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Oil prices stay below $100

Crude prices trended lower, staying below $100 for the second day in a row, amid concerns about weak demand globally.

Last Updated: September 30, 2008: 6:46 AM ET

Economy needs '...a prayer'



SINGAPORE (AP) -- Oil prices fell to $95 a barrel Tuesday in Asia after plummeting overnight as investors weighed the fallout from U.S. lawmakers' rejection of a proposed $700 billion bank bailout aimed at stabilizing the teetering U.S. economy.
Light, sweet crude for November delivery was down 81 cents to $95.55 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore.
Oil prices plunged $10.52 to settle at $96.36 a barrel Monday amid worries that the financial crisis would drag on global growth and demand for oil.
That was the second-largest drop in dollar terms and the biggest percentage-wise since 2001. In the last seven drays, crude has now fallen almost $25, or 20%.
"Yesterday's reaction was justified. There's a lot of anxiety in the market," said Mark Pervan, senior commodity strategist with ANZ Bank in Melbourne. "I think the market will now likely take a wait-and-see approach until a new emergency package emerges."
Where do we go from here? [more]
http://money.cnn.com/2008/09/30/markets/oil_prices_ap.ap/index.htm?postversion=2008093006
 
This may help?:p

Gas Pipeline To Atlanta Running At 100 Percent Capacity

POSTED: 12:31 pm EDT September 30, 2008
UPDATED: 1:28 pm EDT September 30, 2008

ATLANTA -- The pipeline that brings gas to Atlanta from the Gulf Coast is back to 100 percent capacity, Energy Department officials said Tuesday.
In addition, 13 of the 15 refineries knocked off line by Hurricanes Ike and Gustav are up and running again.
NEW FORUM: Tell Us About Random Acts Of Kindness In Gas Lines
The bad news for metro Atlanta drivers is that even with the Colonial Pipeline running at full steam it will be one to two weeks before supplies across metro Atlanta return to normal.
Motorists are rising before dawn so they can be at filling stations when the delivery truck arrives. Some are skipping work or telecommuting. Others are taking the extreme step -- for Atlanta -- of switching to public transportation.
Shorter lines are being reported at gas stations in the metro Atlanta area Tuesday morning, but deliveries are being consumed by motorists anxious to find gas. [more]
http://www.wsbtv.com/news/17590218/detail.html
 
Hey Norm,

Seen this (from Ben Stein)?

Remember a few months ago when oil was heading ever higher, gasoline reached unheard of prices, and Americans were essentially hysterical? Remember when Americans demanded, actually screamed in the politicians' ears that we wanted to drill in our offshore areas?
Remember when poll after poll said Americans wanted to pass over the objections from multi-millionaire beachfront movie star home owners and actually do something for the good of America as a whole? Remember the politicians promising they would heed the words of their constituents?

Well, the politicians apparently don't remember it at all.

http://finance.yahoo.com/expert/article/yourlife/111202
:cool:
 
GOOD POST, the people need to read the rest of this one!! :mad: I like Ben very smart fellow! Here is the rest of it!:nuts:

Amazingly, the Democrat-controlled House of Representatives gave the American people a firm slap in the face while it planted a big wet sloppy kiss on the lips of Hollywood's glitterati. On September 16th, the House of Representatives narrowly passed Speaker Nancy Pelosi's comically named "Access" Bill. This past Saturday, the Senate approved the lifting of the 26-year ban on new offshore oil drilling. In the guise of doing what America wants Speaker Pelosi's bill does the following:
* Places off limits areas within fifty miles of the coast line, where 80 percent of the oil and gas deposits are. This bill, if it becomes law, will place these energy rich areas off limits permanently.
* Places off limits such energy rich areas as the Destin Dome off Florida and the super-rich areas off the coast of California on a permanent basis.
* In a gesture of what she probably thought was courage, Speaker Pelosi allows drilling on seven percent of the acreage offshore in the most difficult, deep water areas, one hundred or more miles offshore.
* If state legislatures sign on, drilling would be allowed in a further 12 percent of the untapped areas between 50 and 100 miles offshore -- again, difficult areas to explore and difficult areas in which to drill.
This is a bad joke. Why are we doing this to ourselves? What is the utility of making us ever weaker, more vulnerable, and dependent upon people who hate us?
This is a bill that cries out for veto or massive revision. It's just a bill to curry favor with the beautiful people, not with ordinary citizens. It is exactly what we do not need, which is vastly more drilling and production of American oil and gas in American waters. http://finance.yahoo.com/expert/article/yourlife/111202
 
Oil prices steady around $100

Crude prices rose to nearly $102 a barrel as investos await the Senate vote on the bailout plan and ahead of the government's inventory report.

Last Updated: October 1, 2008: 6:40 AM ET

Oil's crystal ball


SINGAPORE (AP) -- Oil prices stayed above $100 a barrel Wednesday on expectations that U.S. lawmakers will pass a revised bank bailout plan that they rejected earlier this week.
By midday in Europe, light, sweet crude for November delivery was up 36 cents to $101 a barrel in electronic trading on the New York Mercantile Exchange. Overnight, oil rose $4.27 to settle at $100.64 a barrel.
Wednesday's session continued to show the price swings and frequent reversals in direction seen in previous days. The Nymex contract was trading between a high of $102.84 and a low of $100.57.
"In a low volume environment, the intraday volatility (of the Nymex contract) remains extremely high," said Olivier Jakob of Petromatrix in Switzerland.
In London, November Brent crude rose 10 cents to $98.27 a barrel on the ICE Futures exchange.
U.S. Senate leaders scheduled a vote for Wednesday on a version of the emergency bill that adds substantial tax cuts meant to appeal to Republicans when it reaches the House of Representatives. [more]
http://money.cnn.com/2008/10/01/markets/oil_prices_ap.ap/index.htm?postversion=2008100106
 
Hey Norm, what do you think they would say to that MARTA expansion project now?


Bush Officials `Reviewing' Georgia's Request for Reserve Oil

By Tina Seeley and Roger Runningen
Oct. 1 (Bloomberg) -- The Bush administration is ``reviewing'' a request by Georgia Governor Sonny Perdue to release oil from the strategic reserve to help ease gasoline supply problems in the Southeast.
Perdue, a Republican, issued a press release two days ago saying he had requested President Bush direct the Energy Department to release ``a significant amount of crude'' from the reserve.
``We are reviewing the governor's request,'' White House spokesman Scott Stanzel said in an e-mail today.
The department has released 4.79 million barrels from the reserve to offset supply disruptions after hurricanes Gustav and Ike swept through the Gulf of Mexico last month.
To contact the reporters on this story: Tina Seeley in Washington at tseeley@bloomberg.net; Roger Runningen in Washington at rrunningen@bloomberg.net
Last Updated: October 1, 2008 11:28 EDT
 
Gasoline invetories story does not make sense. Production is still at very curtailed levels, according to today's postings on the Energy.gov website:

http://www.oe.netl.doe.gov/docs/2008_SitRep_21_Ike_100108_12PM.pdf

In addition, most of the offshore oil platforms are still not producing. According to DOE data, 57% of crude oil production is still "shut-in" or off line, as is over 45% of natural gas production.

And, we see this about the number of platforms that have been destroyed or damaged:

From today's situation report, released at noon today:

On September 29, MMS reported that 52 of the 3,800 offshore oil and natural gas production platforms have been destroyed. These platforms produced 13,300 barrels/day of oil and 90 MMcf/d. ​

Additionally, MMS reported there were 32 platforms with extensive damage that may take up to three to six months to repair and 41 platforms sustained moderated damage which may take up to one to three months to repair..​

So I am asking myself- what in the world is this talk about gasoline inventories rising, and things being back to normal? ​


Hmmm.... Have we cut gasoline consumption THAT much just in the last month? ​

Me thinks we're getting a line here....​
 
10/01/2008 - Updated 2:23 PM ET
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Oil futures touch 2-week low as crude supplies risePrices pare losses as natural-gas futures rally nearly 4% on storm forecast
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By Myra P. Saefong, MarketWatch & Polya
Lesova, MarketWatch

SAN FRANCISCO (MarketWatch) -- Crude-oil futures touched their lowest level in two weeks Wednesday as traders found more reasons to broaden concerns about a slowdown in energy demand.
U.S. crude supplies rose for the first time in six weeks, uncertainty continued over whether the $700 billion rescue package for the financial sector will pass and the nation suffered the sharpest one-month decline in manufacturing activity since February of 1984.
But oil pared its losses in afternoon trading, finding support as prices for natural gas rallied almost 4% as a fresh forecast renewed concern over the Atlantic hurricane season and disruptions to energy output in the Gulf of Mexico.
Crude oil for November delivery fell $1.78, or 1.8%, to $98.89 a barrel in electronic trading on Globex. Earlier, it touched a low of $95.95, the lowest intraday price since Sept. 17.
On the New York Mercantile Exchange, the contract traded at $99.90, down 74 cents.
"The backwardation caused by Hurricanes Ike and Gustav in both crude and RBOB [gasoline] has been weakening of late indicating the refining industry is getting back to normal," said Darin Newsom, DTN senior analyst. "That calms the supply driven spike rally." Backwardation refers to a situation in which the price of a commodity for future delivery is lower than the spot price.
And "as for demand, world economic problems continue to weigh on the markets," Newsom said. "That being the case, and again as indicated by the weakening spreads, it is no surprise to see stocks build."
Crude supplies rose for the first time in six weeks, by 4.3 million barrels for the week ended Sept. 26, according to the U.S. Energy Department's Energy Information Administration Wednesday. They stood at 294.5 million barrels.
Crude supplies had fallen a total of 15.7 million barrels in the prior five weeks, according to the EIA.
They were up 3.3 million barrels at 292 million in the latest week, according to separate data from the American Petroleum Institute.
Natural gas surprise
Natural gas was the lone gainer in the energy pits Wednesday, with prices moving higher for a second session.
November natural gas futures rose 28.6 cents, or 3.8%, to $7.72 per million British thermal units.
"I'm kind of surprised at natural gas' rally," said Beth Sewell, a managing partner at Quantum Gas & Power Services. It "could be something as simple as Colorado State's hurricane experts [issuing] a report stating they expect to see three named storms in October -- one of which is a major hurricane."
In a report released Wednesday, forecasters at the Colorado State University said the forecast for October calls for three named storms, including two hurricanes and one major hurricane.
The forecasters said September saw above-average activity, but "not to the level that we predicted."
On Thursday, the Energy Department will release its weekly update on natural-gas supplies in storage. Analysts at Strategic Energy & Economic Research expect to see an increase of 81 billion cubic feet for the week ended Sept. 26. But Global Insight is looking for a climb of 62 billion.
Refineries recover, but demand doesn't [more] http://markets.usatoday.com/custom/...S&guid={8A8E4F87-79B0-46AC-A783-8EBC0C02629F}
 
Wow, they opened up the Reserve!!:worried:

Oct. 1 (Bloomberg) -- The U.S. approved the release of as much as 900,000 barrels of oil from the Strategic Petroleum Reserve to two unidentified refiners, after a request for more supplies to ease fuel shortages in the Southeast.
 
Aviator_Guy said:
Wow, they opened up the Reserve!!:worried:
Oct. 1 (Bloomberg) -- The U.S. approved the release of as much as 900,000 barrels of oil from the Strategic Petroleum Reserve to two unidentified refiners, after a request for more supplies to ease fuel shortages in the Southeast.
Click to expand...

Wheeww...I was afraid my VP babe might have to park the viper!:D
View attachment 4768
 
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Oil prices steady above $93

Crude prices stabilized around $93 a barrel, a day after tumbling nearly $5 amid jitters over the bailout and the economy.

October 3, 2008: 5:43 AM ET

Buffett: Our system works


SINGAPORE (AP) -- Oil prices were steady above $93 a barrel Friday in Asia as investors waited to see if a reworked $700 billion bailout package will pass the U.S. Congress and help stabilize the economy of the world's biggest crude consumer.
Light, sweet crude for November delivery was down 35 cents to $93.62 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. Pricesfell overnight $4.56 to settle at $93.97 a barrel, the lowest level since Sept. 16.
The U.S. House of Representatives is expected to vote later Friday on the bank rescue package after the Senate overwhelmingly approved it Wednesday.
House lawmakers stunned investors Monday by rejecting the bailout plan, although the Senate added $100 billion in tax breaks and other sweeteners in a bid to win over enough dissenting House votes.
"Approving the bailout may create a little bounce and alleviate the negative sentiment temporarily," said John Vautrain, an energy analyst with consultancy Purvin & Gertz in Singapore. "The problem is U.S. gasoline demand has been off one heck of a lot." [more]
http://money.cnn.com/2008/10/03/markets/oil_prices_ap.ap/index.htm?postversion=2008100305
 
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