Oil Slick Stuff

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LOLOLOLOLOLO!!!:laugh:
I really can't put my FINGER on it but I don't like this guy, never have?
 
Oil prices rise after steep loss

Crude heads higher after declining sharply in the previous session on a surprise rise in inventories.

Last Updated: June 26, 2008: 7:25 AM EDT

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SINGAPORE (AP) -- Oil prices moved higher Thursday after falling sharply in the previous day's session on a report that showed U.S. stockpiles of oil and fuel were larger than expected.
U.S. crude for August delivery was up 55 cents to $135.10 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe.
The U.S. dollar weakened slightly against the euro and the Japanese yen Thursday, which also helped support prices.
Analysts said daily trading volumes were down sharply this week, with prices swaying within a broad band.
"The oil markets are on holiday," said Olivier Jakob of Petromatrix in Switzerland. "In this dearth of investment environment, the ($132 to $138 per barrel) trading range is respected to the decimal and all of it in one day."
Wednesday's inventory report was taken as evidence that soaring gasoline prices have crimped demand in the U.S., the world's biggest energy consumer. Crude oil stocks rose slightly last week, the U.S. Energy Department's Energy Information Administration said. Analysts surveyed by research firm Platts had expected a 1.7 million barrel decline.[more] http://money.cnn.com/2008/06/26/markets/oil.ap/index.htm?postversion=2008062607
 
AP
Oil jumps on OPEC, Libya comments
Thursday June 26, 10:44 am ET
By John Wilen, AP Business Writer Oil prices rise sharply as OPEC president says prices could pass $150; Libya may cut output
NEW YORK (AP) -- Oil futures shot up to nearly $139 a barrel Thursday after OPEC's president said oil prices could rise well above $150 a barrel this year and Libya said it may cut oil production.
Light, sweet crude for August delivery rose as high as $138.95 a barrel shortly after the New York Mercantile Exchange opened before retreating some to trade up $4 at 138.55.
Chakib Khelil, president of the Organization of Petroleum Exporting Countries, said he believes oil prices could rise to between $150 and $170 a barrel this summer before declining later in the year. Khelil said he doesn't think prices will reach $200 a barrel.
The head of Libya's national oil company said the country may cut crude production because the oil market is well supplied, according to news reports.
"Shokri Ghanem, the nation's top oil official, declined to say when a decision would be made on whether to lower production, or give any indication of the size of the cut under consideration," said Addison Armstrong, director of market research at Tradition Energy in Stamford, Conn., in a research note.
Oil futures were also rising as investors reassessed comments the Federal Reserve made Wednesday when it held a key interest rate unchanged. Many investors who had expected the Fed to raise interest rates in August now think a rate hike is unlikely until after the November election or next year, said James Cordier, president of Tampa, Fla.-based trading firms Liberty Trading Group and OptionSellers.com.
Interest rates affect the dollar; many analysts believe the Fed's rate cutting campaign, which began last September, had much to do with weakening the dollar against the euro and sending oil prices skyrocketing. Investors buy commodities such as oil when the greenback is falling. Also, a weaker dollar makes oil less expensive to investors dealing in other currencies.
The dollar slid against the euro after the Fed's comments Wednesday, and was down again on Thursday.
"Breaking through $140 now ... seems hard to avoid," Cordier said.
Retail gas prices, meanwhile, were unchanged overnight at a national average of $4.067, according to a survey of stations by AAA, the Oil Price Information Service and Wright Express. Gas prices have retreated slightly from a record of $4.08 set June 16, but are likely to fall much more as long as crude oil remains in its recent range between roughly $131 and $140.
"If we go through $140, we're at $4.25 on gas within a week," Cordier said. In other Nymex trading Thursday, July gasoline futures rose 10.69 cents to $3.501 a gallon and July heating oil futures rose 12.87 cents to $3.8779 a gallon. July natural gas futures fell 17 cents to $12.583 per 1,000 cubic feet. In London, August Brent crude futures rose $3.68 to $137.96 on the ICE Futures Exchange.


http://biz.yahoo.com/ap/080626/oil_prices.html
 
Last edited:
nnuut said:
Oil prices rise after steep loss

Crude heads higher after declining sharply in the previous session on a surprise rise in inventories.

Last Updated: June 26, 2008: 7:25 AM EDT
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And 1 week ago:
nnuut said:
Oil gyrates on mixed inventory report

Wednesday June 18, 11:08 am ET
By John Wilen, AP Business Writer

Oil fluctuates on surprise drop in gas inventories, smaller than expected drop in crude
Click to expand...
The market pretty much ignores all other reports lately, having figured out the numbers are fake....so why are they still responding to THESE obviously faked numbers...dictated by big oil and the financials to manipulate the market to their benefit???:mad::p

There are companies like Platts which keep close tabs on actual inventory figures, and up until this year correlated pretty closely with the government numbers when they were released. Now all of a sudden the analysts' figures are way off??? Duh...
 
JUNE GOAL OF $140 BBL OIL REACHED...now get ready for short rally in stocks

LMAO! How can you NOT believe that Ben, the fed and the BA are in bed with oil and financials???? Short drop yesterday in oil based on phony numbers for the buy in; today they dump stocks and run oil up to a record? But look at the financials and oil stocks...just fine. IMO we should see a drop in oil and bounce in stocks between now and Tuesday since the goal has been reached. Remember this week when the price of gas drops a few pennies then shoots up higher...it's this oil you're buying. $150 oil is the goal for the end of 2008.
SAN FRANCISCO (MarketWatch) -- Crude futures reached unprecedented levels Thursday, with a weaker dollar and comments from major oil producers helping prices on Globex climb to a high of $140.39 a barrel. August crude marked a record close of $139.64 on the New York Mercantile Exchange, up $5.09, or 3.8%. In order to "take the steam out of the energy complex, the dollar may need to find support, said Dale Doelling, chief market technican at Trends In Commodities.
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Oh, and BOA is laying off 7500 employees once the Countrywide deal is closed. Guess the sovereign wealth funds who own BOA now have put their foot down.
 
It's the latest game, it's not helping the refiners at all. Sad thing is, since OPEC uses the Texas light crude price, in $, even if we increase our oil production the price is NOT going to go down that much because there are way too many willing buyers and speculators out there, and the dollar isn't exactly the model of strength.
 
Oil crosses $141 to new record

Crude touches a new trading high on inflation concerns, weak dollar.

Last Updated: June 27, 2008: 5:07 AM EDT

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SINGAPORE (AP) -- Oil prices climbed to a record above $141 a barrel in Asian trading Friday as the U.S. dollar's protracted slump prompted investors to flock to oil as a hedge against inflation.

Prices were also lifted Thursday after OPEC's president said crude prices could rise well above $150 a barrel this year and Libya said it may cut oil production.
U.S. crude for August delivery rose as high as $141.71 a barrel before pulling back to $141.10 a barrel, up $1.46 a barrel in Asian electronic trading on the New York Mercantile Exchange, midafternoon in Singapore. The contract Thursday rose $5.09 to settle at a record $139.64.
The previous trading record for a front-month contract was $139.89, set on June 16.
Special Report: Energy Fix
On Thursday, the dollar slipped against key currencies as U.S. data showed sluggish economic growth and pointed to a struggling labor market. Oil is priced in U.S. dollars, and some investors buy oil contracts to protect the value of their assets against accelerating inflation when the dollar falls.
"The dollar movements caused the surge in oil pricing and the bullish trend remains intact," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. "The oil market is subject to further spikes in the coming weeks."
On Friday, the dollar slipped to ¥106.42 from ¥106.91 Thursday; the euro was trading at $1.5738, down from $1.5751.
Crude futures were also driven higher after Chakib Khelil, president of the Organization of the Petroleum Exporting Countries, said he believes oil prices could rise to between $150 and $170 a barrel this summer. Khelil also said prices will decline later in the year, and aren't likely to reach $200 a barrel.[more]
http://money.cnn.com/2008/06/27/markets/oil.ap/index.htm?postversion=2008062705
 
Look at the chart - what a coincidence that oil started moving rapidly ONE YEAR before the election - or is it? Nah....gotta get that price up so the public will scream "DRILL! DRILL! DRILL!" before the reins change hands and the smoke and mirrors get blown away. Doesn't hurt the company profits, either. Double whammy, all to the good side for Big Oil. Betcha Halliburton execs have a big chunk of oil stocks...and oil,too. $150 price target for end of 2008, pause after election, then $200 by June 2010. It'll stop there. Plan for it.

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It won't make a difference NOW. Maybe in 10 years. Make them PRODUCE what they have capped and are sitting on while they drive up the price. That's one reason the price isn't coming down any time soon, and why the supply/inventory numbers are so skewed every week. They have plenty of acreage under lease that they can drill, MAKE them drill what they already have.
 
If you have never read Admiral Hymen Rickover's 1957 speech on fossil fuels, you should spend a few minutes and grasp the man's brillence.

http://www.inteldaily.com/?c=154&a=2591

Basically, he said oil is going to run out, and we really need to focus on what kind of world we are going to hand our descendants. And he said we need to focus on renewable fuels.

A good read.
 
It's not propaganda. Neither is the fact that there is a lot of production CAPPED waiting for $150 bbl before it hits the market. The propaganda is the phony numbers posted by the agencies every week.:rolleyes:

Oh, and you can only suck so much stuff out of the ground before formations start to collapse...oil, water, gas....what do you think happens to all those spaces between grains of sand when their contents are removed? Think about it...and talk to a few geologists.
 
James48843 said:
If you have never read Admiral Hymen Rickover's 1957 speech on fossil fuels, you should spend a few minutes and grasp the man's brillence.

http://www.inteldaily.com/?c=154&a=2591

Basically, he said oil is going to run out, and we really need to focus on what kind of world we are going to hand our descendants. And he said we need to focus on renewable fuels.

A good read.
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Agree - it's too bad that we don't seem to have leaders today with such a broad and historical grasp on issues.
 
It's laughable that BA pressures OPEC to turn on the taps but won't pressure US oil companies to do the same with their capped wells here - but wants to give them rights to MORE federal lands.
 
Oil and Gas Journal
House barbs fly as 'Use it or lose it' bill heads to floor
Nick Snow
Washington Editor
WASHINGTON, DC, June 26 -- US House Democrats and Republicans accused each other of indifference to record gasoline prices as the week-long Independence Day recess drew closer. Voters are asking why Congress hasn't acted, lawmakers on both sides of the aisle said. The parties remained far apart on solutions June 25 as Democrats promoted bills they said would benefit consumers more than major oil companies and Republicans demanded legislation that would increase available domestic supplies.

Speaker Nancy Pelosi (D-Calif.) said the House will have an opportunity to do exactly that on June 26 when it debates H.R. 6251, which is formally designated the Responsible Federal Oil and Gas Act but which is more commonly called the "Use it or lose it" bill (OGJ Online, June 24, 2008). "There are tens of millions of acres these big oil companies already have where they're not drilling," she told reporters in a late afternoon briefing that included Majority Leader Steny H. Hoyer (Md.), Majority Whip James E. Clyburn (SC), Democratic Caucus Chairman Rahm Emanuel (D-Ill.) and the caucus's vice-chairman, John B. Larson (Conn.). "We believe hundreds of millions of barrels of oil and trillions of cubic feet of natural gas are available on already authorized leaseholds," Hoyer said. Voters will not accept excuses for not producing readily available domestic oil when gasoline is selling for more than $4/gal, he maintained.

'You can't yell bingo'
Republicans responded that simply holding a federal lease doesn't necessarily mean oil or gas can be produced from it. "Just because you have a bingo card doesn't mean you get to yell bingo," observed Todd Tiahart (R-Kan.) at a briefing earlier in the afternoon.

Federal government regulators were more specific at a hearing that House Republicans held earlier that morning. "Some people apparently believe that when a producer acquires a lease, it can go into production immediately. That's not the case. To even begin the process, a lessee must obtain permits and meet requirements over several years," US Minerals Management Service Deputy Director Jon A. Hrobsky said.

"The process is similar onshore where there are more small than large operators and a wide range of resources. It takes years to analyze what's there, determine if it can be produced economically and develop the necessary infrastructure," added Tim Spisak, fluid minerals division chief at the US Bureau of Land Management.

MMS grants offshore leases for 5, 8, or 10 years, Hrobsky said. "Every leaseholder has to pay bonuses before production begins. Shooting seismic can take years. Exploratory wells need to be drilled. Not every lease has oil and gas on it and if it does, it may not be economically recoverable," he explained.

"This 68 million-acre argument is bogus. Lots of it is acreage which has been unsuccessful. Some of it is still in the process. If we want to drill fewer wells that produce more oil and gas, we need to get into prime areas," said Rep. John E. Peterson (R-Pa.) at the afternoon briefing.

Lack of time, equipment
Responding to a reporter's observation that Republicans say H.R. 6251 duplicates existing federal law, Pelosi said, "That's not what we hear from the industry. Some executives say they don't have the time. Others say they don't have the equipment."

Noting that congressional Republicans and the Bush administration want to expand federal leasing to more of the Outer Continental Shelf and into the Arctic National Wildlife Refuge, Pelosi said, "If [oil and gas producers] don't have equipment to drill their existing leases, where are they going to get it to drill in pristine areas? If they don't have enough time to drill what they already have, where will they find it for new areas?"

Republicans said that continued Democratic opposition to more federal leasing is a mistake. "Doing nothing is not a policy," said Henry E. Brown Jr. (SC), adding that when President Bill Clinton vetoed ANWR drilling authorization 13 years ago, he said it was because it would not supply oil for 10 years. "I'm more concerned about oil leaking from a passing supertanker and washing up on beaches in my district than I would be about production from a well 50 miles offshore," Brown said. Tiahart said that the Appropriations Committee postponed consideration of the US Department of the Interior's fiscal 2009 budget because public support has grown for amendments that would lift congressionally imposed OCS leasing moratoriums, authorize leasing within ANWR, and overturn an oil-shale leasing moratorium. "The Interior budget bill is the best vehicle to start bringing prices down. If you have a reliable supply, it helps keep speculators at arm's length," he said. Thelma D. Drake (R-Va.), who serves on the Armed Services Committee, said that the US Department of Defense faces the prospect of having to use emergency funds or divert money from other programs to pay for suddenly higher fuel costs. "The majority's refusal to let us explore for oil and gas and develop domestic supplies is inexcusable. The day we pass legislation opening up our own resources, we'll send a signal to the rest of the world that we're ready to regain control of our destiny," she said.

Target: oil speculators
Democrats argued that more direct action needs to be taken to curb excessive energy commodity price speculation which they said has driven up prices. "Today, we are putting oil speculators on notice," Pelosi said. She announced that she sent a letter to President George W. Bush calling on him to direct the Commodity Futures Trading Commission to use emergency powers it already has to investigate all energy futures contracts.

"Experts have testified this week before Congress that the explosion of speculation in the oil futures market could be driving up prices from $20[/bbl] to $60/bbl. Oil speculators are making money by betting against the American consumer at the pump. We want to help the American people here and now," Pelosi said.

Hoyer said several bills already have been introduced, and final legislation should be ready during July. "The Bush administration insists the run on [gasoline] prices is not due to speculation. Many experts disagree. It's just another area where the administration has taken the referee off the field," he said.

"The CFTC should use its emergency powers to drive out speculators who are pushing oil prices higher. The laws of supply and demand have been suspended. It has taken on almost a casino atmosphere. We represent Main Street instead of Wall Street on this issue," said Larson.

Emanuel said CFTC's reluctance to move against oil price speculators follows the same pattern as with home mortgage and student loans where regulators essentially had their hands tied behind their backs. "In each case where this administration [in the past] has put ideology ahead of what's working, there have been problems," he said.

'Price gouging' setback
House Democrats suffered a setback when their latest bill to require federal investigations and prosecution of alleged oil-product price gouging fell six votes short of passage on June 24 as 11 Republicans who supported a similar measure last year voted "no" this time. "With prices rising, it makes sense that we would vote on this legislation before millions of Americans fill their gas tanks and hit the road for the Fourth of July," said the bill's sponsor, Rep. Bart Stupak (D-Mich.). "Rather than voting to provide federal protection that ensures gas and diesel prices are justified, House Republicans voted to protect the handful of unscrupulous wholesalers, retailers, and refiners raking in excessive profits from the very fuel prices crippling American families."

Republicans were equally adamant that their constituents were tired of congressional inaction to bring oil prices down. "I find it problematic that as I go home for the Fourth of July recess, I can't report progress in Congress on energy legislation to increase domestic oil and gas supplies. We're on course for a disaster in America's economic future," Peterson said. "If the president wanted to lead, he would have lifted the presidential withdrawals first. There's been bipartisan neglect," he added. "We are in the battle of this generation," Pelosi said. "When I became speaker, I realized the landmark battle would be energy security and climate change. It's not surprising that it has grown more intense as oil prices have gone up."
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NOTE TO BIG OIL: turn on your taps first, and drill what you already have under lease; or give it up to someone who will.
 
I really don't care where the Oil comes from, existing wells, new wells, Snail Darter's backyard. Oh, where is the best place to DRILL, downtown, in your backyard or maybe out in the country? We need it now, then we can concentrate on other forms of energy. If this keeps up I'm going to be riding a Bike to work.:nuts:
DRILL ---------------- PUMP! NOW!​
 
That's the point....Congress needs to make them TURN ON THE CAPPED WELLS, and DRILL WHAT'S ALREADY PERMITTED NOW. There are hundreds of permitted wells in PROVEN fields just sitting there waiting to be drilled. They need to quit trying to get access to UNPROVEN federal lands where they're just guesstimating what's there and focus on producing what's KNOWN. At the same time, put that extra money to work in alternative energy R&D to bring it to the marketplace economically. They're not going to do any of that until oil is at leat $150 bbl.
 
How about having them trade in the ones they don't want for new leases? After capping and cleanup of the unsucessful trial sites of course. That would get rid of the arguement that they are holding too much offshore land already to ask for more.

By the way, I heard a theory on CNBC (I know, I know) that the oil commodities market closes at 2:30 pm causing the large moves in the stock market in the mid-afternoon. It is true about the oil market closing at 2:30 and this is feasible as the reason for the mid afternoon oddness?
 
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