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Crude Oil Rises as Turkey Says Pipeline Repair May Take 2 Weeks
By Grant Smith
Aug. 7 (Bloomberg) -- Crude oil rose for the first time in four days after Turkey said a pipeline carrying crude to the country's Mediterranean coast from Azerbaijan may remain shut for two weeks following an explosion on Aug. 5.
It may be as long as two weeks before the pipeline reopens, Ali Gungor, the governor of Erzincan province where the blast occurred, said in a phone interview today, citing information from a repair team that's studying the extent of the damage. The explosion prompted BP to cancel export obligations from the 1- million-barrel-a-day pipeline.
``The shutdown of the pipeline and the interruption of Azeri Light flows will be supportive'' for prices, said Harry Tchilinguirian, senior oil analyst at BNP Paribas SA in London. ``Flows from the Caspian play an important role in non-OPEC supply growth this year, given an increasingly deteriorating growth outlook for Russia.''
Crude oil for September delivery rose as much as $1.80, or 1.5 percent, to $120.38 a barrel on the New York Mercantile Exchange. The contract was at $120.09 at 11:33 a.m. London time.
New York futures fell as low as $117.11 a barrel yesterday after an increase in U.S. inventories. That's more than 20 percent below the record $147.27 on July 11, a threshold commonly seen as the start of a bear market.
The Kurdistan Workers' Party, or PKK, said it bombed the pipeline, the Kurdish news agency Firat said on its Web site today. The PKK, which has been fighting for autonomy in largely Kurdish southeast Turkey for two decades, attacked a section of the pipeline in Erzincan province in east Turkey late on Aug. 5, the report said.
Outside OPEC
Producers outside the Organization of Petroleum Exporting Countries supply about 57 percent of the world's oil, according to the International Energy Agency. Output in Russia, the largest producer outside OPEC, fell to 9.78 million barrels a day last month, down 1.1 percent from last year, the government said. Drillers face aging fields and rising costs.
Azerbaijan plans to pump 1.2 million barrels a day next year, President Ilham Aliyev said in June.
Oil may trade near $115 a barrel in coming months as demand slows and supply increases, according to Thomas O'Malley, chairman of Petroplus Holdings AG, Europe's biggest independent refiner by capacity.
``High crude oil prices and extreme volatility are causing demand destruction, primarily in the U.S. If we get a period of stability around these numbers, demand destruction will be limited,'' he said.
Brent crude for September settlement traded at $118.30 a barrel, up $1.30, at 11:32 a.m. local time on London's ICE Futures Europe exchange. Yesterday, the contract closed 70 cents, or 0.6 percent, lower at $117 a barrel after declining to $115.60 a barrel, 22 percent below its record of $147.50.
Crude oil supplies rose 1.61 million barrels last week, and fuel consumption was 2.6 percent lower in the four weeks ended Aug. 1 from a year ago, the U.S. Energy Department said.
By Grant Smith
Aug. 7 (Bloomberg) -- Crude oil rose for the first time in four days after Turkey said a pipeline carrying crude to the country's Mediterranean coast from Azerbaijan may remain shut for two weeks following an explosion on Aug. 5.
It may be as long as two weeks before the pipeline reopens, Ali Gungor, the governor of Erzincan province where the blast occurred, said in a phone interview today, citing information from a repair team that's studying the extent of the damage. The explosion prompted BP to cancel export obligations from the 1- million-barrel-a-day pipeline.
``The shutdown of the pipeline and the interruption of Azeri Light flows will be supportive'' for prices, said Harry Tchilinguirian, senior oil analyst at BNP Paribas SA in London. ``Flows from the Caspian play an important role in non-OPEC supply growth this year, given an increasingly deteriorating growth outlook for Russia.''
Crude oil for September delivery rose as much as $1.80, or 1.5 percent, to $120.38 a barrel on the New York Mercantile Exchange. The contract was at $120.09 at 11:33 a.m. London time.
New York futures fell as low as $117.11 a barrel yesterday after an increase in U.S. inventories. That's more than 20 percent below the record $147.27 on July 11, a threshold commonly seen as the start of a bear market.
The Kurdistan Workers' Party, or PKK, said it bombed the pipeline, the Kurdish news agency Firat said on its Web site today. The PKK, which has been fighting for autonomy in largely Kurdish southeast Turkey for two decades, attacked a section of the pipeline in Erzincan province in east Turkey late on Aug. 5, the report said.
Outside OPEC
Producers outside the Organization of Petroleum Exporting Countries supply about 57 percent of the world's oil, according to the International Energy Agency. Output in Russia, the largest producer outside OPEC, fell to 9.78 million barrels a day last month, down 1.1 percent from last year, the government said. Drillers face aging fields and rising costs.
Azerbaijan plans to pump 1.2 million barrels a day next year, President Ilham Aliyev said in June.
Oil may trade near $115 a barrel in coming months as demand slows and supply increases, according to Thomas O'Malley, chairman of Petroplus Holdings AG, Europe's biggest independent refiner by capacity.
``High crude oil prices and extreme volatility are causing demand destruction, primarily in the U.S. If we get a period of stability around these numbers, demand destruction will be limited,'' he said.
Brent crude for September settlement traded at $118.30 a barrel, up $1.30, at 11:32 a.m. local time on London's ICE Futures Europe exchange. Yesterday, the contract closed 70 cents, or 0.6 percent, lower at $117 a barrel after declining to $115.60 a barrel, 22 percent below its record of $147.50.
Crude oil supplies rose 1.61 million barrels last week, and fuel consumption was 2.6 percent lower in the four weeks ended Aug. 1 from a year ago, the U.S. Energy Department said.
Q $6 liao...make my dream come true...haha
Could be couple of fund houses. The programmed selling are still visible, although there are some huge buy ups.
Careful might be fund houses trying to unload their holdings. No hurry buying in now. Can wait till after the dividend payout then decide.
Overall still on downward trend. Keep a lookout if u interested.
Buy & hold & buy in batches, if possible.
Invest @ your own risk.
nice battle.. nol oso..
battles between who ah?
pointer ( Date: 06-Aug-2008 16:21) Posted:
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Fierce battle going on. Very interesting "war".
Not for the faint-hearted.
STI has lost ooomph! in the afternoon... 
I was like a little boy watching intensely at the screen as SPC moved from 6.22 to 6.29. My entry was 6.28 but %^&*($#$....it made a u turn just briefly touch my entry price. Now the little boy is watching a horror movie...hehehe!!!
drinks on u!
Yokozuna ( Date: 06-Aug-2008 14:17) Posted:
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ref to yesterday, today SPC should go down as CO was dipped in Wall St?? lucky ah, withdrawn my tech naked shorting this burger before trading.
boh pian, wait for div liao.
6.11 can count?
ozone2002 ( Date: 05-Aug-2008 16:54) Posted:
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6.09 is very safe buy ,expected day b4 xd will be around 6.4xx.
ozone2002 ( Date: 05-Aug-2008 16:54) Posted:
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who got @ 6.09
good luck bro...my entry at 6.29 i think no hope liao!
Yokozuna ( Date: 05-Aug-2008 15:21) Posted:
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hooted more lewlians for divvy.. wish me luck bros. :)
Definitely some programmed selling somewhere. Maybe US banned shorting then they turn their heads to Asia market.
Take it as an opportunity to buy it cheaper than you're willing to pay initially.
I wonder what day is today. Why selldown across the board and so aggressively! I think it's not panic selling!
Panic selling usually will recover in a half a day or a day. If by afternoon and tomorrow still no sign of recovery, then god bless to those still holding it and hopping for a recovery.
ayah, brain retardard liao, tech nake shorting could be the game play, as still holding few. I think can't wait for the div liao. but on the other hand this burger had been taken care of me for yrs leh. Ha ha, may be to be patriotic, apply the 50% rule, as recommended by sifus loh. Cheers.
BTW, no hard feeling, should the CO price dips below 100, then sky will be clearer. Hope dream will come true in this Ghost Fest period.
Looks like some programmed selling. Price quite tempting for buying in.
wah liao...today not my day leh!...lol, buy what drop what! I think better go lim kopi to coolk down...hehehe!!!