I dunno who's shadowing who. I thought CL was the head and ES the tail. But the tail wants to behead the dog. No matter, you can be assured they're both smelly pooches.
Mon Mar 7, 2011 5:13pm EST * Libya conflict rages, keeps crude oil prices up * Prices off highs on rumors of Gaddafi exit deal * U.S. weighs release from strategic oil reserves * Coming up: API oil data, 4:30 p.m. EST, Tuesday NEW YORK, March 7 (Reuters) - U.S. crude oil futures ended nearly 1 percent higher to hit their highest levels since September 2008 as raging violence in Libya spawned further worries about supply disruptions. Fears persisted that similar uprisings could hit other oil producers in the Middle East and North Africa, further raising geopolitical risks. April crude CLJ1 settled well off highs near $107 a barrel, however, as rumors spread that Muammar Gaddafi was seeking an exit deal. Traders next focus on weekly U.S. inventory reports. A Reuters poll forecast that domestic crude stocks rose 300,000 barrels, while distillates and gasoline fell 900,000 barrels and 1.3 million barrels, respectively. [EIA/S] FUNDAMENTALS * On the New York Mercantile Exchange, April crude CLJ1 settled up $1.02, or 0.98 percent, at $105.44 a barrel, the highest since the Sept. 26, 2008, close at $106.98. It traded from $104.25 to $106.95. * U.S. crude's discount against Brent narrowed to $9.60, from $11.55 at the close Friday. April Brent LCOJ1 settled at $115.04, down on rumors about Gaddafi's exit deal. [CL-LCO=R] * Britain and some other countries are working on a U.N. Security Council resolution allowing for a no-fly zone over Libya, British Foreign Secretary William Hague said. [ID:nNLDE72620E] [ID:nNlDE7260G5] * Gulf Arab states called for a no-fly zone imposed in Libya and for an urgent Arab League meeting to discuss the Libyan situation, a statement from the Gulf Cooperation Council said. [ID:nLDE72625E] * The White House pushed back against pressure from some lawmakers for direct intervention in Libya, saying it first wanted to figure out what various military options could achieve. [ID:n0781461] * NATO launched 24-hour surveillance of Libya with AWACS reconnaissance planes as the military alliance plans potential steps to address Libya's violent unrest. [ID:n07107760] * The U.S. government is considering tapping its strategic oil reserves to safeguard economic growth, White House Chief of Staff William Daley told NBC's "Meet the Press" on Sunday, echoing comments by some Obama officials. [ID:nN06273383] * OPEC ministers are holding informal consultations about oil prices and Libya, but the group is not planning to hold an emergency meeting, an OPEC delegate said. [ID:nLDE7260TT] * Citigroup raised its price forecasts for Brent and U.S. crude for 2011 and 2012, citing a stronger-than-expected first quarter and a "fear premium" on threats of continued output disruptions. [ID:nL3E7E70MN] * Commerzbank raised its second-quarter forecast for Brent LCOc1 crude to $120 a barrel, from $93. [ID:nL3E7E70T9] * Morgan Stanley (MS.N) has stopped trading crude and refined products with Libya to comply with U.S. sanctions against the Gaddafi government.[ID:nLDE7261B6] MARKETS NEWS * U.S. gold futures ended off a record high as oil prices pulled back from early highs on speculation Gaddafi was seeking a deal to leave the country. [ID:n07566740] * Copper suffered its biggest one-day loss in nearly four months as rising oil prices and geopolitical instability fanned recovery doubts. [MET/L] [ID:nLDE72610M] * Wall Street ended lower in a technology shares sell-off while uncertainty spawned by higher oil prices looked set to fuel further volatility in the days ahead. [.N] * The euro's rally against the dollar halted as sovereign debt worries returned, but oil prices and expectations for higher euro zone interest rates were seen continuing to favor the currency. [USD/] .DXY UPCOMING DATA/EVENTS * U.S. Energy Information Administration weekly petroleum inventory data, 10:30 a.m. EST (1530 GMT), Wednesday. SETTLE NET PCT LOW HIGH CURRENT DAY AGO CHNG CHNG VOL VOL CLc1 105.44 1.02 1.0% 104.25 106.95 369,957 369,148 CLc2 106.73 1.12 1.1% 105.46 108.25 140,696 127,363 LCOc1 115.04 -0.93 -0.8% 114.50 118.50 196,140 167,586 RBc1 3.0039 -0.0425 -1.4% 2.9988 3.0936 34,584 34,950 RBc2 3.0119 -0.0406 -1.3% 3.0065 3.0950 22,493 16,996 HOc1 3.0657 -0.0236 -0.8% 3.0467 3.1372 39,748 51,620 HOc2 3.0743 -0.0214 -0.7% 3.0561 3.1426 19,529 19,514 TOTAL MARKET VOLUME OPEN INTEREST CURRENT Mar 04 30D AVG Mar 04 NET CHNG CRUDE 818,485 865,400 928,926 1,568,095 -7,498 RBOB 86,185 78,922 116,733 277,160 -293 HO 95,742 128,562 135,042 307,984 702 (Reporting by Gene Ramos and Robert Gibbons)
<< Monday old news: it seems there was partial truth in the gaddafi deal rumer Monday >> http://www.cnbc.com/id/41945430 Libyan leader Muammar Gaddafi is "unlikely" to be seeking safe passage out of his war-torn country despite a BBC report that he was preparing to leave, US officials told NBC News. The BBC report, which quoted an unsourced story in a pan-Arab newspaper, said that Gaddafi had solicited the help of the rebel National Transitional Council for help leaving the country. The rumor came after an earlier report that one of Gaddafi's associates appealed to opposition chiefs for dialogue, a sign the aging autocrat may be ready to compromise with the unprecedented revolt. The report caused oil prices to pull back after soaring to near $107 a barrel. Jadallah Azous Al-Talhi, a Libyan prime minister in the 1980s who is originally from eastern Libya, appeared on state television reading an address to elders in Benghazi. He asked them to "give a chance to national dialogue to resolve this crisis, to help stop the bloodshed, and not give a chance to foreigners to come and capture our country again." The offer, rapidly dismissed by rebels, coincided with a renewed publicity drive by Gaddafi that warned European nations to the north of the Mediterranean that if he fell "you will have immigration, thousands of people from Libya will invade Europe." Ahmed Jabreel, an aide to rebel leader Mustafa Abdel Jalil, said: "Any negotiations must be on the basis that Gaddafi will step down. There can be no other compromise."