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Oil Slick Stuff
- Thread starter nnuut
- Start date
weatherweenie
Well-known member
Oil trading halted on the NYMEX
Frixxxx
Moderator
weatherweenie
Well-known member
Oil prices spiked more than $25 a barrel Monday
nnuut
Moderator | TSP Legend
Sorry Folks but my Puter has been down sense lunch!!!
Darn Oil, Darn Bailout!
Oil skyrockets, hits $130
Futures spike as much as $25 on the bailout plan, the falling dollar and as the October front-month contract expires.
http://money.cnn.com/2008/09/22/markets/oil/index.htm?postversion=2008092215
Darn Oil, Darn Bailout!
Oil skyrockets, hits $130
Futures spike as much as $25 on the bailout plan, the falling dollar and as the October front-month contract expires.
http://money.cnn.com/2008/09/22/markets/oil/index.htm?postversion=2008092215
James48843
Well-known member
Pretty crazy.
Let me see- oil spiked 20% up today. I stopped and bought gas tonight on the way home. It was ONLY $3.89. My bet is that by tomorrow noonish it will jump to $4.25.
Remember- 89% of Gulf Coast oil rigs are still shut-in. And it may be another week or two before we see those numbers come down substantially. Plus, refineries in the Port Austin/Houston/Ike area are mostly either still shut down, and doing damage assesstment, or just getting ready to restart. It will be weeks before we're at full production again. When people figure that out, and know that we're slow picking back up from Ike, the price of gas is going to zoom.
Let me see- oil spiked 20% up today. I stopped and bought gas tonight on the way home. It was ONLY $3.89. My bet is that by tomorrow noonish it will jump to $4.25.
Remember- 89% of Gulf Coast oil rigs are still shut-in. And it may be another week or two before we see those numbers come down substantially. Plus, refineries in the Port Austin/Houston/Ike area are mostly either still shut down, and doing damage assesstment, or just getting ready to restart. It will be weeks before we're at full production again. When people figure that out, and know that we're slow picking back up from Ike, the price of gas is going to zoom.
nnuut
Moderator | TSP Legend
Yep, me too!----- I called the wife an had her fill up the 4Runner and I filled up my Nissan truck on the way home, only makes sense that it's on the way up.
nnuut
Moderator | TSP Legend
Gas prices: Down 9% from July high
Gasoline prices retreat for the sixth straight day and are now down 9.4% from July's high of $4.114 but remain some 33% higher from a year earlier.
Last Updated: September 23, 2008: 7:11 AM EDT
NEW YORK (CNNMoney.com) -- Gas prices fell back, yet again, marking the sixth straight decline, according to a nationwide survey of credit card swipes at gasoline stations.
The average price of unleaded regular dropped 1.3 cents to $3.726 a gallon, from $3.739 a gallon, according to the survey released Tuesday by motorist group AAA. [more]
http://money.cnn.com/2008/09/23/news/economy/gas_prices/index.htm
Gasoline prices retreat for the sixth straight day and are now down 9.4% from July's high of $4.114 but remain some 33% higher from a year earlier.
Last Updated: September 23, 2008: 7:11 AM EDT
NEW YORK (CNNMoney.com) -- Gas prices fell back, yet again, marking the sixth straight decline, according to a nationwide survey of credit card swipes at gasoline stations.
The average price of unleaded regular dropped 1.3 cents to $3.726 a gallon, from $3.739 a gallon, according to the survey released Tuesday by motorist group AAA. [more]
http://money.cnn.com/2008/09/23/news/economy/gas_prices/index.htm
Silverbird
Well-known member
The bids for November contracts are lower than for October, the market is jittery on the next month. The refineries in the GOM should be up again, hopefully very soon and we will stop getting these spot shortages up the East coast. If we don't get any more crazy surprises, if you can wait a while longer, prices should go down.
nnuut
Moderator | TSP Legend
Good info on the GOM Status: 09-19-08
Refineries
4 refineries shut down for Hurricane Ike are back at normal capacity, 3 more are operating at reduced rates, and 3 more are restarting, but 10 are still shut down.http://www.rigzone.com/news/hurricanes/ike.asp
Refineries
4 refineries shut down for Hurricane Ike are back at normal capacity, 3 more are operating at reduced rates, and 3 more are restarting, but 10 are still shut down.http://www.rigzone.com/news/hurricanes/ike.asp
nnuut
Moderator | TSP Legend
Oil pulls back
Crude futures churn as the November contract becomes active. Investors await more developments in the proposed $700 billion bailout.
By Catherine Clifford, CNNMoney.com staff writer
Last Updated: September 23, 2008: 10:35 AM EDT
NEW YORK (CNNMoney.com) -- Oil prices eased off session lows Tuesday after a sharp rally one day earlier and as investors wait for more developments concerning the government's proposed $700 billion bailout plan.
Oil slipped 60 cents to $108.77 a barrel, after having traded as low as $106.07. The November contract, which as of Tuesday became the front-month contract, settled up $6.62 to $109.37 on Monday.
However, the November contract's gain was overshadowed by the surge in the October contract. Monday was the last day that the October contract was the front-month contract, and oil posted the largest one-day gain in dollar terms ever, settling up $16.37 at $120.92 a barrel.
Oil had risen as much as $25 to touch $130 a barrel. The late-session spike was due to investors having to make good on their orders before the October contract expired.
"The market is resetting itself," said Tom Orr, director of research at Weeden & Co., financial services firm.
The spike in price on Monday "was completely aberrational. It was not indicative of what was going on in the market - it was only indicative of what was going on with the front month contract," said Orr.
"People waited until the last half hour of the day and there were absolutely no sellers," said Orr. "You don't have any market makers since Wall Street is in such disarray."
In response to the unprecedented run-up in oil futures, the Commodity Futures Trading Commission (CFTC) said in a statement that it was investigating the situation to be sure that there was no mishandling of the oil trade.
"No one should be trying to game our nation's commodity futures markets," said CFTC Acting Chairman Walter Lukken in a written statement.
$700 billion bailout: [more]
http://money.cnn.com/2008/09/23/markets/oil/index.htm?postversion=2008092310
Crude futures churn as the November contract becomes active. Investors await more developments in the proposed $700 billion bailout.
By Catherine Clifford, CNNMoney.com staff writer
Last Updated: September 23, 2008: 10:35 AM EDT
NEW YORK (CNNMoney.com) -- Oil prices eased off session lows Tuesday after a sharp rally one day earlier and as investors wait for more developments concerning the government's proposed $700 billion bailout plan.
Oil slipped 60 cents to $108.77 a barrel, after having traded as low as $106.07. The November contract, which as of Tuesday became the front-month contract, settled up $6.62 to $109.37 on Monday.
However, the November contract's gain was overshadowed by the surge in the October contract. Monday was the last day that the October contract was the front-month contract, and oil posted the largest one-day gain in dollar terms ever, settling up $16.37 at $120.92 a barrel.
Oil had risen as much as $25 to touch $130 a barrel. The late-session spike was due to investors having to make good on their orders before the October contract expired.
"The market is resetting itself," said Tom Orr, director of research at Weeden & Co., financial services firm.
The spike in price on Monday "was completely aberrational. It was not indicative of what was going on in the market - it was only indicative of what was going on with the front month contract," said Orr.
"People waited until the last half hour of the day and there were absolutely no sellers," said Orr. "You don't have any market makers since Wall Street is in such disarray."
In response to the unprecedented run-up in oil futures, the Commodity Futures Trading Commission (CFTC) said in a statement that it was investigating the situation to be sure that there was no mishandling of the oil trade.
"No one should be trying to game our nation's commodity futures markets," said CFTC Acting Chairman Walter Lukken in a written statement.
$700 billion bailout: [more]
http://money.cnn.com/2008/09/23/markets/oil/index.htm?postversion=2008092310
Buster
Well-known member
I like how you put things..
nnuut
Moderator | TSP Legend
Democrats allow drilling ban to lapse
Party lawmakers decide to allow a long-standing ban on drilling for oil to expire next week, opening up the nation's coastlines for business.
Last Updated: September 23, 2008: 6:55 PM ET
WASHINGTON (AP) -- Democrats have decided to allow a quarter-century ban on drilling for oil off the Atlantic and Pacific coasts to expire next week, conceding defeat in a month-long battle with the White House and Republicans set off by $4 a gallon gasoline prices this summer.
Appropriations Committee Chairman David Obey, D-Wis., told reporters Tuesday that a provision continuing the moratorium will be dropped this year from a stopgap spending bill to keep the government running after Congress recesses for the election.
Republicans have made lifting the ban a key campaign after gasoline prices spiked this summer and public opinion turned in favor of more drilling. President Bush lifted an executive ban on offshore drilling in July.
"If true, this capitulation by Democrats following months of Republican pressure is a big victory for Americans struggling with record gasoline prices," said House GOP leader John Boehner of Ohio.
Democrats had clung to the hope of only a partial repeal of the drilling moratorium, but the White House had promised a veto, Obey said.
Just last week, the House passed legislation to open waters off the Atlantic and Pacific coasts to oil and gas drilling but only 50 or more miles out to sea and only if a state agrees to energy development off its shore.
Republicans called that effort a sham that would have left almost 90% of offshore reserves effectively off-limits.
The Interior Department estimates there are 18 billion barrels of recoverable oil beneath coastal waters now off-limits.
Lifting the drilling ban gives considerable momentum to the underlying bill, which includes the Pentagon budget, $24 million in aid for flood and hurricane victims and $25 billion in loans for Detroit automakers in addition to keeping the government open past the Oct. 1 start of the 2009 budget year.
http://money.cnn.com/2008/09/23/news/economy/offshore_drilling.ap/index.htm?cnn=yes
Party lawmakers decide to allow a long-standing ban on drilling for oil to expire next week, opening up the nation's coastlines for business.
Last Updated: September 23, 2008: 6:55 PM ET
WASHINGTON (AP) -- Democrats have decided to allow a quarter-century ban on drilling for oil off the Atlantic and Pacific coasts to expire next week, conceding defeat in a month-long battle with the White House and Republicans set off by $4 a gallon gasoline prices this summer.
Appropriations Committee Chairman David Obey, D-Wis., told reporters Tuesday that a provision continuing the moratorium will be dropped this year from a stopgap spending bill to keep the government running after Congress recesses for the election.
Republicans have made lifting the ban a key campaign after gasoline prices spiked this summer and public opinion turned in favor of more drilling. President Bush lifted an executive ban on offshore drilling in July.
"If true, this capitulation by Democrats following months of Republican pressure is a big victory for Americans struggling with record gasoline prices," said House GOP leader John Boehner of Ohio.
Democrats had clung to the hope of only a partial repeal of the drilling moratorium, but the White House had promised a veto, Obey said.
Just last week, the House passed legislation to open waters off the Atlantic and Pacific coasts to oil and gas drilling but only 50 or more miles out to sea and only if a state agrees to energy development off its shore.
Republicans called that effort a sham that would have left almost 90% of offshore reserves effectively off-limits.
The Interior Department estimates there are 18 billion barrels of recoverable oil beneath coastal waters now off-limits.
Lifting the drilling ban gives considerable momentum to the underlying bill, which includes the Pentagon budget, $24 million in aid for flood and hurricane victims and $25 billion in loans for Detroit automakers in addition to keeping the government open past the Oct. 1 start of the 2009 budget year.
http://money.cnn.com/2008/09/23/news/economy/offshore_drilling.ap/index.htm?cnn=yes
nnuut
Moderator | TSP Legend
Oil prices rise as bailout mulled
Crude prices edged higher as investors waited for more details about the government's rescue plan and ahead of a weekly inventory report.
September 24, 2008: 5:49 AM ET
SINGAPORE (AP) -- Oil prices rose slightly to $107 Wednesday in Asia as investors waited for details of a proposed $700 billion plan to buy bad mortgage debt and stabilize the U.S. financial system.
Oil traders are scrutinizing the plan because of its possible impact on the global economy -- and demand for oil.
"There's going to be fence-sitting in the market until we know more about this risky package in the U.S.," said Mark Pervan, senior commodity strategist with ANZ Bank in Melbourne.
Worries about slowing global growth have brought crude oil down sharply from highs near $150 a barrel in July. "There's still a weak demand issue in the market," Pervan said. "The general feeling is oil is still not out of the woods, so it's more likely to decline than rise in the near to medium term."
Light, sweet crude for November delivery was up 39 cents to $107.00 a barrel in electronic trading on the New York Mercantile Exchange midday in Singapore. The contract fell $2.76 Tuesday to settle at $106.61.
Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson told senators Tuesday that without the bailout plan, neither businesses nor consumers would be able to borrow money, and the world's largest economy would grind to a virtual halt.
Congressional leaders Tuesday predicted the emergency measure would pass, but with significant changes. Democrats and Republicans alike demanded that the bailout limit pay packages for executives of companies helped by the rescue.
The dollar effect. Oil investors have also been weighing what impact the bailout plan will have on the value of the dollar. Investors often buy crude futures as a hedge against a weakening dollar and inflation. [more]
http://money.cnn.com/2008/09/24/markets/oi_prices_ap.ap/index.htm?postversion=2008092405
Crude prices edged higher as investors waited for more details about the government's rescue plan and ahead of a weekly inventory report.
September 24, 2008: 5:49 AM ET
SINGAPORE (AP) -- Oil prices rose slightly to $107 Wednesday in Asia as investors waited for details of a proposed $700 billion plan to buy bad mortgage debt and stabilize the U.S. financial system.
Oil traders are scrutinizing the plan because of its possible impact on the global economy -- and demand for oil.
"There's going to be fence-sitting in the market until we know more about this risky package in the U.S.," said Mark Pervan, senior commodity strategist with ANZ Bank in Melbourne.
Worries about slowing global growth have brought crude oil down sharply from highs near $150 a barrel in July. "There's still a weak demand issue in the market," Pervan said. "The general feeling is oil is still not out of the woods, so it's more likely to decline than rise in the near to medium term."
Light, sweet crude for November delivery was up 39 cents to $107.00 a barrel in electronic trading on the New York Mercantile Exchange midday in Singapore. The contract fell $2.76 Tuesday to settle at $106.61.
Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson told senators Tuesday that without the bailout plan, neither businesses nor consumers would be able to borrow money, and the world's largest economy would grind to a virtual halt.
Congressional leaders Tuesday predicted the emergency measure would pass, but with significant changes. Democrats and Republicans alike demanded that the bailout limit pay packages for executives of companies helped by the rescue.
The dollar effect. Oil investors have also been weighing what impact the bailout plan will have on the value of the dollar. Investors often buy crude futures as a hedge against a weakening dollar and inflation. [more]
http://money.cnn.com/2008/09/24/markets/oi_prices_ap.ap/index.htm?postversion=2008092405
nnuut
Moderator | TSP Legend
What are theey talking about? Surprise decline?:nuts:
BREAKING
NEWS
Oil prices hold gains after government reports surprise decline in crude inventories and bigger drop in gasoline supplies.
http://money.cnn.com/?cnn=yes
BREAKING
NEWS
Oil prices hold gains after government reports surprise decline in crude inventories and bigger drop in gasoline supplies.
http://money.cnn.com/?cnn=yes
alevin
Well-known member
http://www.bloomberg.com/apps/news?pid=20601207&sid=aQ585SDVg4es&refer=energy
Don't suppose this will have any effect on east coast prices at the pump the next several months, no not at all. The new natural-gas powered vehicles coming on line may be very timely, if people can find the $ to buy them and enough access to fuel suppliers.
Don't suppose this will have any effect on east coast prices at the pump the next several months, no not at all. The new natural-gas powered vehicles coming on line may be very timely, if people can find the $ to buy them and enough access to fuel suppliers.
Buster
Well-known member
I've said this in the past here..How does this come as a surprise?
Maybe somebody over night, got a big hose and siphoned the gas out of all the storage tanks:toung::laugh: