Thread: Oil Slick Stuff

Originally Posted by Buster

$100.00/bbl is not too far off in the future..

Yep, It looks like the bubble is going to lose some air!!

Oil prices drop below $124

Crude futures trade lower on demand concerns, comments from U.S. Fed chairman Ben Bernanke.

June 4, 2008: 7:03 AM EDT




BANGKOK, Thailand (AP) -- Oil prices dropped below $124 a barrel Wednesday as concerns about demand deepened and after Federal Reserve Chairman Ben Bernanke indicated that more U.S. interest rate cuts are unlikely.
By midday in Europe, light, sweet crude for July delivery was down 52 cents at $123.79 a barrel in electronic trade on the New York Mercantile Exchange. The contract fell $3.45 to settle at $124.31 a barrel in the previous day's session.
That was oil's lowest settlement price for a front-month contract on Nymex since May 15. Prices are now more than $11 below the trading record of $135.09 a barrel hit on May 22.
In London, July Brent crude dropped 97 cents to $123.61 a barrel on the ICE Futures exchange.
Bernanke's comments Tuesday suggesting inflation was too much of a concern to contemplate more rate cuts sent the dollar higher and raised questions about oil's ability to reach new highs in the short term. Bernanke signaled the Fed is inclined to leave rates where they are for now, but some analysts said he might be taking a step toward an eventual rise in rates later this year or early next year.
"The stars for a significant correction in crude oil are lining up," U.S. analyst and trader Stephen Schork said in a research note.[more]
http://money.cnn.com/2008/06/04/mark...ion=2008060407

Gas prices hit record 2 cents shy of $4

With new highs reached in 27 of the last 28 days, the national average price for a gallon of regular unleaded gasoline hit $3.983, according to AAA's Web site.

By Catherine Clifford, CNNMoney.com staff writer
June 4, 2008: 6:34 AM EDT

NEW YORK (CNNMoney.com) -- Retail gas prices set a record high for the 27th time in the past 28 days, motorist group AAA's Web site showed Wednesday.
AAA reports the national average price for a gallon of regular unleaded gasoline rose to a record high of $3.983, up 0.5 of a cent from the previous day's high of $3.978. This is the 27th record high in 28 days.
The AAA survey shows gas prices are up 10% from a month ago and more than 26% higher from year-ago levels.[more]
http://money.cnn.com/2008/06/04/news...ion=2008060406

Hopefully this is not a repeat, since I've not been able to keep up with the site, ya know, sometimes work does interfere with pleasure.

Finally some good news on the oil front. Oil in the Dakotas.

http://www.bloomberg.com/apps/news?p...d=ayj1uo_gdNI4

CB

Originally Posted by CountryBoy

Hopefully this is not a repeat, since I've not been able to keep up with the site, ya know, sometimes work does interfere with pleasure.

Finally some good news on the oil front. Oil in the Dakotas.

http://www.bloomberg.com/apps/news?p...d=ayj1uo_gdNI4

CB

That is GOOD news, now if the left will let us drill it might do us some good?

Oil trading probe may uncover manipulation

But overall, any wrongdoing is likely to play a small part in soaring crude prices. Meanwhile, speculators aren't expected to hang.

By Steve Hargreaves, CNNMoney.com staff writer
Last Updated: May 31, 2008: 10:28 AM EDT







NEW YORK (CNNMoney.com) -- Amid soaring oil prices that some say are caused by nothing more than rampant speculation, the government Thursday announced a wide ranging probe into oil price manipulation and said it would get more information on the effect investors are having on the market.


The measures, undertaken by the Commodity Futures Trading Commission after pressure from angry lawmakers, do two things.
First, they'll attempt to gather more information from index funds and other non-commercial users of oil. They'll also seek information on oil trades made outside the U.S. on exchanges like the IntercontinentalExchange Europe (ICE) where the CFTC has no oversight and has been unable to get more detailed information.
The second thing on the CFTC's agenda is an actual investigation into possible price manipulation - most likely by a commercial user of oil like a production company, shipping company, or storage company.
Information gathering. [more]
http://money.cnn.com/2008/05/30/news...ion=2008053110

Originally Posted by nnuut

That is GOOD news, now if the left will let us drill it might do us some good?

Luckily, we are already drilling there, we just have to make sure that the left and greenie weinies, don't, again, become roadblocks to energy independence they keep harping about.

CB

Originally Posted by CountryBoy

Luckily, we are already drilling there, we just have to make sure that the left and greenie weinies, don't, again, become roadblocks to energy independence they keep harping about.

CB

those are 10-40 year leases. The Environmental Impact Statements on the fields were done long ago, any necessary environmental mitigation are stipulated in the leases, and the fields are most likely categorically excluded from the need for Environmental Assessments on exploration and drilling permits. The only way it could be stopped is if an endangered species was found ON a permitted site.

The recent two drops in oil prices...to $128 and now to $124, should show up at the pump sometime August-November IF they have stopped playing games with pricing. It's not a supply/demand issue. Plenty of oil available for the refineries...they are just not refining product.

Just got back to my desk, this is GOOD!

Oil falls to $122 as gas supplies grow

Supply of gasoline increases much more than expected in government report. Crude stockpiles decline.

By Catherine Clifford, CNNMoney.com staff writer
Last Updated: June 4, 2008: 11:25 AM EDT








NEW YORK (CNNMoney.com) -- Oil prices eased Wednesday after the government reported that supplies of gasoline increased much more than expected last week.
U.S. light crude for July delivery dropped to $122.15 a barrel on the New York Mercantile Exchange. Oil had traded down 59 cents to $123.72 just prior to the report's release.
In its weekly inventory report, the U.S. Energy Information Administration said crude stocks fell by 4.8 million barrels last week. Analysts were looking for an increase of 2.7 million barrels, according to Platts, an energy research firm.
At 306.8 million barrels, U.S. crude oil inventories are in the lower half of the average range for this time of year.
But gasoline supplies increased by 2.9 million barrels, far above the more modest 900,000 barrels anticipated by economists. Gas stockpiles are in the lower half of the average range for this time of year.
Distillates, used to make heating oil and diesel fuel, increased by 2.3 million barrels and are in the lower half of the average range. Analysts were looking for distillate supplies to rise by 1.6 million barrels.
Refineries are working harder
[more]
http://money.cnn.com/2008/06/04/mark...ion=2008060411

Originally Posted by nnuut

Just got back to my desk, this is GOOD!

Oil falls to $122 as gas supplies grow

Yes, I am happy about this. When I posted on 5/22 that I was buying into oil shorts, I was taking a risk, but now my investment is up 45% in 8 trading days. Now if I was smart, I'd bail, but I think oil is going to continue to drop. Of course last fall I had 1 investment that was up 400% in 3 months and I held on. Today it is down 60% from my initial investment. I guess timing is everything and I am lousy at that.

Originally Posted by nnuut

Just got back to my desk, this is GOOD!

Oil falls to $122 as gas supplies grow

Whooooo's your Daddy?...

Gas dropped .07 somethime today, from $3.799 to $3.739