Oil prices...

[pilferk]

I think we'll see another decline today.

Preliminary data shows that consumption over the holiday weekend was WAY down.....I think firm numbers are due either late this week or early next week, but the preliminary numbers seem to show it.

We'll see...there have been "preliminary numbers" showing one thing or the other before that have turned out to be drastically wrong....

[pilferk]

Or...maybe Iran will test some missiles and send the market back into a panic.

 

[Dr. Blutarsky]

Oil drops sharply as supply worries subside

By ADAM SCHRECK ? 2 hours ago

NEW YORK (AP) ? Oil prices tumbled nearly $4 a barrel Monday, erasing many of last week's record gains in a single session as concerns about potential supply disruptions eased.

It will go down, and then it will go up.

Then it will repeat.

Sounds like we're getting a handjob over all of this! 

[SLCPUNK]

Or...maybe Iran will test some missiles and send the market back into a panic.

 

http://www.cnn.com/2008/WORLD/meast/07/09/iran.iraq/index.html

[AxlsMainMan]

Oil turns higher on US data, Iran missile tests

By ADAM SCHRECK ? 5 hours ago

NEW YORK (AP) ? Oil prices rose Wednesday after a government report showed U.S. crude stockpiles fell more than expected and Iran test-fired nine missiles, including a type capable of reaching Israel.

Light, sweet crude for August delivery is up 71 cents at $136.75 a barrel in morning trading on the New York Mercantile Exchange.

The gains follow two days of steep declines that left prices 6.4 percent below last week's record high.

Figures from the Energy Information Administration showed U.S. oil supplies fell by 5.9 million barrels last week, a decline of 2 percent. That is far above the 1.9 million barrels forecast by analysts surveyed by the energy research firm Platts.

However, gasoline stockpiles rose more than expected. Inventories of distillate fuel, which include diesel and heating oil, also rose, but less than analysts anticipated.

Retail gasoline prices in the U.S. hovered at a record high just shy of $4.11 a gallon for the third straight day, according to auto club AAA, the Oil Price Information Service and Wright Express. Diesel prices at the pump rose by more than half a penny to a new high of $4.813 a gallon.

Iran's Revolutionary Guards fired the missiles during war games that officials said were meant to show the key oil producer can retaliate against a U.S. or Israeli attack, state television reported.

The barrage was said to include a new version of the Shahab-3 missile, which officials have said has a range of 1,250 miles. That makes it capable of striking Israel, Turkey, the Arabian peninsula, Afghanistan and Pakistan.

Gen. Hossein Salami, a top commander, was quoted as saying the exercise "is to demonstrate our resolve and might against enemies who in recent weeks have threatened Iran with harsh language."

A day earlier, Iranian President Mahmoud Ahmadinejad dismissed fears that Israel and the United States could be preparing to attack his country, calling the possibility a "funny joke."

'Iran is certainly sending mixed signals," said Victor Shum at Purvin & Gertz in Singapore. "There was an apparent easing of tensions, but then the missile tests had an impact on prices today."

Iran is the world's fourth-largest oil producer and OPEC's second-largest exporter. Oil traders fear any military conflict could prompt Iran to block the Strait of Hormuz, a passageway that handles about 40 percent of the world's tanker traffic.

The declines earlier in the week dragged crude prices back to levels not seen since June 26. However, a number of analysts have cautioned that the sell-off might not represent a long-term shift in the bull ran that just last week drove prices past $145 a barrel.

In Washington, House Speaker Nancy Pelosi called on President Bush to open up the country's Strategic Petroleum Reserve in an effort to bring down prices she said "are helping push the economy toward recession." Bush repeatedly has rejected calls to use oil from the emergency government stockpile.

In other Nymex trade, heating oil futures rose about 4 cents to $3.8609 a gallon while gasoline prices added nearly 2 cents to $3.3824 a gallon. Natural gas futures slipped 11.6 cents to $12.252 per 1,000 cubic feet.

August Brent crude rose $1.02 to $137.45 a barrel on the ICE Futures exchange in London.

http://ap.google.com/article/ALeqM5i5TtajgUpSm7KY5jf-lCJGHBB-tAD91QDJM80

[Smoking Guns]

Any reason to raise the price. Just amazing.. 

[pilferk]

"The U.S. Energy Department reported Wednesday that demand for gasoline over the four weeks that ended July 4 was 2.1 percent lower than a year earlier, at about 9.3 million barrels a day. The big factor behind the waning demand: U.S. roadside gasoline prices are well above $4 a gallon, on average."

Looks like the rumors were true.

2.1% is a pretty sharp slide, year over year.

http://www.msnbc.msn.com/id/12400801/

[AxlsMainMan]

And up we go again..

Oil rebounds as Iran tensions flare

By MADLEN READ ? 31 minutes ago

NEW YORK (AP) ? Oil prices rebounded by more than $5 a barrel Thursday, as another missile launch by Iran stoked worries that escalating political tensions in the Middle East could cut off supplies out of the region.

A day after Iran tested a missile capable of reaching Israel, Secretary of State Condoleezza Rice warned the oil-producing nation that the United States will defend its allies. Iran then responded with another missile launch.

The mounting hostilities drew buyers back into the jittery energy markets, said John Kilduff, senior vice president of risk management at MF Global LLC.

"We fell awfully fast, awfully far," Kilduff said, "and these Iranian tensions are putting a higher and higher floor under this market."

After falling by nearly $10 a barrel on Monday and Tuesday, light, sweet crude for August delivery soared $5.60 to $141.65 a barrel on the New York Mercantile Exchange. It was crude's largest daily leap since June 6, when the July contract jumped by $10.75 a barrel.

On Wednesday, oil prices had seesawed before settling a penny higher at $136.05, ending two days of sharp declines that left prices well below last Thursday's record trading high of $145.85 a barrel.

OPEC's secretary general said Thursday that the oil producing group will not be able to replace any shortfalls if Iran is attacked and takes its crude supplies off the market. The fear is that Iran could block the Strait of Hormuz, a passageway that handles about 40 percent of the world's tanker traffic.

Meanwhile, attacks on Nigerian oil facilities could again disrupt supplies in that oil-rich region. On Thursday, Nigeria's main militant group vowed to resume attacks because of Britain's recent pledge to back the government in the conflict there. Attacks by the Movement for the Emancipation of the Niger Delta over the past two years have already slashed the country's normal daily oil output by a quarter.

Crude has reached a confounding point in its multi-year surge.

Supply worries certainly abound, and the value of the U.S. dollar, a major factor in oil's trek upward, remains weak against other currencies. But while investors don't want to lose out on another price increase, they are also seeing reasons ? most notably, the flagging U.S. economy ? to believe that oil might be peaking.

"Here in the United States, airplanes are being grounded. Travel has definitely changed. People are looking at hybrids," said James Cordier, president of Tampa, Fla.-based trading firms Liberty Trading Group and OptionSellers.com.

"It's been about a three- or four-year bull market, and anyone who has called a peak in this market has ended up with a red face," he said. However, "it appears that demand destruction is at a level where we might have seen the high in oil prices."

The International Energy Agency on Thursday raised its forecast slightly for global oil demand this year to 1 percent growth from 0.9 percent growth. But the Paris-based watchdog said that demand growth in developing countries is offsetting contracting demand in developed countries.

"The contraction in demand is expected to be particularly marked in North America, given the weakness of the U.S. economy and high oil prices," the IEA said.

Heating oil and diesel fuel prices, in particularly, have been rising due to increased demand in emerging markets. On the Nymex Thursday, heating oil futures rose 18.58 cents to settle at $4.0374 a gallon.

High pump prices for gasoline, however, have been taking their toll on U.S. consumers. The Energy Department reported Wednesday that U.S. demand for gasoline over the four weeks that ended July 4 was 2.1 percent lower than a year earlier, at about 9.3 million barrels a day.

"I don't think we're going to imminently fall out of bed here," said Linda Rafield, senior oil analyst at Platts, the energy research arm of McGraw-Hill Cos., referring to crude-oil prices. "But I'm finding it difficult to justify prices at much higher levels."

The average roadside price for gasoline on Thursday stood at $4.104 a gallon ? just a hair below the record $4.108 hit Monday, according to auto club AAA, the Oil Price Information Service and Wright Express.

On the Nymex, gasoline futures added 13.01 cents to settle at $3.5109 a gallon.

Natural gas futures on the Nymex rose by 29.4 cents to settle at $12.30 per 1,000 cubic feet. The Energy Department said Thursday that natural gas stored in the U.S. increased last week but remains 3.1 percent below the five-year average for this time of year.

Brent crude on London's ICE futures exchange rose $5.45 to $142.03 a barrel.

http://ap.google.com/article/ALeqM5i5TtajgUpSm7KY5jf-lCJGHBB-tAD91R71601

[Smoking Guns]

SLC, Tap, Freedom, what do we say in our conversation with Iran that won't piss them off.  We have to say "don't attack Israel".  We can't say, "attack Israel".  This is all about fucking "Israel."  I say we find a new island and ship their asses there.  I like Jewish people, but they apparently are a pain in the ass to everyone in that region. 

[TAP]

SLC, Tap, Freedom, what do we say in our conversation with Iran that won't piss them off.  

Iran is neither crazy nor a superpower despite the rhetoric. Look back at their history since the revolution in '79, they don't do reckless things as a nation - they don't invade other countries or start wars for example. Despite the fatwahs and all that stuff, they are survivors and have no intention of attacking Israel - it's all posturing, and it's actually working pretty well so far. I would imagine that we can find common ground without sacrificing Israel, but it's always going to be a balancing act with religion involved........and that's for another thread 

[Smoking Guns]

SLC, Tap, Freedom, what do we say in our conversation with Iran that won't piss them off.  

Iran is neither crazy nor a superpower despite the rhetoric. Look back at their history since the revolution in '79, they don't do reckless things as a nation - they don't invade other countries or start wars for example. Despite the fatwahs and all that stuff, they are survivors and have no intention of attacking Israel - it's all posturing, and it's actually working pretty well so far. I would imagine that we can find common ground without sacrificing Israel, but it's always going to be a balancing act with religion involved........and that's for another thread 

What are their demands.  Why are we held hostage?

[TAP]

What are their demands.  Why are we held hostage?

I'm not sure they have any. They want to develop nuclear energy, we think they're going to make nuclear weapons. Other than that it's laughable if you look it at from a neutral point of view - The US invaded Iran's neighbour and has had a significant military presence there and belligerent foreign policy towards Iran for years, yet somehow Iran is the threat? 

[Smoking Guns]

What are their demands.  Why are we held hostage?

I'm not sure they have any. They want to develop nuclear energy, we think they're going to make nuclear weapons. Other than that it's laughable if you look it at from a neutral point of view - The US invaded Iran's neighbour and has had a significant military presence there and belligerent foreign policy towards Iran for years, yet somehow Iran is the threat? 

You are right, other than the possiblity of NUCLEAR FUCKING WEAPONS, its all just tiny peanuts. HAHAHAHAHA

[TAP]

What are their demands.  Why are we held hostage?

I'm not sure they have any. They want to develop nuclear energy, we think they're going to make nuclear weapons. Other than that it's laughable if you look it at from a neutral point of view - The US invaded Iran's neighbour and has had a significant military presence there and belligerent foreign policy towards Iran for years, yet somehow Iran is the threat? 

You are right, other than the possiblity of NUCLEAR FUCKING WEAPONS, its all just tiny peanuts. HAHAHAHAHA

US intelligence says Iran has abandoned it's nuclear weapons program, BushCo is ignoring them. Even if they are developing nuclear weapons, that's years away, and even then it would be a small arsenal compared to Israel and microscopic compared to the US. They are survivors not martyrs, they would never, ever use them against Israel other than retaliation in kind and they would certainly not be able to use them against us. The whole thing is a lie, just like Iraq was a lie.

[SLCPUNK]

US intelligence says Iran has abandoned it's nuclear weapons program, BushCo is ignoring them. Even if they are developing nuclear weapons, that's years away, and even then it would be a small arsenal compared to Israel and microscopic compared to the US. They are survivors not martyrs, they would never, ever use them against Israel other than retaliation in kind and they would certainly not be able to use them against us. The whole thing is a lie, just like Iraq was a lie.

I've been saying this for a year, but nobody wants to hear it.

[Smoking Guns]

US intelligence says Iran has abandoned it's nuclear weapons program, BushCo is ignoring them. Even if they are developing nuclear weapons, that's years away, and even then it would be a small arsenal compared to Israel and microscopic compared to the US. They are survivors not martyrs, they would never, ever use them against Israel other than retaliation in kind and they would certainly not be able to use them against us. The whole thing is a lie, just like Iraq was a lie.

I don't think we want to attack Iraq.

I've been saying this for a year, but nobody wants to hear it.

[Smoking Guns]

Is Iran firing their Missles for show?  How do you two know so much about Iran?

[SLCPUNK]

You know, I've seen guys literally take themselves to an early grave because of denial.

Stupid, arrogant denial.

[TAP]

Is Iran firing their Missles for show? 

I feel like Sisyphus in these threads sometimes.

[Rapunzel]

Is Iran firing their Missles for show? 

I feel like Sisyphus in these threads sometimes.

What's a Sisyphus?