Oil Slick Stuff

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Sounds like a excuse to cut production and drive up prices, AGAIN!!:mad:

OPEC sees slowing oil demand

The crude exporter group says supply from its rivals will expand; developments in biofuels need 'careful monitoring.'

July 16 2007: 11:16 AM EDT

LONDON (Reuters) -- OPEC said on Monday that world oil demand in 2008 will grow moderately while supply from rival producers will expand, reducing the need for crude from the exporter group.
The assessment, in OPEC's July Monthly Oil Market Report, underscores OPEC's view that crude supply is enough and oil prices near a record high reflect a strain on refineries and other factors beyond its control.
http://money.cnn.com/2007/07/16/new...orecast.reut/index.htm?postversion=2007071611
 
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Oil bounces back up

Crude prices continue previous session's climb on supply concerns.

July 17 2007: 8:46 AM EDT


LONDON (Reuters) -- Oil recovered above $74 a barrel, off lows as investors took profits Tuesday after a surge toward record highs fueled by supply concerns and a wave of speculative buying.
U.S. crude was up 50 cents at $74.64, narrowing the spread with Brent, a day before the release of key inventory data by the United States' Energy Information Administration.

http://money.cnn.com/2007/07/17/markets/bc.markets.oil.reut/index.htm?postversion=2007071708
 
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Martet Update
12:30 pm : After being up as much as 1.6% at $75.35/bbl level about two hours ago, oil prices have spiked lower and into negative territory after Iran earlier said it may make further cuts in gasoline imports. Crude for August delivery, which expires today, is now down 0.8% near $73.60/bbl. While lower oil prices bode well for consumers, as reflected in the market looking past the slight rise in June core PPI in favor of the 1.1% drop in energy prices, oil's latest downturn is having an adverse effect.
http://finance.yahoo.com/marketupdate/update
 
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Oil sinks back below $75

Gasoline drags down crude as a refinery restarts, but demand for oil keep prices strong.

July 17 2007: 3:44 PM EDT

NEW YORK (Reuters) -- Oil retreated below $75 a barrel Tuesday, after setting fresh 11-month highs fueled by supply concerns and a wave of speculative buying.
U.S. crude gave up 13 cents to $74.02 a barrel, narrowing the spread with Brent, a day ahead of key U.S. oil inventory data. Oil hit a fresh 11-month trading high of $75.35 earlier in the session.

http://money.cnn.com/2007/07/17/markets/bc.markets.oil.reut/index.htm?postversion=2007071715
 
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Crude jumps on drop in inventories

Government report shows surprise plunge in gasoline supplies; futures test $75 a barrel level.

July 18 2007: 11:07 AM EDT


NEW YORK (CNNMoney.com) -- Oil prices rallied closer to the $75 a barrel level Wednesday after the government said supplies, particularly those of gasoline, fell more than expected last week.
U.S. light crude for August delivery jumped 88 cents to $74.90 a barrel on the New York Mercantile Exchange. Oil had traded up 34 cents just prior to the report's release.

http://money.cnn.com/2007/07/18/markets/eia_oil/index.htm?postversion=2007071811
 
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FUTURES MOVERS

Crude-oil futures struggles to hold $75 level
Natural-gas futures still higher on slightly smaller-than-expected supply rise

By Myra P. Saefong & Polya Lesova, MarketWatch
Last Update: 12:14 PM ET Jul 19, 2007

SAN FRANCISCO (MarketWatch) -- Crude-oil futures struggled to hold the $75-a-barrel level at mid-day Thursday, pulling back as volatility a day ahead of the expiration of the August contract offset some of the earlier support from French oil major Total's production cut at an oil platform in Angola and last week's decline in U.S. crude and gasoline supplies.
http://www.marketwatch.com/News/Story/Story.aspx?column=Futures+Movers
 
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Oil steady near $76

Strong demand, refinery glitches put pressure on price.

July 20 2007: 6:28 AM EDT


LONDON (Reuters) -- Oil steadied Friday, supported by concern that rising demand will strain supplies already thinned by U.S. refinery glitches and output disruptions in Africa.
The market has rallied to within sight of its all-time peak, spurred by a surprise fall in U.S. gasoline inventories, accelerating economic growth in China and a brief supply outage in OPEC member Angola.
http://money.cnn.com/2007/07/20/markets/bc.markets.oil.reut/index.htm?postversion=2007072006
 
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Don't you just LOVE OPEC?:mad:

OPEC official: $60 - $65 oil is 'appropriate'

The cartel's head of research quoted as saying that such a price range encourages investment.

July 22 2007: 9:55 AM EDT

KUWAIT (Reuters) -- A fair price for both oil producers and consumers for a barrel of oil would be around $60 to $65 a barrel, a Kuwaiti state oil newsletter quoted the head of OPEC's research division as saying.
"A price of $60 to $65 is appropriate for consumers and producers, because it boosts means of investment in the oil industry in light of growing demand for oil in the coming years," state firm Kuwait Petroleum Corporation's (KOC) monthly newsletter quoted Hasan Qabazard as saying.

http://money.cnn.com/2007/07/22/news/economy/opec.reut/index.htm?postversion=2007072209
 
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Yes that's lots better than $76 a barrel for oil! Crooks!:mad: I really think 50 to 60 is fair, but 40 to 50 is better!!.:worried:
 
Crude edges down on OPEC comments

President of oil cartel says high prices a concern, shows willingness to pump more oil if needed.

July 23 2007: 6:04 AM EDT


LONDON (Reuters) -- Oil fell Monday after OPEC expressed concern over near record prices and said it was prepared to pump more crude if needed.
OPEC President and United Arab Emirates Energy Minister Mohammed al-Hamli said Sunday that oil's strength was a worry but the world economy was still growing in spite of it.
http://money.cnn.com/2007/07/23/markets/bc.markets.oil.reut/index.htm?postversion=2007072306
 
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http://www.bloomberg.com/apps/news?pid=20601109&sid=aYjwn7IqTlHQ&refer=exclusive

July 23 (Bloomberg) -- The $100-a-barrel oil that Goldman Sachs Group Inc. said would prevail by 2009 may be only a few months away.
Jeffrey Currie, a London-based commodity analyst at the world's biggest securities firm, says $95 crude is likely this year unless OPEC unexpectedly increases production, and declining inventories are raising the chances for $100 oil. Jeff Rubin at CIBC World Markets predicts $100 a barrel as soon as next year.
 
Oil declines ahead of inventory report:o

Crude slides on expectations of higher fuel stockpiles in the U.S., assurances that OPEC will pump more if needed.

July 24 2007: 5:50 AM EDT


LONDON (Reuters) -- Oil prices fell for a third day on Tuesday on expectations of rising fuel stockpiles in the United States and reassurances from OPEC that it would pump more crude if necessary.
U.S. light crude slid 80 cents to $74.09 a barrel in electronic trading.

http://money.cnn.com/2007/07/24/markets/bc.markets.oil.reut/index.htm?postversion=2007072405
 
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This is GOOD, Comon Oil drag us out of this hole!!!:D

Oil tumbles nearly $2 on OPEC assurances

Expectations of higher fuel stockpiles in the United States also push crude down.

July 24 2007: 10:01 AM EDT


LONDON (Reuters) -- Oil fell more nearly $2 a barrel on Tuesday after further assurances from OPEC that it would pump more crude if needed and expectations of higher U.S. fuel stockpiles.
Crude fell $1.69 to $73.20, while London Brent crude tumbled $1.74 to $75.17 a barrel by 9:35 am ET.
nymex_oil.03.jpg

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Oil tumbles nearly $2 on OPEC assurances
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Oil jumps $1 on falling inventories

http://money.cnn.com/2007/07/24/markets/bc.markets.oil.reut/index.htm?postversion=2007072410
 
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The "I" fund won't like this.:mad:


Lower production hits BP profits

Falling production and refinery problems has dented BP's second-quarter earnings, which dipped slightly.
Replacement cost profit for the April to June period was down 1% on last year to $6.09bn (£3bn).
The results are the first set since Lord Browne stepped down as the firm's chief executive in May after a scandal involving his personal life.
BP has suffered a number of setbacks recently, including a fatal fire at a Texas refinery, and oilfield shutdowns.
http://news.bbc.co.uk/2/hi/business/6912983.stm
 
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Big Oil: Another profit record in sight

Exxon could once again post the biggest profit in corporate history as lower oil prices and higher gasoline prices result in a refining bonanza.

By Steve Hargreaves, CNNMoney.com staff writer
July 24 2007: 12:45 PM EDT


NEW YORK (CNNMoney.com) -- There's rarely been a better time to be a refiner.
In the second quarter, refiners bought crude oil at lower prices and sold gasoline at record high prices. As a result, companies like Exxon Mobile, Chevron, and Valero could see record profits when the industry reports earnings this week.
Exxon (Charts, Fortune 500), which actually refines more barrels of oil than it pumps, could see over $11 billion in earnings, which would be the biggest quarterly profit in corporate history.
http://money.cnn.com/2007/07/24/news/companies/oil_profits/index.htm?postversion=2007072412
 
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