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IEA says oil demand slowing as US changes lifestyle
AFP
The IEA cut its estimate for global oil demand this year and next on Wednesday, saying consumers mainly in the United States are changing their lifestyles in response to high prices.
… Sharp revisions to June data meant that North American demand in June fell by 5.3 percent on a 12-month comparison.
The oil price rise and economic slowdown had been “devastating” for US consumers.
Overall North American demand, which grew by 119,000 barrels per day last year, would fall by 748,000 barrels this year, it forecast.
… The head of the oil industry and markets division at the IEA, David Fyfe,… said: “There’s a growing body of evidence that high prices in conjunction with weakening economic conditions, are having an impact on people’s lifestyles which could last.”
And he observed:”I think there are elements in OPEC which are concerned about that.”
(10 September 2008)
Mayday, Mayday . . . US Natural Gas (Investors) in Trouble,’
New Report from Raymond James Concludes
Bill Paul, Energy Tech Stocks
Raymond James & Associates, the investment banking firm, forecast that the U.S. natural gas market will be way oversupplied this winter compared with last, and that by next summer conditions will be even worse, posing ‘big trouble’ for natural gas investors.
In a new report, Raymond James’ Houston-based energy analysts colorfully conclude, “Mayday, Mayday . . . US Natural Gas in Trouble.”
The report finds that if year-over-year U.S. natural gas supply continues to grow at a rate of 3.5 billion cubic feet a day (Bcf/day), theoretically speaking, by the end of next summer there would be well above 4 trillion cubic feet in storage. That can’t happen because there isn’t that kind of storage capacity, so the report concludes that prices and drilling activity are likely to fall significantly
(12 September 2008)
Regulators can’t quantify oil speculators
AP
Agency calls for new rules to rein in traders without ties to oil, after critics blame swap dealers for record crude prices.
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Federal regulators say they’re unable to quantify the number of speculators in oil markets.
The U.S. Commodity Futures Trading Commission released a much-anticipated report Thursday that called for new rules that would curtail so-called swap dealers.
(11 September 2008)
