Oil Slick Stuff

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08/13/2009 - Updated 3:01 AM ET
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Crude extends rise on dollar weakness, Asia stock gains
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By V. Phani Kumar, MarketWatch

HONG KONG (MarketWatch) -- Crude-oil futures climbed in electronic trade Thursday as Asian stocks rebounded and the U.S. dollar broadly declined.
September benchmark Nymex crude futures rose 76 cents to $70.92 a barrel in Asian afternoon trade on Globex.
The contract had risen 71 cents to $70.16 a barrel on the New York Mercantile Exchange, in spite of U.S. government data showing a bigger-than-expected rise in crude supplies.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7B28CFFB11%2D19BA%2D4E61%2D9ADE%2D8D2D577AEA67%7D
 
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By Polya Lesova, MarketWatch

NEW YORK (MarketWatch) -- Oil futures rallied Thursday, as better-than-expected economic data from Germany and France as well as dollar weakness buoyed demand for crude.
Light sweet crude for September delivery rose $1.88, or 2.7%, to $72.04 a barrel in electronic trading on Globex.
Germany and France unexpectedly returned to growth in the second quarter, official data showed Thursday, boosting expectations that the 16-nation euro zone will soon emerge from a prolonged recession. Read more.
http://www.marketwatch.com/story/crude-rises-on-dollar-weakness-asia-stock-gains-2009-08-13
 
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Oil trims gains after retail sales report

Crude futures ease off earlier highs following a government report showing a surprise drop in U.S. retail sales last month.

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August 13, 2009: 11:10 AM ET

Click the chart for current oil prices.

LONDON (Reuters) -- Oil pared early gains above $72 a barrel on Thursday after U.S. retail sales data emerged showing a slightly unexpected fall in consumer spending from the world's largest economy.

U.S. light crude for September delivery was up $1.20 at $71.46 a barrel after hitting an earlier high of $72.21.
Sales at U.S. retailers unexpectedly edged down 0.1% in July from June, a government report showed on Thursday, casting a shadow over brighter French and German GDP data earlier in the day.
http://money.cnn.com/2009/08/13/markets/oil.reut/index.htm?postversion=2009081311
 
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Crude-oil prices rise, but can't hold $71-level
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By V. Phani Kumar, MarketWatch

HONG KONG (MarketWatch) -- Crude-oil prices rose further in electronic trading Friday, though they ran into resistance above $71 as Chinese stocks declined and U.S. stock futures turned lower.
September futures of light sweet crude-oil were recently up 30 cents at $70.82 a barrel on Globex, after the contract rose as high as $71.60 a barrel earlier in the session.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7B56B128DB%2D3DB3%2D4D4F%2D999B%2D12CC0F333332%7D
 
Crude futures edge down in choppy trading

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By Polya Lesova, MarketWatch

NEW YORK (MarketWatch) -- Oil futures swung between gains and losses Friday, as U.S. stock-index futures fell and the U.S. dollar weakened against major rivals.
Trading was very volatile. Light sweet crude for September delivery was last down 20 cents to $70.33 a barrel in electronic trading on Globex.
On Wall Street, stock index futures pointed to a lower opening after data showed that U.S. consumer prices were unchanged in July.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7B56B128DB%2D3DB3%2D4D4F%2D999B%2D12CC0F333332%7D
 
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Crude futures fall, tracking losses on Wall Street

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By Polya Lesova, MarketWatch

NEW YORK (MarketWatch) -- Oil futures declined nearly 2% on Friday, as traders booked profits and bet that the current level of crude prices is not justified by fundamentals. Falling U.S. stocks also soured in sentiment in the energy markets.
Light sweet crude for September delivery fell $1.46, or 2%, to $69.07 a barrel in electronic trading on Globex.
"I think oil is selling off today on the thoughts that this rally in the market has outpaced itself so far and that we are due for some near-term correction and profit-taking," said Zachary Oxman, managing director at TrendMax Futures.
http://markets.usatoday.com/custom/...S&guid={56B128DB-3DB3-4D4F-999B-12CC0F333332}
 
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Buster said:
At least OIL is well below $70.00..we may see a .02 decrease in gas in about a month..:rolleyes:
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That's true, about time we got a break, even if it takes longer than the price gouging takes, but I'm sorry to say that in the last few weeks when Oil and Gas go down the Market tends to follow, can't seem to ge ahead!!:sick:
 
Brace yourself, Oil down you know what that means!!:nuts:


Oil dips below $66

Crude futures extended Friday's sharp losses as investors were jittery about the pace of recovery.

August 17, 2009: 6:28 AM ET

Click on the chart to see other commodity prices.

LONDON (Reuters) -- Oil fell to a two-week low below $66 a barrel on Monday as investors became more cautious about the pace of global economic recovery and any revival in energy demand.

The market on Friday fell $3.01, or 4.3% -- the biggest loss since July 29 -- after the Reuters/University of Michigan Survey of Consumers showed confidence in early August dropped to the lowest since March.
http://money.cnn.com/2009/08/17/markets/oil.reut/index.htm?postversion=2009081706
 
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Well, they sure ramped the Oil and RBOB gas prices into settlement time now didn't they? Makes you wonder if they'll do the same for equities.
 
I wouldn't be suprised if China makes deals with Cuba to get more stakes in the Gulf of Mexico.

Russia and Cuba signed a deal for major development of blocks in the Cuban zone, what .... about a month ago?

Venezuala is already in the game with Cuba too.

US companies as I understand it are currently banned from the Cuban zone due to the trade embargo between the the US and Cuba.

So much for the congressional, state, and enviro lobby hue and cry demanding no drilling off the coast of Florida.
 
Minnow said:
Well, they sure ramped the Oil and RBOB gas prices into settlement time now didn't they? Makes you wonder if they'll do the same for equities.
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Looks steady down but you never know, I HOPE SO!!:cool:
 
nnuut said:
Now WHY do you think that China would be doing this? Because they are smarter than those IDIOTS in Washington DC, that's why!!:nuts:
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Because we are a bunch of weak kneed, eco-enviro friendly stooges that succumb and cave to the whims of the Liberal left leaflickers (never mind that it will drive us into terminal bankruptcy and dependency forever on foreign oil, while the rest of the world moves forward)....And in doing our part (like nobody else is) to protect our beaches and vast wildernesses from the ugly sights of Drilling rigs, this will make us energy interdependent slaves to third world countries...:rolleyes:...Pass the fried rice please..
 
Buster said:
Because we are a bunch of weak kneed, eco-enviro friendly stooges that succumb and cave to the whims of the Liberal left leaflickers (never mind that it will drive us into terminal bankruptcy and dependency forever on foreign oil, while the rest of the world moves forward)....And in doing our part (like nobody else is) to protect our beaches and vast wildernesses from the ugly sights of Drilling rigs, this will make us energy interdependent slaves to third world countries...:rolleyes:...Pass the fried rice please..
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Well said my friend!!!:cool:
 
Buster said:
Because we are a bunch of weak kneed, eco-enviro friendly stooges that succumb and cave to the whims of the Liberal left leaflickers (never mind that it will drive us into terminal bankruptcy and dependency forever on foreign oil, while the rest of the world moves forward)....And in doing our part (like nobody else is) to protect our beaches and vast wildernesses from the ugly sights of Drilling rigs, this will make us energy interdependent slaves to third world countries...:rolleyes:...Pass the fried rice please..
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It was not a Democrat but Republican Gov. Jeb Bush who declared in 2005 that "offshore drilling, particularly in the near waters of our state, is taboo." And by "near waters," Bush meant within 100 miles!

Source: http://www.heraldtribune.com/article/20090814/OPINION/908141008/-1/NEWSSITEMAP
 
Buster said:
Sure, sure...Like his arm wasn't being twisted by all the rich left snowbirds, with beach condos...

I was born at night, but not LAST night..;)
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from the article:
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"Proponents say near-shore drilling someday -- potential drilling sites would not come on line for years -- can provide $1.5 billion a year to the state. This year's state budget, by comparison, is $66.5 billion -- and that's down $5 billion from two years ago because of the recession's impact.
 
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Bullishreturn said:
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For many people who live in the area around Tampa Bay, an oil spill 16 years ago is still a vivid memory. In August 1993, 300,000 gallons of heavy fuel oil were dumped into the water just outside the bay. A thick oil slick covered the area, fouling nearly 15 miles of some of Florida's best beaches.

"We had to remove sand; we had oil on the beaches for several months," recalls D.T. Minich, the head of the St. Petersburg/Clearwater Area Convention and Visitors Bureau. "We had several thousand sea turtle hatchlings die. It was a disaster ... and we don't want that to happen again."
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There are more than just tree huggers who have concerns about drilling in Florida. That's all I am saying.
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I know what you're trying to say.. and I remember the Alaskan EXXON/Valdez thing was horrible to see as well..my heart bleeds for such disaster to nature..So No coast line is immune to oil spills from tankers.. As in all accidents, lessons have been learned and improvements implemented....but to say or imply drilling off shore will be any more detrimental is just guessing, using shipping accidents as the example....Apples to Oranges...I'm just saying to be realistic and fair.
 
Buster said:
I know what you're trying to say.. and I remember the Alaskan EXXON/Valdez thing was horrible to see as well..my heart bleeds for such disaster to nature..So No coast line is immune to oil spills from tankers.. As in all accidents, lessons have been learned and improvements implemented....but to say or imply drilling off shore will be any more detrimental is just guessing, using shipping accidents as the example....Apples to Oranges...I'm just saying to be realistic and fair.
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Oh Buster, Buster, Buster.

I encourage you to do some googling and look up the Santa Barbara Unocal drilling spill of 1969.

To refresh the memories of those of us old enough to remember, offshore drilling was common off the coast of California in the 1960s. In February of 1969, an oil platform had a major blowout. It spilled oil into the ocean for ten days. 200,000 galloons spilled into the water, and devastated beaches, animals, etc in Southern California.
http://www.geog.ucsb.edu/%7Ejeff/sb_69oilspill/index.html


Tens of thousands of birds, sea lions, etc, died and washed ashore in southern california. It was all over the evening news for days and days and days, as people rushed to try and save the poor creatures from their fate. It wasn't on the scale of the Exxon Valdez as for volume, but it was MUCH worse for news coverage. It was perhaps the single largest event of the time, and led to the major establishment of the "earth" movement.
 
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