Oil Slick Stuff

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1:00 is even worse!
Moody's (MCO 38.24, -5.66), a credit rating agency, is posting its largest one day percent decline since 1999 after the Financial Times reported the company may have improperly given Aaa ratings to complex debt. The article states that Moody's knew in early 2007 that coding error in the company's computer models caused the improper ratings. Credit agencies have already been under fire criticism for rating subprime debt with Aaa ratings.

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:mad:aaaaaaaaa ooops my a key is stuck - Moody's
 
nnuut said:
$132.31 New all time high!! This is getting OLD!:mad:
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When it POPS...not if, better be standing waaaay back, because there is gonna be a big mess...for all the investors that are hanging for that last greedy spike..:laugh::laugh:
 
Silverbird said:
1:00 is even worse!
Moody's (MCO 38.24, -5.66), a credit rating agency, is posting its largest one day percent decline since 1999 after the Financial Times reported the company may have improperly given Aaa ratings to complex debt. The article states that Moody's knew in early 2007 that coding error in the company's computer models caused the improper ratings. Credit agencies have already been under fire criticism for rating subprime debt with Aaa ratings.

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:mad:aaaaaaaaa ooops my a key is stuck - Moody's
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Nothing new there. They just continually come up with new shell games to cover their tracks. From last month:
Lehman makes move to turn unsold debt to cash: report
Fri Apr 11, 2008 6:27am EDT

NEW YORK (Reuters) - Lehman Brothers Holdings Inc repackaged unsold debt and used the Federal Reserve's new borrowing facility to convert loans that investors mostly rejected into cash to finance its business, the Wall Street Journal reported.

According to the Journal, Lehman transferred $2.8 billion in loans that included some risky leveraged buyout debt into a new investment entity called Freedom.

Freedom then issued debt securities backed by the loans, and $2.26 billion of the securities got investment-grade credit rankings from Moody's and Standard & Poor's, according to the report.

The bank used some of those securities as collateral for a low-interest, short-term cash loan from the Federal Reserve, the Journal said, citing people familiar with the matter.

The move was meant as a test to see what the Federal Reserve would accept, and the size of the loan was not material, the Journal added, citing a person familiar with the matter.

Lehman representatives and the Federal Reserve could not be reached immediately for comment.
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Appropriate name for a scam eh, FREEDOM?
 
Let's try to keep discussions on the subject of ENERGY, or something that effects it, please!:D

Settle $133.17:nuts: What you talkin' about?
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Yep, the Markets didn't like it, and niether do I, No Sir!
 
From today's Oil and Gas Journal...

http://www.ogj.com/display_article/...TCH:-Crude-passes-$130/bbl,-may-hit-$150/bbl/

Predictions of $150-200 oil are "more like bull's-eyes than forecasts," giving the "herd" of traders new targets to aim for, said Pritchard Capital analysts on May 21. "Front-month Brent crude has yet to breach the $130/bbl mark, but is on the precipice, reaching as high as $129.92/bbl today. July is the only contract through June 2009 trading below $130/bbl, however, which suggests it's only a matter of time before it too joins the ranks. Refined products are also trading at fresh-record high levels this morning, breaking the typical pre-inventory lull."
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Numbers yesterday showed that refineries have cut production based on current reduced demand. End result, the demand will catch up with the supply just about the time the $150 oil $5 gasoline price peak is reached which should be about the time of the election. We'll see a stabilization for a few months until demand outstrips supply, then the price will continue on to $200.

Interesting post on Pickens from 2005....his prediction came true. I'm listening.
http://www.tsptalk.com/mb/showpost.php?p=22692&postcount=1
luv2read said:
Pickens is old-line BIG OIL. Anybody been listening while I've been saying BIG OIL won't stop until it hits $150? It will pause there then go on to $200 - that's the target. Pickens is throwing a red herring out there about the speculators though. Speculation is what is currently driving the market, not supply/demand. The supply is currently exceeding the demand. Don't believe the latest media bs. Pickens is big oil AND a hedge fund manager - one of the biggest oil speculators with everything to GAIN by pushing the price up.
Crude soars to new highs on demand worries
By Kate Gibson, MarketWatch
Last update: 10:01 a.m. EDT May 20, 2008
NEW YORK (MarketWatch) -- Crude-oil futures on Tuesday traveled to a new record high above $129 a barrel after hedge fund manager and Texas oil man T. Boone Pickens said he expects oil will hit $150 a barrel before the year is through.
Speaking on CNBC-TV, Pickens said world oil supplies are declining prices will continue to rise because output is not keeping pace with demand.
Speculators, Pickens said, have "nothing" to do with record prices.
The June crude contract, which expires at the end of trading Tuesday, was recently up $1.79, or 1.4%, at 128.84 a barrel on the New York Mercantile Exchange, after hitting a high of $129.31 earlier on. July crude futures climbed $1.63, or 1.3%, at $128.35 a barrel on Nymex.
"There's so much bullish sentiment in the market. Banks are upping their price targets on oil, and that's feeding the frenzy," said John Kilduff, analyst at MF Global.
"They (the banks) are basing this on consumption outstripping supply. There are also some significant power plant shutdowns in China because of coal shortages," said Kilduff.
The analyst also pointed to the expiration of the June contract at the end of the trading day, increasing volatility in the market.
Analysts at Action Economics pointed to "speculation that output won't meet the demand of refiners that are seeking crude to produce gasoline and diesel, despite Saudi Arabia's increased output" for prices hovering above the $127 a barrel level, after climbing as high as $127.58 earlier on.
Crude remained higher after the government said the core producer price index, which excludes food and energy prices, rose 0.4% in April, more than the anticipated 02 Read Economic Report.
"The April producer price index report contained mostly bad news -- at the earliest stage of production, crude material prices increased 3.2%. Excluding food and energy, crude materials prices increased a whopping 7.9%, a level exceeded only twice since record keeping began in 1972," said Tony Crescenzi, of Miller Tabak & co.
On Monday, crude futures closed above the $127 a barrel mark for the first time, with the market extending last week's strength on growing concerns about energy supply and heightened demand from China.
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It's funny to hear that Pickens is pumping Oil and taking a shot at speculators. Nothing to lose and everything to gain from higher Oil prices for Mr. Pickens.

$1.6 Billion. The hedge fund holdings of a crook. (Copied from Bespoke)

tboone.png
 
Being Boone's Alma mater is OSU (Oklahoma State Univ.)..He just gave the skool a $100,000,000.00 for their geology program..He turns 80 tomorrow.
 
Crude sets new mark above $135

Concerns about supply and weakening dollar help oil prices maintain upward surge.

Last Updated: May 22, 2008: 6:49 AM EDT


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BANGKOK, Thailand (AP) -- Oil prices hit a record above $135 a barrel before falling back slightly in Asia on Thursday, with supply worries, rising global demand and a slumping dollar keeping crude futures on an upward track.
With gas and oil prices setting new records nearly every day, many analysts are beginning to wonder what might stop prices from rising. There are technical signals in the futures market, including price differences between near-term and longer-term contracts, that crude may soon fall. But with demand for oil growing in the developing world, and little end in sight to supply problems in producing countries such as Nigeria, few analysts are willing to call an end to crude's rally.
"The sentiment in the market is very bullish at the moment," said David Moore, commodity strategist with the Commonwealth Bank of Australia in Sydney. "The U.S. dollar was weaker last night, and also the U.S. EIA report showed an unexpected decline in U.S. commercial crude oil inventories, so there's a combination of factors pushing the oil prices higher."[more]
http://money.cnn.com/2008/05/22/markets/oil.ap/index.htm?cnn=yes
 
They really talked around this one and solved NOTHING, AGAIN!!:mad:

Don't blame us for prices - oil execs

A Senate Judiciary Committee seeks answers from Big Oil execs for rising oil prices on day that crude crossed $130 a barrel.

By Steve Hargreaves, CNNMoney.com staff writer
Last Updated: May 21, 2008: 3:47 PM EDT

NEW YORK (CNNMoney.com) -- Amid increasing public outcry over record-shattering oil and gas prices, senators on Wednesday hauled industry executives in to testify about the recent runup.
The Senate Judiciary Committee called the hearing to explore the skyrocketing price of oil, which jumped over $4 a barrel to a new record of over $133. The committee grilled executives from Exxon Mobil (XOM, Fortune 500), ConocoPhillips Co. (COP, Fortune 500), Shell Oil Co. (RDSA), Chevron (CVX, Fortune 500) and BP (BP) as to how their companies can in good conscience make so much money, while American drivers pay so much at the pump.
"You have to sense what you're doing to us - we're on the precipice here, about to fall into recession," said Sen. Richard Durbin, D-Ill. "Does it trouble any one of you - the costs you're imposing on families, on small businesses, on truckers?"
The executives said it did, and that they are doing all they can to bring new oil supplies to market, but that the fundamental reasons for the surge in oil prices are largely out of their control.[more]
http://money.cnn.com/2008/05/21/news/economy/oil_hearing/index.htm?postversion=2008052115
 
The only thing Congress could do would be to apply price caps to US oil/gasoline, and they won't do it. This is just another dog and pony show for the sheeple "look, we're mad too and we're raking big oil over the coals!" They've done it every year since 2005 - remember the big stink and investigation when the price of gasoline shot up after Hurricane Katrina? It quietly faded away with no result.
 
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