Article

2008-06-23 Arabia

Saudi Arabia Boosts Oil Supply, May Pump More Later

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Posted by Fred 2008-06-23 00:00|| || Front Page|| [5 views ] Top

#1 Offshore drilling already working.

Posted by g(r)omgoru 2008-06-23 05:34|| 2008-06-23 05:34|| Front Page Top

#2 Offshore drilling already working.

Posted by g(r)omgoru 2008-06-23 05:34|| 2008-06-23 05:34|| Front Page Top

#3 Reminder: a large number of the 3700 Gulf of Mexico well heads are capped, and their product is listed as non-calculated (not in corporate reserves). When Clinton unleashed the Oil Options battle between NYMEX and the Chicago Mercantile Exchange, pundits said that oil vendors would follow that artificial market. It happened. Google "Arjun N. Murti" (Goldman Sachs) if you want to learn of NYMEX bubble effects. The influential Platt's monitoring service, which gets trader data, issues this statement today:

"Global crude futures continued to move higher in European morning trading on Monday amid persistent Nigeria supply worries, shrugging off the outcome of the oil producer and consumer summit in Jeddah on Sunday, which saw Saudi Arabia pledge to increase production to 9.7 million b/d from 9.45 million b/d currently."

Is the "futures" market determining oil vendor quotes? It shouldn't and that will become a political football this year. Things were better when Chicago had the "pork belly" commodities monopoly.

We have an Oil Options market because we have one. Scrap it and real market forces will prevail.

Posted by McZoid 2008-06-23 07:25|| 2008-06-23 07:25|| Front Page Top

#4 Indeed, scrap the options market or reform the margin system and that would clear out a lot of extra cost to the consumer.

Posted by bigjim-ky 2008-06-23 12:40|| 2008-06-23 12:40|| Front Page Top

#5 Build coal fired electrical plants in western kansas where the people want the jobs.

Posted by bman 2008-06-23 15:01|| 2008-06-23 15:01|| Front Page Top

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