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This seems like it should be virsa visa?

Dollar weakens as oil gains

Volatile oil trading sends U.S. currency lower against the 15-nation euro and yen.

August 21, 2008: 6:13 AM EDT

FRANKFURT, Germany (AP) -- The dollar sank against the euro Thursday as oil prices continued a volatile ride.
The 15-nation European currency bought $1.4826 in European morning trading compared with the $1.4768 in late New York trading the night before.
The U.S. Energy Department said Wednesday a big gain in imports drove crude inventories up by a hefty 9.4 million barrels in the week ended Aug. 15, much higher than analysts had expected.
U.S. crude for October delivery rose $1.20 to $116.76 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. The September contract expired Wednesday after rising 45 cents to $114.98 a barrel.
"Profit-taking off recent gains and the fact commodity prices are edging higher once more is ensuring that the dollar retreats further from the highs it saw earlier in the week," said James Hughes, a currency analyst with CMC Markets.
"Surprisingly oil has edged back above $116 a barrel despite yesterday's far bigger than expected build in crude inventory, whilst gold is also back above $800 an ounce, again adding to pressure on the dollar."
In other trading, the British pound bought $1.8688 Thursday morning from $1.8615, while the dollar bought ¥108.85 from ¥109.79 late Wednesday in New York. http://money.cnn.com/2008/08/21/markets/dollar.ap/index.htm?postversion=2008082106
 
luv2read said:
So now CTFC and Congress know for sure. Let's see...when did we on the board first say SPECULATORS??? February? So what are they going to do about it?

Sold to China 8/15.
Click to expand...
If it is against the LAW, BURN THEM, set an example!
OK who's buying Oil today?!! $119.25 a barrel!!
 
nnuut said:
This seems like it should be virsa visa?
Dollar weakens as oil gains
Volatile oil trading sends U.S. currency lower against the 15-nation euro and yen.

The U.S. Energy Department said Wednesday a big gain in imports drove crude inventories up by a hefty 9.4 million barrels in the week ended Aug. 15, much higher than analysts had expected.
U.S. crude for October delivery rose $1.20 to $116.76 a barrel
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um no..oil up, dollar down as usual.

Ohhhhhh...inventories up, prices up? What???:nuts:
 
OK, last week OPEC started talking about possible production cuts to take the surplus off the market and raise prices. No effect on the market.

Late yesterday, EIA (US agency) puts their spin on it and voila! Instant price increase!
View attachment 4501
EIA: Saudis May Cut Production Should Oil Price Slide Continue
by Brian Baskin
Dow Jones Newswires 8/20/2008
URL: http://www.rigzone.com/news/article.asp?a_id=65715

NEW YORK (Dow Jones Newswires), August 20, 2008
Saudi Arabia may cut oil production if prices continue to fall, the U.S. Energy Information Administration said Wednesday.

A production cut would remove one of the factors behind the 22% drop since oil prices hit a peak of $147.27 a barrel on July 11. Saudi Arabia pledged to increase production by a total of 550,000 barrels a day in May and June. Crude futures settled at $114.98 a barrel on the New York Mercantile Exchange on Wednesday.

Saudi Arabia's production increase had little immediate impact on the market, but prices began to fall as those barrels reached buyers, causing inventories to grow. U.S. oil inventories grew by 9.4 million barrels in the week ended August 15, the EIA said Wednesday, in the largest stock build since March 2001.

"As prices drop, Saudi Arabia may cut back on its recent increase in production, which could halt the most recent price decline," the EIA said.

The EIA expects oil prices to trade in the $120-to-$130-a-barrel range for the rest of the year. The forecast hinges on a smaller decline in U.S. demand during the second half of the year, as well as an absence of major supply disruptions.

"Of course, whether or not this scenario unfolds is anyone's guess," the EIA said.
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It's the Putin!

AP
Oil jumps $6 on US-Russia tensions, sliding dollar
Thursday August 21, 11:35 am ET
By Stevenson Jacobs, AP Business Writer

Oil jumps $6 on growing US-Russia tensions, sliding dollar, worries of OPEC output cut

NEW YORK (AP) -- Oil prices shot up $6 a barrel Thursday, rising to the highest level in over two weeks as escalating tensions with Russia stoked fears of a disruption of energy shipments to Western countries.
Crude's rally mimicked the wild price swings seen last month and have at least temporarily halted oil's slide back toward $100 a barrel. A weaker U.S. dollar and worries about tightening output from OPEC countries are also supporting prices.
Tensions with Russia about a deal between Washington and Poland to install a missile defense system in Eastern Europe -- seen as a threat by Moscow -- and the continued presence of Russian troops in Georgia contributed greatly to the bullish mood.
Light, sweet crude for October delivery jumped $6.32 to $121.88 a barrel on the New York Mercantile Exchange. It was crude's highest trading level since Aug. 4.
"The sellers are backing away for now," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill. "If military activity heats up again, pipeline flows into Europe could be disrupted and that would affect the United States as well."
The price jump came as retail gas prices continued to fall, shedding more than a penny overnight to a new national average of $3.702, according to auto club AAA, the Oil Price Information Service, and Wright Express. Prices have now fallen 10 percent from record highs above $4 a gallon set July 17, but the pace of the drop off could slow if oil holds onto Thursday's gains.
"This is probably about it in terms of a retail gas drop. We may be a few cents away from the August bottom," said Tom Kloza, publisher and chief analyst at the Oil Price Information Service in Wall, N.J.
Oil's jump came a day after the U.S. government report a huge rise in U.S. crude inventories. But other supplies were less abundant.
Gasoline inventories shrank by a larger-than-expected 6.2 million barrels to below-average levels in the week ended Aug. 15, the U.S. Energy Department's Energy Information Administration said Wednesday. Meanwhile, distillate inventories -- which include heating oil and diesel fuel -- rose by less than expected, the EIA said.
That was enough to offset a hefty 9.4 million barrel rise in U.S. crude stocks last week when the average analyst forecast had been for a 1.7 million barrel increase, according to energy information provider Platts.
"That report had something for everyone," said David Moore, a commodity strategist at Commonwealth Bank of Australia in Sydney. "On the one hand, the crude inventory buildup was quite strong, but the gasoline draw was also very prominent." But growing concerns over Russia's standoff with Georgia and NATO grabbed the attention of most oil traders Thursday.[more]
http://biz.yahoo.com/ap/080821/oil_prices.html
 
nnuut said:
Light, sweet crude for October delivery jumped $6.32 to $121.88 a barrel on the New York Mercantile Exchange. It was crude's highest trading level since Aug. 4. Oil's jump came a day after the U.S. government report a huge rise in U.S. crude inventories...

...That was enough to offset a hefty 9.4 million barrel rise in U.S. crude stocks last week when the average analyst forecast had been for a 1.7 million barrel increase, according to energy information provider Platts.
[more]
http://biz.yahoo.com/ap/080821/oil_prices.html
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Hmmm..CFTC findings confirm speculation in oil market, one trader holding 11% of contracts. Suddenly the US crude inventory jumps 9.4 million barrels...wonder how many speculators got scared and dumped their contracts hoping not to get caught.
 
luv2read said:
OK, last week OPEC started talking about possible production cuts to take the surplus off the market and raise prices. No effect on the market.

Late yesterday, EIA (US agency) puts their spin on it and voila! Instant price increase!

URL: http://www.rigzone.com/news/article.asp?a_id=65715

The EIA expects oil prices to trade in the $120-to-$130-a-barrel range for the rest of the year. The forecast hinges on a smaller decline in U.S. demand during the second half of the year, as well as an absence of major supply disruptions.
Click to expand...
I hate being a puppet....
 
Why oil won't fall below $100

With a surge in the price of global commodities, it's costing more to produce a barrel of oil than ever before.

By Steve Hargreaves, CNNMoney.com staff writer
Last Updated: August 21, 2008: 3:43 PM EDT

NEW YORK (CNNMoney.com) -- Last week, falling oil prices looked unstoppable. The last few days have seen a halt in that slide. Still with prices well below the record set in July and a shaky world economy threatening demand, the question remains: How low can oil go?

Many analysts say oil is unlikely to go much lower than $100 a barrel, and it has to do with the rising cost of production.
The the overall cost to produce oil has gone up, especially oil fromtough to reachplaces like Canada's tar sands and the deep water Gulf of Mexico.
These areas require massive investment and materials to produce oil and that expense has risen as the price of commodities surge. And while they represent a small fraction of total worldwide production, they're important because some analysts believe prices won't fall below the cost of the most expensive barrel of oil.
"I don't think it will go down below $100 for very long," said Christopher Ruppel, an energy analyst at Execution LLC, a broker and research firm for institutional investors like hedge and mutual funds. "Once you go down too low, you'll shut down new production, and prices will go right back up."
Tar sands: A sticky situation[more]
http://money.cnn.com/2008/08/21/news/economy/oil_price_floor/index.htm?postversion=2008082115
 
Q4 Price Targets from various broker houses courtesy of Bespoke Investment Group. I like FBR's guesstimate. Median price is around $121.

Not sure when this poll was taken but I have a feeling it was before oil began dropping. Funny... Oil drops 20% it's a correction. Stocks drop 20% it's a bear market.

q4pricetargets_3.png
 
Crude turns lower as dollar gains

Prices slip after spiking more than $5 in previous session.

Updated: August 22, 2008: 7:17 AM EDT


crude.bc.gif



NEW YORK (AP) -- Oil edged down below $121 a barrel Friday after jumping more than $5 overnight. Investors' fears that tensions with Russia would further disrupt crude supplies to the West were partly offset by a stronger dollar, which pushed down energy prices.
By midday in Europe, U.S. crude for October delivery was down 62 cents to $120.56 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $5.62 overnight to settle at $121.18 a barrel.
"It's still speculative whether Russia will use oil as a weapon to punish the West," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore. "But it has certainly focused the market on that geopolitical threat."
The United States and Poland signed a deal Wednesday to place a U.S. missile defense base just 115 miles from Russia's westernmost border - a move quickly denounced by Moscow.
Russia's Foreign Ministry warned that Moscow's response to further development of the missile defense shield would go beyond diplomacy.[more]
http://money.cnn.com/2008/08/22/markets/oil.ap/index.htm?postversion=2008082207
 
Exxon Mobil, Chevron Top Bidders in GOM Lease Sale
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by Isabel Ordonez Dow Jones Newswires Thursday, August 21, 2008

HOUSTON (Dow Jones Newswires), August 21, 2008
Exxon Mobil Corp. was the top bidder on the latest Gulf of Mexico Western Lease Sale organized this week by the U.S. Interior Department, underlying the company's interest in becoming a bigger player in the region.

The Irving, Texas, company won 130 bids for offshore leases in the Gulf of Mexico. The oil giant offered a total of $127.33 million for the leases. It was followed by Chevron Corp., which won 20 bids offering $127.28 million, according to the Minerals Management Service.

Norway's Statoil ASA, Louisiana-based and privately owned Llog Exploration Offshore and Royal Dutch Shell were among the top five successful bidders.

Exxon Mobil's leadership in the bidding contrasts with its previous participation in Western Gulf lease sales. The largest U.S. oil company by market value, for example, didn't bid in the last sale held on Aug. 22 last year, while Chevron was a minor bidder.

"Exxon Mobil is a specialist in terms of having a global portfolio, but this shows the Gulf of Mexico works fine for them now," said July Wilson, lead analyst at Wood Mackenzie. "They may have had more attractive opportunities previously, but companies' interests move from region to region."

Exxon Mobil is a small producer in the Gulf of Mexico, where a quarter of the U.S. oil production and about 10% of the natural-gas production occur. Exxon Mobil has 25% of BP PLC's massive Thunder Horse field, but it doesn't operate any major production of its own.

The Minerals Management Service, which oversees offshore oil and gas development, said that 423 bids were received from 47 companies on 319 tracts offered in offshore Texas. The U.S. Interior Department's Western Gulf of Mexico oil and gas lease sales Wednesday reaped $487 million for the federal government. Last year, $369 million was bid in the same sale.

The Interior department said around 17% of the 319 tracts awarded are in ultra-deep water. The highest bid received on a tract was $61 million submitted by Statoil for Block 380 in the Alaminos Canyon. There is continued strong interest in Gulf of Mexico lease sales as more drilling in the region is seen as a possible solution to increase domestic production of oil and natural gas and to ease high energy prices. Republicans have been taking advantage of high oil prices and public support for more domestic exploration as an election-year strategy to unbalance Democratic leadership that has been largely opposed to lifting an offshore moratorium.

Deepwater leases in the central Gulf are more highly sought after than eastern and western Gulf areas. While the lease sale revenues were a fraction of the record $3.7 billion in the last Gulf lease sale in March, Wednesday's sale saw the average price per offered tract nearly triple to $1.5 million a block compared to $664,000 a block earlier this year. The next central gulf lease sale is scheduled for spring 2009.

"In the midst of the national discussion about energy production, the activity at today's sale signals that the offshore oil and gas industry is serious about developing our nation's resources," said Interior Secretary Dirk Kempthorne.
http://www.rigzone.com/news/article.asp?a_id=65750
 
For those of you who didn't know there are sperm whales in the Gulf of Mexico...and for those of you who DO know and are concerned about the impacts of seismic exploration, and oil and gas exploration and development on the whales and other marine life. Da whalies are just fine!
Oil, Gas Seismic Work Not Affecting Gulf Sperm Whales, Study Shows
Science Daily (press release) - 13 hours ago
ScienceDaily (Aug. 21, 2008) — Noise can be irritating and possibly harmful for everything from mice to humans – and maybe even 60-foot whales in the Gulf ...

Sperm whales live year-round in Gulf, new study finds
Houston Chronicle, United States - 17 hours ago
By MATTHEW TRESAUGUE Copyright 2008 Houston Chronicle Sperm whales, one of the world's largest and least-understood creatures, congregate year-round in the ...
Study: Oil exploration doesn't harm whales
United Press International - 15 hours ago
HOUSTON, Aug. 21 (UPI) -- US scientists say a $9 million, five-year study shows endangered Gulf of Mexico sperm whales are minimally affected by oil and gas ...
Study: Sperm whales doing OK in Gulf
KHOU, TX - 15 hours ago
HOUSTON—According to the federal government, the sperm whales in the Gulf are doing OK. The Minerals Management Service released the results of a six-year ...
Sperm Whales in Gulf Seemingly Unaffected by Distant Seismic Sounds
PhysOrg.com, VA - 16 hours ago
A six-year study on sperm whales in the Gulf of Mexico – designed to learn more about their abundance, migration patterns and behavior – suggests that ...

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Oil: Biggest drop in 17 years

Crude prices fall by largest dollar amount since 1991 as investors fear the decline in U.S. demand could spread overseas as Europe's economies slow.

By Kenneth Musante and David Goldman CNNMoney.com staff writers

Last Updated: August 22, 2008: 3:18 PM EDT


crudeoil.mkw.gif


NEW YORK (CNNMoney.com) -- Oil prices plummeted Friday, erasing the previous session's spike, as the dollar strengthened and investors worried that a decline in demand will spread outside the United States.
U.S. crude for October delivery dropped $6.59 to settle at $114.59 a barrel on the New York Mercantile Exchange.
The drop in oil was the largest single-day slide in dollar terms since Jan. 17, 1991, when oil fell by $10.56. On that day, President George H.W. Bush withdrew oil from the Strategic Petroleum Reserve ahead of the first Gulf War.
But in 1991, oil was trading at just $32 a barrel, so the more than $10 slide in dollar terms represented a record 33% drop. Oil fell 5.4% Tuesday, which does not even crack the top 50 price declines in percentage terms.
Oil's second-largest slide on Friday comes a day after the second-largest gain on record. Crude futures soared $5.62 a barrel Thursday to rise above $121 a barrel.
"We're trending towards a lot of oil price volatility on the direction of the dollar," said Peter Beutel, an oil analyst with Cameron Hanover. "There are huge amounts of money involved, and the large moves have been based primarily on dollar strength."
Dollar rebounds: [more]
http://money.cnn.com/2008/08/22/markets/oil/index.htm?postversion=2008082215
 
Yeah you speculators, dump those contracts!:D:p

What a coincidence that this happens the last trading day before the DNC begins 8/25!:suspicious::laugh:
 
Gas prices down for the 38th day in a row:D

The price of gas dipped below $3.70, after crude oil futures posted a record drop on Friday.

August 24, 2008: 6:41 PM EDT

NEW YORK (CNNMoney.com) -- Gasoline prices fell Sunday for the 38th straight day, bringing down the nationwide average in a motorist group survey by more than 42 cents overall.

The price of regular unleaded gasoline at the pump fell 1 cent to $3.688 a gallon, according to the Daily Fuel Gauge Report from motorist advocacy group AAA and the Oil Price Information Service. The average is based on credit card swipes at 100,000 service stations.
Prices have fallen 10.4% since hitting a record high of $4.114 a gallon on July 17.
The dip comes after U.S. crude for October delivery saw the largest drop in 17 years, closing down $6.59 to settle at $114.59 a barrel on the New York Mercantile Exchange.
Gas prices remain about 99 cents, or 33.7%, higher than a year ago.
State prices: Gasoline exceeded $4 a gallon in two states, Hawaii and Alaska, according to the survey. Alaska had the highest prices at $4.536 a gallon, down a penny from the previous day. Hawaii prices averaged $4.410, followed by Utah at $3.970, Idaho at $3.961 and California at $3.960.
Missouri had the cheapest gas, with prices falling to $3.443 a gallon. Prices in South Carolina were the second lowest at $3.457, followed by Tennessee at $3.484. [more]http://money.cnn.com/2008/08/24/news/economy/gas_24/index.htm?postversion=2008082418
 
Dollar down Oil UP, dollar up Oil down!:worried:

Oil advances on weak dollar

Crude prices top $115 a barrel as the greenback loses against other major currencies amid tension between the U.S. and Russia.

Last Updated: August 25, 2008: 7:39 AM EDT

SINGAPORE (AP) -- Oil prices moved above $115 a barrel Monday as the U.S. dollar lost some ground against the euro and the Japanese yen, making commodities more attractive to investors.

By midday in Europe, light, sweet crude for October delivery was up 63 cents to $115.22 a barrel in electronic trading on the New York Mercantile Exchange. The contract tumbled $6.59 on Friday to settle at $114.59 a barrel.
In London, October Brent crude was up 74 cents to $114.66 on the ICE Futures exchange.
Analysts said this week - with U.S. markets closed Friday for the Labor Day holiday - would likely be characterized by volatile prices and low trading volumes.
"In the process of trading up and down dramatically, last week, it has become clear that only one factor really matters right now," said analysts at U.S. energy consultancy Cameron Hanover. "That's the dollar."[more]
http://money.cnn.com/2008/08/25/markets/oil.ap/index.htm?postversion=2008082507
 
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