U.S. House passes Iran divestment bill

(Reuters) - Under the legislation approved by a 408-6 vote, the Treasury Department would be required to list twice yearly on the Internet the names of companies that have more than $20 million invested in the Iranian energy sector.




Money managers who decide to divest from companies on that list would be protected from lawsuits under the bill, which shields both private-sector money managers and fund managers for state and local governments and educational institutions.


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Dollar Trades Near Record Low Versus Euro Before Fed Manufacturing Report

(Bloomberg) -- The dollar traded near a record low
against the euro before U.S. central bank report today that will
probably show a manufacturing slowdown, adding to speculation the
Federal Reserve will lower interest rates.

The U.S. currency also may decline for a third day against
the yen after Iran last week asked Japanese refiners to use their
own currency to pay for crude oil purchases. Iran's request is
``effective immediately,'' according to a letter dated July 10
and obtained by Bloomberg News. Iran's central bank in March said
it was cutting its U.S. dollar reserves.


Read more at Bloomberg Currencies News

U.S. SEC's country watch list draws fire

(Reuters) - Both business and humanitarian groups say the list,
available on the U.S. Securities and Exchange Commission's Web
site, is ill-conceived. The tool provides links to companies
whose annual reports contain "some reference" to business
related to Sudan, Syria, North Korea, Iran and Cuba.




"Not only has the SEC named and shamed the wrong companies,
it's missed many with significant operations in countries like
Sudan," Adam Sterling, director of the Sudan Divestment Task
Force, and Todd Malan, president and CEO of the Organization
for International Investment, wrote in an opinion piece in
Thursday's Wall Street Journal.


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South Korea's Fuel Oil Exports May Fall 36 Percent in July, Officials Say

(Bloomberg) -- South Korea's fuel-oil exports may
fall 36 percent in July from the previous month as demand from
domestic utilities increases and refiners lose orders to
Venezuelan and Iranian rivals, refinery officials said.

GS-Caltex Corp., S-Oil Corp. and Hyundai Oilbank Co. may
export no more than 225,000 metric tons of high-sulfur fuel oil
in July, down from about 350,000 tons in June, according to four
refinery officials, who asked not to be identified because of
company policies. Almost all July cargoes may be shipped to China,
they said.


Read more at Bloomberg Energy News

UPDATE 1-Iran sanctions bill passes first US Congress test

(Reuters) - WASHINGTON, June 26 - President George W. Bush
would be forced to sanction oil and gas companies doing
business with Iran under legislation that cleared a first
hurdle on Tuesday by winning overwhelming approval from a
congressional committee.




The bill was approved 37 to 1 by the U.S. House of
Representatives International Relations Committee.


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US STOCKS -Futures point up as retailers report sales

(Reuters) - But oil prices may keep investors on guard after a report North Korea fired missiles off its west coast and a cyclone weakened to a storm but headed toward Iran, a major oil producer.




"Right now the markets are looking unchanged to a little higher, but we'll have to keep a close eye on what happens in the oil pits," said Peter Cardillo, chief market economist at Avalon Partners in New York.


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Crude Oil Gives Up Gains as Weakening Cyclone Gonu Misses Omani Oil Fields

(Bloomberg) -- Crude oil traded below $66 a barrel in
New York as Tropical Cyclone Gonu missed oil rigs and fields in the
Middle East, causing only some disruption to shipping.

Gonu battered southern Iran early today after hitting the
eastern coast of Oman yesterday, closing all its seaports and oil-
export terminals two days ago and causing the country to suspended
oil and gas exports. Ships continued to pass through the Strait of
Hormuz, a waterway between Iran and Oman at the mouth of the
Persian Gulf, the Associated Press reported.


Read more at Bloomberg Energy News

Oil Rises on Signs N.Y. Prices Fell Too Far, Nigeria Oil-Worker Kidnapping

(Bloomberg) -- Crude oil rose in New York on
speculation that yesterday's 2.4 percent drop in prices was
larger than justified, and after oil workers were kidnapped in
Nigeria, Africa's biggest producer.

``Some recovery is to be expected after the huge move we had
yesterday,'' said Tom Bentz, an oil broker with BNP Paribas Inc.
in New York. ``There are still plenty of bullish factors to be
concerned about. There are more kidnappings in Nigeria and
threats of strikes and violence, the Iran situation simmers and
gasoline supplies are tight.''


Read more at Bloomberg Energy News

Crude-Oil Futures in London Climb on Nigerian, Iranian Supply Concerns

(Bloomberg) -- Crude oil fell in New York and rose in
London to a nine-month high, boosted by threats to supply from
Nigeria and Iran.

London-traded Brent crude, traditionally cheaper, now costs
a record $6.46 a barrel more than New York oil. A government
report yesterday showed that supplies in Cushing, Oklahoma, the
delivery point for New York futures, jumped last week, adding to
a glut that is depressing prices. Refinery fires and power
outages have cut demand for the U.S. benchmark grade.


Read more at Bloomberg Commodities News

Crude Oil Falls in New York on Report or Increased Inventories at Cushing

(Bloomberg) -- Crude oil in New York fell after a
government report showed that supplies in Cushing, Oklahoma, the
delivery point for Nymex futures, jumped last week.

Inventories at Cushing rose 899,000 barrels to 27.36 million
barrels, the Energy Department reported yesterday. Refinery fires
and power outages have cut demand for West Texas Intermediate
oil, the U.S. benchmark grade. Brent oil, produced in the North
Sea, rose because of threats to supply from Nigeria and Iran.
Brent has averaged more than $1 cheaper than WTI since 1990.


Read more at Bloomberg Energy News

GLOBAL MARKETS-Stocks, Treasuries dip on data, China warning

(Reuters) - LONDON, May 24 - U.S. Treasury prices dipped on
Thursday after mixed U.S. economic data gave no firm evidence of
the need for interest rate cuts, while global stocks fell
following a warning about the overheated China market.




Oil prices rose to a nine-month high above $71 a barrel on
concerns about supplies from Iran and U.S. stock futures were
pointing to a softer start on Wall Street.


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Gas price hits record for second week

(Reuters) - The much larger Lundberg industry survey of 7,000 stations showed the national price of gasoline jumped 11.4 cents over the last two weeks to a record $3.18 a gallon.




The latest EIA pump price matches the all-time high fuel cost of $3.22 a gallon, when adjusted for inflation, reached in March 1981 after war erupted between Iran and Iraq.


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