Oil Slick Stuff

:mad:
Oil: Low prices are behind us

OPEC cuts and a pullback in investments are beginning to raise prices, but $147 is a long way off while the world's economy remains in the doldrums.

By Steve Hargreaves, CNNMoney.com staff writer
Last Updated: March 19, 2009: 9:47 AM ET

NEW YORK (CNNMoney.com) -- Crude closed at $33.87 a barrel earlier this winter, and that's likely the lowest we'll see for some time.

While demand remains abysmal, production cuts from OPEC and scaled-back investments from oil companies are beginning to curtail supplies.
That, say analysts, means crude prices won't likely trade below the $40 range they've been locked in for the last three weeks.
"OPEC cuts are taking hold," Adam Sieminski, chief energy economist at Deutsche Bank, wrote in a recent research note. "Looking into the second quarter we believe oil prices are starting to find a floor."
http://money.cnn.com/2009/03/18/markets/oil_prices/index.htm?postversion=2009031909
 
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Oil ends over $50 a barrel

The greenback gets hit hard as the Federal Reserve announces it will spend another $1 trillion, driving crude prices higher.

By Catherine Clifford, CNNMoney.com staff writer
Last Updated: March 19, 2009: 2:53 PM ET



NEW YORK (CNNMoney.com) -- Oil prices jumped Thursday, closing above the $50 threshold for the first time since late November, as the dollar weakened significantly after the government announced it would spend another $1 trillion. [more]
http://money.cnn.com/2009/03/19/markets/oil/index.htm?postversion=2009031914
 
AP
Oil drifts lower as traders reassess outlook
Friday March 20, 7:27 am ET
By George Jahn, Associated Press Writer

Oil drifts back after surging as traders reassess outlook for crude demand, global economy
VIENNA (AP) -- Oil prices drifted lower Friday after surging above $51 a barrel, as traders reevaluated expectations for renewed crude demand amid persistent uncertainty about the global economy.
http://biz.yahoo.com/ap/090320/oil_prices.html?sec=topStories&pos=7&asset=TBD&ccode=TBD
 
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That's very good for people and businesses that use Natural Gas. There is much much NG here in the USA!!:D OH! but the Gov't doesn't like DEFLATION so they will probably jump in and raise taxes.:nuts:
I smoke, and a carton of cigs went up $9 last week, now on top of that Georgia wants an additional $1 a pack Tax. Justifiable to discourage people from smoking and help care for all the folks with LUNG CANCER!!
YEAH RIGHT!!!!!! Obama needs to feed the coffers to pay for the BAILOUTS and Georgia isn't getting the TAX from Gasoline they did last year, working at a deficit so they quadruple the tax on tobacco consumers.
I don't BUY IT!!! All I can say is "STIMULATE THIS"!!!

THIS IS JUST THE BEGINNING FOLKS!! broke.gif
 
That's very good for people and businesses that use Natural Gas. There is much much NG here in the USA!!:D OH! but the Gov't doesn't like DEFLATION so they will probably jump in and raise taxes.:nuts:
I smoke, and a carton of cigs went up $9 last week, now on top of that Georgia wants an additional $1 a pack Tax. Justifiable to discourage people from smoking and help care for all the folks with LUNG CANCER!!
YEAH RIGHT!!!!!! Obama needs to feed the coffers to pay for the BAILOUTS and Georgia isn't getting the TAX from Gasoline they did last year, working at a deficit so they quadruple the tax on tobacco consumers.
I don't BUY IT!!! All I can say is "STIMULATE THIS"!!!

finger.gif

FIXED;)


I have always said..$50.00/bbl is a fair amount in today's times for EVERYONE in the oil business to make a profit and promote exploration and new Development...anything more is pure greed..

NG should be used in ALL utility vehicles for business and commercial use. i.e., Mail trucks, police and fire vehicles, city and state owned cars and vehicles, UPS, Fedex, etc....POVs are the only thing that should be able to continue to enjoy Gasoline and Diesel...I don't want lose my fun with performance..so call me selfish..
 
I'm DEVASTATED!!!:D


Chavez cuts budget over oil price


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President Chavez urged Venezuelans to be "more realistic"


Venezuelan President Hugo Chavez has unveiled a series of measures to offset falling oil revenues that account for about 50% of the national budget.
He proposed to cut the 2009 budget by 6.7% and increase sales taxes.
Mr Chavez also pledged salary cuts for senior public officials, but a 20% rise in the minimum wage.
His announcement came shortly after the government had sent army to take control of the country's key airports and sea ports.
The government says the move - which was rubber-stamped by parliament a week ago - centralises the running of the country's main transport hubs. Opponents say the move is unconstitutional, accusing Mr Chavez of consolidating power. Government spending cuts [more]
http://news.bbc.co.uk/2/hi/americas/7957536.stm
 
Buy oil stocks now. Really.

Prices are way down. But could food, energy, and metals still be part of a well-balanced portfolio?

By Janice Revell, Money Magazine senior writer
March 23, 2009: 6:03 AM ET

Do you think oil prices are going to soar? Here are four ways to make the bet.

1. A barrel of oil
Um, no. Unless you have a big garage.

2. Futures contracts
You can bet on oil prices on the futures market. But it's risky and complex for individuals.

3. An oil company
Easy to do. But stocks may not always be in sync with prices.

4. Mutual funds
Some mutual funds and ETFs invest in indexes that track futures prices.

http://money.cnn.com/magazines/mone...01/105787142/index.htm?postversion=2009032306
 
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AP
Oil trades around $54 on stock market rally:mad:
Monday March 23, 3:22 pm ET

By John Porretto, AP Energy Writer Oil trades around $54, fueled by higher equity markets, weaker dollar

HOUSTON (AP) -- Oil prices topped briefly $54 a barrel Monday, getting a boost from stock investors who seemed hopeful a new plan to resolve America's banking crisis would spur economic growth. Better-than-expected housing news helped too.

Benchmark crude for May delivery rose $1.73 to settle at $53.80 a barrel on the New York Mercantile Exchange, continuing its upward momentum. Prices climbed as high as $54.05.
http://biz.yahoo.com/ap/090323/oil_prices.html?sec=topStories&pos=5&asset=TBD&ccode=TBD
 
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Suncor to buy Petro-Canada for $18.4B

Canadian oil companies combine to create largest oil company in the country.

March 23, 2009: 6:29 AM ET

CALGARY, Alberta (Reuters) -- Suncor Energy Inc, Canada' No. 2 oil company, agreed to buy rival Petro-Canada for about $18.43 billion Canadian ($14.86 billion U.S.) to expand its oil sand reserves and create the country's biggest energy group. [more]
http://money.cnn.com/2009/03/23/new..._suncor.reut/index.htm?postversion=2009032306
 
Things MAY get better so Oil price rises!!:mad:

Oil rallies as Treasury's plans raise optimism

By Moming Zhou & Polya Lesova, MarketWatch
Last update: 3:37 p.m. EDT March 23, 2009

NEW YORK (MarketWatch) -- Crude-oil futures rallied more than 3% Monday to end above $53 a barrel, pacing strong gains in U.S. stock markets, as the Treasury's plans to relieve banks of toxic assets raised hopes of an economic recovery and increased energy demand.


Under the plan, the Treasury and private capital will provide equity financing, and the Federal Deposit Insurance Corp. will provide a guarantee for debt financing issued by the public-private investment funds to fund asset purchases. [more]
http://www.marketwatch.com/news/sto...x?guid={CC3E8D61-D145-4614-87E7-0730E893D7CD}
 
Oil/Gas inventories MAY rise so Oil drops!!:laugh:

03/24/2009 - Updated 11:48 AM ET
Oil falls on expectations for higher U.S. inventories
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By Moming Zhou, MarketWatch

NEW YORK (MarketWatch) -- Crude-oil futures moved lower Tuesday, falling from their highest level in nearly four months on expectations that data will show U.S. crude inventories rose last week as demand declined.
The Energy Information Administration is scheduled to release its weekly petroleum report on Wednesday. Analysts surveyed by energy-information provider Platts expect the nation's crude inventories to have risen 1.4 million barrels in the week ended March 20.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7B4AE93B58%2D7CBC%2D48B2%2DBD50%2D0E4D50B789ED%7D
 
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IMO..The reason this country slide so badly and deeply into recession was not mainly in part to the Banking debacle, but a lot to do with the price of fuel..think about it..the time line is paralleling the other stuff, but when you can't afford gas let alone buying everyday life's needs..the producers and shippers close down and the down hill snowball gains speed.
 
Sad thing is that as our portfolio's get bigger, the price of oil increases. I heard the Chinese are buying up oil contract agreements w/Russia for about $20 per barrel. Wish we were that smart. They are also buying up Mineral mines....gee they must know something. We're buying up toxic assets...what a name; and calling them Legacy something....guaranteeing them and then reselling them. I guess we can let someone in the future deal with that problem....like grandkids!
 
Sad thing is that as our portfolio's get bigger, the price of oil increases. I heard the Chinese are buying up oil contract agreements w/Russia for about $20 per barrel. Wish we were that smart. They are also buying up Mineral mines....gee they must know something. We're buying up toxic assets...what a name; and calling them Legacy something....guaranteeing them and then reselling them. I guess we can let someone in the future deal with that problem....like grandkids!
The Chinese are smarter than our Administration!! We are going to discourage Oil exploration, Raise TAXES on Oil companies, WRONG thing to do right now. We all can't run our cars, and trucks on LNG or wind power or fuel cells etc., not until the techniclogy is perfected anyway! We need cheap energy while going through this transition. When Gas gets back up to over $4 a gallon (and it will) what will happen, INFLATION, which the FED seems to prefer to DEFLATION, WHAT??:nuts:
 
03/25/2009 - Updated 9:29 AM ET
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Oil futures fall on expectations of rising supplies
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By Polya Lesova, MarketWatch

NEW YORK (MarketWatch) -- Oil futures fell nearly 3% early Wednesday, pressured by expectations that government data will show an increase in U.S.-crude inventories.
Crude oil for May delivery dropped $1.36, or 2.6%, to $52.58 a barrel in electronic trading on Globex.
"This morning, crude prices were lower ahead of the weekly EIA report, which is likely to dictate oil markets' price direction today[,] and after Japanese data showed crude imports in February plunged," said Nimit Khamar, an analyst at Sucden Financial Research.
In Japan, the world's third largest oil consumer, crude-oil-import volumes fell by 13.9% in February from a year earlier, hitting their lowest February total in 20 years, Khamar said.
The Energy Information Administration (EIA) is scheduled to release its weekly petroleum report at 10:30 a.m. Eastern. [more]
http://markets.usatoday.com/custom/...S&guid={3DF1D39F-2233-4495-9559-50598BFDBC28}
 
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