Oil Slick Stuff

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nnuut said:
And just when might this happen, 2008?:nuts:

BP boss says oil prices will fall


Lord Browne, the chief executive of oil firm BP, has said he expects crude prices to fall from current near-record levels as more supplies are discovered.
http://news.bbc.co.uk/2/hi/business/5069294.stm
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This would be nice, really nice/:D
"In the long run it could even be $25 to $30 a barrel."
 
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$72.17 this morning. It's good Alberto didn't head for the OIL FIELDS in the gulf!

06/12/2006 - Updated 6:32 AM ET
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Crude over $72 a barrel as storm season starts
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</IMG>By Sarah Turner, MarketWatch
LONDON (MarketWatch) -- Crude-oil prices tracked higher on Monday as Iran maintained its stance on nuclear research and tropical storm Alberto signaled the start of the U.S. hurricane season.
Crude for July delivery added 54 cents at $72.17 a barrel in electronic trading.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=Commodities&guid=%7B7F4CE10A%2DD70D%2D4063%2DBC21%2D0202F17ECBCF%7D
 
Down, Up!:notrust:
$70.95 a barrel
06/12/2006 - Updated 12:42 PM ET
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Oil falls under $71 despite Middle East, storm news
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</IMG>By Myra P. Saefong, MarketWatch
SAN FRANCISCO (MarketWatch) -- Crude-oil prices fell below the $71 level as traders weighed uncertainty surrounding Iran's nuclear activity, the likelihood of retaliation in the wake of the death of al-Qaida's leader in Iraq and the first tropical storm of the Atlantic hurricane season.
2DBC21%2D0202F17ECBCF%7D
 
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Down
$69.68 a barrel
Oil tumbles on weaker Alberto
But Iran's reluctance to give up its atomic program, unrelenting violence in Iraq and strong demand signals from China all support prices.
June 13, 2006: 6:08 AM EDT

SINGAPORE (Reuters) - Oil fell almost 1 percent to below $70 a barrel on Tuesday, pausing to watch the season's first Atlantic storm as it weakened along a route that will take it well clear of U.S. energy installations.
Iran's reluctance to give up its atomic program, unrelenting violence in Iraq and strong demand signals from China all lent the market support, keeping prices up 15 percent this year and within sight of their record high of $75.35.
U.S. light sweet crude for July fell 68 cents to $69.68 a barrel, extending Monday's $1.27 slump. London Brent crude lost 71 cents to $68.22 a barrel.
http://money.cnn.com/2006/06/13/markets/oil.reut/index.htm
 
Better, comon down boy!
$68.96 a barrel :)
06/13/2006 - Updated 11:09 AM ET
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Oil extends losses on Alberto relief, IEA reportCrude at a three-week low under $70; IEA lowers demand forecast
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</IMG>By Myra P. Saefong, MarketWatch & Steve Goldstein, MarketWatch
SAN FRANCISCO (MarketWatch) -- Crude-oil futures fell under $70 a barrel Tuesday to trade at their lowest level in three weeks, pressured by relief that Tropical Storm Alberto will likely miss major oil assets in the Gulf of Mexico, a lower demand estimate from a key energy agency and expectations that this week's U.S. data will show a rise in oil supplies.
Cru http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=Commodities&guid=%7B9C41DA57%2D6BD6%2D4B88%2DAF62%2DEC03B53BAF1F%7D
 
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Yeah---Yeah---Yeah!
$68.90 a barrel:sick:

06/14/2006 - Updated 11:42 AM ET
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Natural-gas futures climb as much as 7%Weather forecasts, hurricane concern lift natural gas; gasoline prices fall
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</IMG>By Myra P. Saefong, MarketWatch
SAN FRANCISCO (MarketWatch) -- Natural-gas futures climbed as much as 7% to trade near their highest level in two weeks Wednesday as warm-weather forecasts for much of the U.S. over the next several days and the likelihood of an active Atlantic hurricane season raised concern about supply.
http://markets.usatoday.com/custom/...s&guid={25CC52E4-4B6E-4241-A42A-24E9A96B733B}
 
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A couple notes on energy:

Bernanke is speaking today to the Economics Club of Chicago about energy and oil, then taking questions.............uh oh.

A few days ago, CSPAN covered Chavez's comments to OPEC. Among his usual rhetoric of bashing us economics as being a speculative house of cards, he did mention that a $50.00 dollar's a barrel should be a target price. He also said that the US needs to go back to a gold standard.

I don't know if Bernanke will address what Chavez said and since he can't keep his mouth shut, I'll take what he has to say on the subject with a grain of salt.
 
Do I hear $65.00 we'll take the low bid, going once, twice SOLD for:mad:
$69.65 a barrel

06/15/2006 - Updated 8:28 AM ET
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Crude gains as traders digest supply data
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</IMG>By Ciara Linnane, MarketWatch
NEW YORK (MarketWatch) -- Crude futures rose early Thursday, firming along with other commodities as traders continued to digest weekly data on inventories of petroleum products and await the release later this morning of numbers for natural gas in storage.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=Commodities&guid=%7BB97F790D%2DE296%2D41E8%2DAF48%2DD623FC24710E%7D
 
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The two year bond is lengthening its lead over everything longer. How far can this go before the market as a whole turns its attention to it? When it does, will it shrug it off or will it panic? Guesses??


Jun 15 8:35am ET †
Price Change Yield Yld Chng
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2 yr 99 16/32 -2/32 5.13 +0.13
5 yr 99 7/32 -2/32 5.05 +0.13
10 yr 100 12/32 -4/32 5.07 +0.11
30 yr 90 28/32 -2/32 5.09 +0.08
 
SOS (not save our ship)
$69.75 a barrel
06/16/2006 - Updated 2:44 PM ET
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Crude flat as Iran, hurricanes are weighed
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</IMG>By Ciara Linnane, MarketWatch
NEW YORK (MarketWatch) -- Crude-oil futures were flat late Friday with traders weighing Fed comments on energy-driven inflation, eyeing the latest developments related to Iran's nuclear program and worrying about the hurricane season.
Crude for July delivery was last trading up 25 cents at $69.75 on the New York Mercantile Exchange, after flitting between positive and negative territory through the morning. The contract closed slightly higher Thursday, falling back from highs above $70 a barrel hit during the day.
 
When will people realize that Oil aint going down.There are two billion new cars hitting the tar in China and India in the next two years.Does anybody read anymore? You can watch the commodities till your heart attack dead,but high energy prices are here to stay.Oh, and by the way,they were only 2 countries that plan on making autos.That is why the Middle East is a strategic interest to us,and we will act if they are naughty boys and you can bet your first child on that,and OPEC knows how high they can go,as we keep the Princes in power in Suadi Arabia,and they know it.Thats the real world that very few realize.Its down and dirty when your dealing with these thiefs.There will be no more Cleveland Clinic the next time one of the heathens need heart surgery,if they are not nice Princes.
 
Hey MATE!
I don't quite agree with you on this one. I think it WILL go up and down and settle out somewhere lower than $60.00 a barrel for crude. Buy gas in Europe now and you pay over $6.00 a gallon??? The prices now are generated by GREED and everyone knows it. Newer technologies will help, but that isn't in the near future. As soon as we control Iraq, Iran, Saudi Arabia and Kuwait we will get our price, whatever that may be. Someone does have a plan! ;)
 
Machinist Mate said:
When will people realize that Oil aint going down.There are two billion new cars hitting the tar in China and India in the next two years.Does anybody read anymore? You can watch the commodities till your heart attack dead,but high energy prices are here to stay.Oh, and by the way,they were only 2 countries that plan on making autos.That is why the Middle East is a strategic interest to us,and we will act if they are naughty boys and you can bet your first child on that,and OPEC knows how high they can go,as we keep the Princes in power in Suadi Arabia,and they know it.Thats the real world that very few realize.Its down and dirty when your dealing with these thiefs.There will be no more Cleveland Clinic the next time one of the heathens need heart surgery,if they are not nice Princes.
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MM

Other then your compliment of Tom today, I've noticed an undertone of real vile nastiness in your posts. You really need to lighten up. :)

By the way, Chavez was the speaker at the last OPEC meeting, and he said that if weren't for the instability, $50.00 a barrel should be the target price. Oil can come down and it won't take the US conquering the world to do it. Automobiles only represent one portion of the oil consumption market, plastics, industrial products, home heating fuel and oil burning power stations consumer a lot more oil then autos, not to mention that the airlines and trucking companies aren't exactly bursting at the seems to contain their growth.
 
From what I've read, at about $70 a barrel several other energy sources that were not economically viable at $40 a barrel become viable. There are people gearing up in those areas and we are throwing big grants that way to help it happen quicker. I don't think you will see oil go down below mid 60s but I also don't think it will crash into the $80s anytime soon. That will just accelerate the competition for the alternative energy market. I agree with MM that China and India are increasing demand but $70 a barrel is high for them as well.
 
FundSurfer said:
From what I've read, at about $70 a barrel several other energy sources that were not economically viable at $40 a barrel become viable. There are people gearing up in those areas and we are throwing big grants that way to help it happen quicker. I don't think you will see oil go down below mid 60s but I also don't think it will crash into the $80s anytime soon. That will just accelerate the competition for the alternative energy market. I agree with MM that China and India are increasing demand but $70 a barrel is high for them as well.
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Bet YA!:D
 
nnuut said:
Bet YA!:D
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Lower than $60 a barrel? No way, dude. We are beginning summer driving season. It'll be back above $70 before ya know it. Last winter was very mild which saved our butts. So unless hyper-global warming has set in, we're overdue a cold winter. Not to mention another active hurricane season. Don't forget Iran. They ain't saber rattling right now but they are stalling for time. Their leaders are the height of stupidity and it won't take long before they are threatening oil supply again. Nope, buy oil now while it's cheap.
 
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