Oil Slick Stuff

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Frixxxx said:
With McCain elected, I don't see it.

With Obama, I do.

If Biden is correct and we're "tested" within the first six months, Oil will stay 60-70.

But then again, I DON'T have a crystall ball!:nuts:
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Well you do need a Crystal Ball and it would say that Obami does not want to DRILL BABY DRILL, No Nuclear Power Plants, and after this recession up goes the price of Oil and Gas again. We need to start NOW to beat this thing. That is not in the future for MCBama!:cool:
 
nnuut said:
Well you do need a Crystal Ball and it would say that Obami does not want to DRILL BABY DRILL, No Nuclear Power Plants, and after this recession up goes the price of Oil and Gas again. We need to start NOW to beat this thing. That is not in the future for MCBama!:cool:
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If Obama is elected, if he puts energy taxes in place, if the nation reduces it's carbon footprint, if the alternative energy programs work, then maybe $50, IF I may be so bold.

Alot of ifs there:sick:
 
It will get down to the lower 50s regardless of who wins!! It's the SLOW DOWN!! Can't you SSEEEeeeeeeeeeeeeeeeeeeeeeeeeee?:D
 
nnuut said:
It will get down to the lower 50s regardless of who wins!! It's the SLOW DOWN!! Can't you SSEEEeeeeeeeeeeeeeeeeeeeeeeeeee?:D
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Well I have two Crystal Balls and I won't even ask them the low....but figgering on 4% inflation for about 3 years based on $20 or so for a barrel 3 years ago......I think it will get below $50 easy.

Economics is King over any Oil baron.

;)
 
So do I, without some kind of VOODOO from the Govt. Didn't want to predict less than $50 yet, was saving that for later!!:D airplane5.gif
 
Tuesday, November 04, 2008

Oil Rises Above $64 after Saudi Cuts Supplies

LONDON--Oil rose above $64 on Tuesday, after industry sources said Saudi Arabia had already made substantial cuts in supplies and helped the market recoup earlier losses.

Saudi Arabia, the world's biggest oil exporter, has reduced exports by around 900,000 barrels per day from a peak in August, one source said.
U.S. light crude for December delivery was up 69 cents at $64.60 a barrel by 1207 GMT. It had touched a session low earlier of $62.25. Oil suffered its biggest monthly drop ever in October.
London Brent crude was up 42 cents at $60.90 a barrel. Earlier Brent had touched a 20-month low of $58.38 a barrel.
"Saudi Arabia cutting supplies could be supportive," said Christopher Bellew at Bache Commodities, "But it could also be bearish, pointing to reduced demand from customers."
Earlier, the market had fallen more than a dollar, pressured partly by expectations that oil refiners will have to cut output because of weak demand for fuel.
All markets were awaiting the outcome of the U.S. presidential election.
Saudi Arabia's supply cut eases doubts about whether the world's top exporter would comply quickly with a 1.5 million barrel per day output cut agreed by the Organization of the Petroleum Exporting Countries in Vienna last month.
Other OPEC members have also cut back.
The United Arab Emirates has reduced its production to around 2.3 million barrels per day (bpd) from around 2.5 million bpd, a top state oil company official said on Tuesday.
Qatar has cut exports to Asia by about 40,000 barrels per day (bpd) from this month, Energy Minister Abdullah al-Attiyah told Reuters.
Crude oil has plummeted from a record above $147 a barrel in July as the credit crisis in the global banking sector has started to hit the wider economy. This has already dampened fuel consumption in the United States, the world's top oil consumer, and other major consumer nations.
U.S. auto sales plunged 32% in October to lows unseen in a quarter century, while U.S. factory activity -- a barometer for future oil demand -- fell to its lowest in 26 years.
http://www.foxbusiness.com/story/markets/industries/energy/update--oil-rises--saudi-cuts-supplies/
 
Gas below $2.50 and sinking

Unleaded regular gas falls for 48th straight day, prices down more than a third from summer's record high.

By Lara Moscrip, CNNMoney.com contributing writer
November 4, 2008: 9:26 AM ET

NEW YORK (CNNMoney.com) -- Gasoline prices sank overnight to their lowest levels in more than 20 months Tuesday, according to a nationwide survey of credit card swipes at gasoline stations.
The average price of unleaded regular gas dropped 2.4 cents to $2.391 a gallon, according to the survey released by motorist group AAA. The last time gas was this low was Feb. 28, 2007.
Gas has fallen 48 straight days, since just after Hurricanes Gustav and Ike battered the Gulf coast in September.
Prices are now down 41.88%, or $1.723, from the record high price of $4.114 a gallon set July 17. The average price dropped below $3 a gallon on Oct. 18 for the first time in nearly nine months.
Prices are down 20.4% or 61.3 cents from the same time last year.
Even with falling prices, demand for gas continues to drop. Americans are driving 5.6% fewer miles than last year, according to a recent U.S. Department of Energy report.
Alaska reported the highest current-state-average gas price, at $3.466 per gallon, with Oklahoma posting the lowest current-state-average price, $2.061 per gallon.
Retail gas prices have benefited from lower oil prices. The price of crude has dropped by more than half since it peaked near $150 a barrel in mid July.
The AAA figures are state-wide averages, and many drivers have reported even lower prices across the country.
http://money.cnn.com/2008/11/04/news/economy/_prices/index.htm?postversion=2008110409
 
Man, I'm glad I didn't lock in my heating oil price way back at the beginning of August! :D
 
Yeah you never know!!
Me and my other little McCain voters just returned from voting, big turnout in Georgia.:D
 
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Oil prices jump more than $6:mad:

Stocks rebounded as interbank lending appeared to loosen up, coaxing investors back to oil.

By Kenneth Musante, CNNMoney.com staff writer
Last Updated: November 4, 2008: 3:08 PM ET

NEW YORK (CNNMoney.com) -- Oil prices rose above $70 a barrel Tuesday, propelled by a slipping dollar, a stronger equities market and OPEC production cuts, as Americans went to the polls.
U.S. crude for December deliveryended the day $6.62 higher to $70.53 a barrel in New York, but not before spiking to $71.77 as thawing credit boosted stocks and eased crude investors' worries about market risk.
The equities market rebounded, sending the Dow up by as much as 300 points, as interbank lending loosened, allowing more cash to flow through the system.
"If we continue to see improvements in the credit markets, we could see oil stabilize or gain more ground," said Rachel Ziemba, energy analyst at economic research firm RGE Monitor.
Credit and rate cuts: [more]
http://money.cnn.com/2008/11/04/markets/oil/index.htm?postversion=2008110415
 
This is OK,,, I think?:worried:

Kuwait on Track to Up Khafji Oil Output to 350,000 B/D
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by Yee Kai Pin Dow Jones Newswires Wednesday, November 05, 2008

SINGAPORE (Dow Jones Newswires), November 5, 2008
Kuwait is cutting its crude oil output by 100,000 barrels a day from this month as part of a pledge by the OPEC to ship 1.5 million barrels a day less globally, a senior executive said Wednesday.

"We have been given a new quota, starting Nov. 1," said Nizar al-Adsani, deputy managing director of Kuwait Gulf Oil Co., a unit of state-owned Kuwait Petroleum Corp.

Related Pictures
Kuwait Neutral Zone
(Click to Enlarge)

He wasn't able to provide details of exact production schedules at Kuwaiti oil fields but estimated 5%-10% of the decrease will come from the country's offshore fields.

The Organization of Petroleum Exporting Countries, a Middle East-dominated group that pumps about 40% of the world's crude, decided last month to cut output to shore up global oil prices, which have fallen sharply since hitting a record high of $147.27 a barrel July 11.

Oil industry analysts expect Kuwait, Saudi Arabia, Iran and the U.A.E to shoulder the bulk of the cut; state-owned Saudi Arabian Oil Co. is yet to notify term customers of its supply allocations, traders said.

Al-Adsani, speaking on the sidelines of the Asia Oil and Gas Investment Congress, told Dow Jones Newswires his company remains on track to boost output from the Khafji field in the Neutral Zone to 350,000 barrels a day in the first quarter of next year, from 300,000 barrels a day currently.

Local media reported recently Kuwait Gulf Oil Co. will invest $11 billion over 20 years to boost oil output in the area, which Kuwait shares with Saudi Arabia.

Lower oil prices and relatively high raw materials costs won't derail these expansion plans, Al-Adsani said.

http://www.rigzone.com/
 
Did Kuwait ever pay us back for liberating them from Saddam's war machine and occupation and slaughter at Saddam's command?
 
Buster said:
Did Kuwait ever pay us back for liberating them from Saddam's war machine and occupation and slaughter at Saddam's command?
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Probably more than you would think, but I haven't seen any info on the subject!!:confused:

Oil falls as Europe cuts rates

Crude investors worry that sluggish economic growth could hurt demand.

By Kenneth Musante, CNNMoney.com staff writer

Last Updated: November 6, 2008: 11:17 AM ET



(CNNMoney.com) -- Oil prices continued to decline Thursday as concerns about slowing demand mounted and the sluggish global economy hammered equity markets.

U.S. crude for December delivery was trading down $4.04 to $61.26 a barrel in electronic trading.
Investors have been looking to the world's stock markets for a read on the health of the global economy, and the demand for fuel and other petroleum products that goes along with it.
"It would make sense to watch equities because that's a daily read on economic expectations," said James Williams, president and energy economist at WTRG Economics.
Demand: Concern about falling demand has been a major factor in oil's fall from a record $147.27 a barrel on July 11.

[More]
http://money.cnn.com/2008/11/06/markets/oil/index.htm?postversion=2008110611
 
Oil may break the $60 level today!!:D

NYMEX Light Sweet Crude:

11/06/08
07:39.........$64.14.......-1.16
09:00.........$64.01.......-1.29
09:56.........$62.97.......-2.33
11:33.........$60.97.......-4.33:laugh:
 
Oil hits 20-month low

Crude investors worry that sluggish economic growth could hurt demand.

By Kenneth Musante, CNNMoney.com staff writer
Last Updated: November 6, 2008: 12:09 PM ET

NEW YORK (CNNMoney.com) -- Oil prices continued to decline Thursday as concerns about slowing demand mounted and the sluggish global economy hammered equity markets.


U.S. crude for December delivery was trading down $4.48 to $60.82 a barrel in electronic trading, but not before touching a low of $60.16, the lowest level since March 22, 2007 when crude hit $59.95. [more]
http://money.cnn.com/2008/11/06/markets/oil/index.htm?postversion=2008110612
 
Norm..

I just did a check and noticed that WTI crude oil has been declining by a larger percentage than the NY RBOB gasoline . Over the past few huge declines, RBOB has tended to lead the declines (percentage-wise) --- unless I didn't read the numbers right 'cuz sometimes all I had to go on were "aftermarket futures" numbers or spot numbers. So, with refined gas leading the way down, and now crude "crossing over" (for lack of a better term) -- could we start to see some bottoming out? Or maybe my logic is off somewhere.

Any and all input is appreciated.

Thanks in advance
 
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