Here we go again....
** You will notice they still anticipate the average price for oil in the 3rd quarter at $113 with economic concern. Our 450 million estimates were based on 100 or even a little less for oil. 450 million in reserves at a cost of 25 million to begin getting it out spells PROFIT....
The volatility with oil still is a news headline away from over $120 oil and summer season yet upon us....
Things happening at SIOR with new capitalization efforts on top of a stupendous SS. Its just a matter of time whether it be $100, $110 or $120 and greater oil....
Still nibbling while the shareprice is down in the .003's but ready to fuel the fire on the ask on a breakout...
glta...
Oil Drops on Economic Growth Concern as Bin Laden Death Boosts Volatility
tweet0EmailPrint..Ben Sharples, On Tuesday May 3, 2011, 2:31 am EDT
Oil dropped for a second day in New York on signs growth in the U.S. economy may slow, while price swings intensified on concern the death of Osama bin Laden will lead to retaliatory attacks by terrorists.
Futures fell as much as 0.7 percent after the Institute for Supply Management’s manufacturing index declined to the lowest in four months. U.S. crude stockpiles rose last week from the highest since November, according to a Bloomberg News survey before an Energy Department report tomorrow. Oil options volatility increased after the al-Qaeda leader was killed.
“The manufacturing sector in the U.S. has been the one area that has been fast recovering, so any signs that it might not be recovering as quickly as expected is going to dampen the outlook for growth,” said Ben Westmore, a minerals and energy economist at National Australia Bank Ltd. in Melbourne who forecast in an April 20 report that oil will average $113 in the third quarter. “There was some sort of terror premium factored into the oil price but, given the threat of reprisal, that hasn’t changed much.”
AI
