Re: Dollar losing value with respect to Euro

On 20/04/06 13:45, in article
44477475$0$16435$892e7fe2@xxxxxxxxxxxxxxxxxxxxxxxxxxxxxx, "Miss L. Toe"
<missltoemissltoe@xxxxxxxxxxx> wrote:


"David Johnstone" <david_ffm@xxxxxxxx> wrote in message
news:1145528354.565155.19870@xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Cochon Capitaliste wrote:
OK Joe Coulter let me set you straight, the US doller is WEAKENING
versus the euro.

You mean based on past few days?
If you believe you can predict the future with certainty,
why not buy Euro call options and get rich?


You would get much better off (as an American or European buying Indian
Ruppees).
(and yes I have.)


Right now it is easier to predict that oil will continue to rise.

*****

Crude Oil Hits Fresh Intraday Record High

Thursday April 20, 7:00 am ET
By Gillian Wong, Associated Press Writer
Crude Oil Hits Fresh Intraday Record High of $72.49 After Data Showed Drop
in U.S. Gas Stocks

SINGAPORE (AP) -- Oil prices hit a record high of $72.49 Thursday after
weekly data showed a drop in U.S. gasoline stocks, raising worries that
refiners don't have an adequate inventory cushion ahead of the peak summer
driving season.

Traders also are anxious that U.S.-led efforts to stop Iran, OPEC's
second-largest member, from pursuing a suspected nuclear weapons program
could lead to a disruption in Persian Gulf oil supplies.

Light, sweet crude for May delivery surpassed the previous intraday record
of $72.40, set Wednesday, in electronic trading on the New York Mercantile
Exchange. The price then slipped back to $72.30 a barrel, up 13 cents from
Wednesday's record close of $72.17.

"The market is sizzling!" said Victor Shum, energy analyst at Purvin & Gertz
in Singapore. "The gasoline stockdraw was large and it has raised concerns
over gasoline supply in the U.S., which is really what's behind the price
surge."

In its weekly report, the U.S. Energy Department said the nation's supply of
gasoline shrank by a larger-than-expected 5.4 million barrels last week to
202.5 million barrels. The decline, the seventh in as many weeks, pushed
gasoline stocks to 4.6 percent below year ago levels, their lowest level
since November.

Gasoline inventories typically decrease this time of year as refiners shut
down their plants to perform maintenance ahead of the summer driving season.

On London's electronic ICE futures exchange, June Brent crude rose to a
record high of $74.22 a barrel before retreating to $73.82 a barrel, up 10
cents from Wednesday.

Concerns about Iran continue to lift oil prices. Diplomats said Wednesday
that the United States may turn to the U.N. nuclear watchdog agency to exert
more pressure on Iran out of frustration with Russian and Chinese opposition
to firm Security Council action.

On Wednesday, Iranian President Mahmoud Ahmadinejad said that record crude
oil prices were still below their "real value," though he stopped short of
saying Iran would use its vast resource as a weapon.

There is additional worry about summer gasoline supplies because of the
prospect of tight supplies of ethanol, which is needed in increasing amounts
as refiners phase out their use of methyl tertiary butyl ether, or MTBE,
which has been found to contaminate drinking water.

The U.S. Energy Department report also showed that crude oil stocks fell by
800,000 barrels last week to 345.2 million barrels, while distillate stocks,
which include heating oil and diesel fuel, fell 2.8 million barrels.

Gasoline futures rose fractionally to $2.2395 a gallon while heating oil
prices fell 0.15 cent to $2.0608 a gallon. Natural gas prices fell 2.8 cents
to $8.220 per 1,000 cubic feet.





.

Relevant Pages

  • BusinessWeek: "Why is Washington doing everything it can to convince us there is a gasoline shortag
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    (soc.retirement)
  • Oil Prices Spurt to Record High Above $75 a Barrel
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