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Oil Rises to Near 2-Week High on Ireland Rescue

Published: Sunday, 28 Nov 2010 | 11:39 PM ET Text Size By: ReutersDiggBuzz FacebookTwitter More Share
Oil rose past $84 on Monday after the European Union approved a rescue for Ireland and outlined a permanent system to resolve the euro zone's debt crisis, providing some confidence that energy demand growth will remain resilient next year.

U.S. light, sweet crude for January [CLC1 84.23 0.47 (+0.56%) ] rose as much 0.8 percent to $84.46 a barrel, nearing Friday's peak of $84.53, the highest intraday price since Nov. 16, and was up 52 cents at $84.28 in Asia.

Prices reached a two-year high of $88.63 on Nov. 11.

London Brent crude [LCOC1 86.1 0.52 (+0.61%) ]rose 57 cents to $86.15, returning to positive territory as the dollar pared gains.



Finance ministers from the 16-nation euro zone, anxious to prevent market contagion engulfing Portugal and Spain, unanimously endorsed an emergency loan package of 85 billion euros ($115 billion) to help Dublin cover bad bank debts and bridge a huge budget deficit.

"The southern European sovereign debt crisis would have to take a severe turn for the worse to derail positive commodity price trends that are finding strong support from improving fundamentals and positive market sentiment towards growth assets" following the second wave of U.S. expansionary monetary policy, Barclays Capital analysts, including Kevin Norrish, said in a report on Monday.

Still, some market participants were wary that the package for Ireland would fail to end Europe's credit problems, citing the Greek crisis as a precedent of how markets intially reacted positively to a bailout and then slumped.

"It is just a relief rally, but there are still so many structural problems that people are already targeting other dominoes like Portugal and Spain," said Michelle Kwek, an analyst at Informa Global Markets in Singapore.

Currency and bond traders doubted the deal was enough to prevent fiscally pressured Portugal and Spain from being next in line to suffer a debt crisis.

"Markets are not believing measures will be enough to contain the crisis, and that also combines with the tensions in Korea. You wouldn't want to be punting on anything," Kwek said.

Geopolitical Risk Returning

South Korean President Lee Myung-bak on Monday labelled North Korea's artillery attack on a southern island a crime against humanity and said Pyongyang will pay the price for any further provocation.

China on Sunday called for emergency talks to resolve the crisis, and Seoul and Tokyo said they would study the proposal, as the U.S. and South Korean militaries started a massive drill.

Tensions between North and South Korea have mostly been bearish for the oil market because of the implications that war would have on demand at the heart of Asia's top consuming region. But geopolitical events in the Middle East were having a mild bullish effect on the market, traders said.


RELATED LINKS
Current DateTime: 08:28:03 28 Nov 2010
LinksList Documentid: 40408776
RBS: 'Sell' Call on China Oilfield FirmsEcuador to Take Over Assets of Brazil Energy FirmWhy US Needs Natural Gas NowKey Commodities Quotes
Saudi Arabia's King Abdullah has repeatedly urged the United States to attack Iran's nuclear program and China directed cyberattacks on the U.S., according to a vast cache of U.S. diplomatic cables released on Sunday in an embarrassing leak that undermines U.S. diplomacy.

"Geopolitical risk has been on the back burner ever since the Lehman shock trashed demand, but so many little things are making a comeback," said Tony Nunan, a risk manager with Tokyo-based Mitsubishi Corp.

"It is still at the margin, but trying to come into the limelight."

King Abdullah, who is being treated in New York for a blood clot which complicated a slipped disc, has started rehabilitation and his health is "very reassuring", the kingdom's health minister said on Sunday.

The embattled euro crept off two-month lows earlier on Monday after European authorities tried to protect the region's financial stability with Ireland's rescue package.

Enbridge's 670,000-barrel-a-day Line 6A oil pipeline in the U.S. Midwest was expected to run at reduced rates until this week, creating another costly bottleneck for Canadian crude exports, the company said on Friday.

Copyright 2010 Thomson Reuters. Click for restrictions.
http://www.cnbc.com/id/40408775

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Oil Will Test $100 Within Next Year:

http://www.cnbc.com/id/40109554

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Oil Climbs Ahead of US Jobs Data

The prospect of a second round of expansionary monetary policy, known nowadays as quantitative easing stage two, or QE2, hangs upon key U.S. employment reports, with weekly statistics due on Thursday and more comprehensive monthly data on Friday.

"Whatever the data is, the market may continue to go to the upper side until early November," said Ken Hasegawa, a commodity derivatives manager at Japan's Newedge brokerage, referring to the Fed's next policy-setting meeting on Nov.
2-3.

"It's not easy to develop a short position at the moment because the trend is higher."

A negative jobs reading on Friday could reassure investors the U.S. Federal Reserve will take action to re-invigorate the economic recovery, Hasegawa said.

Private employers in the U.S. cut 39,000 jobs in September, the largest monthly loss since January, ADP employment data showed on Wednesday, compared with forecasts for a rise of 24,000 jobs. The ADP private report is sometimes seen as a preliminary indication for the monthly government figures.

A sinking greenback on Wednesday, linked to the expected inflow of fresh dollars into the U.S. economy, helped send front-month U.S. crude to an intra-day peak of $84.09 a barrel, the highest price since May 4.

"The U.S. dollar has continued falling and this kind of trend will be extended forward," Hasegawa said, increasing the relative purchasing power of dollar-denominated oil for holders of other currencies.

Adding to the effect of the weaker dollar, U.S. gasoline inventories fell more than 13 times as much as expected last week, government statistics from the Energy Information Administration showed on Wednesday, down 2.65 million barrels in the week to Oct. 1. Distillate fuel supplies, including heating oil and diesel, declined 1.12 million barrels.

But U.S. crude inventories rose by a larger-than-expected 3.09 million barrels as the nation's refineries cut utilisation rates, the EIA said.

Stocks at the Cushing, Oklahoma, pricing hub for benchmark West Texas Intermediate (WTI) crude rose for the first time in nearly two months and were up almost 750,000 barrels last week at more than 35 million.

The prospect of a broader strike hitting France's refining operations was also supportive for product prices. Workers at the country's refineries may join a walkout at a key oil port on Thursday.

The dollar was mired near a 15-year low versus the Japanese yen and an eight-month low against the euro on Thursday on the spectre of more money-printing by the U.S. Federal Reserve as early as next month.

Global bond prices rallied on Wednesday and pushed the dollar to an 8-1/2-month low against major currencies.

Japan's Nikkei average fell 0.3 percent on Thursday, weighed down by the strength of the yen.

The northern part of the Houston Ship Channel reopened to inbound and outbound ships Wednesday for the first time in three days after workers cleared dangling power lines and an electrical tower leaning over the waterway, the U.S. Coast Guard said.


http://www.cnbc.com/id/39546738

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Aug 29, 2010 3:54 PM PT Crude Oil Gains a Fourth Day as U.S. Recovery Optimism May Boost Demand

http://www.bloomberg.com/news/2010-08-29/crude-oil-gains-a-fourth-day-on-improved-prospects-for-the-u-s-economy.html

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Oil Settles Flat at $78.98 Ahead of Inventory Reports
http://www.cnbc.com/id/38406349

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Oil at 1-Week High as Equities Rally, US Supplies Drop
38 minutes ago | Source: Reuters
Oil jumped to a one-week high around $75 on Thursday after earnings euphoria injected positive sentiment into Asian equities, reinforcing overnight gains triggered by an industry report showing U.S. crude inventories plunged last week.
http://www.cnbc.com/id/15837548/cid/138542/sh/3/Oil

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OIL CHART

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OIL CHART

http://ih.advfn.com/p.php?pid=cmcharts&symbol=NYM^CL\M10

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Oil Settles Near $83 on Gasoline Supplies, OPEC
http://www.cnbc.com/id/35903057

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China, the world's second biggest oil consumer, has already tightened reserve requirements twice this year, with each move hitting commodity markets worried about slower demand from a major engine of demand growth for raw materials.

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U.S. domestic crude stockpiles likely rose by 900,000 barrels last week, marking the seventh straight build, a Reuters poll ahead of weekly industry and government inventory reports showed on Monday.

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Oil steadied below $80 a barrel on Tuesday after a fall of nearly 2 percent in the previous session, its biggest one-day fall in more than two weeks, as the market awaits the outcome of OPEC and central bank meetings.

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Crude's drop was the biggest in two weeks. This move helps to confirm a reversal scenario following the break of the rising trend from Feb

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Here you go Jesus freak .PFNO might be worth putting on your board

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Oil Futures
http://futures.tradingcharts.com/marketquotes/index.php3?market=CL

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Oil Falls Below $82; OPEC Expected to Maintain Output

http://www.cnbc.com/id/35806352