Better Fill up today

[frawin]

Dec-08 Crude settled at $63.22, down $0.93 on the day, Nov-08 Natural Gas Settled at $6.121, down $0.118 on the day. 

[frawin]

Interesting Crude Stats from a report received today: I won't bore you with the full report but thought the miles driven was interesting.
The US Energy Information Administration announced last week that oil products demand during the previous four weeks was 18.7 million barrels per day, down 8.5% from a
year ago. The US Transportation Department said motorists drove 15 billion miles less in August 2008 than last year, the biggest decline in any month ever recorded.

[frawin]

Dec-08 Crude is trading at $63.90, up$0.68, Nov-08 Natural Gas is trading at $6.12, down $0.001. 

[frawin]

Oil Rises as Share Prices Rebound, OPEC Considers Extra Meeting


Oct. 28 (Bloomberg) -- Crude oil rose from a 17-month low as stocks in Europe and Asia rebounded and OPEC ministers said the group may meet again before December, raising speculation of deeper cuts in production.

Crude advanced, tracking equities, as the MSCI World Index added 1.2 percent to 844.36 at 9:15 a.m. in London, snapping a two-day, 8.4 percent drop. OPEC's secretary-general said the producer group may call a meeting earlier than a scheduled December date if prices fail to react to the 1.5 million-barrel- a-day production cut it announced last week.

``The oil market is really looking at what is happening on the equities markets,'' said Hannes Loacker, analyst at Raiffeisen Zentralbank Oesterreich in Vienna. ``OPEC is already thinking again about a cut at the meeting in December or even earlier.''

Crude oil for December delivery climbed as much as $1.67, or 2.6 percent, to $64.89 a barrel on the New York Mercantile Exchange after falling as low as $61.75 earlier today. It was at $63.86 a barrel at 9:50 a.m. London time.

OPEC's decision last week to trim production for the first time in almost two years failed to stop prices falling yesterday to the lowest settlement price since May 29, 2007. Crude has fallen 56 percent since reaching a record $147.27 on July 11 and is down 32 percent from a year ago.

Deteriorating or Stabilizing?

``If circumstances dictate we have another meeting; of course we will meet,'' OPEC Secretary-General Abdalla el-Badri said today at a conference in London. He said he expects a market response to last week's production cut after about a week.

Shokri Ghanem, chairman of Libya's National Oil Corp., echoed el-Badri's comments, and said he's watching the market to see whether it's ``deteriorating or stabilizing.''

Oil was also supported by potential disruptions in supply to the U.S. from Mexico. Petroleos Mexicanos, the third-largest supplier of crude to the U.S., closed two of its oil export terminals in the Gulf of Mexico because of heavy rains and wind.

The terminals at the ports of Pajaritos and Dos Bocas shut at 4 p.m. yesterday, according to a weather bulletin on the Web site of Mexico's Merchant Marine.

Brent crude oil for December settlement gained as much as $1.48, or 2.4 percent, to $62.89 a barrel on London's ICE Futures Europe exchange. It earlier fell as much as $1.31, or 2.1 percent, to $60.10 a barrel. The contract was at $61.62 a barrel at 9:52 a.m. local time.

Oil is heading for a 38 percent drop this month, the steepest since at least 1986 in New York, even after the output cut announced by the Organization of Petroleum Exporting Countries at an emergency meeting in Vienna last week.

The U.S. Energy Department will probably report tomorrow that U.S. supplies of crude oil, gasoline and distillate fuel, a category that includes heating oil and diesel, rose last week, a Bloomberg News survey showed.




   

[frawin]

Dec-08 Crude settled at $62.73, down $0.49 on the day, Nov-08 Natural Gas Settled at $6.186, up $0.065 on the day. 

[Catwoman]

Gas is 2.05 here...will miracles never cease...I totally anticipated it going up way before this.  We haven't seen these types of prices in such a very long time!!!!!!!!!!!!!!

[frawin]

Dec-08 Crude is trading at $65.175, up$2.445, Dec-08 Natural Gas is trading at $6.60, up $0.184.   

[frawin]

Oil Rises on Surge in Global Equities, Possible Fed Cut

By Alexander Kwiatkowski

Oct. 29 (Bloomberg) -- Crude oil rose for the first time in four days, tracking stock prices, on speculation that efforts to unlock global credit markets are beginning to work and possible central bank interest rate cuts may help revive demand.

Crude advanced as much as 6.3 percent after global equities markets rallied. The MSCI World Index added 2.63 percent to 912.97 in London today. Prices also rose on speculation that a possible interest rate cut by the U.S. Federal Reserve may help an economic recovery in the world's biggest fuel consumer.

``It's all moving on the back of the equity feel-good factor. That's what is driving markets'' said Robert Laughlin, a senior broker with MF Global Ltd. in London. ``The fundamentals of the oil market have gone for the moment.''

Crude oil for December delivery climbed as much as $3.98 to $66.71 a barrel on the New York Mercantile Exchange. It was at $65.23 a barrel at 10:22 a.m. London time. Prices reached a record $147.27 on July 11.

Yesterday, futures fell 49 cents, or 0.8 percent, to $62.73 a barrel, the lowest close since May 16, 2007.

U.S. equities rallied yesterday as the cheapest valuations in 23 years lured investors and increased commercial-paper sales signaled credit markets are thawing. The Dow Jones Industrial Average posted its second-best points gain in 23 years, climbing 889.35, or 11 percent, to 9,065.12.

``Given the increase in equity markets, I am surprised the reaction of oil prices wasn't more pronounced,'' said Eugen Weinberg, a commodity analyst at Commerzbank AG in Frankfurt. ``If interest rates are at 1 percent, then there really is a possibility that the Americans will recover from the trough before anyone else.''

Fed Rate

The U.S. Federal Reserve may lower its benchmark interest rate by half a point to 1 percent today, according to the median forecast of economists surveyed by Bloomberg News.

Global oil output is falling faster than expected, leaving producers struggling to meet demand without extra investment, the Financial Times reported today, citing the draft of report by the International Energy Agency.

Annual production is set to drop by 9.1 percent in the absence of additional investment, according to the draft of the agency's World Energy Outlook obtained by the newspaper, the FT reported. Even with investment, output will slide by 6.4 percent a year, it said.

OPEC Cut

The Organization of Petroleum Exporting Countries will ``probably'' cut crude output quotas a second time to avoid the growth of inventories, Venezuelan Oil Minister Rafael Ramirez said in an interview on state television.

The producer group reduced its production target by 1.5 million barrels a day after meeting Oct. 24. Ramirez said the group would analyze the reaction of the oil market between that cut and a planned Dec. 17 meeting.

``OPEC has to say that if demand and the oil price are still weak then they will look for more cuts,'' said Andy Sommer, an analyst with HSH Nordbank in Hamburg. ``That is not really a surprise.''

The U.S. Energy Department will probably report that U.S. supplies of crude oil, gasoline and distillate fuel, a category that includes heating oil and diesel, rose last week, a Bloomberg News survey showed.

Crude oil stockpiles probably climbed 1.55 million barrels in the week ended Oct. 24 from 311.4 million the week before, according to the median of 12 analyst estimates before an Energy Department report.

Brent crude oil for December settlement rose as much as $3.90, or 6.5 percent, to $64.19 a barrel on London's ICE Futures Europe exchange. It traded at $62.60 a barrel at 10:27 a.m. local time. The contract yesterday dropped $1.12, or 1.8 percent, to settle at $60.29 a barrel, the lowest settlement since March 20, 2007.

Gasoline for December delivery gained as much as 9 cents, or 6.4 percent, to $1.4993 a gallon in New York, and last traded at $1.4675 a gallon.

[frawin]

Dec-08 Crude settled at $67.50, up $4.77 on the day, Nov-08 Natural Gas Settled at $6.469, up $0.283 on the day, this was last day settle for November trading. . 

[sixdogsmom]

We bought gas for $1.99 today in Wichita.