Word: petroleum
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Until the righting began two weeks ago, worldwide petroleum production had been exceeding demand by approximately 2.5 million bbl. per day as a result of recession in the U.S. and heightened conservation efforts in nations everywhere. World petroleum inventories now exceed 400 million...
...than six months. But later in the week the index rallied to close at 950.68, about a 10-point rise from the week before. A key reason was that many investors rushed to buy oil stocks in expectation that the turmoil in the Persian Gulf would soon push up petroleum prices...
...fact, prices have already begun inching up for such high-value petroleum products as diesel fuel, naphtha and heating oil. The increase is slower than the breakneck pace that characterized the pay-any-price panic of 1979, when the spot cost of crude oil shot up from $13 to $40 per bbl. In Rotterdam, hub of Europe's volatile crude-oil spot market, small cargoes last week were selling for anywhere from $4 to $5 per bbl. above the long-term average rate of approximately $32 per bbl. that the 13-nation OPEC cartel is now charging...
World currency markets were relatively calm last week. The dollar and the British pound were the strongest of the principal currencies. The strength of the pound was due to Britain's plentiful North Sea oil deposits, which will be worth even more if petroleum prices again increase. It is also kept robust by the country's 16% interest rates. British exporters, however, complain that their goods are now overpriced in foreign markets in comparison with products priced in weaker currencies. The dollar was robust largely because it remains, despite U.S. economic problems, the world's "refuge currency...
...possibility of a world petroleum shortage was enough to cause a temporary bull market for oil companies that enjoy extensive reserves outside the Middle East. Many oil stocks on the New York Stock Exchange last week rolled to new yearly highs. Among them: Amerada Hess, Atlantic Richfield, Kerr-McGee, Shell, Standard Oil Co. of Indiana and Standard Oil Co. of Ohio...