Word: bbl
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Already stunned by the success of allied air raids on war's first day, oil traders were jolted anew when they heard the bogus news that Saddam had been toppled by his officers. The rumor helped send the price of U.S. crude down more than $2 per bbl., capping a one-week fall...
...recession and put a drag on sluggish economies around the world. With every new rumor out of the Persian Gulf, the war premium swung menacingly. The gyrations gave rise to a frightening question: How high would oil prices skyrocket if fighting actually broke out -- $50 or even $100 per bbl...
...answer arrived with stunning force last week. At the start of hostilities, crude prices rose briefly. On news of the initial success of Operation Desert Storm, they collapsed in their sharpest drop in history. At the New York Mercantile Exchange, oil contracts for February delivery fell $10.56 per bbl. on Thursday after an avalanche of sell orders forced a one- hour halt in trading moments after the opening bell. The frantic trading slashed the oil price to near the $20-per-bbl. level that prevailed just before the gulf crisis began. "Euphoria is too weak a word," observes John Lichtblau...
With every favorable turn in the war, oil prices will tend to fall because the world is awash in petroleum. The storage tanks of industrial countries are brimming with 3.5 billion bbl. of crude, a 96-day cache that is the largest in nearly a decade. The supply has built up because of slumping demand in the U.S. and other countries mired in recession, along with furious pumping by energy-rich nations to make up for the boycott of oil from Iraq and Kuwait. % Even without the two countries' combined daily output of 4.3 million bbl., the rest...
...price plunge was aggravated last week because industrial countries, mistakenly anticipating an outbreak of panic buying as war began, gave the go- ahead to tap their emergency petroleum supplies. President Bush authorized the month-long sale of 1.1 million bbl. a day from the 585 million-bbl. Strategic Petroleum Reserve, which is stored in salt domes along the Texas and Louisiana coasts. The drawdown will provide some 6% of the U.S.'s daily consumption of 17 million bbl...