"Crude Oil Futures Fall Amid Speculation Fuel Demand May Decline"
Crude oil fell the most in almost a month on concern the global economic recovery may falter, reducing demand for fuel. Crude futures may decline next week as the recession lowers consumption and bolsters U.S. supplies, a Bloomberg News survey of analysts showed. Industrial production in the U.S. fell for a sixth month in April as output at factories, mines and utilities decreased 0.5 percent, according to a report today from the Federal Reserve in Washington. “It’s still about the economy,” said Phil Flynn, senior trader at Alaron Trading Corp. in Chicago. “If the bulls are going to reignite their bullish passion.....Complete Story
"Chevron to Proceed with Investment Plan in South Asia"
U.S. based oil giant Chevron Corp. (CVX) plans to move ahead with investments in South Asia amid an expected strong economic recovery in the overall region. "Asia will have the quickest recovery to feed future demand growth. We have strategic locations in Asia to support growth in the long term," Joe Geagea, managing director for Chevron Asia South Ltd., said at a press conference in Bangkok. "We're not stopping anything in the region. Asia is the engine of growth." Chevron's assets in South Asia cover Bangladesh, Cambodia, China, Myanmar, Thailand and Vietnam. Production from these.....Complete Story
"Gasoline May Pull Down Other Oils, PVM Says: Technical Analysis"
Gasoline futures may lead crude oil, heating oil and gasoil as much as 5 percent lower should the motor fuel drop below its eight day moving average, a director of PVM Oil Associates Ltd. said. The five main oil contracts, including U.S. and North Sea crude, all traded below their eight day averages during intraday trading yesterday, with Brent crude settling below the average. Gasoline is the best-performing energy commodity, having gained 71 percent this year. June gasoline was little changed at.....Complete Story
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