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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Webster Groves who wrote (50412)	5/24/2009 4:45:26 PM
From: elmatador	Read Replies (1) \| Respond to of 217543

Nothing like a caipirinha, fried bananas with a BBQ.

To: Webster Groves who wrote (50412)	5/25/2009 7:20:24 AM
From: elmatador	Respond to of 217543

High Oil Stocks Show Market Oversupply and oil price keeps going up. why? Because the currency in which oil is priced is being debased. "The price improvement is not related to the fundamentals of the market. The price was supported by non-fundamental factors such as the devaluation of the dollar, the futures market, and some other events," he said. OPEC wants to income to go higher in real terms, Not in USD terms. Thus we will ahve soon oil at USD100, but most of it is just compensation for USD devaluation. Iran OPEC Head: High Oil Stocks Show Market Oversupply TEHRAN (Dow Jones)--Iran's OPEC governor said high oil stock levels show the crude oil market remains oversupplied and an output cut by the Organization of Petroleum Exporting Countries is a clear "solution" to reduce oil stocks. "The market is oversupplied as it was in September, October and December of last year. As an expert, if you find that the market is oversupplied, the solution is very clear. As experts advise, (a cut) is a solution for oversupply," Mohammad Ali Khatibi told Dow Jones Newswires by telephone late Sunday. OPEC has made three production cuts since September to take a total 4.2 million barrels a day of crude out of the market, in a bid to reverse an oil price slump that has seen crude lose about $100 a barrel from its record high in July 2008. OPEC is next scheduled to meet on May 28. Crude oil and oil product stockpiles in Organization for Economic Cooperation and Development, or OECD, countries are currently at around 62 days of forward cover, which is about 10 days more than OPEC's target level in agreeing to output cuts. Khatibi said high stock levels in the wake of record member compliance to output quotas show that supply levels remain above consumption. "Nobody can deny that the market is oversupplied. Stock levels are increasing. It means there are some additional barrels that are more than consumption that go to the stocks," he said. "It means OPEC must continue this effort to bring stability to the market and bring a normal situation from a consumption and supply point of view," he added. At about 0615 GMT, Front-month Nymex crude oil futures were 37 cents lower on Globex at $61.30 a barrel, after rising 8.2% last week, including a 1% gain on Friday. With oil prices at more than $60/bbl, many analysts expect that OPEC will decide to maintain current output quotas at its latest meeting. But Khatibi said recent price rises are temporary and due to "non-fundamental" factors. "The price improvement is not related to the fundamentals of the market. The price was supported by non-fundamental factors such as the devaluation of the dollar, the futures market, and some other events," he said. -By Roshanak Taghavi, Dow Jones Newswires; +98919 1064892; roshanakt@gmail.com Copyright (c) 2009 Dow Jones & Co.