Oil Slick Stuff

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Gas dropped a dime today to $3.59...it needs to be about a buck less than this to suit me..:suspicious:
 
Oil roars back after last week's big plunge

Oil rebounds from last week's 15 percent plunge as investors see a bargain; pump prices fall




Jonathan Fahey, AP Energy Writer, On Monday May 9, 2011, 3:34 pm

NEW YORK (AP) -- Investors poured money back into oil Monday, pushing the price up more than $5 and back over $100 a barrel.
Oil plunged 15 percent last week, its steepest drop in two and a half years. Monday, investors who felt oil had fallen too far, too fast sensed a bargain.
"Nothing fundamental happened between Friday and Monday," said Stephen Schork, publisher of the energy industry newsletter The Schork Report. "This just shows the power of speculators in this market."
Benchmark crude for June delivery rose $5.37, or 5.5 percent, to $102.55 a barrel in Monday trading on the New York Mercantile Exchange.
Some analysts think oil could still fall in the next days and weeks. That would benefit drivers, who are paying more than $4 for a gallon of gas in many big cities. But most experts agree that the long-term trend for oil is upward.
Monday's jump in oil prices may be what analysts refer to as a "dead cat bounce." That's a temporary rise in price that interrupts a generally downward trend. http://finance.yahoo.com/news/Oil-r...32.html?x=0&sec=topStories&pos=2&asset=&ccode=
 
I think that there is more oil in the USA than we would need at projected levels than the USA would need for the next 300 years, IMHO, But the current administration is limiting oil exploration in the USA. DRILL, DRILL, DRILL!:nuts:
 
Will this help?:confused:

May 10, 2011, 6:53 a.m. EDT
Crude futures fall after CME hikes margins

Rise in margin requirements hurts sentiment



By Sarah Turner, MarketWatch

LONDON (MarketWatch) — Crude-oil futures declined in electronic trading on Tuesday as a hike to margin requirements dampened sentiment toward the commodity.
Crude for June delivery dropped 94 cents to $101.61 a barrel in electronic trading on the New York Mercantile Exchange. http://www.marketwatch.com/story/crude-oil-futures-sag-after-rebound-2011-05-10
 
No Silver Lining in Petroleum Prices

by Michael Kahn
Tuesday, May 10, 2011


provided by

Despite their drop in the wake of silver's debacle, the uptrend in crude oil and gasoline prices is intact.


Whether you run a hedge fund or have to fill up a thirsty SUV, last week's 14.7% decline in the price of crude oil grabbed your attention. For the latter, there seems no relief in sight from the pain at the pump. To the relief of speculators on the long side of these markets, their uptrend remains intact despite last week's downdraft.
While any number of culprits could be fingered for the rally and subsequent reversal in crude oil and gasoline, from a technical point of view, the trend by last week was indeed overextended and in need of a correction.
A long-term chart shows crude oil breaking out to the upside last November as it topped $87 a barrel in round numbers (see Chart 1). The market then moved more or less sideways for several weeks as the rising trendline from the February 2009 low rose up to meet it. http://finance.yahoo.com/banking-bu...b-budgeting&sec=topStories&pos=2&asset=&ccode=
 
May 9, 2011, 5:11 p.m. EDT
Why do gasoline pump prices often lag oil’s drop?

By Myra P. Saefong, MarketWatch
SAN FRANCISCO (MarketWatch) — Even though crude prices fell by nearly 15% last week, consumers shouldn’t expect U.S. gasoline prices at the pump to follow suit just yet.
What drivers may see, however, is a slow drift lower.
“Retail prices lag wholesale prices on the way up and the way down,” said Jeff Lenard, a spokesman at the National Association of Convenience Stores, a trade group for an industry that sells 80% of the nation’s gasoline.
WSJ's Paul Vigna reports commodities prices have rebounded after last week's selloff. Also, AT&T heads to Capitol Hill to defend its proposed T-Mobile deal.

That descent may just be getting under way this week.
On Monday, the average U.S. price for a gallon of regular gasoline stood at $3.96 a gallon, according to AAA’s daily survey of gas stations, down from $3.966 a day earlier.
But prices are still above the week-ago average of $3.952 and they’re also just a few cents short of the record $4.114 price, which was set on July 17, 2008. See the latest AAA fuel gauge report.
Separately, the twice monthly Lundberg Survey showed that a gallon of self-serve gasoline nationwide hit an average of $4 on Friday.
“Customers generally don’t see the first few days of wholesale price increases because they are absorbed, full or in part, by retailers trying to keep customers,” Lenard said. “On the way down, the opposite happens and retailers try to make up for what they lost on the increase.”
So consumers are likely to be disappointed if they expect any immediate relief following the hefty pullback last week of nearly $17 a barrel in the crude oil market. Read about last week’s drop in oil prices.
Confusing logic (more)

http://www.marketwatch.com/story/why-do-gasoline-pump-prices-often-lag-oils-drop-2011-05-09
 
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