Oil & Gas Prices:10-8-04 U.S. Crude over $53 Whitehouse says there will be no impact - Gas prices rising fast towards $3

[cKGunslinger]

OPEC Says Market Well-Supplied


Oil Falls; OPEC Says Market Well-Supplied
Tue Sep 7, 2004 04:54 AM ET
LONDON (Reuters) - Oil prices eased further on Tuesday, as the head of OPEC cartel said that markets were well-supplied with crude and traders continued to take profits from this year's 40 percent rally.

London Brent crude fell 32 cents to $40.30 a barrel, following a 61 cents drop on Monday. U.S. light crude fell $1.03 to $42.96 a barrel, catching up after being closed on Monday for the long Labor Day weekend.

Brent prices now stand nearly five dollars below the $45.15 record high hit last month, as higher production from the OPEC cartel helps ease concern about tight world supplies.

OPEC President Purnomo Yusgiantoro said in Sydney that global markets had an oversupply of about 1.5 million barrels per day (bpd) of crude oil. Cartel ministers meet on Sept. 15 to set supply policy for the fourth quarter.

"If you look at the supply and demand balance, the world has enough oil," Yusgiantoro told reporters at an industry conference in Sydney. "Why is the price so high, it's the political premium."

 

[conjur]

Interesting that oil is dropping right before the election.

Esp. when an attack was just launched against the pipelines in Iraq, shutting down Iraqi oil distribution. Last time that happened, oil skyrocketed.

 

[dmcowen674]

9-15-2004 Sand Thugs to Increase Product...rrels, want $40 range

The decision will increase OPEC's self-imposed output limit for all its members, except Iraq, from 26 million barrels a day to 27 million barrels, but the cartel is already producing 27.4 million barrels.

"It's a gesture of goodwill," Algerian Oil Minister Chakib Khelil told the Associated Press.

OPEC's current price band is $22 to $28.

Nigeria's OPEC representative, Edmund Dakoru, said he wanted the price band raised to $30 to $40.

 

[dmcowen674]

9-17-2004 "The Saudi royal family apprec...tanks at gas stations.

A new radio ad running in New Hampshire and Florida says "the Saudi royal family appreciates the support" when Americans fill up their tanks at gas stations. "Who does the royal family support? George W. Bush and Dick Cheney."

The radio ad says that "No administration's ever been so close to big oil and foreign oil," and that the Bush administration "gives Saudi Prince Bandar classified briefings."

 

[dmcowen674]

9-20-2004 Yukos to Halt Crude Supplies

The company denied allegations its decision to halt shipments to CNPC was politically motivated, but analysts noted the decision coincides with a planned visit by China's prime minister starting Wednesday. Dow Jones Newswires reported that CNPC was in negotiations with Yukos to restart the flow, though Yukos would not confirm that.

The complex web of legal cases against Yukos and its jailed owner billionaire Mikhail Khodorkovsky is seen as politically motivated punishment for Khodorkovsky's perceived political ambitions. The Kremlin has consistently cast the affair as a clampdown on shady business practices.

On Monday, U.S.-traded PetroChina shares rose 35 cents to close at $52.60 on the New York Stock Exchange

 

[ReiAyanami]

oil back above $48/barrel.

http://biz.yahoo.com/ap/040922/oil_prices_4.html

another run to $50?

 

[ReiAyanami]

reached $49 today

 

[dmcowen674]

Originally posted by: ReiAyanami
reached $49 today

Things must be desperate for Bushy to break down and tap the spigot, he has resisted all long till now.

Of course they are blaming it on a Hurricane which is BS.

9-23-2004 Bush May Tap Oil From U.S. Stockpile

The Bush administration said Thursday it is weighing a request from several U.S. refiners to borrow crude oil from the nation's emergency stockpile to help offset supply disruptions along the Gulf Coast from Hurricane Ivan.

Temporary loans of oil could help ease crude oil prices, which are a particularly sensitive issue in the presidential campaign.

 

[dmcowen674]

9-27-2004

Oil hits $50 per Barrel

 

[conjur]

Gas here is about $1.90/gallon, on average...depending on the part of town. A little higher in Seattle and much higher on the Olympic Peninsula. Had to put a few gallons in at one point and it was $2.24/gal for 87 octane. Next town it was $2.30/gallon.

 

[CycloWizard]

McOwen, we already discussed this in another thread and proved that hurricanes near the Gulf do, indeed, affect oil supply and therefore price. Go back to high school if you can't figure this out - try taking econ instead of drama this time around. :roll:

 

[dmcowen674]

Originally posted by: CycloWizard
McOwen, we already discussed this in another thread and proved that hurricanes near the Gulf do, indeed, affect oil supply and therefore price. Go back to high school if you can't figure this out - try taking econ instead of drama this time around. :roll:

What proof are you talking about???

I posted report direct from the Platform Rigs that a mere 35 out of 600 Rigs in the Gulf were affected, how is that catastrophic supply affect in the Gulf???

11 of those 35 are back up and running after power was restored.

2 rigs have to be moved back to where they were after Ivan moved them.

These things are huge and built pretty tough to begin with, what do you think they are made of, balsa wood???

 

[Chadder007]

I still don't think its the Barrel prices making the price per gallon go up here in the US still. I think the gas companies are price fixing. Especially considering that they keep merging with each other... Exxon and Mobil/ BP and Amoco/ Conoco and Phillips Petro/ Chevron and Texaco

 

[dmcowen674]

Originally posted by: Chadder007
I think the gas companies are price fixing.

You are the first person on here I am aware of to actually echo what I have been saying for eons. :thumbsup:

 

[Bowfinger]

Originally posted by: dmcowen674

Originally posted by: Chadder007
I think the gas companies are price fixing.

You are the first person on here I am aware of to actually echo what I have been saying for eons. :thumbsup:

Hmmm. Well if I've never said it before Dave, I agree 100%. I also believe the US oil cartel engages in price fixing. Perhaps we'll someday have an Attorney General willing to pursue this aggressively.

 

[ReiAyanami]

I also believe the US oil cartel engages in price fixing. Perhaps we'll someday have an Attorney General willing to pursue this aggressively.

not under this administration. well oil at $49 threatening $50 is threatening to push stocks below 10,000 again.

 

[CycloWizard]

Originally posted by: dmcowen674
What proof are you talking about???

I posted report direct from the Platform Rigs that a mere 35 out of 600 Rigs in the Gulf were affected, how is that catastrophic supply affect in the Gulf???

11 of those 35 are back up and running after power was restored.

2 rigs have to be moved back to where they were after Ivan moved them.

These things are huge and built pretty tough to begin with, what do you think they are made of, balsa wood???

As I stated in the other thread, they're also not usually anchored to the bottom. Therefore, on exceptionally rough seas, such as those seen during a hurricane, they can't be safely inhabited. Plus, your 35 number is deceptive, as many rigs move their oil to shore via supertanker. Loading of a supertanker isn't exactly easy with 10 foot waves. These factors combined have lead to a spike in price.

Originally posted by: Chadder007
I still don't think its the Barrel prices making the price per gallon go up here in the US still. I think the gas companies are price fixing. Especially considering that they keep merging with each other... Exxon and Mobil/ BP and Amoco/ Conoco and Phillips Petro/ Chevron and Texaco

These 'gas companies' are oil companies. They take oil out of the ground, refine it, then pump it into your car. Therefore, the going rate is based on the price of the barrel directly. Here's a good writeup on how gas prices are determined. Link Whether or not oil companies are intentionally raising price is beyond question - they intentionally keep the supply at a specific level to drive up prices, thereby getting the most $$$$$ out of the reserves that they have available with the least expensive.

 

[dmcowen674]

9-27-2004 Morgan Stanley has told clients that it believes surging crude oil prices could top $60 a barrel.

If oil goes to $55 a barrel, all bets are off. It's something that's on the mind of the Fed, and it could really put a crimp in the economy's ability to produce jobs.

 

[dmcowen674]

It's Official

9-27-2004 U.S. Oil Hits $50

U.S. oil prices reached a record $50 a barrel on Monday as Nigeria emerged as the latest focus for worries about supply in an already tight worldwide energy market.

Extra crude from OPEC, now pumping at a 25-year high, has failed to make any impact. The group produced 30.5 million bpd in September, the highest since 1979.

 

[GrGr]

Originally posted by: dmcowen674
9-27-2004 Morgan Stanley has told clients that it believes surging crude oil prices could top $60 a barrel.

If oil goes to $55 a barrel, all bets are off. It's something that's on the mind of the Fed, and it could really put a crimp in the economy's ability to produce jobs.

Not only that. Foreign nations that rely on the import of oil, like Japan and China, will find it difficult to support the "weak" dollar and buy oil at that price at the same time. If the dollar weakens further it could lose it status as the world's reserve currency as foreign investors would be forced to bail.

"The US dollar is going the way that [the British pound] went as it lost its place as the world's reserve currency," said Jim Rogers, the Wall St wizard who in 1973 co-founded the Quantum Fund, one of the first and most successful hedge funds, in a recent interview. "I suspect there will be exchange controls in the US in the foreseeable future ... Whoever is elected President is going to have serious problems in 2005-06."
link

 

[ReiAyanami]

$49.90. will oil close above $50 tomorrow? will we ever see $40/barrel oil again

 

[imported_judge]

didn't read all of the pages but its not because of demand and supply but its because of quantity demanded and quantity supplie. Supply and demand is not correct term, basic econ 101

 

[dmcowen674]

Originally posted by: ReiAyanami
$49.90. will oil close above $50 tomorrow? will we ever see $40/barrel oil again

The Lies continue.

Turns out there is a ton of Oil in Inventory. Certainly don't need the Strategic Oil Reserve.

Lies Lies and more Lies.

 

[dmcowen674]

Still blaming Hurricane even though the area provides a tiny fraction of Oil:

How long can Gas Companies keep per gallon around $2 ???

Can anyone answer why it is not between $3 and $4 by now at these rates??????????????????

10-5-2004 Oil Now over $51

U.S. light crude set a new high of $51.29 a barrel, a gain of $1.18.

A top White House economic adviser said on Tuesday the current surge in price does not pose a major threat to the U.S. economy.
==================================
Anyone going to believe these lying sacks of sh!t???

 

[Stunt]

Hey Dave, everytime you post a new updated price on oil, i check my oil and gas fund...up another $100 today

Keep on rising!...woohoo!