Is it time to short oil, or is it going to $100? Getting ready for $3.50 at the pump very soon. Storm shuts 27.7 pct of US Gulf crude output-MMS Thu Sep 20, 2007 6:25pm BST Email This Article |Print This Article | Reprints [-] Text [+] NEW YORK, Sept 20 (Reuters) - Oil companies shut some 27.7 percent of crude oil and 16.7 percent of natural gas production in the Gulf of Mexico due to a storm threat, the U.S. Minerals Management Service said on Thursday. As of 1230 EDT (1630 GMT), some 360,169 barrels of oil per day and 1,288 million cubic feet of gas per day were shut after operators evacuated workers from offshore rigs due to a tropical depression, the MMS said. The Gulf of Mexico has a capacity to produce 1.3 million bpd of crude oil and 7.7 billion cfd of gas.
Interesting thread. Looked up some maps to check out the movement of the tropical storm, google maps are real good, as it shows the storm from air. You can see them at http://www.weather.com/newscenter/tropical/index.html?from=hurricane_welcome (Hurrican Central) http://www.weather.com/maps/maptype/satelliteworld/gulfofmexicosatellite_large.html (Gulf of Mexico Satellite)
The oil has really shot over $100! S2007S, could you please explain, how did you predict? Please see following thread: http://elitetrader.com/vb/showthread.php?s=&threadid=119721
ohh boy, let's justify running Oil up to say, hmmm, $135 bll... hye, what with a friend in the Oil Administration... hye, what with a conservatist theme.... hye, what with the most favorable Oil economy in America ever.... hye, Enron did it, so can we cynical no, we're living it now kinda reminds me of the phrase: 4 more years __________________ "I'm not paranoid, but when I walk down the street, .... all those people are following me...."
In Canada, gas prices have started rising a lot more lately and will probably go a lot higher. The other day I started noticing gas stations that were out of regular and selling premium or were closed because they were out of gas. The reasoning for this is that refineries are running at reduced capacity because of "maintenance issues". Sounds like Enron trading all over again.
Maybe commonsense, since Oil is in great demand, and resources are decreasing. Therefore as per demand and supply law, Oils' price is bound to rise.
That looked interesting, if one can predict the outcome of Gold, can one predict the same with shares/MFs/ETFs etc.? Moreover, can one use software for predicting the same, so one can minimise the losses and maximise the gains?
net, net, net, even with China and India (supposedly coming online) interest in refined products, supply has increased, as the Middle Eastern producing states and including the vast oil fields of Russia and the former Soviet Union can attest.... so with the increase in supplies, and a mild to moderate increase in demand over the last 8 years, why have the news stories, trading stories, lies and other manipulated data sources been orchestrated to create mindshare like comments like yours and other sympathetic supporters of these events? why? becuase of the direct support and contribution of the Oil Administration, and those profiteering off the manipulation of the sources or perceived sources of supply, all to the benefit of their trading activities, and "who cares who else gets hurt" mentality,,, who got hurt? American Citizens....
I agree with you, limitdown. However, I do not think that only America is hurt by high crude prices. The whole world is hurt by them. We all are to be blamed because we did not encourage other green sources of energy like the electric car. As a matter of fact, electric cars came earlier than diesel and were performing well, but we let oil producers squelch the idea.
when the ultimate insiders, the Saudi Oil Ministers testify to the world markets, as they have frequently and most publically, which is against their character, and state that over $50 US/bbl is from purely speculative activities, and then they refuse to be defrauded through over production taunts by Geo. Bush, or others, then you have to accept they really know what they are talking about. you, me, others on these and other similar threads, other oil websites and such, don't even know the half by comparison... if you think we are not the only ones hurt, then how altruistic, just remember, middle class in the US, is wealthy in most parts of the world, so by extention, others are getting crushed.... and bonkers to the notion that trickle down exists, not here in the US, and certainly no where else .....