Oil Slick Stuff

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02/17/2011 - Updated 12:42 AM ET
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Oil futures edge higher in electronic trading
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By Sarah Turner, MarketWatch

SYDNEY (MarketWatch) — Nymex benchmark light sweet crude-oil futures inched higher in electronic trading during Asian hours Thursday, extending gains made this week as tensions continued to simmer in the Middle East.
The front-month contract [CLH11] rose 10 cents to $85.09 in Asian trading on Thursday, extending a 67-cent gain made Wednesday amid reports that Iran was sending warships to Syria via the Suez canal. The reports were later denied by Egyptian canal authorities.
http://markets.usatoday.com/custom/...S&guid={91E9C46C-3A50-11E0-9DE4-00212804637C}
 
nnuut said:
Seems like the Administration is trying to sell high instead of transferring the oil to another storage facility? What will they do with the money, who is authorized to buy the oil? How will the price be set? Will it stay in the USA? :confused:
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Slush fund??

I remember Clintoon dipping into the Reserve as well with usual suspects
but not the details off my head - generally they are up to no good and some kind of Chicago-style shenaigians. :D
 
FAB1 said:
Slush fund??

I remember Clintoon dipping into the Reserve as well with usual suspects
but not the details off my head - generally they are up to no good and some kind of Chicago-style shenaigians. :D
Click to expand...
You know I remember a time when I had some trust in our Politicians but NOW it's NONE!:sick:
 
Oil prices in Oklahoma are much lower than elsewhere because of the "Cushing problem", that oil flowing down from Canada is backing up in stockpiles at Cushing Oklahoma, since the pipelines from there south can't carry enough oil. The result is that gasoline in Oklahoma is 30 cent to 50 cents a gallon cheaper than it is on the coasts. That's supposed to be fixed with some new pipelines in 2013 or 2014, which will allow that Canadian oil to make it to Texas, which will clear the backlog and raise pump prices to more even levels by then.

Source: http://fuelfix.com/blog/2011/02/17/wti-and-brent-crude-oil-through-steve-carell-and-ricky-gervais/
 
Average here is around $3.219 but you have to look for it. Along my normal route home yesterday, every station was $3.259. None of the usual variation in price. Coincidence right?
 
Will he or will he not start issuing DRILLING Permits?:nuts:

Oil companies unveil spill containment system

Eager to re-enter Gulf oil companies build emergency spill response network

Chris Kahn, AP Energy Writer, On Thursday February 17, 2011, 2:03 pm EST
NEW YORK (AP) -- A group of oil companies led by Exxon said Thursday it has built a system that can stop an undersea oil spill within weeks, a critical step towards resuming drilling in the deepest parts of the Gulf of Mexico.
The group said its combination of equipment and support vessels can contain a spill similar to BP's massive gusher, which took 85 days to plug. Some of the equipment was used by BP in containing its well blowout last year.
Regulators have demanded that oil companies demonstrate the capability to contain the blowout of an underwater well before granting permits to drill again in Gulf waters deeper than 500 feet.
http://finance.yahoo.com/news/Oil-c...86.html?x=0&sec=topStories&pos=3&asset=&ccode=
 
Feb. 18, 2011, 8:58 a.m. EST
Oil market in flux as Brent and WTI trade places

Mideast protests boost Europe’s Brent while U.S. supplies hit WTI


By Claudia Assis, MarketWatch
SAN FRANCISCO (MarketWatch) — More than one hundred tradable grades of crude oil exist, their classification based on sulfur content and density. Yet for most of the world only two types of crude matter — West Texas Intermediate and Brent.
These twin high-grade barometers have strayed far from each other, turning their historical relationship upside down. That reversal is not expected to go away anytime soon, amid continued unrest in the Middle East and brimming supplies in the U.S.
http://www.marketwatch.com/story/oil-in-flux-as-benchmarks-switch-2011-02-18
 
02/18/2011 - Updated 11:01 AM ET
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Oil gains as Bahrain protests put supply risk in focus
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By Laura Mandaro, MarketWatch

SAN FRANCISCO (MarketWatch) — Crude-oil futures rose more than 1% Friday, adding to weekly gains, as protests mounted in Bahrain, extending a current of unrest in the oil-producing Middle East.
Oil for March delivery [CLH11] , the front-month contract, rose $1.01, or 1.2%, to $87.38 a barrel, pushing its weekly gain to about 2%.
Oil for April delivery [CLJ11] , which is more actively traded, added $1.42, or 1.6%, to $90.27 a barrel.http://markets.usatoday.com/custom/...S&guid={03016F54-3B70-11E0-9DE4-00212804637C}
 
Gulf prospects lead to weekly gain for drillers

Philadelphia Oil Service Index touches highest mark since 2008

By Steve Gelsi, MarketWatch

NEW YORK (MarketWatch) — Drilling stocks traded flat Friday but finished out a strong week as the U.S. moved closer toward the first drilling permits since the Deepwater Horizon accident and Ensco PLC won a favorable ruling from a federal judge over exploration in the Gulf of Mexico.


The gains for drilling stocks started early in the week, after Michael Bromwich, the chief of the Bureau of Ocean Energy Management and the lead U.S. official overseeing the offshore oil industry, told the Houston Chronicle the U.S. would award its first drilling permits by the end of the second quarter, or possibly in the next several weeks.
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http://www.marketwatch.com/story/gulf-prospects-lead-to-weekly-gain-for-drillers-2011-02-18
 
02/18/2011 - Updated 1:10 PM ET
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Oil gains as Bahrain, Suez put supply risk in focus
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By Laura Mandaro, MarketWatch

SAN FRANCISCO (MarketWatch) — Crude-oil futures rose more than 1% Friday, adding to weekly gains, as protests mounted in Bahrain and Libya, extending unrest in the Middle East.
Also keeping investors focused on the oil-producing region, a Egyptian media said Egypt had agreed to let two Iranian navy ships pass through the Suez Canal.
Oil for March delivery [CLH11] , the front-month contract, rose $1.08, or 1.3%, to $87.45 a barrel on the New York Mercantile Exchange, pushing the contract’s weekly gain to about 2.2%. March oil expires Tuesday, after U.S. financial markets reopen following Monday’s President Day holiday.http://markets.usatoday.com/custom/...S&guid={03016F54-3B70-11E0-9DE4-00212804637C}
 
Feb. 22, 2011, 5:26 a.m. EST
Oil rises as Gadhafi’s hold on Libya in doubt

Oil producers move to curb output


By Virginia Harrison and Kim Hjelmgaard, MarketWatch

LONDON (MarketWatch) — Oil futures surged in electronic trading on Tuesday, as the specter of fresh violence hung over the Mideast and North Africa, as oil producers moved to curb output in Libya and as widespread protests threatened Col. Moammar Gadhafi’s grip on the nation.

Gadhafi's rule appears in jeopardy

Libyan leader Col. Moammar Gadhafi appears to be loosing his grip on power.

Oil for March delivery /quotes/comstock/21n!f:cl\h11 (CLH11 92.98, +6.78, +7.87%) , the front-month contract, which expires later Tuesday, gained $7.89, or 9.1%, to $94.07 a barrel, from Friday’s settlement price on the New York Mercantile Exchange.
http://www.marketwatch.com/story/oil-extends-gains-as-protests-continue-2011-02-21?dist=beforebell
 
02/22/2011 - Updated 1:05 PM ET
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Oil surges with Gadhafi’s grip on Libya in doubtProducers move to curb output; gasoline, heating oil also rise
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By Claudia Assis, MarketWatch & Kim Hjelmgaard, MarketWatch

SAN FRANCISCO (MarketWatch) — Oil futures surged to their highest level in more than three weeks Tuesday as widespread protests threatened Col. Moammar Gadhafi’s grip on power in Libya and as unrest in Bahrain continued.
With more violence erupting in the Middle East and North Africa, crude for March delivery [CLH11] , the front-month contract expiring later Tuesday, gained $5.28, or 6.1%, to $91.48 a barrel on the New York Mercantile Exchange.
It had earlier traded as high as $94.49 a barrel.
http://markets.usatoday.com/custom/...S&guid={A90E51D2-3E22-11E0-842B-00212804637C}
 
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