On Your Six
Well-known member
- Joined
- Mar 8, 2004
- Posts
- 4,507
This can't be good news for USAirways, UAL, AMR, Delta, ATA, etc... Just puts more pressure on getting pilot concessions - continues to lower the bar more and more.
Who did we liberate in the Middle East? Thanks for your help... Time to drill Anwar in Alaska (although that still wouldn't help).
Oil gets above $49
Intense fighting in Iraq, an oil pipeline attack and rising imports drive runup.
August 20, 2004: 8:08 AM EDT
NEW YORK (CNN/Money) - A slowdown in oil's rapid rise is nowhere in sight as escalating violence in Iraq and continued high demand pushed record prices closer to the $50 a barrel mark Friday.
The contract price for U.S. light crude for September delivery jumped to an intraday record $49.27 in electronic trading Friday, up 57 cents from Thursday's record settlement.
In London, Brent crude for October delivery was trading at $45.06, just shy of its record of $45.14 reached earlier Friday and 73 cents more than Thursday.
The push to new peaks came as U.S. warplanes pounded areas near a shrine in Najaf where Shi'ite militiamen remained holed up after their leader, rebel cleric Moqtada al-Sadr, defied an ultimatum from Iraq's interim government to disarm.
The fighting compounded fears of further attacks on Iraqi oil infrastructure by insurgents who set fire Thursday to the headquarters of the state company that operates Iraq's southern oil fields, the South Oil Co. in Iraq's port city of Basra.
Although the South Oil Co. incident did not appear to disrupt supplies, Iraq's southern pipeline has been shut since a sabotage attack on Aug. 9, curbing export flows to about a million barrels daily, half normal rates.
Rising world oil demand has left little slack in the system to cope with outages in Iraq where Shiite militia have lived up to threats they will target oil infrastructure if U.S. forces do not leave the holy city of Najaf.
Demand also showed no signs of slowing as imports rose in both India and China.
Despite government efforts to slow an economic boom, Chinese crude imports for July jumped 41 percent with imports for the year to end-July up 40 percent year-on-year, according to customs data.
India's top refiner, state-run Indian Oil Corp. Ltd., said it expected the country's crude oil imports to rise 11 percent in 2004/05 as demand rises nearly four percent. [url="http://i.cnn.net/money/images/bug.gif"]http://i.cnn.net/money/images/bug.gif[/url]
Who did we liberate in the Middle East? Thanks for your help... Time to drill Anwar in Alaska (although that still wouldn't help).
Oil gets above $49
Intense fighting in Iraq, an oil pipeline attack and rising imports drive runup.
August 20, 2004: 8:08 AM EDT
NEW YORK (CNN/Money) - A slowdown in oil's rapid rise is nowhere in sight as escalating violence in Iraq and continued high demand pushed record prices closer to the $50 a barrel mark Friday.
The contract price for U.S. light crude for September delivery jumped to an intraday record $49.27 in electronic trading Friday, up 57 cents from Thursday's record settlement.
In London, Brent crude for October delivery was trading at $45.06, just shy of its record of $45.14 reached earlier Friday and 73 cents more than Thursday.
The push to new peaks came as U.S. warplanes pounded areas near a shrine in Najaf where Shi'ite militiamen remained holed up after their leader, rebel cleric Moqtada al-Sadr, defied an ultimatum from Iraq's interim government to disarm.
The fighting compounded fears of further attacks on Iraqi oil infrastructure by insurgents who set fire Thursday to the headquarters of the state company that operates Iraq's southern oil fields, the South Oil Co. in Iraq's port city of Basra.
Although the South Oil Co. incident did not appear to disrupt supplies, Iraq's southern pipeline has been shut since a sabotage attack on Aug. 9, curbing export flows to about a million barrels daily, half normal rates.
Rising world oil demand has left little slack in the system to cope with outages in Iraq where Shiite militia have lived up to threats they will target oil infrastructure if U.S. forces do not leave the holy city of Najaf.
Demand also showed no signs of slowing as imports rose in both India and China.
Despite government efforts to slow an economic boom, Chinese crude imports for July jumped 41 percent with imports for the year to end-July up 40 percent year-on-year, according to customs data.
India's top refiner, state-run Indian Oil Corp. Ltd., said it expected the country's crude oil imports to rise 11 percent in 2004/05 as demand rises nearly four percent. [url="http://i.cnn.net/money/images/bug.gif"]http://i.cnn.net/money/images/bug.gif[/url]
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