Oil Slick Stuff

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Speculators cut their net long positions in crude oil to 25,867 in the week
to May 27, down from 50,060 in the previous week, data released by the
U.S. Commodity Futures Trading Commission (CFTC) showed last week.

The CFTC said last week that it was investigating oil-market trading.
 
06/02/2008 - Updated 11:42 AM ET
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Oil futures climb as demand concerns easeAtlantic storm season begins; natural-gas prices top $12
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</IMG>By Myra P. Saefong, MarketWatch & Nick Godt, MarketWatch
SAN FRANCISCO (MarketWatch) -- Crude-oil futures posted modest gains Monday, as better-than-expected figures on U.S. manufacturing helped ease concerns over slowing demand for oil.
But news that the first Atlantic storm of the season missed key oil installations in the Gulf of Mexico kept price gains in check.
Crude oil for July delivery was up $1.15 at $128.50 a barrel in morning trade on the New York Mercantile Exchange, recovering from a low of $125.30.
The market had opened "weaker due to the failure of the Tropical Storm Arthur to effect Mexican production," {weaker :confused:}said Michael Lynch, president of Strategic Energy & Economic Research (SEER).
"The weak U.S. economy is weighing heavily on demand, but the new ISM numbers, which are moderately bullish, might put a floor under oil prices," he said in emailed comments.
Traders have been concerned that high oil prices have hurt demand. The latest economic data may help to ease those concerns for now.
Meanwhile, Arthur, the first Atlantic storm of the season, is still creating heavy rains in the Gulf of Mexico but isn't expected to redevelop, according to a morning update from the U.S. National Hurricane Center. The Atlantic hurricane season official began Sunday.
Dropping oil [more]
 
go back a bit to when oil prices didn't move...or dropped a bit...that's what your paying for at the pump now. Next delivery of more expensive stuff your price will go up again. Price at the pump won't come down, sorry.
 
luv2read said:
go back a bit to when oil prices didn't move...or dropped a bit...that's what your paying for at the pump now. Next delivery of more expensive stuff your price will go up again. Price at the pump won't come down, sorry.
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Oh, contra luv2post, :D it does come DOWN, it only takes longer!!:cool:
 
OK Buster get ready for that payoff.

Gasoline in the Anaheim, Riverside, LA areas hit $5 a gal, I just got an email from a cousin out there.:(

Thanks for the compliments, everyone. :)
 
luv2read said:
OK Buster get ready for that payoff.

Gasoline in the Anaheim, Riverside, LA areas hit $5 a gal, I just got an email from a cousin out there.:(

Thanks for the compliments, everyone. :)
Click to expand...
Unsubstantiated..and LA area don't count little missy:p..can you say, National Average?
 
Buster said:
Unsubstantiated..and LA area don't count little missy:p..can you say, National Average?
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Hey Buster,

I didn't say pay up...I said get ready. :)

What do you mean Los Angeles doesn't count? It counts in the average lol..which is at $3.97 now. I feel sorry for those folks out in southern CA, really bad off. Inflation is rampant. Not enough money to buy gasoline and bullets. IMO...buy bullets...with bullets you can get gas.;)

Oh, and you can google those prices in those areas. Lots of stations with $5 gas...bleh.
 
luv2read said:
Hey Buster,

I didn't say pay up...I said get ready. :)

What do you mean Los Angeles doesn't count? It counts in the average lol..which is at $3.97 now. I feel sorry for those folks out in southern CA, really bad off. Inflation is rampant. Not enough money to buy gasoline and bullets. IMO...buy bullets...with bullets you can get gas.;)

Oh, and you can google those prices in those areas. Lots of stations with $5 gas...bleh.
Click to expand...

Speaking from SoCal here, I'm in Riverside and it's $4.30 for the cheap stuff today, not going to LA anytime soon. But it is getting painful, I ride 50 miles one way on the Harley, 1.1 Gallons for the trip. I hate the miles on the girl, but it beats the 3.6 Gallons in my SUV. :cool:
 
Just got off the phone with a HUMMER parts place in Lake Forest, CA..and she said the price this morning was $4.29....
 
Oil drops sharply below $124

Fed chairman Ben Bernanke suggests more rate cuts are unlikely due to inflation worries.

Last Updated: June 3, 2008: 3:19 PM EDT

CrudeOil.mkw.gif



NEW YORK (AP) -- Oil prices fell sharply Tuesday, dropping below $124 a barrel as demand concerns grew and Federal Reserve Chairman Ben Bernanke indicated that more interest rate cuts are unlikely. Bernanke's comments sent the dollar higher and raised questions about oil's ability to reach new highs in the short term.



Oil prices: Light, sweet crude for July delivery fell $3.45 to settle at $124.31 a barrel on the New York Mercantile Exchange. Prices continued falling in after-hours electronic trading, dipping as low as $123.87. It was oil's lowest trading and settlement levels since May 15. Prices peaked at $135.09 on May 22.
Retail gas prices, meanwhile, rose slightly to a new record near $3.98 a gallon, but could fall if oil prices continue to decline.
The latest MasterCard SpendingPulse survey found that demand for gasoline fell by 4.7% last week - which included the long Memorial Day holiday weekend - compared to the same week last year. Averaged over the last four weeks, demand was down 6% last week compared to last year.
That dovetails with recent data from the Energy Department and Federal Highway Administration, as well as several other surveys suggesting high prices are cutting American's appetite for fuel. A new survey by RBC Capital Markets finds about 90% of Americans have made changes in their daily lives to counter high energy prices, including driving less and taking public transportation more often.
On Tuesday, General Motors Corp. (GM, Fortune 500) said it would close four truck and SUV plants in the United States, Canada and Mexico as surging fuel prices hasten a dramatic shift to smaller vehicles.
"Investors are ... wondering if we've got to the point, with prices around $130 a barrel, if that's too much for consumers to bear," said Rachel Ziemba, an analyst at RGEMonitor.com in New York.
The Bernanke effect: Also weighing on prices was the strengthening dollar. [more]
http://money.cnn.com/2008/06/03/markets/oil_ap.ap/index.htm?postversion=2008060315
 
Buster said:
$100.00/bbl is not too far off in the future..;)
Click to expand...
Yep, It looks like the bubble is going to lose some air!!

Oil prices drop below $124

Crude futures trade lower on demand concerns, comments from U.S. Fed chairman Ben Bernanke.

June 4, 2008: 7:03 AM EDT


CrudeOil.mkw.gif


BANGKOK, Thailand (AP) -- Oil prices dropped below $124 a barrel Wednesday as concerns about demand deepened and after Federal Reserve Chairman Ben Bernanke indicated that more U.S. interest rate cuts are unlikely.
By midday in Europe, light, sweet crude for July delivery was down 52 cents at $123.79 a barrel in electronic trade on the New York Mercantile Exchange. The contract fell $3.45 to settle at $124.31 a barrel in the previous day's session.
That was oil's lowest settlement price for a front-month contract on Nymex since May 15. Prices are now more than $11 below the trading record of $135.09 a barrel hit on May 22.
In London, July Brent crude dropped 97 cents to $123.61 a barrel on the ICE Futures exchange.
Bernanke's comments Tuesday suggesting inflation was too much of a concern to contemplate more rate cuts sent the dollar higher and raised questions about oil's ability to reach new highs in the short term. Bernanke signaled the Fed is inclined to leave rates where they are for now, but some analysts said he might be taking a step toward an eventual rise in rates later this year or early next year.
"The stars for a significant correction in crude oil are lining up," U.S. analyst and trader Stephen Schork said in a research note.[more]
http://money.cnn.com/2008/06/04/markets/oil_ap.ap/index.htm?postversion=2008060407
 
Gas prices hit record 2 cents shy of $4

With new highs reached in 27 of the last 28 days, the national average price for a gallon of regular unleaded gasoline hit $3.983, according to AAA's Web site.

By Catherine Clifford, CNNMoney.com staff writer
June 4, 2008: 6:34 AM EDT

NEW YORK (CNNMoney.com) -- Retail gas prices set a record high for the 27th time in the past 28 days, motorist group AAA's Web site showed Wednesday.
AAA reports the national average price for a gallon of regular unleaded gasoline rose to a record high of $3.983, up 0.5 of a cent from the previous day's high of $3.978. This is the 27th record high in 28 days.
The AAA survey shows gas prices are up 10% from a month ago and more than 26% higher from year-ago levels.[more]
http://money.cnn.com/2008/06/04/news/economy/gas_prices/index.htm?postversion=2008060406
 
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