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Where to next for oil — $50 or $100?

Commentary: Analysts see oil headed higher but the question is when

By Myra P. Saefong, MarketWatch
SAN FRANCISCO (MarketWatch) — The U.S. oil market has been struggling for the last five months to get itself back above the $100-a-barrel level, but it doesn’t have to look very far to find the fuel it needs to do it.
Demand growth in emerging markets, high global oil prices, smaller spare production capacity from the world’s big oil producers and further political tensions in the Middle East and North Africa are just a few good reasons why many analysts expect oil prices to head higher in the long term.
But just when they begin that turn higher is a much more difficult thing to predict.
http://www.marketwatch.com/story/where-to-next-for-oil-50-or-100-2011-10-07
 
Crude-oil futures turn higher after payrolls data

November contract extends week’s advance to nudge $83 a barrel


Oct. 7, 2011, 10:04 a.m. EDT
By Claudia Assis, MarketWatch

SAN FRANCISCO (MarketWatch) — Crude-oil futures rose Friday, pivoting away from earlier losses after the much-awaited U.S. jobs report came in better than expected.
Crude-oil for November delivery rose 36 cents, or 0.5%, to $82.93 a barrel on the New York Mercantile Exchange.
http://www.marketwatch.com/story/crude-oil-futures-fall-ahead-of-payrolls-data-2011-10-07
 
A Counter Intuitive Look at Crude and Drilling
by Trey Cowan
Rigzone Staff
Friday, October 07, 2011

Before summarizing the offshore rig markets, we would like to take this opportunity to reframe crude oil prices and their predictive signal for future demand. The synopsis is simple: when monthly average oil prices fall over a three month period, historical data indicates a high probability that world demand for oil will be lower six months after the sell-off. We urge you to read on for the silver lining that goes along with this cloud.
http://www.rigzone.com/news/article.asp?hpf=1&a_id=111615
 
Oil Rises to Two-Week High
:worried:

By Mark Shenk and Margot Habiby - Oct 10, 2011 12:47 PM ETMon Oct 10 16:47:36 GMT 2011

Crude oil climbed to the highest level in two weeks as the leaders of Germany and France pledged to stem the European sovereign-debt crisis.
Futures rose as much as 3.8 percent after German ChancellorAngela Merkel and French President Nicholas Sarkozy said yesterday they will deliver a plan to recapitalize the region’s banks and address the Greek crisis by Nov. 3. The euro surged against the dollar after the announcement. U.S. employers added more workers in September than forecast, a report showed Oct. 7.
“Optimism is coming back into the market,” said Tom Bentz, a broker with BNP Paribas Commodity Futures Inc. in New York. “As concerns about the European debt crisis and the U.S. economy heading into recession ease, oil prices are going to climb. These headlines are a sign that demand will increase.”
Click to expand...
http://www.bloomberg.com/news/2011-...-high-on-european-pledge-to-contain-debt.html
 
Crude Oil Drops From Two-Week High in New York Before Vote on Europe Debt


By Ayesha Daya and Ben Sharples - Oct 11, 2011 6:13 AM ETTue Oct 11 10:13:36 GMT 2011


Oil fell from its highest in more than two weeks in New York before a government vote in Slovakia on the euro area’s bailout fund that may endanger a recovery in the region’s economy.
Futures slipped as much as 1.3 percent and European equities fell after European Central Bank President Jean-Claude Trichet said the region’s debt crisis has “reached a systemic dimension.” Crude climbed 2.9 percent yesterday after German Chancellor Angela Merkel and French President Nicholas Sarkozy said they will deliver a plan to recapitalize the region’s banks by Nov. 3. An Energy Department report Oct. 13 may show U.S. crude supplies rose last week.
http://www.bloomberg.com/news/2011-...-european-debt-pledge-u-s-growth-outlook.html
 
nnuut said:
Crude Oil Drops From Two-Week High in New York Before Vote on Europe Debt


By Ayesha Daya and Ben Sharples - Oct 11, 2011 6:13 AM ETTue Oct 11 10:13:36 GMT 2011


Oil fell from its highest in more than two weeks in New York before a government vote in Slovakia on the euro area’s bailout fund that may endanger a recovery in the region’s economy.
Futures slipped as much as 1.3 percent and European equities fell after European Central Bank President Jean-Claude Trichet said the region’s debt crisis has “reached a systemic dimension.” Crude climbed 2.9 percent yesterday after German Chancellor Angela Merkel and French President Nicholas Sarkozy said they will deliver a plan to recapitalize the region’s banks by Nov. 3. An Energy Department report Oct. 13 may show U.S. crude supplies rose last week.
http://www.bloomberg.com/news/2011-...-european-debt-pledge-u-s-growth-outlook.html
Click to expand...

That's why gas was down 10 cents this morning, $3.19/gal. It just amazes me that the gas in storage can change price per gallon on almost a daily basis.
 
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