Posted on 06/13/2006 8:00:02 AM PDT by Straight Vermonter
Crude-oil futures tumbled on Tuesday after the International Energy Agency said this year's world demand will be lower than previously expected. Moreover, inventories in the U.S. and Asia are at a 20-year high.
"A booming global economy continues to support demand growth, but high prices are weighing on consumption," the Paris-based IEA said in its monthly report. The agency forecast world oil demand to average 84.9 million barrels per day in 2006, or 1.5 percent more than last year.
Also on Tuesday, oil officials in Turkey said a pipeline carrying crude-oil from Iraq to Turkey is operating again after being down more than four months following insurgent attacks.
(Excerpt) Read more at businessweek.com ...
Hmmmm - I do remember the "oil glut" days not so long ago...
- predicted typical DU reaction
Tumbling prices? $68.00 per barrel is tumbling???
I might consider this the right adjective if it was $50.00 per barrel...
How is Gold doing? Has that crashed down through $600/oz yet?
Worth repeating!
This inflated oil barrel is held up by a toothpick. The speculators are running out of reasons to keep oil propped up.
I will take it, getting below 70 is definitely a start but no one talks about the 28 to 35 dollar target price anymore
tulip bulbs
Front-month gold is 588.00, down 23.30, as of a few minutes ago.
The fiscal world may be returning to reason? (Breathes heavy sigh of relief).
Ditoo! Ditto! Howz about a nice tumble to around $38? That would help the global economy to expand....
Oil is a $35 to $40 bbl commodity TOPS.. every penny over that range is purely futures manipulation and greed. You want the price of oil to drop.. enforce and reform the laws and regs on the futures market. Frog march some of these criminals and you'll see the price fall real quickly.... Don't wait for it to happen though.
$68 a barrel? Guess I put about a barrel's worth in my truck this morning. ($68.70 to fill the tank. With regular. I'm surprised I can sit down at work after that.)
}:-)4
Gold is down slightly, under $600. Those who have been urging purchase of gold all the way from $750 on down will eventually be proven right, but maybe not real soon.
Iraq is exporting oil. Not a lot, 20,000 barrels a day to Turkey, but it is a positive number for a change.
Related Iraqi oil news:
DNO finds 100 million barrels of oil in Iraq
Web posted at: 6/13/2006 4:15:18
Source ::: REUTERS
OSLO • Norwegian independent producer DNO, the first Western oil firm to begin exploration in post-war Iraq, has found at least 100 million barrels of oil in the Kurdish area of northern Iraq, DNO said yesterday.
The Kurdistan regional government called it a "major discovery" and said on its website that it expected production from the Tawke field near Zaxo to begin in early 2007, in line with earlier statements from DNO.
Developing the oil could lead to a tussle between the regional government and Baghdad as some central government officials have said all oil operations must be under central control, whereas the region wants to control its resources.
"The Tawke discovery is from the first new well drilled in Iraq since Saddam's overthrow," the Kurdistan regional government said in a statement dated June 11.
"We anticipate production by early 2007, which will allow for the export of oil along a completely secure route from the one fully secure part of Iraq," it said.
DNO's shares leapt on the Oslo bourse by as much as 10 per cent on the announcement before cooling off slightly.
DNO said in a statement: "Applying a recovery factor of 30 per cent, the gross recoverable oil reserves are estimated at 100 million barrels," DNO said in a statement.
In addition, oil was found during testing of two deeper reservoir zones, but reserve estimates have not yet been made for those parts of the structure, DNO said.
Ditoo! Ditto! Howz about a nice tumble to around $38? That would help the global economy to expand....
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Yeah -- would be nice. The present glut and the prices show you what is really going on.
Don't worry, by tomorrow the peckerwoods will bid the price of oil back over $70.00 a barrel. "Supply and Demand" my rear. And how anyone can consider a $1.50 drop in price "Tumble" is beyond me.
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