Oil Slick Stuff

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UP, DOWN UP DOWN?:mad:

Oil rebounds after tumble

Prices gain after falling more than $2; traders remain wary over supply cuts, U.S. gasoline stockpiles.

June 11 2007: 6:17 AM EDT


SINGAPORE (Reuters) -- Oil prices edged higher Monday, as dealers saw a buying opportunity after a sharp slide, with OPEC producers maintaining supply curbs and worries remaining over U.S. summer gasoline supplies.
U.S. crude rose 19 cents to $64.95 a barrel in electronic trading after a $2.17 drop Friday amid a commodities sell-off on fears of slower economic growth. (more)
http://money.cnn.com/2007/06/11/markets/oil.reut/index.htm?postversion=2007061106
 
Iran says OPEC has no plans to increase oil supplies

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The Associated Press
Published: June 11, 2007
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KUALA LUMPUR, Malaysia: The Organization of Petroleum Exporting Countries has no plans to release more oil into the market ahead of its next policy meeting in September, Iran's oil minister said Monday.
There is adequate crude oil in the market and commercial oil inventories are at a high level, Iranian Minister of Petroleum Kazem Vaziri Hamaneh told reporters on the sideline of a regional oil and gas conference here.
http://www.iht.com/articles/ap/2007/06/11/business/AS-FIN-OPEC-Oil.php
 
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Oil seems to be trending down from the open this morning. Hope it continues, we need all the help we can get with BONDS showing off like they are. See home page for the straight dope!:D
 
When it's good it's good!:D

MARKET WATCH
1:30 pm : The indices are extending their reach to the upside as stocks get a lift from, of all things, a spike in oil prices. Crude for July delivery is now up 1.8% at $65.90/bbl. While higher oil prices do not bode well for consumers, crude's latest uptick is giving a big boost to 32 of the Energy sector's 33 components, in particular, Exxon Mobil (XOM 83.65 +0.97). The Dow component and most heavily weighted constituent on the S&P 500 is up 1.2%.
http://finance.yahoo.com/marketupdate/overview
 
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Old news, but Good News!!

OPEC
Bush administration opposes move — says it could lead to higher gas prices
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Updated: 6:23 p.m. ET May 22, 2007

WASHINGTON - Decrying near-record high gasoline prices, the House voted Tuesday to allow the government to sue OPEC over oil production quotas.
The White House objected, saying that might disrupt supplies and lead to even higher costs at the pump. The Organization of Petroleum Exporting Countries is the cartel that accounts for 40 percent of the world’s oil production.
http://www.msnbc.msn.com/id/18808477/
 
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I certainly understand being upset about oil prices...but to think that suing OPEC will change anything is absurdity...

If you want to get OPEC's attention....quit buying their products...

But given that the Congress doesn't seem to have any rational sense on what good national policy should be..on well... just about any issue... qhy should I be surprised...reminds me of a essay I read in college....BIG HAT...NO CATTLE...


FS
 
Well, why don't they sue?:embarrest:

Oil climbs after watchdog ups demand forecast

Agency voices concerns that OPEC has curbed too many supplies and more oil is needed.

June 12 2007: 6:20 AM EDT


LONDON (Reuters) -- Oil recouped early losses to trade around $66 a barrel Tuesday after the International Energy Agency raised its 2007 demand forecast and said OPEC had tightened the taps too far.
The agency that represents 26 industrialized nations voiced concern that consumer nations' oil stocks were headed towards the low levels of 2004 when oil prices surged.
Retail gas price falls for third week (more)http://money.cnn.com/2007/06/12/markets/oil.reut/index.htm?postversion=2007061206
 
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Gasoline: How low it will go?

Experts say prices could fall by over 50 cents a gallon by July 4; after then, everything depends on hurricane season.

By Steve Hargreaves, CNNMoney.com staff writer
June 12 2007: 12:07 PM EDT

NEW YORK (CNNMoney.com) -- After setting record highs less than a month ago, gasoline prices are on the way down.
Experts say motorists can expect gradually declining prices from now until July 4. After the Fourth, and barring any unforeseen event like war with Iran, the cost of gas will largely depend on how the hurricane season shapes up.
Nationwide average retail prices have fallen from a record high of $3.23 a gallon at the end of May to about $3.07 as of Tuesday, a drop of roughly 5 percent, according to the motorist organization AAA. The government reported a similar decline in its latest weekly survey.
Why no one's making more gas (more)
http://money.cnn.com/2007/06/12/news/economy/gas_prices/index.htm?cnn=yes
 
06/12/2007 - Updated 11:10 AM ET
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Oil prices ease on bets for higher gasoline supply
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By Myra P. Saefong,

MarketWatch & Polya Lesova, MarketWatch

SAN FRANCISCO (MarketWatch) -- Crude-oil futures fell Tuesday, with most analysts expecting upcoming U.S. data to show an increase in refinery activity as well as a climb in motor gasoline supplies for a sixth week in a row.
But prices held their ground above the $65-a-barrel level, finding some support after the International Energy Agency increased its global demand outlook for petroleum products.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7B515B987D%2DFC43%2D42F7%2DA194%2D840A4BA22614%7D
 
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Oil steady on rising inventory

U.S. gasoline inventories expected to rise for the sixth week as refinery usage increased; domestic crude at $65.23, Brent at $68.72

June 13 2007: 6:59 AM EDT


LONDON (Reuters) -- Oil prices steadied Wednesday, as forecasts for stronger oil demand were offset by an expected rise in gasoline inventories for the sixth week in the United States.
U.S. crude fell 12 cents to $65.23 a barrel in electronic trading, after a 62-cent drop Tuesday. London Brent crude, currently seen as more representative of the global market, was six cents down at $68.72, after a 77-cent fall.
http://money.cnn.com/2007/06/13/markets/oil.reut/index.htm?postversion=2007061306
 
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Oil rises on inventory report

Crude prices turn higher as traders focus on flat gasoline supplies and decreasing refinery operations.

June 13 2007: 11:21 AM EDT


NEW YORK (CNNMoney.com) -- Oil prices turned higher Wednesday, shrugging off rising oil supplies and instead focusing on a drop in refinery activity and unchanged gas stocks.
U.S. light crude for July delivery rose 42 cents to $65.77 a barrel on the New York Mercantile Exchange. Oil prices were lower before the government reported no change in gasoline stocks.
Gasoline: How low it will go
http://money.cnn.com/2007/06/13/markets/oil_eia/index.htm?postversion=2007061311
 
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Senate rejects cash for refineries

Opponents say oil industry has enough money and doesn't need government help.

June 13 2007: 2:25 PM EDT


WASHINGTON (Reuters) -- The U.S. Senate rejected Wednesday a proposal to provide financial incentives for building oil refineries on surplus federal lands, such as abandoned military bases or on Indian lands.
Opponents argued that oil companies would be able to avoid important environmental regulations like the Clean Air Act and Clean Water Act.
They also pointed out that oil companies have made record profits off high crude and gasoline prices, and did not need any government help to build refineries.
Gasoline: How low it will go (more)
http://money.cnn.com/2007/06/13/news/economy/refineries.reut/index.htm?postversion=2007061314
 
Oil climbs after weak inventory report

Gasoline stocks unexpectedly flat, while heating oil stocks see sharp decline in the world's top consumer.

June 14 2007: 7:04 AM EDT


LONDON (Reuters) -- Oil edged higher Thursday after spiking more than $1 the previous day when a U.S. government report showed gasoline and heating oil stocks were well below normal in the world's top consumer.
U.S. crude was up 20 cents at $66.46 a barrel in electronic trading. London Brent crude, currently seen as the best indicator of the global market, was up 41 at $70.35.

http://money.cnn.com/2007/06/14/markets/oil.reut/index.htm?postversion=2007061407
 
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OPEC should raise output: Energy secretary

Energy Secretary Sam Bodman says the oil-producing group should weigh projections for higher crude demand.

June 13 2007: 4:03 PM EDT


WASHINGTON (Reuters) -- OPEC should weigh recent projections for higher crude demand this year and raise its output if appropriate, U.S. Energy Secretary Sam Bodman said Wednesday.
This week the International Energy Agency, adviser to 26 industrialized countries, and its U.S. counterpart, the federal Energy Information Administration, both accelerated the rate of oil use growth from the previous month's forecasts.


"http://money.cnn.com/2007/06/13/new....bodman.reut/index.htm?postversion=2007061316
 
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Oil jumps on Mideast violence

Violence in the Middle East disrupts market selling; world's top consumer sees flat gasoline stocks, lower heating oil supplies.

June 14 2007: 1:36 PM EDT


NEW YORK (Reuters) -- Oil prices soared more than $1 Thursday on concerns over low fuel production from hobbling U.S. refineries and a flare up of violence in the Middle East.
http://money.cnn.com/2007/06/14/markets/oil.reut/index.htm?postversion=2007061413
 
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Just the thought of it is giving me GAS!:sick:

Greenspan says oil output a threat to Mexico

Former Fed chief says lower production could spark a major fiscal crisis there, points out risks of increased immigration to United States.

June 13 2007: 3:43 PM EDT


MEXICO CITY (Reuters) -- Declining oil output in Mexico could spark a major fiscal crisis there, former Federal Reserve Chairman Alan Greenspan said Wednesday while also railing against U.S. immigration policy.
"There is no doubt that Mexican overall [oil] production is down and if it continues down, and prices don't continue up to offset that, then there is a huge fiscal crisis pending," the former U.S. central banker said via a video link to a business conference in Mexico City.
Greenspan: China growth can't go on forever
Mexico, the world's No. 9 exporter of crude oil and a key supplier to the United States, has seen its oil output taper off from historic peaks in 2004 due to declining yields at its huge but aging Cantarell offshore field.
http://money.cnn.com/2007/06/13/new....mexico.reut/index.htm?postversion=2007061315
 
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Oil slides after two-day gain

Prices ease after rally prompted by supply concerns and tensions in the Middle East.

June 15 2007: 6:57 AM EDT


SINGAPORE (Reuters) -- Oil prices crept lower Friday, as traders paused after a two-day rally fueled by concerns over U.S. refiners' ability to meet both summer and winter demand, plus fresh anxiety over the Middle East.
U.S. July crude eased 33 cents to $67.32 a barrel in electronic trading, while London Brent crude for August delivery, the new front-month contract, was down 53 cents at $70.83.
How low it will go (more)
 
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