Even OPEC says oil is inflated... - DFWstangs Forums
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post #1 of 58 (permalink) Old 07-29-2008, 09:17 AM Thread Starter
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Even OPEC says oil is inflated...

Oil resumes slide on OPEC comments
Cartel president says there is adequate supply and prices are much too high.


July 29, 2008: 9:45 AM EDT


Oil prices have fallen more than 15% since setting a record on July 11, but prices remain nearly 65% higher than a year ago.


NEW YORK (CNNMoney.com) -- Oil prices fell below $124 a barrel Tuesday after OPEC's president said crude prices were abnormally high and that high prices did not result from lack of supply.

Light sweet crude for September delivery fell 86 cents to $123.87 a barrel in electronic trading after Chakib Khelil, president of the Organization of Petroleum Exporting Countries, told reporters in Jakarta, Indonesia, that the oil markets were being adequately supplied, and that prices were being inflated by geopolitical tensions.

"If the dollar continues to strengthen and the political situation [with Iran] improves, then the long-term prices will be about 78 dollars (a barrel)," said Khelil, according to reports.

Khelil, who is also the oil minister for Algeria, spoke to reporters while visiting Indonesia's energy minister.

The threat of a conflict between the West and Iran has raised major concerns about supply from the Middle East. However, there has been little saber rattling from either side since they met to discuss the oil producer's nuclear program over a week ago.

"Comments out of somebody like this definitely carry a lot of weight, especially with the market so nervous," said Neal Dingmann, senior energy analyst at Dahmlan Rose & Co.

Price drop: Crude prices have fallen by double digits over the past two weeks as oil investors worried that high prices for fuel made from crude oil have seriously damaged demand.

Average prices for regular gasoline in the U.S., the world's largest oil consumer, fell for the 12th straight day Tuesday, but remained near $4 a gallon - more than 36% higher than they were a year ago.

Oil has fallen 15% from its trading peak of $147.27 set July 11, though prices remained nearly 65% higher than they were 12 months ago.

"The market is more focused on the fundamental economics aspects than the geopolitical aspects," said Tom Orr, head of research at Weeden & Co.

Nigeria: Worries about a demand slide also overshadowed disruption in demand from Nigeria, Africa's largest oil producer.

Prices spiked in early trading after reports revealed that militants in Nigeria had damaged two oil pipelines operated by Royal Dutch Shell (RDS.A), but then retreated.

Rebel attacks on Nigeria's oil infrastructure have been a constant concern for oil investors, and a factor that some analysts believe is already included in the market price.
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post #2 of 58 (permalink) Old 07-29-2008, 09:21 AM
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Funny...is it me, or will they will do/say anything to keep us from drilling?

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post #3 of 58 (permalink) Old 07-29-2008, 09:46 AM
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Originally Posted by Vertnut
Funny...is it me, or will they will do/say anything to keep us from drilling?
They have been stating this since the beginning of this crazy spike in prices. They have been saying the prices are not a result of supply and demand, but of market manipulation.

Dated: June 10th

http://www.reuters.com/article/Globa...LA462520080610

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OPEC's Secretary General on Tuesday appealed for calm, saying the record-high crude oil price was unbearable and did not reflect any shortage of supply in the market.

"We are not happy with the current level of price for one reason. It has nothing to do with the fundamentals," he said.

"Speculators are playing a big role in high oil prices. Also there are other considerations, the value of the dollar and the geopolitical situation."
The drilling situation is just another ploy for GW and his big oil buddies.

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post #4 of 58 (permalink) Old 07-29-2008, 09:55 AM
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Originally Posted by Gripenfelter
The drilling situation is just another ploy for GW and his big oil buddies.
...as one last favor from The Oil Prez. GW...get the fuck outta MY house!

Talk is cheap because supply exceeds demand!
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post #5 of 58 (permalink) Old 07-29-2008, 10:02 AM
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The drilling situation is just another ploy for GW and his big oil buddies.

ya rekkon??

intersting that prices are going down as the election approaches

i'm not sayin....i'm just sayin

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post #6 of 58 (permalink) Old 07-29-2008, 10:09 AM Thread Starter
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Originally Posted by fitzwell
ya rekkon??

intersting that prices are going down as the election approaches

i'm not sayin....i'm just sayin
It was either Denny or 01WC that said the repubs would get the oil down right before the election somehow someway lol...wish I could remember who posted that.
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post #7 of 58 (permalink) Old 07-29-2008, 10:10 AM
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They are in on the manipulating I am sure. Since if they are smart they would be selling the shit out of contracts at insane prices to the idiots who thought it was going to $200 a barrel.

I am beginning to be concerned that with the gradual easing of prices we won't see the big explosion I had been waiting for.
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post #8 of 58 (permalink) Old 07-29-2008, 10:12 AM
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gasoline futures are trading below $3.00 a gallon.
oil futures are sitting at 120.78 a barrel.

Pressure point soon. Hopefully Iran and the dollar don't piss on the bear's parade.

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post #9 of 58 (permalink) Old 07-29-2008, 10:14 AM
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Originally Posted by 01WhiteCobra
gasoline futures are trading below $3.00 a gallon.
oil futures are sitting at 120.78 a barrel.

Pressure point soon. Hopefully Iran and the dollar don't piss on the bear's parade.
Come on big explosion. I am still hoping.
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post #10 of 58 (permalink) Old 07-29-2008, 10:21 AM
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Come on big explosion. I am still hoping.
I might go with 4.00/gallon for another year if we can watch Ahmadinejad get his ass handed to him.

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post #11 of 58 (permalink) Old 07-29-2008, 10:26 AM
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I might go with 4.00/gallon for another year if we can watch Ahmadinejad get his ass handed to him.
I could deal with that.


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post #12 of 58 (permalink) Old 07-29-2008, 10:40 AM
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When folks blame "speculator's", that encompasses ALL involved, even OPEC. They can manipulate oil prices easily, as they have done since 1973. Blame Bush if it makes you feel better ( ), but we need to drill our own shit, and not have to ask OPEC to "please drop the price of oil". With a confirmed 92 BILLION barrels in ANWR, that's 12 years of total oil independence for this country. Even the fucking Dems can get something done in 12 years... , unless it's this 9%-approval-rated congress.

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post #13 of 58 (permalink) Old 07-29-2008, 10:44 AM
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Originally Posted by Vertnut
When folks blame "speculator's", that encompasses ALL involved, even OPEC. They can manipulate oil prices easily, as they have done since 1973. Blame Bush if it makes you feel better ( ), but we need to drill our own shit, and not have to ask OPEC to "please drop the price of oil". With a confirmed 92 BILLION barrels in ANWR, that's 12 years of total oil independence for this country. Even the fucking Dems can get something done in 12 years... , unless it's this 9%-approval-rated congress.
I don't disagree we need to drill our own oil, but we also need to use our own oil and not export it.

You can bet OPEC wanted higher oil prices, but not this high. When your product cost to much, your customers stop buying or buying as much. They want the crack fiend to keep coming, not look for a cheaper drug.

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post #14 of 58 (permalink) Old 07-29-2008, 10:48 AM
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Originally Posted by 01WhiteCobra
I might go with 4.00/gallon for another year if we can watch Ahmadinejad get his ass handed to him.
I thought about this the other day. We've had a litmus test of the markets to $140 without too much destruction. Now it is confirmed we can take that pricing. If oil settles back to $80 on market fundamentals it appears that we are ready for the shock of an attack on Iran.

Not only that but their threats to shut down oil shipping are a joke. The only shipping that will get shut down will be the shipments of refined gasoline that Iran has to have.
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post #15 of 58 (permalink) Old 07-29-2008, 10:51 AM
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Quote:
Originally Posted by Vertnut
When folks blame "speculator's", that encompasses ALL involved, even OPEC. They can manipulate oil prices easily, as they have done since 1973. Blame Bush if it makes you feel better ( ), but we need to drill our own shit, and not have to ask OPEC to "please drop the price of oil". With a confirmed 92 BILLION barrels in ANWR, that's 12 years of total oil independence for this country. Even the fucking Dems can get something done in 12 years... , unless it's this 9%-approval-rated congress.
think about this; you drill in anwr and use a percentage of that oil and buy the rest from opec...you don't buy a ton, so they are always plenty stockpiled...then you can make that oil in anwr last 20+ years easy and still be able to keep opec in check.
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post #16 of 58 (permalink) Old 07-29-2008, 10:53 AM
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think about this; you drill in anwr and use a percentage of that oil and buy the rest from opec...you don't buy a ton, so they are always plenty stockpiled...then you can make that oil in anwr last 20+ years easy and still be able to keep opec in check.
Either way is fine for me. There needs to be an overabundance of that shit at all times, whether it's $30 a barrel, or $300 a barrel. It's a matter of national security that we have not addressed well at all.

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post #17 of 58 (permalink) Old 07-29-2008, 10:55 AM
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Even the fucking Dems can get something done in 12 years... , unless it's this 9%-approval-rated congress.
BWAHAHAHAHAHAHA

Pelosi & Reid could fuck up a steel ball in a padded room......give 'em12 years & see how bad they can screw this up????

no thanks.

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post #18 of 58 (permalink) Old 07-29-2008, 12:43 PM
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Keep it pumping boys.

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Iraq has increased crude oil exports by more than 10-fold since 2007.

A report by the U.S. Special Inspector General for Iraq Reconstruction said that oil exports from Iraq's northern pipeline rose by more than a factor of ten since last July.

The report, saying exports reached 12 million barrels per month for much of 2008, cited a project to protect the 95-kilometer pipeline from Kirkuk to the refinery at Baji.

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post #19 of 58 (permalink) Old 07-29-2008, 12:54 PM
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Another refinery explosion in 3..2..1..

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post #20 of 58 (permalink) Old 07-29-2008, 01:03 PM
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Another refinery explosion in 3..2..1..
or maybe a shutdown for "maintenance"
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post #21 of 58 (permalink) Old 07-29-2008, 04:53 PM
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or maybe a shutdown for "maintenance"
Or they're changing the seasonal blend.
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post #22 of 58 (permalink) Old 07-29-2008, 04:59 PM
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or maybe a shutdown for "maintenance"
Does everyone understand that the "maintenance" shutdowns are federally mandated? Our gov't dictates when they shut down...

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post #23 of 58 (permalink) Old 07-29-2008, 06:05 PM
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Our gov't dictates when they shut down...
ah.... bush's fault
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post #24 of 58 (permalink) Old 07-29-2008, 10:54 PM
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Keep it pumping boys.
Quote:
Iraq has increased crude oil exports by more than 10-fold since 2007.

A report by the U.S. Special Inspector General for Iraq Reconstruction said that oil exports from Iraq's northern pipeline rose by more than a factor of ten since last July.

The report, saying exports reached 12 million barrels per month for much of 2008, cited a project to protect the 95-kilometer pipeline from Kirkuk to the refinery at Baji.
I wonder if their currency will ever take off
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post #25 of 58 (permalink) Old 07-29-2008, 11:00 PM
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I wonder if their currency will ever take off
I'd say since they'll be able to shortly start pricing it in "black gold" they'll come around.

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post #26 of 58 (permalink) Old 07-29-2008, 11:12 PM
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I'd say since they'll be able to shortly start pricing it in "black gold" they'll come around.
I bought a shit load when it was like 1700:1. I got a million for less than $600. I think it's only worth around $1000 now, but imagine if it ever got back to 33:1 like after we backed them out of Kuwait or even 1:3 like before the 1st Gulf War (lthat's where Kuwaiti Dinar is sitting right now).
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post #27 of 58 (permalink) Old 07-29-2008, 11:14 PM
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I bought a shit load when it was like 1700:1. I got a million for less than $600. I think it's only worth around $1000 now, but imagine if it ever got back to 33:1 like after we backed them out of Kuwait or even 1:3 like before the 1st Gulf War (lthat's where Kuwaiti Dinar is sitting right now).

That would be a nice chunk of change.

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post #28 of 58 (permalink) Old 07-29-2008, 11:35 PM
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I bought a shit load when it was like 1700:1. I got a million for less than $600. I think it's only worth around $1000 now, but imagine if it ever got back to 33:1 like after we backed them out of Kuwait or even 1:3 like before the 1st Gulf War (lthat's where Kuwaiti Dinar is sitting right now).
It's worthless. Mail it to me, I'll make sure it gets recycled. Austin's all hippie about that recycle shit.
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post #29 of 58 (permalink) Old 07-30-2008, 04:00 AM
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It's worthless. Mail it to me, I'll make sure it gets recycled. Austin's all hippie about that recycle shit.
HAHAHA!

I can get you some, though. It's not allowed out of this country anymore, but you'd be amazed at how far a few US Dollars goes here
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post #30 of 58 (permalink) Old 07-30-2008, 07:41 AM
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Originally Posted by Denny
I bought a shit load when it was like 1700:1. I got a million for less than $600. I think it's only worth around $1000 now, but imagine if it ever got back to 33:1 like after we backed them out of Kuwait or even 1:3 like before the 1st Gulf War (lthat's where Kuwaiti Dinar is sitting right now).
Not a bad gamble. As long as they don't rebase the currency you should get a decent return.

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post #31 of 58 (permalink) Old 07-30-2008, 09:03 AM
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Speaking of waiting for a price increase.

http://blogs.abcnews.com/politicalpu...-to-house.html

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Obama told the caucus, according to an attendee, "Nobody said this to me directly but I get the feeling from my talks that if the sanctions donít work Israel is going to strike Iran."

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post #32 of 58 (permalink) Old 07-30-2008, 09:10 AM
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HAHAHA!

I can get you some, though. It's not allowed out of this country anymore, but you'd be amazed at how far a few US Dollars goes here
Pick me up about $200 worth. Let me know how you want me to pay you for it.
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post #33 of 58 (permalink) Old 07-30-2008, 09:20 AM
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Pick me up about $200 worth. Let me know how you want me to pay you for it.
Not a problem. I should have it to you late September when I get home.
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post #34 of 58 (permalink) Old 07-30-2008, 09:21 AM
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Not a bad gamble. As long as they don't rebase the currency you should get a decent return.
If I'm out, it was a little over a day's pay back then. LOL
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post #35 of 58 (permalink) Old 07-30-2008, 10:04 AM
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Not a problem. I should have it to you late September when I get home.
Sounds good man!
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post #36 of 58 (permalink) Old 07-30-2008, 10:07 AM Thread Starter
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and in daily oil news update

"Bush calls for Congress to allow offshore oil drilling, citing 'urgent' need to reduce pressure on oil, gas prices. More soon."

Who thinks the Democrats are going to balk at this still?
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post #37 of 58 (permalink) Old 07-30-2008, 10:08 AM
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Bring me some too!

Do you still have any with Saddam on it?
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post #38 of 58 (permalink) Old 07-30-2008, 10:24 AM
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Who thinks the Democrats are going to balk at this still?
I expect that sooner or later they'll figure out that the american public WANTS drilling to happen and their anti-drilling position is going to cost them the next election. Suddenly they'll be pro-drilling.

I think it was pretty slick of bush to lift the executive ban first and put the heat onto the congressional dems The problem is that pelosi is anti-drill and she is in a position to block anything from getting to the floor. We may have to wait for her to get voted out first.
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post #39 of 58 (permalink) Old 07-30-2008, 10:31 AM Thread Starter
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I expect that sooner or later they'll figure out that the american public WANTS drilling to happen and their anti-drilling position is going to cost them the next election. Suddenly they'll be pro-drilling.

I think it was pretty slick of bush to lift the executive ban first and put the heat onto the congressional dems The problem is that pelosi is anti-drill and she is in a position to block anything from getting to the floor. We may have to wait for her to get voted out first.
aww shucks...
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post #40 of 58 (permalink) Old 07-30-2008, 10:34 AM
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I expect that sooner or later they'll figure out that the american public WANTS drilling to happen and their anti-drilling position is going to cost them the next election. Suddenly they'll be pro-drilling.

I think it was pretty slick of bush to lift the executive ban first and put the heat onto the congressional dems The problem is that pelosi is anti-drill and she is in a position to block anything from getting to the floor. We may have to wait for her to get voted out first.
Pelosi is more concerned with "saving the world"...her own words. How about saving this country first, you cunt. Hopefully, she and Reid will continue to block the off-shore proposals until Obama has taken his ass-whipping. Obama is againstff-shore drilling, ANWR drilling, nuclear energy, and coal-produced energy. That about covers all "viable" energy sources. I'm thinking McCain will win this thing out-right. Obama is leading in some polls by 4-6%, while McCain is leading in one poll. Obama should be up some 15-20 points, and his camp can't figure out why he's not. I think when all the smoke machines and disco balls are turned off, the real Barry will come into focus, and it won't be pretty.

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post #41 of 58 (permalink) Old 07-30-2008, 11:24 PM
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Bring me some too!

Do you still have any with Saddam on it?
x2!

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post #42 of 58 (permalink) Old 07-30-2008, 11:39 PM
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Let me see what I can grab. I think we can still get both.
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post #43 of 58 (permalink) Old 07-31-2008, 08:32 AM
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Exxon just reported $11.68B profit... nah, I guess prices are good where they're at.
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post #44 of 58 (permalink) Old 07-31-2008, 10:42 AM
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Thumbs up

Quote:
Originally Posted by Denny
Exxon just reported $11.68B profit... nah, I guess prices are good where they're at.
that's a nice little chunk of change.
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post #45 of 58 (permalink) Old 07-31-2008, 11:36 AM
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Exxon just reported $11.68B profit... nah, I guess prices are good where they're at.
good for them

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post #46 of 58 (permalink) Old 07-31-2008, 12:57 PM
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I like how the report about inventories yesterday has pretty much gone ignored today.

Come on explosion, damn you!!
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post #47 of 58 (permalink) Old 07-31-2008, 01:02 PM
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I like how the report about inventories yesterday has pretty much gone ignored today.

Come on explosion, damn you!!
Actually, the inventory numbers boosted oil like $4-5 yesterday.

Then everyone remember demand in the US is down significantly.

"BUY! BUY! BUY! INVENTORIES ARE DOWN!"

party Wednesday night, wake up Thursday...

"SHIT OF COURSE IT'S DOWN! US IS USING LESS! SELL! SELL! SELL!"

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post #48 of 58 (permalink) Old 07-31-2008, 01:08 PM
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good for them
I'm so happy for em I could just shit.

Talk is cheap because supply exceeds demand!
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post #49 of 58 (permalink) Old 07-31-2008, 01:36 PM
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I'm so happy for em I could just shit.
Were you short XOM going into today?
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post #50 of 58 (permalink) Old 07-31-2008, 01:46 PM
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Quote:
Originally Posted by slow99
Were you short XOM going into today?
Never miss estimates even if you deliver the largest profit in history.

My 401K is now a 400K (was 301K)
01WhiteCobra is offline  
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