The Oil and Gas Markets


Dec 2, 2000
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Dec 2, 2000
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Easley South Carolina
From The Hellenic Shipping News:

Crude Oil prices would stabilize at $80: Hidde Smit
quote:

The hype about rising crude oil prices is all over. Crude oil is on a downward spiral and the prices of the hottest commodity in the would stabilize around $80 per barrel, an analyst has said. Hidde P Smit, Secretary General of the International Rubber Study Group (IRSG), said on Saturday that crude oil prices would come down below $100 per barrel soon.
Story at http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=15648&Itemid=79

Comment: Oh really??? I just couldn't pass this up. Like I said, place yer bets!
 
Dec 2, 2000
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From The Hellenic Shipping News:

Oil Rises for First Day in Three as Storm Nears Gulf of Mexico
quote:

Crude oil rose for the first time in three days as a storm near Cuba prompted evacuations from rigs and platforms in the Gulf of Mexico, which accounts for about a fifth of U.S. production. Royal Dutch Shell Plc and Transocean Inc. have evacuated workers as Tropical Storm Fay, with maximum sustained winds of about 50 miles (80 kilometers) an hour, may strengthen to a hurricane before striking Florida's northwest coast today, the National Hurricane Center said. Crude oil in New York fell to a 15-week low on Aug. 15, its second consecutive weekly decline.
More at http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=15733&Itemid=79

NYMEX spot at time of posting:

Crude: $112.66
Brent Light Sweet Crude: $111.27
 

Grant Carman

Member
Jun 19, 2006
348
0
111
Michael

If the refineries are cutting production due to low margins, then to me that smacks of manipulation. Whether the price of crude rises or falls, it shouldn't directly effect their margins. If they make 5% on a $145 barrel, they should, still only make 5% on a $100 barrel. Sure the total amount is larger, but it's still a profit of 5%, based on their cost.
Sounds to me like someone, or a group of someones, have been caught short selling, and are trying to manipulate things.

And no, I don't have a tin foil hat!
 
Dec 2, 2000
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>>If the refineries are cutting production due to low margins, then to me that smacks of manipulation.<<

Is it?

Keep in mind that it's from out of the margin that any given business gets the money to pay it's bills. 51% (The figure I've seen mooted) may sound like a lot but out of that they have to pay for tools, supplies, utilities, repairs, and rental, taxes, and above all, the single largest expense: The employees. You would be amazed at how quickly it can get eaten up.
 
Dec 2, 2000
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Easley South Carolina
From The Manila Times:

Oil prices edge slightly higher
to about $113 per barrel
quote:

LONDON: World oil prices edged higher on Monday as traders fretted about the potential impact of Tropical Storm Fay on energy facilities in the Gulf of Mexico.

London’s Brent North Sea crude for October delivery advanced by 22 cents to $112.77 a barrel.
More at http://www.manilatimes.net/national/2008/aug/19/yehey/top_stories/20080819top7.html

And from the Daily Star:

Oil prices slide as storm set to avoid Shell assets
quote:

LONDON: Oil prices dipped on Monday, reversing gains made earlier in the day, as Royal Dutch Shell said Tropical storm Fay would likely spare the Anglo-Dutch group's energy facilities in the Gulf of Mexico. New York's main contract, light sweet crude for September delivery, fell $0.11 to $113.71 a barrel after bouncing above $115 earlier Monday.
More at http://www.dailystar.com.lb/article.asp?edition_id=10&categ_id=3&article_id=95131

Comment: I suppose it's all in how you spin it.
 
Dec 2, 2000
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Easley South Carolina
Stories from The Hellenic Shipping News:

Oil extends fall in Asian trade
quote:

Oil fell further below $112 in Asian trade Tuesday as Tropical Storm Fay avoided oil-producing infrastructure in the Gulf of Mexico. Analysts also said oil pricing is likely to remain suppressed amid concerns that a global economic slowdown may further dampen world oil demand.
More at http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=15863&Itemid=79

Also:

Transocean: An Opportunity in Falling Oil
Story at http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=15855&Itemid=79

World LNG Output May Rise 14% in 2009 on New Projects
Story at http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=15843&Itemid=79

Iraq expected to abandon most short-term contracts worth $3b
Story at http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=15862&Itemid=79

NYMEX Spot at time of posting:
Crude: $112.88
Brent Light Sweet Crude: $111.58
 
Dec 2, 2000
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From The Hellenic Shipping News:

OPEC to Bolster Oil Market from Below
quote:

The prices for crude oil shed 22 percent in five weeks, from the July 11 WTI peak of $147.3/bbl to today’s $114.5/bbl. In the environment when the global economy outlooks are downgraded at large mostly on economy slowdown in the United States and in Europe, the forecasts for energy consumption are going down as well and the oil price is expected to sink to $100/bbl again.
More at http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=15899&Itemid=79
 
Dec 2, 2000
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Easley South Carolina
From The Hellenic Shipping News:

Oil prices rise after Venezuela moots output cut
quote:

World oil prices rose in Asian trade Wednesday on fresh supply concerns after key producer Venezuela indicated it could ask OPEC to cut output, dealers said. In afternoon trade, New York's main contract, light sweet crude for September delivery, rose 40 cents to 114.93 dollars a barrel. The contract had jumped 1.66 dollars to close at 114.53 dollars in New York on Tuesday. Brent North Sea crude for October delivery added 47 cents to 113.72 dollars a barrel after rallying 1.31 dollars to settle at 113.25 Tuesday in London.
Full story at http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=15974&Itemid=79

NYMEX Spot price at time of posting:

Crude: $113.65
Brent Light Sweet Crude: $112.72
 
Dec 2, 2000
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Easley South Carolina
From The Hellenic Shipping News:

Goldman Sachs Maintains View That Oil Will Top Record This Year
quote:

Goldman Sachs Group Inc. repeated its forecast that crude oil prices will rebound to $149 a barrel by the end of the year as supply growth struggles to keep pace with demand from emerging markets.
Story at http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=16009&Itemid=79

Also:

High oil prices are inevitable in the future
quote:

High oil prices of the sorts the world witnessed recently are inevitable in the future, and when that happens, the geography of manufacturing will be altered, with more and more industries leaving China to sourcing centres closer to their consumers, says CIBC World Markets senior economist Benjamin Tal.
More at http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=15998&Itemid=79

And finally:

Falling Demand and Prices Prompts OPEC to Speculate on Cutting Oil Output
quote:

The Organization of Petroleum Exporting Countries (OPEC) may decide to cut its oil output quota as the price of crude risks falling under $100 a barrel, energy consultancy CGES reported. An Iranian official from OPEC said, over the weekend, that the group is considering leaving oil production levels unchanged, or perhaps even trimming them to shore up flagging prices and defend market share.
More at http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=16001&Itemid=79

NYMEX Close:

Crude: $116.37
 
Dec 2, 2000
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Easley South Carolina
From The Hellenic Shipping News:

Oil rises in Asia on falling US gasoline supplies
quote:

Oil prices rose Thursday in Asia above $116 a barrel as investors mulled a fall in U.S. gasoline inventories and a possible output tightening by OPEC at its next meeting in September. Light, sweet crude for October delivery was up $1.20 cents at $116.76 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. The contract rose $1.01 overnight to settle at $115.56 a barrel.
The September contract expired Wednesday after rising 45 cents to $114.98 a barrel.
More at http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=16104&Itemid=79

MYMEX spot price at time of posting:

Crude: $121.11
Brent Light Sweet Crude: $120.10
 
Dec 2, 2000
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Easley South Carolina
From The Hellenic Shipping News:

China: Gas output to match crude
quote:

CHINA'S natural gas output is expected to more than triple from current levels by 2030, matching domestic crude oil production, latest government estimates show. The strong output growth for the clean-burn fuel, along with the development of other resources such as oil-shale and coal-bed methane, will form a key supplement to conventional oil resources.
More at http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=16128&Itemid=79

And

Japan's Crude Imports Rise on Demand From Utilities
quote:

Japan's crude oil imports increased in July as regional power utilities burned more fossil fuels to make up for reduced nuclear generation in the world's third- largest energy-consuming nation.
More at http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=16140&Itemid=79

NYMEX Close;
Crude: $121.40
 
Dec 2, 2000
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Easley South Carolina
An interesting and illuminating article. It comes as quite a shock to a lot of people to find out that it isn't really the oil cartels which are setting the price and that politicians...for all their grandstanding...niether get to make the call or even understand what's going on.

I noticed that Goldman Sachs...which was loudly predicting a ride in prices in one of the articles I posted...figures noticably as one of the players in this little game.
 
Dec 2, 2000
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Easley South Carolina
From The Hellenic Shipping News:

Reliability of oil supply, demand forecasts challenged
quote:

The discrepancies between actual world oil supply and demand and the forecasts provided by leading agencies–the International Energy Agency, the Organization of Petroleum Exporting Countries, and the US Department of Energy–show an unreliable track record since 2001, indicated a study recently carried out by Deutsche Bank analyst Michael Lewis.
Full story at http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=16254&Itemid=79

Also:

South Korea's July LNG Imports Rise 23% on Increased Oil Costs
Story at http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=16250&Itemid=79

NYMEX Close:

Brent Light Sweet Crude: $114.59
 
Dec 2, 2000
58,633
446
453
Easley South Carolina
Dec 2, 2000
58,633
446
453
Easley South Carolina
From The Hellenic Shipping News:

Oil remains steady in Asian trade
quote:

Oil prices remained little changed Monday in Asian trade as Crude oil for October delivery was at $114.45 a barrel, down 14 cents, in after-hours electronic trading on the New York Mercantile Exchange in morning trade in Singapore.
More at http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=16408&Itemid=79

Related stories:

With oil demand down, prices are leveling off
Story at http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=16405&Itemid=79

Russia's oil boom may be running on empty
Story at http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=16395&Itemid=79

NYMEX Spot price at time of posting:

Crude: $114.35
Brent Light Sweet Crude: $113.75
 
Dec 2, 2000
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Easley South Carolina
From The Contra Costa Times:

New storm sends oil prices up
quote:

NEW YORK – Oil prices ended a choppy session slightly higher Monday, edging back above $115 a barrel after Tropical Storm Gustav formed in the Caribbean.

Light, sweet crude for October delivery rose 52 cents to settle at $115.11 a barrel on the New York Mercantile Exchange after earlier falling as low as $113.68. Trading was light heading into the Labor Day holiday now a week away, adding to the volatility that has characterized the market in recent days. Prices swung between $12 Thursday and Friday.
More at http://www.contracostatimes.com/ci_10299944?nclick_check=1
 
Dec 2, 2000
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Easley South Carolina
From The Hellenic Shipping News:

OPEC weekly prices rebound over 111 U.S. dollars
quote:

The weekly average prices of the Organization of the Petroleum Exporting Countries (OPEC) slightly rebounded to 111.08 U.S. dollars per barrel (dpb) last week, 1.35 dollars higher than the previous week, said the Vienna-based cartel Monday.
More at http://www.hellenicshippingnews.com/index.php?option=com_content&task=view&id=16518&Itemid=79

NYMEX Prices at time of posting:

Crude: $116.20
Brent Light Sweet Crude: $114.75
 
Dec 2, 2000
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Easley South Carolina
From The Phillipine Star:

Oil prices in Asia rise amid fears hurricane will disrupt operations
quote:

SINGAPORE — Oil prices in Asia rose Tuesday on concerns hurricane Gustav may disrupt oil operations in the Gulf of Mexico.

It’s hard to predict where Gustav will strike,”￾ said Victor Shum, an energy analyst with Purvin & Gertz in Singapore.
More at http://www.philstar.com/index.php?Headlines&p=49&type=2&sec=24&aid=20080826129

NYMEX Close:
Crude: $117.02
 

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