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Friday, July 11, 2008

Crude Oil Prices Way Up, But....

They've jacked way up, which is not too surprising given the news from Brazil, Nigeria, the IAEA's forecast for demand to RISE, and the Iranian commotion. Yet North Seas Forties is still falling:
Forties North Sea oil fell to the lowest in almost eight years relative to Dated Brent after Royal Dutch Shell Plc sold a cargo to Total SA and Vitol Group offered a shipment without attracting a buyer.

Forties was at a discount of $1.63 a barrel to Dated Brent, compared with 95 cents yesterday, according to data compiled by Bloomberg. That's the biggest discount since September 2000.
Vitol offered at a $2.30 discount to August and didn't get a buyer. North Seas Forties August loadings are supposed to be way down from July's:
The August loading program for North Sea Forties crude oil schedules the loading of 14.4 million barrels, down from 18 million barrels in July, traders said Thursday.
August's program consists of 24 cargoes of 600,000 barrels each, compared with 30 cargoes the previous month.
We'll see! Computer trading kicked in and drove the price sharply higher yesterday. There's a Bloomberg video available at this link on Fannie & oil. Click on the video link at the upper left on this page.

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