Oil Energy Thread (oih)

[madrose1]

COMDX Commodities Summary.... Crude oil $75.60 is trading at a new all-time high this morning as traders worry oil supplies will be disrupted by Iran's nuclear endeavor and North Korea's missile tests (some traders think N. Korea may soon launch yet another missile but same traders also add we could still a very strong hurricane season); our energy contacts believe that if Iran doesn't respond to EU incentives to halt enriching uranium by the 7/15 G-8 summit in Russia, oil can continue its uptrend; crude oil is up 46 cents to $75.60pbl (range is 74.72 to 75.78). Natural gas is unch at $5.671mbtu (technically it seems natty has a bottom around $5.50 -- we continue to be positive on nat gas and related names as we feel any heat wave, tropical storm, or weaker inventory level could have hefty upside potential). Heating oil is up 1.09 cents to $2.0725/gal (range is 2.0445 to 2.0755); gasoline is up .6 of a cent to $2.2650/gal (range is 2.24 to 2.2675); despite a surprise build in gasoline inventory data, our contacts say underlying strength remains due to near record demand for the product; RBOB gas is off 1.2 cents to $2.3935/gal; Aug HO cracks rose a penny to $11.45 yesterday, while Aug HU cracks fell 22 cents to $17.79. Energy Reminder: Nat gas inventory data will be released at 10:30est... A weaker than expected June payrolls figure has the dollar weaker against the euro (something helping gold reverse losses hard this morn as traders speculate the Fed may not raise rates again in Aug); Gold is now up $2.40 to $638.40 while silver was relatively unch at $11.60 (gold also being helped by higher energy prices; low in gold was $630.20)... Copper may see buying on word that Chile, the world's largest producer of the metal, announced their June exports fell to $4.86bln (copper could also elevate due to shrinking global supplies -- LME inventories fell 1,975 tons to 89,600 tons); BHP is still trying to avert the largest worker strike in the world (Escondida produces 7% of copper supply in the world) by possibly increasing wages; Inco (N), the #2 nickel producer in the world, said its Goro Mine will probably be delayed and cost more than planned b/c of vandalism, additional permitting and higher building costs (nickel hit the highest levels in London since 1987); platinum set at $1,232, while palladium set at $325 in London.