Oil Slick Stuff

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$59.76 a barrel.
10/06/2006 - Updated 4:05 PM ET
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Oil suffers losses as traders seek OPEC clarityCrude down 5% for the week; natural gas gains for the day, week
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</IMG>By Myra P. Saefong, MarketWatch
SAN FRANCISCO (MarketWatch) -- Crude-oil futures closed lower Friday, suffering a loss of 5% for the week with traders attempting to figure out what the Organization of the Petroleum Exporting Countries will decide to do with production after conflicting reports this week that it will informally cut output by 1 million barrels per day.
"I can't recall a time when there were so many mixed signals out of OPEC," said James Williams, an economist at WTRG Economics.
But from "reading between the lines, what seems clear at this point is that Saudi Arabia isn't fully on board and OPEC may not yet have resolved its allocation problems which at a minimum, would need to set quotas proportionate to current production," he said.
Crude for November delivery fell 27 cents to close at $59.76 a barrel on the New York Mercantile Exchange, after falling to a low of $58.85. It was down $3.15 from the week-ago closing level of $62.91.
http://markets.usatoday.com/custom/...S&guid={0D91441B-74A5-4C99-AF6F-E398C06E4547}
 
Good chart Spaf. Looks like we almost caught up with the low in 2005. OPEC will fix that, for a while at least.:(
 
The Price Fixers are at it again!:mad: May effect the Market early next week!
OPEC ready to cut oil supply
Ministers committing to 1 million barrel a day production cut in effort to reduce stockpiles.
October 8 2006: 1:42 PM EDT


ALGIERS, Algeria (Reuters) -- OPEC is expected to make formal Monday a deal to remove 1 million barrels a day of crude from oversupplied markets, an OPEC source said, as ministers lined up to support the cut.
Iran, OPEC's second biggest producer, and Algeria on Sunday publicly backed the reduction, OPEC's first since April 2004. The plan was made public on Thursday by a senior OPEC delegate.
"I think there is more or less consensus for 1 million bpd," OPEC President Edmund Daukoru told Reuters by telephone Sunday. "The reference point is the (official) 28 million bpd ceiling."
An OPEC source said Daukoru had written to oil ministers in the last two days seeking their backing for the supply curbs.
"It is expected that there will be a decision on Monday to cut one million barrels per day from the official ceiling after consultations between the ministers," the source told Reuters
Algerian Energy and Mines Minister Chakib Khelil also said the Organization of the Petroleum Exporting Countries had reached a consensus to lower output. This would have a positive impact on the market, he added.

http://money.cnn.com/2006/10/08/new...gy.opec.reut/index.htm?postversion=2006100813
 
Gas Prices

UL Regular as low as $1.99 right down the street in Boiled Peanut, but not at CITGO!:D
 
Come on OPEC, make up your mind!:mad:

10/10/2006 - Updated 8:24 AM ET
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Crude dips as traders seek clarity from OPEC
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</IMG>By Ciara Linnane, MarketWatch
NEW YORK (MarketWatch) -- Crude futures fell early Tuesday as traders continued to look for some clarity from the Organization of the Petroleum Exporting Countries on its plans to cut production after several days of mixed messages from officials.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7B4BFDD128%2D0851%2D4A6E%2D8653%2DBC61D5F08F7D%7D
 
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Oldcoin said:
This is interesting, Venezuela can’t even give their oil away!

http://news.yahoo.com/s/ap/20061009/ap_on_re_us/oil_from_chavez
Click to expand...
Yes, but there are still lines at the CITGO Gas Stations!! Got to get the word out, that he is not our friend and deserves to be beaten in the upcoming election in Venezuela. When they see they can't sell as much Oil and Gas in the USA they will lower their prices and sell it to other countries, which intern will pressure OPEC to allow the prices to drop further. What a plan huh?:D
Nnuutrageous:nuts:
 
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