Oil Slick Stuff

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Market Update


11:30 am : Stocks are rolling over, but they continue to sport varied gains. Their pullback from session highs coincides with a spike by oil prices. Oil prices are currently up 1.9% at $101.55 per barel, but they were recently as high as $101.79 per barrel. Some reports have surfaced saying that Libyan fighter jets have fired on Masra El Brega, which is home to an oil terminal.DJ30 +23.65 NASDAQ +16.97 SP500 +3.38 NASDAQ Adv/Vol/Dec 1578/675 mln/907 NYSE Adv/Vol/Dec 1950/309 mln/886
http://finance.yahoo.com/marketupdate/overview?u
 
03/02/2011 - Updated 1:11 PM ET
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Oil futures top $102 as U.S supply slips EIA reports fall in U.S. crude supply, feeding global inventory worries
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By Myra P. Saefong, MarketWatch & Virginia Harrison, MarketWatch

SAN FRANCISCO (MarketWatch) — Crude-oil futures rallied past $102 a barrel Wednesday, buoyed by news of an unexpected decline in last week’s U.S. oil inventories and ongoing concerns about global supplies against a backdrop of political turmoil among some of the world’s oil producers.
Oil’s strength comes from a “combination of further escalations in the Libyan troubles and the surprisingly large reduction in U.S. crude-oil stocks,” said Matt Parry, chief economist at KBC Energy Economics. “I think oil’s going to remain like a touchy teenager through the next couple of months as geopolitical tensions dominate the headlines.”
Light, sweet crude oil for April delivery [CLJ11] touched an intraday high of $102.37 a barrel on the New York Mercantile Exchange. It was more recently up $1.95, or 2%, to $101.58 a barrel.
http://markets.usatoday.com/custom/...-11E0-ADFE-00212804637C}&loc=interstitialskip
 
Gas prices top $3.40 nationwide

By Ben Rooney, staff reporterMarch 3, 2011: 7:51 AM ET

NEW YORK (CNNMoney) -- Gas prices jumped 4 cents overnight, with the average American driver now paying more than $3.40 a gallon.
The national average price for a gallon of regular gasoline rose to $3.427 on Thursday, according to a daily survey by motorist group AAA. That's up from $3.387 a gallon on Wednesday.
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

Gas prices have not averaged more than $3.40 a gallon since October of 2008. The record high was over $4.11 a gallon in July 2008.
http://money.cnn.com/2011/03/03/news/economy/gas_prices/index.htm
 
03/03/2011 - Updated 9:24 AM ET
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Oil futures edge lower; Libya unrest in focusGadhafi forces reportedly bomb the oil town of Brega

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By Polya Lesova, MarketWatch & Sarah Turner, MarketWatch & Michael Kitchen, MarketWatch
NEW YORK (MarketWatch) — Crude-oil futures moved lower but held near $101 a barrel on Thursday, as better-than-expected U.S. weekly jobless claims and the conflict in Libya crowded the radar screen for investors.
Crude oil for April delivery [CLJ11] fell $1.48 to $100.75/http://markets.usatoday.com/custom/...S&guid={38562ED6-4554-11E0-ADFE-00212804637C}
 
I see the liberal "paradises" of New Yawk, Kalipornnia, and Illfavourednoise are nice and red. :D
 
nnuut said:
Gas goes up FAST and down SLOW!!:mad:
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Yea I agree with you. Got to get all the profit they can even though a shortage in production hasn't even happened yet. It just about the possibility of future mideast trouble. It's just like CNN hypes up every thing to get viewers. Just like reporting from secret locations because they wanted to act like war correspondants.
Sorry rant over.:embarrest:
 
Bquat said:
Yea I agree with you. Got to get all the profit they can even though a shortage in production hasn't even happened yet. It just about the possibility of future mideast trouble. It's just like CNN hypes up every thing to get viewers. Just like reporting from secret locations because they wanted to act like war correspondants.
Sorry rant over.:embarrest:
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Buster said:
Don't worry about it...you're in good company:)
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Not me. I'll never stop ranting! :D
 
03/03/2011 - Updated 1:24 PM ET
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Oil trades lower on talk of Libya peace plan Crude falls below $101; Gadhafi forces reportedly bomb oil town
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By Claudia Assis, MarketWatch & Steve Gelsi, MarketWatch

SAN FRANCISCO (MarketWatch) — Oil futures fell Thursday as investors booked profits and on reports that an attempt to mediate a peace agreement in Libya was in the works.
Crude oil for April delivery [CLJ11] fell $1.56, or 1.5%, to $100.64 a barrel on the New York Mercantile Exchange. It traded as low as $100.14 earlier.http://markets.usatoday.com/custom/...S&guid={38562ED6-4554-11E0-ADFE-00212804637C}
 
I think it's mainly Speculation. The Gamblers think the problems in the Mid East will escalate, especially when they start the demonstrations in Saudi Arabia next week, March 11th. :worried:
 
03/04/2011 - Updated 5:26 AM ET
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Oil resumes climb amid Libya unrest
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By Sarah Turner, MarketWatch & William L. Watts, MarketWatch

LONDON (MarketWatch) — Oil futures rose Friday amid ongoing worries that turmoil in Libya could disrupt supplies, with prices resuming an upward trend seen for most of the week and cementing gains atop the $100-a-barrel level.
Light sweet crude-oil futures climbed 63 cents to $102.54 a barrel in electronic trading on the New York Mercantile Exchange. April Brent crude futures rose $1.15 a barrel to trade at $115.94 on the ICE in London.http://markets.usatoday.com/custom/...S&guid={C799D222-4609-11E0-ADFE-00212804637C}
 
03/04/2011 - Updated 9:01 AM ET
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Oil holds gains after U.S. jobs report
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By William L. Watts, MarketWatch & Greg Morcroft, MarketWatch

NEW YORK (MarketWatch) — Oil futures rose Friday amid ongoing worries that turmoil in Libya could disrupt supplies, with prices resuming an upward trend seen for most of the week and cementing gains atop the $100-a-barrel level.
Oil held gains of more than 1% after the U.S. government reported a smaller-than-expected number of new jobs in January.
Crude traded at $103.19, up 1.2% after the report, which said job growth accelerated in February and the unemployment rate fell for the third straight month.
http://markets.usatoday.com/custom/...S&guid={C799D222-4609-11E0-ADFE-00212804637C}
 
nnuut said:
03/04/2011 - Updated 9:01 AM ET
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Oil holds gains after U.S. jobs report
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By William L. Watts, MarketWatch & Greg Morcroft, MarketWatch

NEW YORK (MarketWatch) — Oil futures rose Friday amid ongoing worries that turmoil in Libya could disrupt supplies, with prices resuming an upward trend seen for most of the week and cementing gains atop the $100-a-barrel level.
Oil held gains of more than 1% after the U.S. government reported a smaller-than-expected number of new jobs in January.
Crude traded at $103.19, up 1.2% after the report, which said job growth accelerated in February and the unemployment rate fell for the third straight month.
http://markets.usatoday.com/custom/...S&guid={C799D222-4609-11E0-ADFE-00212804637C}
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Oil's still the Big News - we shrugged off the jobs report like it didnt happen. :D
 
nnuut said:
I think it's mainly Speculation. The Gamblers think the problems in the Mid East will escalate, especially when they start the demonstrations in Saudi Arabia next week, March 11th. :worried:
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Or we're just flat running out of oil and what there is left is going to be more expensive...period. :worried:

I guess I've been listening to too much Jim Puplava on the ole iPod. :rolleyes:
 
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