Asians who think they’ll benefit from sliding U.S. and European benchmark oil prices may have another thing coming.
New York Mercantile Exchange and ICE crude-oil benchmarks have more or less steadily fallen for the past two months, and prices of current futures contracts are weakening relative to more distant months—evidence of weak prompt demand—but shipping data and price indicators show that demand remains strong in Asia’s physical crude markets.
Shipping data also shows that rates for chartering oil tankers from the Middle East to East Asia have been rising over the past few weeks—to their highest levels in almost a year—on strong demand for oil cargoes from the oil-rich region.
The cost of sending a 265,000-ton very large crude carrier, or VLCC, on the Middle East-Japan route has surged to $32,322 a day, up $14,041 a day from a week earlier, SSY Consultancy and Research said. “A rally in the VLCC market has pushed up the average earning of VLCCs, and the market seems likely to continue to rise,” it said.
Don't worry Norrris, the GOP,the ONE world order, and BIG oil has prices where they want them to be....the price will not fall much.
Solar, Nat Gas and other Renewables should be promoted to expand the middle class American base
Wow completely delusional and No One was just thinking about Jon Stewart too.
World oil prices are set by OPEC. Saudi Arabia as the largest member of the cartel or oligopoly sets the price in their interest.
That may change as American entrepreneurs and not the massive Progressive/political oil majors unleash our domestic energy. Unimaginable amounts of American energy as we were told it was all gone and most of us believed it. Thank goodness we have Americans like George Mitchell and Mr. Hamm who not only understood more than the deluded political consensus but risked all on what they knew.
Solar and wind mills have economic applications. But base load is pure mean spirited delusion. America has at least 1000 year on shore supply of natural gas. Which can already be commercially developed at a fraction of the cost of oil let alone insane solar and endangered bird and bat slaughtering wind mills.
We can not even stop this corn ethanol insanity when it has not one single social benefit for extreme cost, world instability and vastly more pollution. After what American and the world have been through the logical course of action is to force 15% blends into our gasoline supply?
Truth is with our natural gas co2 emission are far below what was thought possible. Ours are actually down while Europe busy destroying what remains of the competitiveness of their economy with insane 'alternative' is producing more co2 let more alone true pollution.
If only human nature and this world was as primitive and simplistic as the collectivist intellect and id. Then collectivism might have worked once in human history.
Very Wondrous that the Bible begins with a story about the nature of collectivism. What happens when God designed individuality is pressed into the unnatural mold of man mandated uniformity in the man defined equality. Not good then nor any time sense.