Oil Slick Stuff

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CapeChem said:
Nice plan....Use everyone elses first, then when they run out.....booyah.
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That would be beautiful..and like SA and all the other OPEC countries, we would have indoor Snowscapes in Death valley and air conditioned beaches...CHA CHING!!...But are we smart enough to take advanage of such possible wealth?...I think not..:suspicious:
 
10/19/2009 - Updated 3:49 PM ET

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Oil rises near $80 on weaker dollar, higher stock markets
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By Polya Lesova, MarketWatch & Moming Zhou, MarketWatch

NEW YORK (MarketWatch) -- Crude-oil futures rose Monday for an eighth straight session, ending at a new one-year high near $80 a barrel as a weaker dollar and rising U.S. stocks stirred more bullish sentiment among energy traders.
Crude for November delivery gained $1.08, or 1.4%, to $79.61 a barrel on the New York Mercantile Exchange, the highest settlement for a front-month contract since last October.
://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7B5C3E3839%2D3396%2D40D3%2D8813%2DCDF30E1C2FFA%7D
 
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JTH said:
Over in my area gas prices spiked up to 20 cents. :mad:

Just a guess, but higher prices are just around the corner.
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Hope you're wrong..cuz, that will certainly kick out whatever stability of our economy's support holding us in place.. right out from underneath it.
 
Gas Up to $2.49 a gallon this morning in Boiled Peanut GA.:nuts::mad:

Oil pushes past $80 - then edges off

Investors eye supply data due later Tuesday, as sustainability of eight-day rally remains unclear.

By Julianne Pepitone, CNNMoney.com staff reporter
October 20, 2009: 7:24 AM ET


Click the chart to view other commodity prices.

NEW YORK (CNNMoney.com) -- Oil edged off an earlier peak just above $80 a barrel Tuesday, as investors awaited supply data and questioned the likelihood of a continued rally.

Investors were awaiting supply data from the American Petroleum Institute due later on Tuesday. A consensus estimate of analysts polled by Reuters predicted a 2 million-barrel increase.
U.S. crude for November delivery was down 29 cents to $79.32 a barrel by 7:10 a.m., after reaching $80.05 earlier in the session.
Oil has ended higher for the past eight days, but analysts have questioned whether the recent rally is justified as crude market fundamentals remain weak [more]
http://money.cnn.com/2009/10/20/markets/oil/index.htm?postversion=2009102007
 
weekly chart of XOM... is oil getting too toppy for the economoical scenario?

Anyone think XOM can get to $80 in the short/med term? Thoughts?
 
Get READY Folks, more inflation that won't count is on it's way!:nuts:

The return of oil price shock

Higher energy prices are a sign the economy is getting better. But with oil nearing $80 and gas inching toward $3, some fear a further spike could derail a recovery.

By Paul R. La Monica, CNNMoney.com editor at large
Last Updated: October 20, 2009: 1:57 PM ET

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Oil prices tanked earlier this year on fears of impending economic doom. But prices are now back at their highest levels in a year on hopes that the recession is over.:mad:

NEW YORK (CNNMoney.com) -- Oil prices are back around $80 a barrel for the first time in nearly a year. But is that good news or bad news for the economy? Let the debate begin.
Of course, the knee-jerk reaction is to declare that rising oil prices must be a bad sign. After all, increased energy prices could be considered the equivalent of a big fat tax increase for an already cash-strapped consumer.
http://money.cnn.com/2009/10/20/markets/thebuzz/index.htm?postversion=2009102013
 
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This is the OLD one week up, and one week DOWN qundrum. :mad:

10/21/2009 - Updated 7:31 AM ET
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Oil futures fall as API reports rise in crude supplies Separate data on inventories is due from Energy Information Administration
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By Polya Lesova, MarketWatch

FRANKFURT (MarketWatch) -- Oil prices declined on Wednesday, as a report showed an expected increase in crude supplies and stock futures pointed to a lower opening on Wall Street.
Crude oil for December delivery dropped 94 cents, or 1.2%, to $78.18 a barrel in electronic trading on Globex.
The contract earlier hit an intraday low of $78.06 a barrel.

http://markets.usatoday.com/custom/...S&guid={646C774B-3168-4E78-968A-81F844D8627C}
 
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Price fall, as inventories rise?

Yep. that's how it works.

Hey, what ever happened to all those super tankers we heard about a few months ago, just sitting around holding lots and lots of oil off the coasts-waiting for the rise to creep back up. Did they offload their cargos at the higher price yet?
 
James48843 said:
Price fall, as inventories rise?

Yep. that's how it works.

Hey, what ever happened to all those super tankers we heard about a few months ago, just sitting around holding lots and lots of oil off the coasts-waiting for the rise to creep back up. Did they offload their cargos at the higher price yet?
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They are doing it NOW, that's one reason (and the driving season is over)inventories are rising and the price is falling. When it gets to the point where the price is too low they will quit.:cool:
 
10/21/2009 - Updated 11:24 AM ET

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Crude rises back near $80 after U.S. petroleum update
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By Moming Zhou, MarketWatch & Polya Lesova, MarketWatch

NEW YORK (MarketWatch) -- Crude-oil futures erased early losses Wednesday, rising near $80 a barrel as government data showed a smaller-than-expected buildup in U.S. crude inventories last week with imports falling to the lowest level in two months.
Also helping oil move higher, the U.S. stock market rose and the dollar fell further against most major rivals, underscoring oil's appeal as a hedge against a weaker currency.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7B646C774B%2D3168%2D4E78%2D968A%2D81F844D8627C%7D
 
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NOT GOOD!!:nuts:

10/21/2009 - Updated 1:01 PM ET
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Crude hits new one-year high above $80 after petroleum data
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By Moming Zhou, MarketWatch & Polya Lesova, MarketWatch

NEW YORK (MarketWatch) -- Crude-oil futures rose Wednesday to a record high above $80 a barrel, as government data showed a smaller-than-expected buildup in U.S. crude inventories last week with imports falling to the lowest level in two months.
Also helping oil move higher, the U.S. stock market rose and the dollar fell further against most major rivals, underscoring oil's appeal as a hedge against a weaker currency.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7B646C774B%2D3168%2D4E78%2D968A%2D81F844D8627C%7D
 
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