Oil Slick Stuff

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OIL<50 = Beautiful, <60 = OK,.60-65 = Worry, >65 = BAD, >74= UGLY, Over $80 = PRICE FIXING
DRILL, BABY, DRILL!!
 
Buster said:
for some reason gas went up .10/gal today:confused:
Click to expand...
Probably this Buster. Looks like they might tighten the noose a little more! Creeps!:mad:

OPEC may decrease production further

Iran's OPEC governor says that if Friday's cut doesn't support prices, it may move again to decrease output.

Last Updated: October 26, 2008: 1:26 PM ET


TEHRAN, Iran (AP) -- Iran's OPEC governor says the organization may consider another cut in oil production due to a glut in the market.
Speaking in a live TV interview Sunday, Mohammad Ali Khatibi said a reduction in production "will be considered" at the next meeting in Algiers in December -- a meeting that might be held early if necessary.
Khatibi said if the decision Friday by the Organization of Petroleum Exporting Countries to cut 1.5 million barrels of production per day does not halt the drop in prices, more would need to be done.
Crude prices have dropped below $65 per barrel, yet Iran needs prices of around $90 to balance its budget,:laugh: according to International Monetary Fund estimates.

http://money.cnn.com/2008/10/26/news/international/iran_oil.ap/index.htm?postversion=2008102613
 
Oil sinks to 17-month low

Crude investors not jolted by OPEC's production cuts, send oil to lowest level since March 2007.

October 27, 2008: 6:01 AM ET

SINGAPORE (AP) -- Oil prices fell to 17-month lows below $62 a barrel Monday in Asia as investors weighed Friday's OPEC output cut against growing evidence of a severe global economic slowdown that would undermine crude demand.
Light, sweet crude for December delivery fell $2.31 to $61.84 a barrel in electronic trading on the New York Mercantile Exchange by midday in Singapore.
Investors brushed off a 1.5 million barrel-a-day cut announced by the Organization of Petroleum Exporting Countries on Friday, focusing instead on falling crude demand as economies across the globe reel from the impact of a credit crisis.
On Friday, oil fell $3.69 to settle at $64.15. Prices have plunged 57% from a record $147.27 on July 11.
"The mood is fairly negative reflecting worry about the international economic outlook," said David Moore, a commodity strategist at Commonwealth Bank of Australia in Sydney. "If there is further weak economic data in the U.S. or Europe, prices could come under more downward pressure."
Iran's OPEC governor Mohammad Ali Khatibi said Sunday a reduction in production "will be considered" at the group's next meeting in Algiers in December - a meeting that might even be held early if necessary.
"I thought the OPEC cut was a fairly decisive act, but concerns of recession in the major economies remain dominant," Moore said. "OPEC's cut does take a step toward tightening the market."
Investors have been paying close attention to signs that a slowing economy and higher gasoline prices earlier this year have hurt crude demand in the U.S., the world's largest oil consumer.
The U.S. Department of Transportation said Friday that Americans drove 5.6% less, or 15 billion fewer miles, in August compared with same month a year ago - the biggest single monthly decline since the data was first collected regularly in 1942.
Oil investors have also been eyeing stock markets to gauge sentiment on global economic health. Most Asian stock indexes fell Monday, led by Hong Kong, South Korea and Australia. Japanese shares rebounded slightly after plummeting last week.
The Dow Jones industrial average fell 3.6% Friday.
"If we're looking a severe economic downturn, it's hard to say what the bottom of any commodity price will be," Moore said.
In other Nymex trading, heating oil futures rose 0.13 cent to $1.95 a gallon, while natural gas for November delivery fell 19.8 cents to $6.04 per 1,000 cubic feet.
In London, November Brent crude was down 60 cents to $61.45 a barrel on the ICE Futures exchange.
http://money.cnn.com/2008/10/27/markets/oil/index.htm?postversion=2008102706
 
NAH! Their not makin' any money!!:mad:

BP's profit surges 83% on oil prices

Oil giant reports net income of $8.05 billion for the third quarter.

October 28, 2008: 4:20 AM ET

LONDON (AP) -- British oil company BP PLC reported a 83% rise in third-quarter net profit Tuesday on the back of surging energy prices.
BP (BP), Europe's second biggest oil producer behind Royal Dutch Shell PLC (RDS.B), posted net profit of $8.05 billion for the July to September quarter, up from $4.41 billion in the same period a year earlier.
Revenue for the third quarter rose 45% to $103 billion from $71 billion the previous year.
Oil surged to an all-time high of $147 a barrel in July, but the price has have since dropped rapidly to around $62 a barrel.
"The high oil price of the third quarter obviously helped our absolute result," said Chief Executive Tony Hayward.
http://money.cnn.com/2008/10/28/news/international/bp_earnings.ap/index.htm?postversion=2008102804
 
Oil rises with global markets

Crude prices rise off of 17-month low as investor confidence rebounds in markets around the world.

Oil hasn't reached bottom



SINGAPORE (AP) -- Oil prices rose to $64 a barrel Tuesday in Asia as a rebound in regional stock markets bolstered sagging investor confidence over a global economic slowdown.
Light, sweet crude for December delivery rose 78 cents to $64.00 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore after trading as low as $61.75. The contract fell overnight 93 cents to close at $63.22, the lowest settlement since May 29, 2007.
Key Asian stock markets rebounded sharply Tuesday, including Japan's Nikkei 225 index, up 6.4% and Hong Kong's Hang Seng index, jumping 13%.
"It was crude reacting to the Nikkei," said Jonathan Kornafel, Asia director for market maker Hudson Capital Energy in Singapore. "It began with a turnaround in Asian markets."
Oil investors have been taking a cue from a plunge in global stock markets that suggests major economies are headed for a significant recession over the next 12 months. Oil prices have fallen 58% since reaching a record $147.27 on July 11.
The Dow Jones industrial average fell 2.4% Monday after credit ratings agency Moody's Investors Service downgraded General Motors Corp.'s (GM, Fortune 500) credit rating further into "junk" status, citing a sharp contraction of the U.S. auto market. The Standard & Poor's 500 index fell 3.2%.
"It's quite a severe slowdown that's been priced in already," Kornafel said. "If the credit market remains tight and the recession worsens, we could certainly go into the $50s and even below $50, but that would be an overshoot to the downside."
Prices have fallen despite a production quota cut of 1.5 million barrels a day by the Organization of Petroleum Exporting Countries last week. OPEC officials have said the group, which controls about 40% of global crude oil production, may cut output again at a meeting in December.
"It doesn't matter what OPEC does or other supply news, people are just so focused on demand and getting their money out of trades that no longer make money," Kornafel said. "There's no real attention being paid to fundamentals in the short-term. It's still the panic."
In other Nymex trading, gasoline futures rose 2.3 cents to $1.50 a gallon and heating oil gained 4.81 cent to $1.96 a gallon. Natural gas for November delivery fell 1.0 cents to $6.11 per 1,000 cubic feet.
In London, December Brent crude was up 9 cents to $61.50 a barrel on the ICE Futures exchange.
http://money.cnn.com/2008/10/28/markets/oil.ap/index.htm
 
This is a pretty insightful article. ;)

World Is `Drowning in Oil' (Again) After Drought: Caroline Baum

Commentary by Caroline Baum


Oct. 28 (Bloomberg) -- Three months ago, the world was running out of oil.
Seriously. I kid you not. Everywhere you turned, you heard whispers that the day of petroleum reckoning was at hand.
Now there's too much oil, prodding OPEC to cut production targets for the first time in two years. Last week, the Organization of Petroleum Exporting Countries, confronted with the halving of oil prices since July, announced a 1.5 million barrel-a-day cut in output.
World markets greeted the news of reduced oil supply by pushing prices down further. Crude oil fell $3.69 a barrel Friday to $64.15. Yesterday, oil dropped another 93 cents to $63.22, a 17-month low.
How quickly things change. Or do they?
All speculative bubbles have a kernel of truth behind them to justify their existence. This time around it was China and India. These emerging Asian giants were gobbling up all the commodities the world could produce to fuel their rapid industrialization.
It wasn't that the story was untrue; it was old. Growing global demand probably was the reason for the gradual rise in oil prices from $20 a barrel to $40 earlier in the decade, and even to $60 by mid-2005.
It was the moon shot to $147 that took on a life, and a litany, of its own. Emerging nations didn't start gobbling up crude, coal and copper all of a sudden in the middle of 2007.
Diversification Justification
Yet analysts on TV and in print told us with a straight face that the doubling in oil prices from July 2007 to July 2008 was a result of fundamental demand, not speculative buying or investors, including pension funds, ``diversifying'' into ``alternative investments'' in search of ``uncorrelated returns.'' (It sounds a lot better than admitting you got suckered into buying what was going up and are now stuck with a pile of stuff that no one wants.)
``It happens in every market,'' says Michael Aronstein, president of Marketfield Asset Management in New York. ``Once it goes up an enormous amount, creating unfathomable wealth for the fortunate participants, someone makes an ex-post case as to why we are only at a beginning and it's not too late to get in.''
This advice is ``generally formulated by someone who has a vested interest in selling the stuff,'' he says.
By the early 1980s, following two oil shocks in the previous decade, the running crude commentary went something like this: Oil prices couldn't go down because they were controlled by a cartel (OPEC). Banks extended credit to the Oil Patch based on -- you guessed it -- a belief that the underlying asset couldn't go down.
When prices plunged to about $11 a barrel in 1986, that myth went down with them.
Oil `Peaked'
The spike in crude oil earlier this year had the support of the popular theory of ``peak oil.'' In a 2005 book, ``Twilight in the Desert: The Coming Saudi Oil Shock and the World Economy,'' investment banker Matthew Simmons argued that oil production by Saudi Arabia, the world's largest producer, is ``at or near peak sustainable volume'' and likely to decline in the foreseeable future.
Just a few years before the peak-oil theory was hot, the world was ``Drowning in Oil,'' according to the Economist magazine's March 6, 1999, cover story.
Oil was trading at $13.50 a barrel at the time. ``We may be heading for $5,'' the Economist predicted. ``Consumers everywhere will rejoice at the prospect of cheap, plentiful oil for the foreseeable future.''
Oil prices took off and never looked back.
Like the world of fashion, trends in markets come and go. Oil is a limited, albeit vast, resource. At some point in the future, we probably will run out of petroleum, at least as we know it.
Curve Balls
Man's ingenuity is equally vast. When the time comes, given all the tax incentives that will be thrown in the direction of alternative energy, I have full confidence the world will not return to travel by horse and buggy.
The silliness that accompanies speculative bubbles isn't to be outdone by what passes for economic analysis. It's just over three months since commodities began their sharp, swift descent, and already the nonsense is starting: Lower oil prices are going to boost consumer demand.
Whoa! The price of oil (and other raw materials) is falling because of a cutback in demand, both actual and expected. Expressed as a graph, the demand curve for oil has shifted back, to the left. Consumers demand less energy (gasoline, heating oil) at any given price than they did before.
To say that lower prices will stimulate demand, a widely held misconception, confuses a movement along the demand curve (lower price, higher quantity) with a shift back in the curve (lower price, lower quantity).
Cause and Effect
Why this is such a hard concept to understand, I'm not sure. People imbue oil prices with all kinds of mystical powers. They see a falling price and treat it as a cause, not an effect.
That oil prices are falling in the face of OPEC's announced production cuts -- a reduction in supply would tend to raise the price, not lower it -- suggests that demand is falling even faster than OPEC can reduce supply.
That won't boost demand, but who knows? Maybe it will help recapitalize the banks!
(Caroline Baum, author of ``Just What I Said,'' is a Bloomberg News columnist. The opinions expressed are her own.)
To contact the writer of this column: Caroline Baum in New York at cabaum@bloomberg.net.
 
The CROOKS are really hurt when this happens!!:D
Sorry Guys it's feast or famine, Ya know!:laugh:
I think $50 a barrel is a fair price, OPEC thinks $90 is fair.
 
Oh,how soon they forget. All we have to do to get the price up to $90 is tank the dollar again.:nuts: Oh, you don't like that cause your food costs too much, and your saved up dollars are now so much toilet paper? :rolleyes: Hello! OPEC, some of your have the attention span of a gnat!
 
Silverbird said:
Oh,how soon they forget. All we have to do to get the price up to $90 is tank the dollar again.:nuts: Oh, you don't like that cause your food costs too much, and your saved up dollars are now so much toilet paper? :rolleyes: Hello! OPEC, some of your have the attention span of a gnat!
Click to expand...
Is that even measurable ?..Please don't disrespect a GNAT:D:D
 
Crude Oil Rises as U.S. Equities Climb, OPEC Considers Meeting

By Christian Schmollinger

Oct. 29 (Bloomberg) -- Crude oil rose for the first time in four days after U.S. stocks surged and OPEC ministers said the group may meet again before December to consider another cut in production.
The Standard & Poor's 500 Index advanced 11 percent and the Dow Jones Industrial Average posted its second-best points gain in 23 years. OPEC's secretary-general said the group may call a new meeting if prices fail to react to the 1.5 million-barrel-a- day output reduction it announced last week.
``People are looking for any sign of a recovery in demand,'' said Tetsu Emori, a fund manager with Astmax Ltd. in Tokyo, Japan's biggest commodities asset manager. ``Last night's S&P gain was very positive so it's easy for people to latch onto that story and push the price higher.''
Crude oil for December delivery rose as much as $3.98, or 6.3 percent, to $66.71 a barrel on the New York Mercantile Exchange. It was at $65.13 a barrel at 9:14 a.m. Singapore time. Prices have tumbled 56 percent since reaching a record $147.27 on July 11.
Yesterday, futures fell 49 cents, or 0.8 percent, to $62.73 a barrel, the lowest close since May 16, 2007, after a Conference Board report showed the lowest confidence reading since records began in 1967. They rose 1.8 percent, along with U.S. stocks, in after-hours electronic trading. Floor trading in New York ends at 2:30 p.m., and electronic trading ceases at 5:15 p.m.
U.S. stocks rallied as the cheapest valuations in 23 years lured investors and increased commercial-paper sales signaled credit markets are thawing. The Dow climbed 889.35, or 11 percent, to 9,065.12.
Supply Declines {more]
http://www.bloomberg.com/apps/news?pid=20601087&sid=a5lJAU7TyTVA&refer=home
 
Frixxxx said:
This is a joke, went to get gas before work and paid $2.87, left work and the gas station was at $2.75.

I want my $.36 back!!!!:cool:
Click to expand...

Day before yesterday gas here was $2.65
This morning it was $2.29
tonight it was $2.09

Go to http://gasbuddy.com, pick your state, search "all of state", then zoom in to the cities you are near, and find the cheapest gas near home or work.

It's worth searching out the best deal before filling up.

Caution- this won't last long. Enjoy it until election day- then I bet it starts back upward again.

Especially if refineries are throttling back now.. remember- it takes them a week or two to turn off and on a refinery. Once demand and supply balance again, you can bet it will go higher.
 
Frixxxx said:
This is a joke, went to get gas before work and paid $2.87, left work and the gas station was at $2.75.

I want my $.36 back!!!!:cool:
Click to expand...

I've started topping off my tank every morning on the way to work. My a form of DCA? :D
BTW -- we're at 2.59 here--what gives? :blink:
 
James48843 said:
Day before yesterday gas here was $2.65
This morning it was $2.29
tonight it was $2.09

Go to http://gasbuddy.com, pick your state, search "all of state", then zoom in to the cities you are near, and find the cheapest gas near home or work.

It's worth searching out the best deal before filling up.

Caution- this won't last long. Enjoy it until election day- then I bet it starts back upward again.

Especially if refineries are throttling back now.. remember- it takes them a week or two to turn off and on a refinery. Once demand and supply balance again, you can bet it will go higher.
Click to expand...

Bet it won't...;)
 
Natural with OPEC cutting back and refineries folling suit, but should continue down to $50 a barrel when it evens out.:cool: A good time to fire Chavez!!

Gas sinks to 3-year low

Gasoline prices in 42-day, 37% decline, as oil prices and fuel consumption continue to fall.

By David Goldman, CNNMoney.com contributing writer
Last Updated: October 29, 2008: 10:55 AM ET


Refineries cut gas production


NEW YORK (CNNMoney.com) -- Gas prices fell for the 42nd-straight day Wednesday, according to a nationwide survey of credit card swipes at gasoline stations.
The average price of unleaded regular gas dropped 4 cents to $2.589 a gallon, according to the survey released by motorist group AAA.
Gas has fallen every day since Sept. 17, a few days after Hurricanes Gustav and Ike battered the Gulf coast. The last time gas was this low was Aug. 18, 2005.
Prices are now down 37.1%, or $1.485, from the record high price of $4.114 a gallon set on July 17. The average price dropped below $3 a gallon on Oct. 18 for the first time in nearly nine months.
Even with falling prices, demand for gas continues to drop. Americans are driving 5.6% less than last year, according to a recent U.S. Department of Energy report. And a weekly MasterCard survey of gas purchases showed motorists consumed 6.4% less gas in the past week compared to a year ago.
Retail gas prices have benefited from lower oil prices. Crude has been in a sharp decline since mid-July amid weakening demand; losing more than half of its value since it reached a record of near $150 just two months ago.
Three states reported gas prices above $3 a gallon in the AAA survey: Alaska, Hawaii and California. But 18 states had gas price averages under $2.50 a gallon.
Alaska continues to be the state with the most expensive gas prices, at $3.622 a gallon. The cheapest gas can be found in Oklahoma, where gas cost just $2.20 a gallon, according to AAA's Web site.
 
Inventories smaller than expected. Seems this didn't get much attention today due to the FED announcement, I thonk?:worried:

Oil backs off earlier highs

Weak dollar and global market rebound help lift oil prices. Government report shows crude supplies grew less than expected last week while gasoline stocks fell sharply.

By Ben Rooney, CNNMoney.com staff writer
Last Updated: October 29, 2008: 1:35 PM ET

Refineries cut gas production



NEW YORK (CNNMoney.com) -- The price of oil pushed higher Wednesday as rising stock prices overseas tempered concerns about waning demand and the dollar retreated from recent highs.


Light, sweet crude for November delivery was up $4.72 to $67.45 a barrel on the New York Mercantile Exchange. At one point during the session, oil rose more than $6 to trade at $68.91 a barrel.
On Tuesday, the price oil settled at $62.73 a barrel, its lowest level in 17 months.
The gains come despite the government's weekly inventory report, which showed a smaller-than-expected build in the nation's supply of crude oil and a sharp drop in gasoline stocks.
Wednesday's inventory numbers "were [more]http://money.cnn.com/2008/10/29/markets/oil/index.htm?postversion=2008102913
 
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