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Oil retreats after big run-up

Crude prices ease about 1 percent as International Energy Agency ups fourth-quarter forecast for oil demand growth.

November 10 2006: 6:29 AM EST


TOKYO (Reuters) -- Oil prices fell 1 percent on Friday as dealers took profits from the previous day's surge, while the West's energy watchdog said a tighter fourth quarter would follow the biggest third-quarter stockbuild in 15 years.
U.S. light, sweet crude for December deepened earlier losses to stand 93 cents lower at $60.23 a barrel, eroding nearly half of Thursday's sharp gains. London Brent crude fell 92 cents to $60.40 a barrel.
http://money.cnn.com/2006/11/10/markets/oil.reut/index.htm?postversion=2006111006
 
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The oil chart ($wtic) is looking like it is forming a head and shoulders pattern on the three year daily charts. Oil could go up for the next couple of weeks, finding resistance at ~$70/barrel for a while. Then work it's way back down to $60, and break through support in January.

If that happens, the next couple of weeks of oil going up could be the perfect opportunity for some pullback in the stock market. Then it's bull ride 2007.
 
Looks that way to me Fab!!! Winter on its way OPEC cutting output, look at the NYMEX Expanded Table for futures chart for Nov +. I don't feel it will get over $70, but I don't like it!!:mad: Didn't know Oil could get a little head, and shoulders?:cheesy:
http://www.nymex.com/lsco_fut_psf.aspx
 
OPEC cuts are only 575,000 in Nov. Way lower than the promised 1.2m. Oil heading down to $55/barrel?
 
Good Stuff! ATCJeff:D
More--- $58.43 a barrel at 10.57 EST
http://www.nymex.com/lsco_fut_condet.aspx?product=CL&month=Dec&cmonth=Z&year=6&currPrev=C

11/13/2006 - Updated 10:38 AM ET
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Crude futures fall to a more than one-week lowLower 2006 global oil-demand forecast, doubts over OPEC cut weigh on prices
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</IMG>By Myra P. Saefong, MarketWatch
SAN FRANCISCO (MarketWatch) - Crude-oil futures fell Monday morning to their weakest level in more than a week, extending their prior-day losses on a weaker global oil-demand forecast for the year and continued doubts over key oil producers' full compliance with a pledge to cut production.
http://markets.usatoday.com/custom/usatoday-com/html-story.asp?markets=COMMODITIES&guid=%7B7E70BCC5%2DF5F5%2D44B0%2D8A2F%2D4022CCC323FC%7D
 
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:o
11/14/2006 - Updated 10:38 AM ET
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Crude futures head higher after two-day rout
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</IMG>By Myra P. Saefong, MarketWatch
SAN FRANCISCO (MarketWatch) -- Crude-oil futures headed higher Tuesday morning, aiming to break a two-session losing streak that's cut prices by more than 4% as traders continued to weigh the supply and demand outlook against a backdrop of mild weather in the Northeastern U.S.
http://markets.usatoday.com/custom/...S&guid={8095ABDC-D989-4F12-AB2F-6DF75B397567}
 
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UL Regular as low as $2.05 but the average is around $2.10.
Getting more expensive to drive around in Boiled Peanut Ga. these days.:mad:
 
Was time to buy USO again, short-term play. The oil numbers could hurt me tomorrow, but I only have a small postion. I might add some more shares if we get a sell-off tomorrow. In my opinion oil is headed back up enough to make it tradeable. Buying the Dips!

http://finance.yahoo.com/q?s=uso
 
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Crude for December delivery is now up 1.1% near $59/bbl following larger than expected declines in weekly distillate and gasoline supplies.
 
Yeah! What's up with that WW?:mad: $58.88 at 10:50 EST.
Oil rises despite healthy inventories

Crude reverses Tuesday's losses but stays within $58-$62 range it has maintained since early October.

November 15 2006: 10:08 AM EST


LONDON (Reuters) -- Oil rose Wednesday but stayed within a six-week price range ahead of data expected to show comfortable fuel inventories in the United States as mild weather kept heating needs low.
U.S. crude rose 18 cents to $58.46 a barrel, reversing the previous day's losses and staying within the $58-$62 range that has mostly bound prices since early October.
http://money.cnn.com/2006/11/15/markets/oil.reut/index.htm?postversion=2006111510
 
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