Oil Slick Stuff

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Oil futures rise above $74/brl; natural-gas prices extend slide
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By Polya Lesova, MarketWatch

NEW YORK (MarketWatch) -- Oil futures rose above $74 a barrel on Friday buoyed by weakness in the U.S. dollar, while natural-gas futures extended their decline after ending at a seven-year low in the previous session.
Crude oil for October delivery hit an intraday high of $74.24 a barrel in electronic trading on Globex.
The new front-month contract was last up $1.17, or 1.6%, at $74.08 a barrel.
http://markets.usatoday.com/custom/...S&guid={DF361C57-D0A7-449A-8D6D-7D69ABD6195E}
 
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Stocks fueled, again, by crude's rise - this time to 2009 high
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By Kate Gibson, MarketWatch

NEW YORK (MarketWatch) -- As crude oil on Friday hit a high for the year above $74 a barrel, energy shares rallied, fueling the broader U.S. stock market toward weekly gains. But if oil's price gains continue, what has been viewed as a bullish signal could easily turn bearish for U.S. equity investors.
Positive U.S. and European economic data, along with weakness in the dollar, helped in supporting oil's surge, with the front-month futures contract lately up $1.13 at $74.04 a barrel, after earlier hitting $74.72 -- its highest level so far this year. .
//markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=DOMESTIC&guid=%7BEE58B66A%2D5B69%2D4FCC%2DBF4D%2D0061AF97413D%7D
 
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Oil surges to 10-month high

Prices settle at the highest level since Oct. 20, fueled by investor perception that a recovery in underway.

By Aaron Smith, CNNMoney.com staff writer
Last Updated: August 21, 2009: 3:16 PM ET

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Gasoline prices and taxes by state


Prices at the pump can vary widely among states, due in large part to vastly different levels of gasoline tax. More

NEW YORK (CNNMoney.com) -- Oil prices soared on Friday to their highest level since October as investors grow hopeful that a recovery of the world economy is in sight.
Light, sweet oil for October delivery rose 98 cents to settle at $73.98 a barrel -- its highest closing price since Oct. 20, 2008, when crude prices settled at $74.25 on Oct. 20, 2008.
As oil prices rise, gas is sure to follow [more]:nuts:
http://money.cnn.com/2009/08/21/markets/oil_price/index.htm?postversion=2009082115
 
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Hrmm. The more I watch oil and Natural gas go in opposite directions, the more I think oil investors are hoping the U.S. consumer will save them. 'taint gonna happen right away - manufacturing and services are starting to move but that comes *before* the new hiring. Plus, the US can't be the one lone market for everything anymore, we got there earlier with the illusion of debt and a propped up dollar. Oil investors still seem to be in yesterdayland, however.
 
Wait til it starts to sink in that Congress wants to change the tax rules on energy commodity/commodity ETFa (those with substantial energy component), even in non-taxable (Roth/IRA) accounts, to stop people from short-term energy trading, basically. There's a bill in committee waiting to do just that when they get back from recess. Not sure if the bill applies to producer/pipeline stocks or not, but master limited partnerships, I think yes, after reading once through and not in depth.
 
Buster said:
...Course you are sighting the oil accident that was in the 60's...For God sakes!!! I think they have improved on safety since then wouldn't you think? .:D

DRILL, DRILL, DRILL!!!
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Yeh, sure. They've improved safety since then.

From today's news:
http://news.yahoo.com/s/ap/20090823/ap_on_re_au_an/as_australia_oil_spill

Plugging Australian oil leak could take weeks

Sun Aug 23, 9:21 am ET


PERTH, Australia – Plugging a leak at an offshore drilling rig that has caused an oil slick off Australia will take weeks, the operator said Sunday, though officials said there was little threat of environmental damage.

Oil and gas have been leaking from a hole deep beneath the sea floor at the site of the rig between Australia's northwest coast and Indonesia since early Friday. Maritime authorities say the oil slick has been dissipating or evaporating fairly quickly.
 
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Think that is an isolated incident?

In storms in 2008, one rig "went missing", dozens of rigs were destroyed, and more than 9 million gallons of oil spilled in the Gulf of Mexico.

http://www.treehugger.com/files/2008/09/missing-oi-rig-ike-hurricane-leaks.php

A quote: "The US Coast Guard reported that due to Katrina, Rita and Ike there were over nine million gallons of oil released from six major and five medium oil spills. For comparison’s sake, the Exxon Valdez spilled 11 million gallons of oil, and the Minerals Management service reported that Hurricane Rita destroyed 46 platforms and damaged 20 others, while Hurricane Katrina destroyed 69 platforms and damaged 32 others.
 
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James48843 said:
Was that intended?
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Yes, and I believe my point was made, just think a little deeper. How many Oil rigs are there pumping around the world, hundred of thousands or more? How many spills are there reported daily? How many reports do you see stating how many rigs have never had a spill? They only report when there is a spill and that is few and far between. Yes Katrina mixed them up, it mixed everything up.
Relax it's Sunday!:D
 
nnuut said:
Yes, and I believe my point was made, just think a little deeper. How many Oil rigs are there pumping around the world, hundred of thousands or more? How many spills are there reported daily? How many reports do you see stating how many rigs have never had a spill? They only report when there is a spill and that is few and far between. Yes Katrina mixed them up, it mixed everything up.
Relax it's Sunday!:D
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Those people want to pollute Brazil instead. They are just NIMBY types. :laugh: What the hell happened to the people wanted to get off our dependence of foreign oil and wind/solar ain't going to do it. But we can flush all that fertilizer down the Mississippi River and expotentially increase the dead zone down there, but they'll have made there money on growing and burning our seed corn. ;)

CB
 
CountryBoy said:
But we can flush all that fertilizer down the Mississippi River and expotentially increase the dead zone down there, but they'll have made there money on growing and burning our seed corn. ;)

CB
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Will any less Fertilizer flush into the Mississippi if the farmers were in fact just growing seed and food corn, instead of Ethanoil?
 
Gas prices steady despite oil surge

The average price of gas over the past two weeks was around $2.64 a gallon. Refiners in 'limping mode' as demand remains weak.

August 23, 2009: 4:36 PM ET

Prices at the pump can vary widely among states, due in large part to vastly different levels of gasoline tax. More

(CNN) -- Prices at the pump held steady over the past two weeks, leaving the nationwide average at $2.64 for a gallon of self-serve regular gasoline, according to a survey published Sunday.
The Lundberg Survey, which tabulates prices at thousands of gas stations nationwide, found the average was a quarter of a penny below the average in the previous survey.
http://money.cnn.com/2009/08/23/news/economy/gas_prices/index.htm?postversion=2009082316
 
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nnuut said:
Gas prices steady despite oil surge

The average price of gas over the past two weeks was around $2.64 a gallon. Refiners in 'limping mode' as demand remains weak.
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Gas here at a near by 7-11 is still $2.35 and at Walmart (Murphy)..it is $2.25 (- .03 Discount) = $2.22


I burn 89 octane (no ethanol) in my HUMMER (cuz it's tuned for it) and I paid $2.48 at a Conoco today.
 
CountryBoy said:
... But we can flush all that fertilizer down the Mississippi River and expotentially increase the dead zone down there, but they'll have made there money on growing and burning our seed corn. ;)

CB
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Record size dead zone in Gulf fails to materialize.

For at least the third year in a row the predictions of a record sized dead zone in the Gulf of Mexico have failed to appear. Researchers were predicting that the dead zone would measure 8,500 square miles this year and many articles proclaimed that the sure to be record was because of increased ethanol production.
More: http://e85vehicles.com/e85/index.php/topic,3015.msg19618.html#msg19618

and http://www.americanfuels.info/2009/06/corn-ethanol-blamed-for-gulf-dead-zones.html
 
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