Oil Slick Stuff

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Wonder where I should get my cheap:sick: hurricane gas this year?

Trick question: I won't --- my plan this year should a storm be imminent? head for the North GA mountains. Unplanned camping trips are the best!!!

Plus my uncle probably has some spare 'shine that will run just fine in today's engines.
 
The truth is in RED.
Chevron hits all-time high for 4th session
Oil producers rise as crude sets fresh record of $129 a barrel
By Steve Gelsi, MarketWatch
Last update: 11:20 a.m. EDT May 20, 2008
NEW YORK (MarketWatch) - Chevron pushed to an all-time high for its fourth straight session as part of a bevy of energy stocks moving into new territory Tuesday, with the shares of petroleum producers moving up on the heels of a new record price for crude.

Hedge fund manager and Texas oil man T. Boone Pickens predicted $150 a barrel oil this year on CNBC-TV, adding further fuel to petroleum bulls.

Crude oil futures hit a new high of $129.46 a barrel in morning action. See Futures Movers.

The Amex Oil Index rose 0.5% to 1,623, a record level. Hess Cop. and Occidental Petroleum each rose about 1.7% as leading gainers from the group.
The Amex Natural Gas Index rose 0.9% to 739. The Philadelphia Oil Service Index dipped 0.1% to 348.
Chevron Corp. rose 61 cents to $102.81 in recent action. Earlier, the stock, which is a component of the Dow Jones Industrial Average, touched $102.90 a share for its fourth straight day of all-time highs.
Several other energy companies hit 52-week highs on Tuesday including Continental Resources, which jumped 15% to $58.66 after the Enid, Okla. company said it was pleased with the results of its first well drilling in the North Dakota Bakken Shale area.

Other 52-week highs include: Forest Oil Corp., up 2.2% to $67.79, Suncor Energy Inc., up 1.4% to $140.34, Enbridge Inc., up 54 cents to $45.06.
Ensco International rose 97 cents to $75, a new 52-week high, as well as Unit Corp., up 1% to $77.46, and Encana Corp., up 1% to $96.16.

Soleil Securities analyst Jacques H. Rousseau said in a note to clients that refiners' share prices have fallen about 50% since the middle of last year, compared to a 7% decline in the S&P 500 on weak demand for gasoline. "We don't envision conditions deteriorating from these levels as refiners have reduced supply to be more in line with lower demand," Rousseau said.

Of the group, however, Tesoro's share price has the most potential downside from current levels and Frontier Oil has the least, he said. Tesoro fell 1.1% to $25.38. Frontier Oil fell 1.2% to $27.52.

Among energy shares in the spotlight, Exxon Mobil agreed to a $2 billion loan to help revive existing projects that have been held back by funding delays in Nigeria. The money will help Nigeria National Petroleum Corporation fund its portion of a joint venture with Exxon this year. Exxon Mobil stock rose 23 cents to $94.59.

And NorthWestern Corp. rose 2% to $24.96 as it debuted on the New York Stock Exchange after trading on the Nasdaq.

Among alternative energy shares, China Sunergy Co. Ltd. fell 2% to $12.85. The company said its first-quarter net income fell to $545,000, or 1 cent a share, from $2.25 million, or 17 cents a share, in the year-ago period. The Nanjing, China, solar cell manufacturer's sales rose 32% to $77 million from $58.2 million a year earlier. Ethanol maker Aventine Rewable Energy rose 10% to $6.65 on the heels of a 25% rally in the previous session.
Click to expand...
 
We saw lines, odd/even numbers and syphn's in the 70's.
We still haven't learned a thing and the politics are the same.
:mad:
 
Yeah... that's gonna show 'em!

someone tell me how much better a Dimocrat controlled congress is again...

:p


The House of Representatives overwhelmingly approved legislation on Tuesday allowing the Justice Department to sue OPEC members for limiting oil supplies and working together to set crude prices, but the White House threatened to veto the measure.

The bill would subject OPEC oil producers, including Saudi Arabia, Iran and Venezuela, to the same antitrust laws that U.S. companies must follow.

The measure passed in a 324-84 vote, a big enough margin to override a presidential veto.

The legislation also creates a Justice Department task force to aggressively investigate gasoline price gouging and energy market manipulation.

"This bill guarantees that oil prices will reflect supply and demand economic rules -- instead of wildly speculative and perhaps illegal activities," said Democratic Rep. Steve Kagen of Wisconsin, who sponsored the legislation.

The White House opposed the bill, saying that targeting OPEC investment in the United States as a source for damage awards "would likely spur retaliatory action against American interests in those countries and lead to a reduction in oil available to U.S. refiners."

The administration said less oil going to refineries would limit available gasoline supplies and raise fuel prices.

The Senate would still have to approve the House measure.

The Senate previously approved similar legislation as part of a broad energy bill. However, the OPEC-suing provision was removed after White House opposition in order to get the underlying energy legislation signed into law.
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And Mr. Bush's "if you don't open the tap that will just make countries like mine develop alternative energy sources" is a better OPEC strategy?

This has no teeth....US has no way of enforcing US antitrust laws on foreign STATE owned companies.
 
Any of you watch MCX on Spike TV?

Any of you invested in ticker MXC?

Mexco Energy Corporation (AMEX:MXC) shares up 172% since Friday!!!


MXC-Most-Extreme-Elimination-Challenge-Season-1.jpg
 
I knew this was coming, they just won't quit!!!:mad:

Oil crosses $130 a barrel for first time

Crude prices touch fresh trading high as supply worries mount, dollar weakens.

Last Updated: May 21, 2008: 6:23 AM EDT


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BANKOK, Thailand (AP) -- Oil prices rose above $130 a barrel for the first time Wednesday as supply concerns mounted and the dollar weakened.

U.S. crude for July delivery traded as high as $130.25 a barrel in electronic trading. The July contract closed at $128.98 in the floor session.
The dollar had become less of a factor as attention turned to supply and demand concerns, but that seems to have changed this week.
"We've seen an about-face turn on the dollar in the last couple of days," said Mark Pervan, senior commodity strategist at Australia & New Zealand Bank in Melbourne.
"It looked like it was starting to recover, but I think there's a less certain outlook at the minute and ... enough reason to be buying commodities as a currency hedge again."
In Tokyo's currency market, the dollar was trading in mid-103 yen level, down from the ¥104-¥105 range last week. And the euro has started to climb again against the dollar, rising above $1.57 in Asian trading.
Investors see hard commodities such as oil as a hedge against inflation and a weak dollar and pour into the future market when the greenback falls. A weak dollar also makes oil less expensive to buyers dealing in other currencies.
The June contract, which expired Tuesday, shot to a record intraday high of $129.60 before settling at $129.07 a barrel, up $2.02 from Monday. The expiration of that contract created additional volatility as traders scrambled to lock in positions.
Tuesday's performance was the 10th time in the last 12 sessions that crude prices have hit trading or closing records, if not both.
Oil futures are now selling for about twice what they were just a year ago. Prices have been propelled by a number of factors, including worries about insufficient supply, soaring global demand and a sliding dollar that has made oil cheaper for some buyers overseas. Speculative buying has also helped push prices higher, analysts say.
Industry observers in recent days have also pointed to especially strong demand for diesel in China, where power plants in some areas are running desperately short of coal and certain earthquake-hit regions are relying on diesel generators for power. The country is also ramping up diesel imports ahead of the Olympics, analysts say, driving up prices.
Besides that, "major Chinese petrochemical companies are really struggling to keep up with demand. The trend is that we're going to continue to see pretty strong crude imports (from China) going forward," Pervan said. "That's what the market is really getting on board."
Crude's latest surge also comes after Algerian Energy Minister Chakib Khelil, OPEC's current president, was quoted by a government newspaper as saying the cartel won't boost output before its next meeting on Sept. 9, adding to concerns about global supply.
That added to worries about gasoline and diesel supplies at the start of the summer driving season in the U.S., where retail prices for the motor fuels are already at record levels. Many analysts expect prices for both fuels will continue to rise.
In other Nymex trading, heating oil futures rose 1.01 cents to $3.7851 a gallon while gasoline prices rose 0.53 cent to $3.3097 a gallon. Natural gas futures, meanwhile, rose 9.6 cents to $11.461 per 1,000 cubic feet.
http://money.cnn.com/2008/05/21/markets/oil.ap/index.htm?postversion=2008052106
 
Record gas prices: 14 straight days

The price for a gallon sets new all-time high at $3.807 a gallon, according to AAA.

May 21, 2008: 7:18 AM EDT

NEW YORK (CNNMoney.com) -- Retail gas prices hit record highs for the 14th day in a row, motorist group AAA's Web site showed Wednesday.
The nationwide average for a gallon of regular unleaded rose to $3.807, up from $3.80 the previous day.
Gas prices have now risen for 15 straight days.
The AAA national average shows gas prices up about 9% from a month ago and up nearly 19% from year-ago levels.
The pinch on consumers at the pump comes just ahead of the summer driving season, which kicks off with Memorial Day weekend.
The most expensive state to buy gas is Alaska, where a gallon of regular unleaded costs an average of $4.102. The second most expensive state to buy gas is Connecticut, where a gallon of gas costs $4.062, according to AAA.
The least expensive state to purchase gasolineis Arizona, where a gallon costs $3.626 a gallon. Missouri and Wyoming are tied for the second least expensive gallon of gasoline at $3.631 a gallon.
The price of gas at the pump has been supported by record high crude oil prices, which have doubled over the past year.
http://money.cnn.com/2008/05/21/news/economy/gas_prices/index.htm?postversion=2008052107
 
05/21/2008 - Updated 7:11 AM ET

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European shares succumb to higher crude pricesMiners recover a bit of lost ground; oil firms on the rise
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By Sarah Turner, MarketWatch

LONDON (MarketWatch) - European shares moved lower on Wednesday as record crude prices finally got the better of markets, resulting in sharp losses for autos and airlines.
The pan-European Dow Jones Stoxx 600 index fell 0.7% to 323.80 as the index failed to hold onto gains made early in the session behind sharp gains for oil firms and a recovery for miners.
Of national indexes, even the commodity-heavy U.K. FTSE 100 index pulled back from early gains to trade up just 0.2% to 6,206.80, while the German DAX 30 index fell 0.7% to 7,069.57 and the French CAC-40 index fell 0.5% to 5,030.75.
The change came as crude prices broke through the $130-a-barrel mark for the first time in Wednesday's electronic trading session, with the contract recently up $1.22 at $130.22 a barrel.
Facing surging commodity prices, automakers struggled, with shares of Daimler [DAI] down 3.3% and shares in Renault down 3.9%.
Merrill Lynch analysts said in a note that higher raw material costs could represent 4 billion euros of headwinds for the European auto sector.
"Suppliers absorbed the largest portion on the headwinds in the last three years but seem now need to be compensated for at least part of their own burden...steelmakers seem to want to change the game as early as the second quarter of 2008," the analysts said.
Specifically, Merrill downgraded Porsche and Finnish tire maker Nokian to sell from neutral.
Porsche shares fell 5.7% while Nokian shares declined 1.2%.
Airlines are one of the sectors that are most exposed to higher crude prices and shares in Air France-KLM dropped 2.4% while shares of Ryanair Hodlings [RYAAY] fell 4.4%.
Miners, oil firms up [more]
http://markets.usatoday.com/custom/...L&guid={A08A103B-401A-4755-9CF3-B76839AE108F}
 
This calls for a move by our friends at FOMC.:notrust:

Weak dollar pushes oil above $130


_44652941_iranoil_ap.226b.jpg
Some investors are switching into oil as a hedge against the weak dollar


Oil prices have hit another intra-day high, breaching $130 a barrel for the first time, on increased concerns about supply and the weaker dollar.
Light, sweet crude for delivery in July hit a peak of $130.47 a barrel before falling back to $129.71.
Meanwhile, oil for delivery in 2016 was approaching $140 - suggesting that this is the price firms expect to be paying in eight years' time.
Two weeks ago, Goldman Sachs said that a barrel could fetch $200 by 2010.
In recent weeks, the rise in the oil price has been attributed to nerves about supply.
China factor
However, the dollar weakness is also driving the oil price higher as investors look to buy commodities as a hedge against the currency, observers say.
"We've seen an about-face turn on the dollar in the last couple of days," said Mark Pervan, a Melbourne-based senior commodity strategist at ANZ Bank.
"It looked like it was starting to recover, but I think there's a less certain outlook at the minute." Speculation that China would need to import more fuel in the aftermath of the earthquake there is also supporting prices, analysts say. Other factors thought to be spurring the oil price include the limited supply of refined products such as diesel ahead of the US driving season.

http://news.bbc.co.uk/2/hi/business/7412327.stm
 
Market Update
10:35 am : The major indices fall into negative territory, although losses are slight, on an unexpected decrease in crude inventories.
Just hitting the wires, crude oil inventories for the week ended May 17 fell 5.32 million barrels, snapping four straight weeks of inventory builds. Analysts forecasted that stockpiles would increase by 300,000 barrels. Crude was trading nearly unchanged at $128.93 per barrel just prior to the release.DJ30 -44.78 NASDAQ -2.68 SP500 -0.75 NASDAQ Dec/Adv/Vol 984/1488/359 mln NYSE Dec/Adv/Vol 1089/1726/218 mln http://finance.yahoo.com/marketupdate/overview?u
 
Kinda predictable!
CRUDE!!
$131.55:nuts: New all time high!! :mad:This is out of hand!! Over $130, the market won't like it!!
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AP
Oil prices pass $132 after government reports supply drop
Wednesday May 21, 11:55 am ET
By John Wilen, AP Business Writer Oil prices rise past $132 after government report of a drop in crude and gasoline inventories
NEW YORK (AP) -- Oil prices bolted to a new record above $132 a barrel Wednesday after the government reported that supplies of crude oil and gasoline fell unexpectedly last week. And crude's rise in the futures market again pressured consumers by pulling prices at the pump higher -- a gallon of regular gas rose overnight to a new record above $3.80 a gallon.[more]
http://biz.yahoo.com/ap/080521/oil_prices.html
 
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[FONT=Verdana, Arial, Helvetica, sans-serif]May 21, 2008[/FONT]​

DON'T FIGHT THE MARKET​


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CRUDE OIL TO $150 THEN MAJOR CORRECTION?​




This week, legendary investors and traders Warren Buffett and George Soros came out with cautionary words about the markets. They were particularly concerned about continuing effects from the credit crisis, and inflationary pressures curbing economic growth.​


While I greatly respect both of those men's investing acumen, I seem to remember that they were very alarmist in the 1990s for years before the Internet Bubble finally burst. While their view that speculation was rampant and destined to crash was proven correct, they missed out on large profits on the way up.​


This brings me to the current stock markets, where the strength and resilience continues. We have had an orderly pullback at the beginning of this week, and now look to be resuming the uptrend, or at the very least consolidating sideways. In the face of a downright scary macro environment, NASDAQ and Transportation stocks have led the way, which is bullish to me. While I would not be surprised at all by some short-term sideways consolidation or a mini-selloff from profit taking, I see a market that wants to go higher over the coming weeks.​


An examination of the QQQQ chart (ETF designed to mimic the NASDAQ 100) yields some interesting observations: ​


QQQQ Weekly Chart with Percent R​


052108MWUQQQQ.gif
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I see the current rally as similar on a Weekly basis to the pattern from mid-2006. Based on that rally, I would foresee several more weeks of upside before a sideways consolidation occurs. The current rally has not yet extended above the top of the BigTrends Acceleration Bands, as it did in 2006. In addition, the Percent R readings at the bottom look similar, yet we have not reached the key 80 extended level on the upside, indicating further rallying is likely, if the same pattern is occurring.​



CRUDE OIL TO $150 THEN MAJOR CORRECTION?​


As everyone knows, Crude Oil prices have been rocketing higher. It seems inevitable to me at this point that we will hit $150/barrel on the futures. Often when everybody guesses and discusses that a stock or index will hit a key round-number level, it becomes a self-fulfilling prophecy in a way. The sentiment and speculative aspects of market prices will drive that security to that key level.​


On that note, examine the Crude Oil Futures Cash (CL1600) Monthly chart:​



Crude Oil Monthly Cash Price with Acceleration Bands​


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This market has been on a massive upswing since bottoming in late-2001, and appears to have gone parabolic since late-2006. Parabolic uptrends are destined to correct sharply, in my experience, because the froth and speculative nature of such large moves inevitable is taken out. ​


I anticipate that a move above the Top BigTrends Acceleration Band to $150 is likely to occur, which may mark a significant top in Crude Oil prices, and I would then expect a pullback to the key $100 level (which besides being a huge psychological round number, is also where the Middle Acceleration Band is currently located). ​


To me a logical time this correction to occur would be as we close in on the Beijing Olympics, which begin in early-August, or shortly after the Games are done. Beyond the $100 level, I see support at the Bottom Acceleration Band and from the 40-Month Exponential Moving Average, both currently in the low-$70s and rising (so around $75 should be a further support level).​


Now, I've been wrong before, and this is just a forecast of a potential rally to $150 and subsequent strong correction. If this does occur, you can profit by being long energy and oil stocks through the rally to $150, and bailing out quickly around that level and possibly even going short through the use of Put Options. ​



Moby Waller​


Research Analyst​


Advanced Option Strategies, Portfolio Manager​


BigTrends.com​
http://tipstraders.com/articles.php?artid=3312&PHPSESSID=418bfd72dd88982dbbbaedd3c973fca6
 
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