That's - Mr. Al Quida - That Doesn't exist
Melvin Adaschik
That's - Mr. Al Quida - That Doesn't exist
Thu Aug 19, 2004 13:40

Mr. Al Quida {you really don't want to know about his brother Ben}: THE Class A Stockholders of the Federal Reserve - or The ADL - Which group, besides the Emet Group, Has done More Real "Damage" to America ? [] ============================================================== [] ======================================================================================================================= Fear, Not Fact, Drives World Oil Price To Record High
AFP: 8/19/2004 =[] ========================================
JEW YORK CITY, Aug 19 (AFP) - Fear, not fact, is powering world oil prices to all-time highs, defying even positive news such as a peace deal in the Iraqi flashpoint city of Najaf, analysts said.

Prices set new records here Wednesday despite a report that Muslim Shiite militia leader Moqtada Sadr had agreed with a national Iraqi conference to disarm his militia and leave a holy shrine following a ceasefire.

"Sayyed (honorific) Moqtada Sadr has sent a message to the national conference in which he accepted all the conditions extended to him, but there must be a ceasefire for the steps to be implemented," said one of his aides, Ahmed al-Shaibani.================================================== []================================================

The news came hours after Iraq's defence minister had threatened to crush his rebellion.

Even so, New York's benchmark contract, light sweet crude for September delivery, surged 52 cents to a record settlement of 47.37 dollars.

In electronic trade shortly after the market closed, it shot to an all-time high 47.50.

Brent North Sea crude for October rose four cents to finish at 43.03 dollars.

Despite the Iraq deal, "exports in the south are still interrupted" and there was no guarantee that fighters would stop targetting the pipelines, said PFC Energy analyst Jamal Qureshi.

Crude exports from Iraq's southern oil terminals were halved to about 40,000 barrels an hour because of attack threats from Shiite Muslim militia, a Southern Oil Company official said this week.

The big fear on the market is that oil producers, including the Organization of Petroleum Exporting Countries, are straining to pump at near maximum rates, meaning a disruption could quickly become a shortage.

The latest weekly snapshot of US commercial crude oil inventories in the week to August 13 showed a drop of 1.3 million barrels to 293.0 million, the Energy Department said.

It was the third straight weekly decline.

"Even if the inventories are fairly normal, investors focus on the drought headline," Qureshi said.

Refco market analyst Marshall Steeves agreed.

"Inventories look like they are in good shape and not nearly as bad as this spring but inventors worry that demand has grown more than supply," Steeves said.

"They are concerned that the market is going to run out of spare capacity," he said.

In this climate, analysts said prices were still heading higher, driven by the market momentum.

A price of 50 dollars a barrel was in sight, Steeves said, "more because of a fear premium of potential disruption ... than because of existing problems."

World supply faces an extraordinary array of risks: instability in Iraq, a possible bankruptcy at Russian oil titan Yukos, stormy weather in the oil-rich Gulf of Mexico and hot demand, especially in China.

"We think the rise in oil prices is not just a spike but a long term trend with even more potential for higher highs going forward," warned Wachovia economist Jason Schenker.

Fears of a surge to 80 or 100 dollars were overdone, however, said Refco's Steeves. "You would have to have Yukos shutting off their production, as well as (a production halt) in Iraq, and a strike in Nigeria," he said. =========================================================================================================================Texas Gas Storage Facility Explodes

Thursday August 19, 2004 4:31 AM

MOSS BLUFF, Texas (CR&AP) - Natural gas exploded at an underground storage facility before dawn Thursday, forcing dozens of people from their homes, authorities said.

No injuries were reported, but roads were closed and houses were ordered evacuated within a mile of the Duke Energy site, about 40 miles northeast of Houston.

Witnesses said in broadcast reports that they saw a ball of fire from a bridge over the Trinity River.

One person who was inside the storage site when the gas exploded managed to escape, said Capt. Bill Tidwell of the Liberty County Sheriff's Department.

``Everybody's been accounted for,'' he said.

Crews decided to let the gas burn itself out, and two other storage chambers at the facility were not thought to be threatened, he said. Emergency crews remained on the scene well past daybreak.

The cause of the explosion was not immediately known.

Danny Gibbs, a spokesman for Charlotte, N.C.-based Duke Energy, said there were no environmental or safety concerns. ``Natural gas is burning, but it will dissipate,'' Gibbs said.

Gibbs said he did not know how long the gas would burn.

The sparsely populated area is dotted with manmade caverns inside salt domes, the world's largest storage site for explosive hydrocarbons. In 1980, an underground gas leak in nearby Mont Belvieu forced 72 families from their homes for almost five months.


On the Net: try getting factual info.... []===================================================

Oh Yeah , Provocative1 - Posting below a previous Post - Have you heard this one before ? Ben sez Hey!

  • Al Qaeda Does Not Exist and Never Has Provocative1, Thu Aug 19 12:24

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