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Wednesday, February 13, 2008

News You Can Use for Wednesday

IEA Reduces 2008 Global Crude-Oil Demand Forecast on Slowing U.S. Economy The International Energy Agency, an adviser to 27 industrialized nations, cut its forecast for 2008 global oil demand because of the slowing U.S. economy and said the underlying trend is ``even weaker.''

Oil Trades Little Changed as OPEC Mulls Cut to Counter Slower U.S. Demand Crude oil traded little changed amid speculation that slower global demand makes an OPEC production cut in March more likely.

EIA: OPEC 1Q Output 32.2 Million B/D, +600,000 B/D Vs 4Q '07 In its latest Short-Term Energy Outlook released Tuesday, the Energy Information Administration said the expected OPEC output level will be about 600,000 barrels a day higher than OPEC's fourth-quarter 2007 level, put at 31.68 million barrels a day. The expected higher OPEC output projection comes despite the group's Feb. 1 decision to keep official oil output levels unchanged. OPEC is to review output policy on March 5.

Gasoline Demand falls 3.1% from a year earlier. Consumers purchased an average 8.86 million barrels of gasoline a day in the week ended Feb. 1, down from 9.14 million the same week last year. Demand was down 3.5 per cent from the previous week, according to MasterCard, the second-biggest credit-card company.

Yuan Heads for Record Daily Drop After China Tries to Deter Speculators The yuan dropped the most since a dollar peg was scrapped in 2005, prompting speculation that the central bank is seeking to discourage investors from betting on appreciation in the currency.

Deere Profit Rises 55% on Overseas Tractor Sales; Annual Forecast Raised Deere & Co., the world's largest maker of farm tractors and combines, said first-quarter earnings rose 55 percent as international demand boosted sales of agricultural equipment. The company raised its annual forecast.

XX Sean's note -- Deere's raised forecast follows on the heels of Potash, Monsanto and Syngenta, all of which raised their forecasts for this year. The good news keeps coming.

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