Crude Oil Price falls below $40.00 a barrel -- again...
+ LATEST News out on the Shale Plays...
Tuesday, December 30, 2008
.
Image credit: Kingdom of Saudi Arabia – MOPM
* AFP has this report posted on their website today and it goes in part link this... Oil futures slipped below 40 dollars a barrel on Tuesday as the market focused on weak energy demand after hefty price gains a day earlier amid the Israel-Hamas conflict... New York's main contract, light sweet crude for February, closed 99 cents lower at 39.03 dollars a barrel... In London, Brent North Sea crude for delivery in February slipped 40 cents to settle at 40.15 dollars a barrel... Both benchmark contracts had spiked more than two dollars Monday on the third day of escalating violence between Israel and Hamas...
Read the rest at link below...
Oil prices slip below 40 dollars on weak demand
.
* CNN.com reports it this way...
Investors respond to a weaker dollar, rising stock prices and grim economic reports
.
* Reuters brings us this report...
Top exporter Saudi Arabia is set to cut oil supplies further in the new year, potentially taking output below its agreed OPEC target, as it strives to shore up a collapsing market, oil market sources said on Tuesday... It lowered supply to 8.2 million barrels per day (bpd) in December as the oil price dived to less than $40, far below the $75 a barrel named by Saudi King Abdullah as a fair price... The kingdom had previously increased production unilaterally to about 9.7 million bpd in August to calm an oil market that shot up to a record of nearly $150 in July... Since then, it has reduced supplies by roughly a fifth and further "significant" output curbs are expected in February, trade sources said...
Read the full report at link below...
Saudi Arabia to carry on cutting to stop oil slide
.
* Also from Reuters today is this report...
Angola revises February oil exports downwards: traders
.
* The LATimes.com website reports... The U.S. average retail gasoline price fell for the 25th straight week to a level not seen since early 2004, the Energy Department said Monday....
Read this report at link below...
Gasoline prices fall in U.S. but edge up in California, raising concern
.
* Here’s another good read I found today at CNN.com and it starts off like this... Oil prices have become something of a contrarian indicator for alternative energy. While the surge above $145 a barrel this summer seemed to promise a golden age of investment in cleaner power, now that prices are back near the $37-a-barrel range and credit is in short supply, things aren’t looking so sunny... As we close the doors on the strange and tumultuous year that was 2008, analysts are looking ahead to what 2009 will bring. So far, signs are mixed...
Read the rest at link below...
Where Are Oil Prices Headed in 2009?
.
* And here’s a report from the FWBusinessPress.com website for those of us interested in the Natural Gas Shale Plays...
Shale hit big time in 2008 – 2009 outlook uncertain
.
* CHRON.com reports NG this way...
Natural gas glut weighs on prices
Be safe out there...
AubreyJ.........
No comments:
Post a Comment