Oil Slick Stuff

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nnuut said:
SAN FRANCISCO (MarketWatch) -- Crude-oil futures fell over $4 a barrel Wednesday, leaving crude with its biggest two-day drop in 17 years
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Yeah it's all relevant though, $8 bucks back when oil when oil was $25.00/bbl, was a big drop...
Now a $40.00/bbl drop in today's oil market, would qualify for a BIG DROP.
 
So far they say we have ONE!!!!:D SLC 07:51........$133.70........-.90

Oil extends slide into 3rd day

Even with the recent slide, crude is up about 40% so far this year.


Last Updated: July 17, 2008: 7:11 AM EDT

SINGAPORE (AP) -- Oil extended its fall early Thursday after plummeting more than $10 a barrel in the previous two sessions as evidence mounted that record prices are slowing U.S. demand.
Higher U.S. oil supplies, along with evidence of quickening inflation and slowing economic activity in the world's largest economy, have helped pull prices down from last Friday's record above $147 a barrel, said Victor Shum, an oil analyst with consulting firm Purvin & Gertz in Singapore.
"We've had a run of bearish news the last few days," he said. "This roller-coaster volatility has left us in a near-term trading range of between about $130 and $145."
Light, sweet crude for August delivery was down $1.09 at $133.51 a barrel in electronic trading on the New York Mercantile Exchange.
Crude fell $4.14 in the previous session to settle at $134.60 a barrel, after earlier sinking as low as $132. The drop followed a $6.44 sell-off Tuesday, crude's biggest since the Gulf War.
Despite the two-day slide of $10.58 a barrel in floor trade[more]
http://money.cnn.com/2008/07/17/markets/oil.ap/index.htm?postversion=2008071707
 
Lawmakers seek oil-drilling compromise

  • Deal would include new domestic drilling, promotion of alternative energy sources
    Groups of Democrats, Republicans working on compromise
  • Senate group hoping to introduce legislation after August recess
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From Ted Barrett and Deirdre Walsh
CNN

WASHINGTON (CNN) -- Two bipartisan groups -- one in the House, one in the Senate -- are trying to rekindle stalled energy-legislation by forging a compromise to expand domestic oil and gas drilling.
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Rep. John Peterson, R-Pennsylvania formed the House bipartisan "energy working group."

The compromise would include new domestic drilling to satisfy Republicans and promote conservation and alternative energy sources to satisfy Democrats, several lawmakers said.
The group in the Senate says its plan probably would allow drilling in new areas of the outer continental shelf, an idea vehemently opposed by Democratic leaders.
Sen. Ben Nelson, D-Nebraska, is bucking his party's leadership by supporting new drilling. He said he and the other senators advocating the deal are "people who are all seriously concerned about the issue who want to find solutions that are most likely to involve compromise."
"Somebody around here's got to do it," said another member of the group, Sen. Johnny Isakson, R-Georgia. "We think the Senate can vote in the majority for energy proposals that will reduce our dependence on foreign oil and reduce the pressure on gas prices."
The Senate group met behind closed doors in the Capitol on Wednesday, hoping to forge legislation that could be introduced after the August recess. Talks were to continue later in the week, according to one senator who attended the meeting.
Both that plan and one from the House are expected to include language to curb excessive oil-market speculation, which many lawmakers believe has artificially caused a spike in oil prices.[more]
http://www.cnn.com/2008/POLITICS/07/16/gas.prices/index.html
 
Looks like she's on the way down again? 12:14........$133.62........-.98
 
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just as I thought...little to do with the reports, more to do with the SEC. Just the threat of across-the-board regulation on specs was enough to bring it down.

Today's rally is the strongest advance from a low in both the SPX/DOW since the downtrend began two months ago. Looks like the downtrend may have established a bottom at 1200 yesterday.

What the FED couldn't accomplish, the SEC accomplished by limiting 'naked' short selling on the Primary banks and the GSE's.
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Just the threat of DRILL, DRILL DRILL!!:D

Market Update

1:30 pm : Stocks made a distinguished climb as oil prices sank further. The Dow Jones is now up roughly 1.2%. Crude prices are now down 2.5%, trading near 131.20 per barrel.
Crude prices are at their lowest level in nearly one month. Still, the commodity is up roughly 37% year-to-date.
The optimism surrounding stocks has pushed Treasuries out of favor. The 10-year Note is currently yielding more than 4.0%.DJ30 +146.48 NASDAQ +20.48 SP500 +11.15 NASDAQ Adv/Vol/Dec 1784/1.43 bln/963 NYSE Adv/Vol/Dec 2222/1.00 bln/937 http://finance.yahoo.com/marketupdate/overview?u
 
nnuut said:
Just the threat of DRILL, DRILL DRILL!!:D
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Nah. They know it will take 10 years to get anything "new" out of the ground, and there's more than enough supply available now with demand dropping. OPEC isn't going to stand for below $130 oil, as soon as it hits that target, they'll cut production to get the price back up. Right now financials and big oil are walking a tightrope hoping to keep this balancing act going. They've got all their balls in the air - they better not drop one or they all come down. This literally is a circus.;)
 
luv2read said:
Nah. They know it will take 10 years to get anything "new" out of the ground, and there's more than enough supply available now with demand dropping. OPEC isn't going to stand for below $130 oil, as soon as it hits that target, they'll cut production to get the price back up. Right now financials and big oil are walking a tightrope hoping to keep this balancing act going. They've got all their balls in the air - they better not drop one or they all come down. This literally is a circus.;)
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10 YEARS!! NO WAY!!! IMHO!:cool:

Looks like Natural Gas is helping us today!!:D
Oil Falls for Third Day as Natural Gas Tumbles, Demand Drops
13:43........$130.27.......-4.33
By Mark Shenk
July 17 (Bloomberg) -- Crude oil fell for a third day as natural gas futures tumbled and on signs slower global economic growth is curbing fuel consumption.
Natural gas fell more than 6 percent after a government report showed that U.S. supplies rose a greater-than-forecast 104 billion cubic feet last week. Some users can switch between oil- based fuels and gas depending on cost. Oil also fell because of reports showing that the U.S. and Chinese economies are slowing.
``The rout in natural gas is pulling oil lower,'' said Addison Armstrong, director of market research at TFS Energy LLS in Stamford, Connecticut. ``The sheer weight of the decline is bound to impact all the energy markets. A consensus was already forming that prices were too high.''
Crude oil for August delivery fell $1.93, or 1.4 percent, to $132.67 a barrel at 12:30 p.m. on the New York Mercantile Exchange. Futures are up 79 percent from a year ago.
Natural gas for August delivery declined 69.4 cents, or 6.1 percent, to $10.704 per million British thermal units in New York. Futures touched $10.604, the lowest since May 2.
U.S. natural gas inventories were forecast to increase by 88 billion cubic feet in the week ended July 11, according to the median of responses from 22 analysts surveyed by Bloomberg News.
Manufacturing in the Philadelphia region shrank in July for an eighth-straight month as orders and employment sank. The Federal Reserve Bank of Philadelphia's general economic index improved to minus 16.3 from minus 17.1 in June, the bank said today. Negative readings signal a decline. The measure averaged 5.1 last year.
The housing recession, now in its third year, has depressed demand for building equipment and materials and hurt consumer spending.
Slowing Expansion [more]
http://www.bloomberg.com/apps/news?pid=20601087&sid=a9GqXLsC4zRM&refer=home
 
nnuut said:
10 YEARS!! NO WAY!!! IMHO!:cool:

Looks like Natural Gas is helping us today!!:D
Oil Falls for Third Day as Natural Gas Tumbles, Demand Drops

By Mark Shenk
July 17 (Bloomberg) -- Crude oil fell for a third day as natural gas futures tumbled and on signs slower global economic growth is curbing fuel consumption. Hmm..seems that price of fuel is curbing consumption which is slowing global economic growth. Someone got this backwards?
Natural gas fell more than 6 percent after a government report showed that U.S. supplies rose a greater-than-forecast 104 billion cubic feet last week. Some users can switch between oil- based fuels and gas depending on cost. Oil also fell because of reports showing that the U.S. and Chinese economies are slowing. No surprise here. Demand drops due to high price so dump your futures contracts and the price comes down.
``The rout in natural gas is pulling oil lower,'' said Addison Armstrong, director of market research at TFS Energy LLS in Stamford, Connecticut. ``The sheer weight of the decline is bound to impact all the energy markets. A consensus was already forming that prices were too high.''
Crude oil for August delivery fell $1.93, or 1.4 percent, to $132.67 a barrel at 12:30 p.m. on the New York Mercantile Exchange. Futures are up 79 percent from a year ago. Still have to hit that 100% mark by the end of the year. Wait for it.
Natural gas for August delivery declined 69.4 cents, or 6.1 percent, to $10.704 per million British thermal units in New York. Futures touched $10.604, the lowest since May 2.
U.S. natural gas inventories were forecast to increase by 88 billion cubic feet in the week ended July 11, according to the median of responses from 22 analysts surveyed by Bloomberg News.
Manufacturing in the Philadelphia region shrank in July for an eighth-straight month as orders and employment sank. The Federal Reserve Bank of Philadelphia's general economic index improved to minus 16.3 from minus 17.1 in June, the bank said today. Negative readings signal a decline. The measure averaged 5.1 last year.
The housing recession, now in its third year, has depressed demand for building equipment and materials and hurt consumer spending. Nobody paying attention to THIS?
Slowing Expansion [more]
http://www.bloomberg.com/apps/news?pid=20601087&sid=a9GqXLsC4zRM&refer=home
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Yes, 10 years for anything NEW out of areas currently off-limits. Multi-agency studies, environmental assessments, permits have to be done, take at least 5 years; then there's the permit process for EACH well, field or project.

Couldn't resist annotating that article. They sure put the spin on things!:laugh:
 
Settle........$129.29........-5.31
Breaking $130 is a BIG DEAL!!!View attachment 4294

10 years!
Just allowing them to drill in these areas would have Oil down to about $80 in a FLASH!! They would know we are serious about becoming independent in ALL energy and their days of pushing us around are OVER!! That MIGHT take 3 weeks? LIBERALS?:suspicious:
Love Ya though!:D
 
I really just go to their site, let me try and find a symbol for you a little later, I'm painting the house right now. I think you can find it on the NYMEX site. :D
 
nnuut said:
Settle........$129.29........-5.31
Breaking $130 is a BIG DEAL!!!View attachment 4294

10 years!
Just allowing them to drill in these areas would have Oil down to about $80 in a FLASH!! They would know we are serious about becoming independent in ALL energy and their days of pushing us around are OVER!! That MIGHT take 3 weeks? LIBERALS?:suspicious:
Love Ya though!:D
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love u 2!!!:D

The problem is that most of that "new" oil wouldn't be for the US, the oil companies would just export it...like they do now.
 
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