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Oil prices firmer on Iran, US demand concerns
Singapore (AFP) May 26, 2006 Oil prices rose in Asian trade Friday as the market revisited longstanding concerns over Iran's nuclear programme and the start of the US summer driving season, dealers said. They said losses earlier this week were temporary, providing a buy opportunity as the underlying firm tone of the market remained in place. At 10:15 am (0215 GMT), New York's main contract, light sweet crude for July delivery was 18 cents higher at 71.50 dollars from its close of 71.32 dollars in the United States Thursday. Brent North Sea crude for July delivery was flat at 70.71 dollars. "The Iranian issue, even though it is off the front pages, remains there and will provide support to high prices," said Victor Shum, an analyst with energy consultancy Purvin and Gertz in Singapore. "It will set somewhat of a high floor (for prices)," he said. The fear is that Iran, the world's fourth-biggest crude producer, could halt exports should the United Nations impose sanctions on the Islamic republic. Iran insists its nuclear programme is strictly for civilian energy production but the West suspects Tehran is planning to build nuclear weapons. With the US summer driving season starting this weekend with the Memorial Day public holiday, when many Americans take to the roads for their vacations, oil prices are also expected to hold steady. "The (Memorial Day) holiday in the US is the start of the summer driving season," said Shum. "It's a long weekend, anything could happen. We will get to see how product demand in the US shapes up," he said. The US Department of Energy's (DoE) latest report showed gasoline reserves rose 2.1 million barrels to 208.5 million in the week to May 19. That was more than the predicted increase of 1.3 million barrels. The DoE report also said crude oil reserves declined three million barrels to 343.9 million, three times the fall expected by analysts. Forecasts of a potentially packed Atlantic hurricane season are also factors that will keep prices firm, dealers said. Last year, hurricanes Katrina and Rita devastated oil refineries and rigs along the US Gulf Coast, sending oil prices to then-record high points. This year's hurricane season -- starting in June and ending in November -- will be "very active" but less severe than in 2005, according to a report issued Monday by the Miami-based National Hurricane Center. Community Email This Article Comment On This Article Related Links Powering The World in the 21st Century at Energy-Daily.com
Sweet Success For Pioneering Hydrogen Energy Project
Birmingham, UK (SPX) May 26, 2006In a feasibility study funded by the Engineering and Physical Sciences Research Council, bioscientists at the University of Birmingham have demonstrated that these bacteria give off hydrogen gas as they consume high-sugar waste produced by the confectionery industry. |
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