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Buster said:
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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Man, I really miss those $130 barrels of oil:blink:, now I just bath in it:nuts:!
 
I wonder what the UV factor of Crude oil is? May help reduce skin cancer?:D
 
IMO, oil will go down and OPEC will be force to cut without announcing it. We are flush with oil, no where to put it on land and almost no where to put it at sea. There is 80 million barrels floating at sea as a hedge for higher prices. I see two things here oil producing nations cutting production because they have no where to go with it and even those cut will lag because we need to use up the excess inventory being stored at sea.

Everyone is going to have to cut and this will lower oil temporally for a great buying opportunity.

Stay away from DXO!
 
01/23/2009 - Updated 9:47 AM ET
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Oil falls on economic fears, plentiful supplies
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By Polya Lesova,

MarketWatch

NEW YORK (MarketWatch) -- Oil futures accelerated their losses Friday, pressured by rising inventories and worries about the severity of the global economic downturn.
Crude for March delivery dropped $1.87, or 4.3%, to $41.78 a barrel in electronic trading on Globex.
Earlier, the contract hit an intraday low of $41.40 a barrel.
Prices "tracked equity markets lower amid the deteriorating economic outlook and fears of further demand destruction," said analysts at Sucden Financial Research. [more]
http://markets.usatoday.com/custom/...S&guid={D9C17DA9-783D-419E-A5CB-AF1074135898}
 
nnuut said:
01/23/2009 - Updated 9:47 AM ET
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Oil falls on economic fears, plentiful supplies
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By Polya Lesova,

MarketWatch

NEW YORK (MarketWatch) -- Oil futures accelerated their losses Friday, pressured by rising inventories and worries about the severity of the global economic downturn.
Crude for March delivery dropped $1.87, or 4.3%, to $41.78 a barrel in electronic trading on Globex.
Earlier, the contract hit an intraday low of $41.40 a barrel.
Prices "tracked equity markets lower amid the deteriorating economic outlook and fears of further demand destruction," said analysts at Sucden Financial Research. [more]
http://markets.usatoday.com/custom/...S&guid={D9C17DA9-783D-419E-A5CB-AF1074135898}
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So then why are my gas prices going up still? :mad:
 
Viva La Migra said:
So then why are my gas prices going up still? :mad:
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Check out the Oil Slick Home Page and look at the 2 month weekly history for Gas and Oil and it will be clear as spring water.:D Takes time for prices to trickle down, we are getting prices from a couple of weeks ago.:cool:
 
:worried:UTTOH!

01/23/2009 - Updated 1:47 PM ET

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Crude-oil futures rally, reversing sharp losses
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By Polya Lesova, MarketWatch

NEW YORK (MarketWatch) -- Oil futures rallied 6% in a very volatile session Friday, reversing their earlier sharp losses as U.S. stocks also rebounded from their lows.
Crude oil for March delivery was last up $2.44, or 5.6%, to $46.10 a barrel on Globex after soaring to an intraday high of $47 a barrel.
The rise is "short-covering ahead of the weekend," said Kevin Kerr, editor of Global Commodities Alert.
"It seems traders are starting to get a bit gun-shy about over-shorting this market and don't see much sustained downside form this level," Kerr said. "The watchword is caution, now that the pendulum has swung so far to the downside."
On Wall Street, U.S. stocks reversed early losses to trade higher, with the S&P 500 index [SPX] rising 0.9%.
Earlier Thursday, oil had fallen to an intraday low of $41.40 a barrel, pressured by rising inventories and worries about the severity of the global economic downturn.
In Europe, Britain's economy contracted at its fastest quarterly pace in nearly 29 years during the final three months of 2008, according to government data. This marked a result even worse than most economists' pessimistic expectations, as gross domestic product shrank by 1.5%.
The sharp deterioration in the world economy has led to a steep decline in energy demand and resulted in the recent sharp slide in oil prices, which have tumbled 51% over the last 12 months.
On Thursday, oil futures staged another intraday reversal, with prices ending slightly higher after falling sharply earlier in the session on a very bearish update on U.S. petroleum stockpiles.
The Energy Information Administration (EIA) reported that U.S. crude supplies rose by 6.1 million barrels to stand at 332.7 million barrels during the week ended Jan. 16. The build was much higher than the 1.9 million barrels analysts had expected.
Inventory levels at Cushing, Okla. -- the delivery point for oil futures used on the New York Mercantile Exchange -- rose 200,000 barrels to reach a record 33.2 million barrels, the government's data showed.
Also on Globex, March reformulated gasoline rose 6 cents, or 5%, to $1.18 a gallon and March heating oil gained 8 cents, or 6%, to $1.43 a gallon.
Natural-gas supplies fell by 176 billion cubic feet to stand at 2,560 billion cubic feet for the week ended Jan. 16, the EIA reported Friday.
Analysts at IHS Global Insight had expected a storage withdrawal of 149 billion cubic feet.
After the data, February natural gas futures fell 16 cents, or 3%, at $4.52 per million British thermal units. http://markets.usatoday.com/custom/...S&guid={D9C17DA9-783D-419E-A5CB-AF1074135898}
 
Oil prices jump in volatile market

Oil prices jump as investors buy commodities despite reports that OPEC cuts may fall short

  • Chris Kahn, AP Energy Writer
  • Friday January 23, 2009, 2:07 pm EST
  • NEW YORK (AP) -- Oil prices rose in another day of volatile trading Friday as investors parked money in commodities even as questions arose over how much OPEC will cut production.
Light, sweet crude for March delivery rose more than 5 percent, or $2.42, to $46.09 a barrel on the New York Mercantile Exchange.

Phil Flynn, analyst (AP) -- at Alaron Trading Corp. said that after historic swings in price -- from $147 a barrel last year to below $33 a barrel recently -- traders have struggled to agree on what's driving the market.
Crude prices are "being torn in a lot of directions right now," Flynn said.
Crude fell as low as $41.40 before spiking to $47.
Prices tumbled Thursday after the government reported U.S. oil storage facilities were brimming with higher-than-expected inventories.
At the same time, however, some investors are more worried about inflation and have turned to gold and other commodities like oil, Flynn said. [more]
http://finance.yahoo.com/news/Oil-prices-jump-in-volatile-apf-14141212.html
 
Gov Kaine (Va), is now head of the DNC. He's a moderate, and really wants to drill for Natural Gas offshore because Virginia has large reserves. So, if the Gov explains to the Pres all the offshore drilling bill does is allow it to happen at all, you still need State and regulatory approval, and you can't just go out there and drill drill...oops, the offshore drilling approval should still go through.

The Pres has to look at all of those last minute things, though. Actioning off leases (aka, you don't have to clean up, cause you don't own it!) for oil shale mining on Federal Land is really really a misssstttake. Especially next to some of the finest scenery in Utah. This one should be scrapped. Even discounting the mess from the mining, you need to build roads, bring in heavy machinery, etc etc., and there will be dust everywhere, above ground mining is just like that. It's NOT cattle ranching. Any land you do that kind of mining on, you should have to buy and be responsible for, and proposals for use, not some auction, should determine who gets to do it and where it occurs.
 
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Oil near $47 after OPEC cuts

A promised output reduction by oil producers begins to take hold.

January 26, 2009: 9:05 AM ET

Ethanol from waste

LONDON (Reuters) -- Oil rose toward $47 a barrel on Monday, but held in a narrow range, drawing some support from the perception that supply cuts by OPEC oil producers are beginning to put a floor under prices.

U.S. light crude for March delivery rose 21 cents to $46.68 a barrel by 8:14 AM EST. The contract had risen $2.80, or 6.41%, to $46.47 a barrel on Friday, crowning a rebound in the front-month contract from below $33 a barrel a week ago.
London Brent crude was 11 cents up at $48.48 a barrel.
"The OPEC cuts are not sufficient to cause prices to move up, but they are enough to stabilize the market until demand begins to recover," Christopher Bellew, broker at Bache Commodities in London, said.
"Essentially the market is range-bound between $40 and $50, basis Brent," he said.
The main driver of the rally in oil prices on Friday was evidence of OPEC making good on most of its pledged 2.2 million barrel a day (bpd) production cut this month.
Oil consultant Petrologistics estimated OPEC output would fall by 1.55 million barrels per day in January.
More than $100 fall since July [more]
http://money.cnn.com/2009/01/26/news/economy/oil_opec.reut/index.htm?postversion=2009012609
 
Oil reaches for $48:D

Crude prices were slightly higher Tuesday on cold weather in the U.S. and signs that OPEC could cut supply.

January 27, 2009: 6:06 AM ET

LONDON (Reuters) -- Oil prices rose as much as a dollar, reaching towards $48 a barrel on Tuesday, boosted partly by cold weather in top energy consumer the United States, plus signs OPEC oil supply cuts may have begun to underpin prices.
U.S. light, sweet crude for March delivery rose 72 cents to $46.45 barrel by 6:03 am ET, but had climbed as high as $47.49 a barrel.
U.S. crude has rebounded from below $33 a barrel in the past week.
"People are expecting OPEC to really be serious, and the weather's been cold in the northeast U.S., and here, so we're getting a bit of short-term demand," said Tony Nunan, risk management executive at Tokyo-based Mitsubishi Corp.
"We may have found a short-term bottom but nobody is confident that we're heading further up," he said.
Evidence suggests most of OPEC's members are implementing the group's biggest ever 2.2 million barrel per day (bpd) production cut agreed last month.
Oil has fallen more than $100 from a record peak above $147 a barrel in July last year, depressed by falls in demand as the credit crisis has pushed the global economy towards recession.
U.S. fuel inventories, for example, are building as demand shrinks.
U.S. crude oil stocks are expected to have risen a further 2.7 million barrels last week, the fifth straight week of gains. The figures are due out on Wednesday.
Colder weather is expected to help draw down distillate stocks by 800,000 barrels, according to a Reuters poll. Gasoline stocks are likely to have risen by 1.3 million barrels.
Temperatures in the densely populated U.S. northeast are forecast to be below normal this week.
Oil traders will get an early indication of Wednesday's U.S. government data with the release at 4:30 pm ET on Tuesday of inventory figures from the industry group the American Petroleum Institute, as the API shifts to a new, earlier release schedule.
Cyclone Dominic in Australia shut in more than 200,000 barrels per day (bpd) of oil production provided a small measure of support to prices. But output was expected to resume as soon as Wednesday as the storm passes.
Later on Tuesday, U.S. President Barack Obama goes to Capitol Hill to campaign for an $825 billion economic stimulus package to be put to a House vote within days.
http://www.cnn.com
 
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Oil falls $4 amid economic jitters

Crude plummets on a day when the government reports rise in unemployment across the nation and consumer confidence hits all time low.

By Kenneth Musante, CNNMoney.com staff writer
Last Updated: January 27, 2009: 2:54 PM ET




NEW YORK (CNNMoney.com) -- Oil prices fell more than $4 a barrel Tuesday as worries about a recovery in demand took center stage amid heightened concern that the global recession will continue to drag on.

That feeling was exacerbated by two dismal economic reports out of the United States, the world's largest oil consumer.
By the end of trading, U.S. crude for March delivery had fallen $4.15 to $41.58 a barrel.Falling demand due to the slowing economy has caused oil prices to plummet more than $100 a barrel from a record high of $147.27 a barrel last July.
A turnaround in demand won't occur "until we start seeing an economic expansion in the United States," said Rachel Ziemba, energy analyst with RGE Monitor in New York.[more] http://money.cnn.com/2009/01/27/markets/oil/index.htm?postversion=2009012714
 
There ain't gonna be no drill, drill, drill under this administration. Energy policy will be in line with the Pickens Plan.

Will oils and banks tank on this news? Or will it drive up the price of oil, consequently boosting oil stocks? hmmmmm
 
luv2read said:
There ain't gonna be no drill, drill, drill under this administration. Energy policy will be in line with the Pickens Plan.

Will oils and banks tank on this news? Or will it drive up the price of oil, consequently boosting oil stocks? hmmmmm
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This was bound to happen under Nancy's Administration! AS you say higher oil will stimulate the Markets, for a while, then the same thing will happen that happened when gas was over $4 a gallon. Hold your breath, grit your teeth and don't complain, have faith and don't question.:cool:
 
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Oil flat ahead of inventory report

Weekly data expected to show a rise in crude supplies.

By Julianne Pepitone, CNNMoney.com contributing writer
January 28, 2009: 9:59 AM ET



NEW YORK (CNNMoney.com) -- Oil prices were flat Wednesday, ahead of a weekly report expected to show a rise in crude supplies over the past week.
At 9.45 a.m. ET, U.S. light crude for March delivery rose 3 cents to $41.61 a barrel. It touched a session high of $42.45 a barrel and a session low of $41.02.
Concerns about oversupply helped pushed oil lower Tuesday, according to James Cordier, president of Liberty Trading Group. Oil tumbled $4.15 to $41.58 a barrel
The oil market was likely bouncing off a stock market rebound and a weaker U.S. dollar Wednesday, according to Cordier.
U.S. crude has rebounded from below $33 a barrel over the past week as an economic stimulus package makes it way through Congress.[more]
http://money.cnn.com/2009/01/28/markets/oil_eia/index.htm
 
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