Thread: Oil Slick Stuff

I enjoy Boone an listen to his stuff!
His company, symbol CLNE, is up some 30 or so percent in the last couple of months.

Pickens is old-line BIG OIL. Anybody been listening while I've been saying BIG OIL won't stop until it hits $150? It will pause there then go on to $200 - that's the target. Pickens is throwing a red herring out there about the speculators though. Speculation is what is currently driving the market, not supply/demand. The supply is currently exceeding the demand. Don't believe the latest media bs. Pickens is big oil AND a hedge fund manager - one of the biggest oil speculators with everything to GAIN by pushing the price up.

Crude soars to new highs on demand worries

By Kate Gibson, MarketWatch
Last update: 10:01 a.m. EDT May 20, 2008
NEW YORK (MarketWatch) -- Crude-oil futures on Tuesday traveled to a new record high above $129 a barrel after hedge fund manager and Texas oil man T. Boone Pickens said he expects oil will hit $150 a barrel before the year is through.
Speaking on CNBC-TV, Pickens said world oil supplies are declining prices will continue to rise because output is not keeping pace with demand.
Speculators, Pickens said, have "nothing" to do with record prices.
The June crude contract, which expires at the end of trading Tuesday, was recently up $1.79, or 1.4%, at 128.84 a barrel on the New York Mercantile Exchange, after hitting a high of $129.31 earlier on. July crude futures climbed $1.63, or 1.3%, at $128.35 a barrel on Nymex.
"There's so much bullish sentiment in the market. Banks are upping their price targets on oil, and that's feeding the frenzy," said John Kilduff, analyst at MF Global.
"They (the banks) are basing this on consumption outstripping supply. There are also some significant power plant shutdowns in China because of coal shortages," said Kilduff.
The analyst also pointed to the expiration of the June contract at the end of the trading day, increasing volatility in the market.
Analysts at Action Economics pointed to "speculation that output won't meet the demand of refiners that are seeking crude to produce gasoline and diesel, despite Saudi Arabia's increased output" for prices hovering above the $127 a barrel level, after climbing as high as $127.58 earlier on.
Crude remained higher after the government said the core producer price index, which excludes food and energy prices, rose 0.4% in April, more than the anticipated 02 Read Economic Report.
"The April producer price index report contained mostly bad news -- at the earliest stage of production, crude material prices increased 3.2%. Excluding food and energy, crude materials prices increased a whopping 7.9%, a level exceeded only twice since record keeping began in 1972," said Tony Crescenzi, of Miller Tabak & co.
On Monday, crude futures closed above the $127 a barrel mark for the first time, with the market extending last week's strength on growing concerns about energy supply and heightened demand from China.

Considing that he just dropped 2 Bil. into GEs wind machines. You won't mind if I take your words with a grain of salt, will you? LOL

Originally Posted by camper65

Considing that he just dropped 2 Bil. into GEs wind machines. You won't mind if I take your words with a grain of salt, will you? LOL

He's getting the 2Bil from his oil profits. They have to make hay while the sun shines because all of the "Energy Acts" for the next few years (starting with 2005) will mandate that a % (very small) of big oil profits go into developing alternative energy. So they are maximizing oil profits NOW. I never said they weren't looking to the future...they are. But they want to squeeze the public as much as they can for as long as they can. We all know the technology to economically produce more fuel-efficient vehicles has existed for the last 20 years, but the powerful oil and auto industries have successfully suppressed it.

LOL Good one!

Still, i have to wonder what is going to happen to oil demand when those $2400 cars hit the India market!!! ( I want one to drive around my Yard!)

Note, I do take your words with concern and you do make a good point! still, it's nice to see someone put there money were there mouth is!

Crude hits new record price!!!
10:09.............$129.06....+2.01
Not nice, Nasty!!!

AP
Oil crosses $129 for first time, heads for $130
Tuesday May 20, 10:24 am ET
By George Jahn, Associated Press Writer Crude oil futures pass $129 a barrel for the first time, likely headed past $130
VIENNA, Austria (AP) -- Oil prices spiked to a new trading high Tuesday, sweeping toward $130 a barrel as supply concerns intensified the momentum buying that has lifted crude deeper into record territory.
The June contract for light, sweet crude traded as high as $129.46 on the New York Mercantile Exchange before settling back to $129.10, up $2.05.
Prices are currently being driven higher by supply concerns. This latest surge comes after OPEC's president was quoted as saying his organization won't increase its output before its next meeting in September. The imminent expiration of the June contract is adding to the volatility, and raised the very real possibility that crude could hit $130 before the end of the day, when the contract ends.[more]
http://biz.yahoo.com/ap/080520/oil_prices.html

Wonder where I should get my cheap hurricane gas this year?

Trick question: I won't --- my plan this year should a storm be imminent? head for the North GA mountains. Unplanned camping trips are the best!!!

Plus my uncle probably has some spare 'shine that will run just fine in today's engines.

The truth is in RED.

Chevron hits all-time high for 4th session
Oil producers rise as crude sets fresh record of $129 a barrel
By Steve Gelsi, MarketWatch
Last update: 11:20 a.m. EDT May 20, 2008
NEW YORK (MarketWatch) - Chevron pushed to an all-time high for its fourth straight session as part of a bevy of energy stocks moving into new territory Tuesday, with the shares of petroleum producers moving up on the heels of a new record price for crude.

Hedge fund manager and Texas oil man T. Boone Pickens predicted $150 a barrel oil this year on CNBC-TV, adding further fuel to petroleum bulls.

Crude oil futures hit a new high of $129.46 a barrel in morning action. See Futures Movers.

The Amex Oil Index rose 0.5% to 1,623, a record level. Hess Cop. and Occidental Petroleum each rose about 1.7% as leading gainers from the group.
The Amex Natural Gas Index rose 0.9% to 739. The Philadelphia Oil Service Index dipped 0.1% to 348.
Chevron Corp. rose 61 cents to $102.81 in recent action. Earlier, the stock, which is a component of the Dow Jones Industrial Average, touched $102.90 a share for its fourth straight day of all-time highs.
Several other energy companies hit 52-week highs on Tuesday including Continental Resources, which jumped 15% to $58.66 after the Enid, Okla. company said it was pleased with the results of its first well drilling in the North Dakota Bakken Shale area.

Other 52-week highs include: Forest Oil Corp., up 2.2% to $67.79, Suncor Energy Inc., up 1.4% to $140.34, Enbridge Inc., up 54 cents to $45.06.
Ensco International rose 97 cents to $75, a new 52-week high, as well as Unit Corp., up 1% to $77.46, and Encana Corp., up 1% to $96.16.

Soleil Securities analyst Jacques H. Rousseau said in a note to clients that refiners' share prices have fallen about 50% since the middle of last year, compared to a 7% decline in the S&P 500 on weak demand for gasoline. "We don't envision conditions deteriorating from these levels as refiners have reduced supply to be more in line with lower demand," Rousseau said.

Of the group, however, Tesoro's share price has the most potential downside from current levels and Frontier Oil has the least, he said. Tesoro fell 1.1% to $25.38. Frontier Oil fell 1.2% to $27.52.

Among energy shares in the spotlight, Exxon Mobil agreed to a $2 billion loan to help revive existing projects that have been held back by funding delays in Nigeria. The money will help Nigeria National Petroleum Corporation fund its portion of a joint venture with Exxon this year. Exxon Mobil stock rose 23 cents to $94.59.

And NorthWestern Corp. rose 2% to $24.96 as it debuted on the New York Stock Exchange after trading on the Nasdaq.

Among alternative energy shares, China Sunergy Co. Ltd. fell 2% to $12.85. The company said its first-quarter net income fell to $545,000, or 1 cent a share, from $2.25 million, or 17 cents a share, in the year-ago period. The Nanjing, China, solar cell manufacturer's sales rose 32% to $77 million from $58.2 million a year earlier. Ethanol maker Aventine Rewable Energy rose 10% to $6.65 on the heels of a 25% rally in the previous session.

oil is going to drive a dive in the markets - and soon.

We saw lines, odd/even numbers and syphn's in the 70's.
We still haven't learned a thing and the politics are the same.