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Oil Slick Stuff
- Thread starter nnuut
- Start date
nnuut
Moderator | TSP Legend
09/18/2008 - Updated 6:06 PM ET
Oil retreats from $100 mark as natural gas plungesGas in storage higher than forecast, data show; energy supplies, demand eyed
By Myra P. Saefong, MarketWatch & Polya Lesova, MarketWatch
SAN FRANCISCO (MarketWatch) --
Crude-oil futures closed higher for a second day Thursday but remained below the $100-per-barrel level, overshadowed by a bigger-than-expected buildup in U.S. natural-gas supplies that pulled prices for the latter away from what had been a three-week high.
News that the world's biggest central banks injected additional liquidity into the financial system provided support for oil prices, though uncertainty over the impact on energy demand remained.
Crude for October delivery climbed 72 cents to close at $97.88 a barrel on the New York Mercantile Exchange.
It climbed as high as $102.24 earlier in electronic trading on Globex. It was at $98.02 as of 5:15 p.m. EDT on Globex.
Meanwhile, the October contract for natural gas had climbed to a three-week high of $8.32 per million British thermal units on Globex.
But prices fell after the Energy Department reported a 67 billion-cubic-foot increase in natural-gas supplies for the week ended Sept. 12. Analysts at Global Insight had expected a buildup of 50 billion cubic feet for gas in storage.
October natural gas dropped 28.9 cents, or 3.7%, to finish at $7.621. Earlier, it climbed as high as $8.32 on Globex, its strongest intraday level since Aug. 28.
The rise in last week's natural-gas supplies "was well above expectations, which is somewhat surprising given the fact that quite a bit of Gulf production was still offline in the aftermath of [Hurricane] Gustav," said Beth Sewell, managing partner at Quantum Gas & Power Services.
The supply report issued next week will show results from Hurricane Ike, she noted.
Total stocks of natural gas now stand at 2.972 trillion cubic feet, the Energy Department estimated. This was down 142 billion cubic feet from the year-ago level but 61 billion cubic feet above the five-year average for gas in storage, the data showed.
Money vs. supply and demand [more]
http://markets.usatoday.com/custom/...S&guid={A3E84869-E243-46B9-8B45-98CE5FD3F4E5}
Oil retreats from $100 mark as natural gas plungesGas in storage higher than forecast, data show; energy supplies, demand eyed
By Myra P. Saefong, MarketWatch & Polya Lesova, MarketWatch
SAN FRANCISCO (MarketWatch) --
Crude-oil futures closed higher for a second day Thursday but remained below the $100-per-barrel level, overshadowed by a bigger-than-expected buildup in U.S. natural-gas supplies that pulled prices for the latter away from what had been a three-week high.
News that the world's biggest central banks injected additional liquidity into the financial system provided support for oil prices, though uncertainty over the impact on energy demand remained.
Crude for October delivery climbed 72 cents to close at $97.88 a barrel on the New York Mercantile Exchange.
It climbed as high as $102.24 earlier in electronic trading on Globex. It was at $98.02 as of 5:15 p.m. EDT on Globex.
Meanwhile, the October contract for natural gas had climbed to a three-week high of $8.32 per million British thermal units on Globex.
But prices fell after the Energy Department reported a 67 billion-cubic-foot increase in natural-gas supplies for the week ended Sept. 12. Analysts at Global Insight had expected a buildup of 50 billion cubic feet for gas in storage.
October natural gas dropped 28.9 cents, or 3.7%, to finish at $7.621. Earlier, it climbed as high as $8.32 on Globex, its strongest intraday level since Aug. 28.
The rise in last week's natural-gas supplies "was well above expectations, which is somewhat surprising given the fact that quite a bit of Gulf production was still offline in the aftermath of [Hurricane] Gustav," said Beth Sewell, managing partner at Quantum Gas & Power Services.
The supply report issued next week will show results from Hurricane Ike, she noted.
Total stocks of natural gas now stand at 2.972 trillion cubic feet, the Energy Department estimated. This was down 142 billion cubic feet from the year-ago level but 61 billion cubic feet above the five-year average for gas in storage, the data showed.
Money vs. supply and demand [more]
http://markets.usatoday.com/custom/...S&guid={A3E84869-E243-46B9-8B45-98CE5FD3F4E5}
nnuut
Moderator | TSP Legend
Dollar pops on rescue plan
The dollar jumped after the U.S. said it was preparing a plan to rescue troubled banks.
Last Updated: September 19, 2008: 8:16 AM EDT
U.S. plans stunning bailout
NEW YORK (AP) -- The dollar jumped Friday after the government said it was putting together a plan to help banks get rid of bad debts.
The greenback was also buoyed by additional government agency announcements aimed at stemming the fallout from Wall Street's meltdown.
The Securities and Exchange Commission early Friday moved to halt short selling in 799 financial securities, while the Treasury Department said it would provide temporarily insure the holdings of any publicly offered U.S. money market mutual fund.
In morning trading, the euro tanked to $1.4207, down 1% from $1.4348 late Thursday.
The British pound also sank sharply against the dollar, falling 1% to $1.8026 from $1.8180 last night. The dollar also rebounded against the Japanese yen, rising to ¥107.47, 2% above Thursday's close of ¥105.44
The dollar had been battered against foreign currencies earlier in the week before rebounding Friday. [more]
http://money.cnn.com/2008/09/18/markets/dollar_jumps.ap/index.htm?postversion=2008091908
The dollar jumped after the U.S. said it was preparing a plan to rescue troubled banks.
Last Updated: September 19, 2008: 8:16 AM EDT
U.S. plans stunning bailout
NEW YORK (AP) -- The dollar jumped Friday after the government said it was putting together a plan to help banks get rid of bad debts.
The greenback was also buoyed by additional government agency announcements aimed at stemming the fallout from Wall Street's meltdown.
The Securities and Exchange Commission early Friday moved to halt short selling in 799 financial securities, while the Treasury Department said it would provide temporarily insure the holdings of any publicly offered U.S. money market mutual fund.
In morning trading, the euro tanked to $1.4207, down 1% from $1.4348 late Thursday.
The British pound also sank sharply against the dollar, falling 1% to $1.8026 from $1.8180 last night. The dollar also rebounded against the Japanese yen, rising to ¥107.47, 2% above Thursday's close of ¥105.44
The dollar had been battered against foreign currencies earlier in the week before rebounding Friday. [more]
http://money.cnn.com/2008/09/18/markets/dollar_jumps.ap/index.htm?postversion=2008091908
Buster
Well-known member
Son.. of..... a.... B......!!!
Finally we see oil below the C note mark and thinking we'll see so relief at the pumps...But Noooooooooooooooooooooooo!, Gustav and IKE had to come along and knock stuff off kilter..So now that the coasts are cleaning up and getting back to normal, the GD oil goes back up over a $100 again..
Would someone please just shoot me!..we can never get a break
Finally we see oil below the C note mark and thinking we'll see so relief at the pumps...But Noooooooooooooooooooooooo!, Gustav and IKE had to come along and knock stuff off kilter..So now that the coasts are cleaning up and getting back to normal, the GD oil goes back up over a $100 again..
Would someone please just shoot me!..we can never get a break
nnuut
Moderator | TSP Legend
All I can say is TALK IS CHEAP, we can let's say encourage them to be good boys.:nuts:Son.. of..... a.... B......!!!
Finally we see oil below the C note mark and thinking we'll see so relief at the pumps...But Noooooooooooooooooooooooo!, Gustav and IKE had to come along and knock stuff off kilter..So now that the coasts are cleaning up and getting back to normal, the GD oil goes back up over a $100 again..
Would someone please just shoot me!..we can never get a break
Frixxxx
Moderator
Wait right here....I'm loading the shotgun. <click click>:laugh:Son.. of..... a.... B......!!!
Finally we see oil below the C note mark and thinking we'll see so relief at the pumps...But Noooooooooooooooooooooooo!, Gustav and IKE had to come along and knock stuff off kilter..So now that the coasts are cleaning up and getting back to normal, the GD oil goes back up over a $100 again..
Would someone please just shoot me!..we can never get a break
Buster
Well-known member
Buster
Well-known member
I've got an AK47
Et tu, Brute ?
nnuut
Moderator | TSP Legend
It's happened before!!:worried:
Nashville pumps dry after panic about rumor of no gas
(CNN) -- Call it a self-fulfilling prophecy: An estimated three-fourths of gas stations in the Nashville, Tennessee, area ran dry Friday, victim of an apparent rumor that the city was running out of gas.
Officials said panic regarding a rumor of a lack of gas caused customers to to rush to the pumps.
"Everybody has just gone nuts," said Mike Williams, executive director of the Tennessee Petroleum Council.
He said he has no idea about the origin of a rumor that there was going to be no gas in Nashville. One reporter called him, saying she had heard that Nashville would be without gas within the hour, he said.
Hearing the rumor, drivers rushed to fill their cars and trucks.
CNN called 13 Nashville gas stations at random. Only two reported having gas, and one said it was almost out. The stations said they were being told they would not get more until Monday or Tuesday.
Katie Givens Kime, visiting from Atlanta, Georgia, was trying to fill up her tank for the trip home when she ran into trouble -- when she was already low on gas.
"We panicked and looked online," she said. "And holy cow, there is no gas in the city. ... It has definitely gripped the city, for sure."
One store clerk told her there was no way she could get gas to go back home, she said.
Williams said some drivers were following gas trucks to see where they were headed, and lines at some stations were a mile long. Fuel was continuing to enter the city, however, as pipelines were working and barges were coming in.
He likened it to Southerners rushing out to stock up on bread and milk when they hear it might snow. As stations began running low, the situation snowballed, he said.
One station reported selling as much gas Friday as it usually does in a weekend, Williams said.
The phenomenon seemed to be isolated to the Nashville area, he said.
Givens Kime said she found a station online that still had gas and waited more than an hour to pump it.
"People were freaked out," she said. A "renegade bunch" of men helped direct traffic to and from the pumps, even taking drivers' cash inside for them. She described people filling cans and other containers as well as cars.
She said that the station was not engaging in price gouging but that "emotions were running very high" among drivers. http://www.cnn.com/2008/US/09/19/nashville.gas/index.html
Nashville pumps dry after panic about rumor of no gas
- Nobody knows origin of rumor that Nashville was running out of gas
Nashville gas stations called at random, only two said they had gas
Residents panicked and hit gas stations to fuel up - People were filling up containers, cans, with some waiting an hour for gas
(CNN) -- Call it a self-fulfilling prophecy: An estimated three-fourths of gas stations in the Nashville, Tennessee, area ran dry Friday, victim of an apparent rumor that the city was running out of gas.
"Everybody has just gone nuts," said Mike Williams, executive director of the Tennessee Petroleum Council.
He said he has no idea about the origin of a rumor that there was going to be no gas in Nashville. One reporter called him, saying she had heard that Nashville would be without gas within the hour, he said.
Hearing the rumor, drivers rushed to fill their cars and trucks.
CNN called 13 Nashville gas stations at random. Only two reported having gas, and one said it was almost out. The stations said they were being told they would not get more until Monday or Tuesday.
Katie Givens Kime, visiting from Atlanta, Georgia, was trying to fill up her tank for the trip home when she ran into trouble -- when she was already low on gas.
"We panicked and looked online," she said. "And holy cow, there is no gas in the city. ... It has definitely gripped the city, for sure."
One store clerk told her there was no way she could get gas to go back home, she said.
Williams said some drivers were following gas trucks to see where they were headed, and lines at some stations were a mile long. Fuel was continuing to enter the city, however, as pipelines were working and barges were coming in.
He likened it to Southerners rushing out to stock up on bread and milk when they hear it might snow. As stations began running low, the situation snowballed, he said.
One station reported selling as much gas Friday as it usually does in a weekend, Williams said.
The phenomenon seemed to be isolated to the Nashville area, he said.
Givens Kime said she found a station online that still had gas and waited more than an hour to pump it.
"People were freaked out," she said. A "renegade bunch" of men helped direct traffic to and from the pumps, even taking drivers' cash inside for them. She described people filling cans and other containers as well as cars.
She said that the station was not engaging in price gouging but that "emotions were running very high" among drivers. http://www.cnn.com/2008/US/09/19/nashville.gas/index.html
Silverbird
Well-known member
According to CNN there were shortages (as of Saturday) in stations in Atlanta, too. I'm guessing that the problem stems from the supply up the East Coast coming up from GOM refineries. No shortages up here at the North VA terminus, though the prices rose a little.It may be where the stations got their gas supplies from that's causing the problem - you couild squawk that they "should" get their supplies from more than one area, but that sounds easier than it is when a hurricane comes that more or less affects the entire Gulf Coast!
James48843
Well-known member
More than 89% of pre-Hurricane Ike U.S. Gulf of Mexico Oil Production remains in "Shut In" status as of this morning.
http://www.oe.netl.doe.gov/docs/2008_SitRep_13_Ike_092008_10AM.pdf
and refinery production? Only 2.2 million of the pre-storm 7.5 million barrels a day are back on line as of today.
Like I said before, the real gas shortages are still a few days away. It's a race to get refieries restarted, pipelines repaired, oil platforms repaired, and ship facilities repaired, racing against the clock for the time when current supply tanks become empty.
This has a potential to be significant- VERY significant. And the REAL shortages won't hit until sometime later this week- and into next week.
Stay tuned.
(And fill up your tank).
P.S.- I buy ONLY E85 Ethanol for my flex-fuel car. No huricanes in the upper mid-west. One more reason to spread out the risk, and buy ethanol.
http://www.oe.netl.doe.gov/docs/2008_SitRep_13_Ike_092008_10AM.pdf
and refinery production? Only 2.2 million of the pre-storm 7.5 million barrels a day are back on line as of today.
Like I said before, the real gas shortages are still a few days away. It's a race to get refieries restarted, pipelines repaired, oil platforms repaired, and ship facilities repaired, racing against the clock for the time when current supply tanks become empty.
This has a potential to be significant- VERY significant. And the REAL shortages won't hit until sometime later this week- and into next week.
Stay tuned.
(And fill up your tank).
P.S.- I buy ONLY E85 Ethanol for my flex-fuel car. No huricanes in the upper mid-west. One more reason to spread out the risk, and buy ethanol.
James48843
Well-known member
BUY ETHANOL E85 INSTEAD:
State Average Fuel Ethanol Rack Prices
Rack Detail, Contract and Spot Prices available with subscription to the
State average bulk "Rack Rate" at terminals, for fuel grade Ethanol
September 17, 2008 Today Yesterday Change
Alabama 2.8327 3.8327 -1.0000
Arkansas 2.6737 2.9806 -0.3069
Colorado 2.6478 2.6478 0.0000
Florida 2.8668 3.8568 -0.9900
Georgia 2.6717 2.6917 -0.0200
Iowa 2.3467 2.3677 -0.0210
Illinois 2.4376 2.4413 -0.0037
Indiana 2.3801 2.3960 -0.0159
Kansas 2.5290 2.5204 0.0086
Louisiana 2.6145 3.8145 -1.2000
Michigan 2.2800 2.3000 -0.0200
Minnesota 2.3130 2.3254 -0.0124
Missouri 2.5041 2.5156 -0.0115
Montana 2.4849 2.4849 0.0000
North Dakota 2.3404 2.3499 -0.0095
Nebraska 2.6470 2.6539 -0.0069
North Carolina 2.6733 2.6958 -0.0225
Ohio 2.2900 2.3100 -0.0200
Oklahoma 2.3653 2.3503 0.0150
Oregon 2.3200 2.3200 0.0000
South Carolina 2.7700 2.8000 -0.0300
South Dakota 2.2728 2.2743 -0.0015
Washington 2.5740 2.5740 0.0000
Wisconsin 2.5841 2.5808 0.0033
Wyoming 2.4255 2.4255 0.0000
U.S. Average 2.5138 2.6604 -0.1466
State Average Fuel Ethanol Rack Prices
Rack Detail, Contract and Spot Prices available with subscription to the
State average bulk "Rack Rate" at terminals, for fuel grade Ethanol
September 17, 2008 Today Yesterday Change
Alabama 2.8327 3.8327 -1.0000
Arkansas 2.6737 2.9806 -0.3069
Colorado 2.6478 2.6478 0.0000
Florida 2.8668 3.8568 -0.9900
Georgia 2.6717 2.6917 -0.0200
Iowa 2.3467 2.3677 -0.0210
Illinois 2.4376 2.4413 -0.0037
Indiana 2.3801 2.3960 -0.0159
Kansas 2.5290 2.5204 0.0086
Louisiana 2.6145 3.8145 -1.2000
Michigan 2.2800 2.3000 -0.0200
Minnesota 2.3130 2.3254 -0.0124
Missouri 2.5041 2.5156 -0.0115
Montana 2.4849 2.4849 0.0000
North Dakota 2.3404 2.3499 -0.0095
Nebraska 2.6470 2.6539 -0.0069
North Carolina 2.6733 2.6958 -0.0225
Ohio 2.2900 2.3100 -0.0200
Oklahoma 2.3653 2.3503 0.0150
Oregon 2.3200 2.3200 0.0000
South Carolina 2.7700 2.8000 -0.0300
South Dakota 2.2728 2.2743 -0.0015
Washington 2.5740 2.5740 0.0000
Wisconsin 2.5841 2.5808 0.0033
Wyoming 2.4255 2.4255 0.0000
U.S. Average 2.5138 2.6604 -0.1466
nnuut
Moderator | TSP Legend
Oil rallies as bailout plan develops
Futures up on the last day of the October contract as investors size up the $700 billion plan for Wall Street.
By Catherine Clifford, CNNMoney.com staff writer
September 22, 2008: 7:17 AM EDT
NEW YORK (CNNMoney.com) -- Oil prices rallied Monday as investors were encouraged by the $700 billion Wall Street bailout plan.
But market watchers waited for more details on what the plan means and how it will affect the economy and demand for oil.
Oil traded up $2.05 at $106.60 a barrel after reaching as high as $107.80. On Friday, crude rose $6.67 to settle at $104.55 in the second-largest rise of oil prices in dollar terms on record, behind only by a $10.75 rise on June 6[more]
http://money.cnn.com/2008/09/22/markets/oil/index.htm?postversion=2008092207
Futures up on the last day of the October contract as investors size up the $700 billion plan for Wall Street.
By Catherine Clifford, CNNMoney.com staff writer
September 22, 2008: 7:17 AM EDT
NEW YORK (CNNMoney.com) -- Oil prices rallied Monday as investors were encouraged by the $700 billion Wall Street bailout plan.
But market watchers waited for more details on what the plan means and how it will affect the economy and demand for oil.
Oil traded up $2.05 at $106.60 a barrel after reaching as high as $107.80. On Friday, crude rose $6.67 to settle at $104.55 in the second-largest rise of oil prices in dollar terms on record, behind only by a $10.75 rise on June 6[more]
http://money.cnn.com/2008/09/22/markets/oil/index.htm?postversion=2008092207
nnuut
Moderator | TSP Legend
No Prob, this is definately NOT a DOWN DATE!:worried:Good Morning Norm, Thanks for the update !
nnuut
Moderator | TSP Legend
I HOPE NOT!
Here comes $500 oil
If Matt Simmons is right, the recent drop in crude prices is an illusion - and oil could be headed for the stratosphere. He's just hoping we can prevent civilization from imploding.
By Brian O'Keefe, senior editor
Last Updated: September 22, 2008: 9:21 AM EDT
Matt Simmons argues that Saudi Arabia's oil supplies are much more limited than everyone thinks.
(Fortune Magazine) -- Matt Simmons is as perplexed as anyone that it has fallen to him to take on OPEC, Exxon, the Saudis, and all the other misguided defenders of conventional wisdom in the oil patch. Why should one investment banker with a penchant for research be required to point out what he regards as the obvious - that from here on out, oil supplies can't meet demand, and if we don't act soon to solve this crisis, World War III could be looming?
Why should a man who scorns most environmentalists have to argue that locally grown produce and wind power are the way of the future? Why should a lifelong Republican need to be the one to point out that his party's new mantra - "Drill, baby, drill!" - won't really fix anything and that his party's presidential candidate is clueless about energy? That the spike in oil prices earlier this year wasn't a temporary market anomaly and the recent retreat in prices is just a misleading calm before a calamitous storm? That we're headed toward $500-a-barrel oil? [more]
http://money.cnn.com/2008/09/15/new...eefe.fortune/index.htm?postversion=2008092209
Here comes $500 oil
If Matt Simmons is right, the recent drop in crude prices is an illusion - and oil could be headed for the stratosphere. He's just hoping we can prevent civilization from imploding.
By Brian O'Keefe, senior editor
Last Updated: September 22, 2008: 9:21 AM EDT
(Fortune Magazine) -- Matt Simmons is as perplexed as anyone that it has fallen to him to take on OPEC, Exxon, the Saudis, and all the other misguided defenders of conventional wisdom in the oil patch. Why should one investment banker with a penchant for research be required to point out what he regards as the obvious - that from here on out, oil supplies can't meet demand, and if we don't act soon to solve this crisis, World War III could be looming?
Why should a man who scorns most environmentalists have to argue that locally grown produce and wind power are the way of the future? Why should a lifelong Republican need to be the one to point out that his party's new mantra - "Drill, baby, drill!" - won't really fix anything and that his party's presidential candidate is clueless about energy? That the spike in oil prices earlier this year wasn't a temporary market anomaly and the recent retreat in prices is just a misleading calm before a calamitous storm? That we're headed toward $500-a-barrel oil? [more]
http://money.cnn.com/2008/09/15/new...eefe.fortune/index.htm?postversion=2008092209