News Donger on Suicide Watch: Oil Nears $100 a Barrel - Page 9

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** · 09-16-2008, 12:37 PM

Quote:

Originally Posted by jiveturkey

Ha, Donger sucks!

Goapics1 · 09-16-2008, 12:38 PM

Quote:

Originally Posted by Donger

It isn't above $4.00/gallon.

It is in central Indiana, $4.15 to be exact.

Frazod · 09-16-2008, 12:39 PM

Quote:

Originally Posted by Donger

It isn't above $4.00/gallon.

Bullshit - $4.15 by me, and where I live is generally one of the least expensive areas around Chicago. I'll bet the stations downtown are up around $4.40.

**Donger** · 09-16-2008, 12:40 PM

Quote:

Originally Posted by apics1

It is in central Indiana, $4.15 to be exact.

National retail average.

**Donger** · 09-16-2008, 12:41 PM

Quote:

Originally Posted by frazod

Bullshit - $4.15 by me, and where I live is generally one of the least expensive areas around Chicago. I'll bet the stations downtown are up around $4.40.

See above.

Pablo · 09-16-2008, 12:41 PM

Gas has been a steady 3.65 here 50 miles north of KC for the last couple of weeks. It was 3.49 for quite a while and got down to 3.42 for a bit before it shot up to 3.65.

Goapics1 · 09-16-2008, 12:42 PM

Quote:

Originally Posted by Donger

National retail average.

What are you charging?

**Donger** · 09-16-2008, 12:42 PM

Quote:

Originally Posted by apics1

What are you charging?

$200/hour.

Goapics1 · 09-16-2008, 12:45 PM

Quote:

Originally Posted by Donger

$200/hour.

Is that the "National retail average"?

**Donger** · 09-16-2008, 12:46 PM

Quote:

Originally Posted by apics1

Is that the "National retail average"?

No. I like to gouge my customers.

Goapics1 · 09-16-2008, 12:49 PM

Quote:

Originally Posted by Donger

No. I like to gouge my customers.

with elitists ideas for certain......................

**Donger** · 09-16-2008, 12:51 PM

Crude may close below $90 today. If not, probably tomorrow.

Frazod · 09-16-2008, 01:01 PM

Quote:

Originally Posted by Donger

See above.

Well, that's lovely, but since they aren't kind enough to charge me the "national retail average," I really don't give two shits what that is, just like I don't care what Billy Bob is getting charged down in Podunk, Oklahoma.

It's $4.15 a gallon up here. Thanks for playing.

**Donger** · 09-16-2008, 01:02 PM

Quote:

Originally Posted by frazod

Well, that's lovely, but since they aren't kind enough to charge me the "national retail average," I really don't give two shits what that is, just like I don't care what Billy Bob is getting charged down in Podunk, Oklahoma.

It's $4.15 a gallon up here. Thanks for playing.

You know why prices are so high in Chicago.

Frazod · 09-16-2008, 01:05 PM

Quote:

Originally Posted by Donger

You know why prices are so high in Chicago.

I know taxes are bad. But it's not like that the only problem we face.

09-02-2008, 09:54 AM
Frazod Did you hear what I said? Join Date: Aug 2000 Casino cash: $-856615	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: 121,804

09-16-2008, 12:41 PM	#126
Pablo Ultrabanned Join Date: Oct 2007 Location: Northland Casino cash: $-1960644	Gas has been a steady 3.65 here 50 miles north of KC for the last couple of weeks. It was 3.49 for quite a while and got down to 3.42 for a bit before it shot up to 3.65.
Posts: 43,975

09-16-2008, 12:51 PM	#132
Donger "Think BOOM!" Join Date: Nov 2003 Location: 33.675° N 106.475° W Casino cash: $6809900 VARSITY	Crude may close below $90 today. If not, probably tomorrow. __________________ I think the young people enjoy it when I "get down," verbally, don't you?
Posts: 191,136

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