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Oil logs gains for a sixth session, tops $101

Iran threat to Strait of Hormuz cited; U.S. data bolster demand view


By Myra P. Saefong, MarketWatch

SAN FRANCISCO (MarketWatch) — Crude-oil futures closed above $101 a barrel Tuesday, as tension in Iran sparked concerns over global supplies and improving U.S. consumer confidence helped buoy prospects for oil demand.
Crude for February delivery gained $1.66, or 1.7%, to $101.34 a barrel on the New York Mercantile Exchange. That was the highest settlement price for a most-active futures contract since Nov. 16.
http://www.marketwatch.com/story/crude-oil-futures-climb-back-above-100-a-barrel-2011-12-27
 
Would IRAN lie? :laugh:

Iran Reportedly Threatens to Cut Off Oil Flow Through Key Route Over Nuclear Sanctions

Published December 27, 2011
| FoxNews.com


Iran is threatening to stop the flow of oil through the Strait of Hormuz – a key world oil route in the Persian Gulf – if the West imposes more sanctions over its controversial nuclear energy program.
The sanctions stem from a U.N. watchdog report that alleges the country may be developing nuclear weapons. Iran has denied the claims, stating that its program is for peaceful purposes, Reuters reports.
"If [the West] impose sanctions on Iran's oil exports, then even one drop of oil cannot flow from the Strait of Hormuz," Iran's First Vice President Mohammad Reza Rahimi told Iranian news agency IRNA.
"Our enemies will give up on their plots against Iran only if we give them a firm and strong lesson," he added.
In Washington, State Department spokesman Mark Toner called the threat "bluster." He said it was "another attempt by them to distract attention from the real issue, which is their continued noncompliance with international nuclear obligations."

Read more: http://www.foxnews.com/world/2011/1...e-over-nuclear/?test=latestnews#ixzz1hpyAfock
 
Dec. 28, 2011, 10:54 a.m. EST
Oil futures fall, but hold above $100 a barrel

By Myra P. Saefong and Virginia Harrison, MarketWatch

SAN FRANCISCO (MarketWatch) — Crude-oil futures declined Wednesday, pulling back after a six-session gain of more than 8% ahead of weekly data on U.S. petroleum supplies, but holding above the $100-a-barrel level traders remained wary of Iran’s threat to cut off oil shipments in the region.
Crude for February delivery shed $1.06, or 1.1%, to $100.27 a barrel on the New York Mercantile Exchange. Year to date, crude oil futures trade about 9% higher. Read about oil’s potential 2012 balancing act.
http://www.marketwatch.com/story/oil-extends-gains-in-electronic-trading-2011-12-27
 
The Saudis won't go for that Chit either..


US warns Iran against closing Hormuz oil route
​



Tehran's concern that the West is about to impose new sanctions that could hit the country's biggest source of revenue, its oil sector. On Tuesday, Vice President Mohamed Reza Rahimi threatened to close the strait if the West imposes such sanctions.In response, the Bahrain-based U.S. 5th Fleet's spokeswoman warned that any disruption at the strait "will not be tolerated."
The spokeswoman, Lt. Rebecca Rebarich, said the U.S. Navy is "always ready to counter malevolent actions to ensure freedom of navigation."

With concern growing over a possible drop-off in Iranian oil supplies if sanctions are imposed, a senior Saudi oil official said Gulf Arab nations are ready to offset any loss of Iranian crude.

That reassurance led to a drop in world oil prices. In New York, benchmark crude fell 77 cents to $100.57 a barrel in morning trading. Brent crude fell 82 cents to $108.45 a barrel in London.

http://news.yahoo.com/us-warns-iran-against-closing-hormuz-oil-route-173312409.html
 
US aircraft carrier 'spotted' in Iran wargames zone

(AFP) – 6 hours ago

TEHRAN — A US aircraft carrier entered a zone near the Strait of Hormuz being used by the Iranian navy for wargames, an Iranian official said Thursday amid rising tensions over the key oil-transit channel.
"A US aircraft carrier was spotted inside the manoeuvre zone... by a navy reconnaissance aircraft," Commodore Mahmoud Mousavi, the spokesman for the Iranian exercises, told the official IRNA news agency.
The Iranian aircraft took video and photos of the US vessel, he added.
The US aircraft carrier was believed to the USS John C. Stennis, one of the US navy's biggest warships.
US officials announced Wednesday that the ship and its accompanying battle group moved through the Strait of Hormuz, a narrow stretch at the entrance to the Gulf that is the world's most important choke point for oil shipments.
Click to expand...

more:


http://www.google.com/hostednews/af...ocId=CNG.a8635b15b68bf9aeb87b85f601aa964d.5d1
 
Dec. 29, 2011, 11:53 a.m. EST
Oil falls below $99 on rise in U.S. supplies

Natural gas trades lower as data indicate plentiful storage stockpile

By Myra P. Saefong, MarketWatch
SAN FRANCISCO (MarketWatch) — Crude-oil futures fell below $99 a barrel Thursday after a pair of supply updates showed that U.S. inventories unexpectedly climbed last week.
Natural-gas futures also declined following a government report showing that last week’s supplies of the fuel fell less than expected. http://www.marketwatch.com/story/oil-falls-as-traders-await-supply-data-2011-12-29
 
[TABLE="class: tablewrapper"]
[TR]
[TD="class: econo-reportname, colspan: 2"] EIA Petroleum Status Report
[/TD]
[/TR]
[TR]
[TD="colspan: 2"]

[TABLE="class: actual_consensus_box"]
[TR="class: actual_consensus_toprow"]
[TD]		Prior
Actual
Crude oil inventories (weekly change)
Gasoline (weekly change)
Distillates (weekly change)

[TD="class: econo-releaseinfo"] Released on 12/29/2011 11:00:00 AM For wk12/23, 2011
[/TD]

[TD="class: actual_consensus_box_numbers"]-10.6 M barrels
[/TD]
[TD="class: actual_consensus_box_numbers"] 3.9 M barrels
[/TD]

[TD="class: actual_consensus_box_numbers"]-0.4 M barrels
[/TD]
[TD="class: actual_consensus_box_numbers"] -0.7 M barrels
[/TD]

[TD="class: actual_consensus_box_numbers"]-2.4 M barrels
[/TD]
[TD="class: actual_consensus_box_numbers"] 1.2 M barrels
[/TD]
[/TD]
[/TR]
[/TABLE]
[/TD]
[/TR]
[/TABLE]
http://www.bloomberg.com/markets/economic-calendar/
 
Bakken Oil Fields Creating Energy
by Jan Falstad, Lee News Service
|
The Bismarck Tribune
|
Wednesday, December 28, 2011
"The Bakken work is huge. It's massive. It's extraordinary," said division general manager Hal Fuglevand.
More than 50 Billings businesses are chasing the estimated $1.5 billion a month being spent drilling oil wells in the Bakken, straddling the Montana-North Dakota border. There are more than 200 rigs, and each one can drill a well a month at an average cost of $7 million per well.
Montana's Bakken produces roughly $1.2 billion worth of oil per year.
A steady stream of trucks haul food, gravel, scoria, sand, natural gas, crude oil, pipe, asphalt, concrete, fresh water and liquid nitrogen to keep the rigs drilling and the wells pumping.
The Bakken business has jumped eight-fold in two years at Billings' Whitewood Transport Inc.
"And we haven't even tried. It's crazy," president Mike Wilson said.
Click to expand...
http://www.rigzone.com/news/article.asp?a_id=113741&hmpn=1
 
Some more good news, so San Francisco in outlawing GOLDFISH in the city, BUT this one was overruled.;)

U.S. Court Halts California Low-Carbon Fuel Rules


WASHINGTON – A federal judge moved Thursday to block California from enforcing its first-in-the-nation mandate for cleaner, low-carbon fuels, saying the rules favor biofuels produced in the state.
The lawsuit challenging the state regulations, which were adopted as part of the state's landmark 2006 global warming law, was filed in federal court last year by a coalition including the National Petrochemical & Refiners Association and the Consumer Energy Alliance.

Fresno-based U.S. District Court Judge Lawrence O'Neill's written ruling Thursday said the low-carbon fuel rules violated the U.S. Constitution's commerce clause by discriminating against crude oil and biofuels producers located outside California.
Out-of-state fuels producers hailed the decision as a win for California drivers. (More, it gets better)

http://www.foxnews.com/politics/2011/12/29/california-low-carbon-fuel-rules-halted/?test=latestnews
 
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