Author Topic: Oil  (Read 89668 times)

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Offline M&M

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Re: Oil
« Sticky post on: January 13, 2012, 08:40:26 PM »


WTI
« Last Edit: September 21, 2012, 03:32:45 PM by M&M »
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Re: Oil
« Reply #-1 on: January 13, 2012, 08:40:26 PM »

Offline Honda 125

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Oil
« on: October 25, 2008, 09:29:56 AM »
All about Crude Oil
« Last Edit: October 01, 2011, 02:45:49 PM by M&M »

Offline Honda 125

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Re: Oil
« Reply #1 on: October 25, 2008, 09:30:16 AM »
Oil falls $5 as OPEC cut fails to halt slide  
 
 
Saturday, October 25, 2008
LONDON: Oil slid more than $5 a barrel on Friday as gloom about a global economic downturn sapping fuel demand took the steam out of an OPEC agreement to cut output.

Ministers of the Organisation of the Petroleum Exporting Countries agreed at an emergency meeting in Vienna to take 1.5 million barrels a day of crude, about 5 per cent of its supply, off the world market.

US light crude for December delivery traded down $3.30 at $64.54 a barrel by 1530 GMT. Earlier it touched $62.65; it’s lowest since May 2007. It has fallen more than $40 a barrel in a month. London Brent crude was down $3.35 at $62.57.

Saudi Arabia’s Oil Minister Ali al-Naimi said the group had agreed the output reduction with effect from November 1. Traders said OPEC’s action might not be enough to arrest a slide that has seen oil down more than 50 per cent from a record $147 a barrel in July.

“Already we’ve seen demand destruction of 2 million barrels per day. I’m not convinced this cut will be enough to stop the slide,” said Rob Laughlin, at broker MF Global. “We need to see what they plan on doing later this year.”

Oil has plunged as the credit crisis hits economic growth and oil demand in the US, the world’s biggest energy consumer, and other industrial countries. “We believe this week will mark the start of a new quota reduction cycle by OPEC and it will continue through 2009,” Deutsche Bank analyst Michael Lewis said in a note. “However, we believe production cuts will not rescue the oil price,” he said. The International Energy Agency, which advises industrialised consumer countries, was critical of OPEC’s cut. “It’s not a helpful decision because markets are quite nervous,” Eduardo Lopez, senior analyst at the IEA’s oil market division said.

Offline Honda 125

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Re: Oil
« Reply #2 on: October 29, 2008, 09:04:56 AM »
Oil companies face problems in import
 
Wednesday, October 29, 2008
By our correspondent

KARACHI: A top petroleum industry official on Tuesday warned that companies are facing problems in importing oil due to their poor financial position and country’s negative credit rating which has made bank financing scarce.

Managing Director Pakistan State Oil (PSO) Kaleem Siddiqui told a press conference here that billions of rupees have been wiped off from books of oil marketing companies and refineries after a steep fall in oil prices and fast depreciation of rupee.

PSO reported a loss of Rs8.3 billion in July-September quarter after value of its inventory of oil, which was imported at a higher price, eroded with a slump in international prices. Other marketing companies and refineries have also suffered inventory losses.

The burgeoning amount of receivables from the government and power generation companies has added to the woes of the industry, he added. State-owned PSO with a market share of over 70 per cent is the biggest supplier of petroleum products.

“PSO has receivables of more than Rs73 billion from WAPDA, HUBCO, KAPCO, PIA and as PDC (price differential claim),” Siddiqui said, adding that delay in payment of these dues had barred the company from clearing Rs66bn of refineries. He said Pakistan Refinery Limited (PRL) will stop refining operation if PSO did not clear its dues of Rs10bn by November 28. “But we will not let that happen.”

The circular debt is a result of the government’s subsidy on power tariff and petroleum products besides the inability of cash-strapped Pakistan International Airlines (PIA) to pay off its debt. However, PSO’s PDC, which the government pays as subsidy on petroleum products, has come down to Rs12bn with the slump in international oil prices.

It is prudent to mention that PDC still owed by the government to oil companies is only the backlog, as since October 16 it has stopped accumulating liability under that head.

A cut in Pakistan’s credit rating has exasperated the problem for refineries as crude oil suppliers are demanding hard-to-obtain foreign bank’s verification of letter of credits.

Offline Honda 125

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Re: Oil
« Reply #3 on: October 29, 2008, 09:08:02 AM »
Oil below $64
 
Wednesday, October 29, 2008

LONDON: Oil retreated from session highs on Tuesday, tracking US stock markets where an early rally ran out of steam despite gains in European and Asian shares.

Oil had drawn support from evidence OPEC would act upon last week’s decision to cut output as the United Arab Emirates state oil company reduced volumes to term customers. OPEC ministers said they were ready to take further action. US light crude for December delivery was down 15 cents to$63.07 by 1526 GMT. It touched a session high of $65.20. London Brent crude was down 41 cents to $61.00.

European equities rose early on Tuesday, helped by a late surge in Asia and a jump in shares of heavy-weight oil group BP after its third-quarter earnings beat forecasts.

US stock markets rose initially too, heartened by the rebound in energy company shares, including Exxon Mobil. But they then came off session highs, after some bank shares fell sharply.

Offline Honda 125

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Re: Oil
« Reply #4 on: October 30, 2008, 08:53:58 AM »
Earthquake not to affect oil, gas reserves
 
Thursday, October 30, 2008
By Saad Hasan

KARACHI: The powerful earthquake which hit Balochistan in wee hours of Wednesday will not affect oil and gas reserves there, a senior geologist told The News.

Most of the damage has been caused in and around picturesque Ziarat which does not has any major hydrocarbon reserve, said Pakistan Association of Petroleum Geoscientists (PAPG) Chairman, Syed Wamiq Bokhari. “(Extent of) impact depends on strength and location of the earthquake,” he said, adding “I do not think it will have any significant affect.” Ziarat block has low drilling density as far as oil and gas exploration activity is concerned, according to Capital One Equities Head of Research, Saad Bin Ahmed.

“Oil and gas production statistics from Pakistan Petroleum Information Services (PPIS) do not show any production from Ziarat block,” he said, adding country’s reserves estimate do not include those available in Zairat.

Economically-backward Balochistan rely mainly on royalty it receives on gas to meet the expenditures. Marble quarries have also remained safe from the earthquake, exporters said.

Offline Admin

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Re: Oil
« Reply #5 on: October 30, 2008, 11:56:55 AM »
oil above 70

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Re: Oil
« Reply #6 on: October 31, 2008, 11:17:12 PM »
65 lookin gud

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Re: Oil
« Reply #7 on: October 31, 2008, 11:27:29 PM »
65 lookin gud

got it @ 65.1 rocketin to 67.5 wow

laooo 5min chart

Offline Sadiq Jafri

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Re: Oil
« Reply #8 on: October 31, 2008, 11:52:28 PM »
 ;D

good shot

Offline Sadiq Jafri

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Re: Oil
« Reply #9 on: November 06, 2008, 08:34:42 PM »
Oil could be a short below 61.2 (oil miNY)

will check it out for a possible volume breach...

Offline Farzooq

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Re: Oil
« Reply #10 on: November 06, 2008, 08:39:05 PM »
Oil could be a short below 61.2 (oil miNY)

will check it out for a possible volume breach...

Near its lows
Was about to buy at 64 . Then decided against it
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Offline Sadiq Jafri

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Re: Oil
« Reply #11 on: November 06, 2008, 08:48:09 PM »
 ;D bachat....

its breached the 61.2 level but going back up...have to see closing on 60 min chart and volume...if both in line then will short on a bounce...

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Re: Oil
« Reply #12 on: November 06, 2008, 10:29:55 PM »
;D bachat....

its breached the 61.2 level but going back up...have to see closing on 60 min chart and volume...if both in line then will short on a bounce...

plannin to buy oil with stop loss @ 60

Offline Sadiq Jafri

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Re: Oil
« Reply #13 on: November 06, 2008, 10:35:33 PM »
what are u targeting? it hasnt closed below support on 1hr chart...plus, stochastics look like it could be ready for a bounce....do keep stoploss though...

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Re: Oil
« Reply #14 on: November 06, 2008, 10:38:36 PM »
;D bachat....

its breached the 61.2 level but going back up...have to see closing on 60 min chart and volume...if both in line then will short on a bounce...

plannin to buy oil with stop loss @ 60

got in @ at 60.61 currently 61.2 wow

Offline Sadiq Jafri

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Re: Oil
« Reply #15 on: November 06, 2008, 10:50:30 PM »
wah! chakka!

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Re: Oil
« Reply #16 on: November 06, 2008, 10:57:03 PM »

Offline Sadiq Jafri

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Re: Oil
« Reply #17 on: November 06, 2008, 11:06:55 PM »
lush shot! well, i went short at 61.20, stoploss at 61.7...lets see

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Re: Oil
« Reply #18 on: November 06, 2008, 11:18:32 PM »
lush shot! well, i went short at 61.20, stoploss at 61.7...lets see

60.8
moving in a very narrow range now and moving avgs converging would b interestin to see if it breaks up or down
should break downwards

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Re: Oil
« Reply #19 on: November 06, 2008, 11:21:30 PM »
also posted a gbp futures chart in currencies, take a look