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Crude oil prices fall to half of record Published: Oct. 15, 2008 at 6:18 PM NEW YORK, Oct. 15 (UPI) -- Crude oil prices fell to a penny more than half July's record price, retracting 50 percent on the New York Mercantile Exchange in just over three months. Crude oil fell $5.11 Wednesday to $73.64 per barrel, a 6 percent drop on the day, as unsettled economies continued to support investors' fears of falling demand. "The honeymoon relief package reaction now appears to be giving way to uncertainty over its impact on global demand," Mark Pervan, a senior commodity strategist...

Crude-oil futures fell below $75 per barrel Wednesday to close at their weakest level in more than a year after a group of key oil producers cut their oil-demand forecast for next year, fueling concerns that the global financial crisis will lead to a sharp slowdown in economic growth and further declines in oil consumption. "World demand is not willing to pay for high-priced crude oil right now so the market has to find an attractive price level," said Darin Newsom, DTN senior analyst. On Wednesday, that meant below $75, he said. Crude for November delivery fell $4.09, or 5.2%,...

North Texas Sweet Tuesday, October 14, 2008   The spot futures contracts for crude opened today at $83.60 for November contracts; that price is +$2.41 from Monday's close of $81.19. The Natural gas markets opened at $6.77 for November contracts +$.09 from Monday's close of $6.68. The Houston Ship Channel average price of spot gas delivered on October 1 is $7.27 per MMBtu according to Platts' Inside FERC Gas Market Physical gas delivery prices for Tuesday, October 14, 2008 are $6.61 for Henry Hub, $6.20 Houston Ship Channel, $6.22 for Katy $6.00 for NGPL TX/OK and $3.83 for Waha.     Company Price Effective Date ConocoPhillips $77.81 10-13-08 Geer $77.75...

NEW YORK – Oil prices fell below $79 a barrel in choppy trading Tuesday as investors took profits from the previous day's rally and shifted their focus back to signs of dwindling world energy demand. A falling U.S. stock market, a day after a record-breaking advance, also weighed on crude prices as oil market traders continued to fixate on equities as a barometer for the overall confidence in the shaky world economy. At the pump, retail gas price kept dropping. A gallon of regular dropped 4.3 cents overnight to a new national average of $3.163, according to auto club AAA,...

Crude prices could fall to $50 a barrel: Goldman Sachs 13 Oct 2008, 1017 hrs SINGAPORE: Goldman Sachs, one of the foremost bulls on commodities, turned a near-term bear on Monday after conceding that global financial turmoil would take a far bigger toll on demand than first anticipated. "We have underestimated the depth and duration of the global financial crisis and its implications on economic growth and commodity demand," its commodity markets research team lead by Jeffrey Currie said in a report dated Oct 13. The bank, which has consistently been at the top of oil price polls for years,...

Although oil prices have tumbled by almost half since approaching $150 a barrel in July, it looks like black gold still has further to fall... "...OPEC will need to revive demand. “We now know that the global economy couldn’t really handle prices above $100 and OPEC will have to figure out a price the economy can handle,” Lebow said."

NEW YORK - The stunning collapse in oil markets accelerated Friday, sending a barrel of crude plunging below $78 as investors grow more pessimistic about resolving a mushrooming global economic crisis. Oil hasn't been this cheap in 13 months — a rare silver lining for consumers amid a rapidly imploding financial landscape.

Crude Oil down to $84.66 @ 7:10 PM EDT. Gas at $3.19 here. That's a dime less in 2 days.

News from Reuters OPEC would cut oil output at below $80: source 08/10/08 DUBAI (Reuters) - OPEC is unlikely to cut output at its meeting in December unless the price for crude produced by its members falls below $80 a barrel, an OPEC source said on Wednesday. The price for OPEC's basket of crude stood just above that threshold on Tuesday, at $80.04 a barrel. U.S. crude, which trades a few dollars higher than OPEC oil, slid to a 10-month low on Wednesday on concern that the international financial crisis would have a major impact on demand for energy. "The...

Crude oil prices decline Wednesday Published: Oct. 8, 2008 at 5:45 PM NEW YORK, Oct. 8 (UPI) -- A falling dollar Wednesday failed to prop up crude oil prices, which sank below $90 per barrel for the second time this week. Crude oil prices lost $1.28 cents to $88.78 per barrel. Heating oil prices dropped 0.0057 cents to $2.50 per gallon. Reformulated blendstock gasoline fell 0.0394 cents to $2.023 per gallon. Natural gas prices fell 0.015 cents to $6.753 per million British thermal units. At the pump, the average price for a gallon of regular unleaded gasoline was $3.447 Friday,...

Highlights Average household expenditures for all space-heating fuels are projected to be $1,137 this winter (October 1 to March 31), a 15-percent increase over the estimated $986 spent last winter. The largest increases will be in households using heating oil and natural gas. The projected increases primarily reflect higher prices, although colder weather than last winter will also contribute to higher fuel use in many areas. Strong global demand and low surplus production capacity contributed to the run-up to record crude oil prices in July. The current slowdown in economic growth is contributing to the recent decline in oil demand...

Expect cold and snowy winter in East: forecaster Wed Oct 8, 2008 10:35am EDT HOUSTON (Reuters) - The winter of 2008-09 will be the coldest and snowiest in years in the eastern United States, threatening homeowners with back-breaking heating bills, private forecaster AccuWeather predicted on Wednesday. "Given this economic environment, the winter will push some homeowners to the brink," AccuWeather long-range forecaster Joe Bastardi said, noting the credit crisis and high fuel prices.

Earlier this year, many voices in the media were warning for the worst when it came to the price of oil as economic uncertainty loomed ahead. One analyst even predicted in May that oil would hit $300 a barrel. However, now that financial turmoil has plagued the markets, the price of oil has fallen from its $147-a-barrel high in June 2008 to around $90 a barrel on Oct. 7. Around its peak, many were forecasting oil in excess of $200 by the end of 2008, but since that time the bull market in commodities has slowed or ceased, as Equidex...

Below $90 at beginning and end of US trading day. $84.99 ppb...Here we come!

NEW YORK (Reuters) – Oil dropped more than 6 percent to below $88 a barrel on Monday as a global market rout churned concerns that faltering fuel demand could slow further. U.S. stocks tumbled 6 percent to the lowest level in nearly five years as part of an international sell-off on fears the global economy was heading into recession. U.S. crude settled down $6.07 at $87.81 a barrel after hitting an eight-month low of $87.56. London Brent crude fell $6.57 to settle at $83.68 a barrel. Crude prices have plummeted from a peak over $147 a barrel set on July...

(CEP News) - Gold is currently the sole commodity selling off on Tuesday morning, in sharp contrast to Monday when it was rallying. Chicago Board of Trade (CBOT) gold is trading down $16.60 per ounce to $877.80 USD, as markets hope for a revised bailout plan that will eventually be passed by the U.S. House of Representatives following yesterday's surprise development. "Yesterday's turmoil in the financial markets was true testimony to gold's status as a safe-haven asset, with the surprise rejection by U.S. Congress of the proposed $700bn bailout plan inducing fear in risky assets but supporting a close back...

(AP) Governor Patrick says there's a real possibility that people in America could freeze to death this winter due to the soaring cost of home heating fuel. Patrick met with members of the Massachusetts congressional delegation on Capitol Hill and later testified before a House panel on the need for heating aid in cold-weather states. Patrick said the cost of heating a home -- whether by electricity, gas or oil -- is expected to cost between 20 and 31 percent more than a year ago. He said that will have an impact on many families, and not just those who...

Looking Beyond the Short Run It has been 12 days since Hurricane Ike made landfall. As of yesterday, more than 850 thousand barrels per day of crude oil production from the Gulf of Mexico and about 1.7 million barrels per day of refinery capacity were still shut down. To date, about 27 million barrels of crude oil production from the Gulf of Mexico have been shut in due to Hurricanes Gustav and Ike. As of September 19, about 46 million barrels of refined product have not been produced due to refineries being shut down or running at reduced levels for...

... It was on this same porch five years ago that Simmons had the insight that convinced him that the oil age had passed its zenith. During a trip to Saudi Arabia in February 2003 with his friend Herbert Hunt (yes, the son of H.L. Hunt who, with his brother Bunker, almost cornered the silver market in 1980), Simmons had become suspicious of the Saudis' claims about the vastness of their oil supply. In his four decades of working in the oil and gas industry, everyone he had ever talked to had taken it as gospel that the Saudis had...

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