Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Sully- who wrote (36834)	5/11/2001 11:31:56 AM
From: Cactus Jack	Read Replies (1) \| Respond to of 65232

wstera, Works for me. I wonder what it is like to play next to one of the owners of the team? jpgill

To: Sully- who wrote (36834)	5/11/2001 11:33:36 AM
From: Sully-	Respond to of 65232

NYMEX oil slips as IEA says world oil demand slows NEW YORK, May 11 (Reuters) - NYMEX crude oil futures slipped early Friday as a report by the West's energy watchdog that world crude demand had been slower than expected so far this year fueled fears of lower consumption ahead. In choppy trade, June crude fell 22 cents to $28.30 a barrel, eating into Thursday's 29-cent advance. It subsequently recouped most of the early losses, showing a two-cent loss at $28.50 by 10:24 a.m. (1424 GMT). June Brent crude in London extended losses after the NYMEX opening, then trimmed the loss to 11 cents at $28.37 a barrel. In its monthly oil market report, the Paris-based International Energy Agency (IEA) said it had lowered its forecast for world oil demand growth by a further 300,000 barrels per day to just 1.02 million bpd. The report sliced 160,000 bpd from the IEA's forecast for world oil demand in 2001 to 76.54 million. In revising its forecast, IEA cited ``lower-than-expected first-quarter deliveries and the effect of persistently high prices in a context of slowing economic growth.'' Gasoline futures, the market's main bullish engine of late, retreated on early selling, with no news from refineries to stoke buying. June gasoline slid 1.26 cents to $1.0615 a gallon, extending overnight losses of 0.56 cent, later edging back to $1.0650, down 0.91 cent. Traders said the market was looking to take a pause from recent rallies spurred by concerns over gasoline supply ahead of the summer driving season and signals that OPEC will not relax supply curbs when its ministers meet in June. Some of the concerns over temporary shut-ins on Nigerian crude exports eased as Exxon Mobil (NYSE:XOM - news) lifted a force majeure declaration on its Qua Iboe liftings, after production was resumed on Thursday, following a brief shut-in due to community unrest in the area. But the situation was complicated by a strike by contract workers that paralysed operations of Nigeria's biggest oil producer Shell (quote from Yahoo! UK & Ireland: SHEL.L) at its southeastern administrative headquarters in Port Harcourt. It was not clear if the stoppage over working conditions had affected crude production or loadings at the 470,000 bpd nearby Bonny export terminal. Chevron (NYSE:CHV - news) also declared a force majeure on its exports at its 450,000 bpd terminal that affects ``nearly'' 100,000 bpd of crude, an industry source told Reuters. In its report, IEA said 10 OPEC producers taking part in the cartel's supply curbs cut output by 840,000 bpd in April but still exceeded their quotas by 700,000 bpd. Oil traders are closely watching OPEC's compliance with production cuts to see if the cartel can keep production discipline in its bid to stabilize oil prices. OPEC ministers have said there is no need to raise production in June but that they might open up the taps later if market demand warrants such a move. But the cartel could come under pressure to lift supplies from the United States, the world's biggest oil consumer. The Bush administration appeared to reverse course on Thursday, blaming OPEC for the suffering of U.S. consumers who are paying record high gasoline prices at the pump. Energy Secretary Spencer Abraham said OPEC was at fault for high fuel prices, contradicting comments made earlier in the week by Vice President Dick Cheney that a shortage of U.S. refining capacity, not OPEC, had caused gasoline prices to soar. (Gene Ramos New York Energy Desk, ++212 859 1761, fax ++212 859 1629)) biz.yahoo.com Ö¿Ö