News Donger on Suicide Watch: Oil Nears $100 a Barrel - Page 7

Frazod · 09-02-2008, 09:54 AM

http://apnews.myway.com/article/20080902/D92UIA0G0.html

SINGAPORE (AP) - Oil prices fell below $106 a barrel Tuesday in Asia - $10 below its close Friday before the Labor Day weekend - as investors shifted their focus to slowing global demand after worries about Hurricane Gustav subsided.

Light, sweet crude for October delivery was trading at $106.03 a barrel in electronic trading on the New York Mercantile Exchange midafternoon in Singapore, and at one point dropped as low as $105.46.

On Monday, when U.S. trading was closed for Labor Day, the contract had plunged $4.34 to $111.12 a barrel in late electronic trading. On Friday, the contract settled at $115.46 a barrel.

Traders were relieved that Gustav weakened as it approached the offshore oil rigs and Louisiana refineries, and appeared to have caused less damage than expected in New Orleans and surrounding areas.

But they quickly turned their attention to slowing global economic growth, speculating that will dampen demand for crude oil, even in developing countries such as China and India.

"The market continues to be weighed down by worries of a global economic downturn and slowing oil demand in developing markets," said Victor Shum, an energy analyst with consultancy Purvin & Gertz in Singapore. "Action by OPEC and supply side concerns should put a backstop to any sharp price drop."

The Organization of Petroleum Exporting Countries is scheduled to meet Sept. 9 and has indicated it may take action to defend the $100 a barrel level.

There was some disruption to oil supplies as oil companies shut down production and evacuated facilities ahead of the storm. Altogether, about 2.4 million barrels of refining capacity had been halted, roughly 15 percent of the U.S. total, according to figures from Platts, the energy information arm of McGraw-Hill Cos. (MHP) The Gulf Coast is home to nearly half of the nation's refining capacity.

It could be a day or more before oil and natural gas companies can assess the damage to their drilling and refining installations. Louisiana Gov. Bobby Jindal said as much as 20 percent of oil and gas production that was stopped because of Gustav could be restored by this weekend, stressing that it was a rough estimate.

Traders are also keeping an eye on other storms brewing in the region.

Hurricane Hanna was predicted to come ashore in Georgia and South Carolina late in the week, and Tropical Storm Ike formed late Monday in the Atlantic Ocean and may become a hurricane in the next 36 hours as it approached the Bahamas.

"September is the peak of the Atlantic hurricane season. After Gustav, there are two more now on the radar screen. The storms are likely to provide some upside risks to the oil futures market," Shum said.

In other Nymex trading, heating oil futures fell 15.44 cents to $3.0375 a gallon, while gasoline prices lost 16.92 cents to $2.685 a gallon. Natural gas for October delivery fell 47.3 cents to $7.472 per 1,000 cubic feet. In London, October Brent crude was down $2.01 to $107.40 a barrel on the ICE Futures exchange.

**Donger** · 09-08-2008, 07:44 AM

Quote:

Originally Posted by Coach

Got any evidence to support this?

OPEC may well decrease output to support $100/barrel.

**Bowser** · 09-08-2008, 07:45 AM

Quote:

Originally Posted by Donger

OPEC may well decrease output to support $100/barrel.

So they ARE money grubbing bastards, just like everyone has suspected (known).

**Donger** · 09-08-2008, 07:47 AM

Quote:

Originally Posted by Bowser

So they ARE money grubbing bastards, just like everyone has suspected (known).

OPEC? Oh h3ll yes they are.

kcvet · 09-08-2008, 07:58 AM

we have enough here at home to last till rapture. but?????

kcvet · 09-08-2008, 08:02 AM

Quote:

Originally Posted by Donger

OPEC may well decrease output to support $100/barrel.

if the terrorist don't blow it all first

RJ · 09-08-2008, 08:18 AM

Quote:

Originally Posted by Donger

One of things that you are missing is that amount of time that it takes for crude to pumped to when it becomes refined, usable product.

Hey, that sounds like my ex-wife. She never did become refined and usable.

**jjchieffan** · 09-08-2008, 10:27 AM

Quote:

Originally Posted by Donger

One of things that you are missing is that amount of time that it takes for crude to pumped to when it becomes refined, usable product.

That being said, we could do comparisons like this all day, but the fact remains that the profit margin of oil companies still remains lower than many major industries.

I don't see your point. What difference does the amount of time it takes to make it a usable product have to do with the discussion? Corn takes about 100 days from planting to harvest, is that not a comparable time frame?

Secondly. The oil companies are recording record profits. If their margin is so low, you are going to have to back that claim up.

**Donger** · 09-08-2008, 10:29 AM

Quote:

Originally Posted by jjchieffan

I don't see your point. What difference does the amount of time it takes to make it a usable product have to do with the discussion? Corn takes about 100 days from planting to harvest, is that not a comparable time frame?

Secondly. The oil companies are recording record profits. If their margin is so low, you are going to have to back that claim up.

Happy to:

The average net profit margin for the S&P Energy sector, according to figures from Thomson Baseline, is 9.7%. The average for the S&P 500 is 8.5%. So yes, energy companies are more profitable than many others...but not by an inordinate amount.

http://money.cnn.com/2008/04/29/mark...buzz/index.htm

**jjchieffan** · 09-08-2008, 10:52 AM

Looks to me like they have pretty significant profits Donger.

1. Exxon Mobil
Exxon Mobil
• See more Fortune 500 data for Exxon Mobil
Fortune 500 rank: 2
2007 profit: $40.61 billion

Fortune 500 rank #2. DO you see that? #2. $40.6 Billion in one year because they are greedily gouging the American people.

**Donger** · 09-08-2008, 10:55 AM

Quote:

Originally Posted by jjchieffan

Looks to me like they have pretty significant profits Donger.

1. Exxon Mobil
Exxon Mobil
• See more Fortune 500 data for Exxon Mobil
Fortune 500 rank: 2
2007 profit: $40.61 billion

Fortune 500 rank #2. DO you see that? #2. $40.6 Billion in one year because they are greedily gouging the American people.

I didn't say that there profits aren't large. I said that their profit margins are in line with other industries.

And they are.

**jjchieffan** · 09-08-2008, 11:01 AM

So you think semantics makes it okay? I don't care what their profit margin is. $40.6 billion is excessive.

**jjchieffan** · 09-08-2008, 11:01 AM

It is the highest-ever annual profit from a U.S. company, a record Exxon also set in 2006 and 2005.

**Donger** · 09-08-2008, 11:02 AM

Quote:

Originally Posted by jjchieffan

I don't care what their profit margin is.

Wow.

**jjchieffan** · 09-08-2008, 11:05 AM

Look at these numbers

$ millions % change from 2006
Revenues 372,824.0 7.4
Profits 40,610.0 2.8
Assets 242,082.0 —
Stockholders' equity 121,762.0 —
Market value (3/28/2008) 455,929.3 —
Profits as % of
Revenues 10.9
Assets 16.8
Stockholders' equity 33.4
Earnings per share
2007 $ 7.28
% change from 2006 10.0
1997-2007 annual growth rate % 15.8
Total return to investors %
2007 24.3
1997-2007 annual rate 14.3
Industry: Petroleum Refining
Rank Company 500
rank Revenues
($ millions)
1 Exxon Mobil 2 372,824.0
2 Chevron 3 210,783.0
3 ConocoPhillips 5 178,558.

**Bugeater** · 09-08-2008, 11:06 AM

Quote:

Originally Posted by Donger

Wow.

Well, they certainly don't care that fuel costs are affecting other companies profit margins...so what's the problem with him saying that?

09-02-2008, 09:54 AM
Frazod Did you hear what I said? Join Date: Aug 2000 Casino cash: $-836615	Donger on Suicide Watch: Oil Nears $100 a Barrel http://apnews.myway.com/article/20080902/D92UIA0G0.html SINGAPORE (AP) - Oil prices fell below $106 a barrel Tuesday in Asia - $10 below its close Friday before the Labor Day weekend - as investors shifted their focus to slowing global demand after worries about Hurricane Gustav subsided. Light, sweet crude for October delivery was trading at $106.03 a barrel in electronic trading on the New York Mercantile Exchange midafternoon in Singapore, and at one point dropped as low as $105.46. On Monday, when U.S. trading was closed for Labor Day, the contract had plunged $4.34 to $111.12 a barrel in late electronic trading. On Friday, the contract settled at $115.46 a barrel. Traders were relieved that Gustav weakened as it approached the offshore oil rigs and Louisiana refineries, and appeared to have caused less damage than expected in New Orleans and surrounding areas. But they quickly turned their attention to slowing global economic growth, speculating that will dampen demand for crude oil, even in developing countries such as China and India. "The market continues to be weighed down by worries of a global economic downturn and slowing oil demand in developing markets," said Victor Shum, an energy analyst with consultancy Purvin & Gertz in Singapore. "Action by OPEC and supply side concerns should put a backstop to any sharp price drop." The Organization of Petroleum Exporting Countries is scheduled to meet Sept. 9 and has indicated it may take action to defend the $100 a barrel level. There was some disruption to oil supplies as oil companies shut down production and evacuated facilities ahead of the storm. Altogether, about 2.4 million barrels of refining capacity had been halted, roughly 15 percent of the U.S. total, according to figures from Platts, the energy information arm of McGraw-Hill Cos. (MHP) The Gulf Coast is home to nearly half of the nation's refining capacity. It could be a day or more before oil and natural gas companies can assess the damage to their drilling and refining installations. Louisiana Gov. Bobby Jindal said as much as 20 percent of oil and gas production that was stopped because of Gustav could be restored by this weekend, stressing that it was a rough estimate. Traders are also keeping an eye on other storms brewing in the region. Hurricane Hanna was predicted to come ashore in Georgia and South Carolina late in the week, and Tropical Storm Ike formed late Monday in the Atlantic Ocean and may become a hurricane in the next 36 hours as it approached the Bahamas. "September is the peak of the Atlantic hurricane season. After Gustav, there are two more now on the radar screen. The storms are likely to provide some upside risks to the oil futures market," Shum said. In other Nymex trading, heating oil futures fell 15.44 cents to $3.0375 a gallon, while gasoline prices lost 16.92 cents to $2.685 a gallon. Natural gas for October delivery fell 47.3 cents to $7.472 per 1,000 cubic feet. In London, October Brent crude was down $2.01 to $107.40 a barrel on the ICE Futures exchange.
Posts: 121,794

09-08-2008, 07:58 AM	#94
kcvet Registered User Join Date: Sep 2008 Casino cash: $10004900	we have enough here at home to last till rapture. but?????
Posts: 215

09-08-2008, 10:52 AM	#99
jjchieffan Supporter Join Date: Dec 2005 Location: Highlandville, MO Casino cash: $-147752	Looks to me like they have pretty significant profits Donger. 1. Exxon Mobil Exxon Mobil • See more Fortune 500 data for Exxon Mobil Fortune 500 rank: 2 2007 profit: $40.61 billion Fortune 500 rank #2. DO you see that? #2. $40.6 Billion in one year because they are greedily gouging the American people. __________________ Genesis 1:1 In the beginning, God created the Heavens and the Earth. Following the historical accounts and the genealogy from that point on, the age of the Earth is approximately 6000-7000 years old. The Big Bullshit Theory is a lie. It and the evolution theory go against real science. Satan has used our public school system to brainwash everyone into believing these lies. Be not decieved.
Posts: 13,354

09-08-2008, 11:01 AM	#101
jjchieffan Supporter Join Date: Dec 2005 Location: Highlandville, MO Casino cash: $-147752	So you think semantics makes it okay? I don't care what their profit margin is. $40.6 billion is excessive. __________________ Genesis 1:1 In the beginning, God created the Heavens and the Earth. Following the historical accounts and the genealogy from that point on, the age of the Earth is approximately 6000-7000 years old. The Big Bullshit Theory is a lie. It and the evolution theory go against real science. Satan has used our public school system to brainwash everyone into believing these lies. Be not decieved.
Posts: 13,354

09-08-2008, 11:01 AM	#102
jjchieffan Supporter Join Date: Dec 2005 Location: Highlandville, MO Casino cash: $-147752	It is the highest-ever annual profit from a U.S. company, a record Exxon also set in 2006 and 2005. __________________ Genesis 1:1 In the beginning, God created the Heavens and the Earth. Following the historical accounts and the genealogy from that point on, the age of the Earth is approximately 6000-7000 years old. The Big Bullshit Theory is a lie. It and the evolution theory go against real science. Satan has used our public school system to brainwash everyone into believing these lies. Be not decieved.
Posts: 13,354

09-08-2008, 11:05 AM	#104
jjchieffan Supporter Join Date: Dec 2005 Location: Highlandville, MO Casino cash: $-147752	Look at these numbers $ millions % change from 2006 Revenues 372,824.0 7.4 Profits 40,610.0 2.8 Assets 242,082.0 — Stockholders' equity 121,762.0 — Market value (3/28/2008) 455,929.3 — Profits as % of Revenues 10.9 Assets 16.8 Stockholders' equity 33.4 Earnings per share 2007 $ 7.28 % change from 2006 10.0 1997-2007 annual growth rate % 15.8 Total return to investors % 2007 24.3 1997-2007 annual rate 14.3 Industry: Petroleum Refining Rank Company 500 rank Revenues ($ millions) 1 Exxon Mobil 2 372,824.0 2 Chevron 3 210,783.0 3 ConocoPhillips 5 178,558. __________________ Genesis 1:1 In the beginning, God created the Heavens and the Earth. Following the historical accounts and the genealogy from that point on, the age of the Earth is approximately 6000-7000 years old. The Big Bullshit Theory is a lie. It and the evolution theory go against real science. Satan has used our public school system to brainwash everyone into believing these lies. Be not decieved.
Posts: 13,354

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