HenrryWilson wrote:

The two pipelines for Petroleum will eventually be connected to the China-Kazakhstan crude pipeline, which started delivering Kazakh oil in July 2006.
What is Petroleum

Is there that much there, in Kazakhstan? I thought I had read that it might all be gone in 10 years?

This "clean coal" thing on the link - a lot was said about it in the US election campaign. How clean is clean ?

Ard-Taoiseach wrote:

Ard-Taoiseach wrote:

cactus flower wrote:

Ard-Taoiseach wrote:

I think the oil prices will fall to as low as 50 dollars in the current climate of the global recession as part of the bursting of the commodity super-cycle.

The Opec reduction in production has not stopped the slide. Michael Ryan should have consulted you: he would have saved millions.

Well, yes. OPEC cannot cut supply fast enough to keep up with the falls in demand. I was accused of being optimistic when I said the price could go as low as eighty dollars! Look at us now! I wouldn't be surprised to see it at 50 by Christmas.

I'm feeling bolder now. I feel the price could go as low as 40 by Christmas.

Looks like my boldness is being vindicated, we're already at 42 dollars and we've only had one Sunday of Advent! We could be down at 35 by Christmas!

Russia and Venezuela are going to have a sharp and severe downturn as a result of the collapse in the oil price. The falls of the last few days cuts their growth potential by a few decimal points at least. One of them could enter recession on foot of this.

Ard-Taoiseach wrote:

Ard-Taoiseach wrote:

Ard-Taoiseach wrote:

cactus flower wrote:

Ard-Taoiseach wrote:

I think the oil prices will fall to as low as 50 dollars in the current climate of the global recession as part of the bursting of the commodity super-cycle.

The Opec reduction in production has not stopped the slide. Michael Ryan should have consulted you: he would have saved millions.

Well, yes. OPEC cannot cut supply fast enough to keep up with the falls in demand. I was accused of being optimistic when I said the price could go as low as eighty dollars! Look at us now! I wouldn't be surprised to see it at 50 by Christmas.

I'm feeling bolder now. I feel the price could go as low as 40 by Christmas.

Looks like my boldness is being vindicated, we're already at 42 dollars and we've only had one Sunday of Advent! We could be down at 35 by Christmas!

We're at that level now coming into Christmas week. It could be below the 30 mark when that big white candle is lit for Mass. Deflation, here we come! Ola Venezuelan recesion!

The [official U.S. oil pricing] mechanism has become as useful as a chocolate oven glove as a meaningful indicator of broader market conditions.
-Oil analyst at Barclay's, New York.

Images from Max Keiser's video: Oil Price Manipulation on Wall Street

Quote :

Goldman Sees ‘Swift, Violent’ Oil Rally Later in Year (Update2)

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a5lgVa74ZdO0#

Jan. 19 (Bloomberg) -- Goldman Sachs Group Inc. commodity analyst Jeffrey Currie said he expects a “swift and violent rebound” in energy prices in the second half of the year.

Oil prices may have reached their lowest point already, after falling to $32.40 in mid-December, and are expected to rise to $65 by the end of this year, the analyst said. There is scope for a “new bull market” in oil, Currie said.

World oil demand is likely to fall by about 1.6 million barrels a day this year, the Goldman analyst said today at a conference in London. That’s bigger than the reduction expected by the International Energy Agency, which last week forecast a decrease of about 500,000 barrels a day, or 0.6 percent, this year.

A recent tactic of using supertankers to store crude oil to take advantage of higher prices later this year is “difficult” to profit from and is “near the end of this process” anyway, the Goldman analyst said.

New York crude futures for delivery in December, trading near $56 a barrel, currently cost some $15 a barrel more than March futures, a market situation known as contango, where prices are higher for later delivery.

The contango is likely to flatten as supply cuts by OPEC and other producers take effect, reducing the availability of oil for immediate delivery, Currie said.



The Organization of Petroleum Exporting Countries started another round of supply cutbacks at the start of this month. The group’s compliance with its overall efforts to cut production will probably peak at 75 percent, or a reduction of about 3 million barrels a day out of an announced aim of 4.2 million barrels a day, Goldman Sachs said.

Soooo.... why is London oil (Brent crude) 47$ per barrel while West Texas Intermediate is $39?? (figures from RTE website ce soir).

Why is Europe suddenly paying so much more?? Is the US recession worse than they are letting on? or is there more room for demand reduction in the somewhat wasteful US transport system than here in Europe?? Are we pricing in more Russian pipeline ...issues... on this side of the Atlantic?? Are the OPEC cuts affecting Europe more than the States??

Whassup folks?? The petrol price at the local station got down to 94c, it's now 1.01......

Something to do with "contangos" ?!?

Tamangoes, where the gang goes?

Brent quite often is more expensive. I read somewhere about mutterings in Saudi Arabia about supply and cost so perhaps that sent it up. Also Brent seems to be tied to Nigerian, is there unrest in Nigeria? Don't know guessing.

It would seem to me that Europe is more exposed to any future downturn in supply and that Chinese imports are steadily increasing even with the recession. We need to increase other sources of energy ASAP. An energy crisis would make the Banking crisis look like a picnic and we are heading down that road.

Moved to Energy, Transport, Infrastructure