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Oil Prices Down Sharply on Profit-Taking
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Thursday, August 28, 2008

Oil prices dropped sharply on Thursday on profit-taking but were expected to rebound as Tropical Storm Gustav moved across the Gulf of Mexico towards oil and gas facilities, traders said.
Oil prices rose earlier Thursday on concerns the storm could hit production and rising tensions between Russia and the West over Georgia.
New York's main contract, light sweet crude for delivery in October, stood at 114.90 dollars per barrel, down 3.25 dollars from Wednesday's close.
London's Brent North Sea crude for October shed 2.68 dollars to 113.54 dollars, having earlier Thursday spiked above 118 dollars.
"I'm sure it's profit-taking" behind the fall in prices, said Excel Futures president Mark Waggoner, cited by Dow Jones Newswires.
"It's probably momentary. I think it's going to run right back up because of" Gustav, he added.
Tropical Storm Gustav homed in on Jamaica Thursday after claiming some two dozen lives in Haiti and the Dominican Republic.
"Gustav could become a hurricane before moving over Jamaica," the US-based National Hurricane Center said in a statement.
Gustav, which had struck Haiti as a Category One hurricane on Tuesday, could regain hurricane strength by Friday, it warned.
"Oil markets are waiting for Gustav," said PetroMatrix analyst Olivier Jakob.
"It is still potentially going towards the oil assets of the US Gulf but current forecasts are not showing it to be the mother of all hurricanes."
The Gulf of Mexico accounts for 26 percent of US crude production and 11 percent of natural gas output.
In 2005, hurricanes Katrina and Rita damaged or destroyed about 165 oil platforms of about 4,000 located in the Gulf.
The oil market also on Thursday tracked escalating tensions between Georgia and Russia, the world's biggest crude producing nation.
The United States, the largest energy consuming country, is worried that after the Georgian conflict, US strategic interests in Ukraine and Azerbaijan -- especially in oil -- could be at serious risk.
The clearest sign of US concern is that Vice President Dick Cheney next week will travel to Georgia, Ukraine and Azerbaijan, analysts said..
The White House, on announcing the trip Monday, said President George W. Bush had given Cheney the job of discussing US common interests with these key partners.
The White House did not specifically identify these interests but analysts say there is a common thread in these former Soviet republics -- the strategic Black Sea region, where major powers have played out power struggles ever since oil was found around the Caspian Sea in the early 20th century.

http://www.rigzone.com/news/article.asp?a_id=66030
 
Gas prices rise - first time since July

Price at the pump tick up as summer hurricane season is in full swing.

By Kenneth Musante, CNNMoney.com staff writer
August 29, 2008: 6:05 AM EDT



NEW YORK (CNNMoney.com) -- Gasoline prices rose for the first time in more than a month, according to a nationwide survey of gas station credit card swipes Friday.
The average price of regular unleaded gasoline rose nine-tenths of a cent to $3.669 a gallon from $3.66 a day earlier, according to motorist group AAA and the Oil Price Information Service.
The price increase is the first in more than 40 days since falling from a record high of $4.114 a gallon set July 17.
Gas prices had been following an 18% decline in the price of crude oil - the main ingredient of gas.
Overall, gas prices have fallen off their highs in recent weeks. But prices at the pump are still 33% above the same time last year, when a gallon of gas cost $2.769.
http://money.cnn.com/2008/08/29/news/economy/fuel/index.htm?postversion=2008082906
 
I am thnking that oil will zoom upward today, with the approaching storm, and with it, a lower market overall.

We'll see.


Going to play extremely close attention today, and be ready to move to "G" if it looks like things are going to fall apart. Hurricane next week on the horizon.

(Is it just me, or does anyone else notice that the Hurricane comes when McCain is scheduled to speak? Do you think God is trying to tell us something? )
 
James48843 said:
I am thnking that oil will zoom upward today, with the approaching storm, and with it, a lower market overall.

We'll see.


Going to play extremely close attention today, and be ready to move to "G" if it looks like things are going to fall apart. Hurricane next week on the horizon.

(Is it just me, or does anyone else notice that the Hurricane comes when McCain is scheduled to speak? Do you think God is trying to tell us something? )
Click to expand...

Actually, the atmoshere can only hold so much hot air. There's so much
of that coming from Washington DC, that its creating a Global Disturbance
and drawing Hurricanes towards the US. If things haven't changed since
I last looked, three are in the picture, with the third looking to come to
my neck of the woods. Does anyone know of someone campaigning in NJ?
:toung:
 
I really think that the HOT AIR is maxed out after the DUMBOCRATIC CONVECTION last night.:cheesy:
 
Gas prices in Pensacola shot up a little more than 10 cents overnight. WTF? Can anyone say price gouging? :mad: Talk about knee jerk reactions !!! Just once I would like to see Big Oil lower the price of gas -- not much just a little --in the areas potentially affected by a storm so that everyone could stock up without breaking the bank. I'm not whining because I chose to live here and the family and I will be just fine... believe me the benefits here far outweigh the drawbacks... but in this day and age, a good will gesture would go alot further than most people think it would. What's the old saying? "An ounce of prevention is worth a pound of cure."


Oh well, hope you all have a great Labor Day weekend and to those in the actual path of Gustav, our best wishes and prayers are with you.
 
Minnow said:
Gas prices in Pensacola shot up a little more than 10 cents overnight.
Click to expand...

Here in New Mexico I noticed gas prices's held this week. They should have dropped a few pennies but didn't. I anticipate a rise in prices this Sunday. Over here, gas prices change on Tuesday, Thursday, and Sunday.

In anticipation of rising prices next week, I'll be topping off the autos and my gas cans.
 
I can't believe McCain's pick.

He just flat-out lost the election.

Two days ago I would have said he had a chance.

Now it's a no brainer.

It's over.

While Palin may served on her state's Oil and Gas Board, there is nothing to make anyone comfortable with her a heartbeat away from the presidency.

*(See how I worked that oil tie in there- so it would fit on this thread?)

I can think of a lot more qualified female republican candidates, if that's what he wanted. (Kay Bailey Hutchinson, Condi Rice, etc.)

But her? ?

I just watched a clip of an interview with her on CSPAN from last spring.

Let me just say - I am not overly impressed.
 
Look at that, Oil already down today because of the Sarah Palin thing!! Seems they know she backs more drilling, and the Market will react positively to the GOOD news!! false teeth.gif
 
Stronger dollar squelches oil rally

Facilities in the Gulf of Mexico face their first real test since Hurricanes Katrina and Rita in 2005.

By Kenneth Musante, CNNMoney.com staff writer
Last Updated: August 29, 2008: 1:36 PM EDT


Special Reportfull coverage

NEW YORK (CNNMoney.com) -- Friday's oil rally, driven by Tropical Storm Gustav's threat to infrastructure in the Gulf of Mexico, lost steam as the dollar gained traction against the euro.
U.S. crude for October delivery rose 9 cents to $115.58 a barrel. Prisec were higher earlier as investors braced for the storm, which is expected to make landfall in the U.S. on Tuesday morning.
Oil rose as high as $118.76 during Friday trading as Gustav bore down on the Gulf, but then pulled back as the dollar gained strength against the 15-nation euro.
Gustav bears down: The storm was projected to enter the Gulf on Sunday, and some models show the storm could reach Category 4 strength before it reaches Cuba, according to the National Hurricane Center.[more]
http://money.cnn.com/2008/08/29/markets/oil/index.htm?postversion=2008082913
 
nnuut said:
Look at that, Oil already down today because of the Sarah Palin thing!! Seems they know she backs more drilling, and the Market will react positively to the GOOD news!! View attachment 4554
Click to expand...
There is a GOD!


Nice move too on McCain's part...08' is in the bag!
yay.gif


Palin lives in Wasilla, a town of 6,500 about 30 miles north of Anchorage, with her husband, Todd, a blue-collar North Slope oil worker
Click to expand...
 
Gulf Coast gas prices spike

Gas prices jump overnight in Mississippi and other Gulf Coast states over fears that Hurricane Gustav could threaten oil supplies.

By Aaron Smith, CNNMoney.com staff writer
Last Updated: August 29, 2008: 4:07 PM EDT

Gas to rise 5-15 cents: Analysts


NEW YORK (CNNMoney.com) -- Gas prices jumped overnight - and are expected to keep rising - in states along the Gulf of Mexico as offshore oil rigs prepare to abandon ship ahead of Hurricane Gustav on Friday.

The price increase was most dramatic in Mississippi, where the statewide average for unleaded gasoline rose nearly 7 cents a gallon on Friday, according to the motorist group AAA. Gas rose by more than 9 cents a gallon in the coastal cities of Biloxi, Gulfport and Pascagoula, said AAA.
Gas also rose by about 3 cents a gallon in Louisiana and Alabama, by nearly 2 cents in Texas, and by about 1 cent in Florida, according to AAA.In New Orleans, gas prices rose nearly 5 cents a gallon. All of these areas are dependent upon oil rigs in the Gulf of Mexico as a major part of their oil supply.
In comparison, gas prices declined overnight in New York, New Jersey, California and Alaska, states that are not directly dependent on the Gulf.
"Prices are more affected down South, while New York is supplied through [New York] Harbor," said Fred Rozell, oil analyst with the Oil Price Information Service.
Rozell said these increases are particularly painful to Mississippi, not just because the price increases are the most dramatic there, but because it's a state where people tend to have less discretionary income.
"I think some of those areas are going to get hit hard again and it's really going to squeeze people," said Rozell.
Get ready for high gas prices: The price increases are likely to continue, said Rozell, partly because of the storm, and partly because of recent increases in wholesale gasoline prices, which tend to lead retail prices. Rozell expects prices nationwide to increase by 10 cents a gallon over the next five to seven days, or by 15 to 25 cents in the Gulf Coast states.
Hurricane Gustav smashed [more]
http://money.cnn.com/2008/08/29/news/economy/gasprice_gustav/index.htm?postversion=2008082916
 
Iraq signs $3B oil deal with China

  • Iraq signs $3 billion oil deal with Chinese national oil company
    Deal is first major contract with foreign company since fall of Saddam Hussein
    China National Petroleum Corporation to develop oil field in southern Wasit province
  • Oil field expected to produce 125,000 barrels a day within three years
BAGHDAD, Iraq (CNN) -- Iraq has signed its first major oil deal with a foreign company since the fall of Saddam Hussein's regime, a spokesman for the Iraqi Oil Ministry said Saturday.
art.iraq.afp.gi.jpg
Iraq's oil fields currently produce around 2.5 million barrels a day.

It was the first time in more than 35 years that Iraq has allowed foreign oil companies to do business inside its borders.
The contract with the China National Petroleum Corporation could be worth up to $3 billion. It would allow the CNPC to develop an oil field in southern Iraq's Wasit province for about 20 years, said Oil Ministry spokesman Assim Jihad.
Iraq's Cabinet must still approve the contract, but Jihad said that would happen soon, and work could start within a few months.
The Chinese company will provide technical advisers, oil workers and equipment to develop the al-Ahdab oil field, providing fuel for the al-Zubaidiya power plant in Wasit, southeast of Baghdad, bordering Iran, Jihad said.
Once development begins, the field is expected to start producing a preliminary amount of 25,000 barrels of oil a day and an estimated constant daily amount of 125,000 barrels after three years, he said.
Iraq currently produces about 2.5 million barrels a day, 2 million of which are exported daily, Jihad said. That is close to its status before the U.S.-led war that toppled Saddam in 2003, but below its levels prior to the Persian Gulf War in 1991.
Iraqi Oil Minister Hussein Shahrastani told CNN in July that he is confident Iraq will be able to double its production in the next five years.
As it did with other international companies, the Saddam regime had a partnership contract with CNPC signed at the end of the 1990s that entitled the company to share profits. The current contract, however, will only be a "service contract" under which CNPC is simply paid for its services, Jihad said.
He said Iraq has provided "security guarantees" for CNPC, as it would for any other foreign company that will work in Iraq's oil fields.
Jihad called it a major and significant move for Iraq.
Iraq sparked a scramble for lucrative oil contracts in June, when Shahrastani opened bidding to 35 international companies for long-term contracts to redevelop six oil fields.
The Oil Ministry continues to negotiate short-term, no-bid contracts with several U.S. and European oil companies, including Exxon Mobil Corp., Royal Dutch Shell, Total SA, Chevron Corp., and BP.
Iraq has among the largest oil reserves in the world with an estimated 115 billion barrels -- tying Iran for the No. 2 status behind Saudi Arabia's 264 billion barrels, according to estimates from the Energy Information Administration.http://www.cnn.com/2008/BUSINESS/08/30/iraq.china.oil.deal/index.html
 
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