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Oil reaches record 58 on supply concerns Original Source Link: (May no longer be active)    http://www.bloomberg.com/apps/news?pid=10000103&refer=us&sid=aUrnId2PX4tM http://www.bloomberg.com/apps/news?pid=10000103&refer=us&sid=aUrnId2PX4tM Crude Oil Reaches a Record on Concern Over U.S. Fuel Supplies April 4 (Bloomberg) -- Crude oil climbed above $58 a barrel in New York, to a record, on speculation that U.S. refiners will be unable to produce enough gasoline to meet peak demand this summer. U.S. motorists used 2.2 percent more gasoline in the first quarter compared with a year ago, according to Energy Department figures. Increased OPEC production has failed to halt the rally as global consumption grows. U.S. refiners may be unable to process any additional barrels. ``The biggest factor in the oil price during the next four- to-six weeks will be gasoline,'' said Bill O'Grady, director of fundamental futures research with A.G. Edwards & Sons Inc. in St. Louis. ``Gasoline supplies are still pretty comfortable but demand looks quite buoyant. Refineries tend to blow up at this time of year as repairs are finished and production picks up.'' Crude oil for May delivery rose 48 cents, or 0.8 percent, to $57.75 a barrel at 12:01 p.m. on the New York Mercantile Exchange. Oil touched $58.28 a barrel, the highest since trading began in 1983. Prices have risen 7 percent in the last three sessions and are 67 percent higher than a year ago. Gasoline for May delivery rose 0.1 cent to $1.732 a gallon in New York. Futures touched $1.7491 a gallon, the highest for a contract closest to expiration since the contract began trading in 1984. Gasoline is 61 percent higher than a year ago. Retail Prices Retail gasoline prices have gained as refiners pass on their higher costs. Pump prices for regular grade gasoline, averaged nationwide, rose 0.6 cent to a record $2.17 a gallon Friday, according to the AAA, formerly the American Automobile Association. Oil producers are seeking to expand as prices surge. ChevronTexaco Corp., the second-biggest U.S. oil company, said today it agreed to buy Unocal Corp. for about $16.4 billion. ChevronTexaco's oil reserves may increase by more than 15 percent with Unocal, the country's eighth-largest oil company. Goldman Sachs Group Inc. analysts predict oil may touch $105 in coming years if supplies are disrupted. Bets by speculators that prices will rise, or net-long positions, outnumbered shorts by 73,792 contracts on Nymex the week ended March 29, the U.S. Commodity Futures Trading Commission said, up 4,283 from a week earlier. They peaked at 82,451 in March 2004. OPEC Quotas The Organization of Petroleum Exporting Countries may boost its ceiling by 500,000 barrels a day in May and add as much again in the third quarter, Adnan Shihab-Eldin, the group's acting secretary general said. The group could raise its ceiling by as many as 800,000 barrels a day in the fourth quarter. OPEC members pump about 40 percent of the world's oil. ``We are concerned about the prices,'' Shihab-Eldin said in an interview in Kuwait yesterday. ``We don't want to face a boom- and-bust situation.'' A decision by OPEC to increase production in the second quarter, when demand typically declines, would signal a shift in strategy, with the group allowing inventories to increase for use later in the year, creating a buffer against potential shortages. OPEC crude oil production probably rose by 100,000 barrels a day last month, led by increases from Iraq, helping to compensate for a drop in Saudi Arabia's output, according to a preliminary estimate by PetroLogistics Ltd. The 11-nation Organization of Petroleum Exporting Countries probably pumped 29.5 million barrels a day in March, Conrad Gerber, the president of the Geneva-based company, which assesses supply by tracking tankers, said in a telephone interview today. In London, the May Brent crude-oil futures contract rose 76 cents, or 1.3 percent, to $57.27 a barrel on the International Petroleum Exchange. Brent futures reached $57.65 a barrel, the highest since the contract was introduced in 1988. Prices are 90 percent higher than a year ago. Last Updated: April 4, 2005 12:16 EDT

August brings record highs in oil prices BP oil refinery blast in texas bumps prices Bp profits up 34 precent Chevron profits up with prices { July 29 2005 } Concern over iraqi oil during elections Crude futures stay above 67 { August 26 2005 } Crude oil surges with another storm in mexico gulf Crude prices inch toward 50 a barrel Current oil price levels unsustainably high { December 4 2005 } Decline in inventory larger than expected Depot explosion near london raises oil prices Exxonmobile shell post record profits Exxonmobile tells gas station owners to gouge Gas price drops due to less demand due to high prices Gas prices drop sharply after climbing Gasoline futures surge to record high after katrina { August 31 2005 } Gasoline pump prices high despite crude fall Goldman sachs predicts spike to 105d barrel { March 31 2005 } Greenspan says world must live with high prices Hurricane katrina shoots oil to over 70b Investors raising prices by betting on shortages { March 16 2005 } July futures send above 58 year record { June 17 2005 } London attack causes oil price drop London explosions causes oil price plunge Market shouldnt expect anything from opec More bicycles than cars sold due to oil prices No difficulties on supply side Oil approaches 61 as tropic storms threaten sypply Oil climbs to six week high in january 2005 Oil companies enjoy record earnings in UK { October 4 2005 } Oil demand outpacing supply concerns Oil dives below 50 on dollar gains { May 12 2005 } Oil drops below 50 a barrel Oil falls below 50 in april yet pump prices sour { April 28 2005 } Oil falls below 51 on high inventories { April 13 2005 } Oil hits 64 barrel over supply concern Oil hits new high amid norway strike fears { June 21 2005 } Oil hits record highs as saudi king dies Oil market oversupplied says iran Oil nears 61 as gulf storm gathers again { July 13 2005 } Oil prices hover around 55 dollars Oil prices stay firm above 51 dollars Oil reaches record 58 on supply concerns Oil supplies up as price tops 51 dollars Opec chief wants to increase production Opec oil output highest since 1979 { August 4 2005 } Opec oil output strong { April 2005 } Opec predicts 80 dollar barrel oil spike Opec production surpasses demand OPEC warns that oil prices will stay high Other factors not supply driving up oil Prices fed by speculation and unwarranted fear { April 5 2005 } Prices high despite adequate fuel supply Shell profits soar to historic highs Small car interest falls with gas prices { October 2005 } Speculation by hedge funds running up price US has 700m barrel reserves of oil US oil supplies increase as OPEC boosted production { June 28 2002 } US report sees gasoline prices moving higher still { April 8 2005 } Files Listed: 59

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