Page 1 of 6 1 2 3 ... LastLast
Results 1 to 15 of 83

Thread: The Official Oil and Gas Thread

  1. #1

    Default The Official Oil and Gas Thread

    Oil Futures Rise to $100 a Barrel
    Wednesday January 2, 1:02 pm ET
    Crude Futures Hit Record $100 a Barrel for 1st Time on Supply Concerns

    NEW YORK (AP) -- Oil prices soared to $100 a barrel Wednesday for the first time ever, reaching that milestone amid an unshakeable view that global demand for oil and petroleum products will continue to outstrip supplies.

    ADVERTISEMENT
    Surging economies in China and India fed by oil and gasoline have sent prices soaring over the past year, while tensions in oil producing nations like Nigeria and Iran have increasingly made investors nervous and invited speculators to drive prices even higher.

    Violence in Nigeria helped give crude the final push over $100. Bands of armed men invaded Port Harcourt, the center of Nigeria's oil industry Tuesday, attacking two police stations and raiding the lobby of a major hotel. Word that several Mexican oil export ports were closed due to rough weather added to the gains, as did a report that OPEC may not be able to meet its share of global oil demand by 2024.

    Light, sweet crude for January delivery rose $4.02 to $100 a barrel on the New York Mercantile Exchange, according to Brenda Guzman, a Nymex spokeswoman, before slipping back to $99.48.

    Crude prices, which have flirted with $100 for months, have risen in recent days on supply concerns exacerbated by Turkish attacks on Kurdish rebels in northern Iraq and falling domestic inventories. However, post-holiday trading volumes were about 50 percent of normal Wednesday, meaning the price move was likely exaggerated by speculative buying.

    "I would imagine the speculators are the biggest drivers today," said Phil Flynn, an analyst at Alaron Trading Corp., in Chicago.

    It's hard to say whether prices would have risen as quickly on a normal trading day, Flynn said. While crude prices have soared on mounting supply concerns in recent months, speculators have often been cited as a reason for the swiftness of oil's climb.

    Moreover, many of the concerns about supply disruptions have yet to materialize, but that hasn't stopped buyers from driving prices higher.

    "Although the (Nigerian) violence has not impacted oil flow out of the country, it has reignited supply concerns as militant attacks have reduced Nigeria's crude output by roughly 20 percent since 2006," said John Gerdes, an analyst at SunTrust Robinson Humphrey in a research note. Nigeria is Africa's largest oil producer.

    Separately, the Organization of Petroleum Exporting Countries said its member nations may not be able to meet demand as early as 2024, though OPEC also said that deadline could slide for decades if members increase production more quickly. Word that several Mexican oil export ports were closed due to rough weather added to the gains.

    On top of those concerns, investors are anticipating that crude inventories fell by 1.8 million barrels last week, which would be the 7th weekly decline in a row.

    "(A decline) is not anything unusual for this time of year, but when it happens for 7 weeks in a row, it starts to add up," said Amanda Kurzendoerfer, an analyst at Summit Energy Services Inc. in Louisville, Ky.

    Oil prices are within the range of inflation-adjusted highs set in early 1980. Depending on how the adjustment is calculated, $38 a barrel then would be worth $96 to $103 or more today.

    At the pump, meanwhile, gas prices rose 0.6 cent Wednesday to a national average of $3.049 a gallon, according to AAA and the Oil Price Information Service. Gas prices, which typically lag the futures market, have edged higher in recent days, following oil's approach to $100.

    Gas prices peaked at $3.227 a gallon in May as refiners faced unprecedented maintenance issues and struggled to produce enough gasoline to meet demand. A similar scenario is expected this spring, when gas prices could peak above $3.40 a gallon, according to the Energy Department's Energy Information Administration.

    The EIA's inventory report, delayed until Thursday this week due to the New Year's holiday, is also expected to show gains in gasoline supplies and refinery activity, and a decline in supplies of distillates, which include heating oil and diesel.

    In other Nymex trading Wednesday, February heating oil futures rose 9.06 cents to $2.74 a gallon while February gasoline futures climbed 7.92 cents to $2.57 a gallon. February natural gas futures advanced 26.7 cents to $7.75 per 1,000 cubic feet.

    In London, February Brent crude rose $3.11 to $97.58 a barrel on the ICE Futures exchange.

    Associated Press Writers George Jahn in Vienna and Gillian Wong in Singapore contributed to this report.
    2012: The Year that Mo Got Laid

  2. #2

    Default

    The terrorists have won.
    If you ain't Dutch, you ain't much.

  3. #3

    Default

    NTL just popped a bottle of champaigne.
    2012: The Year that Mo Got Laid

  4. #4
    Join Date
    Dec 2007
    Location
    Four Corners
    Adopted Bronco:
    Derek Wolfe
    Posts
    11,649

    Default

    Nigeria is a mess. Most of Big Oil has removed their employees from the Niger River Delta as it is getting very dangerous.

    Another one that could bite us in the butt is Venezuela. After Chavez seezed control over everyone's assets most of the foreign know how left and a lot of the Venezuelan engineers, etc. are leaving the country. They have already had some issues with keeping production up.

    Saudi Arabia can boost production some more, but even they are getting close to their production capacity.

    Not good news.

  5. #5
    Join Date
    Dec 2007
    Adopted Bronco:
    Glenn Martinez, Rahim Moore
    Posts
    27,158

    Default

    Quote Originally Posted by BigDaddyBronco View Post
    Nigeria is a mess. Most of Big Oil has removed their employees from the Niger River Delta as it is getting very dangerous.

    Another one that could bite us in the butt is Venezuela. After Chavez seezed control over everyone's assets most of the foreign know how left and a lot of the Venezuelan engineers, etc. are leaving the country. They have already had some issues with keeping production up.

    Saudi Arabia can boost production some more, but even they are getting close to their production capacity.

    Not good news.
    Why haven't we shot Hugo yet?

  6. #6
    Join Date
    Dec 2007
    Location
    Four Corners
    Adopted Bronco:
    Derek Wolfe
    Posts
    11,649

    Default

    Quote Originally Posted by beefstew25 View Post
    Why haven't we shot Hugo yet?
    No kidding.

  7. #7

    Default

    Quote Originally Posted by beefstew25 View Post
    Why haven't we shot Hugo yet?
    Or set up camp in ANWR.
    2012: The Year that Mo Got Laid

  8. #8
    Join Date
    Dec 2007
    Location
    Four Corners
    Adopted Bronco:
    Derek Wolfe
    Posts
    11,649

    Default

    Quote Originally Posted by cswil View Post
    Or set up camp in ANWR.
    But what about the caribou! You hartless animal.

  9. #9
    Join Date
    Dec 2007
    Adopted Bronco:
    Glenn Martinez, Rahim Moore
    Posts
    27,158

    Default

    Quote Originally Posted by cswil View Post
    Or set up camp in ANWR.
    Big Oil likes to pretend they want to set up shop in ANWR, but in reality, the increase in demand and the assumption the world is running out of oil means their profits skyrocket without really having to to anything. Same goes for refineries.

    Did I tell you I invented a car that runs on water?

  10. #10
    Join Date
    Dec 2007
    Location
    Albany, New York
    Adopted Bronco:
    Charley Johnson
    Posts
    26,197

    Default

    Quote Originally Posted by beefstew25 View Post
    Why haven't we shot Hugo yet?
    Hugo needs shooting as much as anyone on the planet. Well, maybe Jimmy Carter....

  11. #11

    Default

    Quote Originally Posted by Dreadnought View Post
    Hugo needs shooting as much as anyone on the planet. Well, maybe Jimmy Carter....
    Yeah, damn Jimmy Carter and his building houses for poor people on non-government money!!
    If you ain't Dutch, you ain't much.

  12. #12

    Default

    My favorite term used in oil and gas pricing is "speculation". Reaction is always on "speculation".

    We heard there "might be a hurricane" and it "might" damage some drilling platforms. Up $3. Doesnt happen. Down $1.
    2012: The Year that Mo Got Laid

  13. #13
    Join Date
    Dec 2007
    Adopted Bronco:
    Glenn Martinez, Rahim Moore
    Posts
    27,158

    Default

    Quote Originally Posted by DallasChief View Post
    Yeah, damn Jimmy Carter and his building houses for poor people on non-government money!!
    Worst president in our lifetime....Thank the lord Reagan followed him.

  14. #14

    Default

    Quote Originally Posted by beefstew25 View Post
    Worst president in our lifetime....Thank the lord Reagan followed him.
    Because I love you, I'll agree to disagree.

    Worst president of my lifetime is the current one.
    If you ain't Dutch, you ain't much.

  15. #15
    Join Date
    Dec 2007
    Adopted Bronco:
    Glenn Martinez, Rahim Moore
    Posts
    27,158

    Default

    Quote Originally Posted by DallasChief View Post
    Because I love you, I'll agree to disagree.

    Worst president of my lifetime is the current one.
    Because I don't want my poker fund to dry up, I will agree Bush is second worst to Carter.

    18% interest rates on mortgages. Nice.

Go
Shop AFC Champions and Super Bowl gear at the official online Pro Shop of the Denver Broncos!

Thread Information

Users Browsing this Thread

There are currently 1 users browsing this thread. (0 members and 1 guests)

Similar Threads

  1. Official Rap/Hip hop thread
    By bengaaaaals1688 in forum Music
    Replies: 758
    Last Post: 04-02-2012, 09:56 AM
  2. Official UFC thread!
    By Calibroncogrl47 in forum Other Sports
    Replies: 14
    Last Post: 07-05-2008, 02:49 PM
  3. The official 'why' thread
    By Hawgdriver in forum Broncos Talk
    Replies: 25
    Last Post: 12-25-2007, 12:26 PM
  4. Replies: 14
    Last Post: 10-16-2007, 12:03 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
status.broncosforums.com - BroncosForums status updates
Partner with the USA Today Sports Media Group