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Thursday, September 04, 2008

News You Can Use for Thursday

Hurricane Ike went from a tropical storm to a category 4 monster storm in a matter of hours. You can officially start freaking out now.

Here is some other news ...


Crude Oil Rises as Hurricane Ike Strengthens in Atlantic, Dollar Declines Crude oil rose for the first time in five days as Hurricane Ike gained force in the Atlantic, causing concern that U.S. oil supplies may be disrupted.

Oil Producers May Compel Opec to Cut Supply
There are indications that major oil producers may compel Organisation of Petroleum Exporting Countries (OPEC) to cut supply when the group meets on September 9, in Vienna, Austria.

OPEC's Crude Oil Production Fell 0.6% in August, Survey Shows
(Bloomberg) -- The Organization of Petroleum Exporting Countries' oil production dropped 0.6 percent in August, led by declines in Iraq and Saudi Arabia, a Bloomberg News survey showed.

OPEC pumped an average 32.575 million barrels a day last month, down 200,000 barrels from July, according to the survey of oil companies, producers and analysts. July output was revised down by 50,000 barrels a day. Production by the 12 members with quotas, all except Iraq, declined 50,000 barrels to 30.265 million barrels a day.

Australia's oil production down, but SA defies trend
AUSTRALIAN oil production dropped 11.5 per cent over the past financial year with all but one of the major oil producing basins experiencing a decline, a report from EnergyQuest says.

Oil prices drop as US opens reserve taps
LONDON (AFP) - Oil prices fell on Wednesday as the US government decided to release crude stocks from its strategic reserve after Hurricane Gustav halted energy production in the Gulf of Mexico.


Wheat Extends Gains, Ends Longest Slump in 2 Years, on U.S. Export Demand Wheat climbed for a second day amid speculation the recent price drop to the lowest in about a month will attract overseas buyers. Corn and soybeans declined.


`Financial Tsunami' to Engulf Markets Unless Treasury Steps In, Gross Says The U.S. government needs to start buying assets to stem a bourgeoning ``financial tsunami,'' according to Bill Gross, manager of the world's biggest bond fund.

Jobless Claims in U.S. Rose More Than Forecast as Employers Faced Slowdown Unemployment rolls in the U.S. rose to the highest level in almost five years, and last week's initial claims for jobless benefits exceeded forecasts, as employers cut staff in the face of a slowing economy.

Ford sales plunge
Despite a slide in gas prices last month, sales of Ford's trucks and more fuel-efficient cars plunge nearly 27% in August -- far worse than forecasts.


China's Manufacturing Economy in Recession?
On other boards I am reading, many are anticipating a huge jump in oil and gas prices next week. I do not know if that will happen, but I will offer the opinion that if it does not happen, or if it happens and prices quickly reverse lower, they will keep going a lot lower than most energy bulls think.

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