China plans to boost its strategic oil reserves from the current 2 million to 3 million tons (15.8 million to 23.7 million barrels) to 12 million tons (94.8 million barrels) by 2010, a state-run newspaper said Thursday, citing a senior economic planning official.
Raising the amount of crude oil in the recently established reserves will give China the equivalent of a one-month supply, the Shanghai Securities News reported.
By 2020, China expects to have the three months of crude oil reserves recommended by the International Energy Agency, the paper said, citing Chen Deming, a vice chairman of the National Development and Reform Commission, the country's top planning agency.
China began filling its strategic oil reserves just over a year ago and now has between 2 million and 3 million tons on hand, Chen was quoted as saying.
China is the world's second largest oil consumer after the United States. Construction of a state-controlled crude oil reserve is considered a strategic priority.
Previously, Chinese oil companies have held 10-30 days of oil stocks, but the country as a whole did not store emergency reserves.
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oh good for you sir....!!! didnt know you have grand children? how many?
I have just closed all possition in the China counters. All over heated now. Any recommendation where to park my $$? SPC is way too high now. If I take new position now, my leg will be shaking leh!! Maybe for the time being, park my $$ in the bank first and see how! Cheers. Happy trading!
CKS, I am still holding on my 1 lot...hehehe....small gain lah. This lot is for my great grand child.
i think this baby is heading for 8.0, but with a few ups and downs in between.......
Is there an exit point for this counter?
now a very strong 7.40 ... touched 7.45.... no hammers in sight...
very strong institutional buys.... just touched 7.40 up 3.5%..
idesa168, you should have held on two weeks ago....
wah very good, SPC always make $$ for investor. My 1 lot @7.05 has gain $150 liao...hehehe
SPC report will be out in end of Oct 2007. So any comment ? Mostly positive report, which will lead to price going north ? or negative report ?
London Brent is now 76.60 SPOT from intraday of 77.20.
LONDON (Reuters) - Oil prices eased for a fifth day on Thursday, as a surprise build in U.S. crude inventories overshadowed an unexpected decline in fuel stocks.
U.S. crude fell 16 cents to $79.78 a barrel by 0930 GMT (5:30 a.m. EDT), taking five-day losses to more than $3 a barrel on a rash of profit-taking from near record highs. A recovering dollar and evidence of weaker U.S. demand have fuelled the pull-back.
London Brent crude fell 19 cents to $77.00 a barrel.
U.S. inventory data on Wednesday showed a build in domestic crude supplies of 1.2 million barrels last week, the Energy Information Administration said, confounding analysts' expectations for an 800,000-barrel decline.
The fall overshadowed an unexpected decline in U.S. distillate and gasoline supplies including heating oil, which fell by 1.2 million barrels compared to a forecast of a rise of 1.0 million barrels.
"Traditionally, heating oil inventories should be down by now, while gasoline inventories build up," said Lee Mun-dae, crude analyst at the Korea Energy Economic Institute (KEEI).
Gasoline stocks also dipped by 100,000 barrels.
Although the end of the peak hurricane season is near, oil traders remain alert for any signs of bad weather.
Thunderstorms associated with a low-pressure system began moving across offshore production areas, but producers and the Louisiana Offshore Oil Port said they had no plans to shut production or evacuate workers.
Oil has traded above $80 for much of the last three weeks despite OPEC's agreement on September 11 to boost output by 500,000 barrels per day (bpd) from November 1. Oil ministers from Venezuela and Qatar have brushed off the need for a further output rise.
now back to some news related to SPC..... a recent Sept article...
Report: China to Increase Oil Reserves
Thanks Kilroy bro. Will look up for some leisure reading at this moment.
www.fxcm.com
Everything is there to get you started. If you have a question, use the live chat to person to chat with a real person. You can create a demo account with say 50K to start trading. The client terminal software can be downloaded from that site as well. You will need to use a charting tool with live feed to help you trade. Live feed are freely available. Hope this helps ... with your future kopi money.
Kilroy, anywhere I can read up about FX. Not ready for it, but I think I would love to read something new.
maybe some other times for me to learn FX. Now in China play. This morning exit SYNEAR @2.28, then just B4 mkt close enter @2.15 again. If tomorrow blue, I will throw. If red, held on lah. Technically I am shorting this counter today!....SPC, sigh, enter 7.05, now 7.00. But no worry for SPC. It won't cheong, but will surely slowly crawl up, $9.00! Anyway, just 1 lots, nothing to shout about.
Dun worry idesa168, I am sure that L will rescue you somehow. Beside its only Wed and not Friday. :)
If FX takes month to profit, I will be eating grass for the days I dont reap any profit. : ) I think you will like it.
Kilroy, I am still having my "L" with me. Exit my PFood and Synear and now blood shed!....but I kena ambush for the 1 lot of SPC at 7.05....
FX means ...???(Forex)
Thanks everyone for your comments. Everyone does have different views. No heart feelings ya. Although I find that SPC is at a high price, I also managed to get a lot at $6.90 yesterday. hahaa.
Is indeed if one day in the future if blood spill in stock market occur and the price of SPC is at $4. I will not dare to go in. Maybe this most human being weakness. Neither of us can be Warren Buffet.
sorry I got in at 7.05...hehehe!