foreign exchange reserves so that strong currencies such as the euro offset weakening currencies like the dollar. "The comments gave the euro a push in the back," said Kimihiko Tomita, head of foreign exchange for State Street Global Markets in Tokyo. Already weakened by persistent worries about the turmoil in credit markets that rocked major U.S. financial firms, the dollar dropped to an all-time low versus the euro and a basket of currencies. The dollar index, which tracks the greenback's performance against a basket of six major currencies, plumbed 75.490, while the euro hit a record high just above $1.4660. Against the Japanese currency, the dollar dipped below 114 yen to its lowest level in nearly two weeks. Weakness in the dollar coupled with expectations of more interest rate hike by the Reserve Bank of Australia, which lifted rates on Wednesday as expected, helped drive the Aussie to a fresh 23-½ year peak near 94 U.S. cents. Japanese government bonds perked up as the Nikkei reversed direction, causing bond yields to fall. The benchmark 10-year yield eased 1 basis point to 1.56 percent. |
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zhugeliang74
Member |
07-Nov-2007 08:57
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Expect renewed buying interest today...... | ||
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Pinnacle
Master |
07-Nov-2007 08:51
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Maybe this director sold down his share yesterday, that's why the price did not pick up. "Director Cheng Hong Kok of SINGAPORE PETROLEUM CO LTD has reduced stake from 0.0247% to .0169% through open market sales." |
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Pinnacle
Master |
07-Nov-2007 08:30
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NYMEX crude rises, near record high above $97/bbl TOKYO, Nov 7 (Reuters) - U.S. crude oil futures extended gains on Wednesday to hover near the record high above $97 a barrel amid expectations that U.S. data due out later in the day would show a decline in crude inventories. * Front-month U.S. crude for December delivery It hit a record-high $97.10 on Tuesday on a weaker dollar and supply concerns in the United States. * Tuesday's gains came after the dollar fell to all-time lows against the euro and a basket of major currencies as investors feared the fallout from the credit turmoil was far from over. [ID:nN06392942] * The Energy Information Administration, the statistical wing of the U.S. Department of Energy, said on Tuesday oil supplies in industrialised nations would drop some 20 million barrels below the five-year average by the end of this year amid robust demand and continued caps on output from producer-group OPEC. [ID:nWBT007875] * Tensions between Turkey and Iraq over Kurdish rebels, Iran's nuclear programme dispute with the West and Pakistan's declared state of emergency remained simmering and in focus for oil markets sensitive to the vulnerability of supply. * U.S. oil group ConocoPhillips |
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chinkiasu
Master |
07-Nov-2007 03:54
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would any one care to explain why with oil at record levels, our SPC has dropped from 8.95 to even 8.25??? this is a real mystery to me becos earlier, the news about Dubai refinery margin has increased to about 8 dollars.... | ||
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Pinnacle
Master |
06-Nov-2007 22:37
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Oil sets new record above $96 LONDON (Reuters) - Oil leapt more than $2 a barrel to a new record high of $96.44 on Tuesday, as a weak U.S. dollar and tight fuel stocks prompted buying by speculators. Investors, wary of global equity markets where the full impact of the credit crunch has yet to become clear, see oil as a good bet, especially given tight fuel supplies in the run up to the northern hemisphere winter. U.S. crude rose $2.23 to $96.21 a barrel by 8:46 a.m. EST, putting it on course to test the $100 mark. London Brent crude rose $2.08 to $92.57 a barrel after earlier setting a new record high of $92.65. The prospect of more fallout from the U.S. subprime crisis sent oil tumbling $2 a barrel on Monday as investors worried that slowing economic growth in the United States would curb demand for fuel. Those concerns persisted on Tuesday, pushing the dollar to record lows against a basket of major currencies. But stock markets recovered and gold hit a 28-year peak. "We seem to be seeing a tug of war between people taking profits and those coming into buy into dips, and they are effectively saying we can go past $100," said Mike Wittner at Societe Generale. Oil's surge from below $70 in mid-August has been stoked by a weak dollar and speculative inflows into oil and other commodities -- and extended by evidence of dwindling supply. U.S. crude oil stocks were expected to have fallen a further 1.6 million barrels last week due to disruptions to short-haul Mexican shipments, a preliminary Reuters poll found. Distillate inventories were seen falling by 700,000 barrels and gasoline stocks by 100,000 barrels. Inventories in Japan, the world's third-largest consumer, are also running below comfort levels. "The temperatures in December in the north are expected to be below normal, so that is also a concern for us with the low inventories," said Ken Hasegawa of Fimat, Japan. U.S. Energy Secretary Sam Bodman said current prices were a "terrible problem" for consumers, adding he hoped producer group OPEC would ramp up output to ease prices. Many OPEC officials have rejected that call. Venezuelan Oil Minister Rafael Ramirez on Monday echoed other officials, saying high prices were due to speculation and geopolitical tensions, not a shortfall in supplies. |
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idesa168
Elite |
05-Nov-2007 12:36
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Kindly short this fellow if you think unable to cross 9.00. | ||
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Livermore
Master |
05-Nov-2007 12:31
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Thought some say SPC will not go to $9 and some say TA chart very bearish. It is now $8.95 | ||
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AK_Francis
Supreme |
05-Nov-2007 10:25
Yells: "Happy go lucky, cheers." |
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SPC all the while is my favourite counter. I hv downloaded all my SPC shares during Black Monday, @8.6 n 8.7. Now,my advice is don't grap SPC at this moment. You will not make much, provided you are deligent on its market trend daily. Buy Venture if you hv free cash. Cheers. | ||
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Pinnacle
Master |
04-Nov-2007 12:21
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Oil jumps 2.5 percent on strong economic data Oil surged 2.5 percent on Friday, nearing a fresh peak as strong economic data reignited a rally that has added more than 40 percent to prices since August. U.S. oil settled up $2.44 to $95.93 a barrel, close to the record $96.24 hit earlier in the week, while Brent crude rose $2.36 to $92.08 a barrel. "Today's rebound is a continuation of the major bull trend, said Andy Lebow, broker at MF Global in New York. "The rally is being fueled by a weak dollar and U.S. economic data in the past two days that shows strength in the third quarter, though concerns are there for the upcoming fourth quarter and the first quarter of next year," he added. U.S. data on Friday showed employers added 166,000 new nonfarm jobs in October, double the number economists had forecast amid concern the credit crisis would drag down the world's largest economy. Earlier in the week, the U.S. government said the economy grew at a brisk 3.9 percent in the third quarter, undermining fears that a sluggish economy will further erode the pace of U.S. energy demand. Concerns about tight supplies ahead of the Northern Hemisphere winter, geopolitical tensions and rising speculator interest have added to oil's record run. WINTER WORRIES The price spike has raised concerns among oil consuming nations. U.S. Energy Information Administration (EIA) administrator Guy Caruso said that if OPEC did not crank up production, markets would be short of oil early next year. The Organization of the Petroleum Exporting Countries, which supplies more than a third of the world's oil, has rejected any talk of supply tightness and blamed speculators, political tensions and a weak dollar for driving up oil. OPEC in September agreed to boost supplies by 500,000 barrels a day from November 1, but has resisted consumer calls for any more oil. The group increased oil production in October, a Reuters survey showed Friday. OPEC heads of state are due to meet in Riyadh this month. Forecasters said the first bout of cold weather in the U.S. Northeast -- the world's biggest heating oil market -- will hit next week. Meanwhile, France has drawn 285,000 tons of heating oil from nonstrategic stockpiles following delays in restarting production at France's Gonfreville refinery, an adviser to the French economy minister confirmed Friday. |
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joshconsultancy
Member |
04-Nov-2007 08:22
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hi all, someone shed some light on this issue to me haha. I heard on bloomberg tt ExxonMobil's profits declined despite the rising oil prices. Does crude oil increase the COGS or the revenue for refinery stocks such as SPC? If oil prices does not affect SPC's COGS, then what affects it? 
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AK_Francis
Supreme |
03-Nov-2007 23:46
Yells: "Happy go lucky, cheers." |
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Crude oil will not likely surge ovr $100, as the high oil price will affect the golber economy. To solve the imenient issue of high oil price, likely US will exercise his power to ask OPEC to increase the daily oil yield. Hence, at this moment, no panic for the high oil price. SPC will never surger up to $9.00. My assumption. Cheers. | ||
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Livermore
Master |
03-Nov-2007 20:11
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Frankly I never expected oil price to go up at such a fast rate. But the decline in US dollar has really accelerated the surge in oil price. Now commodities in US dollars will gradually see higher prices. Countries with higher currencies will find these commodities cheap and the strong demand will push commodity prices up.
Everyone thinks oil at US$100 will trigger a recession. Frankly maybe nobody really knows. We shall see. We could be seeing oil price in triple digit price next year. Most people would say high oil price is not good. But ask yourself this question. Would you rather have oil price at near US$20 and Asian economies are struggling or would you rather have high oil price when Asian economies are booming? Is anyone feeling the strain with oil price at say US$60 - US$70? It is because economies have grown and wages have increased.
There are aleady reports of people taking options on US$125 oil. With increasingly oil price the US FED should slowly be looking at a possible rate hike. Instead with US housing subprime mortgage issue, they are cutting rates.
Oil at now US$96, is now "sniffing" at US$100. "Tighten your seat belts"
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Pinnacle
Master |
02-Nov-2007 21:50
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Oil climbs towards $95 Oil climbed $1 on Friday, heading towards $95 as concerns over tight fuel supplies in the run up to winter returned to the fore. The market awaited a key U.S. jobs report for clues about the economic health of the world's top oil consumer. U.S. crude rose $1.10 to $94.59 a barrel by 7:09 a.m. EDT, having fallen by $1.04 on Thursday after striking a record high of $96.24. Brent crude was up $1.32 to $91.04, off its record high of $91.71 from the previous session. "In view of the extreme fundamental tightness we believe that risks in this market remain skewed to the upside," analysts at Barclays Capital said in a research note. Oil tumbled from its peak on Thursday as traders took profits from oil's 40 percent rally since mid-August, built on the back of supply tightness, a weak dollar and a flight from riskier assets into commodities as a global credit squeeze riled other markets. "There was some profit-taking and concerns over the impact to the U.S. economy," said Gerard Rigby from Fuel First Consulting in Sydney. Weakness in the U.S. economy could erode demand growth from the world's top energy consumer. The market awaited data on U.S. payrolls for October for further clues on how the economy there is faring. Analysts are expecting the report, due later on Friday, to show the economy created 80,000 jobs last month, after an increase of 110,000 jobs in September. Traders said supply worries continued to support prices, and cited comments by the U.S. Energy Information Administration (EIA) about fears of a shortage next year, as well as continued strong demand in Asia. EIA administrator Guy Caruso said that if OPEC does not crank up production, markets would be short of oil early next year. The Organization of the Petroleum Exporting Countries, which supplies more than a third of the world's oil, rejects any talk of supply tightness and blames speculators, political tensions and a weak dollar for driving up the cost of fuel. OPEC, which in September agreed to boost supplies by 500,000 barrels a day from November 1, has resisted consumer calls for more oil. OPEC heads of state are due to meet in Riyadh this month. |
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