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Erlend Olson Brent Explodes'
Brent crude oil for June settlement was at $85.79 a barrel on the London-based ICE Futures Europe exchange, up 9 cents, at 2:15 p.m. Singapore time. Yesterday, the contract rose 90 cents, or 1.1 percent, to end the session at $85.70.
Brent traded at a premium of $2.07 a barrel to West Texas futures, versus a discount of 71 cents a month ago.
"This report is quite bearish, especially the build in Cushing which caused the Brent price to explode against WTI," said Clarence Chu, a trader with options dealer Hudson Capital Energy in Singapore. "The market may not be able to rebound if we see a pattern developing where these inventories are building."
Whisper stock
A stock rumored to be the target of a takeoverbid, drawing speculators who hope to make a profit after the takeover is completed.
Utility revenue bond
A municipal bondissued to finance the construction of publicutility services. These bonds are repaid from the operating revenues the project produces after the utility is finished.
Two other local projects also received state grants:
-- Habitat for Humanity for Summit County got a $28,000 state grant to purchase a box truck to assist in removing re-usable materials from demolition sites. The materials will be sold at the Habitat ReStore on Romig Road in Akron. The nonprofit group will provide $14,000.
-- PK Crushing of Akron is getting a $148,750 state grant, to be matched by the same amount, to purchase equipment to boost recycling of concrete, asphalt, brick and block into aggregate base for paving. The project will boost recycling of such material by 30 percent or 18,000 tons a year.
The grants will be funneled by the state through the Summit-Akron Solid Waste Management Authority to the three winners.
