Thread: Oil Slick Stuff

More than that, DUFUS!

OPEC chief: Oil $7 over value

Cartel not 'comfortable' with barrel of crude costing over $80 or under $50.

July 30 2007: 7:15 AM EDT


VIENNA (Reuters) -- Current oil prices are inflated by around $7 per barrel because of concerns about supply security, OPEC's Secretary-General Abdullah al-Badri was reported as saying in a newspaper interview on Monday.
"I presume that prices are currently around $7 per barrel above the real market value," Badri was quoted as saying when asked how much supply concerns were pushing up prices in an interview with Austrian newspaper WirtschaftsBlatt.
However Badri said Western concerns about possible production bottlenecks due to political instability in oil-producing countries were overdone and OPEC had scope to increase production if necessary.
http://money.cnn.com/2007/07/30/news...ion=2007073007

Oil eases, but supply concerns remain

Prices also supported by U.S. economic growth; Iran official sees no increase in OPEC production

July 30 2007: 5:51 AM EDT


LONDON (Reuters) -- Oil steadied above $76 a barrel on Monday, supported by lingering supply concerns and stronger economic growth in top fuel consumer the United States.
Crude eased 47 cents to $76.55 a barrel by 5:51 am ET, coming off a gain on Friday of $2.07.
London Brent slipped 35 cents to $75.91. The North Sea benchmark reverted to a discount to U.S. crude last week on signs of lower crude stocks in Oklahoma.
Big Oil: Another profit record in sighthttp://money.cnn.com/2007/07/30/markets/bc.markets.oil.reut/index.htm?postversion=2007073005

Oil climbs to around $77 a barrel

Prices supported by forecasts for another weekly decline of supplies in the world's top consumer.

July 31 2007: 5:51 AM EDT

LONDON (Reuters) -- Oil prices climbed Tuesday and remained in sight of the record high, supported by forecasts for another weekly decline in crude stocks in the world's biggest consumer, the United States.
U.S. crude was up 21 cents at $77.04 a barrel in electronic trading. London Brent crude was up 34 cents at $76.03.
http://money.cnn.com/2007/07/31/mark...ion=2007073105

AP

Oil Rises Above $78 to New One-Year High
Tuesday July 31, 12:45 pm ET
By John Wilen, AP Business Writer Oil Prices Rise Above $78 to New 1-Year High on Inventory Expectations. Gas Prices Fall.
NEW YORK (AP) -- Oil prices set another one-year record Tuesday on expectations that crude inventories fell last week and reports of new violence in Nigeria, a large oil producer and key supplier to the U.S.
http://biz.yahoo.com/ap/070731/oil_prices.html?.v=14

Why oil is rising but gas gets cheaper

Higher refinery activity has pushed crude to record highs but helped gasoline prices drop 11 percent. Will the trend continue?

By Steve Hargreaves, CNNMoney.com staff writer
July 31 2007: 2:31 PM EDT


NEW YORK (CNNMoney.com) -- If you're like most American motorists, you've noticed two things lately: Oil prices are at record highs, yet gasoline prices have dropped.
Over the last two months, U.S. crude has gained nearly 25 percent, and is now just pennies away from its all-time high. Yet gasoline futures have lost 7 percent over the same time. Retail gasoline prices have fallen even further, declining 11 percent from the all-time high set in May.
http://money.cnn.com/2007/07/31/news...ion=2007073114

Notice that Brent Crude is cheaper than NYMEX Light Sweet Crude. This is the first time I've seen this, Is it good, I don't think so?

Oil dips before inventory report

Crude pushed down in premarket trade, as fears of credit fallout rattle stock markets.

August 1 2007: 5:56 AM EDT

LONDON (Reuters) -- Oil slid below $78 a barrel early Wednesday, unsettled by a wave of share market selling, but its all-time high remained within sight before U.S. data expected to show a further drop in crude stocks in the world's top consumer.
Crude, which settled at a record $78.21 the previous session, was down 51 cents at $77.70 a barrel by 5:54 a.m. ET. It has been testing last year's all-time high of $78.40.

http://money.cnn.com/2007/08/01/mark...ion=2007080105

Not much Oil reserve, I wonder why? THEY MADE IT INTO GAS AND FUEL OIL!!! Isn't that what happens when refineries boost their output? Damnit!

Oil sets record on drawdown

Inventory report shows huge drop in crude stocks, sending prices past old trading high and toward $79 a barrel.

By Steve Hargreaves, CNNMoney.com staff writer
August 1 2007: 10:39 AM EDT


NEW YORK (CNNMoney.com) -- Oil prices set a record high Wednesday, nearing $79 a barrel, after the government's inventory report said crude supplies fell far more than expected.
U.S. light crude for September delivery rose 35 cents to $78.56 a barrel on the New York Mercantile Exchange. Oil had traded down 39 cents just prior to the report's release.

http://money.cnn.com/2007/08/01/mark...ion=2007080110

Oil continues slide from record high

Higher refinery output pushed down price after huge drop in inventories revealed.

August 2 2007: 5:59 AM EDT


LONDON (Reuters) -- Oil continued its descent Thursday from the previous session's record high, dragged down by data showing U.S. refiners had raised fuel output to the highest level in 11 months.
Crude for September delivery shed 70 cents to $75.83 a barrel in electronic trading, after ending Wednesday's volatile session down $1.68, or 2.2 percent.
showed.http://money.cnn.com/2007/08/02/mark...ion=2007080205

Russia plants a flag deep into the North Pole, saying that it is theirs. They hope to tap into the big oil reserve underneath, but who knows how many years that will be?

http://www.cnn.com/2007/WORLD/europe...eut/index.html

Over 100 gas stations are now selling it in Los Angeles for less than 3 bucks a gal. I seen it as low as 2.92 near my home in LA. Guess the refiners are working overtime?

Crude edges down, supply fears remain

U.S. worried about crude stocks declining without OPEC production meeting shortfall.

August 3 2007: 6:21 AM EDT

LONDON (Reuters) -- Oil hovered near $77 a barrel Friday, near this week's all-time high, as continued output restraint by OPEC raised concern over tighter fuel supplies this winter.
Crude fell 6 cents to $76.80 a barrel after rising 33 cents on Thursday. Prices hit a record $78.77 during Wednesday's trading, but then fell sharply on signs of improved U.S. refinery operations. London Brent declined 26 cents to $75.50.

http://money.cnn.com/2007/08/03/mark...ion=2007080306