Will oil stay nice and quiet until Nov 4 2008? Like it did in 2004.

[eek.]

I'm sure it's just an amazing coincidence that oil is quietening down, like at the last election in 2004.

Meanwhile hurricanes race through the gulf...

:nohead:


<TABLE class=storycontent cellSpacing=0 cellPadding=0><TBODY><TR><TD colSpan=2>Oil falls ahead of Opec meeting


</TD></TR><TR><TD class=storybody><!-- S BO --><!-- S IIMA --><TABLE cellSpacing=0 cellPadding=0 width=226 align=right border=0><TBODY><TR><TD>

Opec believes it is pumping enough oil to satisfy demand

</TD></TR></TBODY></TABLE><!-- E IIMA --><!-- S SF -->
Oil prices fell on Tuesday, with analysts saying there were signs Opec would decide to keep current production levels when it meets later in Vienna.
Comments by chief producer Saudi Arabia that the market was "fairly well-balanced" was seen to suggest that output would be unchanged.
US light, sweet crude for October fell $1.15, to $105.19. London Brent crude dropped $1.17 to $102.27.
Prices have sunk from a record of more than $147 a barrel seen in July. <!-- E SF -->
Opec members have expressed worries about waning energy demand - especially in the US - as a world economic slowdown takes its toll.
"If the market is coming to a view that Opec will not be doing anything at all, then I think you might see oil prices lower and I think that is what's happening right now," said David Moore, strategist at Commonwealth Bank of Australia.
Growing demand
"The market is fairly well balanced," said Saudi Oil Minister Ai al-Nuaimi.
"Inventories are in a healthy position, everything is in balance."
OPEC members including Kuwait and the United Arab Emirates, have called for no change in output levels though Algeria, Iran, Venezuela and Libya have suggested a cut is needed - claiming the market is oversupplied.
Opec is currently thought to be producing about a million barrels per day (bpd) more than its official ceiling of 29.67 million bpd.
In May and June Saudi Arabia agreed to increase production by 500,000 bpd to help calm markets. Opec produces about 40% of world crude. In July, the exporters' group said world demand for oil would grow by 50% between now and 2030 as people in developing countries drive more cars.
</TD></TR></TBODY></TABLE>
http://news.bbc.co.uk/1/hi/business/7605584.stm

 

[Willie99]

eekster, to you care to elaborate on your thinly veiled accusation(s)?

 

[eek.]

c'mon wullie, keep up. :monsters-



16:03 HOUSTON, Sept 9 (Reuters) - BP Plc was shutting all Gulf of Mexico production on Tuesday as it evacuates workers from offshore platforms, the company said.
All production was to be shut on Tuesday, BP said. (Reporting by Erwin Seba) Keywords: STORM IKE/ENERGY BP tf.TFN-Europe_newsdesk@thomsonreuters.com cmr
http://www.iii.co.uk/investment/detail?code=cotn:BP-.L&display=news&it=le


<TABLE cellPadding=0 width="100%" bgColor=#efefef border=0><TBODY><TR><TD style="BACKGROUND-COLOR: #cecfce" bgColor=#cecfce colSpan=4><CENTER>Crude Oil </CENTER></TD></TR><TR><TD>$103.99
</TD><TD> ▼2.35 </TD><TD> </TD><TD>2.21%</TD></TR></TBODY></TABLE>
http://www.oil-price.net/

:nohead::nohead::nohead:

 

[Willie99]

thus????

I'm not going to speculate as to what you're suggesting, you're gonna have to spell it out

 

[steaktartar]

i know exactly what he is suggesting........its just a big coinky dinky eek

 

[kingbill]

finally the democratic congress is making the price of oil drop...

 

[eek.]

It's because winter is coming and energy prices always go down in winter.

 

[tiznow]

global economic gloom reason for oil's fall

nothing more nothing less

 

[Willie99]

So who is controlling prices in the markets again?

OPEC?

Traders?

Oil Companies?

The American people with their reduced demand for gas?

I know what's he's suggesting, and there's a reason he won't provide specifics, he won't be able to defend them.

 

[tiznow]

supply/demand...supply/demand....and demand expectations going in the gutter due to economic gloom

its quite simple why make things so complicated

 

[rza]

supply/demand...supply/demand....and demand expectations going in the gutter due to economic gloom

its quite simple why make things so complicated

it wasn't supply and demand economics that doubled the price of oil in less than 2 years - that was all pure speculation - the same thing that drove housing market through the roof.

now that oil has established it's inflated baseline we are actually seeing the principles of supply and demand having some effect on the gasoline prices reducing them slightly.

the global gloom and doom is now gone with the government's bailout of sallie and mac. the foreign banks are happy again. now we can watch the dollar drop again.

 

[tiznow]

yeah china, india, and many emerging markets guzzling way more oil with growth rates of 10% plus while we drove around in SUVs and consumed on lotsa debt using easy to tap credit had nothing to do with it

global growth the past 5 years was a boom not seen for a long time the US mighta not had crazy growth rates but many parts of the world did

global gloom and doom gone with FNM bailout comedy....

i admit the final run from about 100 to 147 on oil mighta partially been some inflationary speculation with the fed slashing rates like mad and bailing out left and right.....

either way if it was that speculative run has been erased now with oil near 100 again

 

[rza]

yeah china, india, and many emerging markets guzzling way more oil with growth rates of 10% plus while we drove around in SUVs and consumed on lotsa debt using easy to tap credit had nothing to do with it

global growth the past 5 years was a boom not seen for a long time the US mighta not had crazy growth rates but many parts of the world did

global gloom and doom gone with FNM bailout comedy....

i admit the final run from about 100 to 147 on oil mighta partially been some inflationary speculation with the fed slashing rates like mad and bailing out left and right.....

either way if it was that speculative run has been erased now with oil near 100 again

please elaborate about the global gloom and doom that you speak of. what is it exactly? one second your spouting off about unprecedented world economic growth and in the very next sentence you speak of global "gloom and doom".

and global growth was responsible for oil prices doubling? that is priceless. there has been no shortage of oil over the past 5 years and there is no shortage now. even the rich oil executives who "testified" before congress didn't blame their record profits and the increase in oil prices on increases in demand across the world.

and how the fuck does the fed's lowering of interest rates and bailouts effect the speculative price of oil. if you can explain that than you need to work for an oil company.

 

[tiznow]

the global boom is over that was in the past its engine was the housing bubble and unstoppable consumer that was able to tap limitless amounts of debt...now the debt is gone....it was a farse boom....based on debt....

also as oil and commodities (not just oil went through the roof one must remember that corn, copper, you name it prices went ballistic as well) place like canada, brazil, russia, ME, austrailia economies boomed and than they in tern have more jobs and wages and consume more stuff and suck up more resources including oil

the global boom was very symbiotic with its engine being the farse credit expansion in the united states.....

as for my fed stuff

dollar fluctuations have something to do with oil prices although its not the end all....oil is priced in dollars after all

dollar vs. other fiat currency tanked for years and years as oil rose....on the near term (when oil went form 100 to 147) the fed was cutting rates very aggressively while the rest of the world was raising rates or holding steady keeping them steady fighting inflation domestically....so the dollar was tanking big time while oil kept going up

now that our banking issues are slowly starting to spill into our economy and we are done cutting rates other countries are now starting to cut rates and start to worry about growth vs. inflation and their booming currencies uptrend is now ending......so the dollar is now starting to rise vs. other fiat currencies....

anyway it isn't one particular factor and a complex mix of things.....but overall supply/demand is the #1 factor