Oil Slick Stuff

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NEW YORK (MarketWatch) -- Crude-oil futures rose Tuesday as traders short-selling February oil made last-minute buying to cover their positions before the front-month contract expires later today.

Meanwhile, traders moved their short positions to March futures, pushing the next front-month contract down more than 4%.

http://www.marketwatch.com/news/story/Oil-rallies-front-month-contract/story.aspx?guid={A20A6A4D-A191-451F-822C-39BBDA925DC8}
 
Norm,

Gotta love this guy:

Trader and analyst Stephen Schork said the current gloomy economic indicators in the United States -- such as the rising jobless rate and falling industrial production -- did not point to a quick recovery.
"Bottom line, we have high supply and low demand. Why should the March Nymex crude oil not trade below $40 ... or 30?" Schork wrote in his daily market comment.

http://finance.yahoo.com/news/Oil-markets-suggest-broad-apf-14105409.html
 
World gasoline prices:

January global retail gasoline prices, with net changes from December in parentheses: US$/ per gallon




Australia 3.16

China^ (-0.02) 3.46

India^ (~) 4.25

Indonesia^ (-0.05) 1.82

Japan 4.50

Malaysia^ 2.29

Singapore (-.10) 4.73

Vietnam^ 2.86

United States (+0.03) 1.78

Brazil^ (+0.05) 4.91

Mexico^ (-0.01) 2.10

Venezuela^ (~) 0.12

Norway (+0.01) 7.00

Russia (-0.16) 3.05

United Kingdom (-.25) 5.82

Iran^ 0.46

Nigeria^ 2.14

Saudi Arabia^ 0.55

South Africa^ (-0.10) 2.84

NOTE: The United States, Mexico, Venezuela and Japan use U.S. gallons (equals 3.785 litres). All others in imperial gallons (equals 4.546 litres).


Prices for the United States based on data from U.S. Department of Energy. Other prices are provided by Reuters reporters or obtained from websites of gasoline retailers, and are spot prices obtained in the first two weeks of January.

^ indicates that Fuel prices are state-regulated
 
Frixxxx said:
Norm,

Gotta love this guy:

Trader and analyst Stephen Schork said the current gloomy economic indicators in the United States -- such as the rising jobless rate and falling industrial production -- did not point to a quick recovery.
"Bottom line, we have high supply and low demand. Why should the March Nymex crude oil not trade below $40 ... or 30?" Schork wrote in his daily market comment.

http://finance.yahoo.com/news/Oil-markets-suggest-broad-apf-14105409.html
Click to expand...
I think he hit the Nail on the Head, something has gotta give soon. I think there's RATS in the attic!! :nuts: CROOKS crooks.gif
 
http://www.safehaven.com/article-12380.htm

January 20, 2009
Yellow Gold vs Crude Black Gold, Who's Ready to Rally
by Chris Vermeulen

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While gold was extremely popular the past few years, I think it's safe to say crude oil is unbeatable for popularity, as it's a resource which almost everyone uses on a daily basis and it affects all of us in the wallet when oil prices rise as fuel, shipping costs and petroleum products start to cost more and more. This is the first time I have REALLY noticed everyone is following the price of oil. When kids start talking about it, then you know its being watched like a hawk from all types of individuals and traders.
When crude oil peaked at $147.90 back in July, people were starting to panic. The increase on fuel alone was really taking a toll on commuters and shipping costs went through the roof, which hurt almost every business in some way. That being said, oil is now back down at support and looking ready for a bounce. Let's take a look at the charts.
 
Boy are they grasping at straws!:o

Oil rises on rebounding banks

Anxiety over bank sector temporarily allayed as stocks bounce back. But analysts say oil will likely test $30 again.

By David Goldman, CNNMoney.com staff writer
January 21, 2009: 10:20 AM ET

NEW YORK (CNNMoney.com) -- Oil prices rose Wednesday, as investors kept a close eye on the rising financial markets for a sign that the economy may be on the path to recovery.
U.S. crude for March delivery rose $1.16 to $42 a barrel in the first day of the front-month contract, after trading up and down between $40 and $42 earlier in the day.
The February contract terminated Tuesday, rising $2.23 to settle at $38.74.
Normally on a Wednesday, the oil markets would receive a weekly supply report from the U.S. Department of Energy. However, this week's report was postponed until Thursday due to the observance of Martin Luther King Jr. day on Monday.
"Without the supply report, we'll get sideways trading with people keeping an eye over their shoulder at the financial markets," said Tom Kloza, chief oil analyst at Oil Price Information Service. "If the indexes continue to hemorrhage, it will be challenging for oil prices to go up."
Markets were in a slight rebound early Wednesday, after the stock market tumbled Tuesday on continued financial sector distress, despite the inauguration of President Obama. Still, demand for oil products has tanked since late last summer, as the financial sector has led the economic recession down to new depths.
"People tend to conserve fuel when they don't have jobs," said Kloza. "U.S. demand is just awful - and really, really down for transportation diesel."
As a result, oil has fallen in a relatively straight plunge from its all-time high near $150 a barrel in mid-July. Despite Tuesday's and Wednesday's rise, traders and analysts do not believe prices are trending higher yet. Instead, they say, the recent upward movement may be representative of an occasional hiccup in the market.
Goldman Sachs analysts said Tuesday that a target price for crude oil in the first quarter of 2009 will be around $30 a barrel, given still slumping demand.
The Obama factor
The new president has pushed for a doubling of alternate, renewable energy production in the United States, including $72 billion of energy infrastructure improvements and renewable energy tax credits in the first draft of the economic stimulus bill.[more]
http://money.cnn.com/2009/01/21/markets/oil/index.htm?postversion=2009012110
 
http://finance.yahoo.com/news/Oil-prices-steady-as-Wall-apf-14115475.html

DENVER (AP) -- Oil prices edged upward Wednesday along with a rebounding Wall Street, though investors awaited another government report expected to show that U.S. crude inventories continue to swell.

Light, sweet crude for March delivery rose $1.52 to $42.36 a barrel on the New York Stock Exchange.

"Everything right now is about the economic numbers and the financial markets," said Tom Kloza, publisher and chief oil analyst at the Oil Price Information Service.
 
Oil surges, ends over $43 a barrel

Anxiety over the bank sector is temporarily allayed as stocks bounce back. But analysts say oil will likely test $30 again.

By David Goldman, CNNMoney.com staff writer
Last Updated: January 21, 2009: 3:14 PM ET

Oil prices rose Wednesday, as investors kept a close eye on the rising financial markets for a sign that the economy may be on the path to recovery.

U.S. crude for March delivery ended the day up $2.71 to $43.55 a barrel. Wednesday settle is the highest in more than a week. Crude traded between $40 and $42 for most of the day.
Oil prices last closed above $43 a barrel on Jan. 6.
Normally on a Wednesday, the oil markets would receive a weekly supply report from the U.S. Department of Energy. However, this week's report was postponed until Thursday due to the observance of Martin Luther King Jr. day on Monday.
"Without the supply report, we'll get sideways trading with people keeping an eye over their shoulder at the financial markets," said Tom Kloza, chief oil analyst at Oil Price Information Service. "If the indexes continue to hemorrhage, it will be challenging for oil prices to go up."
The report is expected to show a 1.9 million barrel build up in crude supplies when it is released at 11 a.m. ET on Thursday, according to a survey of analysts polled by information service Platts.
The inventory report is also expected to show a 1.9 million increase in supplies of gasoline and a decline of 2.25 million barrels of distillates, which are used to make diesel fuel and home heating oil, according to the consensus estimate.[more] http://money.cnn.com/2009/01/21/markets/oil/index.htm?postversion=2009012115
 
Found this posted in World Affairs Forum by GREG, thanks Greg good post!!

If your price of Gas and Heating Oil goes up in the near future it may NOT be all OPEC's fault!!!!


White House may put hold on offshore drilling plan

Thu Jan 22, 2009 1:46am IST

WASHINGTON, Jan 21 (Reuters) - U.S. President Barack Obama may order a hold on a proposal issued in the final days of the Bush administration to expand offshore drilling in previously banned areas, an Interior Department official told Reuters on Wednesday.
Shortly after being sworn in on Tuesday, Obama ordered all federal agencies and departments to halt pending regulations until they can be reviewed by incoming staff.
An Interior official said the department is waiting for clarification from the White House on whether a proposed draft of a five-year plan to lease areas in the Atlantic and Pacific waters for oil and natural gas drilling can go forward.
The preliminary plan would authorize 31 energy exploration lease sales between 2010 and 2015 for tracts along the east coast and off the coasts of Alaska and California.
Both presidential and congressional bans on drilling in most U.S. waters ended last year.
Separately, the Interior official said the department's plan to develop oil shale fields in the western United States may also be stopped by Obama's order.

http://in.reuters.com/article/oilRpt/idINWBT01046020090121
 
Well if Obama Wants to stimulate the economy and then shut down our drilling efforts, that would be counter productive in a BIG way...Course, he's already this morning called 4 Middle Eastern countries, maybe he's working on an oil deal..no?:rolleyes:..Hell, even Raul Castro thinks Obama is a good guy..holy crap..an endorsement from a communist dictator...Canada here I come..
 
nnuut said:
Found this posted in World Affairs Forum by GREG, thanks Greg good post!!

If your price of Gas and Heating Oil goes up in the near future it may NOT be all OPEC's fault!!!!


White House may put hold on offshore drilling plan

Thu Jan 22, 2009 1:46am IST

WASHINGTON, Jan 21 (Reuters) - U.S. President Barack Obama may order a hold on a proposal issued in the final days of the Bush administration to expand offshore drilling in previously banned areas, an Interior Department official told Reuters on Wednesday.
Shortly after being sworn in on Tuesday, Obama ordered all federal agencies and departments to halt pending regulations until they can be reviewed by incoming staff.
An Interior official said the department is waiting for clarification from the White House on whether a proposed draft of a five-year plan to lease areas in the Atlantic and Pacific waters for oil and natural gas drilling can go forward.
The preliminary plan would authorize 31 energy exploration lease sales between 2010 and 2015 for tracts along the east coast and off the coasts of Alaska and California.
Both presidential and congressional bans on drilling in most U.S. waters ended last year.
Separately, the Interior official said the department's plan to develop oil shale fields in the western United States may also be stopped by Obama's order.

http://in.reuters.com/article/oilRpt/idINWBT01046020090121
Click to expand...

:laugh: I knew the lying SOB's would change their monds after they got elected. I was already bent over waiting for the liars to pull back their "promise". :mad:

So much for being independent of foreign oil, adding jobs and helping the economy. What a bunch of boneheads. both sides.

CB
 
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CountryBoy said:
:laugh: I knew the lying SOB's would change their monds after they got elected. I was already bent over waiting for the liars to pull back their "promise". :mad:

So much for being independent of foreign oil, adding jobs and helping the economy. What a bunch of boneheads. both sides.

CB
Click to expand...
Boneheads is a good word for those far right DUMMIES, but I can think of other names that are more appropriate but can't post them on the Internet!:nuts:
 
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AP
Oil hits $45 as US company news improves
Thursday January 22, 7:06 am ET
By Jake Neubacher, Associated Press Writer Oil reaches $45 as positive US company news bolsters crude demand outlook
VIENNA, Austria (AP) -- Positive news from U.S. companies and economic optimism spurred by the U.S presidential inauguration boosted prices Thursday, with crude trading around $45 a barrel.
Growing expectations of rising demand from China and India also supported markets.
Light, sweet crude for March delivery jumped $1.45 to $45 a barrel by midday in Europe in electronic trading on the New York Mercantile Exchange after trading as high as $45.03.
The contract rose overnight $2.71 to settle at $43.55 after investor spirits were buoyed by better-than-expected corporate results from the U.S.
PNC Financial Services Group Inc., which owns bank National City Corp., and Bank of New York Mellon Corp. both reported profits a day after financial stocks plunged on fears that massive writedowns could spread throughout the industry.
IBM said late Tuesday it expects its earnings this year to come in above what analysts had been expecting and that its fourth-quarter profit jumped 12 percent, easily topping analysts' estimates. The Dow Jones industrial average rose 3.5 percent to 8,228 on Wednesday. "Oil is going to depend on how the economic news comes out, particularly in America," said Gerard Rigby, an energy analyst with Fuel First Consulting in Sydney.[more]
http://biz.yahoo.com/ap/090122/oil_prices.html
 
Oil falls after inventory report

Government figures show the nation's stockpiles of crude oil and gasoline grew more than expected last week.

By Ben Rooney, CNNMoney.com staff writer
Last Updated: January 22, 2009: 11:59 AM ET

Obama's energy agenda


NEW YORK (CNNMoney.com) -- Oil prices fell Thursday after the nation's supplies of crude and gasoline expanded much more than expected last week.
Light, sweet crude for March delivery was down $2.50 to $41.05 a barrel on the New York Mercantile Exchange. Oil was down $1.30 a barrel just before the figures were released.
In its weekly inventory report, the Energy Information Administration said the nation's supplies of crude oil rose 6.1 million barrels in the week ended Jan. 16.
Analysts were expecting crude stocks to have grown 1.9 million barrels, according to a survey by energy research firm Platts.
Supplies of gasoline rose 6.5 million barrels, and supplies of distillates - used to make heating oil and jet fuel - rose 800,000 barrels last week, according to the EIA report.
Gasoline stocks were forecast to rise 1.9 million barrels and distillates supplies were expected to be down 2.25 million barrels.
This week's report, which is normally released on Wednesday, was postponed until Thursday due to the observance of Martin Luther King Jr. Day on Monday.
The inventory data highlighted concerns about waning demand for energy. As the global recession drags on, demand for crude and gasoline has faltered and the price of oil has cascaded from last year's all-time high of $147 a barrel.
"The demand scenario continues to be poor," said John Kilduff, energy analyst at MF Global in New York. "The market structure is continuing to encourage gains in storage."
Economy: [more]
http://money.cnn.com/2009/01/22/markets/oil/index.htm?postversion=2009012211
 
OIL stays the same as yesterday but with a slight .12 increase due absolutely nothing going on for it to rise in price anymore except pure damn greed:rolleyes:
 
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