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Old 02-23-2007, 08:34 AM  
Donger Donger is offline
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Oil hits 2007 high

http://money.cnn.com/2007/02/23/mark...ex.htm?cnn=yes

LONDON (Reuters) -- Oil climbed above $61 to its highest level all year Friday after the United States reported an unexpected drop in gasoline stocks and Iran said it would show 'no weakness' over its nuclear program.

Strength in energy is also part of a broader commodity rally, Petromatrix analyst Olivier Jakob noted, with corn, wheat, metals and sugar all on the march in recent days.

U.S. crude for April delivery rose 37 cents to $61.32 a barrel in electronic trading. It earlier hit $61.70, a 2007 trading high, taking gains for the week to about 6 percent.

Some analysts had said a close above $60.80 Thursday could presage further gains.

"The range on crude oil has now been broken and ... the positive momentum is back into oil and should attract further momentum investment," Jakob said.
Iran: Unstable, troubled oil giant

London Brent crude rose 68 cents to $61.30.

Weekly U.S. data Thursday showed a surprise 3.1 million barrels fall in gasoline stocks, unnerving investors ahead of the peak summer demand season. Nine cargoes of European gasoline are already headed to the United States and more are likely to follow to take advantage of higher U.S. prices.

"Gasoline stocks drew for a second week, falling more than expected... U.S. gasoline demand continued to show surprising strength," said BNP Paribas in a research note.

More defiant words Friday from Iran's President Mahmoud Ahmadinejad also unsettled the market.

"If we show weakness in front of the enemy the expectations will increase but if we stand against them, because of this resistance, they will retreat," he said.

Tehran ignored a February 21 United Nations deadline to stop enriching uranium.

The five permanent members of the U.N. Security Council plus Germany will meet next week to discuss possible further steps against the world's fourth biggest oil exporter. Already the United Nations has imposed sanctions barring the transfer of nuclear technology and know-how.

"The risk is to the upside if the Iranian situation deteriorates a little bit, so just in case you buy," said Dariusz Kowalczyk, chief strategist at CFC Seymour Ltd.

Problems at some U.S. refineries and the temporary closure of part of a fuel pipeline supplying the densely populated Northeast risk straining supplies in the United States.

A fire over the weekend at Valero Energy Corp.'s (Charts) 170,000 barrel-per-day (bpd) refinery on the Texas panhandle was expected to keep the plant shut for several weeks. Several other refineries were shut for repairs and regular seasonal maintenance.

TEPPCO (Charts) told customers Thursday it could restart the downed portion of its 240,000 bpd refined oil products pipeline by Friday morning, pending regulatory approval, a day sooner than initially expected.
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Old 02-23-2007, 08:39 AM   #2
InChiefsHell InChiefsHell is offline
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Shit. Here we go again.

...too bad we didn't see this coming after the first Gulf War...
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Old 02-23-2007, 11:07 AM   #3
Bowser Bowser is offline
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I see supply and demand is dictating the market once again.
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Old 02-23-2007, 11:09 AM   #4
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Quote:
Originally Posted by Bowser
I see supply and demand is dictating the market once again.
Yep. A surprise 3.1 million barrel decline will do that.
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Old 02-23-2007, 11:11 AM   #5
Bowser Bowser is offline
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Quote:
Originally Posted by Donger
Yep. A surprise 3.1 million barrel decline will do that.
And here I thought our trouble with oil was over when we occupied Iraq. What happens when we occupy Iran, and oil is still through the roof? Occupy China and Indonesia?

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Old 02-23-2007, 11:13 AM   #6
Mr. Laz Mr. Laz is offline
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i bet their profits hit a high too
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Old 02-23-2007, 11:15 AM   #7
Donger Donger is offline
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Originally Posted by Laz
i bet their profits hit a high too
You'd be wrong:

http://www.iht.com/articles/ap/2007/...es-Outlook.php

* EDIT - I just realized that I read that incorrectly. My bad.
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Old 02-23-2007, 11:17 AM   #8
Saulbadguy Saulbadguy is offline
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Old 02-23-2007, 11:52 AM   #9
chief2000 chief2000 is offline
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We don't need oil.

Just put miles of solar cells in the desert.
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Old 02-23-2007, 11:57 AM   #10
Calcountry Calcountry is offline
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Originally Posted by Makmood-i-dun a job
If we show weakness in front of the enemy the expectations will increase but if we stand against them, because of this resistance, they will retreat,"
Gee, I wonder what gave him that Idea?
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Old 02-23-2007, 11:59 AM   #11
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Welcome to $3 a gallon summer once again.
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Old 02-23-2007, 12:02 PM   #12
Donger Donger is offline
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Quote:
Originally Posted by chief2000
We don't need oil.

Just put miles of solar cells in the desert.
That already exists. The SEGS plant in the Mojave. Generates 350+ MW.
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Old 02-23-2007, 12:03 PM   #13
Donger Donger is offline
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1) Remove Wallet
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Welcome to $3 a gallon summer once again.
It's possible. $2.75 is most likely.
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Old 02-23-2007, 03:20 PM   #14
Kerberos Kerberos is offline
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Quote:
Originally Posted by Donger
It's possible. $2.75 is most likely.
Not like we haven't paid it before.

Then again Recxjake said the new GM hybrid would get like a billion MPG and he wouldn't lie would he?




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Old 02-23-2007, 06:50 PM   #15
BucEyedPea BucEyedPea is offline
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I'm reading if we attack Iran, it could go to $3 a barrel.This will put the entire economy into a tailspin.
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