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Energy Investing News 5-20-08

Saudi Arabia National Oil Celebrates 75 Years

Saudi Arabia on Tuesday marked the 75th anniversary of its national oil company, once a joint operation with the Americans, but gave no sign of acquiescing to a U.S. request to increase its oil output.

U.S. House Votes To Sue OPEC

Defying a White House veto threat, the House on Tuesday overwhelmingly approved legislation that would allow the Justice Department to pursue legal action against the Organization of the Petroleum Exporting Countries for conspiring to restrict supplies or drive up prices.

Energy Department To Take Delivery Of Oil Currently En Route 

The U.S. Energy Department will take delivery of oil for the Strategic Petroleum Reserve that is already in tankers or in pipelines, a spokeswoman said.

Energy Investing News 5-17-08

Crude Oil Sets Record $128 A Barrel

News that Saudi Arabia had boosted its oil output by 300,000 barrels a day was greeted as a non-event on oil markets _ the move wasn't anywhere near the kind of production increase needed to bring prices down on Friday.

Saudi Arabia Remembers The Boom/Bust Oil Cycle

"They remember that and they're not going have that happen again," says Robert Ebel, an international energy expert at the Center for Strategic and International Studies. "They understand the market just as well as we do."

United States Halting Strategic Oil Reserve Injections

The United States is halting shipments to its strategic oil reserve for the second half of the year after Congress passed a bill calling for the suspension, the Energy Department said Friday.

Energy Investing News 5-16-08

Oil Hits New Record Above $127

Oil prices have risen above $127 a barrel for the first time.

Light, sweet crude for June delivery rose as much as $3.31 to $127.43 a barrel in electronic trading Friday on the New York Mercantile Exchange by afternoon in Europe. That tops the previous high of $126.98 a barrel set Tuesday.

Natural Gas Inventory Build Tops Estimates

Natural Gas stockpiles increased 93bcf

President Bush Urges Saudi Arabia To Increase Oil Production

Bush today flew to Saudi Arabia to make a renewed appeal for the kingdom to help cut record oil prices.

In January, the US president asked Saudi Arabia to increase production to ease high petrol prices, a potential issue in November's US presidential election.

Energy Investing News 5-12-08

China Reports Drop In Oil Imports

Oil fell below $124 a barrel on Tuesday as a year-on-year fall in China's April oil imports, the first time in 18 months, raised questions over demand in the world's second largest oil consumer.

U.S. light crude for June delivery was down 65 cents at $123.58 a barrel by 0247 GMT, having settled a hefty $1.73 lower on Monday after a new intraday record high of $126.40.

London Brent crude was down 47 cents to $122.44.

Traders Anticipate Rise In U.S. Oil Inventories

Oil fell in New York for a second day on expectations that U.S. crude supplies probably gained for a fourth week on falling demand in the world's largest consumer.

Canadian Solar Names New CEO

Canadian Solar Inc. said Monday it named Vice President of Finance and Secretary Arthur Chien to the post of chief financial officer, effective June 7.

India Plans To Invest In Uranium Prospecting To Address Fuel Shortage

India is to invest around $175 million in domestic uranium prospecting in an attempt to overcome the shortage of fuel at the country's nuclear power stations, an Indian nuclear official said on Monday.

Oil Pulls Back To $122 A Barrel After OPEC Announcement
OPEC states that it is prepared to produce more oil if it determines market conditions warrant increased supplies.

Natural Gas Inventories Increase 65 bcf
EIA estimates as of 5-2-08.....Natural gas in storage was 1,436 Bcf.  This represents a net increase of 65 Bcf from the previous week.

Energy Conversion Devices Report Positive Earnings
Energy Conversion Devices (NASDAQ ENER) closed at $49.41, a gain of over 43%.

Goldman, Sachs Report Makes Case For $200 Oil

Oil prices threaten to hit $200 a barrel in a final "super-spike" over coming months as producers fail to keep pace with blistering demand from China and the Middle East, according to a controversial report by Goldman Sachs.

Reduced Oil Production May Lead To Indonesia Leaving OPEC

President Susilo Bambang Yudhoyono of Indonesia said Tuesday that his country was considering quitting OPEC because it was no longer a net oil exporter.

Crude Oil Hits $122 On Threat Of Supply Disruption

Crude oil rose to a record $US122.73 a barrel in New York on threats to supply in Nigeria and Iraq and growing Asian fuel consumption.