Oil Slick Stuff

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$60.46 a barrel at close 9/20/06

09/20/2006 - Updated 3:32 PM ET
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Oil ends under $61 as U.S. supplies remain ampleCrude supply down, but gasoline stocks up for a fifth week
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By Myra P. Saefong, MarketWatch
SAN FRANCISCO (MarketWatch) -- Crude-oil futures dropped Wednesday with U.S. supplies for the commodity and its products remaining at ample levels, pushing prices to close under the $61-a-barrel mark and sending the October contract to its weakest level since November 2005.
A government report revealed a third-weekly decline in crude supplies, but also more than one-month's worth of increases in both gasoline and distillate inventories.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=Commodities&guid=%7BCD2FE78D%2DB39D%2D49D9%2DACFD%2DB16C9AFF248F%7D
 
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Yeah, lets raise prices because output may be cut in the SPRING!:nuts: :nuts:
Price fixing?
09/22/2006 - Updated 7:52 AM ET
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Crude gains as OPEC cut speculation mounts
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</IMG>By Ciara Linnane, MarketWatch
Energy futures move broadly higher in electronic trading
NEW YORK (MarketWatch) -- Crude-oil futures rose early Friday and even traded back over $62 a barrel, continuing to rebound with speculation mounting that the Organization of Petroleum Exporting Countries will elect to reduce the cartel's output to prop up prices.
Williams is also expecting cartel members when they next meet to reinstate a price band of $50 to $60 per barrel for the OPEC basket of crude, or $55 to $65 a barrel for light sweet crude.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=Commodities&guid=%7BBF6E71CE%2D3F6E%2D4F89%2DAFA1%2D48798A89EEF4%7D
 
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Oil prices fall by more than $1 a barrel
WASHINGTON - Oil prices fell by more than $1 a barrel Friday and analysts said ample global supplies at a time of year when demand is weak could prompt more selling — at least until winter heating demand kicks in. Concerns about slowing economic growth in the U.S. and receding fears about this year's Atlantic hurricane season also have helped to send oil prices into a downward spiral of 23 percent since the middle of July. The price of oil fell 4 percent just this week.
http://news.yahoo.com/s/ap/20060922...._VTN2yBhIF;_ylu=X3oDMTA2Z2szazkxBHNlYwN0bQ--
 
Oil slumps below $60
SINGAPORE - Oil prices fell to a six-month low under $60 a barrel on Monday as BP's move to restore output at Prudhoe Bay earlier than expected added to a sense of healthy, secure supplies, while demand growth questions loomed large. U.S. light, sweet crude for November was down 57 cents at $59.98 by 0146 GMT. Although prices were reported last week to have fallen to $59.80 a barrel on September 20, detailed data from the New York Mercantile Exchange showed a session low of $60.00, indicating the exchange may have revised the intra-day low. Oil has slumped by more than $17 since early August, its biggest decline in over 15 years, amid easing concerns over Iran and an unexpectedly mild hurricane season.
http://news.yahoo.com/s/nm/20060925/bs_nm/markets_oil_dc_4

1000th Post :nuts: :D
 
Gas is running around $2.13 a gallon here in Boiled Peanut Ga, with the exeption of CITGO that is 1/3rd owned by our friend Hugo Chavas! They are selling a penny or two cheaper, but I don't do business with CITGO!:mad:

Gasoline prices keep falling
National average sinks 24 cents to $2.42 a gallon, Lundberg says, but bottom may be near.
September 25 2006: 7:03 AM EDT


ATLANTA (CNN) -- Gas prices tumbled 24 cents during the past two weeks to an average of $2.42 a gallon of self-serve regular, a national survey said Sunday, posting the third straight two-week decline.
The decline brings the drop to 66 cents over the past six weeks, said Trilby Lundberg, whose "Lundberg Survey" tallies prices every two to three weeks at about 5,000 gas stations around the country.

http://money.cnn.com/2006/09/25/news/economy/gasoline_lundberg/index.htm?cnn=yes
 
Oil slumps below $60
Well, how about that! It's about time we broke the $60 level, but will it hold?:D
 
:mad:

Market Update

1:30 pm : Market is holding onto the bulk of its gains, showing good resilience to a surprising 2.2% surge in oil prices to over $62 a barrel. Even though OPEC members agreed to leave their production quota unchanged at 28 mln barrels a day two weeks ago, speculation of an emergency meeting to cut production has sent short sellers running for cover. It could be argued that similar short-covering activity has been seen in the semiconductor space, as the beaten-down PHLX Semiconductor Sector Index is now up 2.2% on no news.DJ30 +40.15 NASDAQ +19.45 SP500 +7.64 NASDAQ Dec/Adv/Vol 1203/1709/1.03 bln NYSE Dec/Adv/Vol 1164/2001/916 mln

http://finance.yahoo.com/marketupdate/overview
 
As a corollary to oil, the local price of unleaded gas here in LA (that's Lousyana) is $1.99 compared to just under $3 about 2 months ago. That looks good for the market around the holidays.
 
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