Oil Price Watch

**Reepicheep** · April 25th, 2011 11:54 AM

Fieldmaster got a full tank yesterday at Petron Cabiao, NE. 46.50/L

**tidus1203** · April 25th, 2011 04:08 PM

Originally Posted by Monseratto

One week reprieve. Radio reports another round of every tuesday fuel price increase...

The government thinks otherwise...

MANILA, Philippines—The government expects oil firms to roll back their oil prices this week, Energy Secretary Jose Almendras said on Monday.

http://newsinfo.inquirer.net/breakin...s-energy-chief

**Monseratto** · April 25th, 2011 04:30 PM

PNoy's standing is feeling the pinch. His PR thinks coming out with such statement would help... by a few hours.

Brent crude rises over $124 on unrest in Syria, Yemen

Singapore: Brent crude futures rose above $124 a barrel on Monday after violence in Syria and Yemen escalated over the weekend, boosting fears that unrest may disrupt more oil supplies in the Middle East and North Africa.

Brent gained 29 cents to $124.28 a barrel by 10:32am, US crude rose 38 cents to $112.67 a barrel.

“There is no question about it -- Middle East and North Africa continue to be the key factors,” said Victor Shum, an analyst at Purvin & Gertz. “Violence has spread beyond Libya to Syria and Yemen and that has set a high floor for oil prices.”

Gains in oil this week would likely be capped on concerns of the negative impact of high prices on demand and the global economy. Prices were likely to trade within a narrow range, Shum said.

Prolonged protests and looming concern over further disruptions would keep markets on edge since fuel demand in key consumers, such as China and India, continues to rise.

Top oil exporter Saudi Arabia needs to pump at least 9 million barrels per day (bpd) of crude for the next few years and is considering boosting capacity to meet rising demand, Petroleum Intelligence Weekly (PIW) said in a report, citing Saudi sources.

Technical analysis showed that Brent’s next target to the upside is $127.02 a barrel after it cleared resistance at $124.02, Reuters market analyst Wang Tao said.

**Monseratto** · April 25th, 2011 04:38 PM

PNoy's popularity isn't the one losing air because of crude...

http://www.newsmax.com/Headline/bara...4/20/id/393536

Poll: Skyrocketing Gas Prices Tank Obama’s Approval Ratings
By Jim Meyers

Oil prices are continuing to spike, boosting gasoline to $5 a gallon in the nation’s capital and helping to push President Barack Obama’s approval rating to an all-time low.
Crude oil for June delivery rose $1.19 to $109.47 a barrel in early Wednesday trading on the New York Mercantile Exchange, and by 11 a.m. had spiked $2.43 to $110.45.

At least one gas station in Washington, D.C., was selling its cheapest grade of gasoline for $4.99 a gallon on Tuesday, with higher grades selling for $5.09 and $5.19.

Obama’s approval rating, meanwhile, has plummeted to 41 percent in a Gallup poll, the lowest number yet of his presidency, and a Washington Post/ABC News poll released on Tuesday showed him with a 47 percent approval rating, down seven percentage points since January.

His approval rating among independents has dropped to just 35 percent, down nine points from his average for the year, according to Gallup.

“Rising gas prices are no doubt a problem for the White House, and may be a main factor in the plummeting poll numbers,” The Hill observes.
“The higher gas prices generally rise, the lower a president’s approval ratings tend to be.”

And Reuters reported: “Rising fuel prices are a persistent concern for the White House, which is worried about their impact on the economy and on voters’ wallets as Obama runs for re-election.”

**uls** · April 25th, 2011 04:47 PM

China to convert excessive dollar reserves to hard assets

guess what will happen to the price of oil and precious metals

http://af.reuters.com/article/energy...7FP03X20110425

BEIJING, April 25 (Reuters) - China's central bank is considering setting up new investment funds to diversify holdings in the country's swelling foreign exchange reserves, the world's largest stockpile, local media reported on Monday.

The proposed funds include one or more to invest a part of China's foreign reserves in energy and precious metal markets and another that could intervene in foreign exchange markets, the New Century Weekly said, citing sources close to the central bank.

China's foreign exchange reserves surged to $3.05 trillion in the first quarter, heightening long-standing worries about how China can effectively manage the holdings and not become overly exposed to the U.S. dollar.

**Monseratto** · April 25th, 2011 10:29 PM

A "little" goverment prodding...

Shell, Seaoil to cut diesel, kerosene prices
abs-cbnNEWS.com
Posted at 04/25/2011 6:39 PM | Updated as of 04/25/2011 7:02 PM

MANILA, Philippines - Oil firms Pilipinas Shell and Seaoil have announced they would cut prices of diesel and kerosene products on Tuesday.

The announcement follows an earlier statement by the Energy Department that fuel prices were expected to decline this week.

Shell and Seaoil said they would slash diesel and kerosene prices by P0.40 per liter effective 12:01 a.m., April 26. However, they said they would also increase regular gasoline prices by P0.25 per liter.

Shell and Seaoil were among the oil firms that hiked petroleum prices by as much as P0.70 per liter last week.

The Energy Department has already asked the firms to explain their last round of price hikes, and is now studying possible charges against them.

**hondaboot** · April 27th, 2011 04:07 AM

bad trip naman! ba't daw ibaba? diba ang goal is P75. ang hina naman ang loob ng speculators na'to oh.

it's high time to implement and to teach the human race a lesson about frugality.

grabe full tank ko ngaun umabot na ng 2 months ah sa sobrang luwag sa kalsada.

**hondaboot** · April 27th, 2011 04:10 AM

Originally Posted by uls

China to convert excessive dollar reserves to hard assets

guess what will happen to the price of oil and precious metals

http://af.reuters.com/article/energy...7FP03X20110425

hahaha ngaun pala sila nagpanic. sabi ko na nga ba i never did buy that idea the China is an economic superpower. without the west, their factories, their assets are nothing.

kung sarili din nilang citizens bibili, eh d wala. in the end talaga it will be the US pa din who will survive. that's why they're more into R&D's than massive factories. factories are a liability if you ask me, sa sobrang mahal isetup yan, pag iniwan ka bigla dyan bagsak ka

**renzo_d10** · April 27th, 2011 10:21 PM

Originally Posted by hondaboot

bad trip naman! ba't daw ibaba? diba ang goal is P75. ang hina naman ang loob ng speculators na'to oh.

it's high time to implement and to teach the human race a lesson about frugality.

grabe full tank ko ngaun umabot na ng 2 months ah sa sobrang luwag sa kalsada.

:funny: :stupid:

**boybi** · April 27th, 2011 11:31 PM

Originally Posted by hondaboot

bad trip naman! ba't daw ibaba? diba ang goal is P75. ang hina naman ang loob ng speculators na'to oh.

it's high time to implement and to teach the human race a lesson about frugality.

grabe full tank ko ngaun umabot na ng 2 months ah sa sobrang luwag sa kalsada.

Saan kalsada yan, sa middle earth? I was in metro manila today, passed through edsa and skyway going to bicutan. took me 1hr from balintawak to magallanes/skyway, then another 20min to reach my destination in bicutan.

dati, around 30min lang balintawak to magallanes. same time of the day (10-11am). sobrang daming vehicles sa daan kanina!