Oil Slick Stuff

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$59.26 a barrel at 12:40. Come on down:D
http://www.nymex.com/lsco_fut_condet.aspx?product=CL&month=Nov&cmonth=X&year=6&currPrev=C
Market update
1:00 pm : The market continues to trade at improved levels as oil prices slip below $59/bbl, but a bearish bias remains firmly intact. As reflected in the A/D line, decliners outpace advancers on both the NYSE and the Nasdaq by at least at 2-to-1 margin. A 3-to-1 ratio of down to up volume paints an even more dismal picture for the bulls, even though New Highs are outnumbering New Lows, but above average volume on the Nasdaq is providing even more conviction behind the broad-based drubbing in Technology. ..HWI -1.1%. ..GSO -0.9%. DJ30 -60.04 DOT -0.9% NASDAQ -24.83 SOX -2.7% SP500 -8.33 NASDAQ Dec/Adv/Vol 2127/780/1.20 bln NYSE Dec/Adv/Vol 2226/975/758 mln
http://finance.yahoo.com/marketupdate/overview
 
HUUUUMMMMmmmm!:o

Oil sinks ahead of U.S. energy report
Crude prices fall towards $58 as traders brace for jump in U.S. crude inventories and formal production cut by OPEC.
October 18 2006: 6:33 AM EDT


LONDON (Reuters) -- Oil slipped towards $58 a barrel on Wednesday as dealers weighed an expected rise in robust U.S. crude stocks against an OPEC meeting likely to seal a deal to cut output.
U.S. light crude for November fell 37 cents to $58.56 a barrel, after declining $1.01 the previous session. London Brent crude fell 35 cents to $60.59.
http://money.cnn.com/2006/10/18/markets/oil.reut/index.htm?cnn=yes
 
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Crude down ahead of expected US crude stock build


From Platts--18Oct2006

Global crude futures in London were weaker Wednesday ahead of the weekly US inventory report and also prior to Thursday's OPEC meeting in Qatar ……

US inventory data due to be released later Wednesday by the US Energy
Information Administration and the American Petroleum Institute are expected to show a 1.4 million barrel build in commercial crude stocks, analysts surveyed by Platts said.

Analysts were projecting a build in US gasoline stocks for last week of
450,000 barrels, and a 1 million barrel decrease in US distillate inventories, also in line with seasonal norms.


CB
 
Oil seesaws after fall in gas supply, rise in crude
Crude prices zigzag as surprising stockpile report unnerves traders; OPEC meeting weighs.
October 18 2006: 11:26 AM EDT


NEW YORK (CNNMoney.com) -- Oil prices seesawed midday Wednesday after a the government's weekly inventory report showed bulging crude supplies but smaller-than-expected supplies of gas and distillates.
Light, sweet crude for November delivery fell 18 cents to $58.75 a barrel on the New York Mercantile Exchange. Oil jumped shortly after the report's release, hitting $59.50 before retreating.
http://money.cnn.com/2006/10/18/markets/oil/index.htm?postversion=2006101811
 
$58.30 a barrel at 13:13 EDT.:confused:
http://www.nymex.com/lsco_fut_condet.aspx?product=QM&month=Nov&cmonth=X&year=6&currPrev=C
Market Update
1:30 pm : So much for falling oil prices providing enough relief to keep the indices trading sideways. While further deterioration in crude oil futures (-1.1%) bodes well for consumers and supports the Fed's expectation that cheaper energy costs will eventually lower the inflation rate, the subsequent absence of leadership in the profit engine that still is Energy (-0.7%) is acting as more of an offset than an asset. Couple that with reversals in the Financials and Consumer Discretionary sectors and the Dow is now within striking distance of turning negative. DJ30 +5.41 NASDAQ -12.45 SP500 -2.11 NASDAQ Dec/Adv/Vol 1417/1549/1.34 bln NYSE Dec/Adv/Vol 1345/1828/902 mln
http://finance.yahoo.com/marketupdate/overview
 
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Quote of the Day

"So whatever we present to the consultative meeting, we will take into account these developments, particularly the stock number and some of the figures coming out today," acting OPEC secretary general Mohammed Barkindo said Thursday in reference to the imminent output cut decision. --OPEC's plan to cut crude production by 1 million b/d is "a done deal,"

- Algerian oil minister Chakib Khelil said Wednesday ahead of the OPEC meeting in Doha.

Hopefully, we'll see the arkets react this morning and not after our IFT deadline. :blink:

CB
 
Fear not, nnuut..I think we're seeing alternate fuel technology really starting to scare OPEC. As they cut production, our alt fuel infrastructure will increase driving down prices more; cheaper oil means more cash in consumer's pocket. "Future's so bright, I gotta wear shades" :)
 
I agree, but that seems too be sometime in the future? In the near term, 10 to 15 years I can't see the great switch over to Corn whiskey or Veggie Oil putting any kind of a dent in the energy market's hunger for petroleum products, Oil Sands, yes. As long as there is enough to support us without sending us to the poor house or blocking the sun with pollution we will use the oil products. :embarrest:
 
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