As Demand Eases, Oil Price May Fall further

The demand for oil in the global market is reportedly slowing. Its seven week decline in oil price could futher in the next coming months and could probably down to &117 per barrel in the next coming weeks.

This seemed to be confirmed by a report released Friday by the Commodity Futures Trading Commission which showed that speculative funds were shifting to a net short position for the first time in 17 months.

If crude prices do drop by $20-25 – leading to pump prices of $3.25-$3.50 – it could undercut current conservation measures by stimulating demand and pushing prices up once again, analysts cautioned.

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Oil prices steady at $123/barrel

Today, oil prices paused at $123 per barrel in the world oil market, contributing to the seven week low. The decline has counted a total of $23 dollars reduce from its former $147 oil price seven weeks ago.

Crude speculators on the New York Mercantile Exchange shifted to a net short position in the week to July 22, according to data from the Commodity Futures Trading Commission released on Friday. It was the first time speculators have been short crude oil positions since Feb. 13, 2007.

Rising demand in emerging economies like China launched oil on a six-year rally that sent prices up sevenfold at their peak. The sharp drop has some analysts forecasting oil prices may have peaked, with Lehman Brothers predicting $90 a barrel by the end of the first quarter of 2009.

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A Good News on Still Climbing Oil Price

What the good news? The still escalating oil price is definitely not a good news. As of today, oil price is still at $118 per barrel but the sight of going $120 next month paused. Why? Here comes the good news: the US inventories of oil are said to have a positive response. Find out why....


But U.S. Energy Secretary Sam Bodman has rejected both suggestions, saying the tax revenue is needed to help build and repair U.S. highways and bridges and that the nation needs to build its emergency oil stockpile so it can replace 90 days of crude imports if necessary. The reserve now has only about a 55-day supply now.

Americans spent $100 billion on gasoline in the first quarter of this year, according to a recent survey done for the Consumer Federation of America -- up from $40 billion in the same quarter of 2002. The works out to an increase of about $600 per household, the group said.

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JIC Sees Investment Returns in 3 Alternative Energy Projects

The alarming oil price increase has ushered some of the oil firms to try their luck in alternative energy ventures. For instance, the J.I.C Technolgy Company Ltd., which is to be renamed as Hong Kong Energy Holdings Limited, has initiated to venture on three alternative energy projects. Find out how they manage to venture in this projects...

About J.I.C. Technology Company Limited (stock code: 987)

In March 2008, 74.99% interest of J.I.C. Technology Company Limited was acquired by HKC (Holdings) Limited. Following that, all HKC (HOLDINGS)'s new investment in the alternative energy business will be conducted through JIC. The Company is to be renamed as Hong Kong Energy (Holdings) Limited. For more information, please visit website: http://www.hkenergy.com.hk .

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