News
News
| MORNING COMMENTARY |
| 2008-6-17 |
| Crude oil market summary: On the New York Mercantile Exchange, July crude settled down 0.25 or 0.19 percent at $134.61 a barrel. U.S crude oil futures fell from a record $139.89 a barrel reached in New York yesterday on signs Saudi Arabia will increase production to stabilize prices. Saudi output will increase by 200,000 barrels to 9.7 million barrels of oil a day next month, King Abdullah told United Nations Secretary-General Ban Ki-Moon, according to a UN spokesman. Saudi is the largest producer in the Organization of Petroleum Exporting Countries. Prices jumped after a fire closed a production platform in the North Sea. Analyst said the scary thing is people are saying it's the last bullet and the Saudi warning shouldn't be taken lightly, if that can't get the market down then we're in real trouble, prices will rise to $150 to $200.'' “With the pressure OPEC has seen from the Western world that they need to respond, they've been taking the tack that demand is strong,'' said Mark Pervan, a commodity strategist at Australia & New Zealand Banking Group Ltd. in Melbourne. “That gives them a reason to start moving supply upward.'' Today’s fuel oil value price: July 380cst value at 636.50 July 180cst value at 656.50 Previous day Platt’s settlement price: June 16th 380cst at 632.32, contango -0.52 June 16th 180cst at 648.19, contango -4.19 US market: Dow Jones Industrial Index fall 38.27, net change -0.31 ％, value at 12,269.08 S&P 500 Index up 0.11, net change +0.01 ％, value at 1,360.14 NASDAQ Composite Index up 20.28, net change +0.83 ％, value at 2,474.78 Europe market: DJ Euro STOXX 50 Index fall 29.84, net change -0.84 ％, value at 3,532.83 FTSE 100 Index fall 8.20, net change -0.14, value at 5,794.60 DAX Index fall 35.44, net change -0.52 ％, value at 6,729.88 Asia market: CSI 300 Index fall 34.20, net change -1.16 ％, value at 2,918.05 Nikkei 225 Index fall 25.32, net change -0.18 ％, value at 14,329.05 KOSPI Index fall 19.56, net change -1.11 ％, value at 1,741.26 Hang Seng Index fall 39.66, net change -0.17 ％, value at 22,990.03 |