Better Fill up today

[frawin]

Waldo, I saw $2.99 Regular last night and that is with no ethanol.

[DanCookson]

No Frank, that was perfect.  I had read that Japan's August oil usage was down 8% from August 07, which is pointing toward a world wide slowdown, not just US.  I know what you mean about the costs of everything from pipe to drilling operators being high.  Seems it always takes much longer for those things to come down in cost.  I hope the price does come down, but hope we have learned a valuable lesson in the direction our energy programs need to be headed!

[frawin]

Nov-08 Crude settled at $87.81, down $6.07 on the day, the back months were down $5.00 and change all the way out, Nov-08 Natural Gas settled at $6.835, down $0.523 on the day.

[Tobina+1]

Just saw on the news that sales of larger SUV's and trucks, "gas guzzlers", have risen again.  Apparently, our hindsight is about as good as our foresight.

[frawin]

Nov-08 Crude is trading at $90.70, up $2.89, Nov-08 Natural Gas is trading at $6.94, up $0.105.

[frawin]

Oil Rises for First Time in Five Days on Rate Cut Speculation

By Grant Smith

Oct. 7 (Bloomberg) -- Crude oil rose for the first time in five days as an interest-rate cut in Australia triggered speculation that other central banks will ease policy to shore up economic growth.

Oil also rose on speculation OPEC may trim supply. Qatar's oil minister said it's reducing output in line with official quotas, while group President Chakib Khelil said OPEC will take ``appropriate measures'' to stabilize international markets.

``We'll see more commitment from central banks that will help the market in the short term,'' said Hannes Loacker, an analyst at Raiffeisen Zentralbank Oesterreich in Vienna. ``If prices fall to $80, the possibility of OPEC cutting before its December meeting increases.''

Crude oil for November delivery jumped as much as $3.27, or 3.7 percent, to $91.08 a barrel in electronic trading, and was at $90.41 at 11:47 a.m. London time on the New York Mercantile Exchange. Crude oil futures have declined 38 percent from the record $147.27 reached July 11.

Yesterday, crude futures fell $6.07 to settle at $87.81 a barrel in New York. The contract touched $87.56, the lowest since Feb. 7, as the dollar rose against the euro, while OPEC chief Khelil said the price slide will continue next year.

Arjun Murti, the Goldman Sachs Group Inc. analyst who predicted a crude ``super spike'' in March 2005, said there is a ``downside'' risk to his forecast that oil may rise to $120 in the fourth-quarter.

`Mounting Concern'

``Oil prices increasingly appear unlikely to sustain a rally until global GDP expectations bottom,'' Goldman said in a note. ``While we believe oil supply/demand fundamentals are not as bearish as is sentiment, we recognize that concern continues to mount towards global oil demand growth.''

The U.K. government may invest at least 45 billion pounds ($79 billion) in banks including Royal Bank of Scotland Group Plc and Barclays Plc to bolster capital depleted by mortgage- related losses, two people with knowledge of the situation said.

Petroleos Mexicanos, the third-largest supplier of crude to the U.S., closed six wells in the Gulf of Mexico and removed 33 workers from offshore platforms as Tropical Storm Marco passed nearby. Output from the producer's Lankahuasa platform was shut at 3 p.m. yesterday, Mexico City-based Pemex, as the company is known, said on its Web site. The El Raudal natural gas processing center was also shut, it said.

OPEC Output

Brent crude oil for November settlement gained as much as $2.75, or 3.2 percent, to $86.37 a barrel on London's ICE Futures Europe exchange. It was at $85.38 at 10:58 a.m. London time. Yesterday, the contract fell $6.57, or 7.3 percent, to $83.68 a barrel, the lowest closing price since Oct. 23, 2007.

Qatari Minister Abdullah bin Hamad al-Attiyah said today the country would trim by ``small amounts.'' Qatar was producing about 50,000 barrels a day above its last known quota in September, according to Bloomberg data.

Oil production by the Organization of Petroleum Exporting Countries, which pumps 40 percent of the world's crude, fell 1.3 percent in September as output in Iraq dropped to a 13-month low, a Bloomberg News survey released Oct. 3 showed.

OPEC members pumped an average 32.19 million barrels a day last month, down 425,000 barrels a day from August, according to the survey of oil companies, producers and analysts. August output was revised up by 40,000 barrels a day because of higher Nigerian output.

OAO Gazprom Deputy CEO Alexander Medvedev said he expects OPEC members to prevent a further ``substantial'' drop in the oil price. Medvedev spoke in an interview with Bloomberg Television in Moscow today.

Last Updated: October 7, 2008 06:49 EDT


 
 

[frawin]

Nov-08 Crude settled at $90.06, up $2.25 on the day, Nov-08 Natural Gas settled at $6.768, down $0.067 on the day.

[Catwoman]

Gas here is $2.91 today, thank God in his heavens!

[frawin]

Nov-08 Crude is trading at $89.225 down $0.835, Nov-08 Natural Gas is trading at $6.685, down $0.083.

[frawin]

Nov-08 Crude settled at $88.95, down $1.11 on the day, Nov-08 Natural Gas settled at $6.742, down $0.026 on the day.