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Oil poised for another $100 day

Inventory report could push crude back into triple digits as oil continues a 6-year trading gusher.

By Steve Hargreaves, CNNMoney.com staff writer
January 3 2008: 10:09 AM EST

NEW YORK (CNNMoney.com) -- Oil traders awaited an inventory report early Thursday that could push crude prices back to the $100 mark and continue a six-year, five-fold spike in oil prices driven by surging demand and limited supply.
U.S. crude for February delivery fell 12 cents to $99.50 a barrel in early trading on the New York Mercantile Exchange. Oil briefly hit $100 a barrel for the first time ever Wednesday, before slipping a bit to settle at $99.62, also a new end-of-day record.
http://money.cnn.com/2008/01/03/markets/oil/index.htm?postversion=2008010310
 
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Oil supplies fall, but crude shy of $100

Crude stocks slip by 4 million barrels - more than expected - but prices can't muster a triple digit posting for the second day in a row. :mad:

By Steve Hargreaves, CNNMoney.com staff writer
January 3 2008: 10:41 AM EST

NEW YORK (CNNMoney.com) -- Oil prices fell Thursday, failing to top the $100-a-barrel mark, despite a larger-than-expected fall in crude inventories.
U.S. light crude for February delivery fell 87 cents to 98.75 a barrel. Oil had traded down 63 cents just prior to the report's release.
On Wednesday, oil briefly hit $100 a barrel for the first time before settling at the end of the day at a record $99.62.
In its weekly inventory report, the U.S. Energy Information Administration said crude stocks fell by 4 million barrels last week. Analysts were looking for a drop of 1.7 million barrels, according to a Dow Jones poll.
http://money.cnn.com/2008/01/03/markets/oil_eia/index.htm?postversion=2008010310
 
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Oh SHUTUP!:mad:

Oil at $100 a barrel? No sweat

The price of today's crude may sound frightening, but the U.S. economy should be able to absorb it, many experts insist.

By Colin Barr, senior writer

NEW YORK (Fortune) -- Crude's surge last week took its price to an eye-popping $100 a barrel. The rise comes on top of a 57 percent jump for 2007 and puts oil within reach of its all-time inflation-adjusted high above $102, hit back in 1980.
The latest jump means that Americans can expect to pay more for everything from gasoline to food and clothes. Those rising prices threaten to constrict consumer spending, which is repsonsible for more than two-thirds of domestic economic activity.
http://money.cnn.com/2008/01/04/news/economy/barr_oilprice.fortune/index.htm?postversion=2008010706
 
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U.S. officials: 5 Iranian Revolutionary Guard boats harassed, provoked 3 U.S. Navy warships in the Strait of Hormuz on Saturday.


This cant be good
 
JOVARN said:
U.S. officials: 5 Iranian Revolutionary Guard boats harassed, provoked 3 U.S. Navy warships in the Strait of Hormuz on Saturday.


This cant be good
Click to expand...
Yes any thing that happens in the Strait of Hormus is Big News. Watch out $100 a Barrel if they don't smooth this thing out.:mad:
 
Oil regains some ground:o

Crude prices rise ahead of a government report expected to show another dip in stockpiles.

January 8 2008: 6:47 AM EST

SINGAPORE (AP) -- Oil prices rose Tuesday after slipping in the previous session to a two-week low on worries about the U.S. economy.
Futures were also supported by expectations a midweek U.S. report on oil inventories would show crude stockpiles fell for the eighth straight week.
Oil inventories are predicted to drop 300,000 barrels in the week ended Jan. 4, according to the average forecast in a Dow Jones Newswires poll of analysts.
Gasoline inventories on average are expected to rise 1.7 million barrels while distillate stocks are tipped to fall 600,000 barrels. Refinery use is expected up 0.2 percentage point to 89.6 percent of capacity.
http://money.cnn.com/2008/01/08/markets/oil.ap/index.htm?postversion=2008010806
 
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Het Nnuut,
We're havin' a heat wave here!
In DC its supposed to be 70 degrees today - and rest of Northeast too.
- No disrespect intended toward you - of course, but...
Wassup? :sick:

(Sorry, I'm just gettin' real tired of BIG Oil's games!)
 
hessian said:
Het Nnuut,
We're havin' a heat wave here!
In DC its supposed to be 70 degrees today - and rest of Northeast too.
- No disrespect intended toward you - of course, but...
Wassup? :sick:

(Sorry, I'm just gettin' real tired of BIG Oil's games!)
Click to expand...
Going to be 77 down here in Central Georgia tomorrow afternoon! It's Summer again!!
As far as the price of Oil, it's up so the big boys can make more money! They claim it's SUPPLY, INVENTORIES, A WEAK DOLLAR, IT'S Winter you know, Iraq Might stop pumping Oil, Hugo Chavez is an A$$, etc!:cool:
 
Oil climbs on weak dollar:mad:

Crude prices rise on expectations of a dip in stockpiles after falling in previous sessions on signs of weakness in the economy.

January 8 2008: 3:42 PM EST

NEW YORK (AP) -- Oil futures rose Tuesday, extending a pattern of back-and-forth trading as investors debated whether a weakening economy or falling inventories should determine crude's direction.
While a combination of a weaker dollar and predictions of a drop in domestic crude inventories pushed prices up by as much as $2 a barrel Tuesday, the jump came a day after prices had fallen more than $2 on concerns about economic growth and demand.
http://money.cnn.com/2008/01/08/markets/oil.ap/index.htm?postversion=2008010815
 
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Oil hits $97 on big crude drop

Supplies plummet by 6.8 million barrels, marking the eighth-consecutive week of declines; gasoline supplies swell.

January 9 2008: 11:09 AM EST

NEW YORK (CNNMoney.com) -- Oil prices rose Wednesday after the government reported a big decline in crude supplies, the eighth drop in a row.
U.S. light crude for February delivery rose 67 cents to $97 a barrel. Oil had traded down 57 cents just prior to the report's release.
In its weekly inventory report, the Energy Information Administration said crude stocks fell by 6.8 million barrels last week. Analysts were looking for a drop of 800,000 barrels, according to a Dow Jones poll. It's the eighth-consecutive week crude supplies have fallen.
http://money.cnn.com/2008/01/09/markets/oil_eia/index.htm?postversion=2008010911
 
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Oil falls on recession speculation

Investors fear struggling economic conditions may quell demand for oil. Bernanke's rate-cut talk fails to rally.

January 11 2008: 3:41 PM EST

NEW YORK (AP) -- Oil prices extended their slide Friday on a growing sentiment that the country might be headed for a recession that would depress demand for oil.
Energy investors remained focused on recent government jobs reports that suggest the economy is struggling to make headway against the challenges posed by a troubled housing market and high oil prices.
Read Ben Bernanke's prepared remarks [more]http://money.cnn.com/2008/01/11/markets/bc.apfn.oilprices.ap/index.htm?postversion=2008011115
 
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Gas prices back up a dime:mad:

Gasoline catches up with recent rises in crude oil costs, according to the Lundberg survey.

January 13 2008: 5:31 PM EST

(CNN) -- After a lull toward the end of 2007, gas prices shot back up nearly ten cents a gallon over the past three weeks, crossing the $3 mark again, according to a survey published Sunday.
The average price of a gallon of self-serve regular is $3.07, the Lundberg survey found. That's 75 cents higher than the price a year ago.
Gas prices were catching up to recent increases in the cost of crude oil, publisher Trilby Lundberg said. Also, retailers and refiners have increased their profit margins slightly, she said.[more] http://money.cnn.com/2008/01/13/news/economy/gas_prices/index.htm?postversion=2008011317
 
Oil gains on Middle East tension

Prices rise above $93 a barrel amid Bush comments on Iran, bombings in Iraq and Nigeria.

January 14 2008: 7:27 AM EST
SINGAPORE (AP) -- Oil prices rose Monday as traders weighed increasing geopolitical tension in the Middle East against worries that a possible U.S. recession would curb oil demand.
President George W. Bush on Sunday called Iran "the world's leading state sponsor of terror" while he was on a visit to Abu Dhabi. Bush said Iran funds militant groups such as Hamas, Hezbollah and Islamic Jihad and sends arms to the Taliban in Afghanistan and Shiite extremists in Iraq. Iran's foreign minister responded by calling for an end to what he called U.S. meddling.
http://money.cnn.com/2008/01/14/markets/oil_prices.ap/index.htm?postversion=2008011407
 
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Oil rises on winter weather

Prices near $94 a barrel on wintry weather forecasts, Bush comments on Iran, and bombings in Iraq and Nigeria.

January 14 2008: 1:55 PM EST

NEW YORK (AP) -- Oil prices climbed Monday as forecasts for blustery weather nationwide raised expectations that demand for energy will surge in the coming days.

Rising political tensions in the Middle East contributed to the advance, apparently outweighing worries that a weakening U.S. economy could curb oil demand.
After opening lower, light, sweet crude for February delivery rose $1.14 to $93.83 a barrel on the New York Mercantile Exchange. In London, Brent crude gained $1.66 to $92.73 a barrel on the ICE Futures exchange.
"The main thrust to the upside is pretty clearly weather driven," said Citigroup Global Markets energy analyst Tim Evans. "That has the natural gas market extending last week's gains and making heating oil the leader on the upside of the petroleum complex." [more]
http://money.cnn.com/2008/01/14/markets/oil_prices.ap/index.htm?postversion=2008011413
 
Panel: Increase gas tax to fix roadways, WHAT!:mad:

WASHINGTON (AP) -- A special commission is urging the government to raise federal gasoline taxes by as much as 40 cents per gallon over five years as part of a sweeping overhaul designed to ease traffic congestion and repair the nation's decaying bridges and roads.


The two-year study being released Tuesday by the National Surface Transportation Policy and Revenue Study Commission, the first to recommend broad changes after the devastating bridge collapse in Minnesota last August, warns that urgent action is needed to avoid future disasters.
http://www.cnn.com/2008/POLITICS/01/15/transportation.safety.ap/index.html
 
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You GO George!!:D

Bush lobbies OPEC for production hike

President wants more oil on world market, says high energy prices are a threat to consuming economies.

January 15 2008: 7:54 AM EST

RIYADH, Saudi Arabia (AP) -- President Bush urged OPEC nations on Tuesday to put more oil on the world market and warned that soaring prices could cause an economic slowdown in the United States.
"High energy prices can damage consuming economies," the president told a small group of reporters traveling with him in the Mideast.
http://money.cnn.com/2008/01/15/news/economy/bush_oil.ap/index.htm?postversion=2008011507
 
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