WARNING: This is Version 1 of my old archive, so Photos will NOT work and many links will NOT work. But you can find articles by searching on the Titles. There is a lot of information in this archive. Use the SEARCH BAR at the top right. Prior to December 2012; I was a pro-Christian type of Conservative. I was unaware of the mass of Jewish lies in history, especially the lies regarding WW2 and Hitler. So in here you will find pro-Jewish and pro-Israel material. I was definitely WRONG about the Boeremag and Janusz Walus. They were for real.
Original Post Date: 2009-05-01 Time: 11:00:02 Posted By: Jan
By Adeola Yusuf
Nigeria added about $7 extra profit on each barrel of its 1. 78 million barrels of oil transacted on Thursday totalling $12.46 million as oil rose above $51 a barrel before the end of the day’s transaction.
The country, which pegged $45 per barrel benchmark for oil in its 2009 budget, got this profit despite a build-up in United States oil stocks.
The U.S consumes more than half of Nigeria’s oil exports and analysts have predicted a tough time for the country as a result of the renewed moves by the U.S to weaken its oil importation.
Benchmark crude for June delivery was up 61 cents to $51.58 a barrel by afternoon in European electronic trading on the New York Mercantile Exchange. The contract Wednesday gained $1.05 to settle at $50.97.
The Energy Information Administration reported on Wednesday that U.S. stores of crude have reached levels not seen since Aug. 31, 1990. Government data also show that petroleum consumption is down to 18.4 million barrels a day, the lowest since May 28, 1999.
Oil inventories, it added, jumped by 4.1 million barrels for the week ended April 24, more than twice what was expected by analysts, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.
Investors have brushed off recent dismal news – such as the 6.1 percent contraction in the U.S. economy in the first quarter – and pointed to so-called “green shoots” of recovery.
U.S. Fed policymakers said at the end of their two-day meeting Wednesday that while the economy is still receding, the pace of decline “appears to be somewhat slower” than the last time they met in mid-March.
Investors, already cheered by signs that U.S. consumer spending is growing, sent the Dow Jones industrial average up 2.1 percent Wednesday.
“Investors are looking ahead and betting that the worst economic declines are over,” said Victor Shum, energy analyst with consultancy Purvin & Gertz in Singapore.
Trader and analyst, Stephen Schork said that – once again – traders were simply following the stock market.
“Oil markets moved higher because … equities moved higher,” he said in his Schork Report.
This month prices have crisscrossed $50 a barrel as surging crude inventories tempered renewed optimism about the economy.
“Inventories are very high and ought to be a concern,” Shum said. “The fundamentals really limit any potential gains in oil,”
Some investors are waiting for the oil price to break above or below a range near $50 before taking a position.
“There hasn’t been a strong enough uptrend for us to say there’s a clear technical trend,” said Aaron Smith, managing director at Superfund Financial in Singapore.
In other Nymex trading, gasoline for May delivery rose by more than a cent to $1.46 a gallon while heating oil was essentially flat at $1.33 a gallon. Natural gas for June delivery fell by more than 4 cents to $3.36 per 1,000 cubic feet.
In London, Brent prices rose 7 cents to $50.85 a barrel on the ICE Futures exchange.
Original date published: 1 May 2009
Source: http://allafrica.com/stories/200905010164.html?viewall=1