Oil Slick Stuff

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06/15/2007 - Updated 3:27 PM ET
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Crude-oil futures rally to a two-month high July crude up 5% on week; gasoline futures at three-week high
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By

Myra P. Saefong, MarketWatch

SAN FRANCISCO (MarketWatch) -- Crude-oil prices rallied Friday to close at their highest level since the middle of April, as reformulated gasoline futures finished at a three-week high on growing concerns that U.S. refineries won't be able to keep up with demand for motor fuel.
The benchmark contract for crude gained $3.24, or 5%, for the week with violence in the Middle East and Nigeria renewing concerns over oil production.
http://markets.usatoday.com/custom/...S&guid={9E5A6BBC-54C0-45E8-B47C-CFDCC3882070}
 
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Oil widens US trade imbalances



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Analysts predict the deficit will narrow

The US trade deficit widened in the first three months of 2007, following higher oil prices, data from the US Commerce Department showed.
The US balance of payments deficit - the broadest indicator of trade - hit $192.6bn (£97bn), from a revised $187.9bn in the last quarter of 2006.
The rise however was less than analysts had forecast and many predict it to narrow over time as exports increase.
The US has seen its trade deficit at record highs for five years in a row.
"http://news.bbc.co.uk/2/hi/business/6757953.stm
 
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Supply fears push up oil prices

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US demand is peaking with the so-called driving season

Oil prices rose above $71 a
barrel on fears over low fuel stocks in the US and instability in the Middle East.

Brent crude, deemed a key indicator of the oil market, rose 27 cents to $71.63 after a 10-month high at $71.88. Sweet crude rose to $68.12 in New York.
Analysts are concerned that old US refineries are not able to meet demand. Stocks are also unusually low.
Instability in Gaza has raised concerns over wider conflict in the Middle East, which supplies a quarter of world oil.
Low stocks
A number of geopolitical factors have helped increase oil prices recently, including tension between the West and Iran over its nuclear programme as well as disrupted supply in Nigeria.
http://news.bbc.co.uk/2/hi/business/6758891.stm
 
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Fuel pushes up US inflation rate

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Petrol prices have risen above $3 a gallon in many places

US inflation rose faster than expected in May, as higher petrol costs hit consumer prices.
The month-on-month rise was 0.7%, the Labor Department said, up from 0.4% in April. Core inflation, which does not include food and energy, added 0.1%.
http://news.bbc.co.uk/2/hi/business/6757029.stm
 
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Don't be fooled the CHEAP STUFF is OK!:D

Cheap Gas Gets The Job Done

Editor-In-Chief Of Edmunds.com Dispels The Myths Regarding Inexpensive Fuel



(CBS) Gasoline prices hit near-record levels recently, and the government says the average will stay above $3 all summer.

For those of you looking for a way to save on the high cost of gas, look no further than discount fuel. Karl Brauer, editor-in-chief of Edmunds.com, stopped by The Early Show Friday to talk about this affordable alternative.

The http://www.cbsnews.com/stories/2007/06/15/earlyshow/main2933590.shtml
 
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Oil near $68 on supply worries

Traders wary of fuel supplies in United States ahead of peak gasoline demand; tension in Nigeria, Middle East also support prices.

June 18 2007: 6:42 AM EDT


LONDON (Reuters) -- Oil steadied above $67 a barrel Monday after rising to a nine-month high on worries about low U.S. fuel supplies at a time of peak gasoline demand in the world's top consumer.
Gunmen in Nigeria overran an oilfield station operated by Italy's Eni on Sunday, renewing concern about supplies from Africa's top exporter. A general strike is due to start in Nigeria on Wednesday.
http://money.cnn.com/2007/06/18/markets/oil.reut/index.htm?postversion=2007061806
 
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Crude oil for July delivery rose 75 cents, or 1.1 percent, to $68.75 a barrel at 11:51 a.m. on the New York Mercantile Exchange. Futures touched $69.05 a barrel, the highest intraday price since Sept. 5. Prices are down 1.6 percent from a year ago.
Brent crude oil for August settlement rose 52 cents, or 0.7 percent, to $71.99 a barrel on the London-based ICE Futures exchange. Futures touched $72.25, the highest since Aug. 28.

We need one of those “Back to the Future” “Mr. Fusion” power plants… All they need is a left over banana peel and a little bit of left over beer and it will take you up to 88mph!! :cool:
 
Looks like UP is the way it's going. Only a matter of time before it effects prices at the pump, and the market!!:mad:
 
Good, the more the merrier!!:D

Huge oilfield discovered in Ghana

UK firm Tullow Oil has announced the discovery of 600 million barrels of light oil offshore from Ghana.

Reserves in the Mahogany exploration well were far greater than the 250 million barrels than the firm had earlier forecast, it said.
Tullow - which saw its shares rise 10% on the news - jointly owns the West Cape block where the drilling took place with Anadarko Petroleum.
The firms share rights to the adjacent Tano basin, which could yield more oil.
http://news.bbc.co.uk/2/hi/business/6764549.stm
 
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Watch Out For That Oil SLICK!!:mad:

Oil jumps to 9-month high as strikes loom

Crude tops $69 on labor trouble in Nigeria, Brazil; low U.S. gasoline inventories provide further support.

June 18 2007: 3:57 PM EDT


NEW YORK (Reuters) -- Oil surged above $69 a barrel Monday to a 9-month high as a general strike loomed in Nigeria and attacks on oil installations cut more supply from the world's eighth largest exporter.
Low U.S. gasoline inventories at a time of peak summer demand are also boosting the market, analysts said, along with a possible oil workers' strike in Brazil next month and OPEC's reluctance to boost oil output.
OPEC should raise output: Energy secretary (more)
http://money.cnn.com/2007/06/18/markets/oil.reut/index.htm?postversion=2007061815
 
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Oil Industry Scales Back Expansion Plans

Government Push For Increase In Biofuels Contributes To Forecasted High Gasoline Prices


AP) A push from Congress and the White House for huge increases in biofuels, such as ethanol, is prompting the oil industry to scale back its plans for refinery expansions. That could keep gasoline prices high, possibly for years to come.

With President Bush calling for a 20 percent drop in gasoline use and the Senate now debating legislation for huge increases in ethanol production, oil companies see growing uncertainty about future gasoline demand and little need to expand refineries or build new ones.

http://www.cbsnews.com/stories/2007/06/18/business/main2943314.shtml
 
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Oil slides despite tensions in Nigeria

Losses limited as a possible strike by unions could stunt output and ignite higher prices; more violence flares in the oil-producing Niger Delta.

June 19 2007: 7:59 AM EDT

LONDON (Reuters) -- Oil eased below $69 a barrel Tuesday after hitting a 10-month high the previous session, but losses were limited by a strike call in Nigeria that could further hobble output in the world's eighth-biggest crude oil exporter.
The planned protest over fuel price increases is due to start Wednesday and comes after more violence flared in the oil-producing Niger Delta over the weekend. The dispute poses a challenge to newly inaugurated President Umaru Yar'Adua.
http://money.cnn.com/2007/06/19/markets/oil.reut/index.htm?postversion=2007061907
 
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Their rippen us off!:mad:

Summertime blues

By Greg Bluestein
ASSOCIATED PRESS
June 19, 2007


ATLANTA
t's not just increased demand that sends summertime gasoline prices soaring. It's also the increased temperature.
As the temperature rises, liquid gasoline expands and the amount of energy in each gallon drops. Since gas is priced at a 60-degree standard and gas pumps don't adjust for any temperature changes, motorists often get less bang for their buck in warmer weather.
Consumer watchdog groups warn that the temperature increase could end up costing consumers between 3 cents and 9 cents a gallon at the pump -- adding up to hundreds of millions of dollars each year.
http://www.washtimes.com/business/20070618-110917-2332r.htm
 
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Oil up to $69.42 a barrel!:mad:

06/19/2007 - Updated 1:49 PM ET
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Oil futures reclaim $69 on Nigerian developmentsBy Myra P. Saefong, MarketWatch &

Polya Lesova, MarketWatch

SAN FRANCISCO (MarketWatch) -- Crude-oil futures reclaimed the $69-a-barrel level Tuesday afternoon, as traders weighed the latest developments in Nigeria, where violence has disrupted oil production, and the possibility of an oil-worker strike threatens to further restrict the African country's output.
Nigerian oil-worker unions rejected a government offer aimed at avoiding a strike, according to Dow Jones Newswires. The move comes ahead of Wednesday's planned strike by oil workers.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7B534CAEB2%2D21E3%2D4986%2D9A68%2DBCEBB45041B0%7D
 
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06/20/2007 - Updated 9:13 AM ET
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Crude oil falls ahead of data on energy supplies
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By Polya Lesova, MarketWatch

NEW YORK (MarketWatch) -- Crude-oil futures edged lower Wednesday, as traders awaited Energy Department data on petroleum supplies due later in the morning, expected to show a rise in gasoline stocks.
Crude for July delivery shed 24 cents at $68.86 a barrel on the New York Mercantile Exchange.
The contract climbed 1 cent to close at $69.10 a barrel Tuesday, its strongest closing level since mid-September of last year.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7B14D08013%2DB421%2D4C5E%2DB666%2DB6F2EC71A615%7D
 
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Oil tumbles on big jump in inventories:D

Prices fall after crude, gasoline supplies post surprise increase ahead of summer driving season.

June 20 2007: 10:40 AM EDT


NEW YORK (CNNMoney.com) -- Oil prices sank nearly $1 Wednesday after a government report said supplies of crude and gasoline jumped more than Wall Street had expected.
U.S. crude for July delivery slid 89 cents to $68.21 a barrel on the New York Mercantile Exchange. Oil had traded down 21 cents just prior to the report's release.

http://money.cnn.com/2007/06/20/markets/oil_eia/index.htm?postversion=2007062010
 
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Gallon of gas dips below $3

AAA Fuel Gauge data shows the nationwide average retail price for a gallon of regular is $2.998.

By Chris Zappone, CNNMoney.com staff writer
June 20 2007: 1:35 PM EDT


NEW YORK (CNNMoney.com) -- The nationwide average retail price for a gallon of regular gasoline fell to $2.998 Wednesday, according to AAA. Tuesday the price stood at $3.002, according to the motorists' association.

http://money.cnn.com/2007/06/20/markets/gasoline/index.htm?postversion=2007062013
 
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06/21/2007 - Updated 9:33 AM ET
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Crude jumps on Nigeria general strike
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By Polya Lesova, MarketWatch

NEW YORK (MarketWatch) -- Crude-oil futures rose sharply Thursday, rebounding from prior-session losses, as a general strike in Nigeria, Africa's biggest oil producer, heightened concerns about the potential for major supply disruptions.
Crude for August delivery, the new front-month contract, rallied 88 cents, or 1.3%, to stand at $69.74 a barrel on the New York Mercantile Exchange. Petroleum products also posted gains, but crude remained the center of attention.

http://markets.usatoday.com/custom/...S&guid={0D6C568D-1C1D-466E-A7E9-DF8234FB0FF2}
 
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Crude climbs again, tops $69 mark

Concerns about Nigerian labor strike push prices higher as OPEC downplays chances of a production boost.

June 21 2007: 8:46 AM EDT


LONDON (Reuters) -- Oil resumed its upward march Thursday, shrugging off steep falls a day earlier triggered by bearish U.S. data, as the market turned its focus back to a strike in Nigeria and OPEC doused hopes of an output increase.
London benchmark Brent crude was up 62 cents at $71.04 a barrel by 8:30 a.m. ET, recouping after a $1.42 fall on Wednesday. U.S. light, sweet crude was up 60 cents at $69.50.


http://money.cnn.com/2007/06/21/markets/oil.reut/index.htm?postversion=2007062108
 
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