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Old 06-04-2009, 12:26 PM   #1
leistb
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Default Goldman Sachs Lying About Oil Demand

This is nothing more than pimping fear on the part of Goldman and JP Morgan. It was reported yesterday that JP Morgan has leased an oil tanker for 9 mos and is sitting on the oil while at the same time Goldman is saying demand is up. More theft from the taxpayer in the form of higher prices at the pump unnecessarily.
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US gold up, Goldman oil view stirs inflation fears

Thu Jun 4, 2009 10:52am EDT

NEW YORK, June 4 (Reuters) - U.S. gold futures turned 1
percent higher on Thursday, reversing the previous session's
sharp decline, as a bullish forecast by Goldman Sachs on crude
oil prices ignited inflation worries and boosted
inflation-hedge buying.

For the latest detailed report, click on [GOL/]. GOLD * August GCQ9 up $9.90, or 1 percent, at $975.50 an ounceon the COMEX division of the New York Mercantile Exchange. * Ranged from $962 to $977.20. *
Goldman Sachs raised its oil price forecast for the endof 2009 to $85 a barrel from $65 and introduced a new end-2010forecast of $95. Crude oil CLc1 rose 2 percent to nearly $68per barrel. [O/R] *

Goldman said in a research note that the recent rally inU.S. crude oil is likely to be but the first stage in an oilprice rally that it expects will accompany a recovery ineconomic activity. [ID:nL4422610] * The Goldman view encouraged investors to reenter the goldmarket after Wednesday's across-the-board commodities sell-offon fund selling - George Nickas, commodities broker at FCStone.

* Gold rose in spite of a slight rise by the U.S. dollarand a drop in the bullion holdings of the SPDR Gold Trust, theworld's biggest gold-backed exchange-traded fund.[ID:nT144303]

* Gold could weaken further, as the metal has correctedsharply after it approached the $1,000 level each time in thepast two years - analysts. * COMEX estimated 10 a.m. volume at 62,246 lots

* Gold/oil ratio at 14.35, lower than the 14.55 of theprevious session. * Spot gold <XAU=> traded at $971.50, up 1 percent from itslate Wednesday quote in New York.

* London gold fix <XAUFIX=> $970.75 an ounce. SILVER * July SIN9 up 21.5 cents, or 1.4 percent, at $15.525 anounce, rebounding from Wednesday's 4 percent decline. * Ranged from $15.065 to $15.585. * COMEX estimated 10 a.m. volume at 17,935 lots.

* The holdings of the iShares Silver Trust SLV heldunchanged at 8,605.43 tonnes on June 3, near its record high. * Spot silver <XAG=> was at $15.45 an ounce, up 1 percentfrom its previous finish.

* London silver fix <XAGFIX=> at $15.305 an ounce. PLATINUM * NYMEX July platinum PLN9 up $20.30, or 1.6 percent, at$1,264.80 an ounce, boosted by buying based on broad-basedcommodities strength.

* PGMs buying increased after Goldman Sachs said that U.S.auto sales are likely to improve in the second half of 2009.[ID:nBNG383125] * The global car industry accounts for 60 percent of totalplatinum demand for use in automobile catalytic converters.

* Spot platinum <XPT=> at $1,251.00 an ounce, up 1.4percent from its late Wednesday quote. PALLADIUM * September palladium PAU9 up $6.90, or 2.8 percent, at$249.50 an ounce, tracking platinum's gains.

* Spot palladium <XPD=> was at $245.50 an ounce, up 2.1percent from its previous finish. (Reporting by Frank Tang; Editing by Walter Bagley)http://www.reuters.com/article/marketsNews/idUSN0438025420090604

Last edited by leistb; 06-04-2009 at 12:29 PM. Reason: formatting
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Old 06-04-2009, 03:29 PM   #2
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Default Oil Stored On Tankers Is Up 71% Since April

Oil Stored On Tankers Is Up 71% Since April

Reuters|Jun. 4, 2009, 12:21 PM

The volume of refined fuel stored on ships floating at sea has jumped nearly 71 percent since early April, industry sources said on Thursday.

About 41 million barrels of gas oil and jet fuel were being stored in tankers mostly off Europe's coast, up from around 24 million barrels in April, sources said.

Crude has rallied to a seventh-month high on optimism the economy would soon improve, despite the continued build in storage.

The demand for ships to store fuel has boosted freight rates for the Long Range 2 tankers mostly being used, shipbrokers said. The tankers can hold between 600,000 and 1 million barrels.

"Storage continues to be an option for traders and we see bookings running through at least the end of August, with several of them adding options to extend storage into September," a shipbroker said. U.S. investment bank JPMorgan Chase & Co <JPM.N> has hired a crude supertanker to store gas oil off Malta's coast, a unusal sign traders were looking to take advantage of the weaker crude oil freight rates to store distillates. The ship would have to be cleaned to hold the refined fuel.

Crude rallied to over $69 a barrel this week, the highest in seven months, as optimism about the global economy outweighed concern about poor fundamentals in oil markets.

Crude oil in floating storage fell in late May to around 90 million barrels from around 100 million barrels as prompt crude prices rose and narrowed the discount to prices further out. [ID:nLS679181] That discount was key to traders storing oil at sea to make profits by selling it later.

But products storage has risen while crude storage has fallen.

Despite the oil price rally and more positive sentiment about demand, distillates remain weak, said Evan Lim, an executive director from leading distillates trader and Singapore-based Hin Leong. [nSP381080]
The distillates market, which includes gas oil and jet fuel, has improved recently after underperforming for most of the year.

The gas oil margin for July has risen around $2 to $8 at Thursday's Asian close. Margins for the fuel used for power generation and transportation has been mired at lows of $5-$6 a barrel for more than two weeks, hitting a six-year low of $5.45 at the end of May.


FREIGHT RATES

Freight rates for LR2 tankers plying the benchmark route between the Middle East and Asia have risen about 29 percent since mid-May to Worldscale 70 points, shipbrokers said.

"We have seen freight rates for clean tankers pick up the past month, because more and more LR2 tankers are being booked for storage," said an Asian based shipbroker. "Because of this we are seeing a ripple effect even in the medium-range (MR) tankers."

http://www.businessinsider.com/oil-s...e-april-2009-6
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