Oil Slick Stuff

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Rally Pauses as Oil Perks Up
The September rally paused Monday as oil and gas bounced off of their recent lows. Oil rose above $64 in intraday trading before ending up 0.73% to $63.79 per barrel. Gasoline gained 0.7% to close at $1.58 per gallon, and heating oil jumped 1.51% to close at $1.72 per barrel. Major averages were relatively flat Monday, but signs of anxiety emerged after the recent rally and ahead of a hefty week of economic data and a Federal Reserve policy meeting.
http://www.thestreet.com/markets/marketfeatures/10309667.html?partner=msn
 
$64.00 a barrel. Drifting to the upside, No Sir, I Don't Like It!:mad:

09/19/2006 - Updated 8:20 AM ET
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Crude up; Energy Dept. to cut 2007 output forecast
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</IMG>By Ciara Linnane, MarketWatch
NEW YORK (MarketWatch) -- Crude futures rose early Tuesday after the Department of Energy said it will revise its U.S. oil output forecast for 2007 after BP Plc announced delayed production at its Thunder Horse platform in the Gulf of Mexico until 2008.

http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=Commodities&guid=%7B05C93D39%2DF6AD%2D424C%2DBBE5%2D6ED2A552488B%7D
 
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$64.30 a barrel:mad:
BP causing trouble again!

09/19/2006 - Updated 10:54 AM ET
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Crude up; Energy Dept. to cut output forecastEIA blames key BP oil platform delay
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</IMG>By Myra P. Saefong, MarketWatch
SAN FRANCISCO (MarketWatch) -- Crude futures rose Tuesday morning after the Energy Department said it'll be forced to reduce its 2007 U.S. oil-output forecast after BP Plc announced delayed production at its Thunder Horse platform in the Gulf of Mexico until 2008.
"The problems at Thunder Horse dates back to Hurricane Dennis, which if you remember, sunk half of the inflatable tubes supporting the structure," said Phil Flynn, a senior analyst at Alaron Trading.
"It looks like the Thunder Horse had a leg shot out from underneath it."
Crude for October delivery was last trading up 50 cents at $64.30 a barrel on the New York Mercantile Exchange. The contract closed higher Monday although it failed to hold session highs above $64 a barrel amid continued expectations that oil demand is weakening
 
I have to admit I'm really surprised. (So were a bunch of folks.) The predictions for a warmer winter must be really impacting the futures traders. I was talking to an old timer, who I have a lot of respect for, and he was telling me that he thinks it is going to be a harsh winter because the squirrels are really fattening up and storing away bunches of nuts. (Same guy told me last winter he thought it would be a light winter which it was on east coast.) Winter prediction is really not that good at this point. We mostly use El Nino to give us some relative ideas but even an El Nino year which shows a historical leaning toward being warmer can have really cold winters. It has more to do with the position of the jet stream than anything else.

I give as much credance to the old timer watchin squirrels as the long term NOAA forcast based on historical trends associated with El Nino / La Nino / Average year predictions.

All this to say, maybe I'll buy some oil stocks... after the bleeding stops of course...
 
What happened to NOAA prediction of 5 hurricanes hitting the US this year? They had no idea that old ElNino was on his way, I guess? Biggest, fastest computer in the world and it can't predict the weather.:confused:

Looks like Oil prices are trying to pull the markets out of the hole here at the end of the day, may be a little late, but I'll take all I can get!!:D :D
 
$60.65 a barrel. Will this hold?:confused: I like the looks of today.:D

09/20/2006 - Updated 8:15 AM
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Crude extends losses ahead of weekly supplies
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By Ciara Linnane, MarketWatch
NEW YORK (MarketWatch) -- Crude-oil futures continued their slide Wednesday as traders looked ahead to U.S. weekly supply data later in the day, expected to show inventories of petroleum products remaining comfortably above their average level for the time of year.
Crude for October delivery was last down $1.01 at $60.65 a barrel, after earlier touching a low of $60.61, its lowest level since Dec. 1, 2005. The contract lost 3.4% of its value on Tuesday as concerns about a possible glut in global oil supplies and easing concerns about risks to production combined to encourage a wave of selling.
http://markets.usatoday.com/custom/...s&guid={CD2FE78D-B39D-49D9-ACFD-B16C9AFF248F}
 
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Yep!:D

Oil Falls, Erasing Year's Gain, on Iran Talks, U.S. Inventories

By Mark Shenk
Sept. 20 (Bloomberg) -- Crude oil fell, erasing the year's gain, after President George W. Bush backed negotiations in a dispute over Iran's nuclear program and a report today showed greater-than-expected increase in U.S. fuel inventories.
Oil plunged yesterday after Bush said he will give diplomacy a chance to prevent the imposition of sanctions on Iran, the world's fourth-biggest oil producer. The fall accelerated after the Energy Department reported heating oil and gasoline supplies rose last week. Prices have declined 22 percent from a record $78.40 a barrel on July 14 as tensions in the Middle East eased.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aOfOXKFfmU7E&refer=home
 
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Glut! Don't Glut me! Good Though:D
$60.60 a barrel:D
09/20/2006 - Updated 11:34 AM ET
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Oil falls under $61 as U.S. supplies remain ampleCrude supply down, but gasoline stock up for a fifth week
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</IMG>By Myra P. Saefong, MarketWatch
SAN FRANCISCO (MarketWatch) -- Crude-oil futures fell Wednesday with U.S. supplies for the commodity remaining at ample levels forcing prices under the $61-a-barrel mark to their weakest October contract level since November 2005.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=Commodities&guid=%7BCD2FE78D%2DB39D%2D49D9%2DACFD%2DB16C9AFF248F%7D
 
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Fivetears said:
All except the G. Little on the F. It has varying affects on the L Funds; little on the L-INC & increasing effects up to the L 2040. Oil affects business and consumers; simply put. :)
Click to expand...

Thanks FT, you know I'm not to good at this stuff!:D
 
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