World oil prices close to record highs approaching 55 dollar
-
LONDON : World oil prices hovered close to record high points approaching US$55 a barrel as traders fretted about low inventories of US heating fuel heading into winter in the northern hemisphere.
The price of reference light sweet crude for delivery in November eased 17 cents to 54.59 dollars a barrel in electronic trading on the New York Mercantile Exchange.
New York's main oil contract soared to an all-time intra-day high of 54.88 dollars a barrel Thursday, also reaching a record closing price of 54.76, a rise of 1.12 dollars.
In London Brent North Sea crude oil for November delivery lost nine cents to 50.00 dollars in electronic deals on Friday. It had hit a record 51.50 dollars a barrel on Tuesday.
New York's oil price raced to a record high Thursday as news of a decline in US heating oil inventories rattled traders with colder weather approaching.
Inventories of distillates -- mostly diesel and heating oil -- dropped 2.5 million barrels to 120.9 million in the week to October 8, showing the effect of production and refinery problems in the Gulf of Mexico caused by recent hurricanes, the US Energy Department said.
Heating oil inventories, in high demand in the northern hemisphere winter, declined 1.2 million barrels to 50.0 million. Diesel fell 2.1 million barrels to 68.2 million.
"Distillate stocks (at) 8.1-percent lower than last year feed fears of heating oil shortages this winter," Societe Generale analyst Deborah White said.
World oil prices have more than doubled from about 20 dollars a barrel in New York at the start of 2002, surging by about 65 percent since the start of this year.
Adjusted for inflation, however, they remain far below the levels reached in the wake of the 1979 Iranian revolution when prices surged to upwards of 80 dollars a barrel in today's money. -
we have reached hubbert's peak
either we find an alternate source of energy , or the world will sink into the next phase of change , a 2nd dark ages
http://en.wikipedia.org/wiki/Hubbert_Peak -
We are going alternative such as gas: FYI, a new batch of public bus coming runs on CNG... Our electricity (Except piped gas) comes from CNGOriginally posted by shoutcast:we have reached hubbert's peak
either we find an alternate source of energy , or the world will sink into the next phase of change , a 2nd dark ages
http://en.wikipedia.org/wiki/Hubbert_Peak -
The Russians have slowed down their oil production.
-
This is the Yukos factor... Nigerian crisis also caused a prob... Gulf of Mexico's refineries kena destroyed by Hurricane Ivan... Now China imports oil... All these factors pushed it higher...Originally posted by ditzy:The Russians have slowed down their oil production.