NYMEX crude oil prices fall below $63 on demand concern

Crude oil prices dived underneath $63 per barrel on Tuesday [7 Jul 2009], hitting the lowest levels since May, amid heightened concerns about energy demand in a struggling global economy. NYMEX light sweet crude for Aug 2009 delivery tumbled to $62.93 dollars a barrel. Prices had rebounded slightly earlier on Tuesday - but the gains were wiped out amid fresh losses on Wall Street.

Oil prices had hit 10-week lows on Monday after recent US data showed job losses surged more than expected to 467,000 in June, raising fresh doubts about the pace of recovery in the United States. Oil prices have slumped owing to the severe economic downturn after striking historic peaks of $147.27 per barrel a year ago. Meanwhile, investors are monitoring the situation in Nigeria where militants have continued to carry out attacks on oil installations and kidnapped oil workers in the country's crude-producing Niger Delta region.

- Whether we are watching the live oil prices or monitoring the historical crude oil charts, one thing that we can all be sure of is continued volatility in crude oil prices. The battle over the $70 level was particularly long-drawn, playing out over the entire month of June. The bears are having their laughs for now, calling for a non-confirmation of the 50-/200-dma crossover aka the Golden Cross, while on the other hand, the bulls will probably not admit defeat until the 200-dma, presently at $57.14, is violated on the downside. At least now, whichever side one may be on, prices are moving somewhat, so it's probably time to take some action.

Volkswagen plans to launch electric car in 2013

channelnewsasia.com :

German auto maker Volkswagen hopes to turn out its first all-electric car in 2013, VW CEO Martin Winterkorn said Friday [3 Jul 2009]. Volkswagen signed a preliminary agreement in May with BYD of China to produce hybrid or electric cars, having reached a deal in February with Toshiba on the development of engines for such vehicles. Daimler launched in June Germany's first hybrid vehicle almost 10 years after market leader Toyota. German companies until now have mainly focused on diesel engines and, as a result, hybrids represented only 0.2% of the German market last year, with the sale of 6,500 Toyota, Lexus or Honda models.

- So much for diesel or in fact biodiesel, indeed. Recently there have been certain European car makers trying to pump up diesel car sales over here in Singapore. I wonder what they are trying to push on us, when their compatriots back in their homeland region are starting to do the right thing and making a push forward to an electric future. Do I really need to bring up again statements from Singapore's environment agency as this? PM2.5 is a key air pollutant linked to higher incidences of respiratory and heart diseases. In Singapore, diesel vehicles contribute about 50 per cent of the PM2.5 emissions.

Hence, back in Euroland, it is interesting to see European car-makers like Daimler and VW starting to jump on board the plug-in / hybrid / electric car bandwagon. That's progress. Rather than continue to push diesels, bio- or purportedly clean- or not, and insinuating "hybrid-like economy" whilst wilfully ignoring the hybrid/electric environmental edge like in some of those local radio ads that have irked me so (here's looking at you, A***). It's good to see makers like Volkswagen move in the right direction. That's definitely more like it.

(2009-07-08 11:05:46 SGT) [Energy] Permalink

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