OPEC : Peak oil is near

peakoil.com -> dailykos.com, updebate.org :

In the most recent edition of the OPEC Bulletin, recently put online on the OPEC webline and which can be read here (120 page pdf - relevant bit on p.60), OPEC - via a senior member, i.e. Dr Shokri Ghanem, Chairman of the People's Committee, the National Oil Corporation (NOC) of Libya - addresses the issue of peak oil head on:

... while some of the more pessimistic oil specialists are declaring that peak oil has already been passed, or at best is here now, others believe it is not going to arrive before 2010. Some optimists give the world a little more breathing space — that is to say up to 2020, and perhaps even up to 2030. However, all in all, most would appear to agree that peak oil output is not very far away for all of us. It could take place sometime within the next decade or so, which in fact means that there is not much time left for a world economy to be driven largely by oil.

- Coming from OPEC, this is huge. For years they have essentially been saying, "trust us". Now they say "peak oil output is not very far away for all of us".

Largest uranium price jump in history

pr-inside.com -> stockinterview.com :

As StockInterview.com predicted a week ago, uranium sellers got what they were expecting - a price bump. For the week ending December 15, the weekly spot uranium price indicator jumped by $7/pound, or more than 10%, to $72/pound per pound U3O8. According to Treva Klingbiel, editor of Nuclear Market Review, this was "the single largest increase reported since NUEXCO began publishing prices in 1968."

The price increase resulted from a number of bids for an offering by a U.S. uranium producer of 260 thousand pounds of U3O8. Klingbiel reported this week's auction of uranium created a 'feeding frenzy' among buyers, writing, "Meeting this expectation, competition was indeed fierce, as buyers exhibited a willingness to pay a strong premium in order to purchase material at a fixed price."

Clearly, the spectacular price rally of 2006 will continue into early 2007 as the impact of the flooding at, and subsequent delays of uranium production from, Cameco Corp's Cigar Lake project in northern Saskatchewan. Because of the past two week's news reports, there was concern about the Department of Energy future auctioning from uranium inventories. These auctions may not begin to take place until mid 2007.

- First it was natural gas, then it was crude oil. Now it's uranium, setting price records and making profits for everyone who's gone long, in one way or another. I've made quite a few thousands myself from the "nuclear-powered" portion of my portfolio. It's been a good ride. The only regrets now are not buying more earlier and having sold some too soon. Go, nuclear! :)

(2006-12-20 13:17:01 SGT) [Energy] Permalink

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