James48843
Well-known member
May Light Crudes Trades at $114.07 at 3:59:56 pm.
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Oil Slick Stuff
- Thread starter nnuut
- Start date
nnuut
Moderator | TSP Legend
Yep went up in after hours trading. NOw at 113.78 at 18:05.
http://www.nymex.com/lsco_fut_condet.aspx?product=CL&month=May&cmonth=K&year=8&currPrev=C
Bullitt
Well-known member
Brazil has discovered what could be the third biggest oil reserve in the world, according to the head of the country's National Petroleum Agency.
http://news.bbc.co.uk/1/hi/business/7348111.stm
http://news.bbc.co.uk/1/hi/business/7348111.stm
nnuut
Moderator | TSP Legend
BUT, there are some that say that the Oil Find hasn't been confirmed. I'm all for it the more the better!!
April 16, 2008
Brazil oil find puts British Gas group in spotlight
David Wighton: Business Commentary
It’s all a bit embarrassin’. Haroldo Lima, a director of Brazil’s National Petroleum Agency, gossiped about a stupendous oil find offshore of Rio de Janeiro. He suggested it was some five times the size of Tupi, an eight billion barrel monster that was confirmed in November as the discovery of the decade. His indiscretion ignited the share price of Petrobras, the partially privatised state oil company, and BG Group, its lucky British partner.
Unfortunately, Mr Lima set off his firecracker before the carnival had even been confirmed. The evaluation of the find is incomplete and some are suggesting that it is all a fuss over nothing. [more]
http://business.timesonline.co.uk/tol/business/columnists/article3754287.ece
April 16, 2008
Brazil oil find puts British Gas group in spotlight
David Wighton: Business Commentary
It’s all a bit embarrassin’. Haroldo Lima, a director of Brazil’s National Petroleum Agency, gossiped about a stupendous oil find offshore of Rio de Janeiro. He suggested it was some five times the size of Tupi, an eight billion barrel monster that was confirmed in November as the discovery of the decade. His indiscretion ignited the share price of Petrobras, the partially privatised state oil company, and BG Group, its lucky British partner.
Unfortunately, Mr Lima set off his firecracker before the carnival had even been confirmed. The evaluation of the find is incomplete and some are suggesting that it is all a fuss over nothing. [more]
http://business.timesonline.co.uk/tol/business/columnists/article3754287.ece
Show-me
Well-known member
AP
Oil hits new record as investors flee the falling dollar
Wednesday April 16, 6:32 am ET Weaker dollar sends oil prices to record high above $114 a barrel and inflation rises
Oil prices are surging to record highs as the weakening U.S. dollar drives investors to dump money into commodities.
Light, sweet crude for May delivery rose 67 cents Wednesday to $114.46 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. On Tuesday, the contract had risen to $114.08.
In London, Brent crude contracts are up 69 cents to $112.27 a barrel on the ICE Futures exchange.
The oil increases are being influenced by severe weakness in the dollar. The dollar hit a new record low of $1.5966 versus the euro in early Wednesday trading.
The dollar is plumbing new depths as wholesale inflation came in triple what was expected and ahead of new consumer data to be released Wednesday.
Oil hits new record as investors flee the falling dollar
Wednesday April 16, 6:32 am ET Weaker dollar sends oil prices to record high above $114 a barrel and inflation rises
Oil prices are surging to record highs as the weakening U.S. dollar drives investors to dump money into commodities.
Light, sweet crude for May delivery rose 67 cents Wednesday to $114.46 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. On Tuesday, the contract had risen to $114.08.
In London, Brent crude contracts are up 69 cents to $112.27 a barrel on the ICE Futures exchange.
The oil increases are being influenced by severe weakness in the dollar. The dollar hit a new record low of $1.5966 versus the euro in early Wednesday trading.
The dollar is plumbing new depths as wholesale inflation came in triple what was expected and ahead of new consumer data to be released Wednesday.
nnuut
Moderator | TSP Legend
HUGO is at it again!
Venezuela OKs new windfall oil tax
The tax on foreign oil companies is expected to bring in $9 billion a year.
April 16, 2008: 4:30 AM EDT
CARACAS, Venezuela (AP) -- Venezuela moved Tuesday to take a greater cut of windfall oil profits, approving a 50% tax on foreign oil companies when crude tops $70 a barrel.
The tax rate would rise to 60% when the average monthly price for benchmark Brent crude exceeds $100, according to the bill approved by Venezuela's National Assembly. The legislation will take effect as soon as it is published in the official gazette.
Revenues from the tax could reach $9 billion annually, Oil Minister Rafael Ramirez said after meeting with lawmakers.
"That's why, for the executive branch, it is urgent to create this law," Ramirez said.
The new legislation will let President Hugo Chavez further extend state control over foreign oil companies operating in Venezuela - home to the largest petroleum deposits in the Western Hemisphere - as he steers the nation toward what he calls "21st-century socialism."[more]
http://money.cnn.com/2008/04/16/news/international/venezuela_tax.ap/index.htm?postversion=2008041604
Venezuela OKs new windfall oil tax
The tax on foreign oil companies is expected to bring in $9 billion a year.
April 16, 2008: 4:30 AM EDT
CARACAS, Venezuela (AP) -- Venezuela moved Tuesday to take a greater cut of windfall oil profits, approving a 50% tax on foreign oil companies when crude tops $70 a barrel.
The tax rate would rise to 60% when the average monthly price for benchmark Brent crude exceeds $100, according to the bill approved by Venezuela's National Assembly. The legislation will take effect as soon as it is published in the official gazette.
Revenues from the tax could reach $9 billion annually, Oil Minister Rafael Ramirez said after meeting with lawmakers.
"That's why, for the executive branch, it is urgent to create this law," Ramirez said.
The new legislation will let President Hugo Chavez further extend state control over foreign oil companies operating in Venezuela - home to the largest petroleum deposits in the Western Hemisphere - as he steers the nation toward what he calls "21st-century socialism."[more]
http://money.cnn.com/2008/04/16/news/international/venezuela_tax.ap/index.htm?postversion=2008041604
nnuut
Moderator | TSP Legend
nnuut
Moderator | TSP Legend
THIS IS GETTING OLD!!!!!!:nuts:
BREAKING
NEWS
Oil prices hit record of $114.68 a barrel as government report shows crude and gasoline supplies fell more than expected last week.
http://money.cnn.com/?cnn=yes
BREAKING
NEWS
Oil prices hit record of $114.68 a barrel as government report shows crude and gasoline supplies fell more than expected last week.
http://money.cnn.com/?cnn=yes
nnuut
Moderator | TSP Legend
Oil hits record on inventory drop
:nuts::nuts:
Crude reaches $114.87 after government report shows crude stockpiles fell last week.
By Kenneth Musante, CNNMoney.com staff writer
April 16, 2008: 10:44 AM EDT
NEW YORK (CNNMoney.com) -- Oil prices surged to a record high Wednesday, spiking to $114.87 a barrel, after a government report showed an unexpected crude supply drop.
U.S. light crude for May delivery rose $1.04 to $114.83 a barrel on the New York Mercantile Exchange after reaching its peak 4 cents higher. Oil was trading down 24 cents at $113.55 just prior to the report's release.
In its weekly inventory report, the Energy Information Administration said crude stocks fell by 2.3 million barrels in the week ended April 11.
Analysts had been expecting an increase of 1.7 million barrels after last week's unexpected drop, according to a Dow Jones poll.
http://money.cnn.com/2008/04/16/markets/eia/index.htm?postversion=2008041610
:nuts::nuts:Crude reaches $114.87 after government report shows crude stockpiles fell last week.
By Kenneth Musante, CNNMoney.com staff writer
April 16, 2008: 10:44 AM EDT
NEW YORK (CNNMoney.com) -- Oil prices surged to a record high Wednesday, spiking to $114.87 a barrel, after a government report showed an unexpected crude supply drop.
U.S. light crude for May delivery rose $1.04 to $114.83 a barrel on the New York Mercantile Exchange after reaching its peak 4 cents higher. Oil was trading down 24 cents at $113.55 just prior to the report's release.
In its weekly inventory report, the Energy Information Administration said crude stocks fell by 2.3 million barrels in the week ended April 11.
Analysts had been expecting an increase of 1.7 million barrels after last week's unexpected drop, according to a Dow Jones poll.
http://money.cnn.com/2008/04/16/markets/eia/index.htm?postversion=2008041610
nnuut
Moderator | TSP Legend
BREAKING
NEWS
Oil tops $115 a barrel for the first time as traders react to big decline in crude and gasoline supplies. More soon.
http://money.cnn.com/?cnn=yes
Oil tops $115 for the first time
Crude reaches record after government report shows crude and gasoline stockpiles fell last week.
By Kenneth Musante, CNNMoney.com staff writer
Last Updated: April 16, 2008: 2:43 PM EDT
NEW YORK (CNNMoney.com) -- Oil prices seesawed to a record high Wednesday, spiking to above $115 a barrel, after a government report showed an unexpected crude supply drop.
U.S. light crude for May delivery a barrel rose to $115.07 a barrel on the New York Mercantile Exchange. Crude began the year at just under $96 a barrel, which means the price has soared by nearly 20% already this year.
In its weekly inventory report, the Energy Information Administration said crude stocks fell by 2.3 million barrels in the week ended April 11. [more]
http://money.cnn.com/2008/04/16/markets/eia/index.htm?postversion=2008041614
NEWS
Oil tops $115 a barrel for the first time as traders react to big decline in crude and gasoline supplies. More soon.
http://money.cnn.com/?cnn=yes
Oil tops $115 for the first time
Crude reaches record after government report shows crude and gasoline stockpiles fell last week.
By Kenneth Musante, CNNMoney.com staff writer
Last Updated: April 16, 2008: 2:43 PM EDT
NEW YORK (CNNMoney.com) -- Oil prices seesawed to a record high Wednesday, spiking to above $115 a barrel, after a government report showed an unexpected crude supply drop.
U.S. light crude for May delivery a barrel rose to $115.07 a barrel on the New York Mercantile Exchange. Crude began the year at just under $96 a barrel, which means the price has soared by nearly 20% already this year.
In its weekly inventory report, the Energy Information Administration said crude stocks fell by 2.3 million barrels in the week ended April 11. [more]
http://money.cnn.com/2008/04/16/markets/eia/index.htm?postversion=2008041614
nnuut
Moderator | TSP Legend
High Oil Prices? You Ain't Seen Nothing Yet
Posted Apr 16, 2008 12:39pm EDT by Aaron Task in Newsmakers, Commodities Related: xom
Charles Maxwell is known as the “Dean of Energy Analysts,” following decades working on Wall Street and for Mobil Corp. before the XOM deal. As global oil consumption rises and oil production peaks and ebbs, prices will shoot higher — a lot higher, says Maxwell, senior energy analyst at Weeden & Co. in Greenwich, Conn.
Maxwell forecasts $180 oil by 2015, and $300 a barrel by 2020. And at those prices, could rationing be far off in the future? Plus, check in with Tech Ticker later to get Maxwell’s take on smart oil investing plays as oil reaches the bottom of the barrel.
http://finance.yahoo.com/tech-ticke...Prices-You-Ain't-Seen-Nothing-Yet?tickers=xom
Posted Apr 16, 2008 12:39pm EDT by Aaron Task in Newsmakers, Commodities Related: xom
Charles Maxwell is known as the “Dean of Energy Analysts,” following decades working on Wall Street and for Mobil Corp. before the XOM deal. As global oil consumption rises and oil production peaks and ebbs, prices will shoot higher — a lot higher, says Maxwell, senior energy analyst at Weeden & Co. in Greenwich, Conn.
Maxwell forecasts $180 oil by 2015, and $300 a barrel by 2020. And at those prices, could rationing be far off in the future? Plus, check in with Tech Ticker later to get Maxwell’s take on smart oil investing plays as oil reaches the bottom of the barrel.
http://finance.yahoo.com/tech-ticke...Prices-You-Ain't-Seen-Nothing-Yet?tickers=xom
James48843
Well-known member
NYMEX LIGHT SWEET: High
$115.07
weatherweenie
Well-known member
Silverbird
Well-known member
Well, his analysis may be true on the supply end, but some of the pricing hike in recent months has been due to the falling dollar. So I'm not as sure about the steepness of his pricing forecast. I don't doubt prices are going to rise - it's just a matter of how bad a boy the dollar's gonna be.
Aviator_Guy
Member
I tried to hold off on buying a Hybrid until the new 2009 Prius came out, but we pulled the trigger on a 08 Toyota Prius. I’m still keeping my gas guzzling FJ Cruiser for having off road fun. With gas almost 3.80 per gallon here in Los Angeles, I will be putting a lot more miles on the Hybrid. It will take me some time getting accustomed to a car that gets better mpg in the city than on the highway! 
nnuut
Moderator | TSP Legend
Tonight Rum and Coke for me!! To hell with gas, it is nasty stuff anyway!:laugh:I think I just found my reason to start drinking tonight.
Yes I agree with you that he is pushing a little hard on the ridiculous side. Speculation and the Dollar have added to this price glut. There is plenty of Oil out there and more crooks!View attachment 3744
nnuut
Moderator | TSP Legend
This is not pretty, and I don't see it getting any better soon!reg unleaded up almost a dime here since this morning...
View attachment 3746
nnuut
Moderator | TSP Legend
Oil, gas rise to new records
Crude prices top $115 a barrel on supply concerns; retail gasoline hits record $3.418 a gallon.
Last Updated: April 17, 2008: 8:23 AM EDT
SINGAPORE (AP) -- Oil prices hit an all-time high above $115 a barrel Thursday amid concerns about sagging U.S. gasoline supplies ahead of the peak demand of the Northern Hemisphere summer.
The U.S. Energy Department said Wednesday that inventories of gasoline fell 5.5 million barrels last week, a much bigger decline than forecast by analysts surveyed by Dow Jones Newswires.
Crude inventories fell 2.3 million barrels last week, the department's Energy Information Administration also reported, while analysts expected a gain.
"The market has focused on the substantial draw in gasoline in the U.S. and also the large crude oil draw," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. "The report has provided a knee-jerk reaction for the market and has driven oil to a new high."
Light, sweet crude for May delivery rose as high as $115.45 a barrel in electronic trading on the New York Mercantile Exchange. It eased back to $114.94 a barrel, late afternoon in Singapore.
That is 1 cent higher than the overnight settlement record of $114.93 a barrel. During Wednesday's floor session, oil futures made their first move past the $115 mark.[more]
http://money.cnn.com/2008/04/17/markets/oil.ap/index.htm?postversion=2008041707
Crude prices top $115 a barrel on supply concerns; retail gasoline hits record $3.418 a gallon.
Last Updated: April 17, 2008: 8:23 AM EDT
SINGAPORE (AP) -- Oil prices hit an all-time high above $115 a barrel Thursday amid concerns about sagging U.S. gasoline supplies ahead of the peak demand of the Northern Hemisphere summer.
The U.S. Energy Department said Wednesday that inventories of gasoline fell 5.5 million barrels last week, a much bigger decline than forecast by analysts surveyed by Dow Jones Newswires.
Crude inventories fell 2.3 million barrels last week, the department's Energy Information Administration also reported, while analysts expected a gain.
"The market has focused on the substantial draw in gasoline in the U.S. and also the large crude oil draw," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. "The report has provided a knee-jerk reaction for the market and has driven oil to a new high."
Light, sweet crude for May delivery rose as high as $115.45 a barrel in electronic trading on the New York Mercantile Exchange. It eased back to $114.94 a barrel, late afternoon in Singapore.
That is 1 cent higher than the overnight settlement record of $114.93 a barrel. During Wednesday's floor session, oil futures made their first move past the $115 mark.[more]
http://money.cnn.com/2008/04/17/markets/oil.ap/index.htm?postversion=2008041707