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Market Report: Stock Ticker (Oil prices are plunging 3.1% to $51.30/bbl)
Moneycentral.msn.com ^

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 ...


TOPICS: News/Current Events
KEYWORDS: economy; energy; energyprices; oil
I guess an election is coming up because the price of oil is plummeting.

DIMS: "Since oil is low nobody will care if we tack on a $9 a barrel 'conservation fee'"

1 posted on 01/16/2007 8:57:23 AM PST by frogjerk
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To: frogjerk

Tack it on and it never goes away at higher prices, the money is spent, and we just pay more.


2 posted on 01/16/2007 8:59:55 AM PST by bmwcyle (If noone buys illegal drugs, we win the war on drugs)
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To: frogjerk

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.


3 posted on 01/16/2007 9:00:10 AM PST by RightWhale
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To: frogjerk

keep sliding please ... gas in my neighborhood now at $1.98


4 posted on 01/16/2007 9:02:15 AM PST by mfnorman
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To: frogjerk

Dropping oil prices squeeze the cajones of Hugo and IMANUTJOB.


5 posted on 01/16/2007 9:02:36 AM PST by avacado
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To: mfnorman

I drove from Phoenix to Ventura/Oxnard ca for the weekend
on business and saw 2.50 plus a gallon only.......hmmmmmmmmmmm


6 posted on 01/16/2007 9:04:02 AM PST by advertising guy (If computer skills named us, I'd be back-space delete.)
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To: mfnorman

Filled up yesterday at Chevron with 89 octane (unleaded) it was $2.73 a gallon in Orange County, California.


7 posted on 01/16/2007 9:04:34 AM PST by edcoil (Reality doesn't say much - doesn't need too)
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To: edcoil

Saudi Oil Minister Ali al-Naimi said in New Delhi.

"Do not panic. Actually there is no reason for a meeting."


8 posted on 01/16/2007 9:07:20 AM PST by RightWhale
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To: avacado

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...


9 posted on 01/16/2007 9:08:17 AM PST by farlander (Strategery - sure beats liberalism!)
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To: edcoil

broke the 2.00 barrier in Hammond, IN (1.98)


10 posted on 01/16/2007 9:09:17 AM PST by slapshot (""USAF- when you absolutely, positively need it delivered on target, on time, right away)
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To: RightWhale

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.


11 posted on 01/16/2007 9:09:32 AM PST by farlander (Strategery - sure beats liberalism!)
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To: edcoil

The lowest I've seen in the Memphis area is $2.03 at a Shell station near my house.


12 posted on 01/16/2007 9:09:37 AM PST by NCC-1701 (To boldly go where no FReeper has gone before. Live long and prosper.)
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To: RightWhale
but it won't affect the price at the pump more than a couple cents.

I paid $2.10 yesterday. Lowest in a long time.

13 posted on 01/16/2007 9:12:17 AM PST by thackney (life is fragile, handle with prayer)
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To: farlander

Bingo.


14 posted on 01/16/2007 9:12:51 AM PST by Eric in the Ozarks (BTUs are my Beat.)
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To: mfnorman
$1.859 south of Dayton, Ohio.
15 posted on 01/16/2007 9:13:00 AM PST by KarlInOhio (Somoans: The (low) wage slaves in the Pelosi-Starkist complex.)
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To: frogjerk

It's Bush's fault. No really, it's Bush's fault.


16 posted on 01/16/2007 9:14:55 AM PST by FormerACLUmember
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To: advertising guy

I wonder if it has anything to do with all the electric cars on display at Detroit last week?


17 posted on 01/16/2007 9:15:01 AM PST by Defiant (Obama as President would make us an Obama Nation.)
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To: thackney

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.


18 posted on 01/16/2007 9:15:52 AM PST by RightWhale
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To: frogjerk
As I was saying six months ago, the oil industry was, is, and will always be cyclical.

Funny how nobody complains when the price is low.

19 posted on 01/16/2007 9:16:30 AM PST by E. Pluribus Unum (Islam is a religion of peace, and Muslims reserve the right to kill anyone who says otherwise.)
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To: farlander

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!


20 posted on 01/16/2007 9:17:24 AM PST by avacado
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To: farlander

Time to dump the strategic petroleum reserve! Crush the price downward. Fill it back up at bargain prices.


21 posted on 01/16/2007 9:19:33 AM PST by Holicheese (Beerfest could be the greatest movie ever made!)
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To: frogjerk

Blame it on Global Warming. No demand for heating oil.

Isn't that a shame.


22 posted on 01/16/2007 9:20:04 AM PST by samtheman
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To: frogjerk

Chavez's socialist utopia imploding by the second.


23 posted on 01/16/2007 9:23:11 AM PST by Proud_USA_Republican (We're going to take things away from you on behalf of the common good. - Hillary Clinton)
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To: Holicheese
Time to dump the strategic petroleum reserve! Crush the price downward. Fill it back up at bargain prices.

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.

24 posted on 01/16/2007 9:27:05 AM PST by thackney (life is fragile, handle with prayer)
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To: frogjerk

It's Bush's fault

I find the timing suspicious

Pelosi Is Severely Saddened

/s?


25 posted on 01/16/2007 9:29:13 AM PST by Christian4Bush (Too bad these leftist advocates for abortion didn't practice what they preached on themselves.)
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To: Defiant

honestly, it could be a factor


26 posted on 01/16/2007 9:29:51 AM PST by advertising guy (If computer skills named us, I'd be back-space delete.)
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To: frogjerk

Time to stop by the Hummer store.


27 posted on 01/16/2007 9:36:42 AM PST by showme_the_Glory (No more rhyming, and I mean it! ..Anybody want a peanut.....)
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To: RightWhale

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.


28 posted on 01/16/2007 9:41:50 AM PST by q_an_a
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To: avacado
IMANUTJOB

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.....

29 posted on 01/16/2007 9:45:06 AM PST by b4its2late (Liberalism is a hollow log and a mental disorder.)
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To: slapshot

Hammond, IN: Home of Three Floyds Brewing Co.
Mmmm.

http://www.threefloyds.com/


30 posted on 01/16/2007 9:45:14 AM PST by brewer1516
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To: farlander
I think Hugo is shitting his pants.

LOL! Sharting for sure!

31 posted on 01/16/2007 9:46:41 AM PST by b4its2late (Liberalism is a hollow log and a mental disorder.)
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To: q_an_a

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.


32 posted on 01/16/2007 9:52:04 AM PST by texas booster (Join FreeRepublic's Folding@Home team (Team # 36120))
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To: thackney

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?


33 posted on 01/16/2007 9:54:35 AM PST by texas booster (Join FreeRepublic's Folding@Home team (Team # 36120))
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To: Christian4Bush
It's Bush's fault I find the timing suspicious Pelosi Is Severely Saddened

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"

34 posted on 01/16/2007 9:56:40 AM PST by Go Gordon (I don't know what your problem is, but I bet its hard to pronounce)
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To: Go Gordon

Paid $1.92 for 87 octane in Indianapolis on Sunday, $1.88 in the Western suburbs of Detroit on Monday.


35 posted on 01/16/2007 10:06:07 AM PST by Jambe ( Save the Cows ! -- Eat a Vegan !!!)
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To: frogjerk

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.


36 posted on 01/16/2007 10:08:46 AM PST by Pamlico
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To: frogjerk

Gas at $1.95 here in OH today.


37 posted on 01/16/2007 10:16:41 AM PST by LS
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To: KarlInOhio

Karl, I didn't see it that low, but more toward Centerville, it's still $1.96.


38 posted on 01/16/2007 10:17:32 AM PST by LS
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To: b4its2late
"his 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....."

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?

39 posted on 01/16/2007 10:23:58 AM PST by avacado
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To: frogjerk

NYMEX presently at 50.70 for Oil and 1.37 for gas.


40 posted on 01/16/2007 10:46:36 AM PST by Enterprise (Drop pork bombs on the Islamofascist wankers. Praise the Lord and pass the hammunition.)
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To: Enterprise

Your tagline is too funny!


41 posted on 01/16/2007 10:52:28 AM PST by frogjerk (REUTERS: We give smoke and mirrors a bad name)
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To: frogjerk

Thanks!


42 posted on 01/16/2007 10:56:19 AM PST by Enterprise (Drop pork bombs on the Islamofascist wankers. Praise the Lord and pass the hammunition.)
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To: texas booster

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.


43 posted on 01/16/2007 11:18:38 AM PST by q_an_a
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To: mfnorman

I paid 1.86 in Shawnee, Oklahoma on Friday!


44 posted on 01/16/2007 11:38:26 AM PST by Coldwater Creek (The TERRORIST are the ones who won the midterm elections!)
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To: NCC-1701
Wal-mart in Covington was 1.93 - .03 this morning.
45 posted on 01/16/2007 11:39:52 AM PST by Coldwater Creek (The TERRORIST are the ones who won the midterm elections!)
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To: brewer1516
Great place but not in Hammond. 3 Floyds Microbrewery is in Munster, IN. Hammond is more of a Falstaff/Mickey's type city - You can get a pretty good argument by mistaking town locations like that here in the People's Republic of Lake County, IN

Also Flossmoor Pub is a pretty good micro brewery

We now return you to your regularly scheduled thread. Not a thread hijack, more of a sidebar
46 posted on 01/16/2007 2:23:13 PM PST by slapshot (""USAF- when you absolutely, positively need it delivered on target, on time, right away)
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To: texas booster
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.

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.

47 posted on 01/16/2007 2:32:18 PM PST by thackney (life is fragile, handle with prayer)
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To: avacado

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."


48 posted on 01/16/2007 5:50:56 PM PST by farlander (Strategery - sure beats liberalism!)
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To: farlander

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.




49 posted on 01/16/2007 6:10:47 PM PST by avacado
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To: avacado

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.


50 posted on 01/16/2007 6:21:09 PM PST by farlander (Strategery - sure beats liberalism!)
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