- Saudis and others cutting back on output because a lack of demand.
- US oil and gas stockpiles up again.
- Substantial Nigerian output expected back with a month.
- Possible deal between Europe/US and Iran.
Interesting for oil and oil stocks over the short/medium term. Could be a big drop.
Of course, Saudi Arabia and Nigeria may be full of BS, and Iran may well reject the deal and continue processing uranium.....
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Saudis cite market forces for lower crude output, deny effort to curb supply
06.05.2006, 02:42 AM
CARACAS (AFX) - Saudi Arabia's oil minister confirmed that his country's massive crude-oil output has declined in recent months, but attributed the trend to a drop in demand and denied it aims to limit supply, the Wall Street Jouranal Europe reported.
In an interview after the OPEC meeting here, Ali Naimi said other cartel members are having trouble finding buyers for all the crude they are producing, at a time when global stores are near full and many refiners have closed facilities for routine maintenance....
forbes.com
....U.S. crude supplies rose 1.1 million barrels last week, the Energy Information Administration said, surprising analysts who had expected a 500,000 barrel decline.
Domestic gasoline stocks increased by 1 million barrels, while distillate supplies rose by 1.8 million barrels.
"It's all bearish, with builds across the board," said Tim Evans, analyst with Citigroup Global Markets....
....Nigeria's oil minister Edmund Daukoru told Reuters in Brussels he expected violence in the country to abate within a reasonably short time, and a substantial amount of shut-in production to be back on stream in a month....
washingtonpost.com
Oil Falls a 2nd Day on Iran's Positive Response to Nuclear Plan
June 7 (Bloomberg) -- Crude oil fell for a second day after U.S. President George W. Bush said the favorable reaction from Iran to an incentives plan intended to curb the country's nuclear program was ``positive.'
quote.bloomberg.com |
