Oil Slick Stuff

[nnuut]

About time it backed off a little!!:nuts:

Oil slides over $2

OPEC signals it may boost production, pulling crude further from $100 a barrel.

NEW YORK (CNNMoney.com) -- Oil prices fell over $2 Monday, retreating further from the $100 mark, after the Organization of Petroleum Exporting Countries said it may increase production.
U.S. crude for December delivery lost $2.47 to trade at $93.85 a barrel on the New York Mercantile Exchange.
http://money.cnn.com/2007/11/12/markets/oil/index.htm?postversion=2007111209

 

[nnuut]

Oil slips on possible output increase

A key OPEC member says the oil cartel may increase production to offset rising oil prices.

Crude prices hit a record of $98.62 a barrel last week.

SINGAPORE (AP) -- Oil prices dropped Tuesday after a key OPEC member left open the possibility the oil cartel will increase output to curb rising prices, and following the strengthening of the dollar overnight.
Saudi Arabian Oil Minister Ali al-Naimi said production will be discussed when the Organization of Petroleum Exporting Countries meets next month in Abu Dhabi in the United Arab Emirates.
http://money.cnn.com/2007/11/13/markets/oil.ap/index.htm?postversion=2007111306

 

[nnuut]

More pain at the pump may be ahead

Report says top forecaster expects gas prices to rise another 20 cents a gallon by December.

November 13 2007: 8:13 AM EST

LONDON (CNNMoney.com) -- A top U.S. forecaster expects gas prices to jump another 20 cents a gallon by December, according to a report in The Wall Street Journal.
Guy Caruso, head of the Energy Information Administration, said gas prices will keep climbing even if crude prices don't because oil refiners haven't passed the recent rise in crude prices on to gas consumers, according to the newspaper.
Crude prices, which have been approaching the $100 a barrel mark, have eased recently. But analysts expect a weak dollar, the approach of winter and strong demand to keep prices afloat.
http://money.cnn.com/2007/11/13/news/economy/gas_prices/index.htm?postversion=2007111308

 

[nnuut]

Gas prices hit working class

Study says lower income people effectively pay 8 times more to fill up; broader economy could feel sting.

By Steve Hargreaves, CNNMoney.com staff writer
November 13 2007: 1:51 PM EST

Some people pay over 8 times thier disposable income than others on gasoline. Experts say economy could feel sting.
(CNNMoney.com) -- Lower-income Americans spend eight times more of their disposable income on gasoline than wealthier residents do.

http://money.cnn.com/2007/11/13/news/economy/gas_burden/index.htm?postversion=2007111313

 

[nnuut]

Oil bounces back, nears $92

Crude prices rebound in electronic trading from a steep overnight drop.

November 14 2007: 6:07 AM EST

-- Oil prices rebounded modestly in Asian trading Wednesday as traders bought contracts after they dropped sharply in the previous session.

Crude prices had declined sharply after the International Energy Agency cut its demand forecasts and said Tuesday that crude supplies are rising.
"Essentially, what the IEA indicated was that high crude prices were weighing down on oil demand," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. "The news is seen as bearish for the market."
http://money.cnn.com/2007/11/14/markets/oil.ap/index.htm?postversion=2007111406

 

[nnuut]

FUTURES MOVERS
Oil rebounds to $93 on low-inventory expectations

By Moming Zhou & Polya Lesova, MarketWatch
Last Update: 11:27 AM ET Nov 14, 2007

SAN FRANCISCO (MarketWatch) -- Crude-oil futures rebounded on Wednesday from a sharp sell-off in the previous two sessions, after data show U.S. crude inventories may decline for a fourth week and as the Organization of the Petroleum Exporting Countries rejected a U.S. appeal to boost output at an upcoming meeting.

December crude-oil futures traded on the New York Mercantile Exchange rose more than $2 to an intraday high of $93.60 a barrel. It was last seen up $1.93, or 2.1%, at $93.10
http://www.marketwatch.com/news/sto...x?guid={D3978A18-E0BE-459A-B5AD-BFA78ECEC980}

 

[nnuut]

Oil slips ahead of inventory report

Prices just under $94 as traders await release of stockpiles report expected to show a drop in inventories.

November 15 2007: 5:57 AM EST

(AP) -- Oil prices edged lower Thursday after advancing nearly $3 overnight, with traders awaiting the release of U.S. petroleum supply data later in the day.

Prices were supported by expectations that U.S. oil inventories fell last week, but many traders were waiting on the sidelines as "it's too risky to sell crude before the data comes out," Koichi Murakami, a broker at Daiichi Shohin, told Dow Jones Newswires.
Light, sweet crude for December delivery lost 23 cents to $93.86 a barrel in Asian electronic trading on the New York Mercantile Exchange by midafternoon in Singapore.
http://money.cnn.com/2007/11/15/markets/oil.ap/index.htm?postversion=2007111505

 

[nnuut]

Oil falls nearly $1

Crude supplies post surprise gain, but heating fuel falls more than expected.

NEW YORK (CNNMoney.com) -- Oil prices fell Thursday after government said supplies of crude oil rose far more than expected.
U.S. light crude for January delivery fell 97 cents to $92.36 a barrel. Oil had traded down 53 cents just prior to the report's release.
In its weekly inventory report, the Energy Information Administration said crude stocks rose by 2.8 million barrels last week. Analysts were looking for a drop of 300,000 barrels, according to a Dow Jones poll.
http://money.cnn.com/2007/11/15/markets/oil_eia/index.htm?postversion=2007111510

 

[Minnow]

My neighbor and I just started pouring our "hurricane" gas into our vehicles (we bought it for $2.65/gal before the start of the hurricane season)... ahhhhhh that felt nice with it around $2.99/gal 'round these parts.... now if we could just figure out how to get speculators out of the crude market (who puts a hurricane prediction center in Colorado anyway?)

btw, nice blog in your account talk... gotta figure out how to use that for my own evil purposes :laugh:

 

[nnuut]

Gas hitting record highs for holiday travel

"12/15/2007"

WASHINGTON (AP) -- Gas prices near record highs at a time of year when they typically decline will not deter drivers from hitting the road this Thanksgiving, AAA said Thursday.

AAA expects 4.7 million Americans will travel by air over the Thanksgiving holiday.

The travel agency expects a record 38.7 million Americans will travel 50 miles or more from home over the five days beginning November 21. That is a 1.6 percent increase over last year. Roughly 80 percent of those trips will be by car, and motorists will pay about $1 a gallon more for gas.
http://www.cnn.com/2007/TRAVEL/11/15/holiday.travel.ap/index.html

 

[nnuut]

Want to start a new business? Here's your chance!

BP to sell US gasoline station retail stores

WASHINGTON (AFP)

A man walks out of the corporate headquarters for British Petroleum at St. James Square in London. British energy group said Thursday it plans to sell off all its company-owned US station retail stores, most of which it expects will be bought by franchise operators.

(AFP/File)
British energy group BP said Thursday it plans to sell off all its company-owned US gasoline station retail stores, most of which it expects will be bought by franchise operators.

http://www.turkishpress.com/nw.asp?s=u&i=071115214336.7sax4cvm&t=BP%20to%20sell%20US%20gasoline%20station%20retail%20stores

 

[The_Technician]

Want to start a new business? Here's your chance!

BP to sell US gasoline station retail stores

WASHINGTON (AFP)

A man walks out of the corporate headquarters for British Petroleum at St. James Square in London. British energy group said Thursday it plans to sell off all its company-owned US station retail stores, most of which it expects will be bought by franchise operators.

(AFP/File)
British energy group BP said Thursday it plans to sell off all its company-owned US gasoline station retail stores, most of which it expects will be bought by franchise operators.

http://www.turkishpress.com/nw.asp?s=u&i=071115214336.7sax4cvm&t=BP%20to%20sell%20US%20gasoline%20station%20retail%20stores

This move should tell you something about large companies, economic expectations, and how they unload their possible losses before they happen......:blink:

 

[nnuut]

Yes the reasoning is just under the surface, some can see it some can't.

 

[nnuut]

Someone has to stop this sputz. I wish he would just SHUT UP! NO, NO CITGO!

Chavez gains OPEC ally

Ecuador will attend the cartel's summit; Venezuelan president sees a supporter of his political views.

CARACAS, Venezuela (AP) -- Venezuelan President Hugo Chavez has found an ally in Ecuador as he seeks to expand his influence within OPEC at a time when analysts say his country is struggling to maintain oil production.
http://money.cnn.com/2007/11/16/new...z_ecuador.ap/index.htm?postversion=2007111606

 

[nnuut]

Oil prices break $95

Prices are supported by fears of tight supply despite a government report revealing higher inventories.

November 16 2007: 10:39 AM EST

NEW YORK (AP) -- Oil prices rose above $95 a barrel Friday amid expectations that global crude supplies will remain tight, despite a U.S. oil inventory report that showed a surprising increase in domestic crude stockpiles.

http://money.cnn.com/2007/11/16/markets/oil.ap/index.htm?postversion=2007111610

 

[nnuut]

Brace yourself!

Gas prices near all-time high

The average price of gasoline is just nine cents below the inflation-adjusted peak set in 1981; new record likely in coming weeks.

Nov. 18 10 PM EST

The price of gasoline has jumped another 13 cents in the last two weeks, close to the all-time high set earlier this year, according to a survey published Sunday.

The average price of a gallon of self-serve regular is $3.09, the Lundberg Survey found. That's just 9 cents below the record set in May.
http://money.cnn.com/2007/11/18/news/economy/gas_prices/index.htm?postversion=2007111815

 

[nnuut]

If they do this it won't be pretty.

OPEC to look at impact of weak U.S. dollar

The oil-producing group responds to pressure to study the effect of the declining dollar, despite concerns that the move will further weaken the greenback.

Saudi Arabia (AP) -- OPEC will study the weak U.S. dollar's effect on the oil cartel's earnings and investigate the possibility of a currency basket, Iran's oil minister said Sunday.

"We have agreed to set up a committee consisting of oil and finance ministers from OPEC countries to study the impact of the dollar on oil prices," Gholam Hussein Nozari told Dow Jones Newswires at a rare heads-of-state OPEC summit.
Time to sell Big Oil stocks [more] http://money.cnn.com/2007/11/18/news/international/opec_oil.ap/index.htm?postversion=2007111813

 

[nnuut]

Oil nears $95 a barrel

Prices jump after some OPEC members attack weak dollar, concerns grow over winter supplies.

SINGAPORE (AP) -- Oil prices rose Monday as some OPEC members talked about converting their cash reserves to the euro and away from the "worthless" U.S. dollar.
There is also doubt a possible OPEC output hike next month would get more supplies to market in time for the northern winter.
The comments on the dollar came at a weekend summit, where the heads of state of the Organization of Petroleum Exporting Countries sought http://money.cnn.com/2007/11/19/markets/oil.ap/index.htm?postversion=2007111906

 

[nnuut]

There still may be hope for the Dollar and Oil!
Ditching the dollar

Some OPEC mavericks want to switch to the euro as oil's pricing basis. But analysts say there are several factors keeping the greenback in the game.

NEW YORK (CNNMoney.com) -- Despite calls from Iran and Venezuela - OPEC's steadfast bashers of the U.S. government - experts say there's little chance the cartel will shift from pricing oil in dollars to something like the euro.
At a summit of leaders from Organization of Petroleum Exporting Countries members in Riyadh, Saudi Arabia, over the weekend, Venezuelan head Hugo Chavez and Iranian President Mahmoud Ahmadinejad indicated the historic link between crude oil and the dollar should be severed.
http://money.cnn.com/2007/11/19/news/international/oil_opec/index.htm?postversion=2007111915

 

[nnuut]

Oil 12:23...............$97.18............+2.54 NOT GOOD!