Oil Slick Stuff

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Oil tops $72 on inventory drop:o

Crude supplies' drawdown and a weak greenback boost oil prices to highest close since late August. Analysts caution a pullback may be in the cards.

By Hibah Yousuf, CNNMoney.com contributing writer

Last Updated: September 16, 2009: 3:13 PM ET

Click to see current oil prices.
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(CNNMoney.com) -- Oil prices rose for the second session straight Wednesday after a government report showed crude inventories fell more than expected, and the dollar continued to weaken.

Crude for October delivery rose 2.23%, or $1.58, and settled at $72.51 a barrel, the highest since Aug. 28.
A softer dollar has been giving crude prices a boost lately. The greenback hit a seven-month low against the yen and a nine-month low against the euro on Wednesday. Oil, like other commodities, is priced in dollars and a weaker greenback typically supports prices.
http://money.cnn.com/2009/09/16/markets/oil/index.htm?postversion=2009091615
 
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nnuut said:
Analysts caution a pullback may be in the cards.
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As crazy as this may sound coming from me..But, I hope the pullback is Friday and not anytime sooner, since the market follows pretty much what oil does or visa versa;)
 
09/17/2009 - Updated 9:36 AM ET
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Crude-oil futures slip ahead of more supply data
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By Nick Godt, MarketWatch
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EW YORK (MarketWatch) -- Crude-oil futures were lower on Thursday, giving back some of their sharp gains from the previous session when the government reported a bigger-than-expected drop in U.S. stockpiles, and ahead of another report on natural-gas supplies.
Crude oil for October delivery was down 20 cents, or 0.3%, at $72.30 a barrel in electronic trade.
http://markets.usatoday.com/custom/...S&guid={0461F50E-6B68-44FF-8981-35F317BF2553}
 
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09/17/2009 - Updated 5:20 PM ET

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Crude-oil futures dips as dollar firms, stocks dropNatural gas drops 8%, taking back some of prior session's surge
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By Nick Godt, MarketWatch

NEW YORK (MarketWatch) -- Crude-oil futures finished slightly lower after a volatile session Thursday, as the dollar firmed and traders digested upbeat economic news and a bigger-than-expected drop in U.S. stockpiles in the previous session.
Crude for October delivery finished down 4 cents, or 0.1%, at $72.47 a barrel on the New York Mercantile Exchange. Crude oil earlier rose to a high of $73.16 a barrel and fell to a low of $70.40 a barrel.
http://markets.usatoday.com/custom/...S&guid={0461F50E-6B68-44FF-8981-35F317BF2553}
 
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Buster said:
Boy you sure got that right..it went up .12 last night to $2.26:blink:
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That's the sucking sound you hear from your wallet to the pumps. I wish my stocks would go up faster and stay up and then on down days just be off a couple of cents. Hmmm, there is a word for that. I think "gouging" comes to mind.

Steve
 
sdouglas3 said:
That's the sucking sound you hear from your wallet to the pumps. I wish my stocks would go up faster and stay up and then on down days just be off a couple of cents. Hmmm, there is a word for that. I think "gouging" comes to mind.

Steve
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Ain't it the true Steve, ain't it the truth..:suspicious:

Course we here in OKC have been pretty fortunate not to have too overpriced gas....Did you ever get by that 7-11 the other day?..I get my gas from Conoco at the corner of sw104th and Western..it's pure gas, no Ethanoil.
 
Buster said:
Ain't it the true Steve, ain't it the truth..:suspicious:

Course we here in OKC have been pretty fortunate not to have too overpriced gas....Did you ever get by that 7-11 the other day?..I get my gas from Conoco at the corner of sw104th and Western..it's pure gas, no Ethanoil.
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Yes, we have been fortunate for sure. I didn't make it over for the 2.12 gas. Other things prevailed that evening. I did stop at 7-11 on 89th and Sooner and for 2.17 gas. I will keep 104th and Western in mind for sure. I like to watch some of the away OU games there at the Cross Eyed Moose.

Steve


 
Gas $2.27 around here!!!:o

09/18/2009 - Updated 11:47 AM ET
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Crude-oil futures slip Friday, but poised for weekly gains
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By Nick Godt, MarketWatch

NEW YORK (MarketWatch) -- Crude-oil futures fell for a second day on Friday as the dollar continued to firm after hitting yearly lows earlier this week, while markets grappled with the usual volatility of options expiration.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7BEBC4DC02%2DF45A%2D4AB9%2DB67C%2D6D0B2EDE16AE%7D
 
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I got this in an Email...I worked the CARS program for many, many hours for the NHTSA to validate all the vouchers for the $3500/$4500 rebates..so this is close to being pretty accurate.


You have got to love Obamanomics

An old clunker vehicle at 15 mpg avg. and 12,000 miles avg per year uses 800 gallons a year of gasoline.


A new vehicle at 25 mpg avg. and 12,000 miles per year uses 480 gallons of gasoline a year.


So, the average clunker transaction will reduce US gasoline consumption by 320 gallons per year.


They claim 700,000 vehicles were traded (true) – so that's 224 million gallons per year.


That equates to a bit over 5 million barrels of oil, based on the percentage of gasoline distilled from crude oil.

5 million barrels of oil is about ¼ of one day's of US consumption.


And, 5 million barrels of oil costs about $350 million dollars at $75/bbl.


So, we all contributed to spending $3 billion to save $350 million.


How good a deal was that???


They'll probably do a great job with health care plan though!!:rolleyes:
 
Buster said:
I got this in an Email...I worked the CARS program for many, many hours for the NHTSA to validate all the vouchers for the $3500/$4500 rebates..so this is close to being pretty accurate.


They claim 700,000 vehicles were traded (true) – so that's 224 million gallons per year.


That equates to a bit over 5 million barrels of oil, based on the percentage of gasoline distilled from crude oil.

5 million barrels of oil is about ¼ of one day's of US consumption.


And, 5 million barrels of oil costs about $350 million dollars at $75/bbl. per year


So, we all contributed to spending $3 billion to save $350 million. per year


How good a deal was that??? People (those who manage the payments til paid off anyway) will probably keep those cars 15 years x .3 billion/year =5billion over 15 years....
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Net savings 2billion over 15 years (cost inflated away by then)? Tryin to think outside the box here. :o
 
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