Today in Houston (Downtown) my wife and I had to go to 3 stations to fiind gas. New blend of anti-smong w/ ethanol for Houston and Dallas has caused a small shortage.
Bought 2 CLM6 at 70.55 Sell Stop at 68.75 Target 78.00 Account balance $25,000 (this amount is allocated for energy trades only for this journal).
is it me or does that stoploss seem relatively small given the extreme of your target? considering we have never hit 78 before...
Thats just what I'm willing to risk on this trade, if we break 69 (closing price) I see prices heading back to the mid 60's. I'm looking for some range bound trading between 71-74 for a little while. Any run beyond current highs I can see us reaching $3-5 past them.
Kuwait plans to boost output by 2010 By Stanley Carvalho, Staff Reporter Abu Dhabi: Opec member Kuwait plans to raise crude oil output to three million barrels per day by 2010 and open up some oil fields for international companies, a top government official said. Jamal Al Nouri, Managing Director, International Marketing, Kuwait Petro-leum Corporation, also said the country will lift its refining capacity to 1 million barrels per day by 2010. "Upstream, Kuwait will attain production capacity of at least 3 million barrels per day by 2010 within the framework of a longer term target of 4 million barrels per day by 2020," he said at the Middle East Petroleum and Gas Conference. Kuwait currently produces 2.6 million barrels per day of crude oil of which nearly 1 million barrels per day is refined. Kuwait holds more than 10 per cent of the world's proven reserves. "Kuwait will open up its northern fields to international consortia which include major Asian consuming nations," he said. The country has made some light crude discoveries recently and these new discoveries will add 10-13 billion barrels to Kuwait's current 98.6 billion barrel proven reserves. "We will expand total refining capacity to over 1 million barrels per day by 2010 and 1.5 million barrels per day by 2020. The fourth refinery to supply fuel for power generation will have a capacity of 400,000 to 600,000 bpd by 2010, he said." Moreover, Kuwait will participate in joint venture projects in Asia in refining, petrochemicals and infrastructure.