Red-Hot Resources

"Luck is not chance, it’s toil; fortune’s expensive smile is earned.”

Tuesday, May 06, 2008

$120 Oil Chart and Market News

Oil hits record $120.93 on fear of tight supply
Oil futures rose to an all-time high near $121 a barrel Tuesday with new concerns about a threat to supply and a weaker dollar. The surge in oil prices was also fueled by hopes that the U.S. economy will be spared a sharp downturn after the release of data Monday showing an unexpected expansion in the U.S. service sector in April, analysts said.

Petrobras Moves Up Tupi Start Date, Says Deepest Fields Can Be Exploited Petroleo Brasileiro SA, Brazil's state-controlled oil company, may pump oil a year earlier than expected from the Western Hemisphere's biggest find since 1976, increasing supply at a time of record prices.

Goldman's Murti Says $150 to $200 Oil Is `Likely' in Next Six to 24 Months Crude oil may rise to between $150 and $200 a barrel within two years as growth in supply fails to keep pace with increased demand from developing nations, Goldman Sachs Group Inc. analysts led by Arjun N. Murti said in a report.


U.S. Home Values Drop 8%, Leaving More Borrowers `Underwater' on Mortgages U.S. home values dropped 7.7 percent in the first quarter to the lowest in almost three years, according to estimates by, an online real estate data provider.

GE to Stop Consumer Loans on RVs
GE's consumer-finance unit plans to stop providing new loans to buy recreational vehicles and most watercraft.

XX That makes sense. In tough economic times, you'll try like hell to hold on to your house and your car, but who cares about holding on to vacation vehicles when you can't afford to take vacations?


Western Australia May Plant Record Grain Crop After Rains, Government Says Western Australia state, the nation's largest grain-growing region, may plant a record area to crops this year driven by higher prices and after recent rain improved soil moisture, the state government said.

Thailand May Have Record Sugar Exports as Output Exceeds Government Target Thailand, the world's second-largest sugar exporter, may ship a record 5.8 million tons of the sweetener this year, as production exceeds a government target after an increase in sugarcane prices.

Corn Futures Climb in Chicago as U.S. Planting Delayed; Soybeans Advance Corn futures in Chicago climbed for the first day in three as a government report showed planting of the U.S. crop remained behind the pace of recent years after excessive rains, threatening yields. Soybeans also rose.


China Economy Growth Likely to Rebound This Quarter, State Economists Say China's economic growth will rebound to 10.8 percent this quarter as local governments and companies rebuild after the worst blizzards in 50 years in January and February, state economists forecast.

Labels: , ,

Check out my new gold and energy blog at