Oil Slick Stuff

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nnuut said:
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Saudi Gov't Won't Shrink Investments Amid Lower Oil Prices
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Poor buggers..are you trying to say, they won't be able to build one of these?
120 degrees outside, 30 degrees inside
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Hey Norm, I can't seem to find any crack spread (that just sounds like a buster joke waiting to happen -- keep it clean, dude) data lately. You got anything?
 
WOAHA!!!:D
Crack spread
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This article or section reads like a review and may need a cleanup.
Please help improve this article to make it neutral in tone and meet Wikipedia's quality standards. (April 2008)Crack spread is a term used in the oil industry and futures trading for the differential between the price of crude oil and petroleum products extracted from it - that is, the profit margin that an oil refinery can expect to make by "cracking" crude oil (breaking its long-chain hydrocarbons into useful shorter-chain petroleum products).
In the futures markets, the "crack spread" is a specific spread trade involving simultaneously buying and selling contracts in crude oil and one or more derivative products, typically gasoline and heating oil. Oil refineries may trade a crack spread to hedge the price risk of their operations, while speculators attempt to profit from a change in the oil/gasoline price differential. [more]
http://en.wikipedia.org/wiki/Crack_spread

You can check out the numbers here:
http://www.nymex.com/crack_spread_overvi.aspx
 
Thanks Norm, you're a gentleman and scholar (although I suspect you are a dawgs fan, haha)...

Methinks there have been some pretty pennies made recently trading that crack spread. I found some data showing that the spread was actually wider in september --- but my brain hurts now so I'm gonna take a few days off from thinking and eat some turkey and dressing and sweet potato soufflet.

Happy Thanksgiving to you and yours Norm.
 
Minnow said:
Thanks Norm, you're a gentleman and scholar (although I suspect you are a dawgs fan, haha)...

Methinks there have been some pretty pennies made recently trading that crack spread. I found some data showing that the spread was actually wider in september --- but my brain hurts now so I'm gonna take a few days off from thinking and eat some turkey and dressing and sweet potato soufflet.

Happy Thanksgiving to you and yours Norm.
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Buster said:
Oh dear Mother of Mercy..give me strength..I will not comment, I will not comment...
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Same to you Minnow, you and Buster are always an inspiration to me!!!beerdrinker.gif
 
The Dollar weakness over the last week has been forcing the price of Oil up. Today the Dollar is on the upside which could help turn it around.
Last trade85.507Change+0.644 (+0.83%)
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Settle Time15:10Open84.913
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Previous Close77.736High85.622
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Low84.9002008-11-26 08:15:06, 30 min delay
http://quotes.ino.com/chart/?s=NYBOT_dx

Mean while Russia is joining OPEC in proposing additional production cuts which may tend to elevate prices if demand is steady.

Oil rises as Russia threatens cut

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Russia has hinted it may cut output ahead of the Opec meeting

Oil prices have risen slightly after Russia said it might join producers' cartel Opec in cutting output.
"Russia will co-ordinate with Opec to defend its interests," said Russian energy minister Sergei Shmatko.
Russia, one of the world's leading oil exporters, is not a member of the cartel, which will meet this week to decide whether to cut output further.
US light, sweet crude climbed 23 cents to $51.00 a barrel. Brent crude rose 32 cents to $50.67 in early trading.
On Tuesday oil prices had fallen by more than $3.50 a barrel.
Demand fears
http://news.bbc.co.uk/2/hi/business/7749582.stm
 
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You know how it is, Dollar UP Oil DOWN, Dollar DOWN Oil UP!!
More on the DOLLAR::mad:

Dollar falls on U.S. plan to boost lending

The greenback is down against major currencies as the Fed and Treasury announce a plan to lend billions in an attempt to backstop consumer debt.

By Lara Moscrip, CNNMoney.com contributing writer
Last Updated: November 25, 2008: 4:27 PM ET

Click the chart to track the latest currency values.

NEW YORK (CNNMoney.com) -- The dollar fell against major currencies Tuesday, as the Dow extended its winning streak and the government unveiled a plan to pump billions of dollars into the economy in an effort to jump-start consumer lending.
The dollar lost ground against the 15-nation euro, which rose 1.1 cents to $1.306 from $1.295 late Monday. The dollar slipped against the British pound, which rose 3.4 cents to $1.552 from $1.518 late Monday.
Meanwhile, the greenback fell ¥1.74 to ¥95.62 against the Japanese yen.
The Fed's announcement sparked a morning rally, and stocks churned Tuesday afternoon before the Dow Jones industrial average (INDU (INDU))extended its winning streak to three days with a 38-point gain. The Standard & Poor's 500 (SPX (SPX)) ended up and the Nasdaq composite (COMP (COMP)) ended down. {more]
http://money.cnn.com/2008/11/25/markets/dollar/index.htm?postversion=2008112516
 
Everything points to higher Oil, Next we have weekly inventories.:o

Crude gains on China rate cuts, EU stimulus plan

By Polya Lesova & Moming Zhou, MarketWatch
Last update: 10:11 a.m. EST Nov. 26, 2008

NEW YORK (MarketWatch) - Crude-oil futures rose more than 3% Wednesday on speculation that a big rate cut in China and Europe's economic stimulus proposal will boost energy demand.

Traders are also awaiting the latest data on U.S. petroleum inventories due later in the session.
Crude oil for January delivery gained $1.83, or 3.6%, to $52.60 a barrel in on the New York Mercantile Exchange. Trading in crude has remained volatile this week. Futures surged more than 9% Monday but tumbled nearly 7% Tuesday.
The central bank of China, the world's second largest oil consumer, Wednesday slashed its lending and borrowing rates by more than 1% to deliver its strongest response yet to a recent slowdown in the mainland's economic growth.
The People's Bank of China also cut banks' reserve requirements sharply. See full story. http://www.marketwatch.com/news/sto...x?guid={26690445-9E5A-4871-9DB6-94423BC7E5FC}
 
Market Update

10:35 am : Just reported by the Department of Energy, crude oil inventories spiked 7.3 million for the week ended Nov 22, compared to the expected increase of 1.0 million barrels. Gasoline inventories rose 1.8 million barrels. Crude oil prices were trading up 3.6% to $52.58 per barrel just prior to the release.
Stocks recover some ground adn then dip a bit as the oil inventory is released, as it indicates weak demand. [more]
http://finance.yahoo.com/marketupdate/overview?u
 
Wow, just got back to the house, sorry I'm late with the update, but couldn't be avoided!! hic!
 
From the BBC:


Oil price down below $54 a barrel


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Oil is far below the record of $147 a barrel reached in July


Oil prices have fallen below $54 a barrel amid fears that global demand for crude oil is set to fall further.
Iranian and Qatari ministers also dampened expectations of Opec announcing a cut in production at their meeting in Cairo on Saturday.
US light, sweet crude was down 88 cents at $53.56 a barrel. In London Brent was down 28 cents at $52.85.
Opec member Venezuela favours a cut in output of a million barrels a day to try to boost prices.
The Iranian Oil minister, Gholam Hossein Nozari dampened expectations about the outcome of the meeting in the Egyptian capital and said a cut may be announced at the meeting in Algeria on 17 December.
"Here we will prepare some data and maybe the final decision will be in Algeria," he said. This indication was backed up by the Qatari energy minister, Abdullah al-Attiyah. In a move that helped stabalise prices earlier this week Russian energy minister Sergei Shmatko said his country would "co-ordinate with Opec to defend its interests." Opec, which accounts for 40% of global oil production, cut output by 1.5 million barrels a day last month, but the move failed to stop prices from declining. http://news.bbc.co.uk/2/hi/business/7754639.stm
 
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