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f%^^ we are all going to roll over before this pos returns anything, who's next.
when the F&&^ does this company start rewarding shareholders?
ten years and counting $hit
ten f^&%$% years and drilling and still same price WTF
WWTF 10 years and the same f$%^^&* price and drilling WTF
sorry i meant low
looks like the normal take down and then rally as we get rumors as to how successful the drilling is
how long will it go.
big money needs in
somebody that views the oil like I do
"For eight straight months, oil supplies have been running about 2 million barrels a day higher than the global demand of 83 million barrels a day, Verleger said. Eventually, he and others predicted, suppliers will tire of paying to store all of the surplus oil and flood the market. "That is the largest and longest continuous glut of supply that I have seen in 30 years of following energy prices. It's a huge surplus. There has never been anything like it," Verleger said.
The market eventually will correct itself, pushing prices down, Fadel Gheit, senior energy analyst for Oppenheimer and Co., wrote in a note to investors.
"Excessive speculation and a weak dollar have lifted oil prices to levels not sustainable by market fundamentals," Gheit wrote."
http://www.chicagotribune.com/business/chi-tc-biz-oil-0706-0707-jul07,0,610440.story
what do you think?
Be prepared.
Traders look to unload crude stored offshore in U.S.
Wed May 20, 2009 3:38pm EDT
By Joshua Schneyer and Robert Campbell
NEW YORK/MEXICO CITY (Reuters) - Trading firms are offering to sell large volumes of foreign crude into the United States in what could be the first steps to unload their large offshore storage positions as the crude futures curve flattens.
Front-month crude oil futures are trading near their lowest discount to second-month futures since late 2008. The spread between July and August WTI futures fell as low as 40 cents a barrel on Wednesday. As recently as mid-April, the spread was wider than $2 a barrel.
The narrowing spread means that trading firms cannot profit from storing oil offshore as they have in recent months, to reap the benefits of discounts for prompt oil prices.
Monthly crude storage costs between 60 cents and $1 a barrel onshore while offshore storage costs more than $1 a barrel, according to industry estimates.
"There were a lot of people 'hiding' cargoes in storage, and now they are offering," one trader said about the higher volumes on offer.
Among the foreign crude grades offered are cargo-sized loads of light Nigerian crude at attractive prices versus U.S. crude grades, another trader said.
As recently as April, several industry sources estimated that at least 100 million barrels of crude were being stored on supertankers worldwide, largely in the Gulf of Mexico off the U.S. coast.
Crude brokers, and the large trading firms or banks they represent, have remained discrete as they try to avoid signaling that a wave of crude could come ashore and flood the market.
"The sellers have been working very carefully on that, no panic, no noise, no pushing," a trader said, requesting anonymity.
U.S. refiners are reluctant crude buyers at best. U.S. crude inventories remain near 19-year highs and refinery utilization is hovering almost 10 percentage points below normal due to low fuel demand, according to Energy Information Administration data. <EIA/S>
But the expense of crude storage, coupled with growing demand in Asia for cargoes of West African crude, is driving oil brokers to more openly seek U.S. buyers for stored crude.
Demand for lightering vessels, the smaller tankers used to unload Very Large Crude Carriers (VLCCs) that are too big to dock at most U.S. ports, has yet to increase rapidly.
But as many as six West African crude oil cargoes in floating storage could have come ashore in the U.S. Gulf this week, traders said.
Among the crudes for sale were cargo-sized loads of Nigerian Bonny and Qua Iboe, heard offered for 75 cents above West Texas Intermediate, a broker said. Nigerian Escravos crude was heard offered for 40 cents above WTI.
The prices for the West African grades are attractive and may pressure some U.S. crude grades with similar specifications, such as Light Louisiana Sweet, which on Tuesday exchanged hands for $1.45 above WTI.
Foreign crude grades recently became more competitive against U.S. cash crude since WTI regained a premium to Brent oil, after trailing Brent for months. Most foreign grades are priced against Brent, Europe's benchmark crude.
Among the players who in recent quarters have stored large volumes of crude offshore the U.S. Gulf Coast are Koch and Vitol. Since the sell offers for crude cargoes are made through third-party brokers, it's difficult to tell who is offering the most crude, or who is betting the contango curve will steepen once again.
A source at a major refiner said he witnessed a pick up in the trading of delivered crude cargoes, but said it was unlikely U.S. refiners would buy heavily.
"I don't think refiner utilization is or will be increasing any time soon," the trader said, citing fears among refiners about the economy, which have kept fuel demand at low levels.
(Additional reporting by Bruce Nichols in Houston; Editing by Christian Wiessner)
nice consolidation. there could be some truth to the rumors.
not like before where it pumped for a day and fell back within two days after
no i am a broke ass fool what do you think? question for the group if bought out with stock it will be restricted? and for how long?
I alone added 350K today.
you sound really f-ed up. with some cash you can fix most of those and you can pay a pretty russian bride
question. Is this volume spec volume from Mark or something real?
triangle on the chart? will break to the upside? what would be the target? TA experts.
hey, brother I'm with you at 2.0M
when does this show start, my popcorn is almost out?
maybe oily knows that the big seller is done now
I bought 1.4M and the we just went down. good luck. maybe the supply will dry up at some point. buy after tax selling. i will join you. I need somemore
hawk why is gold running and not oil? with the fall of the dollar? supply/demand factors? oil's demand comes from economy vs gold's demand comes from both economy and monetary store of value? and/or hedge against inflation? oil later this year moved with the fall of the dollar or was that just bs to move oil? seems like now no relationship?
you see some 500k orders for sure
oily you and your buddies are not getting the job done.
when are we going to .07
i have to get that 12 month clock working
i want my average to around .12-.15
added 1.39M i still don't have enough to considered a big dog
better than watching it disappear in option premiums. I hope oily is right I get the truck load at .07
don't make me add some more shares oily
2.0M and counting
come on 7 maybe i will scoop up some before oily can get his hands on any
what is a barrel in the ground worth with oil at 40-50?
no i need more i am not done yet
i have been following this pos for years maybe now they can get their sh$t together
bust or riches. we will see
i now have 1.55M I am on my way to 2.5M. I hope this pays off
i am up to 30K with an average of 10.93
Do you guys think it will go lower?
will they do a buy back at these prices?
i am done 1.25M of erhe and 30K axc @10.93 average
I am going on vacation
last two days added 190K off my short on bidu
i will throw in a six pack? and a shoulder to cry on.
can somebody sell me some .15 shares?
200K from 1M. I think I am nuts.
or better yet the da vinci code