Oil Slick Stuff

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Good timing!!:mad:

Oil turns higher as gasoline supplies fall

Heating and diesel fuel feed stocks also drop despite uptick in refining activity.

June 27 2007: 10:47 AM EDT


NEW YORK (CNNMoney.com) -- Oil prices turned higher Wednesday after the government said supplies of gasoline and distillates used to make diesel showed a surprise decline.
U.S. light crude for August delivery jumped 58 cents to $68.35 a barrel on the New York Mercantile Exchange. Oil had traded down 62 cents just prior to the report's release.
Special Report.

http://money.cnn.com/index.html?cnn=yes
 
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As you can see higher Oil/Gas sometimes stimulates the Market. This is the case today, how long it will last, not long.

MARKET UPDATE
11:00 am : After being down as much as 1.3% earlier, the Energy sector (-0.3%) briefly spiking into positive territory has given the market a much needed source of support since the last update. Crude for August delivery, which was down more than 1.0% and lower all morning ahead of today's EIA report, has turned the corner.
http://finance.yahoo.com/marketupdate/overview
 
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No wonder the're complaining, 11 cents a litre! Ha!:suspicious:

Iranians in uproar over gas rationing


Reuters

Published: Wednesday, June 27, 2007
TEHRAN - Iran said it would introduce gasoline rationing today, to wean the No. 2 OPEC crude producer off costly fuel imports, but the move sparked angry scenes in the capital where one fuel station was set alight.
http://www.canada.com/ottawacitizen/news/story.html?id=95b8f961-8e9f-4b81-a466-773ab9019907
 
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Now their making fuel out of food again! Duh!:mad:

BP, DuPont partner to make wheat fuel in UK

Previous biofuels efforts from British oil giant focused on non-food crops such as straw.

June 26 2007: 11:49 AM EDT

LONDON (Reuters) -- British oil major BP Plc, Associated British Foods Plc and U.S. chemical company DuPont plan to build a new plant to make transport fuel from wheat in Hull, north-east England.
The companies said Tuesday they would invest 200 million pounds ($400 million) in the plant, which will produce around 420 million liters of ethanol annually from late 2009.
http://money.cnn.com/2007/06/26/news/economy/bp_wheat.reut/index.htm?postversion=2007062611
 
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06/27/2007 - Updated 3:26 PM ET
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Crude rallies as heating-oil futures near 1-week highDistillate supply marks first fall in 8 weeks; crude stocks, refinery activity up
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By Myra P. Saefong, MarketWatch

SAN FRANCISCO (MarketWatch) -- Crude futures closed near $69 a barrel Wednesday and heating-oil futures finished near a one-week high after a government report showed that supplies of distillates fell for the first time since late April, and gasoline inventories unexpectedly declined despite an increase in refinery activity last week.

asp?markets=COMMODITIES&guid=%7B25C3C5BB%2D51C2%2D4101%2D8745%2D4E3EF5C51C45%7D
 
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Oil above $69 as stockpiles climb

Prices gain following unexpected slide in gasoline supply ahead of summer driving season.

June 28 2007: 6:12 AM EDT


LONDON (Reuters) -- Oil steadied above $69 a barrel Thursday after a surprisingly steep decline in U.S. gasoline stocks revived supply worries during the height of the summer driving season.
U.S. crude gained 24 cents to $69.21 a barrel, following an overnight spike of $1.20. London Brent crude, now a better gauge of global prices than U.S. oil, was up 11 cents at $70.64.

http://money.cnn.com/2007/06/28/markets/oil.reut/index.htm?postversion=2007062806
 
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Iran, Iran can't build Oil Refineries but wants to build NUCLEAR POWER PLANTS!!!!!! What's up with that?:confused::nuts:
 
FUTURES MOVERS
Crude oil rises boosted by bullish inventory data

By Polya Lesova, MarketWatch
Last Update: 9:11 AM ET Jun 28, 2007

NEW YORK (MarketWatch) -- Crude-oil futures rose Thursday, continuing to draw support from U.S. inventory data released in the previous session, which showed that gasoline supplies unexpectedly declined despite an increase in refinery activity.

http://www.marketwatch.com/News/Story/Story.aspx?column=Futures+Movers
 
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No Sir, I don't like it!:mad::nuts:
AP
Oil Hits $70 a Barrel
Thursday June 28, 9:59 am ET

Oil Futures Briefly Hit $70 a Barrel on Supply Concerns

NEW YORK (AP) -- Oil futures briefly hit $70 a barrel in New York trading Thursday for first time since Sept. 1 after a government report showed that gasoline inventories dropped unexpectedly just as the summer driving season is about to hit its peak.
Light, sweet crude for August delivery gained 95 cents to $69.92 a barrel on the New York Mercantile Exchange after rising briefly above $70. The front month contract last settled above $70 on Aug. 31.
http://biz.yahoo.com/ap/070628/oil_prices.html?.v=20
 
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As you probably noticed, the availability of Oil (inventories ) are no longer driving the price as it has in the past. NOW Gas inventories are driving the price of Oil. Like yesterday Oil inventories are up, way up, Gas inventories are down due to consumer use and/or refinery output. Oil goes up to $70. So don't get confused like I did!:D

Oil jumps above $70

Surprise drop in gasoline supply ahead of summer driving season sends U.S. crude prices above $70 for the first time this year.

June 28 2007: 1:13 PM EDT


LONDON (Reuters) -- Oil climbed above $70 a barrel Thursday after a surprisingly steep decline in U.S. gasoline inventories revived supply worries during the height of the summer driving season.
A slowdown in gasoline imports drained inventories of motor fuel in the world's top consumer by 700,000 barrels last week versus an expected rise of 1.2 million barrels.
http://money.cnn.com/2007/06/28/markets/oil.reut/index.htm?postversion=2007062813
 
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Oil climbs above $70 on supply woes

Gap between American and European benchmarks narrow as traders worry about a surprising drop in gasoline inventories in the world's top consumer.

June 29 2007: 6:18 AM EDT


LONDON (Reuters) -- Oil held around $70 a barrel for a third session Friday, as the market focused on falling gasoline inventories in the United States and a decline in crude stocks in a key delivery point in the world's top consumer.
U.S. August crude oil rose 70 cents to $70.27 a barrel in electronic trading after reaching its highest settlement since late August 2006 and breaching the $70 mark during overnight trade. London Brent crude rose 66 cents to $71.18.
http://money.cnn.com/2007/06/29/markets/oil.reut/index.htm?postversion=2007062906
 
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Better gas milage may come at a high price!:worried:

Detroit's big chill

New fuel economy regulations could doom U.S. automakers, says Fortune's Alex Taylor.


By Alex Taylor III, Fortune senior editor
June 29 2007: 7:14 AM EDT


NEW YORK (Fortune) -- If turned-off consumers, teed-off union workers and fired-up competitors don't kill off what's left of the U.S. auto industry, then proposed new fuel economy standards may finish the job.
http://money.cnn.com/2007/06/28/aut...econ.fortune/index.htm?postversion=2007062907
 
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A view from across the pond!

Petrol pressure drives oil price

_42443900_petrol203ap.jpg
During summer months, oil prices tend to follow US petrol demand

Oil prices have continued their recent rally, adding almost $1 amid concerns that more crude will need to be refined to replenish US petrol stockpiles.

New York light crude added 92 cents, or 1.3%, to $70.49. In London, Brent crude climbed 95 cents, or 1.4%, to $71.47.
The US is entering its peak driving season and recent reports have shown that petrol supplies have dipped.
http://news.bbc.co.uk/2/hi/business/6254810.stm
 
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Oil settles near $71 on supply woes:mad:

Gap between American and European benchmarks narrows as traders worry about a surprising drop in gasoline inventories in the world's top consumer.

June 29 2007: 3:37 PM EDT


NEW YORK (Reuters) -- Crude settled near $71 a barrel on Friday as investors focused on falling gasoline and crude stocks in key regions of the United States, the world's top consumer.
Oil settled $1.11 higher at $70.68, the highest settlement since August 25.


http://money.cnn.com/2007/06/29/markets/oil.reut/index.htm?postversion=2007062915
 
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AP
Oil Prices Dip, but Remain Above $70
Monday July 2, 7:09 am ET
By Pablo Gorondi, Associated Press Writer Oil Prices Dip Slightly in Early Trading but Remain Above $70 a Barrel
Oil prices were little changed Monday despite concerns about U.S. gasoline stocks and terrorist attacks after the weekend incidents in Britain.
Britain has raised its security alert level to the highest possible level, indicating terror attacks may be imminent. On Friday, authorities thwarted coordinated bomb attacks in central London while on Saturday two men rammed a Jeep Cherokee into a Glasgow airport terminal and set it ablaze. Britain has raised its security alert level to the highest possible level, indicating terror attacks may be imminent.
http://biz.yahoo.com/ap/070702/oil_prices.html?.v=6
 
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Oil holds over $70 despite terror threat

In holiday week, traders await inventory report expected to show higher fuel production in the world's top consumer.

July 2 2007: 9:24 AM EDT


SINGAPORE (Reuters) -- Oil steadied above $70 a barrel on Monday, underpinned by falling gasoline inventories in top consumer the United States and expectations of a recovery in refinery use.
Crude was so far little moved by security concerns that rippled through financial markets after a weekend attack on a Scottish airport, weighing on European stocks and boosting government bonds.
"http://money.cnn.com/2007/07/02/markets/bc.markets.oil.reut/index.htm?postversion=2007070209
 
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FUTURES MOVERS:D
Crude-oil futures fall as traders lock in gains
Prices lose over 1% to trade below $70 after last month's rise

By Myra P. Saefong & Polya Lesova, MarketWatch
Last Update: 11:05 AM ET Jul 2, 2007

SAN FRANCISCO (MarketWatch) -- Crude-oil futures fell Monday morning to trade below $70 a barrel, failing to find any support from attempted bombings in the U.K. after already gaining nearly 9% last month.
Crude oil for August delivery was last down 62 cents to $70.06 a barrel on the New York Mercantile Exchange.
http://www.marketwatch.com/News/Story/Story.aspx?column=Futures+Movers
 
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Oil floats above $70

Crude prices pare some losses after falling by more than $1 a barrel.

July 2 2007: 12:40 PM EDT


NEW YORK (Reuters) -- Oil prices held above $70 a barrel on Monday, underpinned by tight gasoline inventories in the United States and expectations of a recovery in refinery use in the world's top consumer.
Crude was little moved by security concerns that rippled through European financial markets after failed car bombing attempts in London and an attack on Glasgow's airport over the weekend, weighing on stocks and boosting government bonds.

U.S. crude fell 46 cents to $70.22, after settling on Friday at the highest price since August. Earlier in the session, crude prices fell as far as $69.60 a barrel.
(more)
http://money.cnn.com/2007/07/02/markets/bc.markets.oil.reut/index.htm?postversion=2007070212
 
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