Oil & Gas thread:12-17-08 OPEC & non-members agree to largest reduction in history 7 percent

[BoomerD]

Unleaded regular here is about $3.95, down from a high of about $4.45. That's about a 11% drop. It helps, but not nearly enough.

Oddly enough, I remember how much people screamed when, after katrina, the price of gas rose to around $3.00. Also something of an oddity, in Nov. 2006, gas had finally dropped to about $2.00/gallon...but right after the election it started going up-up-up, and didn't stop until about 3 weeks ago...

 

[dmcowen674]

Oil drops to $115

How low will it go before the election?

How high will it go after the election?

Who believes this strong dollar crap?

8-9-2008 Oil sinks on stronger dollar to $115 a barrel

NEW YORK - Oil prices dove to $115 a barrel on Friday, driven lower by a huge jump in the U.S. dollar, signs of moderating demand around the world and the burgeoning belief that commodities may have peaked.

Shrugging off concerns about a sabotaged oil pipeline in Turkey, investors pulled their money out of commodities and put it back into stocks ? giving crude oil a weekly loss of nearly $10 a barrel, and driving the Dow Jones industrial average up more than 300 points.

With energy losing its luster in the marketplace, the cost of roadside gasoline has been crawling lower.

"We're probably going to see gasoline at the retail level around $3.50 for Labor Day," said James Cordier, president of Tampa, Fla.-based trading firms Liberty Trading Group and OptionSellers.com.

"You have to remember that this market has baffled anyone who's used fundamentals or charts. But if you're a chartist, today is the death knell for the possibility of new highs in the marketplace," said Tom Kloza, publisher and chief oil analyst of the Oil Price Information Service in Wall, N.J.

Lehman Brothers chief energy economist Edward Morse issued a research note Friday saying that, barring a physical disruption to supplies, "we think oil prices have peaked."

Behavioral changes have had a dampening effect too ? Morse noted that U.S. drivers are switching to more fuel-efficient cars

Earlier this year, Americans were paying about $1.65 billion a day for gasoline at the peak of prices and demand, Kloza said. The country appears to be headed for below $1.5 billion a day now that prices are coming down and demand is slowing, he said, but he pointed out that that's still three times what Americans were paying in 2002.

 

[dmcowen674]

Fresh new excuse

8-11-2008 Oil jumps above $116 on Russian-Georgia conflict

Oil prices rebounded Monday in Asia to above $116 a barrel on concerns a widening conflict between Russia and Georgia over a breakaway province could disrupt supplies in the region.
======================================================

That's what's wrong and criminal

Why should we suffer from wars on the other side of the planet?

That's why Chavez has it right and we are wrong.

Oil should stay at home among many other things.

This Global Economy crap is just that, crap.

 

[CADsortaGUY]

Originally posted by: dmcowen674
Fresh new excuse

8-11-2008 Oil jumps above $116 on Russian-Georgia conflict

Oil prices rebounded Monday in Asia to above $116 a barrel on concerns a widening conflict between Russia and Georgia over a breakaway province could disrupt supplies in the region.
======================================================

That's what's wrong and criminal

Why should we suffer from wars on the other side of the planet?

That's why Chavez has it right and we are wrong.

Oil should stay at home among many other things.

This Global Economy crap is just that, crap.

:roll:

As has been mentioned here many times - you have got to be the most clueless person when it comes to oil. Either that or you are purposely distorting reality just to get a charge.

Oil should stay home? Uhh...hello? We are an oil IMPORTER. If everyone did what you say, we'd have no F'n oil and you and your buddies don't want us drilling for more of our own. Sheesh.

 

[Auric]

Originally posted by: dmcowen674

8-11 Oil soars on Russia-Georgia war

Less than 1% does not a soar make.

 

[Capt Caveman]

Originally posted by: Auric

Originally posted by: dmcowen674

8-11 Oil soars on Russia-Georgia war

Less than 1% does not a soar make.

No Shit. :laugh: at 'Soars'

 

[Queasy]

Oil is up 27 cents at the time I write this - Where the hell is the 'Soars'?

 

[txrandom]

Soars downward if anything.

 

[MorrisDancer]

as of 8/11

15:50 GMT

Brent Crude Oil $/barrel 114.32 down 1.94

 

[StageLeft]

I think its peak was up $2. It's funny to watch oil now the bears are ravaging the bulls. It doesn't matter what the hell news comes out, oil just doesn't seem to really want to go up. This war 5 weeks ago would have sent oil up a million percent in a day and now look at it. That's the problem with bubbles, once they pop they're hard to put back together

 

[txrandom]

What do you guys use to check the price of oil? The NYMEX site seems really buggy, and doesn't have any graphs.

 

[Queasy]

Originally posted by: txrandom
What do you guys use to check the price of oil? The NYMEX site seems really buggy, and doesn't have any graphs.

I use Bloomberg Energy - It's about 30 minutes behind the actual market though. But, it shows NYMEX, Brent, and Cushing.

Oil continues to soar...down $1.16.

 

[ElFenix]

brent is down 1.88, on friday it was down 5.36. thursday it was up 1.56, but over the last week it's down 8.99

 

[blackangst1]

AAA reports 25th days in downward trend of price at the pumps. Man its really skyrocketing.

Meanwhile CNN is reporting Hillary actually was part of the Bill/Monica thing...3 some. More to come.

 

[StageLeft]

So far oil has soared about minus $2 for the day. I use money.cnn.com, btw at the top.

 

[Auric]

Breaking news: Oil soars like burrowing owl

 

[ElFenix]

Originally posted by: blackangst1

Meanwhile CNN is reporting Hillary actually was part of the Bill/Monica thing...3 some. More to come.

:barf;

 

[XZeroII]

How much did it soar, Dave? I see your title, but I don't see any supporting information. Please post a link.

 

[Queasy]

Bloomberg Energy

NYMEX: +.22
Brent: -1.11
Cushing: -.75

Really took off to new heights there.

 

[LegendKiller]

Originally posted by: Queasy
Bloomberg Energy

NYMEX: +.22
Brent: -1.11
Cushing: -.75

Really took off to new heights there.

Yeah, the Great Prognosticator got it right again, eh?

 

[dmcowen674]

8-11-2008 Futures flat as oil up on geopolitical worry

U.S. stock index futures were little changed on Monday as geopolitical concerns fueled caution and oil prices edged higher.

And with Wall Street coming off its best week in more than three months, thanks to the recent precipitous drop in oil prices, there was also likely to be some profit-taking.

Keeping investors on edge was the continued fighting in the Caucasus where simmering conflict between Russia and its small former Soviet neighbor, Georgia, has erupted into open conflict that has alarmed Western governments.

"This could be an excuse for oil to go up," said Matt McCall, president of Denver, Colorado-based Penn Financial Group.

However, the dollar hit a six-month high against major currencies on Monday, which could slow any rise in oil and help the stock market extend gains, McCall said.

 

[StageLeft]

As of this moment oil has soarted -$1.00 today.

 

[CPA]

Originally posted by: dmcowen674

How low will it go before the election?

How high will it go after the election?

LMAO, before the last election you were asking the exact opposite questions. You are hilarious.

 

[toekramp]

it's out of control!

 

[dmcowen674]

8-12-2008 BP shuts Georgia oil, gas pipelines as a precaution

BP (BP.L) has closed two oil and gas pipelines running from its Caspian Sea fields through Georgia but neither has been damaged by recent fighting in the country, a spokesman for the British oil major said on Tuesday.

The closure further limits BP's export options from the land-locked Caspian Sea after a fire damaged last week its key link to Turkey, Baku-Ceyhan, forcing to cut output from offshore Azeri fields to 250,000 barrels per day from 850,000 bpd.

On Tuesday, the company closed the 155,000-barrel a day Western Route Export Pipeline (WREP) running from Baku in Azerbaijan to the Georgian port of Supsa until it feels safe to reopen it.

"As a precaution we have stopped pumping oil through that earlier this morning," the spokesman said, adding that the South Caucasus Pipeline (SCP) which runs to the border with Turkey was also shut on Tuesday.

The 830-km WREP line transports oil from the Chirag field in the Caspian Sea through Azerbaijan to Supsa with about half of the pipeline in Georgia.

The 692-km SCP, which is buried underground, carries gas from the Shah Deniz field in the Caspian Sea through Georgia to the Turkish border, where it links to a Turkish-built extension joining SCP to the domestic supply grid at Erzurum.

The closure leaves BP with only Russia's Black Sea port of Novorossiisk and Georgia's Black Sea ports of Batumi and Kuleva as the only available export options.