Oil Slick Stuff

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At least something looks good this morning!!:o
10/03/2006 - Updated 7:52 AM ET
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Crude-oil futures drop in early trading
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By MarketWatch,
NEW YORK (MarketWatch) -- Crude-oil futures edged lower on Tuesday as traders questioned whether leading oil producers, notably Saudi Arabia, would move to lower production to stop a decline in prices.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7B37AB3C1B%2D8432%2D48E6%2D9A8D%2D2451B4AF6530%7D
 
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From Platts “What’s Moving the Oil Market for Oct. 3 2006”

•- The market continued to ignore output cuts from Nigeria and Venezuela and has briefly started to look to Wednesday's US inventory data where builds in products are expected once again.

•- Traders noted that the next news item expected is Wednesday's US inventory reports by the American Petroleum Institute and Energy Information Administration. Early reports suggest builds in distillate stocks and gasoline, with a potential for distillate stocks to near an eight year high.


CB
 
Here we go again, price heading down.:D $60.26 at 09:30 http://www.nymex.com/lsco_fut_condet.aspx?product=QM&month=Nov&cmonth=X&year=6&currPrev=C

Oil slides below $60
Crude extends Monday's decline on expectations of increases in U.S. crude stocks, restart of BP Alaskan oilfield.
October 3 2006: 9:54 AM EDT


SINGAPORE (Reuters) -- Oil fell briefly below $60 a barrel Tuesday, extending a 3 percent drop in the previous session, as forecasts for a further build in fuel stocks in the United States offset slight cuts in OPEC output.
U.S. crude fell $1.14 to $59.89 a barrel in early electronic trade after plunging by $1.88 on Monday. London Brent fell 77 cents to $60.45.

Prices were pressured after oil major BP (Charts) said Monday it had restarted the 30,000 barrels per day (bpd) Lisburne satellite oilfield in Alaska over the weekend after correcting a gas leak, adding to bearish sentiment over high U.S. inventories.
Analysts polled by Reuters predicted distillate fuel stocks to have risen another 1.3 million barrels for the week ending Sept. 29, in U.S. data due on Wednesday, with gasoline stocks seen up 900,000 barrels after the hefty 6.3 million-barrel build in the previous week.

http://money.cnn.com/2006/10/03/markets/oil.reut/index.htm?postversion=2006100308
 
Opps! Nigerians acting up again, something happens every time Oil drops below $60 a barrel.:nuts:


32 missing, 3 dead after oil raid
POSTED: 10:56 a.m. EDT, October 3, 2006


10/17/2006;
PORT HARCOURT, Nigeria (Reuters) -- About 25 Nigerian staff of a Royal Dutch Shell contractor were abducted and seven soldiers are missing after a Monday raid on a convoy of boats supplying oilfields, officials said on Tuesday.

At least three soldiers protecting the convoy were killed when about 70 gunmen in speed boats attacked the barges carrying fuel and other supplies to Shell facilities in the remote Cawthorne Channel in Rivers state in the Niger Delta.
"We cannot account for the whereabouts of 25 contract staff," a Shell spokesman said.
An army spokesman in the Rivers state capital Port Harcourt said three soldiers were confirmed dead and seven were missing.
Monday's attack ended a period of relative quiet in the Niger Delta, which accounts for all oil output from the world's eighth-biggest exporter. A sixth of Nigeria's production capacity has been shut down since February following a wave of militant attacks on oil facilities that month.
The supply disruption from OPEC member Nigeria has contributed to several spikes in world oil prices.
Monday's attack did not affect production as it occurred on a river far from any facilities, company sources said. Shell already has 495,000 barrels a day shut down at fields it operates in Africa's top oil producer, mostly because of militant attacks.
Fuel theft?

http://www.cnn.com/2006/WORLD/africa/10/03/oil.attack.reut/index.html
 
Oil and gas reserves up? ;)
How low can she go?
10/04/2006 - Updated 8:11 AM ET
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Oil edges higher; U.S. fuel supplies seen risingEmergency reserves could replace Iran output for 18 months
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</IMG>By Simon Kennedy, MarketWatch
NEW YORK (MarketWatch) -- Crude-oil futures rose but remained below the psychologically key $60-a-barrel level early Wednesday, as traders awaited fresh U.S. supply data expected to show inventories remain well above their average levels for this time of the year.

http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7B7966BE46%2D5EF6%2D4949%2D837D%2D589ABFBA846D%7D
 
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Here we go!:D
Oil slide continues, below $58
Prices turn lower as traders focus on swelling crude stocks; cheapest in nearly 8 months.
By Steve Hargreaves, CNNMoney.com staff writer
October 4 2006: 11:17 AM EDT


NEW YORK (CNNMoney.com) -- Oil prices turned lower Wednesday, hitting a level not seen in nearly 8 months, after the government said supplies of crude oil and gasoline rose more than expected but distillates were below estimates.
U.S. light crude for October delivery fell 78 cents to 57.90 a barrel on the New York Mercantile Exchange. Oil had traded up 20 cents just prior to the report's release.

In its weekly inventory report, the Energy Information Administration said crude stocks rose by 3.3 million barrels. Analysts were looking for a decline of 500,000 barrels, according to Reuters.
http://money.cnn.com/2006/10/04/markets/oil_eia/index.htm?cnn=yes
 
Vascillating:o
Oil seesaws following inventory report
Traders buy after prices hit 8-month lows following swelling gasoline, crude stocks.
By Steve Hargreaves, CNNMoney.com staff writer
October 4 2006: 12:21 PM EDT


NEW YORK (CNNMoney.com) -- Oil prices seesawed Wednesday, hitting a fresh low not seen in nearly 8 months after the government said supplies of crude oil and gasoline rose more than expected, but later rebounded.
U.S. light crude for October delivery last traded up 42 cents at 59.10 a barrel on the New York Mercantile Exchange. Oil fell as low as $57.75 earlier in the session.

http://money.cnn.com/2006/10/04/markets/oil_eia/index.htm?cnn=yes
 
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