Brazil's Tiete River. The spray is to keep down the foam that is produced by a mixture of chemicals dumped in the river.
Posted on 12/02/2004 4:40:44 PM PST by AmericaUnited
Oil stocks slide as crude, gas plunge
By Lisa Sanders, CBS.MarketWatch.com
Last Update: 4:21 PM ET Dec. 2, 2004
E-mail it | Print | Discuss | Alert | Reprint | RSS
DALLAS (CBS.MW) -- Oil and gas stocks closed broadly lower as crude futures sank Thursday for the second straight session, and natural gas futures plunged more than 8 percent on the latest report out of the Energy Department.
The Energy Department said natural gas supplies for the week ended Nov. 19 fell 17 billion cubic feet, not 49 billion as originally reported a week ago. For the week ended Nov. 26, domestic supplies fell 5 billion cubic feet to 3.299 trillion cubic feet -- 204 billion above the year-ago level, and up 331 billion cubic feet from the five-year average, the government data said.
Bearish sentiment prevailed in the crude market on Wednesday after the Energy Department and American Petroleum Institute reported increases in both crude and distillate supplies. See Futures Movers.
In energy sector trading, the Philadelphia Oil Service Index (OSX: news, chart, profile) shed 2.2 percent to close at 118.09 points, the Amex Oil Index (XOI: news, chart, profile) lost 2.6 percent to close at 711.09 points and the Amex Natural Gas Index (XNG: news, chart, profile) closed at 282.51 points, down 2.7 percent.
In commodities dealings, January natural gas declined by 60.2 cents, or 8.1 percent, to close at $6.811 per million British thermal units. January crude closed at $43.25 a barrel, down $2.24, or 5 percent. See full story.
"The party for financial speculators calling for ever rising crude prices seems to have come to an abrupt halt, at least temporarily," said Prabhas Panigrahi, managing director of research at Ehrenkrantz King Nussbaum, in a note to clients.
"We have consistently said over the last several months that despite tightness in supply/demand fundamentals in crude ... crude prices (at $55 a barrel recently) have been implying a 'fear factor' premium of $15 to $20 a barrel."
Expect $35 when Bush is sworn in.
That may be true short term...but China and India are coming online soon...what does that mean for the demand and price of oil?
So how much will this cause gasoline prices to rise?
Yup...let oil go away...good-bye Usama!
"Massive Fog Shrouds China
Most of northern China is shrouded in one of the most massive fogbanks ever recorded. The fog consists of water droplets mixed with dozens of different kinds of pollutant, and is so thick in places that visibility is down to a hundred yards.
According to China's Meteorlogical Bureau most of China is involved in this extraordinary phenomenon. The heavy fog is looming over northern China, southwestern China, northeast China's Liaoning Province and the lower reaches of the Yangtze River.
In some areas, visibility is minimal and air quality is dropping to dangerously low levels.
The fog, which covers 217,000 square kilometers, has been caused by a concentration of still, humid air over the region. It is expected to be blown out to sea over the weekend, when a cold front clears the air.
The gigantic pollution cloud will then move out into the Pacific where it will either dissipate or continue across the ocean, depending on weather conditions.
Dust clouds from China routinely reach the US Pacific Northwest, and, in recent years, pollution from the region has been detected in the stratosphere worldwide."
From Whitley Streibers Unknown Country
Don't we mean "prises to fall?"
Nothing new, this is like the old London Fogs.
I guarantee: we will begin to see stories about the dangerous effects LOW oil prices will have on the economy soon. The LameStream Media will be sure some negative aspect of low oil prices will be given lots of press.
That's what you get when you've broken a British pinata.
Now he can go pound sand.
Environmentalists and SUV drivers have been the biggest energy hogs in this nation.
Environmental wackos prevent the drilling of oil off Ventura, Calif, just so they can have tar balls on the beach -- the oil naturally seeps through earthquake faults in the Ventura Beach area.
So it would a smart thing to pump the oil out, instead of letting it get into the environment.
But to Californians, earthquake faults are more environmentally friendly than oil wells...
LOL! LOL! You nailed it!
They must report and report they will. LOL!
I have a deep respect for your insight. LOL!
Have you ever seen a report about how oil prices are plummeting?
Brazil's Tiete River. The spray is to keep down the foam that is produced by a mixture of chemicals dumped in the river.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.