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September 15, 2010

$70? $80? OPEC Will Be Happy

 

It’s the 50th Anniversary of OPEC! The Sec-Gen of OPEC said Tues. that oil prices between $70 and $80 /per barrel will be just fine with them.

OPEC doesn’t want to rock the economic boat and see a ‘double-dip’ recession.

Analysts said there will probably be no formal change in policy even though there is surplus inventory.

You could say there is a little cheating going on, but 53% of the members are in compliance.

Filed under:Fuel Price Trends | by Pump Girl @ 4:52 pm | 

September 14, 2010

Oil Prices Fall A Little

 

Canada to NY pipeline restarted. Ummm. Prices fell 62 cents after being up on plus economic good news.

Filed under:Fuel Price Trends | by Pump Girl @ 5:57 pm | 

Super Contango

 

Crude traders are at it again. Buying now to deliver in 6 months (contango). They store it on ships for later.

The gap, or curve, between the price of oil for immediate delivery and for March has increased to a three month high, making storage a profitable wager on an American rebound next year.

“Demand is going to look a lot better in 2011,” said Adam Sieminski, chief energy economist at Deutsche Bank AG in Washington, who predicted prices will rise to $80 next year.

Sure makes you think oil prices will be going up.

Filed under:Fuel cost,Fuel Price Trends | by Pump Girl @ 5:50 pm | 

September 8, 2010

Oil Up

 

Oil futures rose on Wed. to finish in the neighborhood of $75/barrel. Good news for traders who had been looking at a definite southerly route for prices before today. Large gas supply in the US and economy going nowhere have been the culprits.

“I guess it’s gone from looking hopeless to looking constructive,” said Walter Zimmermann, chief technical analyst at United-ICAP. The oil market “has been in a fuzzball of congestion since it bottomed out in mid-August, waiting for the stock market to break up or break down.”

Can’t wait to see what happens to the ‘fuzzball’ next.

Filed under:Fuel Price Trends,Gas price | by Pump Girl @ 2:52 pm | 

Sky Not Falling Yet

 

Okay, okay so far the hurricane season hasn’t hurt oil production.

Earl was a big wet blanket. Hermine fizzled out over Texas with lots of rain, but not touching rigs in the Gulf or Galveston refineries.

We are coming into Peak Hurricane Season. Igor is forming.

We’ve been lucky…so far.

Filed under:Fuel Price Trends | by Pump Girl @ 2:39 pm |