Oil price hits new record highs

The crude oil prices for the widely-reported "nearer delivery" (Jul 2005, circled in blue) have reached a record high of $58.60, while the prices for the "further delivery" (Dec 2005, circled in red) have hit a high of $60.40. We are in record-breaking territory again ...

forbes.com :

Crude oil prices again hit record prices just two days after the Organization of Petroleum Exporting Countries' oil ministers said they would raise the cartel's output ceiling and consider doing so again later this year if prices don't fall.

Traders brushed aside OPEC's words, once they heard that inventories of crude in the world's largest energy consuming nation, the U.S., had fallen by a larger-than-expected 1.8 million barrels last week to 329 million barrels ... they were totally deaf to OPEC's efforts once reports came in on Friday of a large-scale security alert in Nigeria, Africa's largest oil producer, of sufficient severity to close the U.S. and U.K. consulates in Lagos.

Bear in mind that a world that is consuming 84 million barrels of oil a day only has spare output capacity of roughly 1.5 million barrels a day. So, any threat to the fine balance between supply and demand sends oil traders into a price-raising bidding war and equities traders ramping up the price of companies that own oil such as Exxon Mobil, BP and ChevronTexaco ...

Crude oil hits $60 - again

Crude oil prices for December 2005 delivery just hit US$60 per barrel on NYMEX. That's the second time it has reached this level in two months.

Given these circumstances, one really has to wonder about the ongoing petrol price war over here.

See also :

1. $60.00 !!!
2. Another record (peakoil.com thread tracking oil record highs)

(2005-06-18 00:47:33 SGT) [Energy] Permalink

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