Oil Slick Stuff

Sort by newest Sort by date
Wall Street weakened by oil

Stocks set to drop as oil prices rise on fears that Tropical Storm Gustav will disrupt supplies.

By Aaron Smith, CNNMoney.com staff writer
Last Updated: August 27, 2008: 7:22 AM EDT

NEW YORK (CNNMoney.com) -- Stocks were poised for a weak open on Wednesday, as oil prices climbed on concerns that Tropical Storm Gustav could disrupt the oil supply in the Gulf of Mexico.
With a little more than two hours before the markets open, futures were down, indicating that stocks could tumble after the opening bell rings.
Oil climbed $1.30 to $117.57 a barrel at 7:10 a.m. ET as Gustav battered Haiti. Some investors fear that the Tropical Storm could strengthen, regain its earlier hurricane status and head northwest into the Gulf.
Also, the U.S. dollar weakened versus major international currencies including the euro, the yen and the British pound. European markets fell and Asian markets were mixed.[more]
http://money.cnn.com/2008/08/27/markets/stockswatch/index.htm?postversion=2008082707
 
Oil rises as Gustav nears Gulf

Investors worry Tropical Storm Gustav could damage oil facilities in the Gulf of Mexico.

By Kenneth Musante, CNNMoney.com staff writer
Last Updated: August 27, 2008: 9:28 AM EDT

NEW YORK (CNNMoney.com) -- Oil prices rose Wednesday as Tropical Storm Gustav approached the Gulf of Mexico and threatened U.S. oil facilities.
U.S. crude rose $2.63 to $118.90 a barrel on the New York Mercantile Exchange as the National Hurricane Center projected Gustav could resume hurricane status and touch the Louisiana coast by Monday.
Gustav lost strength and became a tropical storm as it passed over Haiti. However, the Hurricane Center cautioned that Gustav could gain steam on Thursday as it moves away from the island nation.
"People seem to be convinced that the track of [Gustav's] path will lead into the Gulf," said Tom Orr, head of research for Weeden & Co.
Oil platforms in and around the Gulf of Mexico account for more than a quarter of U.S. oil production. They are also vulnerable to extreme storms such as hurricanes.
Hurricanes Katrina and Rita in 2005, both of which reached Category 5 strength before making landfall, destroyed 113 offshore oil and natural gas platforms and damaged 457 pipelines, according to the government.
Unless Gustav bypasses the Gulf, it could reach Category 3 or 4, said Brian Wimer, senior meteorologist with AccuWeather.com.
"Once [Gustav] gets into the Gulf of Mexico, conditions are favorable for further strengthening," he noted.
Oil giant Royal Dutch Shell PLC (RDS) said it could begin evacuating workers on Wednesday.
Dollar:[more]
http://money.cnn.com/2008/08/27/markets/oil_prices/index.htm?postversion=2008082709
 
Six senators join calls to lift drilling ban

Bipartisan 'Gang of 16' continues the push for a bill that would allow offshore drilling in southeastern U.S. coast and eastern Gulf of Mexico.

August 26, 2008: 5:55 PM EDT

WASHINGTON (AP) -- Six more senators on Tuesday joined a bipartisan group of 10 senators backing a bill they say will break the stalemate over offshore drilling in Congress.

Three Democrats and three Republicans joined the so-called Gang of 10, making it the Gang of 16. The group supports a bill that would lift a ban against drilling for oil and natural gas in the eastern Gulf of Mexico and off the southeastern U.S. coast. The bill would also invest $20 billion in the development of petroleum-free motor vehicles and extend tax credits for renewable energy.
Two new GOP members break from Bush
Among the new converts are two Republican senators facing tough re-election bids this fall, underscoring the role high energy prices are playing on the campaign trail. By signing on with the group, Sens. Norm Coleman of Minnesota and John Sununu of New Hampshire have broken with the majority of their party, which, like President Bush, would like to see the moratorium on drilling lifted along the entire Atlantic and Pacific coasts.
Sununu said Tuesday that while he favors lifting the moratorium entirely, the bipartisan bill opens up new areas, and has a chance of being passed this year.
The other senators rounding out the Gang of 16 on Tuesday were Republican John Warner of Virginia and Democrats Tim Johnson of South Dakota, Tom Carper of Delaware and Ken Salazar of Colorado.[more]
http://money.cnn.com/2008/08/26/news/economy/energy_gang.ap/index.htm?postversion=2008082617
 
DRILL - DRILL - DRILL
Sooner then that, lets open up some of those leases
and sip on some Texas Tea for once. Ok, maybe
some Alaskan Ale will do !
DRILL - DRILL - DRILL
;)​
 
Last edited:
squalebear said:
DRILL - DRILL - DRILL

Sooner then that, lets open up some of those leases
and sip on some Texas Tea for once. Ok, maybe
some Alaskan Ale will do !
DRILL - DRILL - DRILL

;)​
Click to expand...
Much better than trying to force the citizens to develop new technologies when they can't afford to live. Let's do it together, use the current technologies and develop the new stuff at the same time. M.I.S.S. Make It Simple Stupid!!:D
 
NFC doesn't manage TSP anymore - if that's your concern. FRTIB took the contract away and gave it to the private sector. If Gus follows the projected path it's another Katrina...direct hit on Mississippi Gulf Coast, New Orleans on the west side for a near miss. If the levees hold this time and the pumps keep up with the rain New Orleans will be just fine.

Latest: Orange line is projected forecast path, yellow is GFDL model. If any of our meteorologist members have better data, please post it for us! :)
View attachment 4547
 
Oil rigs prepare for Gustav, prices rise

Crude prices head up and storm heads north, threatening oil production in the Gulf of Mexico.

By David Goldman, CNNMoney.com staff writer
Last Updated: August 28, 2008: 6:36 AM EDT



NEW YORK (CNNMoney.com) -- As the oil industry readied Thursday for Tropical Storm Gustav to crimp production in the Gulf of Mexico this weekend, prices rose in anticipation of a draw on crude supply.
Light, sweet crude for October delivery rose $1.04 to $119.19 in electronic trading on the New York Mercantile Exchange.
Though meteorological forecasters said it was too soon to know the storm's path, the National Hurricane Center's projection models show Gustav heading toward Louisiana through the oil-rich region of the Gulf of Mexico by Sunday afternoon.
Once a Category 1 hurricane, Gustav weakened after it passed over Haiti and the Dominican Republic. The storm now threatens Jamaica as it appears ready to intensify again.
It doesn't necessarily take destructive hurricanes to cause major disruptions to oil drilling in the Gulf, however.
"The makeup of a storm can have all the difference," said Alaron Trading senior market analyst Phil Flynn. "Slow moving storms have a tendency to churn up underground pipelines, so you don't need a Category 5 to do a lot of damage."
Evacuations.[more]
http://money.cnn.com/2008/08/28/markets/oil/index.htm?postversion=2008082806
 
BIG drop in Oil and Gas, SOMETHINGS UP??
10:26.........$118.12.........-.03
11:59.........$114.76.......-3.39:confused:
 
PSYCHO TRADING?

Oil prices fluctuate wildly as Gustav nears

Crude prices ease off earlier highs as market watches a storm that could threaten critical oil production facilities in the Gulf of Mexico.

By David Goldman and Catherine Clifford, CNNMoney.com staff writers
Last Updated: August 28, 2008: 11:59 AM EDT

crudeoil.mkw.gif


NEW YORK (CNNMoney.com) -- Oil prices rose sharply and then retreated Thursday as the industry braced for a potentially devastating blow to production as Tropical Storm Gustav swirls in the Gulf of Mexico.

Oil platforms in and around the Gulf of Mexico account for more than a quarter of U.S. oil production.
U.S. crude for October delivery rose as much as $2.35 a barrel to touch $120.50 before retreating to $114.95 a barrel, or $3.20 lower.
Oil prices zig-zagged as the market watched the path of Gustav, according to Neal Dingmann, senior energy analyst at Dahlman Rose & Co.
The majority of crucial rigs are located between the Houston Shipping Channel and New Orleans, and so the price of oil moved quickly as traders anticipated where Gustav would hit land, he said.
"As the projected path inwards changes," said Dingmann, "you have people's bets change." The last week in August is a popular vacation week, and so light trading volume also pushes the price of oil around more dramatically, said Dingmann.
Meteorological forecasters said it was too soon to know the storm's exact path. But the National Hurricane Center's projection models show Gustav heading toward Louisiana through the oil-rich region of the Gulf of Mexico by Sunday afternoon.
Gustav, once a Category 1 hurricane, weakened after it passed over Haiti and the Dominican Republic. The storm now threatens to intensify and become a hurricane again.
It doesn't necessarily take destructive hurricanes to cause major disruptions to oil drilling in the Gulf, however.
"The makeup of a storm can have all the difference," said Alaron Trading senior market analyst Phil Flynn. "Slow moving storms have a tendency to churn up underground pipelines, so you don't need a Category 5 to do a lot of damage."
Evacuations:[more]
http://money.cnn.com/2008/08/28/markets/oil/index.htm?postversion=2008082811
 
PETER BRIMELOW
Is oil headed for a fall?

Commentary: It probably is, but not quite as far as previously

By Peter Brimelow & Edwin S. Rubenstein
Last update: 11:32 p.m. EDT Aug. 24, 2008

NEW YORK (MarketWatch) -- Is the oil price spike over? And if the recent increase in oil prices hurt the economy, how much did the two-decade decline in oil prices help it?
Adjusted for inflation, the price of oil shows long periods of decline as well as short periods of surge.
Image.aspx

This pattern goes back to the Civil War, when oil in real terms spiked to $109.64a barrel in 1864.
Besides the Civil War peak, oil prices also spiked in 1980, to $92.49.
At the end of last year, it was only just back to about the same level: $97.75.
Our chart also shows this summer's peak of $145 and the latest price: around $115.
Remember: this is an arithmetic chart. That's good, because it shows the peaks clearly. But it's bad, because it sort of squishes the interesting fluctuations at the lower levels.
Ideally, we would run a log scale chart too. That would show increases proportionately.
A log-scale chart would make the point that oil prices nearly halved in real terms from 1947 to 1970, from $18.17 to $9.90. This reflected creeping U.S. inflation. It was the back-story to the oil producing countries' decision to organize the OPEC cartel.
The decline since the peak in 1980 has been even more dramatic. In real terms, oil reached $92.49 in 1980. It got down to $17.18 in 1998.
In both cases, it seems to have taken about a decade for oil prices to rebound from their lows.
Arguably, our chart suggests that, if precedents hold, the recent oil price spike is unsustainable.
But it also raised the question: what was really going on in the great American boom after 1980?
If the oil bubble is trouble for the economy now, how much did the post-1980 oil bust help it?
One further point: the very sudden oil bust after 1980 did coincide with a great expansion of U.S. oil exploration after Ronald Reagan decontrolled oil prices.
That's not to say it would happen again, as industry advocates and Republican publicists (where these can be distinguished) maintain.
But it's not impossible.
In fact, future events may already be making themselves felt in oil prices.
The simplistic explanation is that derivatives and speculation have pushed prices far above normal. But commodity speculation has been around forever. It didn't prevent oil prices from imploding after earlier spikes.
The more sophisticated explanation is that the markets sense the demand from developing economies like China and India now coming on stream. If it is truly "different this time," this would be the reason.
Which still doesn't mean that oil prices might not have spiked up too far.
But they might not be coming down quite as far as they have done previously.
Edwin Rubenstein is president of ESR Research, Indianapolis-based consultants.http://www.marketwatch.com/news/sto...x?guid={71C7BF3C-61A3-4A79-B22F-51532361981C}
 
Oil prices fall despite Gustav threat

Crude prices ease off earlier highs as market watches a storm that could threaten critical oil production facilities in the Gulf of Mexico.

By David Goldman and Catherine Clifford, CNNMoney.com staff writers
Last Updated: August 28, 2008: 1:20 PM EDT

crudeoil.mkw.gif



NEW YORK (CNNMoney.com) -- Oil prices fell sharply Thursday reversing an early rally. The oil industry braced for a potentially devastating blow to production as Tropical Storm Gustav swirls in the Gulf of Mexico.
U.S. crude for October delivery rose as much as $2.35 a barrel to touch $120.50 in early trade before retreating to $115.44 a barrel, or $2.71 lower.
The Department of Energy said it is monitoring the situation in the Gulf and stands ready to dip into the Strategic Petroleum Reserve if needed, "The Strategic Petroleum Reserve is a key safeguard to provide an added layer of protection for the American people during the event of a severe disruption of oil supply."
Oil platforms in and around the Gulf of Mexico account for more than a quarter of U.S. oil production.
If production rigs are damaged by the storm, crude oil supply would be pinched. Andrew Lebow, an energy analyst at MF Global, said he believes the government would step in to mitigate any short-term supply loses. "The government will be a lot quicker to release crude oil out of the strategic petroleum reserve, should we lose any production."
Such a move from the government would bring comfort to the markets, said Lebow.
Tumbling natural gas prices weighed on crude prices, as well. Natural gas prices were down more than 8% after the Energy Information Administration reported natural gas supplies in storage jumped by 102 billion cubic feet in the week ended Aug. 22, putting supplies of natural gas 2.6% above the five year average of supplies in storage.
The report "sent natural gas down and crude is following," said Amanda Kurzendoerfer, commodities analyst at Summit Energy. "We have seen sometimes they do move together."
The natural gas report "is highlighting that we are going to have ample natural gas for this winter," said Lebow. In some utilities, natural gas can be used in exchange with petroleum-based products, said Lebow. "You are not going to see a decline in a competing fuel without seeing a decline in petroleum," he said.
Watching Gustav:[more]
http://money.cnn.com/2008/08/28/markets/oil/index.htm?postversion=2008082813
 
spacer.gif
OPEC Crude Price Rises to More Than $111
spacer.gif
title_grad_shadow_18.gif
Thursday, August 28, 2008

The price for crude oil produced by the Organization of the Petroleum Exporting Countries (OPEC) rose by $1.28 on Wednesday, amid expectations that the oil cartel would not raise its output at a September 9 meeting.

One barrel (159 liters) of OPEC-produced crude stood at $111.79 Wednesday, compared with $110.51 on the previous day, OPEC said Thursday.

As Venezuela's President Hugo Chavez said Wednesday that OPEC output should remain steady, echoing similar remarks from Iran, Vienna-based energy analysts JBC said they did not expect the 13- member cartel to raise production.

Related Pictures http://www.rigzone.com/news/image_detail.asp?img_id=5210&a_id=66003
OPEC Net Oil Export Revenues
OPEC Per Capita Net Oil Export Revenues
OPEC calculates an average basket price based on 13 brands produced by its members.

http://www.rigzone.com/news/article.asp?a_id=66003
 
Did you know that a barrel of oil is 42 Gallons?
I thought it might be 55 Gallons?
So 42 \ 115.67 = $.3631 a Gallon.
 
Last edited:
You must log in or register to reply here.
Back
Top