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 ...
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.