So Oil Prices...........

[homedawg]

Oil @ $49.62

Oil prices dropped more than 7 percent to below $50, fell $4.00 to settle at $49.62 a barrel, the lowest settlement since May 23, 2005.

[Fish2006]

Oil @ $49.62

Oil prices dropped more than 7 percent to below $50, fell $4.00 to settle at $49.62 a barrel, the lowest settlement since May 23, 2005.

I propose quoting balances of all 401k and investment accounts in barrels of oil, rather than dollars. Then it isn't nearly as depressing.

[homedawg]

I propose quoting balances of all 401k and investment accounts in barrels of oil, rather than dollars. Then it isn't nearly as depressing.

Just hold onto your $$$, watch, & wait! :thumbs:

Unless you are a trader? The stocks are being flipped like crazy right now. 5 to 1 sells to buys, just today! :beer2:


So many big stocks falling, some $100.00+, have dropped, as low as, below $1.00!
Think about that, someone could have invested $100,000.00 in 1,000 shares @$100.00 per share, but right now only has $1,000.00 or less!


Buy low sell high! Almost every valued stock is low right now, but are they low enough? I don't think so!

Sit back and watch, or buy with your "limit orders" set LOW! :beer2:

[homedawg]

$1.48 today

[Billy Barooooooo]

So I see the famous kid who told me gas was going to be at $1.99 by the end of the month. I said "Wow man you should have bet me about the gas you could have made a killing" He laughs and said "No I would of lost" I said "What you said $1.99 and you were right" He said "I know but I would have bet that it wouldn't go down past $1.99. You see everyone I told that too I also told them it would stay at $1.99"

11/25 $1.69 BP Amoco WOW and this station on maple is still the lowest! They are still selling cheap gas at Gas City for $2.09! What a joke!

BB:thumbs:

[homedawg]

$1.33 in K.C. Today Kansas City Gas Prices
________________________________________________

Oil Settles Below $47 on Weak OPEC Cut
02 Dec 2008


Oil prices closed at less than $47 a barrel on Tuesday as news that OPEC made only two-thirds of its pledged output cuts last month outweighed a rebound in the U.S. stock market.

U.S. crude [US@CL.1 ] settled down 4.7 percent, dropping $2.32 to $46.96. London Brent was also lower [GB@IB.1 45.44 --- UNCH (0)].

"The story about OPEC still not in full compliance with pledged output reductions is the reason why crude futures are down right now," said Phil Flynn, an analyst at Alaron Trading in Chicago. "This lack of compliance is disappointing to the market and this puts into doubt OPEC's indications that they will make more production cuts later this month."



Members of the Organization of Petroleum Exporting Countries had pledged to lower output by 1.5 million barrels per day for November, but were only 66 percent compliant with the target last month, a Reuters survey showed on Tuesday.

Crude prices have fallen nearly $100 a barrel from a peak of more than $147 in July due to weak demand for oil products during a mushrooming global economic crisis, pushing the cartel to agree to supply cuts.

OPEC's decision to wait until later this month to take more supply off the market, combined with a steep sell-off in U.S. stocks, led to a drop of more than 9 percent in U.S. crude oil futures on Monday.

Benchmark U.S. stock indexes were up more than 3 percent on Tuesday as investors hunted for bargains amid optimism about a government bailout for the U.S. auto industry.

OPEC Cuts

Still, OPEC members remained concerned about oversupply in the world oil market and may decide to cut output further at their next meeting in Algeria on Dec. 17.

[homedawg]

Oil tumbles below $44 a barrel, gas hits new low

DECEMBER 4, 2008

COLUMBUS, Ohio (AP) — Oil tumbled below $44 a barrel Thursday and average gasoline prices slipped under $1.80 a gallon, both four year lows, as unemployment benefit claims hit a 26-year high and major companies announced more job cuts.

The unprecedented decline in energy prices has provided some relief to consumers and businesses, it has occurred as the nation dips into recession.

Fewer people have jobs to drive to. Gasoline futures for January delivery closed below a dollar, with optimism about the nation's economic health in serious decline.

It was the first close below $1 since 2006, when gasoline began trading in the current format. When gasoline included the additive MTBE, it last crossed the $1 barrier in February 2004.

Veteran energy analysts were stunned as they watched light sweet crude dip nearly 7 percent, or $3.12, to settle at $43.67 on the New York Mercantile Exchange by early afternoon.

Just four months ago, crude rocketed close to $150 and the average gallon of gasoline went for more than $4 per gallon. Crude has fallen nearly $27 in just one month.

No one believed crude would lose $100 in value between July and December, said Tom Kloza, publisher and chief oil analyst at Oil Price Information Service.

Some analysts believe demand could evaporate further early next year.

"I think the traders are looking at that and they're saying, 'Well, December is OK, it's relatively balanced here and there, but my goodness all of these layoffs after Christmas, the cold weather, the cocooning, the bills coming due after Christmas, January is just going to be awful,'" Kloza said.

Dour economic reports continue to spill out during a week when the National Bureau of Economic Research declared the economy entered a recession in December 2007.

The government said the number of people continuing to claim unemployment benefits last week reached 4.09 million, the highest level since December 1982, when the economy was emerging from a recession.

Factory orders plunged a bigger-than-expected 5.1 percent in October caused by big cutbacks in demand for steel, autos, computers and heavy machinery. It was the largest decrease since an 8.5 percent fall in July 2000.

The Labor Department reported that initial claims for unemployment insurance dropped to a seasonally adjusted 509,000, from an upwardly revised figure of 530,000 for the previous week. That was significantly below analysts' estimates of 537,000, according to a survey by Thomson Reuters.

The four-week average of initial claims, which smooths out fluctuations, increased to 524,500, also the highest level since December 1982, the department said.

The U.S. work force is roughly 50 percent larger than it was in the early 1980s. As a result, the department said the proportion of workers continuing to receive jobless benefits matches a level reached 16 years ago, in September 1992, when the economy was slowly recovering from recession.

Fewer jobs, fewer factory orders and slowing construction have added up to a severe drop-off in energy use, sending crude prices plunging.

"People are waking up to the fact that there may not be much demand," said Phil Flynn, an analyst at Alaron Trading Corp.

There were signs that the economy continues to worsen.

On Thursday AT&T said it was slashing 12,000 jobs, or about 4 percent of its work force. Chemicals company DuPont said it will cut 2,500 jobs and media conglomerate Viacom Inc. said it will eliminate about 850 jobs.

Most retailers posted weak sales for November, despite a shopping boost the day after Thanksgiving. Wal-Mart beat Wall Street expectations and said falling gas prices may be bringing more people out to its stores. However, Costco Wholesale Corp., usually a strong performer, reported a bigger-than expected sales decline.

Oil prices fell even after central banks in Europe and elsewhere slashed interest rates in an effort to spark their economies.

Prices at the pump continued to decline, falling 1.4 cents overnight to $1.789, according to auto club AAA, the Oil Price Information Service and Wright Express. That price is down 60.2 cents from just last month.

Though there are signs that Americans are able to drive more with prices plunging, Flynn does not see enough demand to justify big increases in oil and gas prices.

"We have entered a new era of lower gasoline prices and oil prices," he said.

The Energy Department's Energy Information Administration said in its weekly report that natural-gas inventories held in underground storage in the lower 48 states fell by 64 billion cubic feet to about 3.36 trillion cubic feet for the week ended Nov. 28.

Analysts had expected a drop of between 61 billion and 66 billion cubic feet, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

In other Nymex trading, gasoline futures fell 7.2 cents to 96.95 cents a gallon. Heating oil dropped 7.49 cents to $1.5091 a gallon while natural gas for January delivery fell 33 cents to $6.017 per 1,000 cubic feet.

In London, January Brent crude tumbled $3.16, to $42.28 on the ICE Futures exchange.

[Billy Barooooooo]

AP
Oil hovers near 4 1/2-year low despite OPEC cut
Thursday December 18, 10:06 am ET
By Pablo Gorondi, Associated Press Writer
Oil hovers near 4 1/2-year low as demand concerns overshadow largest-ever OPEC output cut


Oil prices continued falling Thursday to levels last seen over 4 years ago as persistent investor pessimism over global crude demand outweighed news of OPEC's largest-ever production cut.
By mid-afternoon in Europe, light, sweet crude for February delivery was down 4 cents to $40.02 a barrel in electronic trading on the New York Mercantile Exchange.

ADVERTISEMENT


With the January contract expiring Friday, analysts said the February price was a more accurate reflection of the futures market.

"WTI for January expires (Friday) and ... the expiring contract can go anywhere," said Olivier Jakob of Petromatrix in Switzerland, referring to West Texas Intermediate, the type of crude oil used for the Nymex contracts.

"As a world benchmark, January WTI needs to be ignored and the focus kept rather either on February WTI or February Brent," Jakob said.

In London, February Brent crude fell 32 cents to $45.21 a barrel on the ICE Futures exchange. The January Nymex contract was down $1.90 to $38.16 -- a level not seen since at least mid-2004.

The 13-nation Organization of Petroleum Exporting Countries, which accounts for about 40 of global oil supply, said Wednesday it planned to reduce its output quotas by 2.2 million barrels a day.

But markets had already expected a vastly reduced flow of oil and traders focused instead on troubling economic data that points to a long and severe global economic slump.

"The market apparently had already priced in this cut," said Peter McGuire, managing director at investment firm Commodity Warrants Australia in Sydney. "I think OPEC will have to have another meeting in January, and I wouldn't be surprised to see possibly a 3 million cut next time."

OPEC's next official meeting is scheduled for March. The group had already announced cuts totaling 2 million barrels earlier this year, also with little effect.

"There are also doubts amongst market participants of OPEC ability to comply with these cuts given the magnitude of the cut and their previous history," analysts at Sucden Financial in Great Britain said in a report. "Going forward, oil prices will only be supported by evidence of compliance and provided weakening demand does not deteriorate too much."

The unprecedented production cuts and the market reaction show just how fast energy demand has fallen during the worst economic downturn in at least a generation.

Oil prices have tumbled 73 percent since July. What started as a crisis in the U.S. sub-prime mortgage sector last year has mushroomed into a recession in most developed countries and a sharp downturn in emerging nations.

Companies across the world are laying off workers and banks are reluctant to lend. Plunging property values and high debt levels have led many consumers to pull back spending.

"I'm worried about growth," McGuire said. "You have to get people spending."

Oil prices may fall as low as $35 a barrel during the next few weeks, he said.

U.S. crude inventories rose slightly last week and gasoline reserves increased as demand stayed below year-ago levels, according to government data released Wednesday.

Analysts had expected crude stocks to fall 900,000 barrels, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

In other Nymex trading, gasoline futures were down 0.12 cent to $1.0043 a gallon. Heating oil was up 0.47 cent at $1.4472 a gallon while natural gas for January delivery fell 4.9 cents to $5.570 per 1,000 cubic feet.

[homedawg]

Oil is not done falling, soon to be under $50.00 and under $40.00 could very well happen too! :thumbs:

NYMEX CRUDE OIL...US@CL.1 36.84 ( -3.22 )

Economic Fears Send Oil Below $36 a Barrel
By VOA News
18 December 2008




Fears the global economy will get worse dropped oil prices to levels not seen in 4.5 years.

Investors shrugged off Wednesday's record production cut by OPEC, the Organization of Petroleum Exporting Countries, pushing crude oil prices to less than $36 a barrel. Oil moved slightly higher at the close of New York trading Thursday.

Prices have now tumbled more than 70 percent since July's record-high. And some economists say prices could drop even further as global economic problems cut demand.

[homedawg]

CLF9 fell $2.35, or 6.49 percent, to settle at $33.87

NEW YORK, Dec 19 - U.S. crude oil futures ended
more than 6 percent lower on Friday in volatile trading as the
expiring front-month January contract was pressured by the weak
economy that has slowed demand and brimming storage.
The February crude contract finished slightly higher after
also seeing volatile trading as the premium to January crude
widened to a record intraday.
"The January contract seems to be encompassing all the
bearish news that has been weighing on crude. This week's big
EIA reported build in Cushing, all the excess storage that has
been widely reported, and too-late OPEC deal and lack of
confidence in it," said Tom Bentz, analyst at BNP Paribas.
January refined products futures ended higher.
"The market is signaling that it is taking a look at the
OPEC cut and recognizing that is more likely to be evident in
February. The Feb contract has not been able to crack $40 yet,
but if inventories and refinery use continue to drop then
pressure will resume," said Gene McGillian, analyst at
Tradition Energy in Stamford, Connecticut.
OPEC agreed to cut 2.2 million barrels per day from January
on Wednesday, the same day a government report showed U.S. oil
inventories rose last week.
On the New York Mercantile Exchange, expiring January
crude CLF9 fell $2.35, or 6.49 percent, to settle at $33.87
a barrel, the lowest settlement for front-month crude since Feb.
10, 2004 when it ended at the same level.

[homedawg]

Wyoming going low: Wyoming Gas Prices - Find Cheap Gas Prices in Wyoming

1.18 @ Loaf 'N Jug

1.19 @ Kum & Go

What else do they offer at the Kum & Go? :beer2:

[Billy Barooooooo]

Okay now were going to raise the taxes on gas because no one is driving now and we need to fix the roads! WTF :puke:

[Larry]

Okay now were going to raise the taxes on gas because no one is driving now and we need to fix the roads! WTF :puke:

Yeah, I read that too:puke:

[homedawg]

gas went up 40cents a gallon around here, but the oil is locked in until feb. under 40barrel? f'ked up ****! :puke:

[Billy Barooooooo]

f'ked up ****! :puke:

:thumbs: