Thread: Oil Slick Stuff

Crude Inventories UP 0.86M Barrels, MUCH LESS than expected. Supply and Demand should stop the drop in Oil prices.
http://www.briefing.com/Investor/Pub...icCalendar.htm

DRILL DRILL DRILL!!!

US Senator Will Halt Obama Nominee Over Deep-Water Drilling Permits
by Ryan Tracy
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Dow Jones Newswires
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Wednesday, February 16, 2011


WASHINGTON (Dow Jones Newswires), Feb. 16, 2011
A U.S. Senator said Tuesday he would block President Barack Obama's nominee to head the U.S. Fish and Wildlife Service until the administration issues at least 15 permits for deep-water drilling exploration.
"Louisianans are desperate to get back to work," Sen. David Vitter, (R., La.) said in a press release. "I love fish and wildlife, but my top economic priority is to stop the economic devastation caused to humans by the moratorium."
The administration has lifted a moratorium on deep-water drilling permits but has not issued one since the Deepwater Horizon incident last April, igniting criticism that a de-facto moratorium is hurting local economies that rely on the drilling industry.
The hold on Obama's choice for the post, Daniel M. Ashe, will prevent the nomination from moving forward for confirmation by the U.S. Senate. The Fish and Wildlife Service is part of the Interior Department, which handles permits for oil drilling.
http://www.rigzone.com/news/article....=104208&hmpn=1

Market Update


12:00 pm : Oil prices made a modest push higher after the release of the latest weekly oil inventory report, but then started to pullback until a recent flurry of buying drove prices to session highs. Oil currently trades with a 1.8% gain at $85.85 per barrel.
http://finance.yahoo.com/marketupdate/overview?u

This doesn't look pretty!
Attachment 10626
http://fuelgaugereport.aaa.com/?redi....com/index.asp

Feb. 17, 2011, 12:42 a.m. EST
Oil futures edge higher in electronic trading

By Sarah Turner, MarketWatch

SYDNEY (MarketWatch) — Nymex benchmark light sweet crude-oil futures inched higher in electronic trading during Asian hours Thursday, extending gains made this week as tensions continued to simmer in the Middle East.
The front-month contract /quotes/comstock/21n!f:cl\h11 (CLH11 84.81, -0.18, -0.21%) rose 10 cents to $85.09 in Asian trading on Thursday, extending a 67-cent gain made Wednesday amid reports that Iran was sending warships to Syria via the Suez canal. The reports were later denied by Egyptian canal authorities.
http://www.marketwatch.com/story/oil...ing-2011-02-17

BREAKING NEWS:

Problem with salt dome means $500 million in crude to go on block

{Strategic Petroleum Reserve}


http://www.chron.com/disp/story.mpl/...s/7430875.html

Seems like the Administration is trying to sell high instead of transferring the oil to another storage facility? What will they do with the money, who is authorized to buy the oil? How will the price be set? Will it stay in the USA?

02/17/2011 - Updated 12:42 AM ET
Oil futures edge higher in electronic trading
By Sarah Turner, MarketWatch

SYDNEY (MarketWatch) — Nymex benchmark light sweet crude-oil futures inched higher in electronic trading during Asian hours Thursday, extending gains made this week as tensions continued to simmer in the Middle East.
The front-month contract [CLH11] rose 10 cents to $85.09 in Asian trading on Thursday, extending a 67-cent gain made Wednesday amid reports that Iran was sending warships to Syria via the Suez canal. The reports were later denied by Egyptian canal authorities.
http://markets.usatoday.com/custom/u...0212804637C%7D

Gas popped up .11 overnight to $2.96

Originally Posted by nnuut

Seems like the Administration is trying to sell high instead of transferring the oil to another storage facility? What will they do with the money, who is authorized to buy the oil? How will the price be set? Will it stay in the USA?

Slush fund??

I remember Clintoon dipping into the Reserve as well with usual suspects
but not the details off my head - generally they are up to no good and some kind of Chicago-style shenaigians.

Originally Posted by Buster

Gas popped up .11 overnight to $2.96

Dangit Buster Oil has been going down for over a week, what's up with that?