Monday August 14, 2006

Oil drops 1% on Mideast truce, Prudhoe Bay flow

news.yahoo.com :

Oil slumped 1% after BP said it would keep half its Prudhoe Bay oilfield pumping while it carries out pipeline repairs, and as a U.N.-brokered truce takes effect in the Middle East. U.S. light, sweet crude was down 79 cents, or 1.06 percent, at $73.56 a barrel by 0636 GMT. London Brent was down 63 cents at $75.00 a barrel. Prices lost 41 cents over last week after a sell-off on news of a foiled aircraft bomb plot, which evoked fears of a cut in air travel and weaker consumer confidence, reversed earlier gains on BP's move to shut North America's biggest oilfield.

BP said it had decided to continue pumping crude from the western half of Prudhoe Bay, instead of shutting off the entire field, since pipeline corrosion on the west was less severe. As of Saturday it was pumping about 150,000 barrels per day (bpd) from Prudhoe Bay and expected to ramp up output to 200,000 bpd - half of its full capacity, which normally accounts for 8% of U.S. production - after it completes maintenance. The other half of Prudhoe Bay is expected to be off-line for months, possibly until early next year.

(2006-08-14 19:59:03 SGT) [Energy] Permalink

Airlines to cut Heathrow flights amid security row

news.yahoo.com :

Airlines will cut 20% of flights departing London's Heathrow Airport on Monday following a directive by the airport's owner amid a growing dispute over how to handle tougher security measures. The directive followed a 30% reduction in flights on Sunday as airlines struggle with tight security at British airports following what police said was a foiled plot to blow up transatlantic airliners. BAA threatened to deny airlines the use of airport facilities if they did not comply.

British Airways said it was complying with the directive and expected to cut 20% of its flights from Heathrow on Monday. British low-cost carrier easyJet said it expected to cancel about 30 flights. Ryanair, Europe's largest low-cost airline, earlier called on Britain to revise what it called "heavy handed" airport security measures and said London's airports were on the brink of collapse.

- Looks like a form of demand destruction from a peakoiler point of view.

(2006-08-14 19:54:35 SGT) [Biz] Permalink

Grandmother grows fruits and vegetables in Clementi HDB flat corridor

channelnewsasia.com :

A granny from China has turned her HDB corridor into a fruit and vegetable garden, which has even seen a watermelon plant bear fruit! Grandmother Sun Chun Rong, a Liaoning native, is here in Singapore to visit her daughter and 13-year-old grandson for the second time. Her grandson showed a very strong interest in science and asked her many questions about plants. Rather than go to textbooks, she went one step further: she grew her own fruits and greens right at the doorstep! Now she has even got a watermelon to show for it, quite possibly the first to be grown right in Singapore's heartland.

The 65-year-old, who works in a university, feels like this is bringing a piece of life from China, to her grandson all the way in Singapore. Among her other harvests are soya beans, chilli, green onions and chinese medicinal herbs.

(2006-08-14 19:50:01 SGT) [Env] Permalink

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