Thread: Oil Slick Stuff

AND the GAMES HAVE begun!!


AP
Iran report pushes oil to new record, gas jumps above $3.73
Tuesday May 13, 3:44 pm ET
By John Wilen, AP Business Writer Oil prices near $127 a barrel on report about Iranian output; gas jumps above $3.73
NEW YORK (AP) -- Oil prices shot to a new record near $127 a barrel Tuesday on concerns that Iran may consider cutting crude oil production. Gas prices, meanwhile, rose to a new record over $3.73 a gallon Tuesday, and their advance shows little sign of slowing with Memorial Day weekend, the traditional start of the summer driving season, just 10 days away.
Light, sweet crude for June delivery rose as high as a record $126.98 a barrel in midday trading on the New York Mercantile Exchange Tuesday before retreating to settle up $1.57 at $125.80.
Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill., said traders reacted to news reports that Iran's government is considering cutting crude oil production. James Cordier, president of Tampa, Fla., trading firms Liberty Trading Group and OptionSellers.com, said the news quickly made its way around trading floors. In later news reports, Iranian officials denied that production cuts were imminent, but said a reduction has been discussed. Cordier doubts Iran will actually cut oil production. The nation's economy is in bad shape, Cordier said: "They need all the petrodollars they can get."[more]
http://biz.yahoo.com/ap/080513/oil_prices.html

Comon George, it might not do much good but we'll take what we can get!
Congress urges Bush to halt oil shipments into government emergency reserve Sen. Byron Dorgan, D-N.D., second from left, accompnaied by fellow senators, gestures during a news conference on Capitol Hill in Washington, Tuesday, May 13,2008, to discuss energy policy in relation to President Bush's upcoming trip to the Middle East. From left are, Sen. Charles Schumer, D-N.Y. Dorgan, Sen. Bernard Sanders, I-Vt., Sen. Bob Casey Jr., D-Pa., and Sen. Amy Klobuchar, D-Minn. (AP Photo/Brendan Hoffman)05-13-2008 7:48 PM
By H. JOSEF HEBERT, Associated Press Writer
WASHINGTON (Associated Press) -- Congress voted overwhelmingly Tuesday to challenge President Bush to temporarily halt the daily shipment of thousands of barrels of oil into the government's emergency reserve.
Lawmakers disagreed on what _ if any _ impact the suspension might have on gasoline prices and acknowledged it was but "a modest step" in addressing public anger over soaring energy costs.
Bush has steadfastly refused to halt shipments of about 70,000 barrel barrels of oil a day into the Strategic Petroleum Reserve, a system of salt caverns on the Gulf coast. The reserve, created to respond to major oil supply disruptions, holds 701 million barrels and is at 97 percent of capacity.
"There is no evidence that (suspending shipments) will affect the price of oil or gasoline in a meaningful way," said White House spokesman Scott Stanzel. He said the president opposes any congressional mandate to stop deliveries and believes Congress should focus on broader energy issues.
The Senate voted 97-1 to suspend the shipments for the rest of the year. Hours later, the House followed suit, voting 385-25 to halt the deliveries. The votes don't compel Bush to act because the measures differ somewhat and would need to be reconciled before final congressional approval.
Still the votes were symbolic, in their strong bipartisan support, of lawmakers' frustrations at not being able to agree on anything more substantive in response to public anger over near $4 a gallon gasoline and oil prices in the $125 a barrel range.
"We are buying the most expensive crude oil in the history of the world and storing it," said Sen. Byron Dorgan, D-N.D. "When American consumers are burning at the stake by high energy prices, the government ought not be carrying the wood."[more]
http://middlegeorgia.cox.net/cci/new...alidatearticle

Oil off their lows on supply data

Stockpiles of oil and gas are less than expected, according to a government report released Wednesday.

By Catherine Clifford, CNNMoney.com staff writer
Last Updated: May 14, 2008: 11:00 AM EDT




NEW YORK (CNNMoney.com) -- Oil prices eased off their lows Wednesday after a government report showed weaker-than-expected stockpiles of both crude oil and gasoline.
U.S. light crude for June delivery on the New York Mercantile Exchange was down 87 cents at $124.93 a barrel at 11 a.m. ET. Oil had traded down $1.34 just prior to the report's 10:30 a.m. release.
In its weekly inventory report, the Energy Information Administration said crude stocks increased by 200,000 barrels in the week ended May 9. Analysts were looking for a rise of 2.5 million barrels of crude oil according to according to a survey from Platts, an energy research firm.
At 325.8 million barrels, U.S. crude oil inventories are in the middle of the average range for this time of year.
Gasoline supplies decreased by 1.7 million barrels and are in the middle of the average range for this time of year. Analysts were looking for a decrease of only 800,000 barrels in gasoline stockpiles.
Distillates, used to make heating oil and diesel fuel, increased by 1.4 million barrels and are in the lower half of the average range for this time of year. Analysts were looking for an increase of 1.1 million barrels in distillate supplies.
Last week, refineries operated at 86.6% capacity, up from operating at 85% of their operational capacity in the previous week. Going into the summer driving season, refineries typically operate at about 90% capacity.
Crude rose as high as a record $126.98 a barrel in midday electronic trading on Tuesday, before retreating. In the past 12 months, crude oil has doubled in price.
Rising crude prices have continued to push retail gasoline prices higher, pinching the consumer at the pump. Gas prices hit record highs for the seventh day in a row, auto group AAA's Web site showed Wednesday.
The nationwide average for a gallon of regular unleaded hit $3.758 on Wednesday, up 2.6 cents from the previous day's high of $3.732. Gas prices have now risen for eight straight days.
The AAA national average shows gas prices up more than 11% over the past month and up nearly 22% from year-ago levels.
http://money.cnn.com/2008/05/14/mark...ion=2008051411

OMG LMAO! Didn't the last report say stockpiles were HIGHER than expected! Whatever industry wants the government to say....industry gets!

More market manipulation!

Definately vascillates from week to week. I know how they do this!!
Attachment 3876

Great article. Shows just how bogus these "official" numbers really are.

http://market-ticker.denninger.net/

Please raise your hand if you saw a decrease in gasoline prices during the month of April.

Wait a second - the CPI information release claims that gas prices fell, but the EIA - the government's own energy administration - reported that gas prices rose by 9.5% in April, from $3.29 to $3.60! That's a one month change, not an annualized one!

Which of these two claims on gas prices is closer to what you have personally experienced?....

Oh, if you're wondering how our bank's "reserves" are, have a peek.

Hint: Sit down first, and click for a big version. You won't need your reading glasses, in fact, I might suggest getting drunk to blunt the impact.....

http://market-ticker.denninger.net/2...e-tuesday.html

Originally Posted by luv2read

Great article. Shows just how bogus these "official" numbers really are.

http://market-ticker.denninger.net/

Check out this site!! The EIA USA
http://tonto.eia.doe.gov/dnav/pet/pe...te_cpgal_w.htm

Memorial Day driving to drop slightly - AAA

Motorist group sees first decrease in holiday travel since 2002, with Americans at a 'travel tipping point.'

By David Goldman, CNNMoney.com staff writer
Last Updated: May 15, 2008: 10:57 AM EDT

America's Money: Gas crunch hits home
The record-high price of gasoline is putting a strain on American motorists - and spurring some to shift their habits. Here are their stories. View photos

NEW YORK (CNNMoney.com) -- With soaring gas prices amid a slumping economy, Americans are planning on driving less this Memorial Day weekend than they did last year, according to a AAA study released Thursday.
The number of Americans traveling 50 or more miles from home this holiday weekend will decrease by 0.9% to 37.87 million, the motorist group said in a statement. That will mark the first decrease in Memorial Day driving since 2002, in the aftermath of the Sept. 11, 2001 attacks.[more]http://money.cnn.com/2008/05/15/news/economy/aaa_travel/index.htm?cnn=yes

Gas prices are not priority for refineries

Stockpiles of oil and gas are less than expected, according to a government report released Wednesday. Refineries are focused on making diesel fuel.

By Catherine Clifford, CNNMoney.com staff writer
Last Updated: May 14, 2008: 1:49 PM EDT







NEW YORK (CNNMoney.com) -- Oil refineries are ramping up production, but they are focused on making heating oil and diesel fuel, not gasoline - as a result, summer drives may not get any cheaper.
U.S. light crude for June delivery on the New York Mercantile Exchange was down $1.20 at $124.60 a barrel at 1:38 p.m. ET. Oil had traded down $1.34 just prior to the 10:30 a.m. release of a weekly report on supply and demand.
In its weekly inventory report, the Energy Information Administration said crude supplies increased by 200,000 barrels in the week ended May 9. Analysts were looking for a rise of 2.5 million barrels of crude oil, according to according to a survey from Platts, an energy research firm.
While crude oil stockpiles increased only very modestly, Stephen Schork, publisher of the industry newsletter The Schork Report, says that it is important to remember that crude supplies were up a lot last week.
At 325.8 million barrels, U.S. crude oil inventories are in the middle of the average range for this time of year.
Crude rose as high as a record $126.98 a barrel in midday electronic trading on Tuesday, before retreating. In the past 12 months, crude oil has doubled in price.
Refiners make more distillates than gas [more]
http://money.cnn.com/2008/05/14/mark..._eia/index.htm

Big drop in price of CRUDE OIL, that should spike the markets. CLICK OSSHP below!!!!

Originally Posted by nnuut

Big drop in price of CRUDE OIL, that should spike the markets. CLICK OSSHP below!!!!

OPPS recovered +$2 a barrel, Oh well!!