[Leanan]

Oil slides below $56 on record stockpiles

$this->bbcode_second_pass_quote('', 'S')peculators are betting prices will keep falling and have pushed net short positions to the lowest level in more than two years. Prices have fallen more than $14 from an Aug. 30 peak.

[nth]

Regarding US SPR, they can fill it up 100kb a month if they wanted to fill it with sour heavy crude. Lots of it available in Mexico and Ecuador that are having a hard time finding buyers.

But again, not enough to fill up the SPR before next hurricane season.
Oh boy... 16mb per hurricane season... that is hard to refill up in time.

Also, the pace of fixing and rebuilding the infrastructure is so slow that by the time they are done, they will have another hurricane hit them.

Also, refineries are having a very hard time getting equipment they need like cokers and other stuff to refine heavy crude.

We are in a bad mess, but luckily, Europe seems to have spare refinery capacity. I did not know that.
Anyone know if this is for real?

[mekrob]

I was sifting through their latest market report here: link
It is the first one from January 2006.
It was interesting to note though that oil production in nearly all of the regions/nations given had declines in the middle of the summer for the past two years (only years they give). I don't understand why they would all do that. I understand how that could happen in the US where there are hurricanes to consider, but the North Sea? Norway? Kazakhstan? Is there any possible explanation for this? They don't even mention this in their report, which seems odd since they all occur right around the same time. Can someone explain this?

[smiley]

Yes there is a very simple explanantion: maintenance.

Early summer is the best time to do maintenance in the North Sea. You have the least risk of storm related delays.

[mekrob]

Mainenance is best for Canada, the lower 48, Norway, Kazakhstan in the summer? It seems pretty odd that they'd all be around the same 3/4 month period.

[Barbara]

Just read on La Repubblica here:
http://www.repubblica.it/news/ired/ulti ... 59598.html

Claude Mandil IEA #1 says there's no reason to worry for oil in case of an Iran war. Since Iran provides 2,7 millions barrels/day, and IEA reserves are 4 billions barrels, voilà we can easily afford a 4 years war without a blink. IEA reserves will provide to our oil needs.

(Translation: reassure the markets. Let's make this war. Iran and oil are no linked.)

(Other translation: who cares of Iran oil? After all, only Europeans buy it.)

[abundantsun]

I'd say it's astounding how shortsighted most of the current leadership is but that wouldn't capture the hallucinagenic quality.

[BrazilianPO]

Iran is gone. Bush will not let Iran continue its nuclear program, even if it is for civilian purposes. I was thinking about buying a house on a 10-year mortgage plan as the prices have gone down a bit in Australia. Now I am really leaning towards waiting till the end of the year, as Iran will be toast by then and oil will shoot up through the roof and knock-off the Australian housing market. Maybe I can save a few bucks.

[thor]

$this->bbcode_second_pass_quote('BrazilianPO', 'N')ow I am really leaning towards waiting till the end of the year, as Iran will be toast by then and oil will shoot up through the roof and knock-off the Australian housing market. Maybe I can save a few bucks.

[mermaid]

they are definately more intelligent than we are aware of, it is all about power, money and destruction.
The big boy's are just playing chess, i'm telling you!

[something_awfull]

$this->bbcode_second_pass_quote('thor', '')$this->bbcode_second_pass_quote('BrazilianPO', 'N')ow I am really leaning towards waiting till the end of the year, as Iran will be toast by then and oil will shoot up through the roof and knock-off the Australian housing market. Maybe I can save a few bucks.

[mermaid]

I also owe the bank sh*tloads, the thing is, everyone does.....I think we all end up in a tent in front of our houses, everyone on the campingsite!haha.
I do not worry about the sh*tloads, i do worry about bigger things like food and water, and other basic things. for now, basic things are easy to get because of our oil, when there's nothing left, how do we get simple things, i am afraid to drink from the water in the creek behind my house, it poluted!! without energie, there will be no clean drinkingwater!!

[shakespear1]

Just maintaining uncertainty and instability is making money for a lot of FAT CATs. The cost for the others fat cats are just passed on to the little guy. Nice deal I'd say.

[Dreamtwister]

$this->bbcode_second_pass_quote('Barbara', 'J')ust read on La Repubblica here:
http://www.repubblica.it/news/ired/ulti ... 59598.html

Claude Mandil IEA #1 says there's no reason to worry for oil in case of an Iran war. Since Iran provides 2,7 millions barrels/day, and IEA reserves are 4 billions barrels, voilà we can easily afford a 4 years war without a blink. IEA reserves will provide to our oil needs.

(Translation: reassure the markets. Let's make this war. Iran and oil are no linked.)

(Other translation: who cares of Iran oil? After all, only Europeans buy it.)

[BrazilianPO]

$this->bbcode_second_pass_quote('thor', '')$this->bbcode_second_pass_quote('BrazilianPO', 'N')ow I am really leaning towards waiting till the end of the year, as Iran will be toast by then and oil will shoot up through the roof and knock-off the Australian housing market. Maybe I can save a few bucks.

[shortonoil]

$this->bbcode_second_pass_quote('', 'C')laude Mandil IEA #1 says there's no reason to worry for oil in case of an Iran war. Since Iran provides 2,7 millions barrels/day, and IEA reserves are 4 billions barrels, voilà we can easily afford a 4 years war without a blink. IEA reserves will provide to our oil needs.

(Translation: reassure the markets. Let's make this war. Iran and oil are no linked.)

(Other translation: who cares of Iran oil? After all, only Europeans buy it.)

[oilluber]

any comments here ??
the crude futures took a hit this morning.

thanks

[dukey]

demand destrution last year was just a myth
prices aren't wildly different to then,
i doubt anything has changed

[lorenzo]

This is great news!

If prices stay high, while demand stays high as well (elasticity remains low for oil), then this is a fantastic incentive for alternative energy.

Many biofuels producers based their project plans in 2004 on a US$40 per barrel price. They found investors and the plans made economic sense based on these projections. But now with an oil price of US$ 75 a barrel... investors feel they're going to make fat amounts of money, so they keep pouring it into biofuels...

In short, let's keep things this way! They're essential to make the transition to the post-oil era.

[Heineken]

It's just another bullshit effort to talk down the price of oil. The impact of such yogic contortions is fleeting.