Oil Slick Stuff

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$64.95 a barrel, Do ya think it has been overpriced, I do?

Big drop puts oil under $65
Crude falls on expectations that OPEC will maintain high production levels, signs of healthy inventories and cooling tensions with Iran.
September 11 2006: 11:45 AM EDT


LONDON (Reuters) -- Oil dropped over $1 Monday, falling below $65 for the first time in nearly six months, as OPEC looked set to keep pumping at high rates to ensure world consumers were well-supplied despite a 20 percent fall in prices since mid-July.
The market was also pressured by Iran's offer to halt temporarily its atomic work, slowing economic growth, robust fuel stocks and a sluggish hurricane season.
http://money.cnn.com/2006/09/11/markets/bc.markets.oil.reut/index.htm?cnn=yes
 
$65.26 a barrel:D Syria huh!

09/12/2006 - Updated 9:32 AM ET
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Crude set to stretch loss streak to 7 sessions Attack on U.S. embassy in Syria fails to spark bounce
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By Tomi Kilgore, MarketWatch
NEW YORK (MarketWatch) -- Crude oil futures turned lower early Friday, as jitters over an attack on the U.S. embassy in Syria by several gunmen failed to provide the catalyst for a bounce after six-straight sessions of losses.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=Commodities&guid=%7B613B9BD7%2D4047%2D49CF%2DBF65%2DF63043D1949F%7D
 
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I Betya!:o

$70-a-barrel oil still forecast
Government says don't expect a big drop in crude prices despite the recent six-day slide.
By Steve Hargreaves, CNNMoney.com staff writer
September 12 2006: 11:19 AM EDT


NEW YORK (CNNMoney.com) -- Despite a drop of over $10 in the price of oil over the last few weeks to around $65 dollars a barrel, the government predicts crude will still average near $70 for the rest of 2006, according to a report released Tuesday.
In its monthly short-term energy outlook, the Energy Information Administration said 2006 and 2007 spot crude oil prices will average near $70 a barrel.
http://money.cnn.com/2006/09/12/news/economy/eia_outlook/index.htm?postversion=2006091211
 
$63.98 a barrel:)

Pumping up stocks
U.S. markets set to open higher as oil prices hold near $64; inventory report due.
September 13 2006: 8:24 AM EDT


NEW YORK (CNNMoney.com) -- U.S. stocks could follow a strong session with initial gains Wednesday as oil prices remain close to the $64 a barrel mark.
At 8:22 a.m. ET, S&Pfutures were lower, but indicated a higher open after fair value was taken into account. Nasdaq futures were higher.
Oil bounced off the recent lows set Tuesday, ahead of the 10:30 a.m. ET report on U.S. fuel inventories. U.S. light crude gained 14 cents to $63.98 a barrel in electronic trading. Brent crude traded in London was up 38 cents at $63.37.

http://money.cnn.com/2006/09/13/markets/stockswatch/index.htm?cnn=yes
 
Crude inventory down over 2 million barrels. Gas and distillates up 1 million and 2 million barrels. Waiting for the market to react!!:o (See below for the correct numbers):embarrest:
 
Great timing!:nuts:
Oil seesaws following inventory report
Crude prices straddle $64 mark on surprising increase in distillate stocks, but stay in positive territory.
September 13 2006: 10:45 AM EDT


NEW YORK (CNN/Money) -- Oil prices zigzagged Wednesday after a government report revealed a bigger-than-forecast drawdown in crude stocks but a larger-than-expected jump in distillate inventories.
U.S. light sweet crude for October delivery was 30 cents higher at $64.06 a barrel. Just before the Energy Information Administration released its report, the contract was up 40 cents at $64.16. It tumbled below $64 right after the figures were released, then rebounded as high as $64.42 before falling back down. In the previous session, crude prices fell $1.85 to $63.76 a barrel, the lowest level since March 22, with the seven-day drop the longest losing streak in nearly three years.
Distillate fuel inventories rose by 4.7 million barrels last week, and well above the upper end of the average range for this time of year. Reuters reported that distillates - used for heating - were expected to climb 1.7 million barrels.
Crude oil inventories climbed by 2.9 million barrels, versus forecasts for a decline of 1.9 million barrels according to Reuters. At 327.7 million barrels, U.S. crude oil inventories remain well above the upper end of the average range for this time of year.
http://money.cnn.com/2006/09/13/markets/oil_eia/index.htm?cnn=yes
 
$63.97 a barrel at close.:o

09/13/2006 - Updated 3:26 PM ET
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Oil futures break 7-day losing streakU.S. crude supplies fall, but gasoline, distillate inventories rise
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</IMG>By Myra P. Saefong, MarketWatch
SAN FRANCISCO (MarketWatch) -- Crude futures snapped a seven-day losing streak to close higher Wednesday, as traders weighed the biggest U.S. government-reported crude-supply decline in two months against a fourth-weekly rise in gasoline inventories and the largest distillate-supply increase in nine months.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=Commodities&guid=%7B3BF2D9D1%2DCC08%2D428C%2DB073%2D5CF48ABAEA2E%7D
 
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