nymex at Stock Research

The nearest years the government of Iraq plans to construct some new oil refining factories, and also to modernize already existing, to start to export gasoline and other products of oil refining to 2010. Minister of oil of Iraq Hussein Al-Shahristani has made such statement today.
As he said, construction of largest of new factories nearby 140 thousand barrel per day will be completed by capacity to 2009-2010. The exact site of a factory is not specified yet; however it is known, that it will be in one of the central areas of the country. One more factory (capacity nearby 70 thousand barrel per day), according to minister, is planned to construct near to settlement Koja in the north of Iraq. After 2010 construction of a large factory by capacity nearby 300 thousand barrel per day in An-Nasria is planned, informs Associated Press.
Besides, as minister has noted, is planned to modernize and expand already existing oil refining factories in Baidga, Dora and Basra, having increased manufacture on each of them on 700 thousand barrel per day. “Thus, to 2009-2010 national manufacture of mineral oil will allow to cover internal demand, and to 2010-2011 we shall be ready to start to export mineral oil”, - minister has concluded.
Hussein Al-Shahristani also has confirmed plans of the government to lift a level of oil extracting in the country from existing 2 up to 3 million barrel per day already by the end current year. Iraq takes the third place in the world on volume of the proved oil stocks. After the American intrusion in 2003 extraction has decreased on third, and attacks of insurgents complicate work of oil refining factories therefore in the country there was a sharp shortage of gasoline and diesel fuel.
As for the World prices for oil on August, 21st 2006 they have considerably risen. On results of the trades at leading oil stock exchanges Inter Continental Exchange Futures (ICE Futures - London) and New York Mercantile Exchange (NYMEX - New York) the official prices of oil futures of the nearest month of delivery have accordingly made - IPE Brent Crude - $73,38 (+1,08) for barrel - Light Sweet Crude Oil - $72,45 (+1,31) for barrel.

Over and over again I’m writing about prices for oil. This theme arouses interest of the majority of population of the Earth. The World prices for oil on July, 27th 2006 have considerably risen. So, on results of the trades at leading oil stock exchanges InterContinental Exchange Futures (ICE Futures) and New York Mercantile Exchange (NYMEX) the official prices of oil futures of the nearest month of delivery have accordingly made (London):
- IPE Brent Crude – $75.01 (+1.01) for barrel;
- Light Sweet Crude Oil – $74.54 (+0.60) for barrel.

The prices for oil</a> futures on July, 25th have noticeably decreased. If in the morning price showing exceeded a mark $75 for barrel, to evening the prices under transactions have again returned on a level $73 for barrel. Results of the trades at stock exchanges contracts of the nearest month of delivery on July, 25th have made:
- in New York on New York Mercantile Exchange (NYMEX) the official price of future Light, Sweet Crude Oil (September) has fallen to 1 dollars of 30 cents (-1,7 %) and was established on a mark $73.75 for barrel (the lowest price of closing for a week) at the prices under transactions for session $73.55-75.78 for barrel;
- in London on InterContinental Exchange Futures (ICE Futures) the official price of future IPE e-Brent Crude Futures Electronic (September) has fallen off on 1 dollars 33 cents (-1,8 %) and was established on a mark $73.28 for barrel (the lowest official parameter more than for two weeks) at the prices under transactions for session $73.10-75.41 for barrel.
High Volatility under transactions at the trades on July, 25th it has been caused by expected development of a situation in the Near East. On the one hand, continuation of a confrontation and threat of its distribution on the countries next to Lebanon pushed oil quotations upwards. On the other hand, across the Near East and firm intentions of the Arabian countries to accept drastic measures for cease-fire in Lebanon formed international meeting forthcoming on July, 26th in Rome in the market of that expectation that the conflict in region joint efforts will manage to be extinguished. The prices for oil have gone down after the state the Secretary of State of the USA Condoleezza Rice has suggested entering into Lebanon the international forces.
Futures for gasoline and residual oil on NYMEX on July, 25th have gone down within the limits of 1.5 %. During first half of day the steady rise in prices on gasoline and residual oil was observed, that technically supported growth of oil quotations. The prices for petroleum products grew because of expectations of reduction of their deliveries to a home market of the USA. We shall remind that in connection with a stop of manufacture on several oil refineries in the USA oil refining in the country has decreased approximately on 500 thousand barrel per day. The rise in prices on gasoline also was promoted by expectations of falling since August on the following of 5-7 months of its import Venezuela - the country which is the main external supplier of gasoline in the USA. Deliveries of gasoline from Venezuela since August can essentially be reduced in connection with carrying out after a fire of repair work on the world’s largest oil refining complex Amuay-Cordon (throughput - the order 940 thousand barrel per day). At the same time the rise in prices on petroleum products, first of all gasoline, on July, 25th has been complicated in connection with the high prices of the retail market. We shall remind, that retail prices for gasoline in the USA have already exceeded a mark of $3 for gallon and now concede to the absolute record very little.
The high prices for gasoline, participants of the market consider, can become the reason of decrease in consumption of automobile fuel.
Decrease in the end of day of petrol quotations also was promoted by expectations of the publication of the weekly report of the Ministry of power of the USA forthcoming on July, 26th about a condition in the country of stocks of crude oil and petroleum products.

Every day not only investors discuss the changes in prices of oil, that’s why I think this peace of news is noteworthy.
So, the prices for oil</a> futures on July, 18th have continued falling. It was the second from the beginning of week falling of the prices for oil. And it was approximately same essential, as well as on the eve. Once again the prices have fallen more than to 2 %, but this time they have already left a mark $75 for barrel.
The official prices for oil were established on July, 18th on the marks as much as possible close to the lowest prices under transactions. Thus the price of oil Brent has remained a little above $74 for barrel, while the price of oil WTI (Light Sweet) was established below this level. Results of the trades at stock exchanges contracts of the nearest month of delivery have made:
- in New York on New York Mercantile Exchange (NYMEX) the official price of future Light, Sweet Crude Oil (August) has fallen off on 1 dollars and 76 cents (-2.3 %) and was established on a mark $73.54 for barrel. (The lowest price of closing more than for two weeks) at the prices under transactions for session $73.50-76.50 for barrel;
- in London on InterContinental Exchange Futures (ICE Futures) the official price of future IPE e-Brent Crude Futures Electronic (September) has fallen to 1 dollars and 56 cents      (-2.1 %) and was established on a mark $74.36 for (the lowest price of closing for a week) at the prices under transactions for session $74.30-77.29 for barrel.
But why have prices began to fall? For first two days of this week oil has fallen in price more than on 4 %. Development of a situation in the oil market was once again defined with atmosphere in the Near East. Participants of the conflict have continued on July, 18th an exchange of rocket and artillery impacts. And the Air Forces of Israel have made a strike on military base in Lebanon that for a while promoted a rise in prices on oil futures.
Nevertheless, by the end of day the price for oil have gone down under pressure of confidence (that have became stronger) of market participants that the conflict will not extend to Syria and Iran. Decrease in interest to purchases of oil futures was promoted by the announcement of the Secretary of State of the USA Condoleezza Rice that the arrangement on cease-fire in Lebanon will be soon reached. Reduction of prices on oil products on July, 18th also has proceeded.
Additional technical pressure upon the oil market has rendered on July, 18th essential falling of the prices for gold. So, despite of preservation in the world of geopolitical instability, gold this day has fallen in the price for 3.4 %. Oil and gold already for a long time bargain in pair, is persistent following one after another. Simultaneous falling of the prices for oil and on gold testified that large investors gradually deduce their actives from the market of commodity futures, considering that fact that the US dollar has grown for a week concerning euro more than on 2 %.

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