Oil Prices Surge on Speculative Buying

[phantom power]

Translation: if we're lucky, the economy will continue to tank, thus driving oil prices downward.

January 03,2006 | WASHINGTON -- Oil prices jumped by more than $2 a barrel Tuesday as a mixture of cold rain and snow fell in parts of the U.S. Northeast, but traders said speculative buying appeared to be the rally's main driver.

"We're having one of our mildest winters, yet crude and products futures are rallying. There's a tremendous amount of speculative money going into energy futures," said James Cordier, president of Liberty Trading Group in Tampa, Fla.

Oil futures finished 40 percent higher than they started in 2005, reaching a high of $70.85 per barrel.

Many analysts believe the average price of oil will be below $60 in 2006, but not by much as U.S. and Chinese economic growth continues and OPEC members express growing interest in a production cut, perhaps as early as the first quarter.

The only factor that could quickly dampen investor enthusiasm for energy would be a stronger-than-expected slowdown in economic growth, Cordier said.

http://www.salon.com/wire/ap/archive.html?wire=D8ETB54O0.html

[Vincardog]

1. Translation the Parasites are going to suck every drop of blood they can

Where are the regulatory agencies? Would the adults please step in soon?

[xray s]

2. The speculators are speculating about WAR

they smell the blood in the water. when BushCo invades Iran $70 bbl oil is going to be a wistful memory.

http://news.ft.com/cms/s/78793298-7c54-11da-936a-0000779e2340.html

Iran announces resumption of research on nuclear fuel
By Najmeh Bozorgmehr in Tehran
Published: January 3 2006 14:19 | Last updated: January 3 2006 14:19

Iran announced on Tuesday it would resume research on nuclear fuel projects after a gap of over two years, in a move that could provoke international anger....

[endarkenment]

3. war specualtion would be +20 not +2. nt.