Oil rockets in wake of killings

[UpInArms]

http://www.smh.com.au/articles/2004/05/04/1083635137377.html

World crude oil prices soared to a 14-year closing high as traders reacted with shock to a gun attack at an oil facility in the world's biggest oil exporter, Saudi Arabia.

New York's benchmark oil contract, light sweet crude for delivery in June, jumped US83c to finish at $US38.21 a barrel, the highest close since October 16, 1990.

The London market for Brent crude was closed for a holiday.

"There is concern over the weekend killings in Saudi Arabia," Fimat USA market analyst Mike Fitzpatrick said.

Gunmen attacked a Saudi oil facility at the industrial port of Yanbu on the Red Sea on Saturday, killing six. The four attackers were also killed.

The attack added to a "risk premium" built into world crude oil prices because of the threat of supply disruptions during clashes between US troops and Iraqi fighters, Mr Fitzpatrick said.

...more...

current price:

CLM4 Light Sweet Crude Oil Jun (NYMEX) 38.60 +0.39

[northzax]

1. why do we describe people as 'shocked'

by anything that goes on in Saudi Arabia? I mean if you are really shocked by violence there, you need to get out of the oil speculation business. suprised? sure, saddened? certainly, but shocked? please.

[bif]

2. Yeah, I paid $1.92 this morning.

[kysrsoze]

3. That's nothing. $2.15 for regular in Chicago.

If I go to my parents' house outside the city, I can put premium in my car for $2.22 a gallon. It's about $2.35 in the city. I hear California is even worse.

[bif]

5. Talk about a hose job!

So to speak.

[THUNDER HANDS]

6. $1.97 on Long Island

:(

[puerco-bellies]

4. $38.95

Could settle at $39.00+ at market close. Puerco-bellies has happy crude options clients.

[Snazzy]

7. AP: No End in Sight for High Oil and Gasoline Prices, Analysts Say

No End in Sight for High Oil and Gasoline Prices, Analysts Say

By Bruce Stanley The Associated Press
Published: May 4, 2004

LONDON (AP) - The price of oil is likely to remain high in coming months and could rise further, analysts say, due to ravenous global demand and petroleum producers' reluctance to boost supplies.
Recent security problems in Saudi Arabia and Iraq have also inflamed markets.

On Tuesday, prices for oil and gasoline futures surged.

Crude for June delivery rose 77 cents on the New York Mercantile Exchange to $38.98 per barrel, a new 13-year high, while unleaded gasoline for June delivery gained 4.4 cents to $1.31 per gallon, the highest settlement since the contract started trading in December 1984.

Increases in oil and gasoline futures typically cause pump prices to rise. Refineries are running flat out ahead of the peak summer driving season, but costlier crude makes it more expensive for them to produce gasoline.

The average price of regular unleaded gasoline in the United States is $1.84 per gallon, according to the Energy Department, and analysts say the cost could rise as high as $3 per gallon in some regional markets.


....

http://ap.tbo.com/ap/breaking/MGA3BDSEUTD.html

[davekriss]

8. $40 bbl Oil = Deep Recession

That used to be the threshold. Sustained $40/bbl oil means deep recession. Hold on to your hats, everyone (and your jobs, those lucky enough to have them!).

[jpak]

9. NYMEX crude rose briefly to $39.05 a barrel today

$40 a barrel by Memorial Day????

Hold on to your wallet.

[TahitiNut]

11. High 39.15 Low 38.30

http://quotes.ino.com/chart/?s=NYMEX_CLM4

[TahitiNut]

10. Last trade 38.98 Change +0.74 (+1.94%)

http://quotes.ino.com/chart/?s=NYMEX_CLM4

[Jackpine Radical]

12. Is this just part of the run-up

so that Bandar & Co. can bring it down in time this fall to get their boy re-elected?

[PATRICK]

13. Rational targets

This is sort of a welcome switch from doing what all violent groups and militaries do best- kill innocent civilians and bomb soft targets. Funny how the really guilty or influential institutions are never tackled directly or head on- presumably because they have the dough and justified paranoia and the curious interdependent connections that immunize them from their compatriots in blood.

With Al Qaeda in franchise the overall controls are gone, the prizes beyond the usual civilian terror more tempting. They have in effect forgotten their "place" in the cartel of terror scheme of things. They do not respect the "powers" and the dangers.

It might never have occurred to Bushco that their deliberately ineffectual stirring of the pot of terror is not creating more opportunities for government benefiting terror but loosing the smart ones against smarter targets.

Shut down the oil distribution and the oil will be there for the Islamists to pick up while the West reels from lack of preparation and arrogance. The peoples of the world might be thinking or feeling that this would be doing us all a favor, at least in breaking the alliance of terror(all rightist states, all fundie fanatics)away from beating on the innocent.

A byproduct(intended or not) is to further alarm the protectors of W's horrendous stewardship, the great gambles and simple minded incompetence that is risking the Big Game and corporate rule itself.
Besides losing the veneer of "popular" support based on lies W enjoys, the kingmakers too could simply and quickly pull the plug.