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

To: LLCF who wrote (50485)	5/3/2006 2:15:23 PM
From: mishedlo	Read Replies (4) \| Respond to of 116555

Venezuela Buys Oil to Meet Contracts A Sudden Plunge In Production? Is Venezuela's oil production rapidly waning? One source reports that the world's fifth largest oil producer is showing signs of a rapid decrease in production, one of the key tenets of the peak oil theory. Venezuela is buying oil from Russia in order to avoid defaulting on deliveries to clients. The situation raises serious questions about the country's oil production and the future of PDVSA as a major oil producer, and increases the risk to the U.S. oil supply should the country's oil production suddenly plummet. According to the Financial Times: "Venezuela, the world's fifth-largest oil exporter, has struck a $2bn deal to buy about 100,000 barrels a day of crude oil from Russia until the end of the year. Venezuela has been forced to turn to an outside source to avoid defaulting on contracts with "clients" and "third parties" as it faces a shortfall in production, according to a person familiar with the deal. Venezuela could incur penalties if it fails to meet its supply contracts." ... rigzone.com

To: LLCF who wrote (50485)	5/3/2006 10:36:19 PM
From: mishedlo	Read Replies (2) \| Respond to of 116555

Mortgage defaults at 2-year high in California dailybreeze.com Analysts say generally 5 percent of the recipients of such notices lose their homes to foreclosure. By Alex Veiga THE ASSOCIATED PRESS In California, the most populous U.S. state, home sales fell 15 percent last month from a year earlier, according to the California Association of Realtors, while prices rose 13 percent, the smallest increase in 10 months. "Home values are rising more slowly than they have been the past couple of years, which makes it more difficult for homeowners to sell their homes and pay off the lender,' DataQuick President Marshall Prentice said. The San Francisco Bay Area had an 8.3 percent increase in defaults in the first quarter, while six Southern California counties, including Los Angeles and Orange, had a 33 percent rise, DataQuick said. The counties that saw a more than 50 percent increase in the number of notices during the first quarter were Yuba, San Benito, Stanislaus, Placer, Monterey, Santa Cruz, Napa, Ventura, Riverside and San Diego.

To: LLCF who wrote (50485)	5/4/2006 12:32:50 AM
From: mishedlo	Read Replies (3) \| Respond to of 116555

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