Replies to post #52394 on SPDR S&P 500 (SPY)

[Maine23]

do you think it's time to go short oil via DUG? the way i read it using point and figure charts, oil has to hit 140 to make a new uptrend

[fanshaw51]

Nigerian State Oil Company Takes Over Shell's Ogoni Operations
2008-06-12 13:10 (New York)


By Julie Ziegler
June 12 (Bloomberg) -- Nigerian National Petroleum Corp., the
state oil company, will take over operations in the Ogoni district
of southern Nigeria from a Royal Dutch Shell Plc joint venture in
an effort to revive oil production, the country's president said.
The removal of Shell will ``calm down'' unrest by local
residents of Ogoniland, Nigeria President Umaru Yar'Adua said in a
statement today following his talks with French President Nicolas
Sarkozy in Paris. Yar'Adua had said June 4 that it would appoint
another operator for Ogoni oil operations, without saying who.
Militant violence has shut about 20 percent of Nigeria's oil
production since early 2006, and recent attacks on pipelines have
allowed Angola to surpass the country as Africa's biggest oil
producer. Nigeria is also renegotiating decades-old production
agreements with foreign companies to garner a larger share of the
wealth created by record oil prices.
Shell spokesman Tony Okonedo declined to comment.
Shell, Nigeria's biggest foreign oil producer, was forced to
quit Ogoniland in 1993, shutting Bomu and other oilfields pumping
about 28,000 barrels a day because of threats to employees from
local communities. Access to repair pipelines and installations
there has frequently been denied by locals.