Oil Slick Stuff

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$58.57 a barrel at 11:13>:D

OPEC's big gamble
The cartel is set to cut 1 million barrels of production but that may actually force prices lower in the long run.
By Steve Hargreaves, CNNMoney.com staff writer
October 11 2006: 11:34 AM EDT


NEW YORK (CNNMoney.com) -- If OPEC follows through on the talk that it will cut oil production by a million barrels a day, it will send a clear signal that the cartel feels the world can handle $60 oil.
But it could also undermine prices in the long run, energy experts said, by encouraging more conservation and investment in alternative energy.
http://money.cnn.com/2006/10/05/news/economy/opec/index.htm?postversion=2006101110
 
I’m going to trade in my hybrid and get me one of those great big extended Suburbia’s with a giant engine……..what do you mean that’s it's not green? I can get a green one! Oh, my wife just told me not to get to excited about this! :D
 
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$57.31 a barrel at 07:23.:D
http://www.nymex.com/lsco_fut_condet.aspx?product=QM&month=Nov&cmonth=X&year=6&currPrev=C
Oil could fuel stock rebound
Crude at lowest level of year helps lift stock futures in early trading ahead of government fuel inventory report.
October 12 2006: 7:31 AM EDT


NEW YORK (CNNMoney.com) -- Stocks look to bounce back in early going as oil prices hit their lowest level of 2006.
Futures, which predict where stocks are likely to open, were up in early trading. Stocks, which were off in mid-afternoon trading Wednesday on weaker than expected earnings reports, fell further on news that a small plane had hit a New York high rise apartment building.
http://money.cnn.com/2006/10/12/markets/stockswatch2/index.htm?cnn=yes
 
$57.63 a barrel at 08:45 EDT.:o

Oil pushes trade gap to record high
Unexpected rise in August brings number to $70 billion, up from previous record high hit in July.
October 12 2006: 8:52 AM EDT


NEW YORK (CNNMoney.com) -- The nation's trade gap rose to a record high for the second straight month, according to a government report that showed a bigger trade deficit than expected by Wall Street.
U.S. imports outstripped exports by $69.9 billion in August, up from the previous record $68.0 billion level set in July, according to the Commerce Department.
Economists surveyed by Briefing.com had forecast that the trade gap would narrow to $66.5 billion.
Part of the reason for the widening gap is continued rises in oil prices in the period. The average price paid for a barrel of imported oil rose to a record $66.12, up from the previous record $64.84 set in July. But the amount of the gap attributed to petroleum imports rose by only $435 million.
Oil futures have fallen sharply for nearly the last two months, though, raising hopes that upward pressure on the trade gap may retreat in future reports.
But U.S. consumers and businesses keep increasing their purchases for non-petroleum imports as well, as the trade gap not attributed to petroleum rose $1.5 billion to $27.2 billion.
The gap increased even as exports rose to a record $122.4 billion in the month, up $2.7 billion from July and slightly ahead of the export record set in June. But total imports rose $4.6 billion.
http://money.cnn.com/2006/10/12/news/economy/trade/index.htm?postversion=2006101208
 
 
Crude Oil futures back up above $58 At $58.75 a barrel at 07:13 EDT.:(
http://www.nymex.com/lsco_fut_condet.aspx?product=QM&month=Nov&cmonth=X&year=6&currPrev=C


OK, that's about enough of this talk!!:mad:
Oil charges toward $59
Surprising drop in distillate stocks pushes up crude, while hesitation by OPEC to announce formal cut caps prices.
October 13 2006: 7:27 AM EDT


SINGAPORE (Reuters) -- Oil prices extended their rebound from a 2006 low on Friday after a surprise fall in U.S. winter fuel stocks, although gains were checked by a big rise in crude inventories and OPEC's dithering over an output cut.
U.S. crude rose 88 cents to $58.74 a barrel, extending a 27-cent gain on Thursday, when prices touched $57.22, their lowest level since Dec. 19, 2005. London Brent crude climbed $1 to $59.76.
http://money.cnn.com/2006/10/13/markets/oil.reut/index.htm?cnn=yes
 
Just what we need!:mad:
AP
Oil Prices Rise Above $59 a Barrel
Friday October 13, 11:14 am ET

Oil Rises Above $59 a Barrel After Norway Shuts Down 2 Offshore Platforms

WASHINGTON (AP) -- Oil prices rose above $59 a barrel Friday after Norway ordered production shut down at two offshore platforms, reducing flows by about 10 percent from the world's third-largest oil exporter.
http://biz.yahoo.com/ap/061013/oil_prices.html?.v=10
 
$58.81 a barrel at 07:30
http://www.nymex.com/lsco_fut_condet.aspx?product=QM&month=Nov&cmonth=X&year=6&currPrev=C

Here we go, Thursday!:o

Rally could slip on oil worries
OPEC sets meeting to discuss production cuts, sending oil prices higher and stock futures lower as Dow again aims at 12,000 mark.
October 16 2006: 6:35 AM EDT


NEW YORK (CNNMoney.com) -- Worries about oil prices and production cuts by OPEC could give U.S. stocks trouble as the Dow again takes aim at reaching the 12,000 level for the first time.
Stock futures were down in early trading, although a comparison to fair value, which is a predictor of where U.S. indexes will be in early going, pointed to a flat to slightly higher open for the blue chip S&P 500, but a lower open for the tech-heavy Nasdaq.
Oil prices were up in early trading after OPEC announced it would meet Thursday to discuss production cuts. U.S. light crude was up 35 cents to $58.92 a barrel in electronic trading, while Brent crude trading in London is 37 cents higher at $59.89, although both prices were off the highs of the morning.
http://money.cnn.com/2006/10/16/markets/stockswatch/index.htm?cnn=yes
 
Opps! Oil going back down?:) $58.63 at 08.45
Taking aim at Dow 12,000 -- again
Stocks look to open higher after oil is unable to hang onto gains, despite early concerns about OPEC production cuts.
October 16 2006: 8:23 AM EDT


NEW YORK (CNNMoney.com) -- Wall Street looked to continue its recent rally after oil prices fell despite earlier worries about an OPEC oil production cut.
Stock futures, a predictor of where U.S. indexes will be in early trading, pointed to a slightly higher open stocks after being off in early trading.
Oil prices were were lower at about 8 a.m. after being higher in early trading. OPEC announced Saturday it would meet Thursday to discuss production cuts, which had lifted prices in early trading. But oil was unable to hold onto those early gains.
Oil analyst Peter Beutel, president of Cameron Hanover, said that he believes the selling in oil early Monday is simply traders who hold oil futures contracts at much higher prices selling in reaction to the early price rise to limit their losses.
"We see this every time there's a rally in recent weeks," he said.
U.S. light crude was down 25 cents to $58.32 a barrel in electronic trading, while Brent crude trading in London is 70 cents lower at $58.82, although both prices were off the highs of the morning
http://money.cnn.com/2006/10/16/markets/stockswatch/index.htm?postversion=2006101608
 
Why gas prices dropped
Trust us. It wasn't OPEC or Republicans trying to influence midterm elections
By Nelson D. Schwartz, Fortune senior writer
October 16 2006: 9:42 AM EDT

(Fortune Magazine) -- If the recent plunge in gas prices is the result of a conspiracy by President George W. Bush to help the Republicans retain control of Congress, as 42 percent of Americans believe, according to one Gallup poll, a lot of Wall Streeters wish they'd been in on the plot.
So what really drove prices down - if not an Oliver Stone-worthy scenario involving the Commander-in-Chief, the House of Saud and Secretary of the Treasury Hank Paulson cajoling his cronies at Goldman Sachs to sink the crude market?
http://money.cnn.com/magazines/fortune/fortune_archive/2006/10/30/8391681/index.htm?cnn=yes
 
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$59.05 a barrel at 12:45 EDT:mad: UP!:mad:
http://money.cnn.com/data/commodities/index.html?

Market Update

1:00 pm : As investors make their way through the New York lunch hour, they are now grappling with oil prices surging to their best levels of the day. Crude oil futures are up 1.1% and back above $59/bbl as cold weather concerns continue to fuel momentum in natural gas futures (+10.1%). Fortunately for the bulls, subsequent leadership from the profit engine that is Energy (+1.5%) is acting as an offset to oil's inflationary characteristics.DJ30 +4.16 NASDAQ +5.03 SP500 +1.09 XOI +1.5% NASDAQ Dec/Adv/Vol 1141/1764/908 mln NYSE Dec/Adv/Vol 1097/2050/696 mln
http://finance.yahoo.com/marketupdate/overview
 
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