Skip to comments.Market Report: Stock Ticker (Oil prices are plunging 3.1% to $51.30/bbl)
Posted on 01/16/2007 8:57:21 AM PST by frogjerk
Oil prices are plunging 3.1% to $51.30/bbl after Saudi oil minister denounces need for emergency OPEC meeting --snip-- 11:30 ET Dow -2.77 at 12553.31, Nasdaq -3.22 at 2499.60, S&P -0.39 at 1430.34: [BRIEFING.COM] The market has improved its stance since the last update but continue to sport modest losses even though the bulk of sector leadership is now positive. Unfortunately for the bulls, today's two best performing sectors -- Utilities and Materials -- also carry the smallest weightings on the 10 S&P 500. Of the five other sectors trading higher, none are up more than 0.3% with influential areas like Financials and Consumer Staples up less than 0.1%. Nasdaq -3.22 at 2499.60... NYSE Adv/Dec 1648/1435... Nasdaq Adv/Dec 1456/1421.
(Excerpt) Read more at news.moneycentral.msn.com ...
DIMS: "Since oil is low nobody will care if we tack on a $9 a barrel 'conservation fee'"
Tack it on and it never goes away at higher prices, the money is spent, and we just pay more.
The plunge continues. It is across all the future contracts, not just the nearest. Bulk gasoline is also somewhat lower, but it won't affect the price at the pump more than a couple cents.
keep sliding please ... gas in my neighborhood now at $1.98
Dropping oil prices squeeze the cajones of Hugo and IMANUTJOB.
I drove from Phoenix to Ventura/Oxnard ca for the weekend
on business and saw 2.50 plus a gallon only.......hmmmmmmmmmmm
Filled up yesterday at Chevron with 89 octane (unleaded) it was $2.73 a gallon in Orange County, California.
Saudi Oil Minister Ali al-Naimi said in New Delhi.
"Do not panic. Actually there is no reason for a meeting."
I think Hugo is shitting his pants. With all his mismanagement of production, new nationalization initiatives that'll eliminate all the rest of the expertise in the country his production will go down to crap, and with oil headed to $45 what's he going to do when there's no more money to hand out to the poor ? Hmmmh... more repression...
broke the 2.00 barrier in Hammond, IN (1.98)
Yep. Because Saudi's are fine with all their production. Hugo wants the emergency meeting because when his revenues drop so will his handouts, and his power base.
The lowest I've seen in the Memphis area is $2.03 at a Shell station near my house.
I paid $2.10 yesterday. Lowest in a long time.
It's Bush's fault. No really, it's Bush's fault.
I wonder if it has anything to do with all the electric cars on display at Detroit last week?
I already bought gasoline this month. My station sends me a card to remind me to fill up when they haven't seen me for two months.
Funny how nobody complains when the price is low.
Yep, you're right. Consider that Hugo probably had projected revenues based on increased prices for oil and now that is gone and prices have decreased. His revenue has probably dropped 40%. That has got to hurt!
Time to dump the strategic petroleum reserve! Crush the price downward. Fill it back up at bargain prices.
Blame it on Global Warming. No demand for heating oil.
Isn't that a shame.
Chavez's socialist utopia imploding by the second.
NO!!! The SPR is not for the government to play market speculation. Dump the reserve and you will see OPEC take that moment to flex their muscle.
It's Bush's fault
I find the timing suspicious
Pelosi Is Severely Saddened
honestly, it could be a factor
Time to stop by the Hummer store.
With the Bulk price below 1.40, had been over 1.43, I expect to see plenty of $1.90 gas in Dallas this week. My station has had it at $1.93 all weekend and this might get it to $1.90 or maybe 1.89. More money for home improvement projects. Buy Lowes.
LOL! This should cue in IMANUTJOB to get out there and tell us that Irans nuke program is only a peaceful one, but can be used if necessary for defense of Iran, to make the futures traders nervous again.....
Hammond, IN: Home of Three Floyds Brewing Co.
LOL! Sharting for sure!
Ellis County just south of Dallas has been between 2.02 and 2.14 for the past week.
Some of these stations need to get in line.
We have not, under Bush, used the SPR to affect prices. I can't say much about the Clinton years.
Now, what the Chinese do with their SPR I don't know. Rumors of Chinese manipulation of commodity prices have continued unabated for a few years.
What do you hear in the industry?
Wouldn't it be great if a planted reported interviewed Nancy. (with admiring eyes looking on) "Ms. Speaker, you've only been in power for less than two weeks and already the price of oil and gas have tumble downward. Please tell the American public what you did to make this happen."
Speaker Pelosi: "humminna, Humminna, Humminna"
Paid $1.92 for 87 octane in Indianapolis on Sunday, $1.88 in the Western suburbs of Detroit on Monday.
IMO, this is a strategic decision made by the Saudi's to hurt their enemies. Forget their rhetoric, the Saudi's primary concern is not Israel, it is Iran. By pushing down the price of oil Saudi Arabia will defund and possibly bankrupt not only Iran but also possibly Venezuela, Russia etc. The whole world benefit and the benefits would extend far beyond our personal costs of tranportation.
Gas at $1.95 here in OH today.
Karl, I didn't see it that low, but more toward Centerville, it's still $1.96.
Yep, he needs to give one of his great speeches about the "USA is going to burn in a fiery hell" so that prices go back up. Maybe that is what that little freak has been doing it for?
NYMEX presently at 50.70 for Oil and 1.37 for gas.
Your tagline is too funny!
I think it is interesting how the price in Dallas is between 1.93 and 2.12 or higher - which shows how much the market is adjusting to charging what the customer will pay, thus taking more profit with less sales. On the other hand WalMart and Albertsons are selling low to bring in traffic. The market is clearly at work here.
I paid 1.86 in Shawnee, Oklahoma on Friday!
Since China has just started building their SPR a year or so ago, those rumors are only rumors. Also it is very small in size.
Ahem... let's see. How much do they produce, couple M barrels per day ? Bang on the drum some, make more money... hmmm. If I could say stuff and make my products price go up than I'd be out there every day scaring the bejeesus out of custom software buyers. "My new spreadsheets are for peaceful purposes - but buy my email client now or else."
You nailed it! The little runt is driving up revenue for his country in the most easy way... scare the world while you sit on some of the biggest oil supplies on Earth!
I gotta give the little maniac credit for something that was too easy and obvious. But oil prices are dropping and his little a$$ is about to get booted by his own people.
Actually, he doesn't run the show. It's the 'revolutionary council' behind the scenes, and the grand ayatollah. The crap that Ahmadi-Nejad says it's for public consumption. He doesn't actually have all that much power. It's just that it suited the regime to be bellicose (make more money, further their power, etc) at this time. It's not like they actually have free elections there. He'll depart and be replaced by someone else who will be (more) useful to the theocracy depending on grander geopolitical situation. If it's time to get to the table with US now that they've built up their position in Iraq, someone else 'more moderate' will take the front man role. Like Rafsanjani, say.