BloggingStocks http://www.bloggingstocks.com BloggingStocks http://www.blogsmithmedia.com/http://www.bloggingstocks.com/media/feedlogo.gif BloggingStocks http://www.bloggingstocks.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Oil looks to close out the week strong]]>http://www.bloggingstocks.com/2007/06/22/oil-looks-to-close-out-the-week-strong/http://www.bloggingstocks.com/2007/06/22/oil-looks-to-close-out-the-week-strong/http://www.bloggingstocks.com/2007/06/22/oil-looks-to-close-out-the-week-strong/#commentsFiled under: , , ,

Earlier today it looked like we were going to see a down day for oil prices, but over the past couple hours things have turned around dramatically with prices once again testing the psychological $70 barrier. Prices for the front running oil futures are now trading up $0.69 on the day to $69.34.

Yesterday we saw how the first wave of panic was hitting the market over the current strike in Nigeria which threatens to cut some two million barrels a day in exports, and those fears seem to be at the root of today's upside as well. The strike, which got under way on Wednesday, has yet to impact the country's oil exports, but concerns are weighing on traders as union leaders in Nigeria decided to extend the strike into its third day.

Oil disruptions from Nigeria, the world's eighth-largest exporter, are nothing new. The country was already running at only about 75% resulting from attacks on its infrastructure by hostile militants. The current strike by the union workers come in reaction to what they feel are unfair price increases set in place by the government on fuel prices, and so far this strike has been a non-violent protest. But the fear is that this situation could change quickly.

Continue reading Oil looks to close out the week strong

Oil looks to close out the week strong originally appeared on BloggingStocks on Fri, 22 Jun 2007 17:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>nigeriaoil exportsoil pricesoil strikeOilExportsOilPricesOilStrikeFri, 22 Jun 2007 17:30:00 EST<![CDATA[Oil rises on Nigerian strike]]>http://www.bloggingstocks.com/2007/06/21/oil-rises-on-nigerian-strike/http://www.bloggingstocks.com/2007/06/21/oil-rises-on-nigerian-strike/http://www.bloggingstocks.com/2007/06/21/oil-rises-on-nigerian-strike/#commentsFiled under: , , , , ,

After yesterday's one day sell off in oil, prices have once again moved to the upside in today's trading. The main reason for the upward move today comes from Nigeria, where a strike has created supply fears and pushed oil back up over $69 a barrel.

We discussed on Monday that things in Nigeria have been tense for a while, and that the country's oil unions were planning to start a strike yesterday in reaction to increases in automobile fuel prices by the government. The strike got under way yesterday and has the potential to halt close to 2 million barrels a day from the country.

With all of the other upward pressure on oil these days, a 2 million barrel a day cut from Nigeria is definitely going to force prices higher. As we started out this week it looked as though seeing prices trading above $70 by the weekend was pretty much a no brainer, then yesterday's rise in inventories helped bring prices down and had many analysts out there starting to claim that oil was in danger of topping out. I don't agree with that idea just yet and stated yesterday that I thought it was going to be a quick pullback and then we would get back into the current rally. With today's move, it's looking much more likely that we'll see prices cross through the psychological $70 barrier tomorrow.

Continue reading Oil rises on Nigerian strike

Oil rises on Nigerian strike originally appeared on BloggingStocks on Thu, 21 Jun 2007 14:42:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>$70 oil$70OilNigerianigerian oil strikeNigerianOilStrikeoil pricesoil strikeOilPricesOilStrikeThu, 21 Jun 2007 14:42:00 EST