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Oil prices
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teeth53
Supreme |
17-Oct-2006 21:32
Yells: "don't learn through life, learn to grow with life " |
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The end of oil's stunning ride
Prices may steady at $55 to $65 but that doesn't mean an end to wild swings in the energy sector.
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teeth53
Supreme |
17-Oct-2006 21:26
Yells: "don't learn through life, learn to grow with life " |
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Why gas prices dropped. Trust us. It wasn't OPEC or Republicans trying to influence midterm elections.
The end of oil's stunning ride
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chipchip66
Master |
16-Oct-2006 21:26
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Are majority people supporting oil increase or decrease?? Very diificult to answer if one is vested. If not wrong, high oil prices are good for oil companies, sheiks,gold, commodities. With high oil prices would come higher inflation and interest rates.So with China looking into cutting its dependence on oil and US having a soft landing, oil price should have peaked! Unless Fed cuts rates to stimulate economy, it will be hard for oil price to regain its peak. |
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Nostradamus
Supreme |
16-Oct-2006 18:44
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Oil prices rose following a weekend announcement that OPEC would meet later this week to discuss production quotas, including the possibility of cutting output by 1m barrels a day to stop falling prices. The market also was reacting to the shutdown last week at two of Norway's offshore oil platforms -- reducing flows by about 10%from the world's third-largest oil exporter -- and an early snowstorm that hit the northeastern United States late last week. "That reminds the market that the winter heating season is coming, the time when demand for petroleum peaks," said Victor Shum, an analyst with Purvin & Gertz in Singapore. Light sweet crude for November delivery was up 50 cents to US$59.07 a barrel in midmorning Asian trading on the New York Mercantile Exchange. On Thursday and Friday, a record snowfall buried western New York state under nearly two feet of snow, leaving thousands of people without electricity. |
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Nostradamus
Supreme |
14-Oct-2006 13:18
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Oil prices rose after Norway ordered production shut down at two offshore platforms, reducing flows by about 10% from the world's third-largest oil exporter. A decline in US inventories of distillate, which includes heating oil, also played a part in the rally, and traders continued to watch OPEC for any sign that the cartel will cut output. Saudi Arabia -- the largest producer in the Organization of Petroleum Exporting Countries -- has yet to confirm repeated statements from OPEC's president that members are "nearing consensus" on how to divvy up a 1 mln-barrel-a-day reduction. Venezuela's oil minister said Friday that there is growing consensus within OPEC to cut crude output by 1 mln barrels starting Dec 1 to help shore up world prices. "There's a proposal now to cut one million barrels a day," Oil Minister Rafael Ramirez said in an interview with state television. "There is already consensus, which means the ministers agree on this. We call each other constantly, the minister of Iran, the minister of Qatar, the minister of Algeria, the secretary-general of OPEC, and there is already an agreement to do it." Light sweet crude for November delivery on the New York Mercantile Exchange settled at US$58.57 a barrel. The group is scheduled to meet in December in Nigeria, though some members are calling for an emergency meeting before then. Norwegian safety officials yesterday upheld an order to shut down two offshore oil platforms because of defects in their lifeboat systems. The order will delay production of about 280,000 barrels per day of oil from Norway's average daily production of about 2.7 mln barrels of crude oil, light oil and natural gas liquids. The state Petroleum Safety Authority on Thursday rejected applications for dispensations from lifeboat rules for Statoil ASA's Snorre A platform and Norske Shell ASA's Draugen platform, and said that amounted to an order to shut down. |
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teeth53
Supreme |
14-Oct-2006 12:33
Yells: "don't learn through life, learn to grow with life " |
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2 years oil px (FYI) News quoto (CNA): Global Insight chief economist Nariman Behravesh said that as a result of falling oil prices, he is "more upbeat about consumer spending. This slide is like a tax cut worth a little less than 100 billion dollars." "The good news is that gas prices have continued to fall so far this month, and should help to keep spending relatively steady in October.""The bad news -- prices might not fall much further. Consumers will likely have to turn elsewhere for inspiration." |
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Nostradamus
Supreme |
10-Oct-2006 23:26
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China has quietly begun building up its first strategic oil reserves by pumping at least 1 million barrels of Russian crude into newly built tanks in August, official media and port sources. News of the deliveries -- the first hard evidence that the world's second-largest consumer has finally started stocking emergency supplies -- helped nudge oil prices higher above US$60 a barrel as the additional demand was expected to help tighten global supplies just as OPEC prepares to cut production. Two port sources saidas much as 3m barrels of crude had been diverted into the tanks, filling nearly a tenth of their capacity even before Beijing announced that construction at the facility was completed in late September. |
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Nostradamus
Supreme |
07-Oct-2006 21:59
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There is increasing concern among geologists and oil analysts that the world could soon experience the tipping point - "peak oil" - at which half the total known oil reserves would have been extracted and consumed. Annual oil demand is at a record 83m bpd. By 2015, the US Energy information Agency has projected that world consumption would rise to 103m bpd and to 119m bpd by 2025. This implies that over the next 10 years, world demand would grow by an average 2m bpd a year, or the present production of Algeria. Will the industry find enough new reserves to create one Algeria each year, simply to keep up with annual increases in demand over the next 10-20 years? The modern peak oil school owes much to the work of Dr Colin Campbell, whose warnings seemed hopelessly out of place back in the 1990s, particularly in 1998, when oil hit a rock-bottom US$10 a barrel. It didn't help that in 1997, Colin had predicted wrongly that peak production would occur in 2001. More recently, he sees world output, which includes oil from deep-water wells and fuel derived from natural gases, cresting after 2010. Another peak oil theorist, Dr Kenneth Deffeyes, has given an exact date for the peaking of world oil production. He calculated that world oil output crossed the halfway reserves level of 2.013t barrels precisely on Dec 16 last year. Such detailed predictions have drawn scorn from the oil industry and peak oil sceptics. In a major field-by-field study, Cambridge Energy Research Associates (Cera) said global oil and liquids supply capacity could increase as much as 25% by 2015, with unconventional sources include=ing gas-related liquids and extra-heavy oils accounting for a major portion of net capacity growth. Dr Yergin, chairman of Cera, argues that the history of oil is one of astonishing innovations. Rather than a near-term peak, he said, production would reach a "undulating plateau" with no evidence of a peak before 2020. ExxonMobil estimates the world probably has 4t barrels of oil left, 4 times the amount consumed so far. Early last month, Saudi Aramco said that the world has more than enough crude to last a century at current production rates. It said the world has produced only 1t barrels, or about 18% of the accessible 5.5t barrels estimated. US Geological Survey has put the peak of production decades off. IEA studies predict enough oil to meet demand well beyond 2030. "Demand determines production, not geology," said Mr Lynch, researcher at MIT's Center for International Studies, who has dismissed the Hubbert theory as archaic and holding no practical value today. He argues that doesn't necessarily follow a Hubebrt-like bell curve, citing studies of 51 non-OPEC countries which showed that only 8 countries followed the predicted production path. The oil majors have lost credibility in the peak oil debate. In Jan '04, Shell shocked the world when it admitted it had overstated its reserves by 20% or 3.9b barrels. The figure was later revised to 25%. The initial excitement that greeted Chevron's announcement that it had struck a giant oilfield in the US Gulf of Mexico has evaporate somewhat. Geologist say the well and surrounding area could hold anywhere between 3b to 15b barrels, making it this the largest US oilfield since the discovery of Alaska's Prudhoe Bay. The deposits could boost US reserves by as much as 50% from its present 29b barrels. Critics say the "new find" is an old story as Jack 2 had already been announced in Sep '04. The field will also take many years, enormous resources and technology to develop as it's buried in deep waters and in a hurricane-prone part of the Gulf. Even if the area holds 15b barrels, the oil would at best meet only 6 months of the world's current needs. The industry has found an average of 11.5b barrels of oil a year in the last decade, despite the use of ever improving technology and databases. Meanwhile, world oil demand rose from 25b barrels in 1996 to 31b barrels last year. |
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billywows
Elite |
05-Oct-2006 23:02
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Oil up to 60 a barrel now .... climbing slowly but surely. |
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chipchip66
Master |
05-Oct-2006 11:46
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No wonder SPC up today! |
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Nostradamus
Supreme |
05-Oct-2006 11:43
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Oil leapt more than 1% to above US$60, extending its rebound from an eight-month low on a newspaper report that OPEC members had agreed informally on the need to slash output by 1m barrels per day.
On Wednesday it touched a low of US$57.75 a barrel after a surprise build in weekly U.S. crude stockpiles. The Financial Times reported on Thursday that OPEC was set to curb output by at least 4% in the coming weeks as it defends a price of US$50-US$55 a barrel for its crudes, with Kuwait, Iran and Libya tightening supplies to join Nigeria and Venezuela, which have announced cuts of 170,000 bpd. A deal could be ratified at OPEC's next meeting in mid-December, the FT said. But the paper added that top exporter Saudi Arabia was unhappy with the broad move toward voluntary cut-backs and would prefer to reach a clear public position when the group meets in the Nigerian capital Abuja. |
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Nostradamus
Supreme |
04-Oct-2006 23:55
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The government surprised investors by reporting a rise in crude oil inventories. Saudi Arabia also said the country wanted to keep prices lower. That brought light sweet crude down 79 US cents to US$57.89 a barrel on the New York Mercantile exchange. |
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tanglinboy
Elite |
04-Oct-2006 21:44
Yells: "hello!" |
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Oil bounces back
Kuwait says it may follow OPEC members Venezuela and Nigeria in production cuts; inventories on tap.
LONDON (Reuters) -- Oil rose above $59 a barrel Wednesday after Kuwait said it may join other OPEC countries in cutting output if prices continue their three-month slide. Kuwait's announcement offset expectations for a further rise in U.S. distillate and gasoline stockpiles, which helped prices dip to an eight-month low earlier in the session. |
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Nostradamus
Supreme |
02-Oct-2006 12:46
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Oil picked up over US$63 a barrel on Monday as two OPEC members trimmed production in an effort to tighten swollen supplies and halt a slide in prices.
Nigeria last week said it would cut exports by 5% from Oct 1, while Venezuela said it would trim its output of about 2.5m bpd by 50,000 bpd, to stem a 20% price fall from a record US$78.40 in July. Gulf OPEC powers Saudi Arabia and Kuwait showed no overt signs of tightening their taps, which analysts said blunted the impact of the measures, though prices have picked up from a dip to a six-month low below US$60 early last week. "Prices have risen mainly because of weekend short-overing. Although news of Nigeria and Venezuela cutting output did lift prices a little, it won't cause prices to go much higher since there is plenty of crude available in the market," said Sano Keiichi of the commodities business unit at Sumitomo Corp. Iran, the world's fourth-largest oil exporter and typically hawkish on prices, will support any OPEC move to bring crude oil prices back to "acceptable" levels, Iran's OPEC Governor Hossein Kazempour Ardebili said on Sunday. Prices also picked up after BP Plc said it had shut in 25,000 to 30,000 bpd of oil output following a gas leak at its Lisburne oil field, a smaller stream in Alaska, where BP has restored most of its massive Prudhoe Bay flow after a near two-month outage. Meanwhile, Iran's political tensions with Western nations over its nuclear ambitions continue to lurk as another round of nuclear talks with Tehran wound down on Thursday without a deal, ahead of a looming early October deadline given by the West to EU foreign policy chief Javier Solana to reach an agreement. Still, despite the recent flow of bullish news, speculator sentiment continued to shift away from a further recovery in prices in the week ended September 26, trimming net length by nearly 9,000 lots to a total 13,685 lots, the lowest since speculators turned net short in February, exchange data showed Prices have been under immense pressure as U.S. inventories of distillates surge to their highest level in seven years and natural gas stocks are at record levels for the time of year, highlighting comfortable supply of winter heating fuels. Recent weak economic data has also planted doubts about the sustainability of U.S. economic growth in late 2006 and early next year. But Goldman Sachs said it expects robust demand to continue into the fourth quarter. Combined with a decline in gasoline production and an expected decrease in gas imports, it said oil prices should continue to find support till the end of this year. |
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Livermore
Master |
01-Oct-2006 21:49
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Up up and away!!!!!!! |
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billywows
Elite |
01-Oct-2006 21:08
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October 01, 2006 03:20 AM ET Iran says backs OPEC push for "acceptable" oil priceTEHRAN (Reuters) - Iran will support any OPEC move to bring crude oil prices back to acceptable levels following a recent slide, Iran's OPEC Governor Hossein Kazempour Ardebili said on Sunday. Oil prices have tumbled from a mid-July peak near $80 a barrel to just under $63 on a range of factors, including burgeoning U.S. inventories and slower-than-expected economic growth. "The Islamic Republic of Iran supports any effort by OPEC members to strengthen the oil market and return oil prices to an acceptable and logical level," he told Iran's official news agency IRNA. He did not say what an that acceptable level was. Iranian Oil Minister Kazem Vaziri-Hamaneh said last month that he wanted to see OPEC's basket of crude hold above $60 a barrel, which would equate to about $65 a barrel for U.S. crude. "Some OPEC members, by decreasing production, are trying to prevent the slide of oil prices," Kazempour Ardebili noted. Nigeria and Venezuela, both OPEC members, have pledged to cut production. |
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billywows
Elite |
26-Sep-2006 20:46
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Lucky no harricane(s) to whack havco this year .... But oil price will still head north eventually. Watch for oil-related stocks which are good buys now. |
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Nostradamus
Supreme |
26-Sep-2006 19:51
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New York's main contract, light sweet crude for November delivery, was unchanged at US$61.45 usd a barrel. The contract fell to US$59.52 overnight, its the lowest since early March. It's possible that OPEC decides to hold an extraordinary meeting in early Oct with, maybe, the announcement of a reduction by 1m barrels a day. Some large institutional investors felt that, with prices having fallen so far, it was a good time to buy, and that this had provided support to a market with "quite negative" fundamentals, including big inventories. |
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Nostradamus
Supreme |
21-Sep-2006 09:46
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Oil prices fell after the U.S. government released data showing healthy crude inventories and a surge in domestic supplies of distillate fuel, which includes diesel and heating oil. The selling briefly took oil prices below US$60 a barrel -- the level OPEC has hinted could initiate an output cut. "It's a case of a self-fulfilling prophecy," said Alaron Trading Corp.'s Phil Flynn. "OPEC's been dropping hints that it wants to defend US$60 and the market is saying 'Okay, let's see you do it.'" Even if OPEC does not step in with a production cut, Flynn said he could see prices moderating once winter fuel demand kicks in or traders start "bargain hunting." |
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Nostradamus
Supreme |
20-Sep-2006 23:34
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Oil prices slid to the lowest point for six months. New York's main contract, light sweet crude for delivery in October, hit US$60.61 -- the lowest point since March 21. Crude oil has now shed around 22% in value since striking historic highs of US$78.40 in July. |
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