Oil Slick Stuff

Sort by newest Sort by date
ATCJeff said:
A return to winter weather

6:00 a.m. ET 1/11/2007
Wayne Verno, Meteorologist, The Weather Channel

The weather is going to make reaching $50 very tough. The Weather Channel's headline this morning is above.
Click to expand...


Jeff,

I think there's more to it than the warm weather. I read that Saudi Arabia cut their price significantly on 1/2/07. I think that might have been what started this recent slide in oil.
 
350zCommTech said:
Jeff,

I think there's more to it than the warm weather. I read that Saudi Arabia cut their price significantly on 1/2/07. I think that might have been what started this recent slide in oil.
Click to expand...
Agreeably the weather is a big part of the drop in the price of energy. The rising dollar makes the price of oil products cheaper for us and more expensive for other countries that have to purchase oil with dollars. The evident refusal of some OPEC members to cut production. The glut demands lower prices, supply and demand! I surely am not aware of all of the factors that can effect the price of energy. All I really know is somebody is making a killing at our expense and it isn't a market generated shortage of product, there is plenty of oil.:notrust:
 
I still believe the oil market currently is reacting to weather changes in the US. With the agreement in place for Russia and Belarus, that threat is behind us. South America, who knows?

However, I will say we may see a change in market factors very soon. I think with $50 oil you will see the OPEC cuts break down. Member nations will start producing more oil to offset the loss of revenue. Supplies will increase. Our next inventory report should see an increase in supplies. If this happens, a big if, we will see oil below $50 by February.

Another problem getting oil below $50, traders will go long at the $50 price. $50 oil is very bullish!

My two cents....
 
Our friend Hugo is at it again! NO, NO, CITGO!!:mad: :nuts:

Chávez threatens Orinoco oil takeover

Venezuela's minister broadens his nationalization drive to the utilities sector, says companies developing oil of the Orinoco Belt have become state property.

January 11 2007: 7:55 AM EST


CARACAS (Reuters) -- Venezuela's new economy minister warned on Thursday the OPEC nation could "nationalize" the multibillion-dollar heavy crude projects in the Orinoco oil belt run by U.S. and European companies if talks for the state to take a majority stake in the enterprises break down.
http://money.cnn.com/2007/01/11/new...inister.reut/index.htm?postversion=2007011107
If this happens do you think oil stocks will drop? Yes Sir!!:sick: I think?
 
Last edited:
This is probably why the uptick, hope it doesn't turn around the US markets? May not be so bad?:confused:

01/12/2007 -
Updated 1:20 PM ET
1.gif
Oil tops $52 as natural gas readies for weekly gainTraders mull weather, potential OPEC move; natural gas trades up 5% on week
1.gif


By Myra P. Saefong, MarketWatch & Ciara Linnane,
MarketWatch
SAN FRANCISCO (MarketWatch) -- Crude-oil futures climbed above $52 a barrel Friday and natural gas readied for a weekly gain of about 5%, as the energy market strengthened on forecasts for colder weather in the U.S. and speculation that major oil producers may announce measures to support prices over the weekend.
http://markets.usatoday.com/custom/...S&guid={2DE445B5-C0AC-4D72-B27A-DF42121EF3A7}
 
Last edited:
Kind words from two of our best friends: NO, NO CITGO!! People don't buy gas from this A$$!

CARACAS, Venezuela (AP) -- Venezuela's Hugo Chavez and Iran's Mahmoud Ahmadinejad -- fiery anti-American leaders whose moves to extend their influence have alarmed Washington -- said Saturday they would help finance investment projects in other countries seeking to thwart U.S. domination.
(more)

http://www.cnn.com/2007/WORLD/americas/01/13/venezuela.iran.ap/index.html
 
Last edited:
It's the American why!:D

Why gasoline follows oil up but not down

The short answer: Service stations do it because they can. But the really big bucks are being made elsewhere.

By Steve Hargreaves, CNNMoney.com staff writer
January 12 2007: 2:19 PM EST


NEW YORK (CNNMoney.com) -- If it seems like gasoline prices are quick to skyrocket when the price of oil goes up, but then take their sweet 'ol time coming back down when crude prices sink, the answer is simple: They do.
"There is a rocket and feather aspect," said Tom Kloza, chief oil analyst at the Oil Price Information Service

http://money.cnn.com/2007/01/12/news/economy/gas_prices/index.htm?cnn=yes
 
Last edited:
Emergency OPEC meeting still up in the air

No decision yet on whether the group will meet soon to discuss drop in crude prices: senior Iranian oil official.

January 14 2007: 11:02 AM EST


TEHRAN (Reuters) -- A senior Iranian oil official said on Sunday OPEC had still not decided on whether to hold an emergency meeting soon to discuss a 15 percent drop in crude prices since the start of the year, a ministry Web site said.
"There is still no official decision over holding an urgent meeting of OPEC in the coming days," Javad Yarjani, head of OPEC affairs at the Oil Ministry, was quoted as saying by the Oil Ministry's Web site, SHANA.
http://money.cnn.com/2007/01/14/news/opec.meeting.reut/index.htm?postversion=2007011411
 
You must log in or register to reply here.
Back
Top