BloggingStocks http://www.bloggingstocks.com BloggingStocks http://www.blogsmithmedia.com/http://www.bloggingstocks.com/media/feedlogo.gif BloggingStocks http://www.bloggingstocks.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Brent Crude Oil Explodes to $120 Per Barrel]]>http://www.bloggingstocks.com/2011/04/04/brent-crude-oil-explodes-to-120-per-barrel/http://www.bloggingstocks.com/2011/04/04/brent-crude-oil-explodes-to-120-per-barrel/http://www.bloggingstocks.com/2011/04/04/brent-crude-oil-explodes-to-120-per-barrel/#commentsFiled under: , , , , , ,

The Wall Street Journal posted oil production numbers for March that disclose the shortfall from the Libyan conflict. When the news hit the tape, Brent Crude exploded to the upside trading at $120.17 per barrel, up $1.47 (12:45 EDT.)

Here are the stats:
  • OPEC production fell 411,000 barrels per day to 29,343 million bpd.
  • Libya's production fell 343,000 barrels per day, from 1,396,000 bpd.
  • Nigeria fell 107,000 barrels per day due to Royal Dutch (RDS) Oil maintenance.
To make up for the shortfall, Saudi Arabia increased production by 500,000 barrels per day to 9.05 million bpd. Kuwait upped production by 37,000 barrels per day. Arab Emirates increased their production by 90,000 barrels per day.

Here's the real kicker. OPEC's seaborne exports are expected to fall by 530,000 barrels per day in the next four weeks.

Continue reading Brent Crude Oil Explodes to $120 Per Barrel

Brent Crude Oil Explodes to $120 Per Barrel originally appeared on BloggingStocks on Mon, 04 Apr 2011 15:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Arab EmiratesArabEmiratescommoditiesgasoline pricesGasolinePricesHeadline newsinternational marketsInternationalMarketsinthenewsKuwaitLibyaoil OP productionOilOpProductionPrice hikePriceHikeMon, 04 Apr 2011 15:00:00 EST<![CDATA[Has Delta Air Lines Bottomed at $10?]]>http://www.bloggingstocks.com/2011/04/01/has-delta-air-lines-bottomed/http://www.bloggingstocks.com/2011/04/01/has-delta-air-lines-bottomed/http://www.bloggingstocks.com/2011/04/01/has-delta-air-lines-bottomed/#commentsFiled under: ,

Delta Air Lines (DAL) logoDefinitely not-for-the-squeamish Delta Air Line's (DAL) stock has plunged in bear-hug fashion during the winter to $9.80 from $14.70, and is now dangerously close to the sell/stop loss at $8.

Delta Air Lines, first discussed here on July 19, 2010, at a price of $10.73, would likely have been a leader of a rejuvenated airline sector until Middle East unrest, including the ongoing civil war in Libya, sent oil prices above $105 per barrel. That crude surge has pushed jet fuel prices -- typically the second biggest or biggest expense for an airline -- substantially higher.

Continue reading Has Delta Air Lines Bottomed at $10?

Has Delta Air Lines Bottomed at $10? originally appeared on BloggingStocks on Fri, 01 Apr 2011 10:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>airline stocksDALDelta Air LinesDelta revenue forecastfeaturedLibyaoil pricesFri, 01 Apr 2011 10:30:00 EST<![CDATA[Oil Closes at Two-and-a-Half Year High]]>http://www.bloggingstocks.com/2011/03/31/oil-closes-at-two-and-a-half-year-high/http://www.bloggingstocks.com/2011/03/31/oil-closes-at-two-and-a-half-year-high/http://www.bloggingstocks.com/2011/03/31/oil-closes-at-two-and-a-half-year-high/#commentsFiled under: , , , , ,

rising oil pricesThe conflict in Libya continues to spark concerns over possible supply problems, sending oil prices soaring over the past couple weeks and settling at a two-and-a-half year high this afternoon.

In addition to Libya, oil also got a push today from a falling U.S. dollar. The greenback was down in reaction to speculation the European Central Bank would be raising interest rates, to fight possible inflation.

Continue reading Oil Closes at Two-and-a-Half Year High

Oil Closes at Two-and-a-Half Year High originally appeared on BloggingStocks on Thu, 31 Mar 2011 18:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>dollarFederal Reservegasgas pricesgasolineinthenewslibyamiddle eastoiloil pricesOPECsaudi arabiaThu, 31 Mar 2011 18:00:00 EST<![CDATA[Comfort Zone Investing: Libya and Japan -- What They Mean for Investors]]>http://www.bloggingstocks.com/2011/03/26/comfort-zone-investing-libya-and-japan-what-they-mean-for-inv/http://www.bloggingstocks.com/2011/03/26/comfort-zone-investing-libya-and-japan-what-they-mean-for-inv/http://www.bloggingstocks.com/2011/03/26/comfort-zone-investing-libya-and-japan-what-they-mean-for-inv/#commentsFiled under: , , , , , ,

road sign makes detour, goes back up - libya and japanWith several major developments occurring around the world, many investors may wonder how they could affect their portfolios or their lives. Here are two of the current, newsworthy events and how investors may interpret them.

Libya

The oil from Libya totaled about 2 million barrels a day before the revolution, half of which was exported. About 1 million barrels a day are no longer available to the world. That isn't enough to really affect the price of oil for a long period of time. Plenty of other countries can supply that amount without straining their capacity. But they're unlikely to step in to fill the gap when oil prices are above $100 a barrel. That price should recede once the conflict finishes and a more stable government is in place.

Continue reading Comfort Zone Investing: Libya and Japan -- What They Mean for Investors

Comfort Zone Investing: Libya and Japan -- What They Mean for Investors originally appeared on BloggingStocks on Sat, 26 Mar 2011 10:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>ASHAshlandCatCaterpillarComfort Zone InvestingDDDOWDuPontGEGeneral ElectricinvestmentsJapanLibyaoilstock marketSat, 26 Mar 2011 10:30:00 EST<![CDATA[Will Rising Gas Prices Hurt the U.S. Economy?]]>http://www.bloggingstocks.com/2011/03/12/will-rising-gas-prices-hurt-the-u-s-economy/http://www.bloggingstocks.com/2011/03/12/will-rising-gas-prices-hurt-the-u-s-economy/http://www.bloggingstocks.com/2011/03/12/will-rising-gas-prices-hurt-the-u-s-economy/#commentsFiled under: , , ,

gasoline pricesGas prices are rising and show no signs of coming back down. In fact the predictions are for higher prices to come. At the moment, gasoline averages $3.542 per gallon, according the the AAA motorist group, as reported by CNNMoney.

The highest recorded nationwide price was $4.114 on July 17, 2008. Forecasters are looking for the $4.00 per gallon marker to be hit by this summer.

Continue reading Will Rising Gas Prices Hurt the U.S. Economy?

Will Rising Gas Prices Hurt the U.S. Economy? originally appeared on BloggingStocks on Sat, 12 Mar 2011 12:50:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>4.00 per galloncommoditiesgas pricesinthenewsLibyaoilSaudi ArabiaSat, 12 Mar 2011 12:50:00 EST<![CDATA[Rising Costs and Political Tensions Could Weigh on Exxon Mobil]]>http://www.bloggingstocks.com/2011/03/10/exxon-mobil-middle-east-crisis/http://www.bloggingstocks.com/2011/03/10/exxon-mobil-middle-east-crisis/http://www.bloggingstocks.com/2011/03/10/exxon-mobil-middle-east-crisis/#commentsFiled under: , , , ,

Exxon Mobil (XOM) is a leading independent oil and gas exploration and production company; it competes with other major oil companies like Anadarko (APC), BP (BP), Chevron (CVX) and ConocoPhillips (COP).

The recent political turmoil in Tunisia, Egypt, and Libya, which is slowly spreading to other Middle Eastern and North African countries is likely to have an impact on Exxon Mobil's production capacity. This is because the company derives the majority of its revenues from production of crude oil and natural gas liquids (NGLs), and the Middle East and North Africa regions account for a sizable portion of its portfolio.

Continue reading Rising Costs and Political Tensions Could Weigh on Exxon Mobil

Rising Costs and Political Tensions Could Weigh on Exxon Mobil originally appeared on BloggingStocks on Thu, 10 Mar 2011 10:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>AnadarkoBpChevronConocoPhillipscrude oilcrude pricesEgyptfeaturedLibyamiddle eastmideast protestsoilOilPricesTunisiaThu, 10 Mar 2011 10:00:00 EST<![CDATA[DOE Raises Forecasts for Oil and Gasoline Prices]]>http://www.bloggingstocks.com/2011/03/09/doe-raises-forecasts-for-oil-and-gasoline-prices/http://www.bloggingstocks.com/2011/03/09/doe-raises-forecasts-for-oil-and-gasoline-prices/http://www.bloggingstocks.com/2011/03/09/doe-raises-forecasts-for-oil-and-gasoline-prices/#commentsFiled under: ,

The Department of Energy has had to up its forecast its forecast for oil prices for 2011 and 2012 from last month. The updated forecast takes into account the loss of one million barrels per day from the Libyan conflict, The Wall Street Journal reported.

Last month, the DOE's Energy Information Administration's (EIA) estimate for West Texas Intermediate (WTI) crude was $91 per barrel for 2011. Now, EIA forecasts WTI crude to average $102 per barrel in 2011 and $104 per barrel in 2012. The EIA qualified its forecast with this statement: "There is significant uncertainty surrounding this forecast."

Continue reading DOE Raises Forecasts for Oil and Gasoline Prices

DOE Raises Forecasts for Oil and Gasoline Prices originally appeared on BloggingStocks on Wed, 09 Mar 2011 09:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>commoditiesdoeeiafeaturedforecastinthenewsLibyaMideast crisisoilSaudi ArabiaUS Department of EnergyWed, 09 Mar 2011 09:30:00 EST<![CDATA[Brent Crude Hits $116 per Barrel]]>http://www.bloggingstocks.com/2011/03/07/brent-crude-116-per-barrel/http://www.bloggingstocks.com/2011/03/07/brent-crude-116-per-barrel/http://www.bloggingstocks.com/2011/03/07/brent-crude-116-per-barrel/#commentsFiled under: , ,

Middle East unrestThe game is changing. It's time to play defense. Two weeks ago the U.S. stock market was in a bullish trend with no end in sight. Now international events are taking center stage. How long the markets can ignore these events is the question of the day.

Brent crude oil is trading at $116 per barrel. This has serious implications for the U.S. economy. If you recall, when oil spiked in 2008, it was a major factor in the recession that followed. People simply could not afford the price of gas and slowed their driving dramatically. We must remember that many people commute 50 to 70 miles a day just to go to work. The money is coming out of the household budget. Some people spend more in gas than they do working, especially if they work part time.

Continue reading Brent Crude Hits $116 per Barrel

Brent Crude Hits $116 per Barrel originally appeared on BloggingStocks on Mon, 07 Mar 2011 11:40:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Brent crudeEgypt protestsETFsgasoline pricesinthenewsLibyaMiddle East unrestQQQQSPYMon, 07 Mar 2011 11:40:00 EST<![CDATA[Oil Climbs on Continued Uncertainty in Middle East]]>http://www.bloggingstocks.com/2011/03/02/oil-climbs-over-100-a-barrel-on-continued-uncertainty-in-middle/http://www.bloggingstocks.com/2011/03/02/oil-climbs-over-100-a-barrel-on-continued-uncertainty-in-middle/http://www.bloggingstocks.com/2011/03/02/oil-climbs-over-100-a-barrel-on-continued-uncertainty-in-middle/#commentsFiled under: ,

The turmoil in the Middle East is spreading as protests surge throughout the Arab world. This is not a one country phenomenon -- and it won't go away any time soon.

The great fear for the West is that the unrest will spread to other oil-producing countries. Half of Libya's oil production is shut down. Protests in Iran -- the second largest oil producer in OPEC -- are growing. Saudi Arabia's King Abdullah is giving away $36 billion to his people in the hope of warding off further unrest.

Continue reading Oil Climbs on Continued Uncertainty in Middle East

Oil Climbs on Continued Uncertainty in Middle East originally appeared on BloggingStocks on Wed, 02 Mar 2011 09:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>featuredinthenewslibyamiddle eastoil outputoil pricesoil supplysaudi arabiaSaudiArabiaWed, 02 Mar 2011 09:00:00 EST<![CDATA[Could Oil Top $220 per Barrel?]]>http://www.bloggingstocks.com/2011/02/24/could-oil-top-220-per-barrel/http://www.bloggingstocks.com/2011/02/24/could-oil-top-220-per-barrel/http://www.bloggingstocks.com/2011/02/24/could-oil-top-220-per-barrel/#commentsFiled under: , , ,

The turmoil in the Middle East is getting worse by the day. Protesters now control a good portion of Libya. The panic is spreading to Saudi Arabia where King Abdullah is handing out $36 billion in housing support and funding to offset inflation, according to the Wall Street Journal.

So the number crunchers are putting together possible "what-if" scenarios for the oil market. One such possibility is: What if Algeria joins Libya in revolt. Both countries produce 4 million barrels of oil per day. If such events develop, oil could surge to $220 per barrel, according to Nomura Securities in the Wall Street Journal.

Continue reading Could Oil Top $220 per Barrel?

Could Oil Top $220 per Barrel? originally appeared on BloggingStocks on Thu, 24 Feb 2011 09:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>AlgeriaBlack SwanfeaturedinthenewsLibyamiddle eastmiddle east protestsoiloil pricesoil spikesaudi arabiaThu, 24 Feb 2011 09:15:00 EST<![CDATA[Airline Stocks Dive as Oil Futures Soar]]>http://www.bloggingstocks.com/2011/02/22/airline-stocks-dive-as-oil-futures-soar/http://www.bloggingstocks.com/2011/02/22/airline-stocks-dive-as-oil-futures-soar/http://www.bloggingstocks.com/2011/02/22/airline-stocks-dive-as-oil-futures-soar/#commentsFiled under: , , , , ,

DAL logoDelta Air Lines (DAL - option chain) stock is trading lower today along with other airlines this morning, hurt by rising oil futures. Oil futures shot up over 7% this morning in response to growing political turmoil in Libya. Libya is the largest oil producer in North Africa, and is responsible for 2% of global daily output. If you think this stock won't be rising too far in the coming months, then it could be a good time to look at a bearish hedged play on DAL.

This morning, DAL opened at $10.99. So far today the stock has hit a high of $10.99 and a low of $10.59. As of 12:35, DAL is trading at $10.65, down $0.85 (-7.3%). The chart for DAL looks bullish and S&P gives DAL a positive 4 STARS (out of 5) buy ranking.

Continue reading Airline Stocks Dive as Oil Futures Soar

Airline Stocks Dive as Oil Futures Soar originally appeared on BloggingStocks on Tue, 22 Feb 2011 13:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>airlinesDeltainthenewsInvestors ObserverLibyaoil futuresoptionsTue, 22 Feb 2011 13:30:00 EST<![CDATA[Brent, U.S. Crude at 2.5-Year Highs on Mideast Turmoil]]>http://www.bloggingstocks.com/2011/02/22/brent-u-s-crude-at-2-5-year-highs-on-mideast-turmoil/http://www.bloggingstocks.com/2011/02/22/brent-u-s-crude-at-2-5-year-highs-on-mideast-turmoil/http://www.bloggingstocks.com/2011/02/22/brent-u-s-crude-at-2-5-year-highs-on-mideast-turmoil/#commentsFiled under: , , , ,

Middle East protestsOil is the life blood of the world economy. The turmoil in Libya and throughout the Middle East is threatening the stability of the entire world. "Oil prices were in the danger zone and could rise further, if turmoil continued in the Middle East," Fatih Birol of the International Energy Agency said, according to Reuters. "Oil prices are a serious risk for the global economic recovery."

As of 8:30 EDT, Brent crude is trading at $106.66 per barrel, up 92 cents. West Texas Intermediate crude jumped $6.29 per barrel to $96.00. Keep in mind that while U.S. markets were closed Monday, oil traded higher across other world markets.

Continue reading Brent, U.S. Crude at 2.5-Year Highs on Mideast Turmoil

Brent, U.S. Crude at 2.5-Year Highs on Mideast Turmoil originally appeared on BloggingStocks on Tue, 22 Feb 2011 10:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Brent crudecrudeFatih Birolgas pricesgoldinthenewsLibyaLibya unrestMiddle EastoilUnrestTue, 22 Feb 2011 10:00:00 EST<![CDATA[Oil producing nations preparing for $45 oil]]>http://www.bloggingstocks.com/2008/11/12/oil-producing-nations-preparing-for-45-oil/http://www.bloggingstocks.com/2008/11/12/oil-producing-nations-preparing-for-45-oil/http://www.bloggingstocks.com/2008/11/12/oil-producing-nations-preparing-for-45-oil/#commentsFiled under: , , ,

There's modest good news on the gasoline front for U.S. consumers, but don't write (or e-mail or text message) home just yet.

Several key oil-producing nations are preparing for the prospect of $45 per barrel oil, indicating these oil exporters believe the price of the world's most important commodity is likely to fall more amid both U.S. and global economic recessions.

Saudis prep for oil's slide

Saudi Arabia, which possesses the largest proved oil reserves in the world, has passed a government budget that's prepared for $45 oil, stratfor.com reports. Meanwhile, Nigeria and Libya have reduced their 2009 oil price forecasts to $45.

Oil, which has plummeted more than 60% since hitting a record high of $147.27 this summer, fell another 48 cents to $58.85 per barrel in Wednesday morning trading.

Economist Richard Felson said the oil price plunge and the gasoline price drop it has created is good news for U.S. motorists, with certain qualifiers. "It is an astounding drop, approaching a $100 per barrel drop, and that has taken pressure off refined energy products," Felson said. "The problem is, if analysts are correct about $40-45 per barrel oil, it implies a slowdown in U.S. and global GDP that will likely mean large layoffs, which isn't good for anyone."

Continue reading Oil producing nations preparing for $45 oil

Oil producing nations preparing for $45 oil originally appeared on BloggingStocks on Wed, 12 Nov 2008 13:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>consumer spendinggasoline pricesgdpinthenewsLibyaNigeriaoil pricesoil shockSaudi ArabiaWed, 12 Nov 2008 13:15:00 EST<![CDATA[Slowdown pushing oil toward $60 as OPEC prepares to cut production ]]>http://www.bloggingstocks.com/2008/10/20/slowdown-pushing-oil-toward-60-as-opec-prepares-to-cut-producti/http://www.bloggingstocks.com/2008/10/20/slowdown-pushing-oil-toward-60-as-opec-prepares-to-cut-producti/http://www.bloggingstocks.com/2008/10/20/slowdown-pushing-oil-toward-60-as-opec-prepares-to-cut-producti/#commentsFiled under: , , ,

Oil prices, the source of so much inflation and consternation in the developed and developing world, are expected to continue to slide toward $60, economists and traders say, even as OPEC prepares to cut production at a special meeting this week.

Oil has fallen about 50% since hitting a record high of $147.27 per barrel in July, amid a financial crisis that's slowed growth in every region of the globe. Further, OPEC, which produces about 40% of the world and will hold a special meeting October 24, will only able to slow oil's descent to the $60-range, with anticipated production cuts, so says economist Peter Dawson.

"The report that China's economy grew at a 9% annual rate in the third quarter is the last piece of the oil demand puzzle, as far as the slowdown is concerned," Dawson said. "China was growing at better than 10% in the same quarter a year ago, so that will further reduce the growth in global oil demand, which is bearish for oil prices. Prices will most likely slide toward the $60-range by mid-2009." Oil rose $1.35 to $73.20 per barrel in Monday morning trading.

Continue reading Slowdown pushing oil toward $60 as OPEC prepares to cut production

Slowdown pushing oil toward $60 as OPEC prepares to cut production originally appeared on BloggingStocks on Mon, 20 Oct 2008 11:20:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Chinaemerging marketsfeaturedgasoline pricesgdpIranLibyaoil pricesoil shockOPECSaudi ArabiaU.S. economyVenezuelaMon, 20 Oct 2008 11:20:00 EST<![CDATA[Oil falls to $75 after OPEC cuts 2009 global oil demand forecast]]>http://www.bloggingstocks.com/2008/10/15/oil-falls-to-75-after-opec-cuts-2009-global-oil-demand-forecast/http://www.bloggingstocks.com/2008/10/15/oil-falls-to-75-after-opec-cuts-2009-global-oil-demand-forecast/http://www.bloggingstocks.com/2008/10/15/oil-falls-to-75-after-opec-cuts-2009-global-oil-demand-forecast/#commentsFiled under: , , ,

OPEC again cut its forecast for 2009 global oil demand, the cartel announced Wednesday in its monthly report, raising the specter that hawkish cartel members will push for production cuts at a special meeting next month.

OPEC now believes (pdf) that 2009 global oil demand will increase by 800,000 barrels per day to 87.21 million barrels, compared to the previous forecast of a 900,000 barrel per day rise.

OPEC said its production in September averaged 32.16 million barrels per day, down about 310,000 from August.

Energy prices continue to fall

Energy prices retreated Wednesday on the news. Oil fell $3.44 to $75.21 per barrel. The other major energy commodities also fell in early trading Wednesday, continuing their nearly month-long downtrend. Heating oil fell about 5 cents to $2.20 per gallon, unleaded gasoline declined about 8 cents to $1.80 per gallon, and natural gas fell 7 cents to $6.66 per million BTUs.

In its report, OPEC said that even if governments are successful in unfreezing credit markets, the fallout in the real economy is expected to be considerable. The credit drag, combined with decelerating growth in both developed and developing world economies, will weigh on oil demand throughout 2009. OPEC has called a special meeting for November 18 to address what it argues is an oversupplied global oil market.

Continue reading Oil falls to $75 after OPEC cuts 2009 global oil demand forecast

Oil falls to $75 after OPEC cuts 2009 global oil demand forecast originally appeared on BloggingStocks on Wed, 15 Oct 2008 12:40:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>emerging marketsgasoline pricesinthenewsIranLibyaoil pricesoil shockOPECSaudi ArabiaVenezuelaWed, 15 Oct 2008 12:40:00 EST<![CDATA[Saudis, sensing ominous global situation, seen letting oil price fall to assist recovery]]>http://www.bloggingstocks.com/2008/10/10/saudis-sensing-ominous-global-situation-seen-letting-oil-price/http://www.bloggingstocks.com/2008/10/10/saudis-sensing-ominous-global-situation-seen-letting-oil-price/http://www.bloggingstocks.com/2008/10/10/saudis-sensing-ominous-global-situation-seen-letting-oil-price/#commentsFiled under: , , , ,

As national policy makers strive to unfreeze credit markets and end a global financial crisis that threatens to severely damage economies worldwide, Saudi Arabia will not defend an $80 oil price, and instead will let the price of oil fall, to reduce a critical cost stress on the global economy, economists and energy traders say.

Further, despite today's more-diverse oil market characterized by dozens of suppliers, any Saudi decision to not cut production will lower oil prices, Energy Trader Jim Dietz told BloggingStocks Friday.

Saudi Arabia possesses the largest, proven oil reserves in the world. The kingdom also has the biggest, quickly-marketable spare production capacity in the world, estimated to be 1.5-5.0 million barrels of oil per day, depending on the analysis.

'Saudis will let oil price fall, a lot'

"The Saudis are fully aware of the grave situation facing global financial markets and economies. The Saudis are going to let the price of oil fall, a lot. Other OPEC members like Iran or Venezuela may call for a production cut and try to protect their interest, but it's a non-starter, an after thought," Dietz said. "The Saudis know that every stimulative tactic must be used to keep commerce moving and eliminate stress and a lower oil price is part of that solution." (Dietz added that he had no open energy trading positions, his normal stance for a Friday.)

Oil fell $6.94 to $79.65 per barrel Friday at mid-day, as a near-panic atmosphere permeated markets as stocks plunged worldwide and U.S. stock markets declined for an eighth consecutive day. At 12:05 p.m. EDT, the Dow was down 313 points to 8,265 and the S&P 500 was down 38 points to 871.

"An $80 oil price is too high for this economy. It probably was too high for any economy, but that is a debate for another time. Right now, the oil market senses that the Saudis know the price of oil must go lower to reduce financial system stress," Dietz said. "And as the Saudis go, so goes the price of oil."

Continue reading Saudis, sensing ominous global situation, seen letting oil price fall to assist recovery

Saudis, sensing ominous global situation, seen letting oil price fall to assist recovery originally appeared on BloggingStocks on Fri, 10 Oct 2008 13:17:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>banking sectorbanksbond marketcredit marketsemerging marketsgasoline pricesglobal economyinthenewsIranLibyaoil pricesoil shockOPECSaudi ArabiaVenezuelaFri, 10 Oct 2008 13:17:00 EST<![CDATA[Oil's latest vault, over $140, shows how little it takes push crude higher]]>http://www.bloggingstocks.com/2008/06/27/oil-s-latest-vault-over-140-shows-how-little-it-takes-push-cr/http://www.bloggingstocks.com/2008/06/27/oil-s-latest-vault-over-140-shows-how-little-it-takes-push-cr/http://www.bloggingstocks.com/2008/06/27/oil-s-latest-vault-over-140-shows-how-little-it-takes-push-cr/#commentsFiled under: , , ,

Oil's rise to yet another record high Friday underscores how little it can take to send crude in its favorite direction -- vertical -- during this seemingly relentless bull run.

On Thursday it was Libya, which threatened to reduce production in response to a U.S. law that allows terror victims to seize assets of foreign governments, Bloomberg News reported. That was enough to cause oil to bolt $5.50 higher on the day, and on Friday oil hit another record, $142.99, before easing back to close up 57 cents to $140.21 per barrel.

Key factor: rising demand

Still, while others will cite the weak dollar, or the influence of speculators, or supply concerns (such as Libya's), in oil's record rise, energy trader Jim Dietz said one factor has been a constant throughout the climb: rising demand.

Continue reading Oil's latest vault, over $140, shows how little it takes push crude higher

Oil's latest vault, over $140, shows how little it takes push crude higher originally appeared on BloggingStocks on Fri, 27 Jun 2008 17:46:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>dollarfeaturedgasoline pricesinflationinthenewsLibyaoil pricesoil shockOPECFri, 27 Jun 2008 17:46:00 EST<![CDATA[Oil climbs to new highs]]>http://www.bloggingstocks.com/2008/03/03/oil-climbs-to-new-highs/http://www.bloggingstocks.com/2008/03/03/oil-climbs-to-new-highs/http://www.bloggingstocks.com/2008/03/03/oil-climbs-to-new-highs/#commentsFiled under: , , , , , , , ,

oilOil prices rose to new highs today, with crude moving up as high as $103.95 earlier in the session, before cooling off slightly. Prices are now trading at $103.36, up $1.52.

There are two main driving forces today that are pushing prices higher. The first is the continued weakness of the U.S. dollar, and the second is the general consensus that OPEC will decide to leave output unchanged at this week's meeting.

First, taking a look at the dollar, today it hit a new record low versus the euro. The dollar continues to suffer as world markets prepare for a possible recession hitting America this year. With America's economic slowdown on traders' minds, the dollar continues to fall as many expect that the Federal Reserve is going to be forced to cut interest rates even further to keep the economy moving. Of course, any rate cuts will only further weaken the already struggling currency.

Continue reading Oil climbs to new highs

Oil climbs to new highs originally appeared on BloggingStocks on Mon, 03 Mar 2008 12:02:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>$100 oil$100OildollareurointhenewsLibyaoiloil inventoriesoil pricesOilInventoriesOilPricesOPECrecessionweak dollarWeakDollaryenMon, 03 Mar 2008 12:02:00 EST<![CDATA[Exxon Mobil (XOM) signs Libyan offshore deal]]>http://www.bloggingstocks.com/2007/11/20/exxon-mobil-xom-signs-libyan-offshore-deal/http://www.bloggingstocks.com/2007/11/20/exxon-mobil-xom-signs-libyan-offshore-deal/http://www.bloggingstocks.com/2007/11/20/exxon-mobil-xom-signs-libyan-offshore-deal/#commentsFiled under: , , ,

The world's largest oil company, Exxon Mobil Corp. (NYSE: XOM) announced today that it has signed a 5 year agreement with the national oil company of Libya to explore its offshore potential.

Exxon Mobil stated that this agreement provides the company with exploration rights to "one of the most prospective unlicensed areas" located in the Libyan offshore area. The offshore exploration will take place approximately 110 miles off the Libyan coast, and the area is roughly 2.5 million acres. The water depth of the location ranges between 5,400 feet to more than 8,700 feet below sea level.

The Wall Street Journal (subscription required) reported that under the terms of the deal, Exxon Mobil will drill at least one well in the area, as well as pay a bonus to the Libyan government. Terms of the bonus were not disclosed.

Last year Libya ranked 8th in production among OPEC nations, and was removed from the U.S. list of countries that sponsored terrorism less than two years ago.

Michael Fowlkes has worked as a stock trader for seven years and spent the last two years working as an analyst for the online investment advisory service Investor's Observer. DISCLOSURE: Mr. Fowlkes owns and/or controls diversified portfolios of long and short stock and option positions that include holdings in XOM.

Exxon Mobil (XOM) signs Libyan offshore deal originally appeared on BloggingStocks on Tue, 20 Nov 2007 16:35:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>Exxon MobilExxonMobilLibyaoiloil explorationOilExplorationXOMTue, 20 Nov 2007 16:35:00 EST