NEW YORK (Reuters) -- Oil prices eased slightly Friday after the top U.S. energy official said he was confident there would be enough gasoline supply to meet peak summer driving demand.
The loss ended a week-long rally of as much as 5 percent that had been driven by worries that a bout of refinery problems in the world's top fuel consumer would lead to a stockpile crunch when motorists hit the road for vacation season.
U.S. crude settled down 22 cents a barrel to $63.63, after jumping $1.84 Thursday. London Brent was up 25 cents at $68.97 after earlier hitting $69.59 earlier in the day, its highest since September 2006.
"I am relatively confident that we're going to continue to have supply," U.S. Energy Secretary Sam Bodman said Friday. "I'm concerned not so much with supply as I am with prices."
U.S. gasoline inventories have slumped more than 12 percent since early February, fueling a 40 percent climb in U.S. gasoline futures and sparking forecasts of pump prices well over $3 a gallon.
Friday, April 13, 2007
Stocks maintain rally
NEW YORK (CNNMoney.com) -- Stocks made steady gains after an early dip Friday, with the Dow leading the way for the bulk of the day before the Nasdaq caught up in the later afternoon.
The Dow Jones industrial average (up 56.89 to 12,609.85) added 0.47 percent, according to early tallies. The broader S&P 500 (up 5.03 to 1,452.83) index rose 0.35 percent and the Nasdaq rose 0.47 percent.
For the week, the Dow rose 51 points, or 0.4 percent. The S&P gained 9 points, or 0.6 percent, and the Nasdaq climbed 20 points, or 0.8 percent.
Treasury prices fell, raising the yield on the benchmark 10-year note to 4.77 percent, while the dollar was little-changed against the yen and lower against the euro.
Oil eased slightly and gold hit a six-week high.
The Dow Jones industrial average (up 56.89 to 12,609.85) added 0.47 percent, according to early tallies. The broader S&P 500 (up 5.03 to 1,452.83) index rose 0.35 percent and the Nasdaq rose 0.47 percent.
For the week, the Dow rose 51 points, or 0.4 percent. The S&P gained 9 points, or 0.6 percent, and the Nasdaq climbed 20 points, or 0.8 percent.
Treasury prices fell, raising the yield on the benchmark 10-year note to 4.77 percent, while the dollar was little-changed against the yen and lower against the euro.
Oil eased slightly and gold hit a six-week high.
Tuesday, April 10, 2007
UAE is most competitive Arab economy
Doha: The United Arab Emirates is the most competitive economy in the Arab world followed by Qatar and Kuwait, according to a World Economic Forum report released here yesterday.
The report places four Gulf countries among the 40 most advanced econo-mies of the world.
The UAE is ranked 29, Qatar 32, Kuwait 37th and Bahrain 39.
While the UAE's ranking remained unchanged compared to the 2005 report, Qatar and Kuwait have moved up from 34 and 36 respectively. But Bahrain is placed two ranks lower.
The report places four Gulf countries among the 40 most advanced econo-mies of the world.
The UAE is ranked 29, Qatar 32, Kuwait 37th and Bahrain 39.
While the UAE's ranking remained unchanged compared to the 2005 report, Qatar and Kuwait have moved up from 34 and 36 respectively. But Bahrain is placed two ranks lower.
Gas exporters set out on long march toward unity
Doha: The Organisation of Petroleum Exporting Countries (Opec) had little influence until a decade after it was founded and it could take an organisation of leading gas producers even longer to gain clout, but it is moving in that direction.
At its first meeting in two years, the Gas Exporting Countries Forum on Monday decided to set up a high-level study group, led by the world's biggest gas exporter Russia, to examine tighter collaboration.
Ministers said it was a step towards turning the previously toothless body into a gas version of Opec, which has a permanent secretariat, a team of experts to analyse the balance of supply and demand and has at times sent oil prices soaring.
Some big gas powers balked at the word cartel - a label often given to Opec and also rejected by many in that group. They said they were not seeking to fix prices or limit supplies to consumers.
But escalating demand and surging costs that have forced project cancellations or delays have focused minds on ways of working together.
Japanese exchange to offer gold-based trading fund
Gold fund to trade on Osaka exchange
Osaka Securities Exchange, which operates the second-largest Japanese stock market, may list an exchange-traded gold fund as early as this month as it taps rising interest in commodities from investors looking to diversify their portfolios.
The fund, which is linked to gold prices, was being created by one of the largest investment trusts in Japan, and would have net assets under management of ¥3 billion to ¥5 billion, or $25 million to $42 million, said Kotaro Yamazawa, an executive at the exchange.
Rising commodity prices have stirred institutional and retail investor interest in the sector, and has led to an expansion in exchange-traded funds, known as ETFs. Gold prices reached a 26-year high of $730.40 an ounce in May 2006, while futures prices for the metal on the Tokyo Commodity Exchange reached a 21-year peak Feb. 26. The Osaka exchange would be the first in Japan to introduce an ETF for gold.
"Listing gold-linked ETFs in Japan will allow institutional investors more opportunities to meet their hedging needs, and may get more individuals interested in gold investments," said Masaaki Nangaku, the chairman of the Tokyo Commodity Exchange.
The Osaka Securities Exchange finished preparations last month to allow listing of ETFs based on "gold, crude, palm oil, non-ferrous metals, and whatever else," Yamazawa said.
Osaka Securities Exchange, which operates the second-largest Japanese stock market, may list an exchange-traded gold fund as early as this month as it taps rising interest in commodities from investors looking to diversify their portfolios.
The fund, which is linked to gold prices, was being created by one of the largest investment trusts in Japan, and would have net assets under management of ¥3 billion to ¥5 billion, or $25 million to $42 million, said Kotaro Yamazawa, an executive at the exchange.
Rising commodity prices have stirred institutional and retail investor interest in the sector, and has led to an expansion in exchange-traded funds, known as ETFs. Gold prices reached a 26-year high of $730.40 an ounce in May 2006, while futures prices for the metal on the Tokyo Commodity Exchange reached a 21-year peak Feb. 26. The Osaka exchange would be the first in Japan to introduce an ETF for gold.
"Listing gold-linked ETFs in Japan will allow institutional investors more opportunities to meet their hedging needs, and may get more individuals interested in gold investments," said Masaaki Nangaku, the chairman of the Tokyo Commodity Exchange.
The Osaka Securities Exchange finished preparations last month to allow listing of ETFs based on "gold, crude, palm oil, non-ferrous metals, and whatever else," Yamazawa said.
UAE's gold jewellery demand likely to grow 20% this year
Dubai: The UAE's gold jewellery demand is likely to grow 20 per cent this year as consumers are willing to pay higher prices, said Moaz Barakat, managing director of the World Gold Council yesterday.
Speaking on the sidelines of a press conference to announce the fifth Dubai City of Gold Conference to be held on April 22-23, Barakat said in quantitative terms the gold jewellery demand this year is likely to be more or less at the same level as last year. However, he said, first quarter trends suggest that in value terms it will be higher by about 20 per cent.
According to a recent survey by London-based industry consultant GFMS bullion imports into the Middle East fell almost 50 per cent last year. A surge in locally generated scrap gold, coupled with a sharp decline in domestic jewellery fabrication, resulted in a drop in fresh bullion imports into the Middle East in 2006. GFMS attributed recycling of gold jewellery to the significant fall in bullion demand from the region.
Festival sales
Industry analysts said the demand situation is improving as consumers have already factored in the increase in gold prices and the festival sales indicate that consumers are willing to pay higher prices.
"The demand situation in the region is fast improving. During the past six months there have been significant improvements in both consumption (jewellery) demand and investment demand for gold," said Alison Burns, Regional Head of Precious Metals, for Standard Bank, Middle East and North Africa.
Speaking on the sidelines of a press conference to announce the fifth Dubai City of Gold Conference to be held on April 22-23, Barakat said in quantitative terms the gold jewellery demand this year is likely to be more or less at the same level as last year. However, he said, first quarter trends suggest that in value terms it will be higher by about 20 per cent.
According to a recent survey by London-based industry consultant GFMS bullion imports into the Middle East fell almost 50 per cent last year. A surge in locally generated scrap gold, coupled with a sharp decline in domestic jewellery fabrication, resulted in a drop in fresh bullion imports into the Middle East in 2006. GFMS attributed recycling of gold jewellery to the significant fall in bullion demand from the region.
Festival sales
Industry analysts said the demand situation is improving as consumers have already factored in the increase in gold prices and the festival sales indicate that consumers are willing to pay higher prices.
"The demand situation in the region is fast improving. During the past six months there have been significant improvements in both consumption (jewellery) demand and investment demand for gold," said Alison Burns, Regional Head of Precious Metals, for Standard Bank, Middle East and North Africa.
Gold hits 5-wk. high on dollar slide, trade tensions
NEW YORK (MarketWatch) -- Gold futures climbed to a five-week high Tuesday, as renewed trade tensions between the U.S. and China and a slide in the U.S. dollar boosted demand for the precious metal.
Gold for June delivery settled up $4.60, or 0.7%, at $681.50 an ounce on the New York Mercantile Exchange. It reached a high of $686.80 in intraday trading, the highest price seen for that contract since Feb. 28.
"The U.S. currency took another hit this morning after overnight data showed a widening (actually a doubling) Chinese trade surplus," said Jon Nadler, analyst at Kitco Bullion Dealers.
"Bullion was also bolstered by rising crude oil prices which showed strength after several sessions of significant weakness."
China's trade surplus widened to $46.4 billion from $23.3 billion. U.S. trade officials on Monday filed two cases against China before the World Trade Organization, charging that Beijing has failed to crack down on copyright violations on a wide range of products and maintaining barriers to trade in books, music, videos and movies
Gold for June delivery settled up $4.60, or 0.7%, at $681.50 an ounce on the New York Mercantile Exchange. It reached a high of $686.80 in intraday trading, the highest price seen for that contract since Feb. 28.
"The U.S. currency took another hit this morning after overnight data showed a widening (actually a doubling) Chinese trade surplus," said Jon Nadler, analyst at Kitco Bullion Dealers.
"Bullion was also bolstered by rising crude oil prices which showed strength after several sessions of significant weakness."
China's trade surplus widened to $46.4 billion from $23.3 billion. U.S. trade officials on Monday filed two cases against China before the World Trade Organization, charging that Beijing has failed to crack down on copyright violations on a wide range of products and maintaining barriers to trade in books, music, videos and movies
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