Debby, der Ã-lpreis und die Auswirkungen

verfasst von KEEP-COOL, 22.08.2000, 16:09

Ã-l und Heating oil und Gasoline

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aktuelle news


Tue, 22 Aug 2000, 9:57am EDT


08/22 08:48 Crude Oil Rises as Hurricane Debby Threat to Refinery Increases
By Brian Gorman

London, Aug. 22 (Bloomberg) -- Crude oil rose for a seventh session as Hurricane Debby threatened the Western Hemisphere's second-largest refinery, raising concern that U.S. supplies of heating oil and gasoline may be reduced.

With sustained winds near 75 miles an hour, Debby has a 91 percent chance of nearing St. Croix, home to the 545,000 barrel-a- day refinery, by 2 a.m. local time Wednesday, the National Hurricane Center said. The threat comes at a time when U.S. heating oil inventories are down 38 percent from a year ago.

``The hurricane gave us a bit of a jolt,'' said Tony Machacek, a trader at Prudential Bache (Futures) Ltd. ``The fundamentals were pointing one way anyway, and this gives the market an excuse to go up.''

Brent crude oil for October settlement jumped as much as 64 cents, or 2.1 percent, to $31.24 a barrel on London's International Petroleum Exchange. It was recently at $30.86. Crude oil for September delivery on the New York Mercantile Exchange, a contract that expires today, was up 18 cents at $32.65 a barrel in electronic trading.

The refinery is owned by Hovensa, a venture between Venezuela's Petroleos de Venezuela SA and Amerada Hess Corp. The National Hurricane Center has issued a hurricane warning for the U.S. Virgin Islands. Debby his morning was upgraded to hurricane status.

Crude oil prices have risen almost 50 percent in the past year and gained more than 15 percent this month on concern a colder-than-normal winter may cause supplies to run short during the coming Northern Hemisphere winter.

Inventories

As well as a potential shortage of heating oil, U.S. crude inventories are about 10 percent below last year and near 24-year lows.

The American Petroleum Institute is due to release its report on supplies today.

Inventories have declined even after the Organization of Petroleum Exporting Countries boosted output twice this year. OPEC, which pumps about 40 percent of the world's crude, has increased production by more than 2 million barrels a day, or 2.7 percent of the world's daily output.

OPEC meets Sept. 10 to consider increasing output for a third time this year.

OPEC Target

The price of a group of crude oils OPEC monitors stood at $29.33 a barrel on Monday, topping the group's target range of $22 to $28 for a sixth straight day. OPEC has said it will boost output if this index remains above $28 for 20 consecutive days.

If prices continue to remain above $28, the twentieth day would be Sept.8, just two days before OPEC's meeting. The group is likely to consider the overall position, rather than boost output as part of the mechanism, analysts say.

Still, divisions are emerging within OPEC over output policy. Saudi Arabia, the world's top oil producer, called on its OPEC colleagues to boost output to lower prices to $25 a barrel, while Kuwait, Iran and Venezuela have resisted.

Some countries are expressing their support for the price band mechanism, seen by analysts as a warning to Saudi not to act on its own.

The United Arab Emirates, OPEC's fifth-biggest oil producer, urged the group to adhere to output quotas to ensure prices remain between $22-$28 a barrel, the country's official news agency said.

``The price of $25 a barrel is fair and reasonable,'' said the United Arab Emirate

``The price of $25 a barrel is fair and reasonable,'' said the United Arab Emirates Oil Minister Obeid bin Seif al-Nasseri, the state-owned WAM news agency reported.

U.S. Inflation Concern

OPEC has come under pressure to act to lower prices from the U.S. and others, who argue that demand for oil will suffer as inflation weakens world economies. The U.S. wants OPEC to boost output to reduce prices that last week reached their highest level since November 1990.

Higher oil prices have helped spark inflation in the U.S., the world's biggest energy user, and the U.S. Federal Reserve is expected to warn that inflation remains a risk to the economy's record-long expansion, now in its 10th year.

The Fed, which increased lending rates six times since June 1999 partly as a result of rising oil prices, will decide whether another boost is necessary today.

Through July, the overall consumer price index rose at a 4 percent annual rate, compared with a 2.4 percent increase during the first seven months of 1999.

The core rate, which excludes energy and food, increased at a 2.6 percent annual rate through June compared with a 1.9 percent rate of increase in the first seven months of last year.

Other industrialized nations have urged OPEC action to cut prices as has the European Commission.

European Energy Commissioner Loyola de Palacio contacted Ali Rodriguez, OPEC president and Venezuela's oil minister, to discuss curbing oil prices.

``De Palacio emphasized her concerns that the developments in the price of petrol is contributing to the accordion effect,'' that is neither good for the producing countries nor for consumers, said Gerassimos Thomas, de Palacio's spokesman.

Shares

The oil price has boosted European shares. Total Fina Elf SA rose as much as 3.6 euros, or 2 percent, to a record 180.4 euros. The shares have gained more than 35 percent this year.

Shell Transport & Trading gained as much as 13.5 pence, or 2.3 percent, to a record 599 pence. BP Amoco Plc rose as much as 13.5 pence, or 2.1 percent, to 644.5 pence, its highest since July 3.


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gesamter Thread:

• Debby, der Ã-lpreis und die Auswirkungen - KEEP-COOL, 22.08.2000, 16:09
  • Re: Debby, der Ã-lpreis und die Auswirkungen - buckfish, 22.08.2000, 18:47
    • Re: Debby, der Ã-lpreis und die Auswirkungen - KEEP-COOL, 22.08.2000, 22:13
      • Re: Debby, der Ã-lpreis und die Auswirkungen - KEEP-COOL, 23.08.2000, 09:02
        • Re: Debby, der Ã-lpreis und die Auswirkungen - le chat, 23.08.2000, 10:47