Oil Slick Stuff

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Update. Watch out for that Oil Slick!

Oil teeters as crude supplies fall
Government reports 6 million barrel drop, prices flirt with all-time record.
By Steve Hargreaves, CNNMoney.com staff writer
July 12 2006: 11:11 AM EDT

NEW YORK (CNNMoney.com) -- Oil prices seesawed Wednesday after the government said supplies of crude oil were far below estimates.
U.S. light crude for August delivery fell 6 cents to $74.10 a barrel on the New York Mercantile Exchange. Crude was up 9 cents just prior to the report's release and climbed as high as $74.85 immediately after
 
This is not good, very slippery!:worried:
$74.85 a barrel.

07/12/2006 - Updated 1:46 PM ET
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Oil resumes rise toward $75 as Iran conflict heats upCrude supply drops as imports decline; gas supply slips: Energy Dept.
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</IMG>By Myra P. Saefong, MarketWatch
SAN FRANCISCO (MarketWatch) -- Crude-oil futures resumed their climb toward $75 a barrel Wednesday as a report that Western nations have sent Iran back to the United Nation's Security Council because of a conflict over Tehran's nuclear program, raised the likelihood of economic sanctions on the world's fourth largest-oil producer.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=Commodities&guid=%7BB31516E7%2DC9D5%2D4091%2DBC66%2DEBFA057BCFCB%7D
 
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I've seen prices of $75.00 and over really slam the markets, including the "I", let your conscience be your guide. :mad:
$74.95 a barrel
Oil ends close to $75 as Iran conflict heats up
Crude supply drops as imports decline; gas supply slips: Energy Dept.
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</IMG>By Myra P. Saefong, MarketWatch
SAN FRANCISCO (MarketWatch) -- Crude-oil futures closed a few pennies short of $75 a barrel Wednesday as a report that Western nations have sent Iran back to the United Nation's Security Council because of a conflict over Tehran's nuclear program, raised the likelihood of economic sanctions against the world's fourth largest-oil producer.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=Commodities&guid=%7BB31516E7%2DC9D5%2D4091%2DBC66%2DEBFA057BCFCB%7D
 
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Nnuut,
Like Ur thread!
But come clean: R U a: Pusher, Driller. Roughneck, or a newbie Roustabout?....:nuts:
Come on, claim Ur AKA, no mor hidding. You gotta enroll. Thats when the rig catches you on fire you jump on the ground enroll.....:D
 
OVER $75.00, not good! :mad:
What is it that they say? Slicker than eel ---- in a greasy -- something?:confused:
 
This morning's MarketWatch Headline:

Gloom engulfs Wall Street
Investors fleeing to Treasurys and gold as oil price sparks fears
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A broadly lower open's on tap for U.S. shares, as crude touches an all-time high of $75.89 a barrel amid heightened Mideast tensions.​
 
LONDON (MarketWatch) -- U.S. stock market futures pointed to another day of losses Thursday, as crude-oil futures touched a record high amid Middle Eastern tensions and as the world's largest retailer, Wal-Mart Stores, was downgraded, offsetting better-than-forecast results from PepsiCo and Marriott International.

 Energy prices were a factor behind Merrill Lynch's decision to downgrade Wal-Mart Stores to neutral from buy.

"Sales growth looks to remain challenged by stiffening macro headwinds facing the lower income consumer, including higher energy prices, increased non-discretionary spending commitments, and middling job and wage growth," the brokerage said.
 
And so it continues, But do we still have enough oil, Stupid!:notrust:
$76 + a barrel
AP
Oil Hits $76 As Mideast Violence Escalates
Thursday July 13, 10:24 am ET
By Robert Barr, Associated Press Writer

Oil Hits $76 a Barrel As Violence in Middle East Escalates

LONDON (AP) -- Oil prices hit a new high above $76 a barrel Thursday in a market agitated by escalating violence in the Middle East, the standoff with Iran over its nuclear program and news of explosions on Nigerian pipelines.
http://biz.yahoo.com/ap/060713/oil_prices.html?.v=17
 
$76.05 - I guess Americans not blessed enough to have Oil Tycoon DNA running through their veins are going to be breaking out the cards, ivory & board games at the family dinner table for the remainder of this summer; and maybe more.
 
Light, sweet crude for August delivery shot up $1.30 to $76.25 a barrel on the New York Mercantile Exchange, surpassing the previous high of $75.78 set during trading last Friday.
Click to expand...

Let's see:

Iran deadline,
Nigerian pipeline explosions,
Israel bombing Lebanon and Gaza,
Iraq violence increasing,
Rising China demand,
Sinking dollar.......


Hummmmmm......

Could it spell $5 gasoline by Christmas? Thanskgiving? Labor Day? ? ?

(And how come the IRS and GSA haven't increased the POV milage rate yet? THAT's what I want to know...)
 
I'm going to sell an oil stock this afternoon and buy a number of lonely wall flowers - seems like a dumb thing to do. But that's how I operate. Take opportunity on the contrarian side of the street.
 
Perhaps in the arena of $3.00 - $3.25; national average. In either case... not good for the price of travel, groceries and durable goods.
James48843 said:
Let's see:

Iran deadline,
Nigerian pipeline explosions,
Israel bombing Lebanon and Gaza,
Iraq violence increasing,
Rising China demand,
Sinking dollar.......


Hummmmmm......

Could it spell $5 gasoline by Christmas? Thanskgiving? Labor Day? ? ?

(And how come the IRS and GSA haven't increased the POV milage rate yet? THAT's what I want to know...)
Click to expand...
 
I'm going to have to stop buying popcorn & drinks at the theater too, if we see $3.25 gas in Texas. I've already cut off lunching at McDonalds, Burger King and KFC. :(
 
This is really getting scary!
Closed at $76.70 a barrel!:(

07/13/2006 - Updated 4:50 PM ET
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Crude past $77 in electronic tradingLebanon, Iran combine to fuel output concerns
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</IMG>By Myra P. Saefong, MarketWatch
SAN FRANCISCO (MarketWatch) -- Crude-oil futures extended Thursday's gains into the electronic-trading session, pulling prices above $77, past the regular session's record closing level.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=Commodities&guid=%7BB8976CDF%2DFBFF%2D4C3C%2DAB75%2D537F4B14C238%7D
 
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May get worse before it gets better!
Closed at $76.70 a barrel, but!
Isreal is having a field day, tonight!:mad:

07/13/2006 - Updated 6:00 PM ET
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Crude past $78 in electronic tradingLebanon, Iran combine to fuel output concerns
1.gif
</IMG>By Myra P. Saefong, MarketWatch
SAN FRANCISCO (MarketWatch) -- Crude-oil futures extended Thursday's gains into the electronic-trading session, pulling prices above $78, past the regular session's record closing level.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=Commodities&guid=%7BB8976CDF%2DFBFF%2D4C3C%2DAB75%2D537F4B14C238%7D
 
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Oil hits record over $78
SYDNEY - Oil prices surged to record highs above $78 on Friday as global geopolitical storm clouds gathered, with supply disruption in OPEC exporter Nigeria and tensions across the Middle East driving crude into unchartered territory. U.S. crude for August surged $1.40 to $78.10 a barrel by 0147 GMT, after hitting a record $78.40 as gains came on top of Thursday's $1.75 rally. London Brent was $1.01 up at $77.70, also touching a record after Thursday's $2.30 jump.
http://news.yahoo.com/s/nm/20060714/bs_nm/markets_oil_dc_21
 
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