Oil Slick Stuff

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Hey....have they thought about where we are going to dump all these old toxic waste batteries, once they're used up!!! I think they also need to consider the electricity use of all these electric cars in the near future also. Where's that all coming from. We need to find a breakthrough way of creating more electricity or energy before expanding the car market. Otherwise we are back to square one of how to get more energy. It's all smoke and mirrors. Big 'Al Gore' is getting rich off all this hype so he can buy more energy credits for his house and jet. Thanks Big Al....I knew there were other reasons I didn't vote for you. And not just that sloppy kiss you gave your wife in front of millions of people around the world. You jerk!
 
Good post Mick504!!:D

Oil Inventories today at 10:30!!:worried:

04/07/2009 - Updated 3:36 PM ET
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Oil falls on expectations of rising inventoriesWorries over a weak first-quarter earnings season also weigh on sentiment
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By Moming Zhou, MarketWatch & Polya Lesova, MarketWatch

NEW YORK (MarketWatch) -- Oil futures fell Tuesday for a third consecutive session to below $50 a barrel on expectations that weak demand pushed U.S. crude inventories higher last week and that first-quarter earnings will underscore the depth of the economic downturn.
Crude for May delivery fell $1.90, or 3.7%, to end at $49.15 a barrel on the New York Mercantile Exchange. It dropped to as low as $48.89 earlier in the session. Oil has lost 6.6% in three sessions since April 2.

http://markets.usatoday.com/custom/...S&guid={FB8FE37E-9C39-4168-A26C-7C45E7BBC77A}
 
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Crude declines as API reports big rise in supplies
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By Polya Lesova, MarketWatch

NEW YORK (MarketWatch) -- Oil futures fell Wednesday for a fourth straight session, marking their biggest losing streak in two months after the American Petroleum Institute reported a large increase in crude inventories.
Crude for May delivery fell $1.12, or 2.3%, to $48.03 a barrel in electronic trading on Globex.
Oil futures have lost nearly 9% since April 2.
http://markets.usatoday.com/custom/...S&guid={F0E33839-B380-4754-B4DD-F0B55182BA20}
 
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04/08/2009 - Updated 11:48 AM ET
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Oil turns higher after inventories data:nuts:
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By Moming Zhou, MarketWatch & Polya Lesova, MarketWatch

NEW YORK (MarketWatch) -- Oil futures turned higher Wednesday, bouncing back from sharp losses in the previous three sessions as government data showed U.S. crude inventories rose less than expected while inventories at a key delivery point declined.
Crude inventories rose 1.7 million barrels in the week ended April 3, the Energy Information Administration reported. Meanwhile, inventories at Cushing, Okla., the delivery point for oil futures traded on the New York Mercantile Exchange, fell for a third straight week to 30 million barrels.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7BF0E33839%2DB380%2D4754%2DB4DD%2DF0B55182BA20%7D
 
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This is what I think of the price action in oil and gas today.

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Guess we should be glad the dude from Colorado State decided to drop his forecast for named storms in the atlantic basin this year, huh?:rolleyes:
 
Heck if someone just says KATRINA loudly the price of Oil goes up!! Shish!!:worried:eye5.gif
 
Schork Oil Outlook: Seasonal Demand Remains Weak
Posted By:Stephen Schork, Editor, The Schork Report
Topics:Oil | OPEC
Companies:Nymex Holdings, Inc.


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Stephen Schork Editor of
"The Schork Report"

DOE Review: All told, total crude oil inventories in the U.S. as of Friday, March 27th ballooned to a record 1.07 billion (x109) barrels. That equates to approximately 118 days of import cover (the IEA requirement is 90 days). In other words, there was no change last week… you still can’t swing a cat without hitting a barrel of crude oil in the United States.
http://www.cnbc.com/id/30108207
 
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Crude-oil futures rise above $50 a barrel
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By Polya Lesova, MarketWatch

NEW YORK (MarketWatch) -- Oil futures rose above $50 a barrel early Thursday, as a smaller-than-expected increase in crude inventories and an early release of profits from Wells Fargo boosted investor sentiment.
Crude oil for May delivery rose $1.41, or 2.9%, to $50.79 a barrel in electronic trading on Globex.
Earlier, the contract climbed to an intraday high of $51.46 a barrel.
http://markets.usatoday.com/custom/...S&guid={A5035700-466F-45C2-BE04-A1A130001718}
 
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Oil prices rise sharply on new corporate data
Better than expected numbers from retailers gives energy prices a bump

  • Chris Kahn, AP Energy Writer
  • Thursday April 9, 2009, 1:04 pm EDT
NEW YORK -- Oil prices rose Thursday despite more hints that energy use is way down, with traders focusing instead on a rising stock market and surprising news from retailers that suggests Americans are spending money.

http://finance.yahoo.com/news/Oil-p...html?sec=topStories&pos=6&asset=TBD&ccode=TBD
 
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This should cool down prices a bit!:D

IEA slashes forecast for oil demand - again

Agency sees global demand declining by 2.4 million barrels per day in 2009 amid recession.

See all CNNMoney.com RSS FEEDS (close)

Last Updated: April 10, 2009: 5:28 AM ET

LONDON (Reuters) -- World oil demand will drop by a hefty 2.4 million barrels per day in 2009, the International Energy Agency said on Friday, citing a growing consensus any recovery in the economy would not take place until next year.
As the rate of oil demand contraction reached levels last seen in the early 1980s, it said outright demand for this year was expected to be 83.4 million bpd, around one million bpd less than in its previous monthly report.
http://money.cnn.com/2009/04/10/markets/iea_forecast.reut/index.htm?postversion=2009041005
 
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DEMAND IS DOWN! DUH! down.gif


Chevron profits to fall sharply


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Like all oil firms, Chevron has suffered from the fall in the price of oil

US oil giant Chevron has said that its profits for the first three months of 2009 will be "sharply lower" than those it made in the previous quarter. The company said that the drop would, in part, be due to falls in the price of crude oil and natural gas.
Chevron made a profit of $4.9bn (£3.3bn) in the final quarter of 2008 but did not say what it will make in the period to the end of March.
The fall in profits will come in spite of an increase in oil production.
http://news.bbc.co.uk/2/hi/business/7993066.stm
 
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nnuut said:
DEMAND IS DOWN! DUH! View attachment 6166


Chevron profits to fall sharply


Like all oil firms, Chevron has suffered from the fall in the price of oil

US oil giant Chevron has said that its profits for the first three months of 2009 will be "sharply lower" than those it made in the previous quarter.
Click to expand...
Correct me if I'm wrong here...But isn't a profit a profit, no matter how big or small?...So that means if they are making smaller than "RECORD BREAKING PROFITS", they still are making a profit and paying their bills and employees wages and all overhead is covered, with cash left over....WTF IS THE PROBLEM THEN????? The whiny greedy bastards:mad::mad:

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It's EXTREMELY unrealistic to even suggest that Oil Companies are losing money!!! Everything points to a rise in price by the summer, we are already back above $50 a barrel and should be headed higher. The biggest disappointment is the Current Administration's STUPIDITY!!:nuts:
 
OPEC Oil Output Fell to 27.98MM B/D in March
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Platts Friday, April 10, 2009

The 12 members of the Organization of the Petroleum Exporting Countries (OPEC) pumped an average 27.98 million barrels per day (b/d) in March, as the oil producer group continued its efforts to slash oversupply and prevent oil prices falling further, according to a Platts survey of OPEC, oil industry officials and analysts just released. This is down 90,000 b/d down from February's 28.07 million b/d.

http://www.rigzone.com/news/article.asp?a_id=74969
 
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We don't need any "Drill baby Drill" right now- , oil stocks are at record levels:

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And even refined gasoline stocks are still larger than normal:

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Meanwhile, refinery utilization is far below average for this time of year-and below each of the last four years for the same time. The good news is, this will allow some deferred maintenance in refineries to catch up:

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Key to keeping supply and demand in check- is the increased use of ethanol this year. Blending ethanol into gasoline has had a significant downward pressure on the price at the pump. U.S. refinery demand is also driven lower by the increased use of ethanol, as the Energy Independence and Security Act of 2007 requires more ethanol to be used in 2009 than in 2008. Not surprisingly, the declining need for U.S. refinery output has kept downward pressure on refining margins and has led to refiners reducing crude inputs and product outputs.


Source: U.S. Department of Energy- This week in Petroleum- http://tonto.eia.doe.gov/oog/info/twip/twip.asp
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We should always plan for the future!!:cool: New "GREEN" energy is the way to go and should be developed quickly, in the mean time we need to use OIL! Oh, never mind!:suspicious:
 
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