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Oil moves off highs on inventory report

Crude and gasoline supplies fall more than expected, but raw material for heating fuel post big gain ahead of winter.

September 6 2007: 10:41 AM EDT


NEW YORK (CNNMoney.com) -- Oil prices moved off their highs Thursday after the government said supplies of crude oil and gasoline fell more than expected but distillates, used to make heating oil and diesel fuel, rose.
U.S. light crude for October delivery rose 70 cents to $76.43 a barrel on the New York Mercantile Exchange. Oil had traded up $1.36 just prior to the report's release.
http://money.cnn.com/2007/09/06/markets/oil_eia/index.htm?postversion=2007090610
 
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Oil climbs above $76 on inventory concerns

Analysts expect crude oil and gasoline stockpiles to fall by 1.1 million barrels each, in upcoming inventory report.

September 6 2007: 3:23 PM EDT

SINGAPORE (AP) -- Oil prices rose amid expectations that a government report due later Thursday would show declines in crude and gasoline inventories.
Light, sweet crude settled up $1.79 to $76.87 a barrel in Asian electronic trading on the New York Mercantile Exchange, mid-afternoon in Singapore. The contract rose 65 cents to settle at $75.73 a barrel Wednesday.

http://money.cnn.com/2007/09/06/markets/bc.apfn.as.fin.mkt.oilp.ap/index.htm?postversion=2007090615
 
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Oil seeks direction above $76

Federal government data indicate that domestic crude stocks dropped more than expected last week, but prices hold steady.

September 7 2007: 7:15 AM EDT

SINGAPORE (AP) -- Oil prices held steady Friday after government data showed a larger-than-expected decline in domestic crude stocks.
Light, sweet crude for October delivery slipped 5 cents to $76.25 a barrel in Asian electronic trading on the New York Mercantile Exchange at mid-afternoon in Singapore. The contract added 57 cents to settle at $76.30 a barrel Thursday.

http://money.cnn.com/2007/09/07/markets/bc.apfn.oilprices.ap/index.htm?postversion=2007090707
 
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OPEC, my favorate organization!:mad:

saefong_67x67.gif

Myra Saefong's Commodities Corner
OPEC walks a tightrope as oil prices near a record

By Myra P. Saefong, MarketWatch
Last Update: 7:30 AM ET Sep 7, 2007

SAN FRANCISCO (MarketWatch) -- The world's major oil producers have a big decision to make when they meet next week: how to deal with signs of softening global economies and the usual run up in fourth-quarter oil demand as crude prices head toward record levels.

http://www.marketwatch.com/news/sto...x?guid={4A5A23AC-E969-4075-972E-27C801A50927}
 
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Crude futures rise 3.6% for the week Traders eye weak U.S. jobs data, look to OPEC
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By Myra P. Saefong, MarketWatch

SAN FRANCISCO (MarketWatch) -- Crude-oil futures climbed Friday to finish the week with a 3.6% gain, but traders spent most the session torn between the potential for a fall in energy demand, uncertainty ahead of a meeting of key oil producers next week and falling U.S. crude and gasoline supplies.
The moves look like "a mix of profit-taking from the recent run up in prices along with some trepidation about the global economic picture," said Neal Ryan, a manager and market analyst at Ryan Oil & Gas Partners LLC.
http://markets.usatoday.com/custom/...S&guid={EDF678BF-67B1-47D1-98C4-AC0D4A21148E}
 
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Survey: Gas prices end 2-month drop:(

Average price for self-serve regular rose 6.5 cents per gallon, reversing a two-month decline; prices unlikely to fall soon.

September 9 2007: 4:14 PM EDT

(CNN) -- Gas prices rose 6.5 cents over the past two weeks to $2.81 per gallon of self-serve regular, the first increase at the pump since early July, a national survey said Sunday.
"It's crude oil at work," said Trilby Lundberg, publisher of the Lundberg Survey. She noted that, from Aug. 24 to Sept. 7, the price of crude rose by more than 13 cents per gallon, outpacing the rise at the pump by two to one.

http://money.cnn.com/2007/09/09/news/economy/gas_prices/index.htm?postversion=2007090916
 
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OPEC unlikely to cut oil production:)

Even though the oil cartel is expected to keep current production levels, U.S. subprime mortgage woes could lower demand.

September 9 2007: 4:57 PM EDT

VIENNA, Austria (AP) -- OPEC is almost certain to maintain its current production target this week - but analysts say the cartel could be forced into action if rising crude oil prices start having a chilling effect on the global economy.
With the summer driving season over and demand for gasoline and diesel fuel slackening, the 12-nation Organization of Petroleum Exporting Countries is feeling little pressure to raise its official output quota of 25.8 million barrels a day when oil ministers meet Tuesday in Vienna.

http://money.cnn.com/2007/09/09/news/economy/opec_production.ap/index.htm?postversion=2007090916
 
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OPEC members: Plenty of oil to go around

Ahead of meeting, key ministers say there is no need to ramp up output amid slackening demand for gas, diesel fuel.

Key OPEC oil ministers insist crude is plentiful, no need to raise
September 10 2007: 6:17 AM EDT

VIENNA, Austria (AP) -- Iran's acting oil minister said Monday he's convinced there are ample supplies of crude on world markets, joining Kuwait and Libya in signaling that OPEC will maintain its current output targets at this week's meeting.
Arriving in Vienna on the eve of a meeting that analysts said was unlikely to result in higher production quotas for the Organization of Petroleum Exporting Countries, Gholam Hossein Nozari suggested the 12-nation cartel felt little pressure to loosen its taps.

http://money.cnn.com/2007/09/10/new....opecmeet.ap/index.htm?postversion=2007091006
 
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Oil retreats after last week's big runup

After climbing on concerns about global supply, crude prices ease towards $76 a barrel.

September 10 2007: 5:54 AM EDT

SINGAPORE (AP) -- Oil prices dropped Monday as traders took profit from the rise in crude futures last week on worries about global supplies.
Light, sweet crude for October delivery lost 47 cents to $76.23 a barrel in Asian electronic trading on the New York Mercantile Exchange by midafternoon in Singapore.
http://money.cnn.com/2007/09/10/markets/bc.apfn.as.fin.mkt.oilp.ap/index.htm?postversion=2007091005
 
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Now their doing it in Mexico!!:mad:

Pemex reports pipeline explosion

Petroleos Mexicanos, Mexico's state-run oil company, suspects sabotage in pipeline explosion.

September 10 2007: 10:20 AM EDT


MEXICO CITY (AP) -- Several explosions believed to the result of sabotage ripped apart pipelines for Mexico's state oil monopoly early Monday, the company said. There were no injuries.
The Mexican state oil monopoly Petroleos Mexicanos, or Pemex, issued a statement saying it believed the explosions, which forced the evacuation of 12,000 people, were deliberate.
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http://money.cnn.com/2007/09/10/new...pipelinee.ap/index.htm?postversion=2007091010
 
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FUTURES MOVERS
Crude futures fall ahead of OPEC meeting

By Nick Godt, MarketWatch
Last Update: 10:33 AM ET Sep 10, 2007

NEW YORK (MarketWatch) -- Crude-oil futures fell more than 1% early Monday, giving up some of their strong gains from last week, as traders geared themselves for a meeting of key oil-producing countries amid signs that Saudi Arabia is pushing for a boost in output.


http://www.marketwatch.com/News/Story/Story.aspx?column=Futures+Movers
 
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Who's backing these hoodlums?:confused:

Mexican group takes claim for pipeline explosion

Leftist group takes credit for the explosions that caused hundreds of millions of dollars in lost production.

September 10 2007: 7:22 PM EDT


MEXICO CITY (AP) -- A shadowy leftist guerrilla group took credit for a string of explosions that ripped apart at least six Mexican oil and gas pipelines Monday, rattling financial markets and causing hundreds of millions of dollars in lost production.
The six explosions could be seen miles away, and set off fires that sent flames and black smoke shooting high above the Gulf coast state of Veracruz.
http://money.cnn.com/2007/09/10/new...pipelinee.ap/index.htm?postversion=2007091019
 
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Oil little changed as OPEC meets

Crude prices steady as investors wait to see if cartel will announce production quota increase.

September 11 2007: 6:56 AM EDT


NEW YORK (AP) -- Oil prices steadied Tuesday as markets awaited word from OPEC about whether it would keep its production quotas unchanged, after a late rally in the previous session.
Light, sweet crude for October delivery fell 8 cents to $77.41 a barrel in electronic trading on the New York Mercantile Exchange midday in Europe, after rising earlier as high as $78.32. October Brent crude lost 7 cents to $75.41 a barrel on the ICE Futures exchange in London.
OPEC mulls modest production increase
http://money.cnn.com/2007/09/11/markets/bc.apfn.eu.fin.mkt.oilp.ap/index.htm?postversion=2007091106
 
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OPEC mulls modest production increase

Analysts say upping quota would send a message to jittery markets that OPEC is paying attention to high prices.

September 11 2007: 5:53 AM EDT

VIENNA, Austria (AP) -- OPEC was deciding Tuesday whether to maintain its production quota or give it a modest and symbolic boost to calm oil markets worried that there may not be enough crude to meet global demand by year's end.
Despite resistance by Venezuela and a few other members of the Organization of Petroleum Exporting Countries, key oil ministers said they were discussing the possibility of raising the cartel's current official output target by another 500,000 to 700,000 barrels a day.

http://money.cnn.com/2007/09/11/new....opecmeet.ap/index.htm?postversion=2007091105
 
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AP
OPEC Boosting Crude Oil Production
Tuesday September 11, 12:45 pm ET
By William J. Kole, Associated Press Writer OPEC Agrees to Boost Crude Oil Output by 500,000 Barrels a Day Starting in November
VIENNA, Austria (AP) -- OPEC agreed late Tuesday to boost its crude oil output by 500,000 barrels a day in an effort to calm markets worried that supplies could grow tight by the end of the year. The surprise move would take effect starting Nov. 1.(more)
http://biz.yahoo.com/ap/070911/opec_meeting.html?.v=8
 
International PRICE FIXING comes to mind! Why not we do the same with corn and grain? Then we could make a deal for Oil and Gas.:nuts:
 
ALL TIME HIGH!!:mad:

Oil prices hit all-time high

Traders focus on tight inventories, ignore OPEC decision to raise production, sending crude to highest settle ever.

September 11 2007: 3:52 PM EDT

NEW YORK (AP) -- Oil prices rose to a new record settlement price Tuesday as traders turned their attention to Wednesday's government inventory report expected to show tight supplies and shrugged off OPEC's decision to boost output.
Light, sweet crude for October delivery rose 74 cents to settle at $78.23 a barrel on the New York Mercantile Exchange after alternating between gains and losses. The settlement price beat the previous record, set July 31, by 2 cents.

http://money.cnn.com/2007/09/11/markets/bc.apfn.eu.fin.mkt.oilp.ap/index.htm?cnn=yes
 
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