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NYT: "Oil $oar$ while investors flee the falling dollar"
NYT: "Oil $oar$ while investors flee the falling dollar"
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Subject: NYT: "Oil $oar$ while investors flee the falling dollar"
Date: Apr 16, 2008 7:18 AM
A good idea.
Trash and crash this insane country.
Let her burn.
Americans deserve it.
Kathleen M. Dickson
* w w w .actionlyme.org
==========================================================
* w w w .nytimes . com /aponline/business/AP-Oil-Prices.html? r=1&oref=slogin&pagewanted=print
The New York Times
Printer Friendly Format Sponsored By
April 16, 2008
Oil hits new record as investors flee the falling dollar
By THE ASSOCIATED PRESS
Filed at 6:57 a.m. ET
Oil prices are surging to record highs as the weakening U.S. dollar
drives investors
to dump money into commodities.
Light, sweet crude for May delivery rose 67 cents Wednesday to $114.46
a barrel
in electronic trading on the New York Mercantile Exchange by midday in
Europe. On
Tuesday, the contract had risen to $114.08.
In London, Brent crude contracts are up 69 cents to $112.27 a barrel
on the ICE
Futures exchange.
The oil increases are being influenced by severe weakness in the
dollar. The dollar
hit a new record low of $1.5966 versus the euro in early Wednesday
trading.
The dollar is plumbing new depths as wholesale inflation came in
triple what was
expected and ahead of new consumer data to be released Wednesday.
Analysts said growing investor demand for commodities -- which have
performed better
than other financial instruments -- also helped prop up prices.
''This is really driven by investors purchasing oil because returns
have
simply outpaced those of stocks and bonds,'' said Victor Shum, an
energy
analyst with Purvin & Gertz in Singapore. Shum said he didn't think
supply
and demand fundamentals were that strong, but added that ''oil's price
rise seems unstoppable.''
Traders were awaiting the release of U.S. government data later
Wednesday on the
state of America's petroleum supplies. Last week's EIA report showed
an
unexpected drop in crude inventories, which started oil on its way to
several records.
The U.S. Energy Information Administration was expected to report
later in the day
that crude inventories grew 1.5 million barrels last week, according
to a survey
of analysts by Platts, the energy research arm of McGraw-Hill Cos.
Gasoline inventories were expected to decline 2 million barrels, to
post their fifth
consecutive weekly drop amid increasing demand for the fuel, the
survey showed.
''Implied gasoline demand typically starts to increase at this time of
year,
but high prices at the pump and a slowing U.S. economy appear to have
dented the
pace of demand growth,'' the Platts report said.
Analysts also projected a 1.7 million barrel drop in distillate
stocks, which include
heating oil and diesel, while refinery utilization rates were expected
to jump 0.9
percentage points to 83.9 percent.
''The market may choose to focus on the expected product drawdowns and
interpret
the report as bullish,'' Shum said. ''But product inventories in
the U.S. are at healthy levels. The declines would simply be because
refinery utilization
operating rates have not been strong, and that's because refiners are
responding
to weak demand.''
Crude prices were also supported by reports of a number of supply
disruptions.
Attracting the most attention was the closure of Mexico's three main
oil-exporting
ports on the Gulf Coast because of bad weather that started Sunday.
Only one of
the ports remained closed Tuesday, according to Mexico's
Communications and
Transportation Department.
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To: zerhoune@od.nih.gov, SpinLyme@yahoogroups . com ,
kshepard@calea.org, fitzmas@gmail . com , patrick.fitzgerald@usdoj.gov,
modelt1918@sbcglobal . net , jdrazen@nejm.org, letters@courant . com ,
Jgerberding@cdc.gov, lender@courant . com , michael.cole@po.state.ct.us,
conndcj@po.state.ct.us, executive-editor@nytimes . com , managing-
editor@nytimes . com , news-tips@nytimes . com , the-arts@nytimes . com ,
bizday@nytimes . com , foreign@nytimes . com , metro@nytimes . com ,
national@nytimes . com , dvbid@cdc.gov, brigidcallahan@optonline . net ,
trvl@hotmail . com , ubinas@courant . com , mas1@concentric . net ,
campbell@courant . com , jhornberger@fff.org, thomas.carson@usdoj.gov,
thomas.ryan@po.state.ct.us, kurtzh@washpost . com ,
georgewill@washpost . com , horgan@courant . com ,
commissioner.dcf@po.state.ct.us, cohencolumn@aol . com ,
FalNields@aol . com , bransfield@comcast . net , vtsherr@comcast . net ,
oca@po.state.ct.us, dand@davila-dilzer . com ,
scott.murphy@po.state.ct.us, governor.rell@po.state.ct.us,
attorney.general@po.state.ct.us, randall.samborn@usdoj.gov
Cc: francam@ucia.gov, dr-ahmadinejad@president.ir,
eugenerobinson@washpost . com , horgan@courant . com ,
bmiller@newstimes . com , trvl@hotmail . com , rastro18@aol . com ,
billcurryct@gmail . com , thomas.carson@usdoj.gov, amcguigan@rms-law . com ,
rjmurzyn@aol . com , paulcraigroberts@yahoo . com ,
sidney blumenthal@yahoo . com , criminal.division@usdoj.gov,
karla.dobinski@usdoj.gov, christopher.christie@usdoj.gov
Subject: NYT: "Oil $oar$ while investors flee the falling dollar"
Date: Apr 16, 2008 7:18 AM
A good idea.
Trash and crash this insane country.
Let her burn.
Americans deserve it.
Kathleen M. Dickson
* w w w .actionlyme.org
==========================================================
* w w w .nytimes . com /aponline/business/AP-Oil-Prices.html? r=1&oref=slogin&pagewanted=print
The New York Times
Printer Friendly Format Sponsored By
April 16, 2008
Oil hits new record as investors flee the falling dollar
By THE ASSOCIATED PRESS
Filed at 6:57 a.m. ET
Oil prices are surging to record highs as the weakening U.S. dollar
drives investors
to dump money into commodities.
Light, sweet crude for May delivery rose 67 cents Wednesday to $114.46
a barrel
in electronic trading on the New York Mercantile Exchange by midday in
Europe. On
Tuesday, the contract had risen to $114.08.
In London, Brent crude contracts are up 69 cents to $112.27 a barrel
on the ICE
Futures exchange.
The oil increases are being influenced by severe weakness in the
dollar. The dollar
hit a new record low of $1.5966 versus the euro in early Wednesday
trading.
The dollar is plumbing new depths as wholesale inflation came in
triple what was
expected and ahead of new consumer data to be released Wednesday.
Analysts said growing investor demand for commodities -- which have
performed better
than other financial instruments -- also helped prop up prices.
''This is really driven by investors purchasing oil because returns
have
simply outpaced those of stocks and bonds,'' said Victor Shum, an
energy
analyst with Purvin & Gertz in Singapore. Shum said he didn't think
supply
and demand fundamentals were that strong, but added that ''oil's price
rise seems unstoppable.''
Traders were awaiting the release of U.S. government data later
Wednesday on the
state of America's petroleum supplies. Last week's EIA report showed
an
unexpected drop in crude inventories, which started oil on its way to
several records.
The U.S. Energy Information Administration was expected to report
later in the day
that crude inventories grew 1.5 million barrels last week, according
to a survey
of analysts by Platts, the energy research arm of McGraw-Hill Cos.
Gasoline inventories were expected to decline 2 million barrels, to
post their fifth
consecutive weekly drop amid increasing demand for the fuel, the
survey showed.
''Implied gasoline demand typically starts to increase at this time of
year,
but high prices at the pump and a slowing U.S. economy appear to have
dented the
pace of demand growth,'' the Platts report said.
Analysts also projected a 1.7 million barrel drop in distillate
stocks, which include
heating oil and diesel, while refinery utilization rates were expected
to jump 0.9
percentage points to 83.9 percent.
''The market may choose to focus on the expected product drawdowns and
interpret
the report as bullish,'' Shum said. ''But product inventories in
the U.S. are at healthy levels. The declines would simply be because
refinery utilization
operating rates have not been strong, and that's because refiners are
responding
to weak demand.''
Crude prices were also supported by reports of a number of supply
disruptions.
Attracting the most attention was the closure of Mexico's three main
oil-exporting
ports on the Gulf Coast because of bad weather that started Sunday.
Only one of
the ports remained closed Tuesday, according to Mexico's
Communications and
Transportation Department.
Home
* World
* U.S.
* N.Y. / Region
* Business
* Technology
* Science
* Health
* Sports
* Opinion
* Arts
* Style
* Travel
* Jobs
* Real Estate
* Automobiles
* Back to Top
Copyright 2008 The Associated Press
* Privacy Policy
* Search
* Corrections
* RSS
* First Look
* Help
* Contact Us
