http://www.petroleumtraders.com/news.aspx Petroleum Traders news http://bit.ly/KSIZQJ LONDON (Dow Jones)--Crude-oil futures were little changed Thursday in choppy trade, as concerns over the euro zone and rising U.S. oil inventories were counterbalanced by fairly upbeat recent macro-economic indicators from Asia. At 1047 GMT, the front-month July Brent contract on London's ICE futures exchange was 34 cents, or 0.3%, lower at $109.41 a barrel. The front-month June contract on the New York Mercantile Exchange was trading up 5 cents at $92.86 a barrel. European stocks and the euro fell Thursday on worries that Greece's crisis could spread to other euro-zone countries and on reports that the European Central Bank has stopped lending to some Greek banks. http://bit.ly/KhEsEY NEW YORK (Dow Jones)--Crude-oil prices fell 1.2% to a fourth-consecutive 2012 low at $92.81 a barrel Wednesday, as U.S. crude inventories stood at a 22-year high. Crude-oil inventories in the world's largest oil consumer have gained more than 10% over the past eight weeks and are at the highest level since August 1990. "We don't have physical [supply] tightness to limit the downside," said Tim Evans, analyst at Citi Futures Perspective. Crude is "not going to go up until disappointed bulls are done liquidating long positions," he said. http://bit.ly/Jkj9Wm HOUSTON (Dow Jones)--Crude-oil futures were flat Tuesday as higher-than-expected growth in the German economy gave traders some hope for continuing demand from Europe's biggest economy. Light, sweet crude for June delivery fell 0.1%, to $94.63 for the June contract on the New York Mercantile Exchange. Concerns about the European economy and rising global oil supplies have battered the market for more than a week and brought prices for Nymex crude to a fresh settlement low for the year Monday. http://bit.ly/J45y6J NEW YORK (Dow Jones)--Crude oil futures prices were 2% lower near $94 a barrel, after settling a fresh 2012 intraday low on worries that Greece may leave the European common currency agreement. Traders avoided the euro as the Greek worries escalated, pushing the dollar to its highest level against the European common currency since Jan. 23. The stronger dollar discouraged oil buyers, as the market also faces worries about slumping demand. http://bit.ly/JlwM5K LONDON (Dow Jones)--Crude oil futures were down around 1% Friday as China's weaker-than-expected trade data and slowing industrial production fueled concerns about global demand amid renewed worries for the euro-zone economy as the political deadlock in Greece rumbled on. http://bit.ly/KV8fT9 LONDON (Dow Jones)--The oil market is bracing itself for a wave of change as contentious regulations begin to come into effect this year, just as soaring oil prices shine a spotlight on the issue of market oversight. High gasoline prices in the U.S. and Europe-the two regions seeking to undertake serious regulatory overhauls-have added weight to the push for tougher market supervision, which began in 2008 when prices spiked to record highs just as the financial crisis hit. http://bit.ly/J2XehU LONDON (Dow Jones)--Crude-oil futures were lower Thursday, pressured by a fall in China's crude imports in April and the continued uncertainty over the euro-zone's debt crisis, but the market still lacks direction, analysts said. "It will probably take a few more days for a price bottom to form," Commerzbank said in a note. At 1029 GMT, the front-month June Brent contract on London's ICE futures exchange was 16 cents, or 0.1%, lower at $113.04 a barrel. http://bit.ly/LWFBpW NEW YORK (Dow Jones)--U.S. crude futures edged lower Wednesday, recovering from much steeper losses earlier in the day, in the wake of a mixed report on U.S. oil inventories. European crude, meanwhile, ended higher after a production halt at a major oil field in the North Sea. Light, sweet crude for June delivery settled 20 cents, or 0.2%, lower at $96.81 a barrel on the New York Mercantile Exchange. http://bit.ly/J6Byoy HOUSTON (Dow Jones)--Oil futures slid for a fifth straight session--sinking to lows not reached since Dec. 19--on fears that political turmoil in Greece may leave the country unable to meet the terms of its bailout--and stir more instability for the euro zone. Light, sweet crude for June delivery on the New York Mercantile Exchange settled at $97.01, down 93 cents, or 0.9% for the day, after rebounding from a session low of $95.52. Prices are down 8.6% over the last five trading days. June Brent futures settled down 43 cents, or 0.38%, to $112.73 on the Intercontinental Exchange. http://bit.ly/L5mlX0 LONDON (Dow Jones)--Crude futures fell Friday, continuing into their third straight day of declines as investors eyed U.S. jobs data, which many expect to disappoint when it is released later in the day. Poor economic data has weighed heavily on oil prices this week, causing Brent to fall to its lowest since February and Nymex to hit a 3-week low. At 1011 GMT, the front-month June Brent contract on London's ICE futures exchange was $1.36, or 1.2%, lower at $114.72 a barrel. http://bit.ly/IJ8tlx PARIS (Dow Jones)--OPEC wants to push oil prices back down to $100 a barrel by boosting production, the group's chief said Thursday, contributing to a drop in prices Thursday. The remarks are a departure from the passive stance taken over prices until recently by the Organization of Petroleum Exporting Countries, and may help further relieve prices amid brimming inventories. http://bit.ly/IpuRe2 NEW YORK (Dow Jones)--Crude-oil futures deepened their selloff Thursday as traders digested a slew of weak economic headlines and news of rising U.S. crude-oil stockpiles. Light, sweet crude oil for June delivery fell $2.21, or 2.1%, to $103.01 a barrel on the New York Mercantile Exchange, after spending much of the morning unchanged. Brent crude oil on ICE Futures Europe fell $1.73, or 1.5%, to $116.47 a barrel. http://bit.ly/IGZ65X LONDON (Dow Jones)--Oil prices traded lower for the second straight session after big gains in U.S. crude oil stockpiles stoked fears of oversupply in the oil markets. At 1048 GMT, the June Brent contract on London's ICE futures exchange was down 48 cents, or 0.4%, at $117.72 a barrel. The June contract on the New York Mercantile Exchange was trading down 36 cents, or 0.3%, at $104.86 a barrel. http://bit.ly/J1HP5l NEW YORK (Dow Jones)--Crude oil prices were lower early Wednesday amid mixed signs about the state of the global economy and prior to a wide-watched U.S. oil inventory report. Traders said data released this week from the U.S. and China, the world's two biggest oil consumers, showed improvement in the manufacturing sector, suggesting rising demand for oil. The U.S. ISM's manufacturing purchasing managers' index rose to 54.8 in April from 53.4 to reach its highest level since June last year. China's official PMI, meanwhile, came in at 53.3, up from March's reading of 53.1. http://bit.ly/JzUnky NEW YORK (Dow Jones)--U.S. crude futures rose Tuesday after a measure of U.S. manufacturing improved over the previous month, a sign that the economy is continuing to recover. Light, sweet crude for June delivery rose as high as $105.39 a barrel on the New York Mercantile Exchange after the Institute for Supply Management's purchasing managers index rose to 54.8 in April from 53.4 in March. The April reading came in above economists' estimates calling for a reading of 52.9. http://bit.ly/Iq3sMJ NEW YORK (Dow Jones)--Oil futures edged lower Monday after spending most of the session down, weighed by a weaker stock market and fresh concerns about Europe's economic outlook. Light, sweet crude for June delivery settled 6 cents, or 0.1%, lower at $104.87 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange settled 36 cents, or 0.3%, lower at $119.47 a barrel. http://bit.ly/Kh3KCC LONDON (Dow Jones)--Crude oil prices fell Friday on renewed worries over oil demand in the euro zone after Standard and Poor's lowered its rating on Spain, while later Friday the market will focus on first-quarter economic growth estimates for the U.S., the world's largest oil consumer. http://bit.ly/JpqiS5 LONDON (Dow Jones)--The International Energy Agency will assess the impact on the market of new U.S. sanctions and a full European Union embargo on Iranian oil, due to come into effect this summer, and other disruptions to global crude supplies before deciding on an oil stock release, its deputy executive director said Wednesday. http://bit.ly/I63yaw LONDON (Dow Jones)--Crude oil futures were lower Tuesday, as market participants were treading water ahead of U.S. data that could give clues on the fragile economic recovery in the world's top oil consumer and ahead of the start of the U.S. Federal Reserve's April meeting. At 1050 GMT, the June Brent contract on London's ICE futures exchange was down 47 cents, or 0.4%, at $118.24 a barrel. The June contract on the New York Mercantile Exchange was trading down 5 cents at $103.06 a barrel. U.S. data is expected to dominate trade Tuesday with market participants focusing in particular on the S and P-Case-Shiller home price index at 1300 GMT and new homes sales and consumer confidence at 1400 GMT. Market participants will also be looking ahead to the U.S. Federal Open Market Committee announcement tomorrow, for further clues on the state of the U.S. economy. http://bit.ly/I5fGvZ LONDON (Dow Jones)--Oil prices traded lower Monday as uncertainty in the euro zone sent European equities lower and added to fears about oil demand. At 1056 GMT, the June Brent contract on London's ICE futures exchange was down 79 cent at $117.79 a barrel. The June contract on the New York Mercantile Exchange was trading down 78 cents, or 0.8%, at $103.10 a barrel. In Europe, equities traded more than 2% lower amid worse-than-expected data from France, Germany and the Euro zone. Data showed French business activity was at its weakest level for six months in April, while Germany's private sector expanded at a slower pace in April. A preliminary estimate of German manufacturing purchasing managers index for April showed the steepest contraction in the sector since July 2009. http://bit.ly/JeNTVn NEW YORK (Dow Jones)--U.S. gasoline deliveries, a measure of demand, rose 3% in March from a year ago, to 9 million barrels a day, despite higher prices, the American Petroleum Institute said Friday. John Felmy, chief economist of the industry trade group, said in a statement accompanying the data that "the rise in gasoline demand occurred in spite of higher gasoline prices, which actually pushed down demand for reformulated gasoline used in urban areas and encouraged more use of public transit." http://bit.ly/JoymVc NEW YORK (Dow Jones)--Oil futures crept lower Thursday, weighed by a disappointing reading on U.S. jobless claims that raised worries about the economy of the world's biggest oil consumer. Initial jobless claims fell by 2,000 to 386,000 last week, while the four-week moving average of claims rose by 5,500 to a seasonally adjusted 374,750, the highest number of claims since Jan. 28, according to the Labor Department. http://bit.ly/HRNPPI BEIJING (Dow Jones)--China plans to offer a crude-oil futures contract this year, the official Xinhua news agency reported Wednesday, quoting Guo Shuqing, chairman of the China Securities Regulatory Commission. One of the CSRC's priorities this year is to develop its futures market, which includes offering the crude contract, he said in the report. http://bit.ly/IK0Ows STREATOR, ILL. (DTN) --- Crude oil production from the Williston Basin, primarily the Bakken formation, recently increased to more than 600,000 bpd, testing the ability of the transportation system, a report from the Energy Information Administration said today. The system to transport the crude includes pipelines, truck deliveries and rail. The current gap between Bakken crude oil and West Texas Intermediate shows the effects of this constraint. But with transportation capacity coming online in 2012, this constraint could be alleviated. http://bit.ly/J5bGLd NEW YORK (Dow Jones)--U.S. crude futures rose Tuesday along with equities while Europe's Brent crude fell, as investors looked to a coming pipeline reversal that is expected to bring U.S. oil in line with the rest of the globe. Light, sweet West Texas Intermediate crude for May delivery recently traded $1.64, or 1.6%, higher at $104.58 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange for June delivery traded 14 cents lower at $118.54 a barrel. http://bit.ly/HUoOiR NEW YORK (Dow Jones)--The national average retail price of regular gasoline fell 1.7 cents a gallon to $3.922 a gallon in the week ended Monday, the Energy Information Administration said. The drop was the biggest in four months and followed a slim 0.2 cent decline a week ago. Prices dropped for two consecutive weeks for the first time since mid-December. Even with these declines prices are up more than 50 cents a gallon, or about 16%, since late January. http://bit.ly/HNKgom NEW YORK (Dow Jones)--Crude oil futures declined Friday along with U.S. stock markets after disappointing data out of China increased worries about the economy of the world's largest energy consumer. Light, sweet crude for May delivery settled 81 cents, or 0.8%, lower at $102.83 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange rose 10 cents to $121.81 a barrel. http://bit.ly/IE15Xp LONDON (Dow Jones)--More than two years of steadily tightening oil market conditions appear to have reversed, just as sanctions reduce production in Iran by close to 10%, the International Energy Agency said Thursday. Global oil inventories were boosted by as much as 1.2 million barrels a day in the first quarter as production from members of the Organization of Petroleum Exporting Countries ran ahead of demand by more than a million barrels a day, and Saudi Arabia and China stockpiled oil, the IEA said in its monthly market report. http://bit.ly/Iy0YeC LONDON (Dow Jones)--Oil prices were mixed Thursday in choppy rangebound trading, as the continuing relief rally after Tuesday's sharp fall was undermined by weak euro-zone industrial production data. At 1022 GMT, the front-month May Brent contract on London's ICE futures exchange was 14 cents, or 0.1%, lower at $120.04 a barrel. Volumes have already been shifting from the May contract into the June contract ahead of the spot future's expiry Friday, said VTB Capital analyst Andrey Kryuchenkov. http://bit.ly/HsJmxe Iran has cut oil exports to Spain and is considering taking a similar action against Germany and Italy, Iran's Press TV reported Tuesday on its website, citing sources. http://bit.ly/HDMdTv NEW YORK (Dow Jones)--Crude oil futures fell Monday, stung by a disappointing U.S. jobs report released on Friday and cooling fears about Iran. Light, sweet crude for May delivery recently traded $1.70, or 1.6%, lower at $101.61 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange fell $1.55 to $121.88 a barrel. Nonfarm payrolls rose by 120,000 in March, the Labor Department said Friday, well below economists' estimate calling for an increase of 203,000. After rising by more than 200,000 every month since November 2011, the weak report suggests a slowing economic recovery and sent oil futures lower on worries about a drop in fuel usage. http://bit.ly/HPXdji LONDON (Dow Jones)--Iran has stopped shipping oil to Greece and may halt supplies to Royal Dutch Shell PLC (RDSB.LN) over unpaid bills, Iran media said Friday, as the impact of sanctions widens. The news suggests a decline in Iranian oil exports last month may accelerate as banking sanctions add to an upcoming European ban on Tehran oil. That could lead to upward pressure on oil prices, which have recently surged to a four-year high. The Mehr news agency said that, due to unpaid bills, Iran stopped deliveries to Greek refiners Hellenic Petroleum and Motor Oil. Greece has long been the European Union country relying the most on Iranian oil--sometimes for as much as a third of its supplies. http://bit.ly/HZXORU [Dow Jones] Oil prices bounce following an overnight selloff on an unexpected US crude inventory build of 9M barrels and renewed concerns over potential disruption to oil supplies as US Secretary of State Hillary Clinton warns that "all options remain on the table" rergarding Iran. Investors seeing price support from Wednesday's better-than-expected US jobs report which bodes well for Friday's nonfarm payrolls data, potentially indicating further economic recovery for the world's biggest oil consumer. At 0817 GMT, Nymex May crude up 81c, or 0.8%, at $102.28/bbl; ICE May Brent up 99c, or 0.8%, at $123.33/bbl. http://bit.ly/HKhI4c LONDON (Dow Jones)--Oil prices traded lower Wednesday as a report by the Energy Information Administration due later was expected to confirm that crude oil inventories in the U.S., the world's biggest crude consumer, continued to build last week. At 1009 GMT, the May Brent contract on London's ICE futures exchange was down 45 cents, or 0.4%, at $124.40 a barrel. The May contract on the New York Mercantile Exchange was trading down 80 cents, or 0.8%, at $103.21 a barrel. http://ow.ly/a2ZZd LONDON (Dow Jones)--Oil prices traded lower Tuesday as some investors took profits from a 2% surge in prices the previous day and others stayed on the sidelines ahead of data releases from the U.S. due later in the day. At 1053 GMT, the May Brent contract on London's ICE futures exchange was down 76 cents, or 0.6%, at $124.68 a barrel. The May contract on the New York Mercantile Exchange was trading down 78 cents, or 0.7%, at $104.45 a barrel. http://ow.ly/a1mcl LONDON (Dow Jones)--Money managers raised their net long position in Brent crude oil futures and options in the week ended March 27, according to the InterContinentalExchange Inc.'s (ICE) weekly Commitment of Traders report published Monday. Money managers, including hedge funds, held a net long position of 150,883 contracts, compared with 139,578 contracts the week before, the data show. http://ow.ly/9YvtZ LONDON (Dow Jones)--Crude-oil futures were higher Friday on investors' renewed buying appetite after sharp losses earlier in the week and amid a weaker dollar and hopes a euro-zone finance ministers meeting will enhance the region's resilience to the sovereign-debt crisis. At 1053 GMT, the front-month May Brent contract on London's ICE futures exchange was 79 cents, or 0.7%, lower at $123.18 a barrel. The front-month May contract on the New York Mercantile Exchange was trading up 47 cents, or 0.5%, at $103.25 a barrel. http://ow.ly/9Xabi WASHINGTON (Dow Jones)--The number of U.S. workers filing new applications for unemployment benefits fell to its lowest level since April 2008, showing the labor market is continuing its steady improvement this year. Initial jobless claims fell by 5,000 to a seasonally adjusted 359,000 in the week ended March 24, the Labor Department said Thursday. Economists surveyed by Dow Jones Newswires had forecast that claims would increase by 2,000. http://ow.ly/9X2AF LONDON (Dow Jones)--Oil prices traded lower Wednesday as France said it was in talks with the International Energy Agency on whether to release strategic oil reserves. At 1046 GMT, the May Brent contract on London's ICE futures exchange was down $1.14, or 0.9%, at $124.40 a barrel. The May contract on the New York Mercantile Exchange was trading down 99 cents, or 0.9%, at $106.34 a barrel. "If this is going to take place, it's going to be a question of weeks, rather than days," said Tamas Varga, an analyst at PVM. "But certainly it is not bullish when countries are talking about releasing oil from strategic reserves." http://ow.ly/9U9wa NEW YORK (Dow Jones)--Crude-oil futures were little changed for the second straight session Tuesday, as uncertainty over Iran and forthcoming U.S. data left traders hesitant to stake big positions. Trading volumes has been thin in recent days, with Monday's trading volume in benchmark Nymex futures at the lowest level all year. Light, sweet crude for May delivery rose 18 cents, or 0.2%, to $107.21 a barrel on the New York Mercantile Exchange. Brent crude on ICE Futures Europe fell 1 cent to $125.64 a barrel. http://ow.ly/9Sru7 WASHINGTON (Dow Jones)--Arguing that high long-term unemployment is likely caused more by cyclical rather than structural factors, Federal Reserve Chairman Ben Bernanke said Monday that ultra-low interest rates should continue to bring down the jobless rate. Bernanke sounded a more positive note on the labor market, pointing to a wide range of indicators indicating a "notable" drop in unemployment. But the Fed chief cautioned that conditions remain "far from normal," with uncertainty lingering about whether the relatively rapid improvement over the past year is sustainable. http://ow.ly/9PREi LONDON (Dow Jones)--Crude-oil futures were higher Friday on a weaker dollar and statements by the International Energy Agency which sees no need for immediate emergency oil stocks releases. Crude prices have rebounded along with other commodities after Thursday's sell-offs, analysts said. At 1144 GMT, the front-month May Brent contract on London's ICE futures exchange was 64 cents, or 0.5%, higher at $123.78 a barrel. The front-month May contract on the New York Mercantile Exchange was trading up 28 cents, or 0.3%, at $105.63 a barrel. http://ow.ly/9MQ7g LONDON (Dow Jones)--The International Energy Agency hasn't yet discussed plans for a release of emergency oil stocks with any of its member countries, the agency's Executive Director Maria van der Hoeven said Thursday. "As no specific supply disruption is currently underway, we are not planning any coordinated actions at the present time," and haven't discussed specific plans for a stock release with any country, van der Hoeven said in an emailed statement. Van der Hoeven's comments come one day after French Energy Minister, Eric Besson, said his country, "is studying with its partners all possible options to fight the increase in oil prices," including a release of strategic oil stocks. http://ow.ly/9MQ7g LONDON (Dow Jones)--Crude-oil futures were slightly higher Wednesday after a survey showed a surprise fall in U.S. oil inventories, while Saudi Arabia's readiness to increase oil production sparked concerns spare capacity in the global oil market will shrink further. At 1149 GMT, the front-month May Brent contract on London's ICE futures exchange was 20 cents, or 0.2%, higher at $124.32 a barrel. The front-month May contract on the New York Mercantile Exchange was trading up 49 cents, or 0.5%, at $106.56 a barrel. Statements from Saudi Arabia earlier this week aimed at cooling down crude prices initially helped to calm worries over imminent short-term supply disruptions, analysts said. http://ow.ly/9JLCY LONDON (Dow Jones)--Crude-oil futures were mixed Monday in choppy trade, pressured by worries about the global economic outlook and supported by ongoing supply concerns amid a lack of major market-moving macroeconomic releases, analysts said. "The current and prospective level of oil prices has become the most pressing threat to economic recovery now that the euro-zone crisis has been temporarily parked," PVM said in a note. At 1137 GMT, the front-month May Brent contract on London's ICE futures exchange was 50 cents, or 0.4%, lower at $125.31 a barrel. The front-month April contract on the New York Mercantile Exchange was trading up 9 cents at $107.15 per barrel. http://ow.ly/9H6XC KUWAIT CITY (Dow Jones)--Iran is resolutely avoiding cutting its official oil prices to its core Asian customer base and is instead sweetening payment terms, despite facing mounting Western sanctions. The move suggests that the sanctions could impede the Islamic Republic's ability to collect oil revenue in more subtle ways than expected, as it seeks to secure Asian sales ahead of a European Union embargo on its crude coming into force in July. Tehran's payment flexibility could also help stabilize global oil markets, which have been rattled by fears of disruption to Iranian supply--it accounts for 4% of global crude. http://ow.ly/9H6GW NEW YORK (Dow Jones)--Crude oil futures trimmed losses near midday after a U.S. official called inaccurate a report that the U.S. would soon release oil from its emergency stockpile. Prices earlier fell sharply after a report that the U.K. expects the U.S. to move soon to open its emergency oil reserves in the face of rising prices. Reuters quoted U.K. sources saying they expected the request soon and said the U.K. would cooperate with the move. http://ow.ly/9Ex55 LONDON (Dow Jones)--Crude oil futures ticked up off earlier lows Wednesday after the International Energy Agency said global oil markets face a "bumpy ride" due to current and anticipated supply disruptions amid shrinking spare production capacity in the Organization of Petroleum Exporting Countries and tighter inventories in Europe and the Pacific. http://ow.ly/9CFJj SINGAPORE (Dow Jones)--Crude-oil futures were trading higher in Asia Tuesday, helped by a weaker U.S. dollar and stronger regional equities amid somewhat easing concerns over Europe's debt crisis. European officials Monday reassured the market that Greece would get approval for its second bailout soon. The comments helped support buying interest in Asian stocks Tuesday, driving slight gains for the euro against the greenback on the back of renewed confidence in Europe's ability to tackle its debt crisis. Dollar-denominated futures contracts tend to move in the opposite direction of the U.S. currency, as they are seen as more costly using other currencies when the dollar strengthens and cheaper when it weakens. http://ow.ly/9B86T LONDON (Dow Jones)--Crude oil futures fell Monday, pressured by a firmer U.S. dollar and worries that while Greece has avoided immediate sovereign default, the risk of defaulting in the longer-term remains high. At 1140 GMT, the front-month April Brent contract on London's ICE futures exchange was $1.41, or 1.1%, lower at $124.57 a barrel. The front-month April contract on the New York Mercantile Exchange was trading down $1.17, or 1.1%, at $106.23 per barrel. http://ow.ly/9yLr0 WASHINGTON (Dow Jones)--U.S. job creation remained solid in February and was stronger in previous months than initially thought, marking one of the economy's best stretches of the nearly three-year-old recovery. Jobs outside of agriculture grew by 227,000 last month, the Labor Department said Friday. Meanwhile, employers added 284,000 jobs in January--roughly 40,000 higher than an initial estimate--and job creation was also revised higher for December. Overall, the economy has added an average 245,000 jobs over the past three months--more than double the pace of job creation between May and November. The unemployment rate, obtained by a separate survey of U.S. households, remained at 8.3%, as both hiring and the number of job seekers increased. http://bit.ly/A9jUQ9 LONDON (Dow Jones)--Crude oil futures were up Thursday on optimism that Greece's debt-swap deal would go ahead, clearing the way for the country to receive its next bailout tranche and soothing jangled nerves across markets. At 1109 GMT, the front-month May contract on the New York Mercantile Exchange was trading up 88 cents, or 0.8%, at $107.53 a barrel. The front-month April Brent contract on London's ICE futures exchange was up $1.14 cents, or 1%, at $125.26 a barrel. "Another day, another deadline and another potential Greek crisis," said David Hufton at PVM. "It is Greece once again that will provide the price-moving headlines today." http://bit.ly/xPb3E8 LONDON (Dow Jones)--Crude oil futures were higher Wednesday as investors continued to focus on supply-side risks despite signs of shrinkage in the euro-zone economy and recent downgrades to U.S. and China oil demand. At 1139 GMT, the front-month May contract on the New York Mercantile Exchange was trading up 59 cents, or 0.6%, at $105.80 a barrel. The front-month April Brent contract on London's ICE futures exchange was up 71 cents, or 0.6%, at $122.69 a barrel. "Concerns about Chinese growth and Greece's debt-swap deal are negative for the market, but the threat of further confrontation with Iran is still in the back of traders' minds," said Tony Machacek of Jefferies Bache Ltd. http://bit.ly/xq3EGI NEW YORK (Dow Jones)--The Energy Department raised its price forecasts for crude oil, gasoline and other petroleum products Tuesday, estimating oil prices will average $106 a barrel this year. U.S. retail gasoline prices are expected to average $3.92 a gallon this summer, with average monthly prices peaking at $3.96 a gallon in May, the Energy Department's forecasting group, the Energy Information Administration, said in its monthly Short-Term Energy Outlook. "Supply disruptions in the Middle East and Africa contributed to a significant increase in world crude oil prices during February," the EIA said in explaining the reason for its raised forecasts. http://bit.ly/A90Xub LONDON (Dow Jones)--Crude-oil futures were lower Monday in choppy trade as speculative financial investors took profits after recent sharp rises, while market participants await a key U.S.-Israeli meeting that is expected to focus on tensions with Iran. At 1159 GMT, the front-month April Brent contract on London's ICE futures exchange was four cents lower at $123.61 a barrel. The front-month April contract on the New York Mercantile Exchange was trading down 55 cents, or 0.5%, at $106.15 a barrel. Speculative bets on both Brent and Nymex crude prices rising have reached multi-months highs, developing the potential for a correction in futures prices, Commerzbank said in a note. http://bit.ly/x5GhW5 LONDON (Dow Jones)--Crude-oil futures fell Friday, pushed down by a stronger dollar and uncertainty over Greece's second bailout, coming further off multi-year highs reached late Thursday on reports--subsequently denied--of a pipeline explosion in Saudi Arabia. "The [supply disruption] scare appears to have passed," JBC Energy said in a note. At 1148 GMT, the front-month April Brent contract on London's ICE futures exchange was $1.05, or 0.8%, lower at $125.15 a barrel. Thursday, Brent touched the highest level since July 2008. The front-month April contract on the New York Mercantile Exchange was trading down 59 cents, or 0.5%, at $108.25 per barrel. http://bit.ly/xE4u2L NEW YORK (Dow Jones)--Oil futures edged slightly higher in morning trading Thursday, supported by continued concern over Iranian nuclear tensions and data that could support increased global demand. Light, sweet crude for April delivery rose 63 cents, or 0.6%, to $107.70 a barrel on the New York Mercantile Exchange. Brent crude on the ICE Futures Europe exchange was up 85 cents, or 0.7%, to $123.51 a barrel. A pair of surveys on Chinese manufacturing activity showed improvement, suggesting increased economic activity and thus growing crude demand in the world's second-largest oil consumer. The official Chinese government Puchasing Managers Index increased to 51 from 50.5 in January, in line with expectations, while HSBC's China Manufacturing Purchasing Managers Index rose to 49.6 fom 48.8 in January. Still, a reading below 50 indicates contraction, so the two surveys were in conflict over whether China's economy is currently growing or shrinking. http://bit.ly/xQACj8 LONDON (Dow Jones)--Oil prices traded lower Tuesday for the second straight session as investors worried about macroeconomic recovery in light of soaring oil prices, though fears about supplies from Iran capped big losses. At 1101 GMT, the April Brent contract on London's ICE futures exchange was down 88 cents, or 0.7%, at $123.29 a barrel. The April contract on the New York Mercantile Exchange was trading down 16 cents, or 0.2%, at $108.40 a barrel. "The focus has turned to the danger of these high oil prices and what the impact of that could be on the outlook for the economies," said Ole Hansen, manager of the futures and fixed income trading desk at Saxo Bank. http://bit.ly/zQk4gH LONDON (Dow Jones)--Crude oil futures across both sides of the Atlantic fell in Monday trading after five straight sessions of gains, as investors sold to take cash amid weaker European equities. At 1051 GMT, the April Brent contract on London's ICE futures exchange was down $1.82, or 1.5%, at $123.64 a barrel. The April contract on the New York Mercantile Exchange was trading down $1.45, or 1.3%, at $108.32 a barrel. "After the very strong performance over the last few days, it isn't surprising to see some profit taking," said Eugen Weinberg, Commerzbank's head of commodity research. "The market is looking for new buyers, and if there isn't news surrounding Iran and the dollar is a bit stronger and equities weaker, on the back of this there will be profit taking." http://bit.ly/y8hGzk LONDON (Dow Jones)--Crude oil futures were mixed Friday as Brent consolidated after reaching more than nine-month highs Thursday, although fears that tightening supply amid cuts in imports of Iranian crude supported the markets. At 1130 GMT, the April Brent contract on London's ICE futures exchange was down 2 cents at $124.28 a barrel. The April contract on the New York Mercantile Exchange was trading up 56 cents, or 0.5%, at $108.38 a barrel. WTI, the U.S. crude oil benchmark, made stronger gains in morning trading, as it rose for the ninth straight trading session. Thursday data showed that the U.S. jobs market is on a gradual upswing, as the four-week average of U.S. workers filing new applications for unemployment benefits declined. http://bit.ly/ziZAv3 LONDON (Dow Jones)--European benchmark Brent crude futures rose Thursday to the highest level since May 3, 2011 on upbeat macroeconomic data from Germany, the largest euro-zone economy, while tension over Iran's nuclear program also continues to support prices. The U.S. benchmark, Nymex crude, was higher, but underperforming Brent significantly after the American Petroleum Institute, an industry body, said late Wednesday crude inventories in the U.S. rose by 3.6 million barrels last week. "The U.S. oil market--at least, where WTI is concerned--is not as tight as in Europe," said Thina Saltvedt, senior oil market analyst at Nordea Bank Norge. http://bit.ly/wfDXTN LONDON (Dow Jones)--Crude oil futures were mixed Tuesday with Brent down, tracking European equities and the euro lower over doubts about Greece's second bailout package. U.S. crude futures, although higher on Friday's settlement, were still off highs seen early Monday as trade continued on the contract due to the public holiday in the U.S. Monday. At 1224 GMT, the front-month April Brent contract on London's ICE futures exchange was down 39 cents, or 0.3%, at $119.66 a barrel. The front-month April contract on the New York Mercantile Exchange was trading up $1.27, or 1.3%, at $104.87 a barrel. http://bit.ly/xSoW4M LONDON (Dow Jones)--Crude oil futures were up over 1% Monday on Iran and South Sudan supply concerns and optimism a solution to Greece's debt problem will be reached at a meeting of euro zone finance ministers in Brussels due to start at 1500 GMT. At 1014 GMT, the front-month April Brent contract on London's ICE futures exchange was up $1.09, or 0.9%, at $120.67 a barrel. The front-month U.S. crude futures contract was trading up $1.46, or 1.4% in electronic trade, at $104.70 a barrel. Earlier Monday Brent hit an eight-month high of $121.15 a barrel and Nymex reached a nine-month high of $105.21 a barrel. http://bit.ly/x9PW8h NEW YORK (Dow Jones)--U.S. crude futures rose Friday, as the dollar fell against the euro on optimism that Greece is inching toward another bailout. Light, sweet crude for March delivery rose 99 cents, or 1%, to $103.29 a barrel on the New York Mercantile Exchange. Brent crude, the European benchmark, remained in negative territory. The contract on ICE Futures Europe fell 34 cents, or 0.3%, to $119.77 a barrel. http://bit.ly/ztDNDx LONDON (Dow Jones)--Crude-oil futures were mixed Thursday in choppy trade as the dollar strengthened against the euro and amid doubts Iran would halt crude oil imports to the European Union immediately. At 1146 GMT, the front-month April Brent contract on London's ICE futures exchange was 11 cents, or 0.1%, higher at $119.04 a barrel. The front-month March contract on the New York Mercantile Exchange was trading down 48 cents, or 0.5%, at $101.32 a barrel. A price of $120 a barrel is a very strong resistance level for Brent futures, said Olivier Jakob, managing director at Swiss consultancy Petromatrix. One of the reasons is that Brent futures prices are now at record-high levels when calculated in euros, he said. http://bit.ly/w1dRPl LONDON (Dow Jones)--Iran is cutting exports to six European countries in response to sanctions, Tehran's state television said Wednesday. "In response to the latest sanctions imposed by the EU against Iran's energy and banking sectors, the Islamic Republic has cut oil exports to six European countries," Press TV said on its website, without naming the countries. Iranian lawmakers and the country's oil minister have previously threatened to abruptly interrupt oil exports to some EU countries in response to a full EU embargo due July 1. But a top Iranian lawmaker had said Tuesday the preemptive ban was still under consideration though there was a consensus to implement it. http://bit.ly/zxOHKC NEW YORK (Dow Jones)--U.S. crude oil futures prices were a little higher early Tuesday, shifting through conflicting economic signals from Europe, along with underlying tensions about potential disruptions to Iran oil exports. In Germany, Europe's biggest economy, the economic expectations index for February posted its strongest showing since May 2011. But that news came as the market was digesting credit ratings for six European nations by Moody's Investors Service. Italy, Malta, Portugal, Slovakia, Slovenia and Spain were downgraded a notch by Moody's, which also warned that top ratings of Austria, France and the U.K. were at risk. http://bit.ly/zXHloR LONDON (Dow Jones)--Brent and Nymex crude futures were higher Monday after the Greek parliament approved the austerity measures needed for the country to receive its second bailout, easing fears of an imminent fall in European oil demand. At 1131 GMT, the front-month March Brent contract on London's ICE futures exchange was 77 cents, or 0.7%, higher at $118.08 a barrel. The front-month March contract on the New York Mercantile Exchange was trading up 91 cents, or 0.9%, at $99.58 per barrel. http://bit.ly/yPWm5d LONDON (Dow Jones)--Morgan Stanley (MS) Friday increased its forecast for the price of European benchmark Brent crude this year, but said it continued to believe that prices were ultimately set to fall. "With crude prices nearing record highs, and fundamentals weakening, we believe that any further upside is unlikely without a supply shock," the bank said in a note. "In fact, higher prices should only work to further weaken fundamentals, suggesting the supply risk premium must continue to grow simply to maintain current prices," it added. http://bit.ly/zL52zP LONDON (Dow Jones)--Crude futures were higher Thursday, with Brent holding near a 6-month high, amid hopes that Greece was nearing a deal on a new bailout package and ahead of a European Central Bank decision on interest rates. At 1113 GMT, the front-month March Brent contract on London's ICE futures exchange was 68 cents, or 0.6%, higher at $117.88 a barrel, after hitting a 6-month high of $118.17 earlier in the day. The front-month March contract on the New York Mercantile Exchange was trading up 56 cents, or 0.6%, at $99.27 per barrel. http://bit.ly/A73Fj3 LONDON (Dow Jones)--Crude oil futures rose Wednesday alongside European equities on optimism that Greek lawmakers were close to a deal on the restructuring of the country's debt. At 1115 GMT, the March Brent contract on London's ICE futures exchange was up 46 cents, or 0.4%, at $116.67 a barrel. The March contract on the New York Mercantile Exchange was trading up $1.21, or 1.2%, at $99.60 a barrel. "We see a strong rally in the European equity markets on the positive outcome about Greece and that is the key element that is moving the oil markets today," said Mryto Sokou, research analyst at Sucden Financial. "Also with a strong rally in the euro, crude oil prices are heading toward $100 [a barrel] for WTI and $118 [a barrel] for Brent." http://bit.ly/x4Pa3R NEW YORK (Dow Jones)--The U.S. government Tuesday raised its predicted prices for most crude oil and petroleum products in the latest edition of its monthly energy forecast. The forecasts were contained in the February update of the U.S. Energy Information Administration's Short-Term Energy Outlook. The agency of the Department of Energy inched up its 2012 outlook for West Texas Intermediate spot crude prices to $100.40 a barrel from $100.25 in its January forecast. However, the 2013 estimate was unchanged at $103.75. http://bit.ly/xnA8S2 LONDON (Dow Jones)--Crude futures fell back Monday, as investors locked in profits following sharp price gains Friday as worries over the eurozone's economy returned to the fore. At 1100 GMT, the front-month March Brent contract on London's ICE futures exchange was 70 cents, or 0.6%, lower at $113.88 a barrel. The front-month March contract on the New York Mercantile Exchange was trading down $1.14, or 1.2%, at $96.70 per barrel. http://bit.ly/yAStwd LONDON (Dow Jones)--Oil futures ticked higher Friday, following equity markets and the euro with little else to give it direction ahead of U.S. nonfarm payroll data later in the day. At 1041 GMT, the front-month March Brent contract on London's ICE futures exchange was 33 cents, or 0.3%, higher at $112.40 a barrel. The front-month March contract on the New York Mercantile Exchange was trading up 62 cents, or 0.7%, at $96.98 per barrel. http://bit.ly/yjJbbS LONDON (Dow Jones)--The closure of major refineries in the U.S. and Europe has set the gasoline market up for "an epic summer," Seth Kleinman, head of energy strategy at Citi, said Thursday. "U.S. gasoline is going to rip this summer," Kleinman said, as refineries will come under pressure to meet increased demand over the driving season. However, he added that "it's all about summer gasoline. By the time it's winter the market will be a disaster again." http://bit.ly/wzSB0y LONDON (Dow Jones)--Crude oil futures were higher Wednesday lifted by better-than-expected macro economic data from the euro zone amid hopes that Greece would conclude talks on a new loan program by the end of the week as it scrambles to clinch an agreement with private sector creditors. A better-than-expected Chinese manufacturing indicator also helped buoy prices along with ongoing worries about Iranian oil supplies as Canada added five Iranian companies and three individuals to its sanctions list as the U.S. ratchets up pressure on the Islamic Republic. http://bit.ly/yG2g2T The largest pure wholesale distributor of gasolines and distillates in the US is continuing to secure long term contracts in boardrooms across America. We need seasoned veteran sales staff to further our success in this pursuit. You know how to sell and you know how to present in a formal setting. Our CEO will provide industry specific training and hedging methodology. You will fly by private jet to the appointments you’ve made thru a progression of calls developing your strategy and designing the approach necessary to close the sale. Your salary at $150K and your exceptional commissions make this a unique opportunity in the world of sales professionals. We request that you evidence that professionalism with a minimum of a 4 year degree and a minimum of 10 years of successful sales background proving continuous sales growth and profitability. Join a national leader by calling Jennifer Bynum at 1-800-348-3705 or emailing your resume to professionalsalesjobs@petroleumtraders.com. All communications will be confidential. Petroleum Traders Corporation is an EOE/M/F/D/V. http://bit.ly/zjxNrC LONDON (Dow Jones)--Crude oil futures were up over 1% Tuesday as equities posted strong gains and the euro strengthened against the dollar after European Union leaders agreed a new fiscal union pact and signed off on details of a permanent bailout fund for the euro zone. However, Portugal's 10-year government bond yield remained elevated and Greece still has yet to reach agreement with its private sector creditors after days of saying it is close, indicating that the key worries of a Greek default and contagion are still very much on the table and could return to pressure oil prices. http://bit.ly/Aq9Osf LONDON (Dow Jones)--Iran said Thursday it was considering pre-empting a European Union oil embargo and called on the Organization of Petroleum Exporting Countries to intervene against a Saudi pledge to fill the supply gap, as its strongest response to date to the EU ban drove oil prices higher. In remarks carried by Iran's parliament website Icana, Mohammad Karim Abedi, a member of the National Security and Foreign Policy Committee, said that at "the first open session of parliament [Sunday], we will pursue sanctions against Europe. http://bit.ly/x1OOlC LONDON (Dow Jones)--Crude-oil futures were lower Wednesday, as oil demand worries amid mixed economic news and data from Europe and the U.S. outweigh current supply threats in the Middle East and South Sudan. At 1144 GMT, the front-month March Brent contract on London's ICE futures exchange was 43 cents, or 0.4%, lower at $109.60 a barrel. The front-month March contract on the New York Mercantile Exchange was trading down 78 cents, or 0.8%, at $98.17 per barrel. "Concerns about demand have evidently regained the upper hand on the oil market, which would explain the below-average performance of oil prices in recent days, despite the [European Union] oil embargo against Iran and repeated threats by Iran to close the Strait of Hormuz," Commerzbank said in a note. http://bit.ly/xlqGjj LONDON (Dow Jones)--Crude futures were slightly lower Tuesday as the market drifted in the wake of the European Union's decision Monday to implement a ban on Iranian oil. At 1149 GMT, the front-month March Brent contract on London's ICE futures exchange was 51 cents, or 0.5%, lower at $110.07 a barrel. The front-month March contract on the New York Mercantile Exchange was trading down 44 cents, or 0.5%, at $99.14 per barrel. Oil prices eased back from gains made Monday after the EU said it would ban Iranian crude imports for new contracts immediately, but would allow existing contracts to be fulfilled up to Jul. 1. http://bit.ly/wzk28Y LONDON (Dow Jones)--Crude oil futures traded higher as the European Union, as expected, agreed to enact an Iranian oil embargo that would take effect immediately on new contracts and start July 1 for existing contracts. At 1202 GMT, the front-month March contract on the New York Mercantile Exchange was trading up 85 cents, or 0.9%, at $99.18 per barrel. The front-month March Brent contract on London's ICE futures exchange was up 79 cents, or 0.7%, at $110.65 a barrel. http://bit.ly/zcrbQH ATHENS (Dow Jones)--Greece is confident it won't have to comply with the EU oil embargo on Iran before the June-July time-frame, but a proposal to delay the measure until October is meeting much tougher resistance in Brussels, a senior Greek official said Friday. http://bit.ly/wHYB1y NEW YORK (Dow Jones)--Crude futures rose Thursday after weekly jobless claims fell to the lowest level since April, 2008, offering some optimism on the U.S. economy. Light, sweet crude for February delivery gained $1.09, or 1.1%, to recently trade at $101.68 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded 70 cents higher at $111.36 a barrel. http://bit.ly/wF46wV LONDON (Dow Jones)--Crude oil futures were up Wednesday, tracking the euro higher against the dollar as the mood turned positive following well-received Treasury bill auctions in Germany and Portugal and amid the potential for supply disruptions as Iran ratcheted up the rhetoric against Saudi Arabia. http://bit.ly/zseBfS NEW YORK (Dow Jones)--Oil futures jumped back above $100 a barrel Tuesday, lifted by better-than-expected economic growth in China that boosted expectations for higher crude demand. http://bit.ly/ywcFPE LONDON (Dow Jones)--Crude oil futures were up Monday on jitters over potential supply disruptions via the key Strait of Hormuz after Iran warned other Persian Gulf oil producers over the weekend against replacing their oil exports if there is an embargo http://bit.ly/y2aMXC LONDON (Dow Jones)--Crude futures were mixed in choppy trade Friday, as investors digested reports that the European Union was planning to delay an embargo on Iranian crude by six months. http://bit.ly/xknsNE LONDON (Dow Jones)--Goldman Sachs Group Inc. (GS) raised its oil price forecasts Friday as it shrugged off the influence of tensions between Iran and the west and cited more positive near-term economic developments in the U.S. and China and the reduced risk of contagion from Europe. http://bit.ly/y8UfS2 LONDON (Dow Jones)--Crude futures were higher Thursday, recovering from losses suffered late Wednesday as concerns over possible supply disruptions from major producers, Nigeria and Iran, leant the market some support. http://bit.ly/y7SAc5 ROME (Dow Jones)--A crisis between Iran and the international community would lead oil prices to reach the high levels witnessed a few years ago, Italian Environment Minister Corrado Clini said Thursday. http://bit.ly/Ah3Rvk NEW YORK (Dow Jones)--Crude oil futures prices were lower early Wednesday on fresh worries about a slowdown in European economies. Germany said the country's economy contracted by around 0.25% in the fourth quarter, while Spain's industrial output dropped 7% year-on-year in November, following a 4.2% drop in October. http://bit.ly/zRphhN LONDON (Dow Jones)--Crude futures rose Tuesday, as tensions in the Middle East and Africa continued to lend support to prices, overshadowing broader economic concerns. http://bit.ly/xktoAE LONDON (Dow Jones)--Oil has the strongest fundamental picture of all the globally traded commodities this year due to resilient Chinese demand for oil and substantial shock risks to crude oil supply, said the head of commodities research at Goldman Sachs Group Inc. (GS) Monday. http://bit.ly/w1VwtR NEW YORK (Dow Jones)--Oil futures changed little in early trading Monday, pressured by euro zone debt fears but supported by continued tensions between Iran and the West. http://bit.ly/rLD5Jc Petroleum Traders is seeking an individual with solid negotiation skills, effective communication, and problem-solving abilities while multi-tasking in a fast pace shifting market/environment. http://bit.ly/gcqkOM We are led to believe that Saudi Arabia and others can release more inventories into the market to limit rising oil prices. We are also led to believe that Washington will release strategic petroleum reserve to reverse rising prices. If and when the Middle Eastern nations start to release additional oil, it will be after prices go expansively higher than where they are now. As it relates to the US petroleum reserves, it is anticipated that a significant release would not last more than 30-60 days. Other than a gesture, the federal government likely has little ambition to release substantial quantities of the reserves to control prices; when in fact that reserve is intended to protect national security of a community required for the basic infrastructure of the US. http://www.petroleumtraders.com/news.aspx Buying continues to gain momentum as WTI oil spikes to 9% from last Friday's close. The embracement of the bullish chart picture and adds length to an already existing large net long holding, as tensions escalate in the Mid East and North Africa. http://www.petroleumtraders.com/news.aspx PTC sells wholesale inventory barrels of both gas and diesel fuels. In a runaway market, most security conscience companies buy large inventory for both price and availability. http://www.petroleumtraders.com/news.aspx Suppliers appear to be pricing themselves out of the market; Hysteria persists as the global crude prices continue to escalate and astonish the international oil markets. http://bit.ly/er8co2 Brent Crude Oil surged above $101 a barrel for the first time since 2008 on Monday Amid fears the anti-government unrest in egypt could ripple across the Middle East, potentially distrupting global oil supplies. http://bit.ly/g2ncGX History has proven that the best cost management programs focus on both lower end targets and a strategy for an increasing market. Having an upside cost management strategy gave Southwest Airlines an edge in years past when other airlines were losing money or going out of business. The main factor keeping most firms from having a gameplan for a rising market is the fear of a falling market and a preference to avoid making the hard decision of locking in higher than they could of earlier even if it prevents future additional risk. Don’t sit on the sidelines just because the market is outside of your ideal target. There are a variety of different types of insurance that can be used in the current market environment to make sure you have downside market protection and that will make sure you don’t get caught with exposure to the worst end of what the market can create. http://bit.ly/9zBwEi Oil climbed as the National Hurricane Center said the weather system over Puerto Rico and the Dominican Republic has a 40% chance of becoming a tropical cyclone. The Gulf of Mexico makes up 31% of the U.S. output of oil. Oil supplies could lessen if the storm reaches the Gulf. http://bit.ly/bsJoaM Following is the Saffir-Simpson Hurricane Scale: Category 1: Minimal Damage Winds 74-95 mph. Storm surge generally 4-5 ft. above normal. Category 2: Moderate Damage Winds 96-110 mph. Storm surge generally 6-8 ft. above normal. Category 3: Extensive Damage Winds 111-130 mph. Storm surge generally 9-12 ft. above normal. Category 4: Extreme Damage Winds 131-155 mph. Storm surge generally 13-18 ft. above normal. Category 5: Catastrophic Damage Winds greater than 155 mph. Storm surge generally greater than 18 ft. above normal. http://bit.ly/aCobYm Crude prices began to fall on May 4, 2010 as news of economic weakness in Greece and the need for a bailout circulated the media. Crude prices declined for four days. The weekend brought about news of a Greek bailout, and the market traded up strong Monday, May 10th. The rebound did not last long as news of a greater European problem was exposed. The market rolled back into a bearish decline that would last another 2 weeks. http://bit.ly/byMC2i In New Orleans, an enormous fire erupted on a BP oil rig in the Gulf of Mexico. The rig, named Deepwater Horizon, was being operated by Transocean Ltd. The fire on the rig escalated quickly, forcing workers to flee. Eleven crew members were deemed missing. As the Coast Guard searched for the missing crew, which have yet to be found, the fire department struggled to squelch the thirsty flames. Deepwater Horizon burned for two days before sinking Thursday morning. Transocean said one reason for the fire could have been an uncontrolled burst of oil and/or natural gas from the well. This would explain the enormity and intensity of the fire. Now that the fire is out, authorities have shifted their focus on containment and cleanup of the spill. The incident left a massive 1 X 5 mile oil sheen, but fortunately, it was discovered that no oil was leaking from the well. BP is currently leading the charge in the oil cleanup. The incident comes at one of the worst times possible. As mentioned in a previous article, President Obama had proposed a plan to open up some of the American shoreline to drilling. One of the leading arguments proposed by advocates of the offshore drilling plan was that drilling had become much safer, but with the current situation, many fear that any plans to open the shoreline to drilling will be more restricted or possibly canceled. http://bit.ly/bkxjGY On April 14, 2010, one of Iceland’s volcanoes erupted for a second time in under a month. The current eruption proved to be 10 to 20 times stronger than the previous eruption, and added the danger of massive flooding. The eruption took place under a glacier, causing large scale melting and an increase in the water level in Iceland’s rivers by 10 feet. While this proved to be quite a disaster, the greater problem came from the amount of Ash that spewed forth from the volcano. The ash has been seen all around the world, causing especially big problems for the airlines. France, Britain, the Netherlands, Belgium, and Finland have all reported differing degrees of airspace visibility due to the ash. Many flights were canceled, and some airports even grounded all planes. Air travel has begun to pickup in these countries with plans of returning to normal flying patterns. http://bit.ly/bstElC A bomb attack on a major pipeline in northern Iraq occurred Thursday. Officials reported that the attack disrupted oil exports that are sent through Turkey. The pipeline will need to be repaired, and it may take several days before pumping will start again. Interestingly enough, Iran reported their desire for oil prices to be higher. They claimed that the increasing costs of oil extraction needs to be reflected in oil prices. http://bit.ly/cZl0Qi Good Friday brought some good news as the U.S. Department of Labor reported an increase of 162,000 new jobs for the month of March. Along with the jobs report, manufacturing and pending home sales data all came back better than expected. The futures market was closed for Good Friday, however, oil futures made up for it Monday as Crude oil set a new 18-month high of $86.90. http://bit.ly/d1okMu For the last several months, investors have watched carefully as Greece has made known its struggling solvency as a nation. The weekend proved favorable for Greece as a bailout plan was set in motion offering Greece ?45Billion EUR ($61 Billion USD). While this asset infusion could solve Greece’s cash flow problems, the larger question of their future solvency remains. In accordance with this news, euro equity rallies have occurred and many investors are paying close attention to the euro-dollar relationship, as they believe there to be a connection with the strength of the euro and the growth in the price of crude oil. Many are asking themselves, “will future strength in the euro be paralleled by price appreciation in crude oil and resulting petroleum products?” http://bit.ly/dxLe5l Saudi Arabia’s Aramco, one of the world’s largest oil producers, raised the price of crude oil for the U.S. and Asia, while cutting prices on crude to Europe. According to the U.S. Energy Information Administration, Saudi Arabia ranks as the fourth largest exporter of crude oil to the U.S. (http://www.eia.doe.gov). http://bit.ly/biGzXv President Obama has announced a plan to open areas of the American coastline to offshore "exploration". The opened areas will include parts of the eastern Gulf of Mexico, the Atlantic coastline from Delaware to central Florida, and some of the northern banks of Alaska. While opening certain areas, President Obama has blocked off others. The major areas blocked from offshore drilling include the Atlantic coast north of Delaware, the Pacific coast from Mexico to Canada, and Bristol Bay in Alaska. http://bit.ly/cSSwBF Spring has arrived, and with the warm weather comes the need to check your bulk fuel storage tank bottoms for the presence of water. As temperatures rise, there is a higher probability of water entering your tanks via condensation. If water gets into a storage tank holding ethanol blended gasoline, phase separation can occur. The water in the tank can pull the ethanol to the bottom of the tank, leaving you with a lower octane gasoline at the top of the tank and a water/ethanol layer at the bottom. This is a hazard with expensive consequences, including loss of fuel and serious vehicle problems. Prevent such problems by checking your tanks for water weekly. Also, remember to assert proper tank maintenance at least once a year. This will assist in preventing problems and keeping your fleet running properly. http://bit.ly/4WDzec 2010 Gas Prices - Will they hit $4.00 a gallon? Let us know your opinion http://www.facebook.com/pages/Fort-Wayne-IN/Petroleum-Traders-Corporation/210212361392 Petroleum Traders @ Facebook http://bit.ly/cWboFo Without the $1 credit, bio plants have been closing or stopped producing. With the pending re-instatement of the dollar credit, will bio plants start up again? Crude has been range bound between $74 to $84. The marketplace appears poised to lock up firm prices the next time crude goes below $75. Follow our discussion on Facebook. http://www.twitter.com/petroleumtrader Petroleum Traders @ Twitter http://bit.ly/aqmDfm Fuel costs have doubled in the last year, and the impact has been severe on available credit balances. As credit lines become strained, customers seek alternatives to increase their ability to buy more product. A letter of credit is an easy way for you to achieve or increase a credit line. For qualified customers, Petroleum Traders may pay a portion or all of the financing fee associated with a letter of credit. Contact a sales representative today to learn more about this and other alternative credit solutions. http://bit.ly/cWMeG3 Petroleum prices continue to fall. Distributors' exposure to both accounts receivable and aggregate bad debt dollar potential are also falling. Conversely, bad debt exposure in the overall market place continues to rise. SemFuels, Flying J and Lyondell are three large oil industry bankruptcy filings. Interest rates in theory are down, unless you have come to the end of an expiring term loan, in which case the rates are rising significantly. Unemployment continues to rise. The amount of quality unemployed is also rising. The opportunity to add new staff for significant growth is present. Fuel supply, fuel sales, fuel paper management (Trading) positions are available within our firm. Petroleum Traders remains a growth company. Contact us if you recognize yourself as a talented and productive professional in any of these areas. http://bit.ly/bwyjtC Down seems to be the prevailing direction of most markets. Oil and gas prices continue down. The Dow continues down. The global economy figures continue to fall. In the opposite direction but with equal negative impact, unemployment continues to rise. The number of countries that initiate and re-initiate hundreds of billions in currency support for failing banks and industries is increasing on a weekly basis. The fact that we have a new president elect and reduced interests rates seemingly has no immediate impact. If the downstream oil industry previously believed there was little if any connection between rising oil prices and supply and demand, they are now witnessing a true demand relationship with oil prices. Both are down significantly and prospecting to fall farther. The oil industry has a production and distribution system that fails to recognize first, that it does not sell product, and secondly, that it cannot create consumption in this falling economy regardless of the price of oil. Looking at the logistical reality of refining and production, it is illogical to assume the industry will truly curtail the volume of product in the marketplace fast enough to prevent the price from continuing to fall. The last and most difficult for all of us in the industry (both buyers and sellers) is the growing and extreme volatility of intra-day prices. Price management has become a daily requirement. http://bit.ly/bWXLup The ripples from rapidly increasing fuels costs are being felt by every major industry in the United States. Trucking companies are among those getting hit the hardest, as historically successful companies search for solutions to stay profitable. Firm prices allow you to take the volatility out of the market while giving you a price protection and guaranteed supply. Inquire today about how price management can work for your company. http://bit.ly/bSC7Gy As the Dow Jones rebounds from approximately 6,500 to 8,200, many Americans ask themselves “has the economy really improved?” Unemployment rates do not suggest so, as they continue to rise. Many financial experts suggest that the worst is yet to come, and that the 3rd quarter of 2009 will be the real proving ground for which companies will pull through this recession. Big automotive may set the tone for other industries poised for downfall, to include the manufacturers, distributors, and carriers that support those industries. As the number of unknown economic variables grow, you have the ability to have absolute control over one critical variable – your price. In 2008, Southwest Airlines was one of the most noted Airlines in news articles because of their decision to control their fuel costs long before the peak we saw in the summer of 2008. Hedging fuel prices is not about knowing what will happen, it’s about knowing what has happened in the past (combined with what could happen), and taking action on that knowledge. Contact us at 260-207-6338 to learn more about price management. http://bit.ly/9SYCFb There are 15 refineries in Texas and Louisiana with a capacity of 3.9 million barrels per day (22% of US capacity) that remain closed due to issues related to the hurricane. The major problem in these refineries resuming operation will be dependent on when electricity is restored. This could be anywhere from 1 to 4 weeks depending on the area. Since these refineries first shut down ahead of the first storm, Gustav, there has been approximately 24 million barrels of refined products that have not been produced. This breaks down into about 11 million barrels of gasoline and 8 million barrels of distillate. The gulf coast, to include the greater Houston area, is the largest supply point for liquid barrels in the U.S. Currently there are roughly 3,000,000 people without power. Additionally, because of reduced refinery capacity, Colonial,Plantation, and Teppco pipelines are running at reduced rates. As product remains in short supply in the deep southern states, carriers are heading farther north to pull product. This puts extra supply burden on those terminals, and suggests things may get worse before they get better. http://bit.ly/9PCBr6 •Crude Oil descends from $147/barrel high to a low of $116/barrel in less than one month. • Refinery margins reflect crack spreads falling from over $26/barrel one year ago, to a low of $2/barrel recently. ◦Western Refining reports that refining profits are down 92% from the same quarter last year. ◦Sunoco reports refining profits down 80% from same quarter last year. ◦ Delek reports net profits down 86%. •Sem Crude LP files bankruptcy and send shockwaves of credit fears relating to the SemGroup. Marketplace rumors abound that speculative trading in derivatives is suspected as the cause for the meltdown. The US Government is pursuing, attempting to limit speculative trading even as Funds participate in record high volumes of oil trading. Funds prospered dramatically in a market that reflected stories of $250/barrel and possibly $300/barrel crude oil in the event of a Mid East war. Many of these same funds experienced huge losses when the market abruptly turned down.