Oil Slick Stuff

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Oil dips; inventories awaited

Crude lower on expectations gasoline stocks would rise, helped by increased refinery usage.

July 25 2007: 8:05 AM EDT

LONDON (Reuters) -- Oil prices slipped for a fourth day on Wednesday on forecasts of higher refinery production in the United States that would ease worries over fuel supplies during peak summer demand.
Crude for September delivery traded 22 cents lower to $73.34. London Brent crude fell 40 cents to $74.68 a barrel by 6:55 am ET, after tumbling $1.78 on Tuesday.

http://money.cnn.com/2007/07/25/markets/bc.markets.oil.reut/index.htm?postversion=2007072508
 
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Oil moves off highs as gas supplies rise

Inventory report shows gains in refined products, higher refinery usage and record gasoline imports; OPEC hints at more supplies.

By Steve Hargreaves, CNNMoney.com staff writer
July 25 2007: 11:02 AM EDT

NEW YORK (CNNMoney.com) -- Oil prices slipped from earlier highs Wednesday after the government said supplies of crude oil fell slightly less than expected while refined products grew more than thought.
U.S. light crude for September delivery rose 22 cents to $73.78 a barrel on the New York Mercantile Exchange. Oil had traded up 52 cents just prior to the report's release.

http://money.cnn.com/2007/07/25/markets/oil_eia/index.htm?postversion=2007072511
 
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High oil prices all summer, Algerian says

Algerian energy minister tells newspaper there is no shortage of oil, but refinery constraints, consumption of products keep prices high.

July 25 2007: 5:57 AM EDT

ALGIERS, Algeria (Reuters) -- Oil prices will stay high all summer due to refinery constraints and high demand internationally, Algerian Energy and Mines Minister Chakib Khelil said in remarks published Wednesday.
Government newspaper El Moudjahid quoted him as saying Algerian oil output was now about 1.42 million barrels per day. It did not specify whether Khelil was referring to crude output only or was including natural gas liquids and condensates.

http://money.cnn.com/2007/07/25/new...ria.oil.reut/index.htm?postversion=2007072505
 
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US LSC more expensive than Brent Crude. First time I've seen that, something has got to change! There may be hope?:confused:


Oil price climbs on rising demand


Oil prices have hit their highest level in almost a year as US stockpiles fall while demand from refineries rises.
US light sweet crude settled $1 higher at $76.88 a barrel after earlier peaking at $77.24, while London Brent crude rose 52 cents to $76.84.
The rise came a day after a US Department of Energy report showed crude oil stockpiles had fallen while refineries had stepped up production.
http://news.bbc.co.uk/2/hi/business/6917327.stm
 
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Exxon makes $10B on record gas prices

But profit falls short of estimates and doesn't top its previous record quarter.

By Steve Hargreaves, CNNMoney.com staff writer
July 26 2007: 9:05 AM EDT

NEW YORK (CNNMoney.com) -- Exxon Mobil reported over $10 billion in quarterly profit Thursday as higher gasoline prices helped offset a decline in revenue from natural gas.
But Exxon's profit fell short of estimates and was lower than the $10.7 billion it reported in the fourth quarter of 2005, the highest quarterly corporate profit ever.

http://money.cnn.com/2007/07/26/news/companies/exxonmobil/index.htm?postversion=2007072609
 
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Oil follows stocks lower

Crude retreats from $77 a barrel as falling Dow raises fears of slowing economic growth and oil demand.

July 26 2007: 2:04 PM EDT


NEW YORK (Reuters) -- Oil prices fell Thursday as a sharp drop in the U.S. stock market spurred concerns about crude demand growth, reversing an earlier rally.
U.S. light crude for September delivery lost 58 cents to trade at $75.30 on the New York Mercantile Exchange.

http://money.cnn.com/2007/07/26/markets/bc.markets.oil2.reut/index.htm?postversion=2007072614
 
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Demand concerns keep oil steady

Crude continues to respond to supply issues; market shrugs off concerns that plague stock markets.

July 27 2007: 6:44 AM EDT


LONDON (Reuters) -- Oil steadied above $75 Friday, supported by the fundamentals of energy supply and demand and shrugging off immediate worries over corporate borrowing costs and the U.S. economy that roiled stock markets.
Sharp falls in global stock markets, triggered by weak U.S. housing data and tightening credit markets, dragged crude more than $1 lower late on Thursday. But oil recovered its poise on Friday, remaining within sight of its record high above $78.
http://money.cnn.com/2007/07/27/markets/bc.markets.oil.reut/index.htm?postversion=2007072706
 
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How about that OIL!:D

Market Update

2:00 pm : The major averages are still clawing their way out of what was initially shaping up to be another disastrous day for equities; and they're getting a boost from, of all things, a jump in oil prices. The Energy sector, which was down as much as 2.8%, is now down only 0.4% as a short covering rally spikes oil to session highs. Crude for September delivery is up 2.6% near $76.90/bbl.
Yesterday, this year's best performing sector consolidated to the tune of 3.7%, and the absence of its increasingly influential leadership took an added toll on the market. The Dow is back above the 13,400 mark for the first time this afternoon; and one of the reasons has been a huge rebound in Exxon Mobil (XOM 87.55 -0.68). It was off as much as 3.1% earlier but is now down just 0.8%. DJ30 -58.52 NASDAQ -12.09 SP500 -4.30 XOI -0.7% NASDAQ Dec/Adv/Vol 2050/947/1.75 bln NYSE Dec/Adv/Vol 2242/1022/1.31 bln
http://finance.yahoo.com/marketupdate/overview
 
Speeking of OIL Prices!:mad:


Oil price near record close in US

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High oil prices push up the cost of energy and petrol

Oil prices have climbed to within a cent of a record close in New York, raising concerns about the effect of higher energy costs on inflation.
The surge is particularly worrying as the threat of interest rate increases are shaking global stock markets and fanning fears about a credit crunch.
http://news.bbc.co.uk/2/hi/business/6920159.stm
 
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U.S. gasoline prices fall to $2.88

After refineries come back online pump prices fall, but are likely to stand at current levels.

July 29 2007: 6:48 PM EDT


NEW YORK (Reuters) -- U.S. average retail gasoline prices fell 17 cents per gallon as Midwest refiners recovered from recent difficulties and produced more gas, according to an industry analyst.
The national average for self-serve, regular, unleaded gas was nearly $2.8843 a gallon on July 27, down from the July 13 level of $3.0577, according to the nationwide Lundberg survey of about 7,000 gas stations.

http://money.cnn.com/2007/07/29/new...index.htm?postversion=2007072918&iref=topnews
 
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More than that, DUFUS!:mad:

OPEC chief: Oil $7 over value

Cartel not 'comfortable' with barrel of crude costing over $80 or under $50.

July 30 2007: 7:15 AM EDT


VIENNA (Reuters) -- Current oil prices are inflated by around $7 per barrel because of concerns about supply security, OPEC's Secretary-General Abdullah al-Badri was reported as saying in a newspaper interview on Monday.
"I presume that prices are currently around $7 per barrel above the real market value," Badri was quoted as saying when asked how much supply concerns were pushing up prices in an interview with Austrian newspaper WirtschaftsBlatt.
However Badri said Western concerns about possible production bottlenecks due to political instability in oil-producing countries were overdone and OPEC had scope to increase production if necessary.
http://money.cnn.com/2007/07/30/new...c.badri.reut/index.htm?postversion=2007073007
 
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Oil eases, but supply concerns remain

Prices also supported by U.S. economic growth; Iran official sees no increase in OPEC production

July 30 2007: 5:51 AM EDT


LONDON (Reuters) -- Oil steadied above $76 a barrel on Monday, supported by lingering supply concerns and stronger economic growth in top fuel consumer the United States.
Crude eased 47 cents to $76.55 a barrel by 5:51 am ET, coming off a gain on Friday of $2.07.
London Brent slipped 35 cents to $75.91. The North Sea benchmark reverted to a discount to U.S. crude last week on signs of lower crude stocks in Oklahoma.
Big Oil: Another profit record in sighthttp://money.cnn.com/2007/07/30/markets/bc.markets.oil.reut/index.htm?postversion=2007073005
 
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Oil climbs to around $77 a barrel

Prices supported by forecasts for another weekly decline of supplies in the world's top consumer.

July 31 2007: 5:51 AM EDT

LONDON (Reuters) -- Oil prices climbed Tuesday and remained in sight of the record high, supported by forecasts for another weekly decline in crude stocks in the world's biggest consumer, the United States.
U.S. crude was up 21 cents at $77.04 a barrel in electronic trading. London Brent crude was up 34 cents at $76.03.
http://money.cnn.com/2007/07/31/markets/bc.markets.oil.reut/index.htm?postversion=2007073105
 
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AP:mad:

Oil Rises Above $78 to New One-Year High
Tuesday July 31, 12:45 pm ET
By John Wilen, AP Business Writer Oil Prices Rise Above $78 to New 1-Year High on Inventory Expectations. Gas Prices Fall.
NEW YORK (AP) -- Oil prices set another one-year record Tuesday on expectations that crude inventories fell last week and reports of new violence in Nigeria, a large oil producer and key supplier to the U.S.
http://biz.yahoo.com/ap/070731/oil_prices.html?.v=14
 
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Why oil is rising but gas gets cheaper

Higher refinery activity has pushed crude to record highs but helped gasoline prices drop 11 percent. Will the trend continue?

By Steve Hargreaves, CNNMoney.com staff writer
July 31 2007: 2:31 PM EDT


NEW YORK (CNNMoney.com) -- If you're like most American motorists, you've noticed two things lately: Oil prices are at record highs, yet gasoline prices have dropped.
Over the last two months, U.S. crude has gained nearly 25 percent, and is now just pennies away from its all-time high. Yet gasoline futures have lost 7 percent over the same time. Retail gasoline prices have fallen even further, declining 11 percent from the all-time high set in May.
http://money.cnn.com/2007/07/31/news/economy/gas_prices/index.htm?postversion=2007073114
 
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Notice that Brent Crude is cheaper than NYMEX Light Sweet Crude. This is the first time I've seen this, Is it good, I don't think so?

Oil dips before inventory report

Crude pushed down in premarket trade, as fears of credit fallout rattle stock markets.

August 1 2007: 5:56 AM EDT

LONDON (Reuters) -- Oil slid below $78 a barrel early Wednesday, unsettled by a wave of share market selling, but its all-time high remained within sight before U.S. data expected to show a further drop in crude stocks in the world's top consumer.
Crude, which settled at a record $78.21 the previous session, was down 51 cents at $77.70 a barrel by 5:54 a.m. ET. It has been testing last year's all-time high of $78.40.

http://money.cnn.com/2007/08/01/markets/bc.markets.oil.reut/index.htm?postversion=2007080105
 
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Not much Oil reserve, I wonder why? THEY MADE IT INTO GAS AND FUEL OIL!!! Isn't that what happens when refineries boost their output? Damnit!:mad:

Oil sets record on drawdown

Inventory report shows huge drop in crude stocks, sending prices past old trading high and toward $79 a barrel.

By Steve Hargreaves, CNNMoney.com staff writer
August 1 2007: 10:39 AM EDT


NEW YORK (CNNMoney.com) -- Oil prices set a record high Wednesday, nearing $79 a barrel, after the government's inventory report said crude supplies fell far more than expected.
U.S. light crude for September delivery rose 35 cents to $78.56 a barrel on the New York Mercantile Exchange. Oil had traded down 39 cents just prior to the report's release.

http://money.cnn.com/2007/08/01/markets/oil_eia/index.htm?postversion=2007080110
 
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