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| Crude oil futures hit record high.... - |
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Eliza
 Posted:
Thu Jun 26, 2008 1:20 pm |
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Crude oil futures hit record high....
$139.95 a barrel in NY. Dow down 262 points at 1:15 CDT. Dollar dropping. Nasdaq down 68 points. Gasoline @ $3.50 wholesale not including transportation, taxes, or dealer mark-up.
Any action in Iran reportedly results in 2-4 hundred dollar a barrel oil. 
$7.00 a gallon gas predicted within 2 years. 
Gold skyrocketing.
Bank of America cutting 7,500 jobs.
Wait till the folks in the northeast start buying their fuel oil, for heating, for next winter at over $4.00 per gallon.
The Dow wound up down 350 points and NBC and Bryan Williams were promoting a story about dolphins with all this real news happening and violence in Iraq escalating. No wonder General Electric and NBC are going down the tubes.
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Joined: 21 Feb 2008
Posts: 1194
Location: Never forget air raid drills under the desk.
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| Eliza
Posted:
Fri Jun 27, 2008 1:03 pm |
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1:00 PM CDT on Friday....
Oil at another record high. Touts predict $150 by next week.
Gold up another 2% at $916.
Dow down another 130 points.
Pension plans and 401s taking a beating.
The next two hours before the close of the stock market, could be a real blood bath.
Gasoline at $3.57 a gallon wholesale.
Dollar still dropping.
Dow down 20% since Oct 2007. They used to say a 10% drop was a correction and 20% a recession. Now they say it signals a "bear market."
Estimated cost for seniors is up to $6000 per month for assisted living with minimal healthcare. Not many can afford that and officials are hoping to be able to assist to the point of providing one hot balanced meal per day and a shower.
What kind of "feel good story" will that phony GE(NBC) do tonight? Green power?
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Joined: 21 Feb 2008
Posts: 1194
Location: Never forget air raid drills under the desk.
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| Eliza
Posted:
Mon Jun 30, 2008 7:46 pm |
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More bad ecconomic news...
Chrysler will idle minivan plant, cut shift at truck plant By
Christopher Boyce
Monday, Jun. 30 2008
Chrysler LLC today said it will close its Fenton minivan plant for an
indefinite period and idle a shift at its adjacent pickup plant. About 2,400
workers will be affected.
The production reduction is a result of the lagging sales of pickups and
minivans, which have fallen further than Chrysler projected, Tom LaSorda,
Chrysler’s president and vice chairman, said during a conference call.
At the South plant, about 1,500 people who assemble minivans will end
production Oct. 31. Workers there assemble the Dodge Grand Caravan, Dodge
Caravan cargo van and an export version of the Chrysler Town & Country minivan.
At the North plant, where about 1,970 people assemble the Dodge Ram pickup,
about 800 workers will be furloughed Sept. 2.
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Joined: 21 Feb 2008
Posts: 1194
Location: Never forget air raid drills under the desk.
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| Arubalover
Posted:
Tue Jul 01, 2008 3:50 pm |
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I don't want to hear it 
I don't want to hear it
I don't want to hear it
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Joined: 24 Nov 2007
Posts: 844
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| Eliza
Posted:
Wed Jul 02, 2008 5:42 pm |
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Another record high...
Oil Rises to Record After U.S. Reports Unexpected Supply Drop
By Robert Tuttle
July 2 (Bloomberg) -- Crude oil futures rose to a record above $144 a barrel in New York after a U.S. government report showed an unexpected decline in inventories.
Supplies dropped 1.98 million barrels to 299.8 million last week, the lowest since January, the Energy Department said. Analysts in a Bloomberg News survey had predicted the report would show a 500,000 barrel rise in inventories. Prices also climbed as the dollar weakened.
``We dropped about 2 million barrels on crude and most everyone was looking for a slight build,'' said Addison Armstrong, director of market research at TFS Energy LLC in Stamford, Connecticut. ``That leaves us somewhere around 7 to 8 percent below normal on crude stocks.''
Crude oil for August delivery rose $2.60, or 1.8 percent, to settle at $143.57 a barrel at 2:55 p.m. on the New York Mercantile Exchange. Futures touched a record $144.32 after the close of floor trading and have doubled in the past year.
Brent crude for August delivery rose $3.59, or 2.6 percent, to $144.26 a barrel on London's ICE Futures Europe exchange. Futures touched a record $144.95 a barrel.
Oil's appeal as a hedge against inflation may rise if the European Central Bank increases interest rates tomorrow, causing the dollar to fall. The European Central Bank will lift its 4 percent benchmark main refinancing rate by a quarter-percentage point tomorrow, according to 57 of 58 economists surveyed by Bloomberg News.
``People are bracing themselves for an ECB rate hike tomorrow which should further weaken the U.S. dollar,'' said James Cordier, president of Liberty Trading Group in Tampa. ``As the dollar falls, oil becomes cheaper to foreign countries.''
Falling Dollar
The dollar dropped 0.6 percent to $1.5880 per euro at 3:03 p.m. in New York, from $1.5793 yesterday. It touched $1.5888, the weakest level since April 24.
Heating oil futures for August delivery gained 12.8 cents, or 3.3 percent, to $4.0715 a gallon in New York. The contract reached a record $4.0925.
Gasoline futures for August delivery rose 3.6 cents, or 1 percent, to settle at a record $3.5494 a gallon.
Oil has risen this year partly on concern that Israel may attack Iran to halt the country's nuclear program, an event the U.S. State Department has said is unlikely. Iran is the second- biggest producer in the Organization of Petroleum Exporting Countries.
Iran's Foreign Minister Manouchehr Mottaki said a ``new trend'' has started in negotiations as his country considers an incentives offer by world powers to halt uranium enrichment, the official Islamic Republic News Agency reported.
Shrinking Capacity
The International Energy Agency said yesterday that spare OPEC capacity will shrink by 2013, keeping the market ``tight.'' OPEC excess capacity will decline to a ``negligible'' 1 million barrels a day within five years, the agency said in a report.
``It's a clear indication that prices above $130 are justified in the long term,'' said Hannes Loacker, an analyst at Raiffeisen Zentralbank Oesterreich in Vienna. ``There's only low spare capacity to compensate for events, for geopolitical insecurity.''
Bank of Italy Governor Mario Draghi, a member of the European Central Bank, said today that oil prices reflect ``real'' market tensions and aren't the result of ``irrationality.''
U.S. gasoline inventories rose 2.1 million barrels to 210.9 million and supplies of distillate fuel, including heating oil and diesel, increased 1.3 million barrels to 120.7 million barrels, the Energy Department said in its report today.
The report is ``somewhat bullish for crude and bearish for refined products and we needed the opposite,'' said Peter Beutel, president of energy consultant Cameron Hanover Inc. in New Canaan, Connecticut. ``That would have helped margins and encouraged independent refiners'' to increase processing rates.
Refinery Margins
The margin for turning three barrels of crude into two of gasoline and one of heating oil rose 6.4 cents to $12.678 a barrel, based on futures prices. That's 38 percent lower than $20.5140 reached on June 3.
Refineries operated at 89.2 percent of their capacity, the department reported, 0.6 percentage point higher than the week before. Refiners operated at 90 percent of capacity a year earlier.
To contact the reporter on this story: Robert Tuttle in New York at rtuttle@bloomberg.net
Last Updated: July 2, 2008 16:41 EDT
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Joined: 21 Feb 2008
Posts: 1194
Location: Never forget air raid drills under the desk.
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| Eliza
Posted:
Thu Jul 03, 2008 5:44 pm |
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Hold onto your wallets....
Market Scan
Oil Flows Beyond $145
Lionel Laurent and Miriam Marcus 07.03.08, 5:15 PM ET
LONDON -
Adding to their bets, traders sent oil prices to a new record above $145.00 per barrel Thursday, as America geared up for the long 4th of July weekend.
Crude oil futures pushed up to a record $145.85 before retreating to settle at $145.29 per barrel, from $143.57 per barrel, during trading on the New York Mercantile Exchange. Europe's Brent crude benchmark reached $145.58 per barrel, up from $144.25 per barrel, late Wednesday.
The latest record is a sign that the balance between supply and demand is still uncomfortably tight, and will likely remain so for the rest of the year. Crude has shot up by more than half just since the start of the year, and oil has set trading or closing records in each of the last six trading sessions.
Wednesday's American inventory report showed a bigger drop than expected for U.S. crude stocks, which was all the more worrying given the clear decline in demand for gasoline, as higher prices take their toll.
"It does suggest that even with weaker demand in the U.S., there is a very tight market out there," said Simon Wardell, analyst with Global Insight. He forecast that oil would reach $160 per barrel, sometime before the end of the year.
The potential for a decline in demand is weighing on integrated oil stocks, however, despite the fresh records for crude. 'A' shares in Royal Dutch Shell fell 0.5%, to 19.82 pounds ($39.35), during morning trading in London, and closed up 0.9%, or 68 cents, to $78.89 in trading in New York. Rival BP closed up 1.2%, or 80 cents, to $66.34, and France's Total lost 1.6%, to 51.47 euros ($81.71), in Paris, and lost 0.3%, or 26 cents, to $80.67 in New York.
Pressure on the U.S. dollar also contributed to the gain in oil prices, with the euro hovering at a two-month high of $1.59 in Europe on Thursday morning. The European Central Bank is expected to raise interest rates to 4.25%, from 4.0%, widening the gap between dollar and euro rates. The United States Federal Reserve, meanwhile, is not expected to play catch up anytime soon.
Oil supplies are under pressure from unrest on the ground in countries like Nigeria, but also from the growing sense that global oil production has hit a plateau. Although new projects in Saudi Arabia and Russia are expected to come on-stream in 2009, higher costs and delays are squeezing the bigger picture of oil supplies and refinery capacity.
The potential consequences of an Israeli strike on Iran's nuclear facilities are also pushing up oil prices. (See "Oil Caught In Iran's Bluster")
Prices might have raced even higher Thursday were it not for the sharp gain by the dollar against the euro. "The strength in crude oil is amazing given the price of the euro," said James Cordier, president of Tampa, Fla.-based trading firms Liberty Trading Group and OptionSellers.com.
The slumping dollar has been a key driver pushing oil prices up by half this year. Many investors buy commodities such as oil as a hedge against inflation when the greenback weakens, and a falling dollar makes oil less expensive to investors overseas. When the dollar strengthens, traders have less incentive to buy commodities.
Oil prices are also rising because investors have been pumping more money into the commodity to compensate for what are perceived to be anemic returns elsewhere, analysts have said. The major stock market indexes are all down by double digits since the start of the year.
The Associated Press contributed to this article.
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Joined: 21 Feb 2008
Posts: 1194
Location: Never forget air raid drills under the desk.
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| Eliza
Posted:
Thu Jul 03, 2008 6:50 pm |
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$250 a barrel oil? Russia, world's 2nd largest producer?
Roland Jackson
Agence France Presse
LONDON: The price of oil set a record high above $146 a barrel here on Thursday, driven by falling reserves of US crude, simmering tensions over Iran and a weak dollar, traders said.
Russian energy giant Gazprom, meanwhile, forecast that oil would "very soon" hit $250 a barrel.
Brent North Sea oil for August delivery surged to a life-time peak of $146.69 a barrel after breaching $146 for the first time earlier on Thursday.
New York's main oil contract, light sweet crude for August delivery, leapt to an all-time pinnacle of $145.85.
"Prices rose to set new all-time highs... supported by a decline in US crude oil inventories," said Barclays Capital analyst Kevin Norrish.
After hitting new heights, Brent crude stood at $145.13 a barrel in electronic deals, up $0.87 from Wednesday's close as traders banked profits. New York crude was $0.28 cents higher at $143.85.
Oil prices, which have doubled over the past year, were driven by news that American crude stockpiles fell by 2.0 million barrels to stand at 299.8 million barrels in the week to June 27. The US government's Energy Information Administration also said on Wednesday that crude inventories were 15.3 percent lower than at the same stage one year ago.
"It was the first time inventory fell below the psychologically critical 300-million-barrel threshold since January," said PetroMatrix analyst Olivier Jakob.
The latest record-breaking price surge also came after Iranian Oil Minister Gholam Hossein Nozari warned Iran would react fiercely to any military attack against the oil exporter.
OPEC added that replacing Iran's crude output would be difficult should the country face attack.
"If something happened in Iran, it is difficult to replace [Iran's output of] 4.1 or 4.2 million barrels a day," OPEC Secretary General Abdallah al-Badri told the daily newsletter of the World Petroleum Congress in Madrid.
There has been a surge in speculation recently that Israel might be planning a military strike against Iran's nuclear sites.
Iran has been locked in a five-year standoff with the West over its nuclear program. Iran says it is for generating electricity, while Western powers fear the development of nuclear weapons.
The oil market also found key support from the struggling US currency, which makes dollar-priced commodities cheaper for foreign buyers and tends to encourage demand, analysts said.
"We expect that the price of oil will reach $250 per barrel very soon," Gazprom chief executive, Alexei Miller, told journalists Thursday on a visit to energy-rich Azerbaijan.
Miller also said he expected Russia's oil production to level off in the next few years. Analysts say one of the reasons for higher oil prices is that production is failing to catch up with growing global demand. Rapidly developing countries like China and India are buying more oil every month, and many producers are loathe to invest in new output capacity that would lessen the value of their exports.
Russia is the world's second-biggest producer and exporter of oil after Saudi Arabia.
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Joined: 21 Feb 2008
Posts: 1194
Location: Never forget air raid drills under the desk.
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| Eliza
Posted:
Mon Aug 11, 2008 1:13 pm |
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Great news for the economy!
Gold down $40 per Oz.
Oil down to $114.
Wholesale fuel oil (kerosene/jet fuel/diesel) has dropped a dollar a gallon.
Gasoline under $3.00 wholesale. WhooHoo!
Dollar stronger than it has been in months....
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Joined: 21 Feb 2008
Posts: 1194
Location: Never forget air raid drills under the desk.
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| Eliza
Posted:
Fri Aug 15, 2008 2:55 am |
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The good news!
Gold fell below $800 an ounce for the first time in eight months as part of a wider commodities sell-off.
As the dollar strengthened further, investors got out of oil, copper and other precious metals such as silver. They fear the global slowdown is spreading, reducing the appeal of alternative investments.
The spot price of gold hit $788.50 an ounce at one stage during trade in the Far East, down from $811 in late trading in New York.
What recession? What inflation? WhooHoo! Keep it coming. 
Just in time for the convention. 
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Joined: 21 Feb 2008
Posts: 1194
Location: Never forget air raid drills under the desk.
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