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Tommy Duncan
08-30-2004, 01:54 PM
ogj.pennnet.com/articles/..._ID=210836 (http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_CATEGORY=GenIn&ARTICLE_ID=210836)

MARKET WATCH
Oil, natural gas futures prices continue to fall

By OGJ editors

HOUSTON, Aug. 26 -- Energy prices continued to plummet Wednesday, but apparently not fast enough to suit members of the Organization of Petroleum Exporting Countries.

Purnomo Yusgiantoro, OPEC conference president, said Thursday that the group wants a faster decline to oil prices reaching $30/bbl and will discuss whether to increase its official production ceiling during its Sept. 15 meeting in Vienna. "Oil prices have retreated, but we want it to fall to around $30/bbl," Purnomo told reporters. "That would be good enough."

The near-month contract for US light, sweet crudes has fallen nearly $6 from a record high of $49.40/bbl last week on the New York Mercantile Exchange.

Supply pressures were eased Wednesday with new indications that the controversy between the Russian oil giant OAO Yukos and the Russian government would not result in curtailing crude exports from Russia.

Also, the US Energy Information Administration said Wednesday that US commercial crude inventories dropped by 1.7 million bbl to 291.3 million bbl during the week ended Aug. 20.

However, gasoline inventories were unchanged from the previous week at 205.7 million bbl. Distillate fuel stocks increased by 500,000 bbl to 125.1 million bbl, with a rise in heating oil more than compensating for a decline in diesel fuel, EIA said.

Although US refineries were working at nearly 96% of capacity last week, US crude stocks had not declined significantly, analysts noted.

The October contract for benchmark US sweet, light crudes plunged by $1.74 to $43.47/bbl Wednesday on NYMEX, while the November contract fell by $1.71 to $43.15/bbl.

Gasoline for September delivery lost 6.57¢ to $1.1946/gal on NYMEX. Heating oil for the same month dropped by 5.03¢ to $1.1431/gal. The September natural gas contract lost 4¢ to $5.30/Mcf on NYMEX.

In London, the October contract for North Sea Brent lost $1.64 to $40.68/bbl on the International Petroleum Exchange. Gas oil for September delivery fell by $5.50 to $378.75/tonne. The September natural gas contract slipped by 1.5¢ to $4.45/Mcf on IPE.

The average price for OPEC's basket of seven benchmark crudes dropped by 98¢ to $40.45/bbl Wednesday.

T Park Num 9
08-31-2004, 12:25 AM
Great news, this helps Bush Im sure.

If they would let the Allaskans get to work, Oil Prices in this country would plumment greatly.

MannyIsGod
08-31-2004, 01:04 AM
yes because lower gas prices are much more important than our children actually having some pure area's on earth.

Aggie Hoopsfan
08-31-2004, 02:54 AM
I think al-Sistani threatening to kick al-Sadr's ass probably helped this out as well.

MannyIsGod
08-31-2004, 03:34 AM
http://www.idontcareaboutair.com/bumpers/win_bumper.gif

T Park Num 9
08-31-2004, 04:31 AM
For people that want more control over there ives, worried about big brother and such, and also being a party for the REGULAR people,

they sure like to tax, restrict, and govern people's lives.