Oil Slick Stuff

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Yeah, OPEC claims they need $50 - $60 dollars a barrel to make a profit. I don't buy that, Oil has been a lot cheaper than that for extended periods of time and they made money. This Global PRICE FIXING should be against the law.:nuts:
 
nnuut said:
Yeah, OPEC claims they need $50 - $60 dollars a barrel to make a profit. I don't buy that, Oil has been a lot cheaper than that for extended periods of time and they made money. This Global PRICE FIXING should be against the law.:nuts:
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And increased energy costs will slow any economic recovery. How are people going to buy fuel with maxed out credit cards?
 
Gumby said:
And increased energy costs will slow any economic recovery. How are people going to buy fuel with maxed out credit cards?
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And will cause INFLATION to peak, which will cause us to slide farther into this hole that we are in.:nuts:
 
NEVER trust or believe an Arab when his lips are moving...Espescially when they are building indoor Snow/Ski Scapes and the Worlds tallest buiding, or a Tennis court on top of a posh Hotel, and an air conditioned beach and neighborhoods that was once just Ocean...All done when OIL was below $40.00/bbl..

Thank you very much for buying our oil..Now come, come to our
world in the desert......




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BLOOD SUCKERS!!:nuts:
In other Oil news:
Oil rebounds as OPEC keeps supply levels steady

Oil looks past OPEC decision to forgo supply cut and rebounds alongside stock markets

  • Dirk Lammers, AP Energy Writer
  • Monday March 16, 2009, 2:39 pm EDT
SIOUX FALLS, South Dakota (AP) -- Oil prices rebounded from an early retreat Monday, as traders brushed aside OPEC supply-side issues and focused on higher stock prices.

Benchmark crude for April delivery gained $1.10 at $47.35 a barrel in afternoon trading on the New York Mercantile Exchange. Prices fell as low as $43.62 overnight after OPEC decided to forego further production cuts in favor of boosting compliance with existing ones.
Oil climbed into positive territory by midday Monday on the coattails of the Dow Jones industrials, which gained about 100 points. The S&P 500 index also gained ground.
http://finance.yahoo.com/news/Oil-rebounds-as-OPEC-keeps-apf-14653053.html
 
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It doesn't get any worse than this Folks. Someone is out of their mind, out to lunch, out of control, losing it. Where will the new found TAX REVENUE go? To replace the extra money you will have to pay for fuel, HELL NO!!:mad:
Obama Budget Proposal Could Squeeze Small Energy Producers
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by Jason Womack Dow Jones Newswires Monday, March 16, 2009

HOUSTON (Dow Jones Newswires), Mar. 16, 2009
A U.S. budget proposal repealing long-standing tax breaks for oil and natural-gas companies is troubling small producers who fear that key investment sources may dry up.
In late February, the Obama administration proposed a new 2010 budget that would eliminate tax breaks on intangible drilling costs such as fuel, labor and repair costs, which help attract capital to high-risk
http://www.rigzone.com/news/article.asp?a_id=74032
 
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03/17/2009 - Updated 10:28 AM ET

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Oil swings on inventories expectation, housing data
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By Moming Zhou, MarketWatch & Polya Lesova, MarketWatch

NEW YORK (MarketWatch) -- Crude-oil futures swung between gains and losses Tuesday, as data showing a surge in U.S. housing starts offset expectations that U.S. crude inventories rose last week, the second in a row.
Plus, options on the front-month April futures contract expire Tuesday, adding more volatility to crude trading as traders scrambled to cover their option positions before they expire.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7B0A015116%2DAAF6%2D4C2F%2D85BB%2DA63A6AABA8BD%7D
 
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oookayyy, put call and housing starts? Sounds like some sorcerer's apprentices are playing games. I think we have to wait for a real price after the smoke and mirrors clear.:toung:
 
Silverbird said:
oookayyy, put call and housing starts? Sounds like some sorcerer's apprentices are playing games. I think we have to wait for a real price after the smoke and mirrors clear.:toung:
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Yeah, I don't feel too good about using my Last IFT at this time, but think we should continue up until we hit resistance. Are we going up or down from there? If I knew that I could quit work and just play the Market game. :cool:
 
Hey Folks look at this number 11,111!!!:D When will I get 5 of the same number again? It will be at 22,222 Posts! WOW! this might be a lucky number?:rolleyes:
That should take about 5 more years.
 
Hmmm... Nnutt hits 11,111... therefore, the price of oil and gas must go up!!!:laugh:

Congrats Norm... it's like the odometer on your car ... I get a kick out of it when those numbers all match as well...

Now the question becomes... does your post-o-meter have six figures or seven figures? Will it roll back over to "0" or will it keep going?
 
Post-O-Meter !!! I like that!! :DMy guess it will roll over at 100,000 like cars used to Minnow?:D

Oil rises above $48 a barrel

Futures are near the top end of a recent trading range as investors eye inventory report.

Last Updated: March 17, 2009: 1:02 PM ET




LONDON (Reuters) -- Oil rose above $48 a barrel on Tuesday, testing the top end of a trading range it has held so far this month, ahead of United States inventory data expected to show a build in crude oil stocks.
Data from industry group the American Petroleum Institute will be closely watched later on Tuesday as a preliminary Reuters poll showed analysts forecast a 500,000 barrel increase in domestic crude stocks last week.
U.S. light crude for April delivery rose $1.13 to $48.48 a barrel by 12:38 p.m. ET. The contract had settled $1.10 higher at $47.35 on Monday. April crude oil options expire at the end of the day's trading.[more]
http://money.cnn.com/2009/03/17/markets/oil.reut/index.htm?postversion=2009031713
 
Oil above $49: Highest of the year

Futures jump nearly $2 a barrel as equities rally and housing starts rebound.

Last Updated: March 17, 2009: 3:36 PM ET



LONDON (Reuters) -- Oil rose nearly $2 a barrel Tuesday to the highest price so far this year as equity markets continued to move higher, following an unexpected rebound in February U.S. housing starts.
U.S. light crude for April delivery ended the day up $1.81 to settle at $49.16 a barrel in New York, the highest settle price since Dec. 1, 2008.
Oil prices were also pushed higher as heavily traded April crude oil options expire at the end of the session.
Options on futures represent the right, but not the obligation, to purchase oil at a certain price. They also limit risks for buyers.
"There are two things working on the market today, primarily. There is options expirations where there's a lot of open interest in the $50 call. We've also got stronger equities markets, they're moving up very nicely here," said Addison Armstrong, director of market research at Tradition Energy, Stamford, Connecticut.[more]
http://money.cnn.com/2009/03/17/markets/oil.reut/index.htm?postversion=2009031715
 
OPEC: Punts on cuts until after G20

Official says U.S. energy secretary asked the group to avoid driving up oil prices. OPEC hopes the G20 can restore demand.

Last Updated: March 17, 2009: 11:18 AM ET

(Reuters) -- A G20 summit to tackle global economic crisis was OPEC's prime reason for resisting another output cut and its next move will depend on whether the world leaders succeed, Algeria's energy minister said on Tuesday.

The Organization of the Petroleum Exporting Countries on Sunday agreed to do no more than improve compliance with existing supply curbs even though oil inventories are high and the oil price is lower than it would like. [more]
http://money.cnn.com/2009/03/17/news/international/opec_g20.reut/index.htm?postversion=2009031711
 
Special Report Energy Fix

Oil prices fall as gasoline supply grows

Inventory report: Crude inventory also builds up on lower consumer demand.

By Julianne Pepitone, CNNMoney.com contributing writer
Last Updated: March 18, 2009: 10:45 AM ET

NEW YORK (CNNMoney.com) -- Oil prices fell further Wednesday after a government report said supplies of gasoline soared.
At 10:42 a.m. ET, crude prices were down $1.60, or 3.3%, to $47.56 a barrel. Oil traded down $1.07 just prior to the report's release.
In its weekly inventory report, the Energy Information Administration said stockpiles of gasoline increased by 3.2 million barrels in the week ended March 13.
http://money.cnn.com/2009/03/18/markets/oil/index.htm?postversion=2009031810
 
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They are hoping the G20 will save their butts? :laugh: Or should I say, their profits. As if the G20 is jumping up and down to pay more for oil...it's not even close to the first thing on their minds. The higher the prices get, the better alternatives look.
 
Big Ben buys Bonds, Dollar drops, driving Oil prices up. Action and reaction, that should help cure the deflationaty sprial and cause inflation, which one is worse?:nuts:

Oil above $50

Crude prices rocket higher on government program to buy up its own debt. Oil touches $50 for first time since January.

March 19, 2009: 7:28 AM ET






LONDON (Reuters) -- Oil rallied to $50 a barrel Thursday after a move by the Federal Reserve to buy government bonds on a large scale hit the dollar and revived hopes the U.S. economy could soon begin its recovery.
The Fed announced Wednesday it would pump another $1 trillion into the U.S. economy by buying long-term government debt for the first time since the 1960s and by expanding purchases of mortgage bonds.
http://money.cnn.com/2009/03/19/markets/oil.reut/index.htm?postversion=2009031907
 
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Oil trades above $51 as stock rallies boost hopes

Oil trades above $51 on stock market rallies, but traders cautious about further gains

  • George Jahn, Associated Press Writer
  • Thursday March 19, 2009, 8:34 am EDT VIENNA
(AP) -- Oil bounded over the $50 a barrel hurdle with room to spare Thursday, as traders took heart from rallies in global stock markets as an indication of overall investor optimism.

But the murky outlook for the global economy was likely to keep prices relatively volatile in the medium term, with crude's rise and fall expected to follow the performance of global markets. [more]
http://finance.yahoo.com/news/Oil-trades-above-51-as-stock-apf-14687581.html
 
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