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Oil prices lose on week, but post 12% monthly gainTraders eye start of hurricane season; natural-gas prices move upSAN FRANCISCO (MarketWatch) -- Crude-oil futures climbed Friday to end the month more than 12% higher as energy traders, keen to boost positions ahead of the official start of the Atlantic hurricane season, helped fuel an 8% monthly gain in natural-gas prices.But oil prices ended the week with a loss of 3.7%, following a slide of over $4 in the previous session. Crude oil for July delivery closed at $127.35 a barrel on the New York Mercantile Exchange, up 73 cents for the day. It touched a two-week low of $125.70 earlier in the session. The June crude contract, which expired early last week, closed at $113.46 on April 30, so crude futures prices are up 12.2%, or $13.89, for the month. The July contract ended last month at $112.73, so the contract itself is up 13% for the month. Weather was a key factor Friday. "We're seeing a little bit of a bounce," said Dan Flynn, energy trader at Alaron Trading in Chicago. "We've got tornadoes in Iowa and also in the Chicago area, and people are looking at the weather." The U.S. National Hurricane Center was keeping track Friday of a tropical depression in the Eastern Pacific near the boarder of Honduras and Guatemala. But the hurricane season in the Atlantic, which has the potential to disrupt oil and natural gas production in the Gulf of Mexico, officially begins on June 1. In its latest report issued on May 22, the National Oceanic and Atmospheric Administration said there's a 60%-70% chance of 12 to 16 named storms, including 6 to 9 hurricanes and 2 to 5 major hurricanes in the Atlantic this season. Against this backdrop, July natural gas added 23.3 cent, or 2%, to close at $11.703 per million British thermal units. The June contract, which expired Wednesday, ended last month at $10.834, so natural-gas futures are up 8% for the month. The July contract closed 2.3% lower for the week as traders digested an 87 billion cubic foot rise in last week's U.S. natural-gas supplies, which was reported by the Energy Department Thursday. But some analysts see a potential opportunity in the market, given that natural gas is trading at a discount to oil and well below its own record price of nearly $16 seen in the aftermath of Hurricane Katrina in 2005
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3,028 $0.00 Saudi Arabia Will Raise Oil Output 2% in July to Curb PricesMaybe it's good news for who have held H*DSaudi Arabia Will Raise Oil Output 2% in July to Curb Prices By Maher Chmaytelli and Ayesha DayaJune 22 (Bloomberg) -- Saudi Arabia, which convenes a meeting of government and business leaders today to discuss world energy markets, said it will raise its oil production by 2 percent in July in a bid to curb record prices. Production will increase by 200,000 barrels a day to 9.7 million barrels starting in July, Saudi Oil Minister Ali al- Naimi told reporters in Jeddah, Saudi Arabia, yesterday. State- owned Saudi Aramco will soon add 500,000 barrels, or 4.6 percent, to the kingdom's total capacity with its Khursaniyah field. Oil doubled in the past year, touching a record $139.89 a barrel on June 16, as investors bought commodities to hedge against a weakening U.S. dollar and concern mounted that demand is growing faster than supply. The advent of $4 a gallon gasoline in the U.S. sparked concern the economy may slip into recession. ``It is the policy of Saudi Arabia to satisfy the market need when there is a need,'' said Prince Abdulaziz Bin Salman, the kingdom's deputy oil minister. Salman warned that more production may not lower prices because he said the increased prices have been caused by speculators, a stand that is disputed by consuming nations. ``It's not about quick fixes,'' he told reporters. ``The measure of success of the meeting should not be whether it will make prices go down the day after tomorrow.'' OPEC members including Libya, Algeria, Iran and Venezuela are opposed to increasing production. Libya's top oil official, Shokri Ghanem, yesterday said his country may have to cut its own production in response to the Saudi move. `Plenty of Oil' ``We don't see any need for more oil,'' Ghanem told reporters in Jeddah. ``There is plenty of oil in the market.'' World oil use this year will climb 800,000 barrels a day, or 1 percent, as demand increases in emerging markets, the International Energy Agency estimates. Stagnating production from Russia and the North Sea are also contributing to higher prices, which have touched off strikes, riots and accelerating inflation around the world. ``A tight market,'' is driving prices up, U.S. Energy Secretary Samuel Bodman told reporters in Jeddah, rejecting the argument made by producers that speculators are to blame. The market needs between 3 million and 4 million barrels a day of spare oil production capacity, compared with the 2 million barrels a day currently available, Bodman said. The Organization of Petroleum Exporting Countries says it has 3 million barrels a day of spare capacity. The kingdom has 2 million barrels a day of spare capacity, a Saudi official told reporters, with the rest divided among other members. The 13- member group supplies 40 percent of the world's oil. `Huge Profit' Investment funds and traders made ``huge profit'' over the past two years by speculating on oil, Ibrahim Muhanna, an adviser to the Saudi oil minister, said in comments published in Asharq al-Awsat newspaper. Investors are buying and selling crude futures to make up for losses suffered in the U.S. sub- prime mortgage crisis, and as a hedge against inflation caused by the depreciation of the dollar, he said. ``It's one of the most important reasons for the crazy increase in price,'' Muhanna said. ``There is a balance in supply and demand, stockpiles are at their five-year average.'' Saudi Arabia, OPEC and the IEA, which advises 27 oil importing nations on energy policy, agreed on a draft document to be discussed by the summit, bin Salman said. The draft outlines causes of price fluctuations and suggests ways to ensure stability. Gathering Data The draft provides for ``gathering more data about the activity of index funds that are assessing oil futures artificially,'' according to a draft in Arabic of the document shown to Bloomberg by an OPEC delegation in Jeddah and confirmed by a European Union participant. The draft calls for increased investments in oil production and refining, and strengthening dialogue between consumers and producers on oil demand and stockpiles, he said. The EU will seek at the meeting to have a commitment from Saudi Arabia that it would continue ramping up production after July, said a European minister who declined to be named ahead of the summit. Saudi Arabia said in May it would increase production by 300,000 barrels a day this month in response to requests from consumers. The announcement came during a visit by U.S. President George W. Bush. Indonesia, which last month said it may quit OPEC because of falling production, would like to see lower oil prices, Oil Minister Purnomo Yusgiantoro said. More than 35 countries, seven international organizations and 25 oil companies and are scheduled to take part in the one- day summit to be chaired by Saudi's King Abdullah. To contact the reporter on this story: Ayesha Daya in Dubai [email protected] Chmaytelli in Saudi Arabia at [email protected] Last Updated: June 21, 2008 16:33 EDT ·加拿大留学移民 今天学到了一个英语单词的新含义Soft Landing 短登
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