Oil Slick Stuff

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01/28/2011 - Updated 10:14 AM ET
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Oil gains after economy picks up paceNatural gas prices head for 8% weekly loss
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By Claudia Assis, MarketWatch

SAN FRANCISCO (MarketWatch) — Oil futures traded higher Friday, rebounding after crude had dropped its lowest since late November, following a report estimating the U.S. economy grew at a faster pace in the fourth quarter.
Crude for March delivery [CLH11] gained $1.11, or 1.3%, to $86.76 a barrel on the New York Mercantile Exchange. On the week, oil has lost about 2.6%.
“The trend is still higher in the energy complex, but prices do seem to have gotten overextended here on the upside,” analysts at Cameron Hanover said in a note to clients on Friday. http://markets.usatoday.com/custom/...S&guid={1C89C088-2AEB-11E0-A215-00212804637C}
 
WHAT'S NEXT?:nuts:

01/28/2011 - Updated 12:24 PM ET
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Oil rallies 4% as Egypt protests turn violentNatural gas prices on pace for nearly 9% weekly loss
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By Claudia Assis, MarketWatch

SAN FRANCISCO (MarketWatch) — Crude-oil futures extended gains on Friday, rebounding from their lowest since late November, with investors tuned into violent protests in Egypt and the country’s proximity to key oil producers.
Crude for March delivery [CLH11] gained $3.96, or 4.6%, to $89.54 a barrel on the New York Mercantile Exchange, turning it slightly higher for the week. http://markets.usatoday.com/custom/...S&guid={1C89C088-2AEB-11E0-A215-00212804637C}
 
The really big tankers (the ones that deliver the bulk of the oil to the world) can't make it through the Suez Canal... so, this one I would probably blame on speculative opportunity (I'll be nice today).
 
I haven't seen anything stating the the Suez Canal was blocked in any way, have you found an article stating that?:confused:
 
nnuut said:
I haven't seen anything stating the the Suez Canal was blocked in any way, have you found an article stating that?:confused:
Click to expand...

Nope ... which was why I was guessing that the price increase was just speculators playing their games.

I probably should have said that the really big tankers don't go through the Suez anyway, so why the big price jump?
 
It's just like when we had the Iran crisis, Oil went up and up and nothing really happened, it only takes the possibility of something happening for those Oil Boys to take advantage of it.$$$$$$$$$:nuts:
 
Here's an interesting read, important and verifiable information :

About 6 months ago, the writer was watching a news program on oil and One of the Forbes Bros. Was the guest. The host said to Forbes, "I am going to Ask you a direct question and I would like a direct answer; how much oil Does the U.S. Have in the ground?" Forbes did not miss a beat, he said, "more
Than all the Middle East put together." Please read below.

The U. S. Geological Service issued a report in April 2008 that only Scientists and oil men knew was coming, but man was it big. It was a Revised report (hadn't been updated since 1995) on how much oil was in this area of the western 2/3 of North Dakota , western South Dakota , andextreme eastern Montana ....... Check THIS out:


http://bakkensh ale.net/bakkenshalemap.html




The Bakken is the largest domestic oil discovery since Alaska 's Prudhoe Bay, and has the potential to eliminate all American dependence on foreign oil. The Energy Information Administration (EIA) estimates it at 503 billion Barrels. Even if just 10% of the oil is recoverable... Even At $100 a barrel,
We're looking at a resource base worth more than $5.3 trillion.

"When I first briefed legislators on this, you could practically see Their jaws hit the floor. They had no idea.." says Terry Johnson, the Montana Legislature's financial analyst.

"This sizable find is now the highest-producing onshore oil field found In the past 56 years," reports The Pittsburgh Post Gazette. It's a Formation known as the Williston Basin , but is more commonly referred to as the 'Bakken.' It stretches from Northern Montana, through North Dakota and Into Canada .. For years, U. S. Oil exploration has been considered a dead
End. Even the 'Big Oil' companies gave up searching for major oil wells Decades ago. However, a recent technological breakthrough has opened up The Bakken's massive reserves.... And we now have access of up to 500 Billion barrels. And because this is light, sweet oil, those billions of barrels Will cost Americans just $16 PER BARREL!

That's enough crude to fully fuel the American economy for 2041 years Straight. And if THAT didn't throw you on the floor, then this next one Should - because it's from 2006!

U. S. Oil Discovery- Largest Reserve in the World

Stansberry Report Online - 4/20/2006

Hidden 1,000 feet beneath the surface of the Rocky Mountains lies the Largest untapped oil reserve in the world. It is more than 2 TRILLION Barrels. On August 8, 2005 President Bush mandated its extraction. In Three and a half years of high oil prices none has been extracted. With this Motherload of oil why are we still fighting over off-shore drilling?

They reported this stunning news: We have more oil inside our borders, Than all the other proven reserves on earth. Here are the official estimates:

- 8-times as much oil as Saudi Arabia

- 18-times as much oil as Iraq

- 21-times as much oil as Kuwait

- 22-times as much oil as Iran

- 500-times as much oil as Yemen

- and it's all right here in the Western United States .

HOW can this BE? HOW can we NOT BE extracting this? Because the Environmentalists and others have blocked all efforts to help America become independent of foreign oil! Again, we are letting a small group of people dictate our lives and our economy.....WHY?

James Bartis, lead researcher with the study says we've got more oil in This very compact area than the entire Middle East -more than 2 TRILLION Barrels untapped. That's more than all the proven oil reserves of crude oil in The world today, reports The Denver Post.

Don't think 'OPEC' will drop its price - even with this find? Think Again!
It's all about the competitive marketplace, - it has to. Think OPEC just Might be funding the environmentalists?

Got your attention yet? Now, while you're thinking about it, do this:

Pass this along. If you don't take a little time to do this, then you
Should stifle yourself the next time you complain about gas prices - by
Doing NOTHING, you forfeit your right to complain.

--------

By the way...this is all true. Check it out at the link below!!!

GOOGLE it, or follow this link. It will blow your mind.

http://www.usgs.gov/newsroom/article.asp?ID=1911 ID=1911>
 
As I have said many times before " THERE IS NO SHORTAGE OF OIL".
DRILL DRILL DRILL oilgusher.gif
But we're going green?:nuts: STUPID!!:cool:
 
Exxon says net income grew 53 percent in the fourth quarter as oil prices rose and the company increased production.
 
Buster said:
Here's an interesting read, important and verifiable information :

...
. The Energy Information Administration (EIA) estimates it at 503 billion Barrels. ...
Click to expand...


Ah, no.


Buster, you really ougt to visit Snopes before you post stuff. There are NOT estimates of 503 billion barrels, except in your wldest dreams. Yes, there is some oil. But it isn't 503 billion barrels worth.

http://www.snopes.com/politics/gasoline/bakken.asp
 
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