nnuut
Moderator | TSP Legend
Might be that our friend Hugo (Adolph) Chavez has an annexation in mind? View attachment 3427
View attachment 3426
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Oil Slick Stuff
- Thread starter nnuut
- Start date
View attachment 3426
nnuut
Moderator | TSP Legend
Libyan: OPEC won't alter production
Oil industry chief says this weekend's meeting will hold output steady as members assess global economy.
March 2 2008: 2:52 PM EST
The CEO pledges to increase oil production and improve results at refining.
VIENNA, Austria (Dow Jones/AP) -- Countries is set to hold current production levels unchanged at a meeting this week as it continues to gauge the state of the global economy, the head of Libya's oil industry said Sunday.
"It seems as though things are going to be as is," said Shokri Ghanem, head of Libyan oil policy and Chief Executive of Libya's National Oil Co.
Ghanem also said OPEC will discuss the ongoing dispute between Venezuela and oil giant Exxon Mobil Corp (XOM, Fortune 500)., saying it was possible there could be an official pronouncement from the cartel on the issue.
"We will discuss it," he told reporters in the Austrian capital.
Exxon and Petroleos de Venezuela, or PdVSA, are entangled in a legal dispute over President Hugo Chavez's move to nationalize a multibillion dollar oil project in the Orinoco basin last summer, which prompted the Irving, Texas, oil giant to leave the country.
As it pursues twin arbitration cases internationally, Exxon has secured court orders freezing more than $12 billion in PdVSA assets worldwide to ensure payment, a move Chavez calls a political affront. Venezuela has responded by cutting off spot market oil sales to Exxon.
Pain in the pocketbook [more]
http://money.cnn.com/2008/03/02/new...ecmeeting.ap/index.htm?postversion=2008030214
Oil industry chief says this weekend's meeting will hold output steady as members assess global economy.
March 2 2008: 2:52 PM EST
The CEO pledges to increase oil production and improve results at refining. VIENNA, Austria (Dow Jones/AP) -- Countries is set to hold current production levels unchanged at a meeting this week as it continues to gauge the state of the global economy, the head of Libya's oil industry said Sunday.
"It seems as though things are going to be as is," said Shokri Ghanem, head of Libyan oil policy and Chief Executive of Libya's National Oil Co.
Ghanem also said OPEC will discuss the ongoing dispute between Venezuela and oil giant Exxon Mobil Corp (XOM, Fortune 500)., saying it was possible there could be an official pronouncement from the cartel on the issue.
"We will discuss it," he told reporters in the Austrian capital.
Exxon and Petroleos de Venezuela, or PdVSA, are entangled in a legal dispute over President Hugo Chavez's move to nationalize a multibillion dollar oil project in the Orinoco basin last summer, which prompted the Irving, Texas, oil giant to leave the country.
As it pursues twin arbitration cases internationally, Exxon has secured court orders freezing more than $12 billion in PdVSA assets worldwide to ensure payment, a move Chavez calls a political affront. Venezuela has responded by cutting off spot market oil sales to Exxon.
Pain in the pocketbook [more]
http://money.cnn.com/2008/03/02/new...ecmeeting.ap/index.htm?postversion=2008030214
nnuut
Moderator | TSP Legend
Oil eases after record breaking run
Crude prices fall after surging in previous sessions on dollar weakness and economic uncertainty.
March 3 2008: 7:31 AM EST
The Venezuelan president threatens to cut oil shipments to the United States.
Oil prices fell Monday, close to $101 a barrel, after hitting record levels last week, as European and Asian stock markets slid on worries about the U.S. economy.
At the same time, the oil and commodities market was supported by the continuing weakness of the U.S. dollar.
Light, sweet crude for April delivery fell 74 cents to $101.10 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. The contract fell 75 cents to settle at $101.84 a barrel on Friday, after spiking to a record $103.05 a barrel.
In London, Brent crude futures lost 55 cents to $99.55 a barrel on the ICE Futures exchange.
The dollar has been weighed down in recent days by concerns over the state of the U.S. economy and expectations of a cut in interest rates in the world's largest economy.[more]
http://money.cnn.com/2008/03/03/markets/oil.ap/index.htm?postversion=2008030307
Crude prices fall after surging in previous sessions on dollar weakness and economic uncertainty.
March 3 2008: 7:31 AM EST
The Venezuelan president threatens to cut oil shipments to the United States. Oil prices fell Monday, close to $101 a barrel, after hitting record levels last week, as European and Asian stock markets slid on worries about the U.S. economy.
At the same time, the oil and commodities market was supported by the continuing weakness of the U.S. dollar.
Light, sweet crude for April delivery fell 74 cents to $101.10 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. The contract fell 75 cents to settle at $101.84 a barrel on Friday, after spiking to a record $103.05 a barrel.
In London, Brent crude futures lost 55 cents to $99.55 a barrel on the ICE Futures exchange.
The dollar has been weighed down in recent days by concerns over the state of the U.S. economy and expectations of a cut in interest rates in the world's largest economy.[more]
http://money.cnn.com/2008/03/03/markets/oil.ap/index.htm?postversion=2008030307
nnuut
Moderator | TSP Legend
AP
Oil Jumps to New Record on Dollar's Fall
Monday March 3, 10:07 am ET
By John Wilen, AP Business Writer
Oil Jumps to a New Record Above $103 As the Dollar Declines to a New Low Against the Euro
NEW YORK (AP) -- Oil prices surged to a new record high Monday as the dollar weakened to another low against the euro.
Light, sweet crude for April delivery rose $1.93 to $103.77 on the New York Mercantile Exchange after earlier rising as high as $103.95. That's higher than the price of $103.76 that many analysts believe oil hit in 1980, when adjusted for inflation into 2008 dollars.
Oil's most recent run into record territory has been driven by the greenback's slump against other world currencies. Crude futures offer a hedge against a falling dollar, and oil futures bought and sold in dollars are more attractive to foreign investors when the dollar is falling.
Oil isn't the only commodity rising on the dollar's weakness -- gold, copper and wheat are among the other commodities that have rallied in recent weeks as the dollar has fallen.
"It's coming down to another commodity price rally," said Phil Flynn, an analyst at Alaron Trading Corp., in Chicago.
Other energy futures also rallied Monday. In other Nymex trading, April heating oil futures jumped 6.06 cents to $2.8675 a gallon, and April gasoline futures rose 5.65 cents to $2.7264 a gallon. April natural gas futures gained 20 cents to $9.566 per 1,000 cubic feet.
In London, Brent crude futures rose $2.07 to $102.17 a barrel on the ICE Futures exchange. http://biz.yahoo.com/ap/080303/oil_prices.html
Oil Jumps to New Record on Dollar's Fall
Monday March 3, 10:07 am ET
By John Wilen, AP Business Writer
Oil Jumps to a New Record Above $103 As the Dollar Declines to a New Low Against the Euro
NEW YORK (AP) -- Oil prices surged to a new record high Monday as the dollar weakened to another low against the euro.
Light, sweet crude for April delivery rose $1.93 to $103.77 on the New York Mercantile Exchange after earlier rising as high as $103.95. That's higher than the price of $103.76 that many analysts believe oil hit in 1980, when adjusted for inflation into 2008 dollars.
Oil's most recent run into record territory has been driven by the greenback's slump against other world currencies. Crude futures offer a hedge against a falling dollar, and oil futures bought and sold in dollars are more attractive to foreign investors when the dollar is falling.
Oil isn't the only commodity rising on the dollar's weakness -- gold, copper and wheat are among the other commodities that have rallied in recent weeks as the dollar has fallen.
"It's coming down to another commodity price rally," said Phil Flynn, an analyst at Alaron Trading Corp., in Chicago.
Other energy futures also rallied Monday. In other Nymex trading, April heating oil futures jumped 6.06 cents to $2.8675 a gallon, and April gasoline futures rose 5.65 cents to $2.7264 a gallon. April natural gas futures gained 20 cents to $9.566 per 1,000 cubic feet.
In London, Brent crude futures rose $2.07 to $102.17 a barrel on the ICE Futures exchange. http://biz.yahoo.com/ap/080303/oil_prices.html
nnuut
Moderator | TSP Legend
Record oil prices peeking at $104:nuts:
Crude rises just below milestone as dollar sinks and big investment funds rush into commodities.
View attachment 3430
By Steve Hargreaves, CNNMoney.com staff writer
March 3 2008: 1:40 PM EST
NEW YORK (CNNMoney.com) -- Oil reached a historic high near $104 a barrel Monday, surpassing the inflation-adjusted level of the 1980s, as a weakening dollar made crude futures attractive to investors.
U.S. crude for April delivery hit $103.95 a barrel in early trading before easing to trade at $103.61 on the New York Mercantile Exchange, still up $1.77 on the session.
Crude has now passed what many analysts consider to be the previous record high - $103.76 when adjusted for inflation, set in early 1980 - following the Iranian Revolution. The record high is a bit subjective however - ranging from about $93 to over $103 - depending on the contract cited and the inflation calculation used.
The NYMEX contract now cited as a benchmark for oil prices had just debuted in 1980 and was rarely traded.
As the dollar fell and the health of the U.S. economy worsened, traders said oil offered an inflation hedge and is attractive to foreign investors who can buy dollar-priced commodities at a relative bargain. [more]
http://money.cnn.com/2008/03/03/markets/oil_record/index.htm?postversion=2008030313
Crude rises just below milestone as dollar sinks and big investment funds rush into commodities.
View attachment 3430
By Steve Hargreaves, CNNMoney.com staff writer
March 3 2008: 1:40 PM EST
NEW YORK (CNNMoney.com) -- Oil reached a historic high near $104 a barrel Monday, surpassing the inflation-adjusted level of the 1980s, as a weakening dollar made crude futures attractive to investors.
U.S. crude for April delivery hit $103.95 a barrel in early trading before easing to trade at $103.61 on the New York Mercantile Exchange, still up $1.77 on the session.
Crude has now passed what many analysts consider to be the previous record high - $103.76 when adjusted for inflation, set in early 1980 - following the Iranian Revolution. The record high is a bit subjective however - ranging from about $93 to over $103 - depending on the contract cited and the inflation calculation used.
The NYMEX contract now cited as a benchmark for oil prices had just debuted in 1980 and was rarely traded.
As the dollar fell and the health of the U.S. economy worsened, traders said oil offered an inflation hedge and is attractive to foreign investors who can buy dollar-priced commodities at a relative bargain. [more]
http://money.cnn.com/2008/03/03/markets/oil_record/index.htm?postversion=2008030313
nnuut
Moderator | TSP Legend
Anidoc, you hit the nail on the head, Nothing happens by accident in the market. The economy is our government's fault, we Americans have made some really stupid decisions in the last 20 years. I'm glad they can't blame it on ME!!
nnuut
Moderator | TSP Legend
ENERGY STOCKS
Energy stocks mixed, as oil marches up
By Steve Gelsi, MarketWatch
Last update: 10:27 a.m. EST March 4, 2008
NEW YORK (MarketWatch) -- Energy stocks traded mixed Tuesday as rallying natural gas stocks held onto gains, but oil stocks wavered in the face of losses in the overall market.
Oil prices remained in record territory, rising 59 cents to $103.04 ahead of a key OPEC meeting on Wednesday, when the cartel is expected to either keep production stable or cut it slightly. [more]
http://www.marketwatch.com/news/sto...79-B53D-46F5-90E1-33BAC8400F0D}&dist=hplatest
Energy stocks mixed, as oil marches up
By Steve Gelsi, MarketWatch
Last update: 10:27 a.m. EST March 4, 2008
NEW YORK (MarketWatch) -- Energy stocks traded mixed Tuesday as rallying natural gas stocks held onto gains, but oil stocks wavered in the face of losses in the overall market.
Oil prices remained in record territory, rising 59 cents to $103.04 ahead of a key OPEC meeting on Wednesday, when the cartel is expected to either keep production stable or cut it slightly. [more]
http://www.marketwatch.com/news/sto...79-B53D-46F5-90E1-33BAC8400F0D}&dist=hplatest
nnuut
Moderator | TSP Legend
Backs OFF? That isn't a Backoff! Let's back off $5, comon!:nuts:
Oil backs off all-time high
Crude prices seesaw around $102 a barrel after previous session's surge to new record.
March 4 2008: 10:56 AM EST
Special Reportfull coverage
SINGAPORE (AP) -- Oil prices fluctuated around $102 a barrel Tuesday after climbing to a new record of almost $104 a day earlier and then falling back as traders booked profits.
The market also was seen reacting to comments from OPEC officials, who said it was unlikely the oil group would increase output at its meeting Wednesday in Vienna, Austria.
Light, sweet crude for April delivery fell 8 cents to $102.37 a barrel in electronic trading by mid-afternoon in Europe, fluctuating between $101.77 and $103.15 earlier in the session.
The contract rose as high as $103.95 a barrel Monday before. [more]
http://money.cnn.com/2008/03/04/markets/oil_prices.ap/index.htm?postversion=2008030410
Oil backs off all-time high
Crude prices seesaw around $102 a barrel after previous session's surge to new record.
March 4 2008: 10:56 AM EST
Special Reportfull coverage
SINGAPORE (AP) -- Oil prices fluctuated around $102 a barrel Tuesday after climbing to a new record of almost $104 a day earlier and then falling back as traders booked profits.
The market also was seen reacting to comments from OPEC officials, who said it was unlikely the oil group would increase output at its meeting Wednesday in Vienna, Austria.
Light, sweet crude for April delivery fell 8 cents to $102.37 a barrel in electronic trading by mid-afternoon in Europe, fluctuating between $101.77 and $103.15 earlier in the session.
The contract rose as high as $103.95 a barrel Monday before. [more]
http://money.cnn.com/2008/03/04/markets/oil_prices.ap/index.htm?postversion=2008030410
nnuut
Moderator | TSP Legend
You GO "W", slap them down or something!!:nuts:
Bush blasts OPEC 'mistake'
President blames economic slowdown on the organization's refusal to increase oil production.
March 4 2008: 12:50 PM EST
WASHINGTON (AP) -- President Bush is chiding OPEC for failing to pump more oil as energy prices soar and the U.S. economy slumps.
After an Oval Office meeting Tuesday with Jordan's King Abdullah II, Bush said the OPEC countries should understand the consequences of high energy prices. Bush said it's a "mistake to have your biggest customers' economies slowing down as a result of higher energy prices."
Key oil ministers signaled Tuesday that OPEC has virtually ruled out pumping more oil to ease record-high prices. Bush has called for increased oil production as demand and prices continue to rise.
Oil retreats as traders bet on OPEC boost
http://money.cnn.com/2008/03/04/news/economy/bush_opec.ap/index.htm
Bush blasts OPEC 'mistake'
President blames economic slowdown on the organization's refusal to increase oil production.
March 4 2008: 12:50 PM EST
WASHINGTON (AP) -- President Bush is chiding OPEC for failing to pump more oil as energy prices soar and the U.S. economy slumps.
After an Oval Office meeting Tuesday with Jordan's King Abdullah II, Bush said the OPEC countries should understand the consequences of high energy prices. Bush said it's a "mistake to have your biggest customers' economies slowing down as a result of higher energy prices."
Key oil ministers signaled Tuesday that OPEC has virtually ruled out pumping more oil to ease record-high prices. Bush has called for increased oil production as demand and prices continue to rise.
Oil retreats as traders bet on OPEC boost
http://money.cnn.com/2008/03/04/news/economy/bush_opec.ap/index.htm
nnuut
Moderator | TSP Legend
OPEC set to leave crude output steady
President of cartel says market for oil is stable, group unlikely to adjust production levels.
March 5 2008: 6:31 AM EST
OPEC is not expected to change crude output at its meeting.
VIENNA, Austria (AP) -- OPEC pronounced the global market for crude stable and sound as it opened a meeting Wednesday, signaling the cartel was unlikely to tamper with current production despite record-high oil prices.
OPEC President Chakib Khelil said crude stocks were well within their five-year average and the 13-nation group was not inclined to either boost or reduce its current output of about 32 million barrels a day.
"OPEC is concerned about the volatility of the market," Khelil, who is also Algeria's energy minister, said as the meeting opened. "Many factors are contributing to this volatility, including a weaker dollar, speculation and the geopolitical situation."
Saudi Arabia, the No. 1 producer and by far the most influential member of the Organization of Petroleum Exporting Countries, also said it saw no reason to change output targets - despite prices hovering near $100 a barrel and a rebuke by President Bush. [more]
http://money.cnn.com/2008/03/05/news/international/opec_meeting.ap/index.htm?postversion=2008030506
President of cartel says market for oil is stable, group unlikely to adjust production levels.
March 5 2008: 6:31 AM EST
VIENNA, Austria (AP) -- OPEC pronounced the global market for crude stable and sound as it opened a meeting Wednesday, signaling the cartel was unlikely to tamper with current production despite record-high oil prices.
OPEC President Chakib Khelil said crude stocks were well within their five-year average and the 13-nation group was not inclined to either boost or reduce its current output of about 32 million barrels a day.
"OPEC is concerned about the volatility of the market," Khelil, who is also Algeria's energy minister, said as the meeting opened. "Many factors are contributing to this volatility, including a weaker dollar, speculation and the geopolitical situation."
Saudi Arabia, the No. 1 producer and by far the most influential member of the Organization of Petroleum Exporting Countries, also said it saw no reason to change output targets - despite prices hovering near $100 a barrel and a rebuke by President Bush. [more]
http://money.cnn.com/2008/03/05/news/international/opec_meeting.ap/index.htm?postversion=2008030506
nnuut
Moderator | TSP Legend
AP
Oil Rise Above $100 As OPEC Meets
Wednesday March 5, 7:27 am ET
By Pablo Gorondi, Associated Press Writer Oil Prices Rise Above $100 a Barrel As OPEC Meets to Consider Production Level
Oil prices moved back above $100 a barrel Wednesday after dropping sharply a day earlier on the possibility that OPEC will raise output and on expectations that U.S. crude supplies are continuing to rise. [more]
http://biz.yahoo.com/ap/080305/oil_prices.html
Oil Rise Above $100 As OPEC Meets
Wednesday March 5, 7:27 am ET
By Pablo Gorondi, Associated Press Writer Oil Prices Rise Above $100 a Barrel As OPEC Meets to Consider Production Level
Oil prices moved back above $100 a barrel Wednesday after dropping sharply a day earlier on the possibility that OPEC will raise output and on expectations that U.S. crude supplies are continuing to rise. [more]
http://biz.yahoo.com/ap/080305/oil_prices.html
nnuut
Moderator | TSP Legend
RAT FINKS!
FUTURES MOVERS
Crude futures rise; OPEC leaves output unchanged
By Polya Lesova, MarketWatch
Last update: 9:05 a.m. EST March 5, 2008
NEW YORK (MarketWatch) -- Crude-oil futures rose to trade above $100 a barrel Wednesday, bid higher after the Organization of Petroleum Exporting Countries decided to keep cartel members' production levels unchanged.
Crude for April delivery gained $1.14 to stand at $100.66 a barrel on the New York Mercantile Exchange.
Earlier, the 13-nation OPEC cartel said the market was well supplied, pinning the steep run-up in oil prices on the weak U.S. dollar and on big bets made on energy futures by investors fleeing poor returns in the world's equities and bonds markets.
"The market continues to be well-supplied with crude oil. Commercial oil stocks -- crude and products -- are in line with the seasonal trend and are expected to remain within their five-year average during the traditionally lower-demand season," said Chakib Khelil, president of OPEC and minister of energy and mines in Algeria. Read full story. [more]
http://www.marketwatch.com/news/sto...5B6-AB83-48F9-A0CD-28809328C5E4}&dist=SecMKTW
FUTURES MOVERS
Crude futures rise; OPEC leaves output unchanged
By Polya Lesova, MarketWatch
Last update: 9:05 a.m. EST March 5, 2008
NEW YORK (MarketWatch) -- Crude-oil futures rose to trade above $100 a barrel Wednesday, bid higher after the Organization of Petroleum Exporting Countries decided to keep cartel members' production levels unchanged.
Crude for April delivery gained $1.14 to stand at $100.66 a barrel on the New York Mercantile Exchange.
Earlier, the 13-nation OPEC cartel said the market was well supplied, pinning the steep run-up in oil prices on the weak U.S. dollar and on big bets made on energy futures by investors fleeing poor returns in the world's equities and bonds markets.
"The market continues to be well-supplied with crude oil. Commercial oil stocks -- crude and products -- are in line with the seasonal trend and are expected to remain within their five-year average during the traditionally lower-demand season," said Chakib Khelil, president of OPEC and minister of energy and mines in Algeria. Read full story. [more]
http://www.marketwatch.com/news/sto...5B6-AB83-48F9-A0CD-28809328C5E4}&dist=SecMKTW
nnuut
Moderator | TSP Legend
INVENTORIES DOWN-OIL UP!:nuts:
Oil prices soar as inventories plummet
Crude supplies show an unexpected drop, sending prices back near $103 a barrel.
March 5 2008: 10:46 AM EST
NEW YORK (CNNMoney.com) -- Oil prices rose Wednesday after a government report said supplies of crude fell significantly, instead of rising as expected.
U.S. light crude for April delivery rose $2.70 to $102.22 a barrel, spiking as high as $102.95 immediately after the report. Oil had traded up $2.05 to $101.57 a barrel just prior to the report's release.
In its weekly inventory report, the Energy Information Administration said crude stocks fell by 3.1 million barrels last week. Analysts were looking for a rise of 2.3 million barrels, according to a Dow Jones poll.
Distillates, used to make heating oil and diesel fuel, fell by 2.4 million barrels while gasoline supplies rose by 1.7 million barrels. Analysts were looking for a 1.9 million barrel decline in distillate supplies and a 900,000 barrel rise in gasoline stockpiles.
Refinery usage was higher than the previous week, operating at 85.9% capacity last week, in line with analysts' expectations.
But gasoline demand, attracting more attention as traders anticipate the upcoming summer driving season, remained low, averaging just 9.1 million barrels per day over the past month and only 0.4% above the demand during the same period last year.
Oil prices were also supported by OPEC's decision not to raise crude output beyond current levels at its Wednesday meeting in Vienna, Austria.
Libyan National Oil Corp. chairman Shokri Ghanem said the cartel decided not to adjust oil production because demand has steadily weakened and is expected to continue to weaken at least until July.
The decision came despite President Bush's pleas Tuesday that OPEC consider the "consequences of high energy prices."
"I think it's a mistake to have your biggest customers' economies slowing down as a result of higher energy prices," he said.
http://money.cnn.com/2008/03/05/markets/oil_eia/index.htm?postversion=2008030510
Oil prices soar as inventories plummet
Crude supplies show an unexpected drop, sending prices back near $103 a barrel.
March 5 2008: 10:46 AM EST
NEW YORK (CNNMoney.com) -- Oil prices rose Wednesday after a government report said supplies of crude fell significantly, instead of rising as expected.
U.S. light crude for April delivery rose $2.70 to $102.22 a barrel, spiking as high as $102.95 immediately after the report. Oil had traded up $2.05 to $101.57 a barrel just prior to the report's release.
In its weekly inventory report, the Energy Information Administration said crude stocks fell by 3.1 million barrels last week. Analysts were looking for a rise of 2.3 million barrels, according to a Dow Jones poll.
Distillates, used to make heating oil and diesel fuel, fell by 2.4 million barrels while gasoline supplies rose by 1.7 million barrels. Analysts were looking for a 1.9 million barrel decline in distillate supplies and a 900,000 barrel rise in gasoline stockpiles.
Refinery usage was higher than the previous week, operating at 85.9% capacity last week, in line with analysts' expectations.
But gasoline demand, attracting more attention as traders anticipate the upcoming summer driving season, remained low, averaging just 9.1 million barrels per day over the past month and only 0.4% above the demand during the same period last year.
Oil prices were also supported by OPEC's decision not to raise crude output beyond current levels at its Wednesday meeting in Vienna, Austria.
Libyan National Oil Corp. chairman Shokri Ghanem said the cartel decided not to adjust oil production because demand has steadily weakened and is expected to continue to weaken at least until July.
The decision came despite President Bush's pleas Tuesday that OPEC consider the "consequences of high energy prices."
"I think it's a mistake to have your biggest customers' economies slowing down as a result of higher energy prices," he said.
http://money.cnn.com/2008/03/05/markets/oil_eia/index.htm?postversion=2008030510
nnuut
Moderator | TSP Legend
That's all I can stands, I can't stand no more, Toot Toot! View attachment 3445
LS Crude
14:32.............$104.43............+4.91 HEY! Settle at +$5.00 a barrel today!
LS Crude
14:32.............$104.43............+4.91 HEY!
Settle at +$5.00 a barrel today!
Last edited:
nnuut
Moderator | TSP Legend
Oil hits another record near $106
Crude prices soar above $105 after surge to record on drop in U.S. crude supplies.
March 6, 2008: 6:55 AM EST
SINGAPORE (AP) -- Oil prices were sent soaring above $105 a barrel Thursday after a surprise drop in U.S. crude oil supplies and OPEC's decision not to boost production sent oil to a record settle Wednesday.
Light, sweet crude for April delivery rose $1.44 a barrel to hit an intraday record of $105.96 a barrel before cooling slightly to $105.36 a barrel in Asian electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. [more]
http://money.cnn.com/2008/03/06/markets/oil_prices.ap/index.htm?postversion=2008030606
Crude prices soar above $105 after surge to record on drop in U.S. crude supplies.
March 6, 2008: 6:55 AM EST
SINGAPORE (AP) -- Oil prices were sent soaring above $105 a barrel Thursday after a surprise drop in U.S. crude oil supplies and OPEC's decision not to boost production sent oil to a record settle Wednesday.
Light, sweet crude for April delivery rose $1.44 a barrel to hit an intraday record of $105.96 a barrel before cooling slightly to $105.36 a barrel in Asian electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. [more]
http://money.cnn.com/2008/03/06/markets/oil_prices.ap/index.htm?postversion=2008030606
nnuut
Moderator | TSP Legend
Who knows why oil prices are so high?
By Anthony Reuben
Business reporter, BBC News
On Wednesday, oil prices in New York set a new record trading high of $101.32 a barrel, ending the day at a record close of $100.74.
New York oil prices have hit record highs this week
various reports have attributed this rise to different reasons, but who is correct?
Some say it is because the Opec cartel may be about to cut its production.
Others say it is because of fears that Venezuela may stop working with Western oil companies.
It may have been sparked off by Monday's explosion at Alon USA's Big Spring refinery in Texas.
But the truth is, it could be something completely different.
The fundamentals
"Why did it happen on Tuesday? Nobody really knows for a fact what's happening or where it's going," says John Hall from the energy consultancy John Hall Associates.
So what is it that moves oil prices up and down?
"It's the fundamentals, stupid," says Mark Lewis from Energy Market Consultants.
The fundamentals are factors that influence the supply of, and demand for, oil.
Things such as the increasing demand from China and India, as well as fears that a stand-off between the US and Iran could interrupt supplies, have been raising oil prices.
Alternatively, financial factors may be at work, such as a hedge fund having to sell a particular oil contract so it does not end up receiving a tanker-load of oil - or a trader deciding it would be fun to be the first to trade oil above $100 a barrel.
The problem is, much fundamental information is not freely available.
No sense
"We really don't know what the fundamentals are doing at any point in time," Mr Lewis says.
"The markets are looking for signals from the fundamentals. Some of them are irrelevant, some of them are wrong, some of them are meaningless, but they affect prices nevertheless."
When the New York oil price broke through $100 a barrel for the first time at the start of 2008, one of the factors cited as being behind it was the assassination of Benazir Bhutto in Pakistan on 27 December 2007.
It's like the dotcom boom in the 1990s
Mark Lewis, Energy Market Consultants
"That didn't strike us as making any sense at the time," says Sean Cronin, editor of Argus Global Markets.
He says that people are too keen to attribute market moves to geopolitical factors.
He attributes rising prices to over-optimistic expectations of oil production by non-Opec countries - and also to signs that Opec members appear to have a greater tendency to stick to their output limits.
'Can't sit around'
These long-term trends are all very well, but oil traders have to make quick decisions.
"You can't sit around a day or two and see what happens," says Mr Hall.
"So the rocket testing in North Korea [previously cited as a reason for rising prices] or the assassination of Benazir Bhutto turned out to have no real effect, but they might have done."
Some of the factors that are more likely to influence oil supply and demand, such as figures of oil demand from China, are not available.
That means that minor news of fundamentals, such as the output of a single refinery, may be given too much weight.
"Little changes in insignificant parts of the fundamental picture, if they're visible, can have a substantial impact on the oil price - substantial in the sense of several dollars," Mr Lewis says.
Dotcom boom
So there appears to be a distinction between the factors that raise the oil price because they affect sentiment and the ones that genuinely affect supply and demand for oil.
And it may be that rises due to the former are vulnerable. "It's like the dotcom boom in the 1990s," says Mr Lewis. "It was overinflated, but as long as everyone kept believing in it, the price went up." "When they stopped believing in it, the price went down. And that's a warning."
http://news.bbc.co.uk/2/hi/business/7255447.stm
By Anthony Reuben
Business reporter, BBC News
On Wednesday, oil prices in New York set a new record trading high of $101.32 a barrel, ending the day at a record close of $100.74.
New York oil prices have hit record highs this week
various reports have attributed this rise to different reasons, but who is correct?
Some say it is because the Opec cartel may be about to cut its production.
Others say it is because of fears that Venezuela may stop working with Western oil companies.
It may have been sparked off by Monday's explosion at Alon USA's Big Spring refinery in Texas.
But the truth is, it could be something completely different.
The fundamentals
"Why did it happen on Tuesday? Nobody really knows for a fact what's happening or where it's going," says John Hall from the energy consultancy John Hall Associates.
So what is it that moves oil prices up and down?
"It's the fundamentals, stupid," says Mark Lewis from Energy Market Consultants.
The fundamentals are factors that influence the supply of, and demand for, oil.
Things such as the increasing demand from China and India, as well as fears that a stand-off between the US and Iran could interrupt supplies, have been raising oil prices.
Alternatively, financial factors may be at work, such as a hedge fund having to sell a particular oil contract so it does not end up receiving a tanker-load of oil - or a trader deciding it would be fun to be the first to trade oil above $100 a barrel.
The problem is, much fundamental information is not freely available.
No sense
"We really don't know what the fundamentals are doing at any point in time," Mr Lewis says.
"The markets are looking for signals from the fundamentals. Some of them are irrelevant, some of them are wrong, some of them are meaningless, but they affect prices nevertheless."
When the New York oil price broke through $100 a barrel for the first time at the start of 2008, one of the factors cited as being behind it was the assassination of Benazir Bhutto in Pakistan on 27 December 2007.
Mark Lewis, Energy Market Consultants
"That didn't strike us as making any sense at the time," says Sean Cronin, editor of Argus Global Markets.
He says that people are too keen to attribute market moves to geopolitical factors.
He attributes rising prices to over-optimistic expectations of oil production by non-Opec countries - and also to signs that Opec members appear to have a greater tendency to stick to their output limits.
'Can't sit around'
These long-term trends are all very well, but oil traders have to make quick decisions.
"You can't sit around a day or two and see what happens," says Mr Hall.
"So the rocket testing in North Korea [previously cited as a reason for rising prices] or the assassination of Benazir Bhutto turned out to have no real effect, but they might have done."
Some of the factors that are more likely to influence oil supply and demand, such as figures of oil demand from China, are not available.
That means that minor news of fundamentals, such as the output of a single refinery, may be given too much weight.
"Little changes in insignificant parts of the fundamental picture, if they're visible, can have a substantial impact on the oil price - substantial in the sense of several dollars," Mr Lewis says.
Dotcom boom
So there appears to be a distinction between the factors that raise the oil price because they affect sentiment and the ones that genuinely affect supply and demand for oil.
And it may be that rises due to the former are vulnerable. "It's like the dotcom boom in the 1990s," says Mr Lewis. "It was overinflated, but as long as everyone kept believing in it, the price went up." "When they stopped believing in it, the price went down. And that's a warning."
http://news.bbc.co.uk/2/hi/business/7255447.stm
Silverbird
Well-known member
:worried: Oil prices becoming like gold prices, it appears? It's not the actual value but instead oil is the current "guaranteed" increasing value item of the month? Bad enough for industries that use gold with gold going crazy, but people speculating on oil prices is going to hurt just about everyone.