Crude and Natural Gas Daily Information...

[frawin]

April NYMEX is trading at $97.675, up $0.40.


http://www.bloomberg.com/news/2011-02-24/saudi-arabia-says-some-opec-nations-willing-and-able-to-replace-libyan-oil.html

[frawin]

http://www.bloomberg.com/news/2011-02-28/oil-rises-a-second-day-in-new-york-as-middle-east-turmoil-spreads-to-oman.html

[Warph]

From the article:
Libya pumped 1.6 million barrels of oil a day in January, making it the ninth-largest producer among the 12 members of the Organization of Petroleum Exporting Countries. It ships most of its crude and fuels to Europe.


It is my understanding that we buy only about 5% from Libya.... and as you had said in an earlier post, the Saudi's are going to make up that 5%... now what I would like to know is, why gasoline prices so high.  Week before last it was $2.89 a gal., now it is up to $3.25 and that is on regular.  I use the medium blend which is much higher but considering to go to regular on my SUV. 

[frawin]

April NYMEX is trading at $98.45, up $1.475. May NYMEX is trading at $100.45, up $1.80. Maybe higher prices will wake up the American people and make them think about fuel economy instead of Horsepower and cheap gas. The worst is yet to come.


http://www.bloomberg.com/news/2011-03-01/crude-oil-advances-from-a-one-week-low-as-supply-concern-extends-to-iran.html

[srkruzich]

April NYMEX is trading at $98.45, up $1.475. May NYMEX is trading at $100.45, up $1.80. Maybe higher prices will wake up the American people and make them think about fuel economy instead of Horsepower and cheap gas. The worst is yet to come.


http://www.bloomberg.com/news/2011-03-01/crude-oil-advances-from-a-one-week-low-as-supply-concern-extends-to-iran.html

You know, i remember the fuel economy kick back in the 70's and the 3 and 4 banger cars that were put out.   Damn near got killed in them things.  Used to call them budweiser cans with weedeater motors. 

I have a 4 banger pickup truck that gets at best 28 mpg, its a good truck, and can only get 28mpg at best.  Its fuel injected has computer control and its just not able to produce more mpg.

We sacrifice a lot in the hp for these fuel savers, there is just times when you can't possibly do without the hp. 

Try hauling 500 gallons of water with a 4 banger.  Not possible.  I have done it for 2 years now with a 223 straight 6 engine and it barely does it.  I Think the 6 is about as small as we need to go.  Live on a farm you need the HP.
Now in a city, if I were still in Ga, driving from dahlonega to atlant (75miles 1 way) to go to work, i would probably buy me one of them electric cars with a range of 100 miles.  Charge it at work, and at home.  That would be reasonable mode of transportation. But In this country, you can't possibly rely on those vehicles to get from point a to point b if its farther than that.

In europe, they can get away with it since most european countries are 200 miles across from border to border with the exception of a couple.

ON a farm, take that electric vehicle and its useless as tits on a boar hog.  So is my little 4 banger pickup in all reality. I can't even haul a rick of wood on it hardly.   I do have to say my  little 4 banger has one thing, it does have pulling power.  BUt has its limitations on hauling. 

I see the ranchers around here with these monster trucks running around.  Just a hair smaller than a semi diesel in them.  Do they need that big a truck?  I have no clue.  Maybe they do.

I do know that there is no reason to jack price of oil up over some dumbass bunch of nations that don't put out enough oil to make them worth bothering with.  Especially when we have some fo the largest oil fields in the world sitting on our own land.  Dang it, just punch a hole and start pumping.  Shoot i was reading a couple weeks ago that the tech has come in that we can reopen the empty wells in this country, frack the rock and extract just as much if not more oil out of the ground as they originally produced.  Why aren't we doing this?   

Cutting back on oil is fine. I agree in doing so.  But i also think its quite a stupid move to rely on other countries to provide for us.  I also understand some of the thinking of holding onto our reserves for when and if the oil ever does run out in the middle east.  We would then be the ones who have oil and the others do not.  Shrug

What i would like to see is the companies start producing gas out of the coal that is available.  Theres no reason to not do it.  We have hundreds of years of reserves in coal.   MEANWHILE.  the tech will advance and one day we won't need carbon based fuels for transport. 

[frawin]

Steve, I am well aware that some people have a need for the Horsepower in vehicles. However there are many more that don't need it but just want to say they have it. In the block that I live on there are 10 houses, all 10 have 2 or more vehicles, 9 have pickups, I am the only one with a 6 cyclinder engine in a pickup. None of the other 8 with BIG V-8s pull anything or haul any big loads.

[frawin]

Crude was higher today, the NYMEX settles were:
April-11 $99.63, up $2.655
May-11 $101.40, up $2.75
June-11$102.17, up $2.72
July-11 $102.75, up $2.65
August-11 $103.09, up $2.54

[frawin]

Warph, whatever Libyan Crude gets back out of the supply to Europe and Australia, puts pressure on the supply going to others. If European refiners lose 1.5 million BOPD supply from Libya they will be bidding on what has been going to others and that will definitely put pressure on prices Worldwide. Part of what is driving prices is Refiners everywhere are bidding up future cargoes to hedge their supply volumes and pricing.

[frawin]

NYMEX Futures were higher again today, April was the only month with very much volume.
April-11 $102.23, up $2.605
May-11 $103.48, up $2.08
June-08 $104.30, up $1.855
Oct-11 thru Jan-12 closed over $105.00

[frawin]

April NYMEX is trading at $101.475, down $0.75.
Our Neighborhood station has Regular at $3.259.