Oil Slick Stuff

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Two things:

1. Home sales jumped 7.1% in August. Unexpected good news.

2. The only possible reason for the increase in gasoline stockpiles is MUCH less driving by the public- which means pump prices are going to continue to fall.

Two tiny indicators of better news. In a sea of bad news- those are good news items.

Time for a market reversal.
 
In light of all this good news..:rolleyes:

Can anyone predict or see the possibility still of $5.00/gal gas in the near term, say to the end of this year?


I have a bet riding on the fact that it won't..:D
 
sleezy.gif
 
OK I can't see the graphics at work, blocked. I hope you're not ass'n up my thread?:notrust:
 
nnuut said:
OK I can't see the graphics at work, blocked. I hope you're not ass'n up my thread?:notrust:
Click to expand...
I'll attempt to put a caption on it

It's a SciFi Channel Exclusive! [bargain basement bin of Universal Pictures]

Disaster Oil Central! The lightning storm of the Century and a Type 1 Prime Tornado head straight for the secret Mega Oil Rig of Monolith Oil!
Who will Survive?
 
I do believe oil prices are going lower until OPEC reduces production but then Iraq will kick in and force prices even lower - this is a nice little tax break for the consumer. I just wish I could be bearish with all this sub-prime and credit crunch but it just isn't in me. I see too much good that is going to happen to the economy and am well placed to participate with my loaded up stock portfolio. No assets have been destroyed - all homes still exist and will find buyers. Money is going to shift out of money markets with a vengence and land squarely in the stock market. I can smell the bull manure.
 
Opec members seek emergency meeting

Financial Times
By Carola Hoyos in London
Published: October 8 2008 17:48 | Last updated: October 8 2008 17:48


Almost half the members of cartel have in the past few days called on the group to act to halt the slide before their next official meeting scheduled to take place in Algeria in late December.

Iran, Libya, Nigeria, Iraq, Venezuela and Ecuador, whose economies tend to be most dependent on high oil prices and whose ministers are among the most hawkish of the 13-member group, have all lobbied for the cartel to drop output.

Their calls came as oil consuming nations moved to bolster their economies in a co-ordinated interest rate cut.

http://www.ft.com/cms/s/0/417df05e-9555-11dd-aedd-000077b07658.html?nclick_check=1
[Birch, did you say OPEC? Dingdingding! Iraq wants to keep prices high, however.]
 
Oil falls below $88 on recession fears

Concerns that weak economy could drive demand lower has analysts forecasting even lower prices.

October 9, 2008: 3:00 AM ET

SINGAPORE (AP) -- Oil prices fell below $88 a barrel Thursday in Asia on investor fears that crude demand will weaken as turmoil in the financial system pushes economies in the U.S. and Europe into recession.
Light, sweet crude for November delivery was down $1.39 to $87.56 a barrel in electronic trading on the New York Mercantile Exchange by midday in Singapore. The contract fell $1.11 Wednesday to settle at $88.95.
The U.S. Federal Reserve, along with central banks in Europe and China cut interest rates Wednesday in a bid to jump-start lending. But markets in the U.S. and Europe sank on deepening fears about frozen lending markets and sluggish growth. The Dow Jones industrial average lost another 2%, and the index has shed more than a third of its value since its all-time high set one year ago Thursday.[more]
http://money.cnn.com/2008/10/09/markets/bc.apfn.as.oilprices.ap/index.htm?postversion=2008100903
 
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Anybody know what Gas was selling for....National average....the last time oil was in this range?
 
Never mind...When this thread was started in 06 it looks like a barrel was at 70 and gas prices were under 2 dollars.....Do you think we will return to those levels?
 
CapeChem said:
Never mind...When this thread was started in 06 it looks like a barrel was at 70 and gas prices were under 2 dollars.....Do you think we will return to those levels?
Click to expand...
YES!!!!!!!!:D We will hit a bump when OPEC cuts production, (if they do?) but I think we should get lower than 70 a barrel.:cool:
 
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