Oil Slick Stuff

Sort by newest Sort by date
Oil at highest level sense January 23rd!!:mad:

Settle.01/09/09....$40.83........-5.51
Settle.01/16/09....$36.51........-4.32
Settle.01/23/09....$46.47.......+9.96
Settle.01/30/09....$41.68........-4.79
Settle.02/06/09....$40.17..........-.51
Settle.02/13/09....$37.51........-2.66
Settle.02/20/09....$38.94.......+1.43
Settle.02/27/09....$44.76.......+5.82
Average 8 Weeks = $40.86
 
Oil ends almost 9% higher

Weekly inventory report says crude stocks decreased by 700,000 barrels last week.

By Julianne Pepitone, CNNMoney.com contributing writer
Last Updated: March 4, 2009: 2:55 PM ET

Pickens pushes wind plan



NEW YORK (CNNMoney.com) -- Oil prices remained higher Wednesday as a government report that supplies of crude oil fell unexpectedly last week added to indications of improvement in China's economy.

Crude prices for April delivery rose $3.73, almost 9%, to settle at $45.38 a barrel. Oil had traded up $3 just prior to the report's release, supported by better economic news from China.
The main indicator of China's manufacturing sector, its purchasing managers' index, rose in February for the third month in a row.
The gauge climbed as factories restocked, suggesting China could see an earlier economic recovery despite the bleak global environment.
China's announcement "was the shot in the arm that the global economy needed," said James Cordier, president of Liberty Trading Group. "We haven't seen any bullish news in a while, so people put their arms around it."
Crude supply:[more]
http://money.cnn.com/2009/03/04/markets/oil/index.htm?postversion=2009030414
 
I really don't like the trend in Oil and Gas prices. Looks like OPEC's plan is working and economics are also effecting the price. The Gov'ts non support for Oil and Gas exploration, combined with China's outlook for further expansion may drive Oil prices above $50 a barrel shortly. The current administration is in favor of raising taxes on Oil and Gas companies that will be passed on to the consumer. Expect Gas prices and inflation to rise to much higher levels in the near term, which will cost you at the pump, grocery stores and everything else.
Have a nice day!!
Norman:o
 
nnuut said:
Oil ends almost 9% higher

Weekly inventory report says crude stocks decreased by 700,000 barrels last week.




NEW YORK (CNNMoney.com) -- Oil prices remained higher Wednesday as a government report that supplies of crude oil fell unexpectedly last week added to indications of improvement in China's economy.
Click to expand...
How into hell does this happen unexpectedly?..What a bunch of crapola!!..Isn't time time then to bring a few of those loaded tankers anchored out somewhere, ashore and off load??:rolleyes::mad:
 
Oil producers running out of storage space

Glut caused by world slowdown leaves the world awash in crude

b73f413e-5b42-4577-a393-f124c30bce4b.hmedium.jpg
Many oil tankers are little more than floating storage facilities now.

Pat Sullivan / AP

updated 8:01 p.m. ET, Tues., March. 3, 2009

NEW YORK - Supertankers that once raced around the world to satisfy an unquenchable thirst for oil are now parked offshore, fully loaded, anchors down, their crews killing time. In the United States, vast storage farms for oil are almost out of room.
As demand for crude has plummeted, the world suddenly finds itself awash in oil that has nowhere to go.
It’s been less than a year since oil prices hit record highs. But now producers and traders are struggling with the new reality: The world wants less oil, not more. And turning off the spigot is about as easy as turning around one of those tankers. [more] OR is it less?
http://www.msnbc.msn.com/id/29495753/
 
nnuut said:
Oil producers running out of storage space

Glut caused by world slowdown leaves the world awash in crude

b73f413e-5b42-4577-a393-f124c30bce4b.hmedium.jpg
Many oil tankers are little more than floating storage facilities now.

Pat Sullivan / AP

updated 8:01 p.m. ET, Tues., March. 3, 2009

NEW YORK - Supertankers that once raced around the world to satisfy an unquenchable thirst for oil are now parked offshore, fully loaded, anchors down, their crews killing time. In the United States, vast storage farms for oil are almost out of room.
As demand for crude has plummeted, the world suddenly finds itself awash in oil that has nowhere to go.
It’s been less than a year since oil prices hit record highs. But now producers and traders are struggling with the new reality: The world wants less oil, not more. And turning off the spigot is about as easy as turning around one of those tankers. [more] OR is it less?
http://www.msnbc.msn.com/id/29495753/
Click to expand...

Am I having Deja Vu or what?

Buster said:
Nothing new here actually, I just like coping and Pasting stuff about oil..

As recession saps demand, a world awash in oil:​



NEW YORK – Supertankers that once raced around the world to satisfy an unquenchable thirst for oil are now parked offshore, fully loaded, anchors down, their crews killing time. In the United States, vast storage farms for oil are almost out of room.
As demand for crude has plummeted, the world suddenly finds itself awash in oil that has nowhere to go.

http://news.yahoo.com/s/ap/20090303/ap_on_bi_ge/awash_in_oil
Click to expand...
 
Exxon: Still banking on oil

In an analyst presentation Exxon chairman Rex Tillerson outlines how his company's disciplined business approach will continue to pay off.

By Steve Hargreaves, CNNMoney.com staff writer
Last Updated: March 5, 2009: 3:35 PM ET

exxon_mobil.03.jpg
Exxon said it will bring new oil production online in 2009 and touted it's new oil discoveries in an analyst meeting in New York Thursday.

NEW YORK (CNNMoney.com) -- Exxon Mobil detailed Thursday just how it plans on keeping the world supplied with oil - and how it'll keep making money doing it.

The world's largest publicly-traded oil company outlined a long list of new investments and strategies to financial analysts at a presentation at the New York Stock Exchange.
Exxon (XOM, Fortune 500) said it brought eight major oil production projects on line in 2008 and that it will bring another nine on line in 2009. During peak production, it expects the new projects to pump about 745,000 barrels of oil a day. The company currently produces approximately 2.5 million barrels of oil each day.
Exxon, like other oil companies, needs the added production to offset declines in its existing fields.
The company was criticized for not investing enough in new production projects when oil prices were high last summer. Instead, Exxon returned huge amounts of cash to shareholders.
The company made a profit of about $45 billion in 2008 on revenue of around $477 billion, a record for any company.

0:00 /1:24Exxon's record-breaking year
Still finding oil
But despite a focus on shareholders, Exxon's chairman Rex Tillerson said the company found more new oil in 2008 than it took out of the ground, the 15th year in a row its new discoveries have outpaced production.
Moreover, Exxon's strategy of not investing too heavily in expensive projects seems to have paid off now that oil prices have plunged.
Tillerson sees oil prices remanding stagnant or falling in the short term.
He said Exxon's strategy remained unchanged amid the worst recession in decades.
"We have a disciplined approach to our business," said Tillerson. "We don't get too excited at the peaks, nor do we panic in the downturn."
Exxon's international reach [more]
http://money.cnn.com/2009/03/05/new...lyst_meeting/index.htm?postversion=2009030515
 
Another way you can keep the demand on oil down..
Use Synthetic oils and lubes exclusively..I do and I save money because of the better performance and mileage delivered by the engine..Another plus is that you don't need to change oil as often and therefore less to pollute the environment in thrown away oils.
 
Oil dips below $44

Grim economic outlook reverses the week's earlier rally as equity markets also tumble.

Last Updated: March 5, 2009: 2:58 PM ET

NEW YORK (Reuters) -- Oil fell more than a dollar to below $44 a barrel Thursday as the deteriorating economic outlook heightened expectations that fuel consumption would shrink further.


The losses tracked a slide in global equities markets, with major U.S. indexes off more than 3% after a warning from General Motors (GM, Fortune 500) it could go bankrupt and persistent uncertainty about the fate of banks.
"There is a lot of bearish fundamental news," said Tim Evans, energy analyst for Citi Futures Perspective in New York. "You don't have to go very far to pile up a big wad of bearish economic details."
U.S. crude ended the day down $1.77 to $43.61 a barrel in New York.
The losses were encouraged by data showing euro zone gross domestic product (GDP) fell at a record pace in the last quarter of 2008, and U.S. factory orders slumped for the sixth straight month in January.
Oil prices have dropped more than $100 a barrel since last July as the economic crisis triggers the first decline in global energy use in a quarter century.
Oil prices had risen 9% on Wednesday after U.S. data showed a surprise decline in U.S. inventories, and expectations that stockpiles may continue to decline due to OPEC cuts limited losses Thursday.
Oil prices also gained some support from remarks by China's Premier Wen Jiabao that the No. 2 oil consumer would achieve 8% growth this year - a level considered key to maintain employment growth.
OPEC nations have agreed to cut oil output by 4.2 million barrels per day since September and will meet March 15 in Vienna to discuss whether deeper cuts are needed.
A Reuters survey found OPEC members had already met at least 81% of their current output reduction target.
Angola, which currently holds the presidency of the 12-member group, will not advocate further production cuts when the group meets, OPEC sources said on Wednesday.
But Venezuela, Algeria and Libya have raised the possibility of a further cut.
http://money.cnn.com/2009/03/05/markets/oil.reut/index.htm?postversion=2009030512
 
Buster said:
Another way you can keep the demand on oil down..
Use Synthetic oils and lubes exclusively..I do and I save money because of the better performance and mileage delivered by the engine..Another plus is that you don't need to change oil as often and therefore less to pollute the environment in thrown away oils.
Click to expand...
I have for over 10 years, good stuff!:D
 
Market Update

3:30 pm : Crude oil contracts for April delivery priced crude at $45.73 per barrel at the close of pit trading. Crude closed near its session high with a 4.9% gain.

April natural gas contracts finished at $3.98 each, down 2.8%. Natural gas prices traded with weakness for virtually the entire session, registering multiyear lows at $3.92 per contract. Natural gas contracts had not traded at such low levels since late 2002. [more]
http://finance.yahoo.com/marketupdate/overview?u
 
THEIR AT IT AGAIN!!!:mad:

Oil traders shrug off supply cut rumors
Crude hovers around $45.50 as weak economic outlook overshadows OPEC Secretary General's hints that the producer group may again vote to reduce supplies.

Last Updated: March 9, 2009: 8:56 AM ET

LONDON (Reuters) -- Oil hovered around the break-even mark on Monday as investors weighed the weak economy with speculation that OPEC may agree to cut production further at a meeting this weekend.
OPEC Secretary General Abdullah al-Badri said on Monday the 12-member producer group would consider reducing output again at its March 15 meeting as it tries to counter downward pressure on oil prices from falling demand.
"All options are on the table," he told reporters in Qatar when asked if OPEC, which pumps more than a third of the world's oil, would announce another reduction in supply at its meeting in Vienna.
The severe downturn in the global economy over the last year has reduced world energy consumption sharply and oil prices have tumbled from a peak of almost $150 a barrel in July.
U.S. crude for April delivery was unchanged $45.52 per barrel after hitting an earlier high of $47.03.
The outcome of OPEC's meeting on Sunday seemed to be up in the air, analysts and traders said, with many oil producers waiting before pronouncing on output policy.
Some analysts expect a cut of around 1 million barrels per day in OPEC production but others say such a cut would be difficult and painful to implement.
"I think they will seek better compliance with existing quotas," said Christopher Bellew, oil broker at Bache Commodities in London. "My feeling is that OPEC is able to prevent further price weakness but until the over-hang of oil stocks begins to be eroded, they will struggle to raise prices."
Oil demand falling [more]
http://money.cnn.com/2009/03/09/markets/oil.reut/index.htm?postversion=2009030908
 
Oil rises on production cut talk

Prices climb after OPEC's secretary general says demand could decline more than expected, but contract comes off its high on a lack of Saudi support.

By Kenneth Musante, CNNMoney.com staff writer
Last Updated: March 9, 2009: 1:58 PM ET




NEW YORK (CNNMoney.com) -- Oil prices rose Monday on talk of an OPEC production cut, but they were off the day's highs after comments from Saudi Arabia put a damper on that speculation.
U.S. crude for April delivery was up $1.54 to $47.06 a barrel at 1:39 p.m. ET. Earlier, crude rose as high as $48.83, the highest price since Jan. 7, when oil hit an intraday price of $49.09 a barrel.
At an energy conference in Qatar, Abdullah al-Badri, secretary general for the Organization of Petroleum Exporting Countries, told reporters that the slowing global economy could cause demand to fall by million barrels a day more than the group had predicted a month ago.
Investors initially interpreted al-Badri's comments as a sign that the group might announce another production cut when it meets Sunday in Vienna.
However, Saudi Arabia, the world's largest oil producer and one of OPEC's most influential members, said it was against another production cut, according to a state-owned media.
Saudi Arabia will be pushing for increased compliance with existing production cuts, rather than a new one, according to the al-Hayat newspaper, citing a confidential source. [more]
http://money.cnn.com/2009/03/09/markets/oil/index.htm?postversion=2009030913
 
Saudis to hold oil output steady

World's largest oil-producing country says it will not make further cuts to supply through April, signaling tentative end to OPEC output cuts.

March 10, 2009: 6:54 AM ET

TOKYO (Reuters) -- Saudi Arabia surprised its Asian oil customers on Tuesday by telling them it would maintain or slightly increase crude supplies next month, another sign that OPEC's most influential member will urge the cartel to refrain from further output cuts when it meets this weekend.

On Monday the Saudi-owned al-Hayat cited a senior source as saying the world's top oil exporter would urge OPEC to comply with existing curbs before considering more output cuts at its March 15 meeting. After OPEC's biggest ever production curbs, oil prices have rebounded from below $35 to trade at $47 a barrel.
The signs of steady to higher supply contrasted with news from Europe on Monday, where a source with one European oil firm said it would get less Saudi crude, and with news two weeks ago from fellow core OPEC member the United Arab Emirates, which told refiners it would deepen cuts in April.
For Asian refiners, who buy half the kingdom's exported crude and are normally a good barometer for its supply policy, the monthly allocations were unexpected given many OPEC members have been advocating further action. [more]
http://money.cnn.com/2009/03/10/new...cations.reut/index.htm?postversion=2009031006
 
I really don't like Oil over $50 a barrel!!:notrust:

Oil steady at $47 after Saudi supply report

Crude prices in holding pattern after Saudi Arabia says it will not make further cuts to production next month.

LONDON (Reuters) -- Oil hovered around $47 a barrel on Tuesday after reports Saudi Arabia was keeping supply allocations to customers steady for April, suggesting OPEC may maintain existing production output quotas on Sunday.
The Organization of the Petroleum Exporting Countries meets in Vienna on March 15 and must decide whether to cut production further in an attempt to support oil prices that have fallen by around 70% from a peak of almost $150 last year.[more]
http://money.cnn.com/2009/03/10/markets/oil.reut/index.htm?postversion=2009031006
 
03/10/2009 - Updated 12:51 PM ET
1.gif


Oil futures gain, as U.S. stocks rise, dollar weakens Traders focus on whether the OPEC oil cartel will cut its output further

1.gif
By Polya Lesova, MarketWatch & Moming Zhou, MarketWatch

NEW YORK (MarketWatch) -- Oil futures rose Tuesday, supported by gains on Wall Street and a weaker dollar, as well as speculation that the Organization of Petroleum Exporting Countries may cut output further at its meeting this weekend.
Also boosting oil prices, analysts expect the U.S. government will report on Wednesday a decline in crude oil inventories.
Crude oil for April delivery gained 63 cents, or 1.3%, to $47.70 a barrel on the New York Mercantile Exchange. Earlier, the contract surged to an intraday high of $48.32.
Oil is "finding some support off expectations relative to tomorrow's inventory reports and continued OPEC jawboning," wrote Michael Fitzpatrick, an analyst at MF Global.
The U.S. dollar turned lower Tuesday, losing support as world equity markets rebounded from recent losses.
Dollar weakness typically boosts dollar-denominated commodities such as oil, because it makes them cheaper for holders of other currencies. [more]
http://markets.usatoday.com/custom/...S&guid={0342347D-E0BC-493E-BE50-0428A1C56688}
 
You must log in or register to reply here.
Back
Top