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[OPEC wants an oil price 'solution' from producer, consumer meeting]]>http://www.bloggingstocks.com/2008/06/11/opec-wants-an-oil-price-solution-from-producer-consumer-meeti/http://www.bloggingstocks.com/2008/06/11/opec-wants-an-oil-price-solution-from-producer-consumer-meeti/http://www.bloggingstocks.com/2008/06/11/opec-wants-an-oil-price-solution-from-producer-consumer-meeti/#commentsFiled under: , , ,

OPEC said Wednesday it wants a "solution" to end record-high oil prices, including an examination of the role speculators and governments of consuming and producing nations, when it meets later this month in Saudi Arabia, Bloomberg News reported.

Saudi Arabia, the world's top oil exporter and holder of the largest proved oil reserves, said it wants heads of state from consumer/producer nations to attend the June 22 meeting in Jeddah, Reuters reported, although it was unclear if any heads of state outside the cartel will attend the meeting.

A International Energy Agency official said the IEA's Executive Director Nobuo Tanaka would attend the meeting.

After a week-long pullpack with many traders calling a correction in a bull market, oil's seemingly inexorable drive to a price few individuals or companies can afford continued Wednesday. Oil closed up $5.11 to $136.42 per barrel after the U.S. Energy Information Administration announced a below-consensus 4.6-million-barrel decline in weekly oil inventories.

Although OPEC's previous meeting in Rome led to no new insights regarding oil, OPEC General Secretary Abdalla el-Badri told Bloomberg News this meeting will be different: "This one is different. This one is specifically to tackle the high oil prices, why they are high, who is to blame," el-Badri said. "Is this a real shortage in the market, or speculation, or the dollar? What is wrong?"

Continue reading OPEC wants an oil price 'solution' from producer, consumer meeting

OPEC wants an oil price 'solution' from producer, consumer meeting originally appeared on BloggingStocks on Wed, 11 Jun 2008 17:55:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>1979-80 energy crisisAsiaemerging marketsenergy crisisEUEuropefeaturedgasoline pricesheating oil pricesoiloil pricesoil shockOPECSouth AmericaSouthAmericaUnited StatesWed, 11 Jun 2008 17:55:00 EST<![CDATA[Oil surges past $135 after inventories decline for fourth straight week]]>http://www.bloggingstocks.com/2008/06/11/oil-surges-past-135-after-inventories-decline-for-fourth-straig/http://www.bloggingstocks.com/2008/06/11/oil-surges-past-135-after-inventories-decline-for-fourth-straig/http://www.bloggingstocks.com/2008/06/11/oil-surges-past-135-after-inventories-decline-for-fourth-straig/#commentsFiled under: , , ,

Crude oil surged past $135 Wednesday after a weekly U.S. Energy Information Administration report indicated weekly oil inventories plunged 4.6 million barrels.

Economists surveyed by Bloomberg News had expected weekly oil inventories to decline by 1.5 million barrels. It was the fourth straight weekly decline for oil inventories.

The oil market, at least initially, interpreted this week's report as another bullish data point for oil, and looked past weekly increases in both gasoline and distillate supplies, which rose 1 million and 2.3 million barrels, respectively. Oil futures, up about $3.50 before the report rallied further -- rising $4.63 to $135.96 on the news in Wednesday morning trading.

Continue reading Oil surges past $135 after inventories decline for fourth straight week

Oil surges past $135 after inventories decline for fourth straight week originally appeared on BloggingStocks on Wed, 11 Jun 2008 11:24:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>energy crisisgasoline pricesheating oil pricesinthenewsinventoriesoil pricesoil shockU.S. Energy Information AdministrationWed, 11 Jun 2008 11:24:00 EST<![CDATA[Oil reverses course after Morgan Stanley says Brent may hit $150]]>http://www.bloggingstocks.com/2008/05/28/oil-reverses-course-after-morgan-stanley-sayid-brent-may-hit-15/http://www.bloggingstocks.com/2008/05/28/oil-reverses-course-after-morgan-stanley-sayid-brent-may-hit-15/http://www.bloggingstocks.com/2008/05/28/oil-reverses-course-after-morgan-stanley-sayid-brent-may-hit-15/#commentsFiled under: , , ,

English writer and farmer Thomas Tusser said, "A fool and his money are soon parted."

Maybe one can modify the above for the early globalization era: "An oil bear and his money are soon parted."

Oil reversed course and closed sharply higher Wednesday, near $131 per barrel, after Morgan Stanley said Brent oil from the North Sea could easily reach $150 per barrel.

Oil had drifted to as low as $125.96 early in the session on the belief high oil / gasoline / diesel prices will reduce demand, globally. But that sentiment proved to be 'famous last words' after Morgan Stanley (NYSE: MS) co-head of global economics Richard Brenner said oil supply constraints remain a concern, juxtaposed against still-strong global demand, Bloomberg News reported Wednesday.

That was more than enough to send traders into buy-mode in the current market, oil reversed and surged higher to close at $130.97, up $2.12 per barrel.

Continue reading Oil reverses course after Morgan Stanley says Brent may hit $150

Oil reverses course after Morgan Stanley says Brent may hit $150 originally appeared on BloggingStocks on Wed, 28 May 2008 16:25:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>featuredgasoline pricesheating oil pricesinventoriesMorgan StanleyMSoil pricesoil shockOPECWed, 28 May 2008 16:25:00 EST<![CDATA[The world's least-respected energy form experiences a revival]]>http://www.bloggingstocks.com/2008/05/22/the-worlds-least-respected-energy-form-experiences-a-revival/http://www.bloggingstocks.com/2008/05/22/the-worlds-least-respected-energy-form-experiences-a-revival/http://www.bloggingstocks.com/2008/05/22/the-worlds-least-respected-energy-form-experiences-a-revival/#commentsFiled under: , , , ,

Coal. Detestable coal.

Politically incorrect coal.

The stuff of Dickens' England. Black-lung disease. Strip-mining. And global warming.

Coal is the 'Rodney Dangerfield of energy forms,' because, like the late comedian, it gets no respect.

Have you ever heard of a positive association regarding coal? As a child in the United States, way back in the twentieth century, you dared not misbehave prior to the holidays, lest you get, coal in your stocking.

(No one ever spoke of a reprimand involving 'getting oil in your stocking.' No sir. Oil is considered 'black gold.')

Well, in the near future you and many others may look favorably on collecting coal, and a lot of it, if current trends continue regarding that other notable energy form, oil.

Continue reading The world's least-respected energy form experiences a revival

The world's least-respected energy form experiences a revival originally appeared on BloggingStocks on Thu, 22 May 2008 17:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>autosCAFEcarsChinaclimate changecoalCold Waremerging marketsenergy crisisfeaturedgasoline pricesheating oilheating oil pricesIndiamiles per gallonmpgoiloil pricesoil shockOPECpeak oilU.S. Department of EnergyThu, 22 May 2008 17:15:00 EST<![CDATA[Oil surges to record $113.66 on Mexico, Nigeria disruptions, Chinese demand]]>http://www.bloggingstocks.com/2008/04/15/oil-surges-to-record-113-66-on-mexico-nigeria-disruptions-chi/http://www.bloggingstocks.com/2008/04/15/oil-surges-to-record-113-66-on-mexico-nigeria-disruptions-chi/http://www.bloggingstocks.com/2008/04/15/oil-surges-to-record-113-66-on-mexico-nigeria-disruptions-chi/#commentsFiled under: , , , ,

Oil surged over $113 per barrel Tuesday on word of supply disruptions in Nigeria and Mexico and increasing fuel demand in China, Bloomberg News reported Tuesday.

Oil increased $1.90 to $113.66 per barrel Tuesday morning after Mexico, the third largest supplier of oil to the United States, shut its fourth export terminal Monday, while Eni SpA halted output in Nigeria, Bloomberg New reported. Meanwhile, China, which boasts world's fastest-growing major economy, said diesel oil imports increased 49% in March 2008.

The other major energy commodities also vaulted ahead on the news in early trading Tuesday. Heating oil jumped 3 cents to $3.25 per gallon, unleaded gasoline added 2 cents to $2.84 per gallon, and natural gas added about 14 cents to $10.20 per million BTUs.

Supply disruptions jolt market

Independent energy trader Jim Dietz told BloggingStocks Tuesday the supply disruptions in Mexico and Nigeria were negative datapoints the oil market did not need.

Continue reading Oil surges to record $113.66 on Mexico, Nigeria disruptions, Chinese demand

Oil surges to record $113.66 on Mexico, Nigeria disruptions, Chinese demand originally appeared on BloggingStocks on Tue, 15 Apr 2008 11:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>featuredgasolinegasoline pricesGasolinePricesheating oilheating oil pricesHeatingOilHeatingOilPricesoiloil pricesOilPricesTue, 15 Apr 2008 11:15:00 EST<![CDATA[Oil idles near $101 after weekly inventories surge]]>http://www.bloggingstocks.com/2008/04/02/oil-idles-near-101-after-weekly-inventories-surge/http://www.bloggingstocks.com/2008/04/02/oil-idles-near-101-after-weekly-inventories-surge/http://www.bloggingstocks.com/2008/04/02/oil-idles-near-101-after-weekly-inventories-surge/#commentsFiled under:

Oil idled in the $101 range Wednesday at mid-day after the U.S. Energy Information Administration announced that weekly crude oil inventories surged higher.

Oil gained 12 cents to $101.10 per barrel, off highs earlier in the session, after the EIA said weekly crude oil inventories increased 7.4 million barrels for the week ending March 28, 2008.

Crude oil inventories totaled 319.2 million barrels. Gasoline inventories declined 4.5 million barrels. Distillate stocks fell 1.6 million barrels.

Historically, oil inventories increase as the spring quarter approaches, the lowest oil use quarter in the United States.

Energy commodities mixed

The other major energy commodities were mixed on the news in early trading Wednesday. Heating oil fell about 1 cent to $2.98 per gallon, unleaded gasoline added 2 cents to $2.65 per gallon, and natural gas declined about 28 cents to $9.44 per million BTUs.

Continue reading Oil idles near $101 after weekly inventories surge

Oil idles near $101 after weekly inventories surge originally appeared on BloggingStocks on Wed, 02 Apr 2008 13:04:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>gasolinegasoline pricesheating oilheating oil pricesinthenewsinventoriesoiloil pricesOilPricesU.S. Energy Information AdministrationWed, 02 Apr 2008 13:04:00 EST<![CDATA[Oil dips to $106 on renewed flows from Iraq pipeline]]>http://www.bloggingstocks.com/2008/03/28/oil-dips-to-106-on-renewed-flows-from-iraq-pipeline/http://www.bloggingstocks.com/2008/03/28/oil-dips-to-106-on-renewed-flows-from-iraq-pipeline/http://www.bloggingstocks.com/2008/03/28/oil-dips-to-106-on-renewed-flows-from-iraq-pipeline/#commentsFiled under: , , ,

Oil prices fell to $106 Friday morning on word that oil flows from a southern pipeline hit by saboteurs had resumed, Bloomberg News reported.

Oil fell $1.50 to $106.08 per barrel in early trading Friday. The other major energy commodities also retreated on the news. Heating oil fell about 4 cents to $3.10 per gallon, unleaded gasoline declined about 2 cents to $2.70 per gallon, and natural gas rose fell 2 cents to $9.70 per million BTUs.

Iraqi oil flows through the country's southern pipeline system to the Basra export terminal returned to normal at about 10 p.m. local time Thursday, an oil official said, Bloomberg News reported Friday.

One of Iraq's two main oil export pipelines near the southern city of Basra was blown up by saboteurs on Thursday. The pipeline transports oil from the Zubair oil field to the Al-Faw storage facility, where it is exported.

Oil Analysis: Prior to the Iraq incident, oil had been corrected to the $100 range, on likely lower oil demand and gasoline consumption stemming from the U.S. economic slowdown, and from record-high gasoline prices. However, two incidents this week, the Iraq pipe attack and a below-consensus weekly U.S. oil inventory report, caused a sudden reversal and a $7 spike in oil prices. Assuming bearish fundamentals remain the same -- and there are no further disruptions to supply globally -- traders now expect oil to resume its downward track as the spring season progresses.

Oil dips to $106 on renewed flows from Iraq pipeline originally appeared on BloggingStocks on Fri, 28 Mar 2008 11:12:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>gasolinegasoline pricesglobal oil supplyheating oilheating oil pricesinthenewsinventoriesIraqoiloil pricesOPECFri, 28 Mar 2008 11:12:00 EST<![CDATA[Oil rises to $107 after Iraq pipeline attack]]>http://www.bloggingstocks.com/2008/03/27/oil-rises-to-107-after-iraq-pipeline-attack/http://www.bloggingstocks.com/2008/03/27/oil-rises-to-107-after-iraq-pipeline-attack/http://www.bloggingstocks.com/2008/03/27/oil-rises-to-107-after-iraq-pipeline-attack/#commentsFiled under: , , ,

Oil prices briefly jumped above $107 Thursday morning on news that saboteurs had blown up a major Iraqi export pipeline, the Agence France-Presse reported.

Oil rose $1.26 to $107.16 per barrel in early trading Thursday, before moderating some, to about $106.50. The other major energy commodities also jumped on the news in early trading Wednesday. Heating oil rose about 5 cents to $3.09 per gallon, unleaded gasoline added 1 cent to $2.72 per gallon, and natural gas rose about 3 cents to $9.43 per million BTUs.

One of Iraq's two main oil export pipelines near the southern city of Basra was blown up by saboteurs on Thursday, Samir al-Maksusi, Southern Oil Company spokesman, told the AFP. The pipeline transports oil from the Zubair oil field to the Al-Faw storage facility, where it is exported.

Oil spikes

The Iraq incident marks the second consecutive day a bullish data point has pushed oil prices substantially higher, and underscores the skittish price qualities of the world's most vital commodity, according to independent energy trader Jim Dietz. Dietz said that heading into the week many traders had expected oil to continue to trend lower on sluggish demand for oil and oil products in the U.S., due to its economic slowdown.

Continue reading Oil rises to $107 after Iraq pipeline attack

Oil rises to $107 after Iraq pipeline attack originally appeared on BloggingStocks on Thu, 27 Mar 2008 11:20:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>featuredgasolinegasoline pricesglobal oil demandglobal oil supplyheating oilheating oil pricesHeatingOilHeatingOilPricesinthenewsIraqoiloil pricesOPECThu, 27 Mar 2008 11:20:00 EST<![CDATA[Oil surges $3 to $104 after surprise flat weekly inventory data]]>http://www.bloggingstocks.com/2008/03/26/oil-surges-3-to-104-after-surprise-flat-weekly-inventory-data/http://www.bloggingstocks.com/2008/03/26/oil-surges-3-to-104-after-surprise-flat-weekly-inventory-data/http://www.bloggingstocks.com/2008/03/26/oil-surges-3-to-104-after-surprise-flat-weekly-inventory-data/#commentsFiled under: , ,

Oil surged $3.36 to $104.58 Wednesday morning after the U.S. Energy Information Administration announced that weekly crude oil inventories remained unchanged and gasoline supplies declined.

Crude oil inventories were unchanged in the latest week, at 311.8 million, the EIA said. Gasoline inventories declined 3.3 million barrels. Distillate stocks fell 2.2 million barrels.

Historically, oil inventories increase as the spring quarter approaches; spring is the lowest oil use quarter in the United States.

Continue reading Oil surges $3 to $104 after surprise flat weekly inventory data

Oil surges $3 to $104 after surprise flat weekly inventory data originally appeared on BloggingStocks on Wed, 26 Mar 2008 12:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>featuredgasolinegasoline pricesheating oilheating oil pricesoilU.S. Energy Information AdministrationWed, 26 Mar 2008 12:00:00 EST<![CDATA[Oil falls to $101 on profit-taking, Saudi production comments]]>http://www.bloggingstocks.com/2008/03/24/oil-falls-to-101-on-profit-taking-saudi-production-comments/http://www.bloggingstocks.com/2008/03/24/oil-falls-to-101-on-profit-taking-saudi-production-comments/http://www.bloggingstocks.com/2008/03/24/oil-falls-to-101-on-profit-taking-saudi-production-comments/#commentsFiled under: , ,

Oil fell $1.02 to $100.82 per barrel Monday morning as traders/investors continued to lock-in profits and Saudi Arabia underscored its plans to boost production capacity, Reuters reported Monday.

The other major energy commodities were mixed in early trading Monday. Heating oil fell about 1 cent to $2.97 per gallon, unleaded gasoline rose 1 cent to $2.60 per gallon, and natural gas rose about 2 cents to $9.09 per million BTUs.

The crude oil decline Monday represents a continuation of a short-term downward trend, after oil surged more than $20 in less than two months, prompting some traders to take short-term profits, amid signs of likely slower oil demand growth in the United States.

The market early Monday was also responding to comments from Saudi Arabia, which said Sunday it is working to increase both oil production and refinery capacity in order to maintain global economic growth, according to Reuters.

Oil Analysis: The market will appreciate any comments and efforts by Saudi Arabia indicating it is striving to increase production and refining capacity. True, it takes time to increase production, but the market will take any expansion comments by the Saudis as a sign that more supply is on the way, which will lower oil prices considerably -- a welcome sight for oil importing nations and consumers.

Oil falls to $101 on profit-taking, Saudi production comments originally appeared on BloggingStocks on Mon, 24 Mar 2008 10:22:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>gas pricesgasolineglobal oil demandglobal oil supplyheating oilheating oil pricesinthenewsoilOPECSaudi ArabiaMon, 24 Mar 2008 10:22:00 EST<![CDATA[Oil falls to $107 as inventories surge 6.2 million barrels, well above estimate]]>http://www.bloggingstocks.com/2008/03/12/oil-falls-to-107-as-inventories-surge-6-2-million-barrels-well/http://www.bloggingstocks.com/2008/03/12/oil-falls-to-107-as-inventories-surge-6-2-million-barrels-well/http://www.bloggingstocks.com/2008/03/12/oil-falls-to-107-as-inventories-surge-6-2-million-barrels-well/#commentsFiled under: , ,

Weekly crude oil inventories jumped 6.2 million barrels to 311.6 million barrels for the week ending March 7, 2008, well above the consensus estimate, the U.S. Energy Information Agency announced Wednesday. Weekly gasoline inventories increased 1.7 million barrels, while distillate supplies fell 1.2 million barrels.

Analysts surveyed by Bloomberg News had expected weekly oil inventories to rise by 1.7 million barrels. Oil futures fell about $1 to $107.02 per barrel immediately after the news.

Refineries operated at 85.0% of their operable capacity last week, compared to 85.9% in the previous week. However, analysts are quick to point out that some decline in refinery capacity is expected in late winter and early spring as refineries undertake maintenance and convert systems for gasoline production to get ready for the summer driving season, historically a period of high gasoline consumption in the United States.

Oil Analysis: Another bearish weekly inventory report for oil, but don't tell that to oil traders in the trading pits. Driven by institutional investors (and other investors) seeking a lucrative return on assets in the face of likely under-performing stocks and bonds, oil has to-date largely ignored a two-month rise in inventories in the largest oil consuming market, the United States, to trade at record highs. Currently, there's little hard evidence to suggest the pattern will change anytime soon.

Oil falls to $107 as inventories surge 6.2 million barrels, well above estimate originally appeared on BloggingStocks on Wed, 12 Mar 2008 11:52:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Energy Information Agencygasolinegasoline pricesheating oilheating oil pricesinthenewsoiloil inventoriesoil pricesWed, 12 Mar 2008 11:52:00 EST<![CDATA[Oil idles at $100 after inventory rise exceeds estimate]]>http://www.bloggingstocks.com/2008/02/27/oil-idles-at-100-after-inventory-rise-exceeds-estimate/http://www.bloggingstocks.com/2008/02/27/oil-idles-at-100-after-inventory-rise-exceeds-estimate/http://www.bloggingstocks.com/2008/02/27/oil-idles-at-100-after-inventory-rise-exceeds-estimate/#commentsFiled under:

U.S. crude oil inventories increased 3.2 million barrels for the week ending February 22, 2008, the U.S. Energy Information Administration announced Wednesday (pdf). Economists surveyed by Bloomberg had expected a 2.6 million barrel increase.

Oil continued to trade at near-record levels on the news. Oil was down 33 cents to $100.25 per barrel Wednesday at mid-day, after trading above $102 earlier in the session. The other major energy commodities were mixed at mid-day. Heating oil gained about 1 cent to $2.81 per gallon, unleaded gasoline rose 1 cent to $2.53 per gallon, and natural gas declined fell about 10 cents to $9.11 per million BTUs.

Continue reading Oil idles at $100 after inventory rise exceeds estimate

Oil idles at $100 after inventory rise exceeds estimate originally appeared on BloggingStocks on Wed, 27 Feb 2008 13:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>gasolinegasoline pricesGDPheating oilheating oil priceshedge fundsinthenewsinvestment fundsoiloil inventoriesoil pricesOPECrefineriesU.S. Department of EnergyWed, 27 Feb 2008 13:00:00 EST<![CDATA[Oil closes at $100.88, a new record high]]>http://www.bloggingstocks.com/2008/02/26/oil-closes-at-100-88-a-new-record-high/http://www.bloggingstocks.com/2008/02/26/oil-closes-at-100-88-a-new-record-high/http://www.bloggingstocks.com/2008/02/26/oil-closes-at-100-88-a-new-record-high/#commentsFiled under: , , ,

Oil closed up $1.65 to $100.88 Tuesday -- a new record-high print close -- as traders piled into the world's most vital commodity on the belief it will serve as an inflation hedge if U.S. inflation accelerates this year.

Oil had hit an intra-session high of $101.11 earlier in the day before pulling back slightly. (Oil hit an all-time high, in inflation-adjusted terms, of $102.80 per barrel in April 1980.)

Energy commodities close up

The other major energy commodities also closed higher. Heating oil gained about two cents to $2.79 per gallon, unleaded gasoline climbed about one cent to $2.54, and natural gas gained about one cent to $9.19 per million BTUs.

Independent energy trader Jim Dietz told BloggingStocks Tuesday that the market is not taking into consideration oil's bearish fundamentals, which show rising inventories in several key categories, but is trading more on psychology: namely, ambition.

Continue reading Oil closes at $100.88, a new record high

Oil closes at $100.88, a new record high originally appeared on BloggingStocks on Tue, 26 Feb 2008 16:02:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>emerging marketsEmergingMarketsfeaturedgasolinegasoline pricesGasolinePricesglobal economyGlobalEconomyheating oilheating oil pricesHeatingOilHeatingOilPriceshedge fundsHedgeFundsoiloil inventoriesoil pricesOilInventoriesOPECTue, 26 Feb 2008 16:02:00 EST<![CDATA[Economist: March OPEC supply cut would be 'disruptive, scandalous']]>http://www.bloggingstocks.com/2008/02/25/economist-march-opec-supply-cut-would-be-disruptive-scandalou/http://www.bloggingstocks.com/2008/02/25/economist-march-opec-supply-cut-would-be-disruptive-scandalou/http://www.bloggingstocks.com/2008/02/25/economist-march-opec-supply-cut-would-be-disruptive-scandalou/#commentsFiled under: , ,

With oil treading-water well above the $90 mark, a production cut by the world's largest cartel, OPEC, at its March 5 meeting would be "disruptive and scandalous," according to one economist.

Economist Steve Affinito told BloggingStocks Monday the fact that oil surged more than $10 from a pullback to $86 after certain OPEC officials hinted at a spring production cut underscores the thin margin -- or safety cushion -- that exists between global oil supply and demand. Oil closed Monday up 42 cents to $99.23.

"OPEC says it's concerned about rising oil inventories this spring due to the sluggish U.S. economy but it conveniently forgets the small safety cushion. If markets were so well supplied as they say, oil prices wouldn't jump $5 or $10 every time an OPEC oil minister expresses the slightest concern about rising inventories," Affinito said. "The fact remains that although oil markets may be 'well supplied' there's very little margin for error or production break-downs in the international oil system."

Continue reading Economist: March OPEC supply cut would be 'disruptive, scandalous'

Economist: March OPEC supply cut would be 'disruptive, scandalous' originally appeared on BloggingStocks on Mon, 25 Feb 2008 17:46:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>1920sBritish poundconsumer pricesdollareurogasolinegasoline pricesGDPglobal economyheating oilheating oil pricesinflationinflation hedgesoiloil pricesOPECU.S. economyyenMon, 25 Feb 2008 17:46:00 EST<![CDATA[Oil jumps above $98 on refinery fire, possible OPEC production cut]]>http://www.bloggingstocks.com/2008/02/19/oil-jumps-above-98-on-refinery-fire-possible-opec-production-c/http://www.bloggingstocks.com/2008/02/19/oil-jumps-above-98-on-refinery-fire-possible-opec-production-c/http://www.bloggingstocks.com/2008/02/19/oil-jumps-above-98-on-refinery-fire-possible-opec-production-c/#commentsFiled under: , ,

Crude oil surged $2.53 to $98.03 per barrel in early trading Tuesday on a Texas refinery fire and concern OPEC will cut production at its March meeting.

A strong explosion Monday created a fire and shut off production at an oil refinery operated by Alon USA Energy (NYSE: ALJ) near Big Spring, Texas. The facility can refine 70,000 barrels of crude per day.

Heating oil jumped about 6 cents to $2.71 per gallon, unleaded gasoline surged about 7 cents to $2.56 per gallon, and natural gas rose 26 cents to $8.92 per million BTUs.

Independent energy trader Jim Dietz told BloggingStocks Tuesday that given the U.S.'s barely-adequate refining capacity, any incident in the refinery system can cause a price spike.

"There is so little spare capacity in the system, even a fire at a minor location can have traders flashing the buy card," Dietz said. "The U.S. has decided to allow new refinery construction, but the next new facility won't be ready for about 5 to 6 years. Expansions at existing refineries will provide some additional spare capacity later this year." Dietz added that he has no open daily positions, and is short oil with monthly contracts.

Continue reading Oil jumps above $98 on refinery fire, possible OPEC production cut

Oil jumps above $98 on refinery fire, possible OPEC production cut originally appeared on BloggingStocks on Tue, 19 Feb 2008 09:43:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>ALJAlon EnergygasolineGasolinePricesheating oilheating oil pricesinthenewsnatural gasNigeriaoilOPECrefineryVenezuelaTue, 19 Feb 2008 09:43:00 EST<![CDATA[OPEC trims 2008 global oil demand forecast on slowing U.S. economy]]>http://www.bloggingstocks.com/2008/02/15/opec-trims-2008-global-oil-demand-forecast-on-slowing-u-s-econo/http://www.bloggingstocks.com/2008/02/15/opec-trims-2008-global-oil-demand-forecast-on-slowing-u-s-econo/http://www.bloggingstocks.com/2008/02/15/opec-trims-2008-global-oil-demand-forecast-on-slowing-u-s-econo/#commentsFiled under: , , ,

The Organization of Petroleum Exporting Countries cut its forecast for Q1 2008 global oil demand by 130,000 barrels per day to 87.19 million barrels per day on the threat of a U.S. recession, the cartel announced Friday, in its latest monthly report.

"A sharp economic slowdown, especially in the U.S., may further undermine demand growth in the coming months," OPEC said. It added that current OPEC output near 32 million barrels per day could help ease market fundamentals.

Crude oil was virtually unchanged on the news Friday afternoon, rising 1 cent to $95.47 per barrel. Heating oil fell about 3 cents to $2.63 per gallon, wholesale unleaded gasoline declined about 1 cent to $2.47, and natural gas dropped about 6 cents to $8.71 per million BTUs.

Continue reading OPEC trims 2008 global oil demand forecast on slowing U.S. economy

OPEC trims 2008 global oil demand forecast on slowing U.S. economy originally appeared on BloggingStocks on Fri, 15 Feb 2008 16:38:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>featuredgasolinegasoline pricesGDPglobal economyheating oilheating oil pricesoiloil pricesOPECU.S. economyFri, 15 Feb 2008 16:38:00 EST<![CDATA[Oil surges past $90 on talk OPEC will defend $80 oil in spring]]>http://www.bloggingstocks.com/2008/02/08/oil-surges-past-90-on-talk-opec-will-defend-80-oil-in-spring/http://www.bloggingstocks.com/2008/02/08/oil-surges-past-90-on-talk-opec-will-defend-80-oil-in-spring/http://www.bloggingstocks.com/2008/02/08/oil-surges-past-90-on-talk-opec-will-defend-80-oil-in-spring/#commentsFiled under: ,

The Organization of Petroleum Exporting Countries may reduce production when it meets next month as part of a strategy to try to keep the price of oil above $80 per barrel, Bloomberg News reported Friday.

Bloomberg quoted unnamed OPEC sources as saying OPEC would lower production if prices slip below $80 per barrel, with one oil minister saying $70 per barrel would be unacceptable to most members. If prices stay above $85, the cartel would not cut production. OPEC meets next on March 5.

Oil surged $2.74 to $90.85 per barrel Friday at midday on the news. Meanwhile, heating oil rose about 5 cents to $2.50 per gallon, gasoline gained 3 cents to $2.29 per gallon. Natural gas rose about 6 cents to $8.17 per million BTUs.

OPEC, which produces about 40% of the world's oil, is said to be concerned that the U.S. economic slowdown could hurt oil demand growth.

OPEC expects global oil demand of 87.4 million barrels per day in the first quarter and 85.5 million in the second quarter. Meanwhile, the International Energy Agency expects slightly higher demand during the two periods, 88.2 million in the first quarter and 86.7 million in the second quarter.

Continue reading Oil surges past $90 on talk OPEC will defend $80 oil in spring

Oil surges past $90 on talk OPEC will defend $80 oil in spring originally appeared on BloggingStocks on Fri, 08 Feb 2008 13:45:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>alternative energyenvironmentfeaturedgasolinegasoline pricesGDPheating oilheating oil pricesoiloil pricesOPECrecessionrenewable energyFri, 08 Feb 2008 13:45:00 EST<![CDATA[Iran: No need for OPEC to increase production]]>http://www.bloggingstocks.com/2008/01/29/iran-no-need-for-opec-to-increase-production/http://www.bloggingstocks.com/2008/01/29/iran-no-need-for-opec-to-increase-production/http://www.bloggingstocks.com/2008/01/29/iran-no-need-for-opec-to-increase-production/#commentsFiled under: ,

Iran's Oil Minister Gholam-Hossein Nozari said Tuesday that there's no reason for OPEC states to increases oil production, PressTV Iran reported.

"There is no reason for the Organization of Petroleum Exporting Countries (OPEC) to raise output as we are approaching the warm season," Nozari noted ahead of OPEC's meeting in Vienna on Friday, February 1.

The West, including the United States, has stepped up pressure on OPEC members to increase oil production to combat persistently high energy prices that many economists believe have slowed the U.S. and global economies. OPEC supplies about 40% of the world's oil.

Continue reading Iran: No need for OPEC to increase production

Iran: No need for OPEC to increase production originally appeared on BloggingStocks on Tue, 29 Jan 2008 14:42:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>gasolinegasoline pricesheating oilheating oil pricesinthenewsIranoiloil pricesOPECTue, 29 Jan 2008 14:42:00 EST<![CDATA[Say it ain't so: OPEC may cut oil production this spring]]>http://www.bloggingstocks.com/2008/01/28/say-it-aint-so-opec-may-cut-oil-production-this-spring/http://www.bloggingstocks.com/2008/01/28/say-it-aint-so-opec-may-cut-oil-production-this-spring/http://www.bloggingstocks.com/2008/01/28/say-it-aint-so-opec-may-cut-oil-production-this-spring/#commentsFiled under: , ,

OPEC is said to be evaluating a potential production cut this spring, but is likely to keep its output quota the same when in meets Friday in Vienna, The Wall Street Journal (subscription required) reported.

OPEC, which produces about 40% of the world's oil, is said to be concerned that the U.S. economic slowdown could hurt oil demand growth. Oil traded 77 cents lower to $89.94 per barrel in Monday afternoon trading. Heating oil fell about 2 cents to $2.50 per gallon, unleaded gasoline declined 1 cent to $2.30 per gallon. Natural gas fell about 1 cent to $7.99 per million BTUs.

OPEC expects global oil demand of 87.4 million barrels per day in Q1 2008 and 85.5 million in Q2 2008. Meanwhile, the International Energy Agency expects slightly higher demand during the two periods, 88.2 million in Q1 2008 and 86.7 million in Q2 2008.

Continue reading Say it ain't so: OPEC may cut oil production this spring

Say it ain't so: OPEC may cut oil production this spring originally appeared on BloggingStocks on Mon, 28 Jan 2008 15:14:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>consumer confidencefeaturedgasolinegasoline pricesGDPglobal economyglobal growthheating oilheating oil pricesInternational Energy Agencyoiloil pricesOPECU.S. economyMon, 28 Jan 2008 15:14:00 EST<![CDATA[Oil closes down about $1, but off session lows]]>http://www.bloggingstocks.com/2008/01/22/oil-closes-down-about-1-but-off-session-lows/http://www.bloggingstocks.com/2008/01/22/oil-closes-down-about-1-but-off-session-lows/http://www.bloggingstocks.com/2008/01/22/oil-closes-down-about-1-but-off-session-lows/#commentsFiled under: , , ,

Tuesday was a good day to be flat -- or to have no open trades -- in the oil markets.

Independent energy trader Jim Dietz said he was flat Tuesday, and very happy to be so.

"The market ripped down $3 [per barrel] on Asian and European market sell-offs, then ripped up after the Fed's rate cut announcement. It was a great day to be flat," Dietz said. "In other words it was a day that could ruin both oil bulls and bears."

For the day, oil closed down 85 cents to $89.72 per barrel. Heating oil closed down 4 cents to $2.46, unleaded gasoline closed down about 3 cents to $2.27 and natural gas closed down 34 cents to $7.653 per million BTUs.

Short-term, the markets will be focused on Wednesday's U.S. Energy Information Agency petroleum status report. he said. Long-term, Dietz said, the market will "spend some time sorting out the implications of the [equity markets] sell-off for regional and global economic growth."

Dietz said the oil market has maintained its "offer" or sell tone, on the assumption that U.S. economic growth has slowed substantially in Q1 2008, which in turn will slow global economic growth and demand growth for both oil in emerging markets and gasoline in the U.S.

With the above in mind, Dietz said he still sees oil testing $75-$80 per barrel by early spring, with the U.S. national average for unleaded regular gasoline dropping about 20 cents to $2.75-$2.80 per gallon, as well.

Oil closes down about $1, but off session lows originally appeared on BloggingStocks on Tue, 22 Jan 2008 16:26:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>gasolinegasoline pricesheating oilheating oil pricesinthenewsoiloil pricesTue, 22 Jan 2008 16:26:00 EST