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[Oil hits 6 week high]]>http://www.bloggingstocks.com/2009/10/12/oil-hits-6-week-high/http://www.bloggingstocks.com/2009/10/12/oil-hits-6-week-high/http://www.bloggingstocks.com/2009/10/12/oil-hits-6-week-high/#commentsFiled under: , , , , , ,

oil pricesOil prices hit a 6 week high today, as cold weather gripped most of the country.

Over the weekend the nation was hit with a cold front that reminded oil traders that the high demand winter season is on its way, and could help reduce a lot of the oversupply that the market is currently looking at.

Continue reading Oil hits 6 week high

Oil hits 6 week high originally appeared on BloggingStocks on Mon, 12 Oct 2009 15:50:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>earningsfeaturedforecastsheating oilHeatingOilhillary clintonHillaryClintonIEAnorth koreaNorthKoreaoiloil demandoil pricesOilDemandOilPricesrecessionweatherMon, 12 Oct 2009 15:50:00 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[IEA again cuts 2008 global oil demand forecast]]>http://www.bloggingstocks.com/2008/05/13/iea-again-cuts-2008-global-oil-demand-forecast/http://www.bloggingstocks.com/2008/05/13/iea-again-cuts-2008-global-oil-demand-forecast/http://www.bloggingstocks.com/2008/05/13/iea-again-cuts-2008-global-oil-demand-forecast/#commentsFiled under: , , ,

An economic slowdown in the United States and other industrial nations will continue to damper oil consumption growth, the International Energy Agency announced Tuesday, as it again trimmed its global oil demand estimate for 2008.

The IEA lowered its forecast for 2008 global oil demand by another 390,000 barrels to 86.8 million barrels per day from about 87.2 million barrels, the association announced in its latest monthly report. At the same time, the IEA revised its analysis of 2007 oil usage, saying the world used about 85.8 million barrels per day last year.

Oil traded $1.50 higher to $125.70 per barrel in Tuesday afternoon trading. Oil hit an all-time high of $126.98 in electronic trading earlier in the day and has risen about 100% in the past 12 months.

Continue reading IEA again cuts 2008 global oil demand forecast

IEA again cuts 2008 global oil demand forecast originally appeared on BloggingStocks on Tue, 13 May 2008 15:45:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>emerging marketsfeaturedgasolineheating oilIEAInternational Energy Agencynatural gasoilOPECTue, 13 May 2008 15:45:00 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 rises above $111, gasoline hits record after weekly inventories surprise]]>http://www.bloggingstocks.com/2008/04/09/oil-rises-above-111-gasoline-hits-record-after-weekly-inventor/http://www.bloggingstocks.com/2008/04/09/oil-rises-above-111-gasoline-hits-record-after-weekly-inventor/http://www.bloggingstocks.com/2008/04/09/oil-rises-above-111-gasoline-hits-record-after-weekly-inventor/#commentsFiled under: , ,

Oil rocketed above $111 and wholesale unleaded gasoline soared to $2.81 -- an all-time high -- after a U.S. Energy Information Administration report indicated that weekly crude oil inventories unexpectedly fell 3.15 million barrels.

Analysts surveyed by Bloomberg News had expected crude oil inventories to increase by 2.5 million barrels in the past week.

The unexpected inventory decline sent oil up $2.71 to $111.21 per barrel in Wednesday morning trading. Oil hit an all-time high of $111.80 per barrel on March 17, 2008. The inventory draw also pushed wholesale unleaded gasoline to a record high -- up 5.8 cents to $2.8084 per gallon. Heating oil also surged 7 cents to $3.18 per gallon. Natural gas rose 40 cents to $10.09 per million BTUs.

Meanwhile, refineries operated at 83% of capacity last week, the EIA report indicated, up from 82.2% in the week ended March 21, 2008. Last year at this time, refineries operated at 88% of capacity.

Independent energy trader Jim Dietz told BloggingStocks Wednesday that the combination of an unexpected draw in oil inventories and the low refinery capacity utilization was too much for the oil bears to handle.

"The inventory report was a shocker. We've had building oil inventories for about the last three months on the slower U.S. economy so a three million barrel drop is a big surprise," Dietz said. "And as I've stated earlier, it doesn't take much to get this market in buy mode." Dietz added that he was stopped-out for a loss with a daily oil-short contract. He's presently flat.

Continue reading Oil rises above $111, gasoline hits record after weekly inventories surprise

Oil rises above $111, gasoline hits record after weekly inventories surprise originally appeared on BloggingStocks on Wed, 09 Apr 2008 13:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>gasolineheating oiloiloil pricesOPECWed, 09 Apr 2008 13:30:00 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 trades briefly below $100 on likely rise in weekly inventories]]>http://www.bloggingstocks.com/2008/04/01/oil-trades-below-100-briefly-on-likely-rise-in-weekly-inventori/http://www.bloggingstocks.com/2008/04/01/oil-trades-below-100-briefly-on-likely-rise-in-weekly-inventori/http://www.bloggingstocks.com/2008/04/01/oil-trades-below-100-briefly-on-likely-rise-in-weekly-inventori/#commentsFiled under: ,

Oil fell briefly below $100 early Tuesday as traders anticipated a likely continued rise in weekly oil inventories and gasoline supplies.

Oil fell $1.68 to $99.90 per barrel after traders calculated that the U.S. Energy Information Administration's weekly Wednesday data will show at least a modest rise in oil inventories, for the seventh week in the past two months. It recovered and is trading at $101.80 as of noon.

Inventories in the United States are rising, which is bearish for oil prices, and good news for U.S. consumers, who have had to deal with record oil and gasoline prices over the past six months. Jim Dietz, independent energy trader, said last week's attack on an Iraqi oil pipe and no gain in weekly U.S. inventories created a temporary $7 spike in oil, and he now expects oil to resume a downward path, given the aforementioned bearish fundamentals. Dietz added he is currently short oil with monthly contracts.

Continue reading Oil trades briefly below $100 on likely rise in weekly inventories

Oil trades briefly below $100 on likely rise in weekly inventories originally appeared on BloggingStocks on Tue, 01 Apr 2008 13:24:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>gasolinegasoline pricesheating oiloiloil pricesU.S. Energy Information AdministrationTue, 01 Apr 2008 13:24:00 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[Is $100 oil here to stay?]]>http://www.bloggingstocks.com/2008/03/07/is-100-oil-here-to-stay/http://www.bloggingstocks.com/2008/03/07/is-100-oil-here-to-stay/http://www.bloggingstocks.com/2008/03/07/is-100-oil-here-to-stay/#commentsFiled under: , , ,

Traders who favor technical analysis -- a highly specialized cadre in Wall Street's Concrete Canyon -- are quick to point out the mirror aspects to key price levels, in this case a psychological level, the $100 oil price.

The oil market's recent, consecutive closes above $100 per barrel are a show of strength from a technical standpoint. That fact, combined with the mirror aspect -- or what was once psychological resistance at $100, is now psychological support at $100 -- means that oil may remain above $100 for a long time.

A $100 oil floor?

Further, traders are now talking about a "$100 floor" for the price of oil. You heard right -- $100 as a floor for oil's price, and it's not a comforting thought. Still, as technical analysts will note, it's a possibility that executives, economists and policy makers alike, not to mention typical citizens, will have to consider as a potential economic reality, moving forward.

Continue reading Is $100 oil here to stay?

Is $100 oil here to stay? originally appeared on BloggingStocks on Fri, 07 Mar 2008 12:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Asiaemerging marketsfeaturedgasolinegasoline pricesglobal growthheating oilinthenewsoiloil pricesOPECFri, 07 Mar 2008 12:15:00 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[T. Boone Pickens sees oil falling to $85 in Q2; backs alternative energy]]>http://www.bloggingstocks.com/2008/02/21/t-boone-pickens-sees-oil-falling-to-85-in-q2-backs-alternativ/http://www.bloggingstocks.com/2008/02/21/t-boone-pickens-sees-oil-falling-to-85-in-q2-backs-alternativ/http://www.bloggingstocks.com/2008/02/21/t-boone-pickens-sees-oil-falling-to-85-in-q2-backs-alternativ/#commentsFiled under: , ,

The oil market, to put it diplomatically, has not provided a great deal of encouragement lately for policy makers attempting to stimulate U.S. economic growth.

Further, time was when an $80 or $85 price would be considered unreasonably high, or even outlandish. But given oil's breakthrough and close above key, psychological resistance of $100 per barrel this week, $80 looks almost like an acceptable price.

Moreover, oil mogul and billionaire T. Boone Pickens says we may get there. Providing a ray of light for concerned business executives, consumers and public officials, Pickens, who accurately predicted oil's rise to $100 per barrel, told CNBC Thursday oil should drop $10-15 in the second quarter of 2008.

"I think oil's going to back off," Pickens said during the interview. "The weakest quarter is the second quarter. We'll drop $10 or $15 a barrel in the second quarter. I think we'll be back above $100 in the second half of the year."

Continue reading T. Boone Pickens sees oil falling to $85 in Q2; backs alternative energy

T. Boone Pickens sees oil falling to $85 in Q2; backs alternative energy originally appeared on BloggingStocks on Thu, 21 Feb 2008 16:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>alternative energy sourcesCaliforniaexportsfeaturedgasolinegasoline pricesGDPGreat Plainsheating oilimportsnatural gasoilOil pricesPickenssolar powerT. Boone PickensTexastradetrade deficitU.S. economywind powerThu, 21 Feb 2008 16:00:00 EST<![CDATA[The oil syndrome]]>http://www.bloggingstocks.com/2008/02/20/the-oil-syndrome/http://www.bloggingstocks.com/2008/02/20/the-oil-syndrome/http://www.bloggingstocks.com/2008/02/20/the-oil-syndrome/#commentsFiled under: , , , ,

The economic landscape -- particularly for the United States -- certainly looks different than it did 30 or 40 years ago.

Globalization, the internet, and the rise of a second major economic power in Asia are all developments that would look rather odd to someone in, say, 1973-74. The world in 2008 is one characterized by economic change -- one that may usher-in even more historic political change in the months ahead.

But there has been one constant between the two eras (overlooking cyclicality): the price of oil. It was high, in real terms, in 1973-74, and it's high now. And one thing economists like Glen Langan know regarding economic conditions when oil's price is high -- it simply makes the cost of moving things, the cost of doing pretty much everything, more expensive. Whether it's dropping the kids off at little league baseball or at soccer practice, or transporting a supply chain order of refrigerators across the country, a high oil price "simply increases the cost of motion," he said. And there are few positives for the U.S. economy. Further, it takes dollars that could create spin-off economic effects -- disposable income that could be spent somewhere else -- and simply removes them from the economy.

Continue reading The oil syndrome

The oil syndrome originally appeared on BloggingStocks on Wed, 20 Feb 2008 19:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>1973-741980-811990-91Africaalternate energy sourcesAsiaclimate changeeconomic growthemerging marketsEuropeforeign policygasolinegasoline pricesGDPglobalizationheating oilInternetinthenewsLatin AmericaMiddle Eastoilrecessionrenewable energyU.S. economyWed, 20 Feb 2008 19:00:00 EST<![CDATA[Oil closes at $100.74 -- new record high close]]>http://www.bloggingstocks.com/2008/02/20/oil-dips-then-hits-another-record-high-101-27-per-barrel/http://www.bloggingstocks.com/2008/02/20/oil-dips-then-hits-another-record-high-101-27-per-barrel/http://www.bloggingstocks.com/2008/02/20/oil-dips-then-hits-another-record-high-101-27-per-barrel/#commentsFiled under: , ,

Oil closed Wednesday up 73 cents to $100.74 per barrel -- a new record high close -- in a session anxious to hear Thursday's report on weekly U.S. inventories. Oil had traded at a print record $101.27 earlier in this session.

The weekly Wednesday oil inventory report will be released this week on Thursday, one day late, due to the Presidents' Day holiday. Oil closed above $100 for the first time in its history Tuesday, at $100.01.

"It's been a wait-and-see market today, for the most part," independent energy trader Jim Dietz told BloggingStocks Wednesday afternoon. "Neither bulls nor bears seem to want to make a major stand ahead of the inventory report, but we did trade above $100 again. If we close above it today, that would be a bullish sign." Dietz added that he is currently flat -- or has no open energy positions.

Continue reading Oil closes at $100.74 -- new record high close

Oil closes at $100.74 -- new record high close originally appeared on BloggingStocks on Wed, 20 Feb 2008 16:47:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>commoditiesemerging marketsgasolineheating oilinflationinthenewsnatural gasNYMEXoilOPECraw materialsWed, 20 Feb 2008 16:47:00 EST<![CDATA[Oil rises to record $100.10, closes above $100 on OPEC outlook, refinery fire]]>http://www.bloggingstocks.com/2008/02/19/oil-rises-to-record-100-10-closes-above-99-on-opec-outlook-r/http://www.bloggingstocks.com/2008/02/19/oil-rises-to-record-100-10-closes-above-99-on-opec-outlook-r/http://www.bloggingstocks.com/2008/02/19/oil-rises-to-record-100-10-closes-above-99-on-opec-outlook-r/#commentsFiled under: , ,

Crude oil traded at a record printed trade of $100.10 per barrel Tuesday before closing at $100.01 on talk that OPEC will cut production when it meets March 5.

Other major fuels also rose: heating oil soared 10 cents to $2.75 per gallon, unleaded gasoline vaulted 11 cents to $2.60 per gallon and natural gas gained 30 cents to $8.96 per million BTUs.

In inflation-adjusted terms, oil hit an all-time high of $102.80 per barrel in April 1980.

'So much for the bears'

Oil has rallied more than 15% since the yearly low of $86.99 on January 23, and it's giving oil bears like independent energy trader Jim Dietz fits.

Continue reading Oil rises to record $100.10, closes above $100 on OPEC outlook, refinery fire

Oil rises to record $100.10, closes above $100 on OPEC outlook, refinery fire originally appeared on BloggingStocks on Tue, 19 Feb 2008 16:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>featuredgasolineGDPglobal economyheating oilIranJim DietzJimDietzNozariNYMEXoiloil pricesOPECU.S. economyTue, 19 Feb 2008 16:15:00 EST