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Someone is really stupid out there and it's not us!!:o

Oil off its highs after supply report

Crude futures lose traction after stockpiles of gasoline and crude oil fall more than expected; demand for energy remains well below the same time last year.

By Catherine Clifford, CNNMoney.com staff writer
Last Updated: September 24, 2008: 11:19 AM ET

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NEW YORK (CNNMoney.com) -- Oil prices backed off earlier highs Wednesday after the government said stockpiles of gasoline fell more than expected and crude posted a surprise decline. The report showed that demand for oil remained well below last year's level.
U.S. light crude for October delivery rose $1.36 to $107.97 a barrel on the New York Mercantile Exchange. Oil had traded up $2.40 to $109.01 a barrel just prior to the report's release.
In its weekly inventory report, the Energy Information Administration said crude stocks decreased by 1.5 million barrels in the week ended Sept. 19. Analysts were looking for a gain of 1.6 million barrels of crude oil, according to a consensus estimate of industry analysts surveyed by Platts, a global energy information provider.
At 290.2 million barrels, crude inventories were in the lower half of the average range for this time of year.
Stockpiles of gasoline fell by 5.9 million barrels, while analysts were looking for a decrease of 5.1 million barrels. At 178.7 million barrels, gasoline stockpiles were at the lowest level since 1990, when the weekly supply data became available. Two weeks ago, gas stockpiles were at a record low, and last week, gas stockpiles declined even further.
Distillates, used to make heating oil and diesel fuel, fell by 4.2 million barrels and were in the lower half of the average range for this time of year. Analysts were looking for a decrease of only 1.8 million barrels in distillates.
The Gulf region was still working to regain footing after Hurricanes Gustav and Ike smashed the Gulf of Mexico and the Texas Gulf Coast, damaging production rigs and shuttering refineries.
Refineries only operated at 66.7% of their operable capacity last week, which was even less than the 73.9% run-rate that analysts had forecast.
Demand remained weak. According to the report, oil products supplied over the last four-week period has averaged 19.5 million barrels per day, which was 5.3% lower compared to the similar period last year.
Drivers were still not hitting the road. Over the last four weeks, gasoline demand was 3.5% lower than the same period last year. And airlines were cutting back, too. Jet fuel demand was 4.5% lower over the last four weeks compared to the same four-week period last year. Demand for distillates fell 5.5%.
http://money.cnn.com/2008/09/24/markets/oil/index.htm?postversion=2008092411
 
Buster said:
I've said this in the past here..How does this come as a surprise?:confused:

Maybe somebody over night, got a big hose and siphoned the gas out of all the storage tanks:toung::laugh:
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Buster, you drive a hummer don't you????? How big a hose do you need to keep that thing filled????:laugh:
 
Frixxxx said:
Buster, you drive a hummer don't you????? How big a hose do you need to keep that thing filled????:laugh:
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Thank you Frixxxxxxxxxxxxxxxxxxx...you just validated my comment in the Lounge, on The Election Thread.:laugh::laugh:

Side note: I own a GM HUMMER and I still get sh!t from the ignorant environmental wackos that don't know anything, except to follow a hate fad, they're freakin clueless...can't win.
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Buster said:
Thank you Frixxxxxxxxxxxxxxxxxxx...you just validated my comment in the Lounge, on The Election Thread.:laugh::laugh:
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Not trying to validate you Buster, just trying to give you a prop....I DO NOT CARE that you own a Hummer....I just thought it was a nice little jab!:laugh:
 
Stockpiles of gasoline fell by 5.9 million barrels, while analysts were looking for a decrease of 5.1 million barrels. At 178.7 million barrels, gasoline stockpiles were at the lowest level since 1990, when the weekly supply data became available. Two weeks ago, gas stockpiles were at a record low, and last week, gas stockpiles declined even further.

Distillates, used to make heating oil and diesel fuel, fell by 4.2 million barrels and were in the lower half of the average range for this time of year. Analysts were looking for a decrease of only 1.8 million barrels in distillates.

The Gulf region was still working to regain footing after Hurricanes Gustav and Ike smashed the Gulf of Mexico and the Texas Gulf Coast, damaging production rigs and shuttering refineries.

Refineries only operated at 66.7% of their operable capacity last week, which was even less than the 73.9% run-rate that analysts had forecast.
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Man, did the reporter (and the analysts) ever get that wrong.

She just reported refineries were at 66.7% of their operable capacity.

That's simply wrong.

Only 36% of pre-hurricane production is back at normal levels. And some refineries are not yet even ready to restart - a process that takes some time.

The categories being tracked are:
1. Out of service
2. Restarting
3. Reduced runs
4. Normal production.

1. Out of service means just that. they are not capable of producing anything. Damage is being repaired. Or they are waiting for power to be fixed. No output.

2. Restarting- means that they are lighting fires, and begining the process to get the petrolium fraction distilleries up to temperature. Sometimes take a week to get up to temp, control tests to be done, and the system ready to begin production

3. Reduced runs- Initially, they run very small sample runs to verify the output is the proper product. In can sometimes take an additional number of days or a week to process through the "reduced runs" stage and certify it is ready to do full-blown production. Even doing a couple of hundred barrels a day out of a 500,000 plant will get you a rating of "reduced run", but it isn't anywhere near doing volumes yet.

4. Normal production. This is when it's actually working again, and can deliver production quantities.

She just reported 66.7% of production.

While, this morning, Energy Department reports just 36% production back to normal.


She obviously has the number confused with how much CRUDE OIL is being produced out in the Gulf. And that statistic is not good either.​

If you read that same report over on the Energy.gov website- it shows that 66.7% of CRUDE Oil Production is still in a "shut-in" status.​

They also note that in today's report, they dropped from 89% down to 66% because....are you ready for this:​

FIVE RIGS WERE DESTROYED, AND SO THEY NO LONGER COUNT against the "Shut-IN' percentage, as THEY NO LONGER EXIST". .​

In effect, if we were using YESTERDAY's means of counting, instead of TODAY's means of counting, we're unchanged at 89% of Crude production capacity "shut-in," or completely turned off right now.

The news articles talking about reduced inventories are simply the existing inventories are being consumed while workmen (and workwomen) race to repair the damages, and get things back on line.​

that's the race we're in right now- which will happen first-​

Will the stockpiles run out, and we run out of gas first, or...​

Will the workers get the damage repairs, and platforms and refineries back into production before we totally run out.​

That's the question.​

The race is on.​
 
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Great info James, It will take time but will be done faster than you would think. In the mean time, drive slower!!:D
 
CROOKS!:mad:

Don't sweat (or cheer) lifting drill ban

Any new oil drilling off the East or West Coast won't happen until 2011, and may be immediately blocked by the next president.

By Steve Hargreaves, CNNMoney.com staff writer
September 24, 2008: 2:59 PM ET

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NEW YORK (CNNMoney.com) -- The lapse of the federal ban on offshore oil drilling doesn't mean sunbathers will have to contend with drill rigs near the beach next summer, nor does it mean a new era of energy independence is on the horizon.

Even though the House voted to let the ban on offshore drilling expire at the end of September, and the Senate looks likely follow suit, it will still take years before even the first lease is granted. And in the meantime, a new President could reinstate the ban with the stroke of a pen.
"If Congress doesn't back track, it will increase access, it will increase supply, and it will be good for the consumer," said Judy Penniman, a spokesperson for American Petroleum Institute. "But it's just a beginning."
"Nothing's going to change short-term off our coasts," said Athan Manuel, director of lands protection for the Sierra Club.
That's because the government agency the regulates offshore drilling, the Mineral Management Service, says it needs until at least the middle of 2011 to conduct the necessary environmental reviews and public hearings before it can issue any permits in areas currently closed to drilling - which include almost every mile off the east and west coast.[more]
http://money.cnn.com/2008/09/24/news/economy/drilling_ban/index.htm?postversion=2008092414
 
nnuut said:
CROOKS!:mad:

Don't sweat (or cheer) lifting drill ban

Any new oil drilling off the East or West Coast won't happen until 2011, and may be immediately blocked by the next president.
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Whatchu talking about Willis?..McCain won't block it!;)
 
Oil prices retreat: Under $104

Crude prices declined as demand waned and investors focused on supply delays amid ongoing economic concerns.

Last Updated: September 25, 2008: 8:02 AM ET

AP) -- Oil prices were down Thursday at under $104 a barrel as investors weighed supply delays in the Gulf of Mexico against concerns that the U.S. credit crisis will slow global economic growth and hurt crude demand.

Light, sweet crude for November delivery was down $1.83 to $104.90 a barrel in electronic trading on the New York Mercantile Exchange by noon in Europe. The contract fell 88 cents on Wednesday to settle at $105.73.
About 66% of oil production and 61% of natural gas output in the Gulf of Mexico remains shut-in after the passage of Hurricanes Gustav and Ike, according to the U.S. Minerals Management Service. The Gulf area is home to a quarter of U.S. oil production and 40% of refining capacity.
Mexico's state oil company said Tuesday it temporarily reduced oil production because U.S. refineries damaged by Ike have canceled shipment orders.
Petroleos Mexicanos, or Pemex, lowered its daily output by 250,000 barrels a day. The company said it expects production to be back to normal by the end of the week. Pemex produced an average of 2.75 million barrels a day in August, the latest available output figure.
OPEC's decision earlier this month to cut production by 520,000 barrels a day and militant threats to Nigerian oil operations have added to the supply shortage.
Traders are also concerned about the turmoil in the U.S. financial system will impact economic growth and crude demand from the world's biggest economy.
President George W. Bush strongly urged Congress to act quickly to pass a $700 billion financial industry bailout, warning Americans in Wednesday speech that failing to act fast risked dire economic consequences such as disappearing retirement savings, rising foreclosures, lost jobs and closed businesses.
"Markets hate uncertainty, and this thing is hanging over everybody's head," said Gavin Wendt, head of mining and resources research at consultancy Fat Prophets in Sydney. "I don't think anyone is too keen to take a position in oil either way right now."
With the administration's original proposal facing significant changes in Congress, top House leaders issued an upbeat statement late Wednesday saying there was progress toward revised legislation that could pass. Bush summoned presidential candidates Barack Obama, John McCain and legislative leaders to an extraordinary White House summit in hopes of hashing out a deal.
How goes the dollar: [more] http://money.cnn.com/2008/09/25/markets/oil_prices_ap.ap/index.htm?postversion=2008092508
 
Isn't this a kick in the tank!gaspump2.gif

Oil rises on bailout worries

Crude ends the day higher as investors fret that the government's $700 billion economic rescue plan could cripple the dollar.

By Kenneth Musante, CNNMoney.com staff writer
Last Updated: September 25, 2008: 3:04 PM ET

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(CNNMoney.com) -- Oil prices recovered Thursday as investors worried the government's $700 billion economic rescue plan could lead to a weaker dollar, the currency of oil trading.

Crude oilfor November delivery settled up $2.29 to $108.02 a barrel on the New York Mercantile Exchange, recovering from a low of $103.22 a barrel as the session opened.
Lawmakers were closer to reaching a bipartisan agreement on a controversial $700 billion plan to prop up the nation's ailing financial businesses on Thursday.
President Bush addressed the nation late Wednesday, saying the country faces severe economic consequences if Congress doesn't approve the bill.
Investors were worried about the plan's effect on U.S. dollar inflation, and about its effect on U.S. debt, according to Rachel Ziemba, energy analyst with RGE Monitor.
According to a Wall Street Journal report, Congress wants to break the $700 billion into installments, which would give it more control over how much money leaves government coffers.
Demand: Concerns about inflation [more]
http://money.cnn.com/2008/09/25/markets/oil/index.htm?postversion=2008092515
 
nnuut said:
Oil rises on bailout worries

Crude ends the day higher as investors fret that the government's $700 billion economic rescue plan could cripple the dollar.
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We don't bail out the banks and the market tanks we cripple the dollar.

I go long on the Yen in FOREX, I cripple the dollar.

Isn't that the three strikes your out rule!?:cool:
 
Frixxxx said:
We don't bail out the banks and the market tanks we cripple the dollar.

I go long on the Yen in FOREX, I cripple the dollar.

Isn't that the three strikes your out rule!?:cool:
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Isn't that one of the reasons we are where we are with the price of Gas, yes it is!!:nuts:
 
Oil prices flirt with $104

Crude prices retreat amid worries that that bailout plan may fail and lead to a global drag on economic growth and oil demand.

September 26, 2008: 5:33 AM ET

FRANKFURT (AP) -- Oil prices fell below $105 a barrel in Asia Friday on investor concern that faltering negotiations in Washington may sabotage a bailout plan to stabilize the U.S. financial system, which could drag on global growth and undermine crude demand.
Light, sweet crude for November delivery was down $3.11 to $104.91 a barrel in electronic trading on the New York Mercantile Exchange midday in Singapore.
The contract rose $2.29 a barrel Thursday to settle at $108.02.
"The bailout is a real focus of the market because it's seen as being quite important to the direction of the economy," said David Moore, a commodity strategist at Commonwealth Bank of Australia in Sydney.
"To the extent that the latest news suggests it's not going to be passed as quickly as markets had thought, that would have an impact on the oil price," he said. [more]
http://money.cnn.com/2008/09/26/markets/oil_prices_ap.ap/index.htm?postversion=2008092605
 
Russia, Venezuela agree to oil and gas deals

The signed memorandum allows for better cooperation between the two countries' gas and energy companies.

September 26, 2008: 9:34 AM ET

Trading halted in Russia


MOSCOW (AP) -- Russia and Venezuelan officials agreed Friday to bolster cooperation in the oil and gas industry, the latest sign of strengthening ties between two nations trying to decrease U.S. influence around the world.
Venezuelan President Hugo Chavez and Russian President Dmitry Medvedev watched the signing of deals between state energy companies in the southern city of Orenburg.
Chavez also was expected to watch a major Russian military exercise during his second visit to Russia in just over two months.
Russia has signed contracts worth more than $4.4 billion with Venezuela since 2005 to supply arms including fighter jets, helicopters, and 100,000 Kalashnikov assault rifles. The Kremlin said Thursday that Russia is granting Venezuela a $1 billion credit for the purchase of Russian weaponry.
The arms purchases have sparked concern in the United States and among some neighbors of Venezuela, such as Colombia, which has accused Venezuelan officials of supporting leftist insurgents. {more]
http://money.cnn.com/2008/09/26/new...venezuela.ap/index.htm?postversion=2008092609
 
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