Oil firms impose 'big' price hikes as "Lent 2012" starts

[uls]

why is WTI rallying?

i mentioned this before in the world economy thread -- pipeline flow reversal

Goldman Sachs tells investors to go long WTI

Goldman Sachs Recommends Buying WTI Oil on Seaway Reversal - Businessweek

Feb. 23 (Bloomberg) -- Goldman Sachs Group Inc. recommended buying September crude futures in New York on speculation the reversal of the Seaway pipeline in June will tighten supplies at Cushing, Oklahoma, where contracts are delivered.

Investors should take a “long position” on West Texas Intermediate oil as the U.S. benchmark grade will rise and the discount to London-traded Brent will narrow, the bank said in a report e-mailed today. It also advised investors to stop buying July Brent contracts to lock in gains. The Seaway pipeline, owned by Enterprise Products Partners LP and Enbridge Inc., will carry crude from Cushing to refiners on the U.S. Gulf Coast.

anyone out there still think oil companies control oil prices?

[Monseratto]

Also China and Japan are scrapping to replace their quota from Iran. Supply will tighten even more when the EU stops purchasing from Iran this July.

[uls]

everybody's gonna stop buying oil from Iran coz the US and EU can cut off financial institutions that deal with Iran

that's the power of the West. they own the goddamn global banking system

--

i'm sure everyone is familiar with the SWIFT code

EU readies plans to push Iranian banks from SWIFT | Reuters

BRUSSELS, Feb 23 (Reuters) - European Union governments may agree in coming weeks on rules to stop the global electronic money transfer system SWIFT doing business with Iranian banks, EU officials said on Thursday.

The new regulations are part of a push by the United States and Europe to starve the Iranian government of funds and persuade it to hold back on its nuclear programme, which they fear aims to produce bombs. Tehran says it needs atomic energy to meet its electricity needs.

Expelling Iranian banks from the Belgium-based Society for Worldwide Interbank Financial Telecommunication (SWIFT) would shut down Tehran's main avenue to making transactions with the rest of the world.

A set of regulations is now being prepared, officials said, that would state clearly that communications services related to financial transactions, such as those provided by SWIFT, are part of an EU-wide freeze on the assets of some Iranian banks and the central bank.

just like everybody else, Iran uses SWIFT

all banks in Iran are connected to SWIFT

--

pero you can still buy oil from Iran... by barter

like a ship full of grains in exchange for a tanker loaded with crude... something like that

[niky]

One surplus 20 kiloton warhead per cargo ship of oil please.

That way, the West won't have to worry about Iran having nukes anymore... and Iran can go on with its Nuclear program.

[uls]

UPDATE 10-Brent jumps to 10-month high on Iran tensions | Reuters

NEW YORK, Feb 24 (Reuters) - Brent crude futures settled near a 10-month high above $125 a barrel on Friday, posting a fifth straight weekly gain as heightened concerns over tensions with Iran about its nuclear program and cuts in supply sent oil prices up on both sides of the Atlantic.

Speculators raised their bets on rising oil prices, their net long positions, in the week to Feb. 21, to the highest level since May, data from the U.S. Commodities Futures Trading Commission showed.

[chua_riwap]

heard from TV Patrol last night.

next week another round of price increase.
parang P0.40 sa gasoline & P0.30 sa diesel ata......

[uls]

strong demand from Asia offset weak demand from US and Europe

Asia demand absorbs extra OPEC production coz the extra production is being offset by loss of production elsewhere (Sudan, Syria, Yemen)

about 1.2 million barrels per day has disappeared from the market

that extra production from OPEC should have been a safety margin but it's not

the world has no safety margin now

[Ry_Tower]

And there is no slowing down demand for oil.