Wall Street pundits and CNBS have been trying to brainwash the public that there is no inflation in sight. They hope Greenspan ignores such rummy details like this:
biz.yahoo.com
-------
Monday November 15, 1:31 pm Eastern Time
Note: this article has a followup with more information.
NYMEX crude stays at 34-mo. highs, products gain
NEW YORK, Nov 15 (Reuters) - Crude oil futures on the New York Mercantile Exchange (NYMEX) continued to trade midday at 34-month highs, supported by a tighter outlook on winter stocks
amid forecasts of colder weather in the U.S. Northeast and Europe.
News from OPEC strengthening signals that producers were leaning towards extending output cuts beyond March 2000 also kept the market well-supported, traders said.
Sheikh Saud said in Kuwait he had received a letter from Mexican Oil Minister Luis Tellez suporting Kuwait's call to to extend the duration of the curbs, which are aimed at lopping off around five million barrels from world output of about 75 million barerls per day (bpd).
Tellez himself said last week Mexico, a non-OPEC producer, would maintain its export cuts until the end of June 2000 if other producers took the same step.
Tellez will meet with his counterparts from Saudi Arabia and Venezuela on Wednesday in Riyadh to discuss oil output policy.
After hitting a 34-month high at $25.35, NYMEX December crude was trading at $25.30, up 39 cents at 1:05 p.m. (1805 GMT). It has traded as low as $25.00.
The day's trade continues last week's bullish turnout, when NYMEX December crude ended at $24.91, the highest settlement since January 1997.
The latest leg of the nine-month-old bull run began last week, after the Paris-based International Energy Agency (IEA) forecast calling for tighter inventories this winter and early next year as long as OPEC maintained its output discipline.
Meanwhile, December heating oil edged higher, trading at 67.25 cents a gallon, up 1.05 cents, before easing at 67.15, up 0.93 cent. It has dipped as low as 66.40 cents.
December gasoline was trading 0.70 cent higher at 70.95 cents a gallon, maintaining its morning range of 60.40/71.30 cents.
In London, December Brent crude shot up to $24.93, up 34 cents, its highest level since October 1996, surpassing the previous high of $24.91 set in January 1997.
December Brent is expiring at the end of the day. January Brent was up 33 cents at $24.45.
NYMEX traders said they were monitoring developments in Venezuela after news early Monday that three of the country's largest oil unions had called for a strike because of a stalement in pay talks with the state oil company Petroleos de Venezuela was also.
The unions said they would introduce a formal strike petition at the Labor Ministry this week. So far, no date has been set for the strike. |
