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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Haim R. Branisteanu who wrote (6151)	5/11/2004 3:42:49 PM
From: mishedlo	Respond to of 116555

Crude futures end Nymex session above $40 Tuesday, May 11, 2004 8:18:46 PM SAN FRANCISCO (AFX) -- Crude futures closed above $40 on the New York Mercantile Exchange -- the first close above that level in over 13 years. June crude rose $1.13, or 2.9 percent, to end at $40.06 per barrel, a closing level the futures market hasn't seen since October of 1990. The contract traded as high as $40.15 near the session's end. "Oil showed incredible rebound strength today basically brushing off more OPEC promises which have often been hollow in the past," said Kevin Kerr, editor of newsletter Kwest Market Edge. He's sees $41.25 as the next resistance level

To: Haim R. Branisteanu who wrote (6151)	5/11/2004 4:01:35 PM
From: mishedlo	Respond to of 116555

OPEC oil ministers will discuss raising quotas by at least 1.5 million barrels a day from 23.5 million during the International Energy Forum in Amsterdam later this month. OPEC's next formal meeting is set for June 3 in Beirut. The 10 OPEC members with quotas, all except Iraq, pumped 25.85 million barrels of oil a day last month, exceeding their quotas by 10 percent, according to a Bloomberg survey. ``At this point we have to see follow-through on the talk from the Saudis,'' said John Kilduff, senior vice president of energy risk management at Fimat USA Inc. in New York. ``The price of oil has risen this high because of a significant security premium and the perception of OPEC discipline.'' quote.bloomberg.com ============================================================== Looks like Heinz called this pretty good yesterday Mish