VARIOUS: UNITED STATES OIL PRICES HIT RECORD HIGH OVER CONCERNS FOR GASOLINE AND CRUDE SUPPLIES AS EUROPE COUNTS THE COST
Record ID:
338279
VARIOUS: UNITED STATES OIL PRICES HIT RECORD HIGH OVER CONCERNS FOR GASOLINE AND CRUDE SUPPLIES AS EUROPE COUNTS THE COST
- Title: VARIOUS: UNITED STATES OIL PRICES HIT RECORD HIGH OVER CONCERNS FOR GASOLINE AND CRUDE SUPPLIES AS EUROPE COUNTS THE COST
- Date: 13th August 2005
- Summary: (BN11) NEW YORK, NEW YORK, UNITED STATES (AUGUST 11, 2005) (REUTERS) 1. HAS NEW YORK MERCANTILE EXCHANGE (NYMEX) 0.04 2. VARIOUS OF NYMEX TRADERS 3. (SOUNDBITE) (English) RAY CARBONE, OIL TRADER WITH PARAMOUNT OPTIONS, SAYING: "If you add up the total barrels per day that have been taken out of the market over the last week ending August 12, it's close to a million barrels per day. So we look to those refinery problems to keep happening over the period of the driving season and perhaps over the turn around in heating oil. They're running at full tilt, they need maintenance, and they just can't sustain that type of action without some problems." 4. VARIOUS OF NYMEX TRADERS 5. (SOUNDBITE) (English) RAY CARBONE, OIL TRADER WITH PARAMOUNT OPTIONS, SAYING: "I happen to believe that we are in an up-trend that is not going to give us much of a break in the near future, and longer term I'm just as bullish. So my opinion on this is we are on a course to hit some numbers that were pretty much unthinkable a couple of years ago." 1.18 (EU) LONDON, UNITED KINGDOM (AUGUST 11, 2005) (REUTERS) 6. LAS BRITISH TELECOM TOWER WITH PETROL PRICES BOARD 1.25 7. MV PAN BLACK CAB TAXI WITH DRIVER, IAN COUNDON, GETTING PETROL PUMP AND FILLING HIS TAXI 1.35 8. (SOUNDBITE) (English) IAN COUNDON, TAXI DRIVER, SAYING: "Well, I'm up to 95 pence a litre now. Last year we were paying 86. It's up and up all the time." 9. PETROL PUMP DISPLAY AS COUNTER MOVES FORWARD 1.49 10. (SOUNDBITE) (English) IAN COUNDON, TAXI DRIVER, SAYING: "Oil costs more we realise that but there's no reason to put up the price this high. It's actually pushing people out of business." 155 11. PATRICK MCLOUGHLIN, CUSTOMER, FILLING UP HIS CAR 12. (SOUNDBITE) (English) PATRICK MCLOUGHLIN SAYING: "I bought this car six years ago. It cost me thirty eight pounds to fill up. Now it's sixty three. There's something in that isn't there?" 2.12 (EU) BONN, GERMANY (AUGUST 11, 2005) (REUTERS) 13. LAS BOARD DISPLAYING PETROL PRICES / CARS FILLING UP AT PETROL STATION 14. CUSTOMER, ISA BRAEKLER, FILLING UP HER CAR 15. PETROL PUMP SHOWING PRICE 16. (SOUNDBITE) (German) CUSTOMER, ISA BRAEKLER, SAYING: "I think it's particularly bad for those who are dependent on their cars, for example to get to work. It's asking a lot of flexibility from employees, you are expected to accept work even if it is far away, and so they are the ones who literally have to pay the price and have more of a burden which no-one compensates." 2.53 (EU) HAMBURG, GERMANY (AUGUST 11, 2005) (REUTERS) 17. SLV PETROL TANKER DRIVING ON HIGHWAY 3.01 (EU) BRUSSELS, BELGIUM (AUGUST 11, 2005) (REUTERS) 18. SLV EXTERIOR OF ESSO PETROL STATION 3.05 19. PETROL PRICES WITH UNLEADED PETROL AT 1.296 EUROS 3.08 (EU) NEAR BRUSSELS, BELGIUM (AUGUST 11, 2005) (REUTERS) 20. (SOUNDBITE) (French) RONALD PALMAN, CIVIL SERVANT SAYING "I use my car to go to work so I have no choice." 3.17 21. MAN FILLING UP HIS CAR WITH PETROL; slv PETROL STATION 3.24 Initials Script is copyright Reuters Limited. All rights reserved
- Embargoed: 28th August 2005 13:00
- Keywords:
- Location: NEW YORK, NEW YORK, UNITED STATES / LONDON, UNITED KINGDOM / BONN AND HAMBURG, GERMANY / NEAR BRUSSELS AND BRUSSELS, BELGIUM
- City:
- Country: USA Belgium United States England United Kingdom Germany
- Reuters ID: LVA3ZLN1UNA9RJE9PXP53SHU9N00
- Story Text: U.S. Oil prices hit record high over concern for
gasoline and crude supplies, and Europe counts the cost.
U.S. stocks cut gains in late morning trade on
Thursday (August 11, 2005) after crude hit a record 66 U.S.
dollars (USD) a barrel, although rising oil prices buoyed
energy shares and bolstered both the Dow and the S&P 500.
Crude oil for September delivery rose 60 cents to 65.50
USD a barrel, after briefly touching a record high of 66
USD in late morning trading on the New York Mercantile
Exchange (NYMEX).
In the U.S., where refinery problems have strained
gasoline stocks during the peak demand season, BP shut
several units at its Texas City refinery, a source familiar
with the plant's operation said. And ConocoPhillips Wood
River refinery suffered a power problem, market trading
sources said. The refinery problems are an international
issue with production in the U.S. Gulf, Mexico, Norway and
Britain creating a crude shortfall. Russia is also pumping
less than expected.
An oil trader with Paramount Options, Ray Carbone said
that the refinery problems are to be expected when
facilities are required to operate at such high output
levels.
"If you add up the total barrels per day that have been
taken out of the market over the last week ending August
12, it's close to a million barrels per day. So we look to
those refinery problems to keep happening over the period
of the driving season and perhaps over the turn around in
heating oil. They're running at full tilt, they need
maintenance, and they just can't sustain that type of
action without some problems," he said.
Carbone said he sees no near cap in sight to the rising
prices.
"I happen to believe that we are in an up-trend that is
not going to give us much of a break in the near future,
and longer term I'm just as bullish. So my opinion on this
is we are on a course to hit some numbers that were pretty
much unthinkable a couple of years ago," he added.
The International Energy Agency (IEA), adviser to 26
industrialized nations, has said that non-OPEC output was
falling short of expectations, compounding supply concerns.
It earlier nudged up its world oil demand growth forecasts
for this year and next, leaving already stretched OPEC to
fill the supply void.
The IEA cut non-OPEC supply growth this year by 205,000
barrels per day, with production problems in the U.S. Gulf,
Mexico, Norway and Britain accounting for most of the
shortfall. Russia is also pumping less than expected.
And while record high oil prices haven't dampened
consumer requirements for petrol so far in Europe, people
are very concerned about prices continuing to rise.
"Well, I'm up to 95 pence a litre now. Last year we
were paying 86. It's up and up all the time," said
taxi-driver Ian Coundon at a central London petrol station.
"Oil costs more we realise that but there's no reason
to put up the price this high. It's actually pushing people
out of business."
London Brent was up 1.55 USD at 65.54 after touching
65.66.
"I bought this car six years ago. It cost me 38 pounds
to fill up. Now it's 63. There's something in that isn't'
there?," said driver Patrick McLoughlin.
Many people were shaking their heads at the prices on
the petrol pumps in Germany as the prices at the pump rose
once again.
"I think it's particularly bad for those who are
dependent on their cars, for example to get to work,"
customer Isa Braekler told Reuters as she put gasoline in
her vehicle.
Oil prices have risen in nine of the past 11 sessions
as the market has been edgy over possible instability in
Saudi Arabia and Iran, OPEC's two-largest oil producers.
Worries about Saudi Arabia receded as U.S. diplomatic missions in the
kingdom reopened on Wednesday (August 10)
after closing for two days because of a threat of militant
attacks.
But fears remained, with Britain warning this week that
militants were in the final stages of planning attacks in
Saudi Arabia, while Australia said it had received credible
reports that extremists were planning strikes in the near
future.
In Belgium, consumers were also worried about the
consequences of the rise in oil prices.
One man said he felt powerless against the rise in oil
prices.
"I use my car to go to work so I have no choice," said
Ronald Palman, a civil servant.
Shares of Exxon, the world's largest publicly traded
company, led gains in the S&P 500. Exxon, also a Dow
component and one of the blue-chip average's biggest
gainers, advanced 1.1 percent to 60.54 USD. ConocoPhillips
climbed 1 percent to 66.31 USD, also boosting the S&P 500.
The Dow Jones Industrial Average was up 30 points, or
0.29 percent, at 10,624.67, after earlier climbing as high
as 10,674.11. The Standard & Poor's 500 Index was up 4
points, or 0.33 percent, at 1,233.16, off a session high of
1,237.73.
The technology-laced Nasdaq Composite Index was up 8.41
points, or 0.39 percent, at 2,166.22, after earlier rising
as high as 2,173.6.
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