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06/17/2010 - Updated 9:34 AM ET
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Crude-oil futures slump on supplies concerns
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By Nick Godt, MarketWatch

NEW YORK (MarketWatch) -- Crude-oil futures were lower early on Thursday, giving back some of their recent strong gains after a U.S. government report showed an unexpected increase in U.S. supplies.
http://markets.usatoday.com/custom/...S&guid={8837AFC3-7918-4EC0-9419-F93590CD95E7}
 
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Buster, I knew you were going to ask at some point. :embarrest: I fessed up a couple days ago over on ETFTalk. I only just sold a couple days ago (day before the announcement of suspended dividends), even though I started thinking about it back in mid-April when two back to back doji candles appeared at the peak price, and immediately upon hearing about the blowout-intuition told me to sell (but I didn't want to make an "emotional" decision based on the blowout/intuition :().

Should have not second-guessed the "emotional" part, and gone with the dojis (factual data). They told me to bail and I didn't. Instead I dithered all the way back down and below purchase price, well below. I bought in last year at $43 (not too long into the uptrend), sold well below that the other day.

Just call me Slope of Hope. :rolleyes: I won't make that mistake again-not soon anyway.
 
06/17/2010 - Updated 11:18 AM ET
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Crude-oil futures fall below $77 a barrel, tracking stocksNatural-gas futures jump nearly 3% after weekly report on inventories
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By Claudia Assis, MarketWatch & Nick Godt, MarketWatch

SAN FRANCISCO (MarketWatch) -- Crude-oil futures headed lower Thursday as the day's round of macroeconomic reports put in question the economic recovery and demand for oil, and as crude was taking most of its cues from a falling stock market.
Crude for July delivery, the front-month contract, fell 92 cents, or 1.2%, to $76.74 a barrel. The most-active August contract fell 60 cents, or 0.7%, to $78.14 a barrel.
http://markets.usatoday.com/custom/...S&guid={8837AFC3-7918-4EC0-9419-F93590CD95E7}
 
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Pennsylvania DEP Warns Gas Well Drillers
by Tim Puko
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Knight Ridder/Tribune Business News
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Thursday, June 17, 2010
Pennsylvania's top environmental official threatened the natural gas industry with serious consequences Wednesday if it does not stop well blowouts and water pollution.

John Hanger, secretary of the Department of Environmental Protection, asked lawmakers for legislation that explicitly allows the state to withhold permits for "companies that continue to operate unsafe operations."

"All of us recognize the value and benefits of the Marcellus shale to Pennsylvania, but we also recognize the need to make sure that drilling sites are safe, that the safety of workers, the public and the environment is not compromised," Hanger said during his testimony before the Senate Environmental Resources and Energy Committee.

A blowout in Clearfield County this month and an explosion in West Virginia's Northern Panhandle were the states' first major accidents at wells in the newly exploited Marcellus shale, a gas-rich layer that runs from southern West Virginia through New York.

Pennsylvania officials expect to finish a full investigative report on the Clearfield incident within three weeks, said DEP spokesman Tom Rathbun. The blowout shot 35,000 gallons of gas and brine into the forest over 16 hours June 3 and 4.

The chemicals entered a spring and a small stream about 1,500 feet northwest of the well, Hanger said. Well owner EOG Resources and its contractor C.C. Forbes had cleared 5 acres for the well, leaving no vegetation to be damaged nearby, Rathbun added. EOG contained the chemicals upstream, Hanger said.
[more]
http://www.rigzone.com/news/article.asp?a_id=94825&hmpn=1
 
alevin said:
Buster, I knew you were going to ask at some point. :embarrest: I fessed up a couple days ago over on ETFTalk. I only just sold a couple days ago (day before the announcement of suspended dividends), even though I started thinking about it back in mid-April when two back to back doji candles appeared at the peak price, and immediately upon hearing about the blowout-intuition told me to sell (but I didn't want to make an "emotional" decision based on the blowout/intuition :().

Should have not second-guessed the "emotional" part, and gone with the dojis (factual data). They told me to bail and I didn't. Instead I dithered all the way back down and below purchase price, well below. I bought in last year at $43 (not too long into the uptrend), sold well below that the other day.

Just call me Slope of Hope. :rolleyes: I won't make that mistake again-not soon anyway.
Click to expand...

sorry to hear about that alevin. it's actually pretty refreshing to hear someone admit to a trading mistake and taking the stance of well... lesson learned. almost all you ever hear on trading boards and blogs is chest beating and thumping. take heart in that you become a wiser and better trader/investor much quicker with one mistake than with many good yet "dumb luck" trades.
 
alevin said:
Buster, I knew you were going to ask at some point. :embarrest: I fessed up a couple days ago over on ETFTalk. I only just sold a couple days ago (day before the announcement of suspended dividends), even though I started thinking about it back in mid-April when two back to back doji candles appeared at the peak price, and immediately upon hearing about the blowout-intuition told me to sell (but I didn't want to make an "emotional" decision based on the blowout/intuition :().

Should have not second-guessed the "emotional" part, and gone with the dojis (factual data). They told me to bail and I didn't. Instead I dithered all the way back down and below purchase price, well below. I bought in last year at $43 (not too long into the uptrend), sold well below that the other day.

Just call me Slope of Hope. :rolleyes: I won't make that mistake again-not soon anyway.
Click to expand...
I too am sorry for your loss..But I still will leave my original offer on the table
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The trend has been up for a while and this week is also up!:(
NYH RBOB Gasoline: [ CLICK] NYH RBOB Gasoline
SHORT TERM TREND,
attachment.php

..........................Gallon....Weekly Status
Settle 04/23/10..$2.2770.....+.0761
Settle 04/30/10..$2.3963.....+.1193
Settle 05/07/10..$2.1251.....-.2712
Settle 05/14/10..$2.1308.....+.0057
Settle 05/21/10..$1.9612.....-.1796
Settle 05/28/10..$2.0198.....+.0586
Settle 06/04/10..$1.9953.....-.0859
Settle 06/11/10..$2.0497.....+.0544
 
Crude Oil Rises Above $77 as S&P 500 Advances to One-Month High :mad:
By Margot Habiby

June 18 (Bloomberg) -- Crude oil rose above $77 a barrel as the Standard & Poor’s 500 Index increased and the dollar pared gains against the euro.
Oil is poised to advance for a second week as the S&P 500 climbed to a one-month high amid volatility related to the expiration of stock futures and options. The dollar retreated from a three-week high against the euro. A weaker dollar boosts the appeal of commodities as an alternative investment.
“We’re following the stock market, and we’re following the dollar,” said Phil Flynn, vice president of research at PFGBest in Chicago. “The stock market’s creeping a little bit higher, and that’s giving confidence to the buyers of oil to come into the marketplace a little.”
Oil for July delivery gained 24 cents, or 0.3 percent, to $77.03 a barrel at 10:56 a.m. on the New York Mercantile Exchange. Prices have risen 7.9 percent in the past year. They are poised to increase 4.4 percent this week. [more]
http://www.bloomberg.com/apps/news?pid=20602013&sid=aT4BKl8LA2QE
 
Admiral Allen: 25,000Bopd Captured from Gulf Leak
by Angel Gonzalez
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Dow Jones Newswires
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Friday, June 18, 20


Responders at the site of the mile-deep BP PLC (BP, BP.LN) spill in the Gulf of Mexico said Friday they captured some 25,000 barrels of oil on Thursday.
About 16,000 barrels of oil were collected and more than 9,000 barrels were burned. Some 50.3 million cubic feet of natural gas were flared, BP said in an update on its website.
The increased rate of capture--about 10,000 barrels of oil more than the typical figure for last week--puts BP on track to meet its plan to catch 53,000 barrels of oil by the end of the month.
U.S. Coast Guard Adm. Thad Allen said in a news conference Friday that he was "very pleased" to report the figure, which was higher than a previous estimate of 16,000 to 17,000 barrels given Thursday. The increase is due to the arrival of a second vessel at the site, named the Q4000, which is flaring all the oil and gas it is getting from the leaking well.
The news comes as the pressure on BP intensified both on Capitol Hill and at Wall Street. BP Chief Executive Tony Hayward testified before a Congressional committee Thursday--but his taciturn responses, reiterating mostly to say that BP was still investigating the causes of the incident that led to the spill and that the top management of the company was not involved in key decisions at the Macondo well site, visibly irked the Congressmen.
Earlier, the company agreed after White House pressure to create a $20 billion escrow fund to pay damage claims related to the disaster; Friday, ratings agency Moody's Investor Service downgraded the company's credit rating three notches due to mounting costs and litigation exposure. The agency lowered BP's senior unsecured ratings to A2 from Aa2, after a June 3 downgrade to Aa2 from Aa1. Fitch and Standard & Poor's also downgraded BP this week.
To cover the cost of stopping the spill and cleaning up the environmental and economic mess, BP will cut its capital spending by 10% to $18 billion in 2010 and by a greater amount in 2011, Chief Financial Officer Byron Grote said Wednesday. The company will also withhold its dividend until at least early 2011. So far the company has spent more than $1.75 billion on the spill.
Adm. Allen said that the containment efforts are going to "max out" at the end of the month. Then, responders would have to decide whether to replace the current system with more permanent floating production and offloading units that will be able to resist storms and collect up to 60,000 to 80,000 barrels a day. If most of the leak is contained by the current system it is possible that it will be left in place, he said.
The ultimate effort to kill the leak by drilling two relief wells is also progressing, Allen said. The first relief well is "starting to close in on the wellbore," Allen said, at a depth of 10,677 feet--nearly 700 feet deeper than on Thursday morning. A second back-up well was at a depth of about 4,600 feet. The official estimate for the completion of the first relief well is mid-August.
http://www.rigzone.com/news/article.asp?a_id=94885&hmpn=1
 
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