My comment:
Until such time as the wars in Afghanistan and Irak END and definite timetables to withdraw troops are SET IN STONE
and the borrowing agenda of the US Treasury is stopped
and the SEC puts on real monetary regulation
Then all the Bad News will just continue.
I remain convinced that at some point that the middle class is going to get pissed enought to DEMAND IMPEACHMENT before the election.
Meanwhile, the KlusterfucK just advances in the United States and Canada.
A SHOCK event - war with Iran or Syria, martial law declaration somewhere because of a natural catastrophe such as an earthquake or a manufactured pandemic are just about due NOW.
Computer runs put the date for a Big Event for tomorrow- April 10th.
Hmmm mmmm.
I wonder what Dick the Prick and Hankie Poo are up to today.
Don't YOU??
Time to haul out the Big Scare agenda once again. I wonder if they discussed it over a seafood dinner inside the bunker last night.
If you ARE reading this - HAVE you signed an impeachment petition yet?
Have you?
Without rule of law, things are gonna get REAL ugly!!
Here, below, is the continuing saga about $ociali$m for the RICH, where THEY share the profit$ at the top- and we get the losses.
Veeger
SAN FRANCISCO (MarketWatch) -- Crude-oil futures rallied nearly $4 Wednesday to a new record of $112.21 a barrel as government data showed a surprising drop in U.S. inventories.
Until such time as the wars in Afghanistan and Irak END and definite timetables to withdraw troops are SET IN STONE
and the borrowing agenda of the US Treasury is stopped
and the SEC puts on real monetary regulation
Then all the Bad News will just continue.
I remain convinced that at some point that the middle class is going to get pissed enought to DEMAND IMPEACHMENT before the election.
Meanwhile, the KlusterfucK just advances in the United States and Canada.
A SHOCK event - war with Iran or Syria, martial law declaration somewhere because of a natural catastrophe such as an earthquake or a manufactured pandemic are just about due NOW.
Computer runs put the date for a Big Event for tomorrow- April 10th.
Hmmm mmmm.
I wonder what Dick the Prick and Hankie Poo are up to today.
Don't YOU??
Time to haul out the Big Scare agenda once again. I wonder if they discussed it over a seafood dinner inside the bunker last night.
If you ARE reading this - HAVE you signed an impeachment petition yet?
Have you?
Without rule of law, things are gonna get REAL ugly!!
Here, below, is the continuing saga about $ociali$m for the RICH, where THEY share the profit$ at the top- and we get the losses.
Veeger
SAN FRANCISCO (MarketWatch) -- Crude-oil futures rallied nearly $4 Wednesday to a new record of $112.21 a barrel as government data showed a surprising drop in U.S. inventories.
Similarly, gains were seen in petroleum-products futures trading on the New York Mercantile Exchange.
The nation's stockpiles of crude fell to 316 million barrels in the week ended April 4, the Energy Information Administration reported.
This was down 3.2 million barrels on the week. Analysts surveyed by energy information provider Platts had been looking for an increase of 2.7 million barrels.
Crude oil for May delivery surged $3.71, or 3.4%, to a record of $112.21 a barrel in Nymex action in mid-afternoon trading. The benchmark contract had been up less than $1 before the data came out.
Chris Lafakis, an analyst at Moody's Economy.com, called last week's reduction in inventories "supportive of record oil prices." Crude's previous all-time high record was $111.80 hit on March 17.
Also Wednesday on Nymex, May reformulated gasoline rose 5.83 cents to $2.8087 a gallon and May heating oil gained 7.7 cents to $3.1872 a gallon, while May natural gas futures rose 41.3 cents to $10.11 per million British thermal units. Weekly data on U.S. gas in storage are due out on Thursday.
Crude inventories in detail
The unexpected drop in crude inventories came from sliding imports, the government's data showed.
U.S. oil imports averaged 8.9 million barrels a day last week, down nearly 1.4 million barrels a day from the previous week, the EIA reported.
"While imports will probably rebound next week, oil prices will nonetheless go up in the interim," said Lafakis.
The EIA also reported crude inventories at Cushing, Okla., the delivery point for crude traded on the Nymex, were unchanged at 17.5 million barrels.
Meanwhile, U.S. gasoline supplies fell 3.4 million barrels in the latest week, while distillate supplies, which include heating oil and diesel, dropped 3.7 million barrels. Analysts surveyed by Platts had been anticipating declines of 2.3 million barrels for gasoline stocks and 1.3 million barrels for distillates.
U.S. refineries operated at 83% of their operable capacity last week, up from the previous week's 82.4%.
In a separate report, the American Petroleum Institute said U.S. crude inventories rose by 6 million barrels in the week ended April 4, reaching to 315.5 million barrels. The API, an association of the U.S. oil and natural gas industry, calculates inventories based on different criteria.
Distillate stocks fell to 112.8 million barrels, down 177,000 barrels, while gasoline stocks rose by 1.8 million barrels to stand at 219.2 million barrels, the API said.
Weak demand
Crude's new record came even when the EIA is forecasting lower energy demand in the U.S.
EIA said in a monthly report released on Tuesday that consumption of liquid fuels and other petroleum products is projected to grow by 40,000 barrels a day in 2008, a downward revision of 100,000 barrels a day from the previous monthly forecast.
After accounting for increased ethanol use, U.S. petroleum consumption actually will fall by 90,000 barrels a day, EIA said.
West Texas Intermediate crude, or the underlying product of the Nymex crude futures, is expected to average $102 in March, EIA said in the report. The annual average WTI price, which was $72 per barrel in 2007, is projected to average $94 per barrel in 2008, but ease to about $86 per barrel in 2009. 
Moming Zhou is a MarketWatch reporter, based in San Francisco.Polya Lesova is a MarketWatch reporter based in New York.
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I was just wondering, Isn’t it about time that the professor from Colorado State U. (you know, that hotbed of hurricane activity) announce that there will be seventy or eighty hurricanes headed for the Houston oil refineries. The oil companies are running out of things to blame high prices on. The fact that he has been wrong the past two or three years may limit the pump and dump to, say $10 or $15 dollars a barrel.
Any thoughts?
Any thoughts?
mikeyl2826 3 hours ago
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Thats about right...he predicted something like 5-8 named storms with 1-2 being CAT 5s and for three yrs since Katrina he has been wrong...I don't understand how somebody estimating how many hurricanes there will be drives up oil prices...at least wait until they form off the coast of Africa, try and make us believe you arent screwing us at every turn....
numisman 3 hours ago
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You're right. The hurricane predictions are pretty boilerplate stuff. Take the long term average and add or subtract a storm or two.
BlueHorseshu 3 hours ago
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Guys we need to hold on tight here. Oil is going to fall off a cliff after this announcement but it will be volatile. Next stop $101 watch this space!
numisman 3 hours ago
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$101 is still way overcooked in my book.
DOWJONI 18 minutes ago
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Im with you this is a CROCK SHORT OIL. The lyin thieves!!!
ARay 2 hours ago
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Want some more Busish news?
"The Bush administration is currently adding 70,000 barrels of oil a day to the SPR, which is scheduled to hit a record volume of 700.7 million barrels by the end of the month.
Shipments to the reserves could shoot up to 125,000 barrels a day under a plan by the U.S. Energy Department that would put the government in competition with refiners for oil during the busy summer driving season."
http://www.reuters.com/article/politicsNews/idUSN1444397720080314?pageNumber=2%26virtualBrandChannel=10112
"The Bush administration is currently adding 70,000 barrels of oil a day to the SPR, which is scheduled to hit a record volume of 700.7 million barrels by the end of the month.
Shipments to the reserves could shoot up to 125,000 barrels a day under a plan by the U.S. Energy Department that would put the government in competition with refiners for oil during the busy summer driving season."
http://www.reuters.com/article/politicsNews/idUSN1444397720080314?pageNumber=2%26virtualBrandChannel=10112
rockrat 59 minutes ago
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The SPR is still accumulating oil? The only reasons for that are to prop up the oil prices, or as preparation for the invasion of Iran. Congress should override this lunacy.
JanPaul 2 hours ago
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I believe that the U.S. needs oil at these prices so OPEC has enough money to lend our government the money it is spending. With our deficit rising and the need for loans and some countries backing off from our debt, OPEC is our "loan lifeline."
When Japan and China sold off debt a few months back, OPEC stepped in to buy and still loan us the money we need.
Well the numbers are in. So much for a surplus.
When Japan and China sold off debt a few months back, OPEC stepped in to buy and still loan us the money we need.
Well the numbers are in. So much for a surplus.
true2you 2 hours ago
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Still looking for an answer do we have an open order for as much crude as we can get or is it an agreement between buyers and sellers that they will buy so much?
FuelMangerServices 2 hours ago
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I repeat - Senate Bill S. 577 would stop most of this c*** happening on the commodity markets especially in the energy sector...Today, Oil and Gas traders do NOT report any trades and more importantly WHO'S funding the trade. My Gut and Heart tells me it's the big three oil companies via oil money supported trading companies and also OPEC...Before you don't believe it could be that simple - PLEASE google Senate Bill S. 577 and you'll most likely be as upset as I am due to I monitor the NYMEX daily and for the last 24-years....The NYMEX was originally established to CONTROL major up/down swings in the energy markets. When this administration came into office they re-wrote the play book...This is exactly what they want to happen...KAOS is great for the very wealthy "have mores" -
jerryl 1 hour ago
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The big banks are the ones who are holding the oil price and futures. They can no longer make money with loans. The futures market gives them BIG short term returns... They have been doing this since they had no real profitable place to put their funds.
JerryL
JerryL
JanPaul 2 hours ago
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The big three only control about 5% of the oil reserves but, the government does want high oil prices because the value of the dollar is tied to oil demand. The less dollars needed to buy oil with and the lower the dollar falls.
High oil prices are all about propping the dollar up and having enough wealth in OPEC nations to loan us the money we need.
High oil prices are all about propping the dollar up and having enough wealth in OPEC nations to loan us the money we need.
loangstar 2 hours ago
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Why we need to borrow money from these countries? Can we just ask them to pay us for protecting them against Ir**.
BobP863 26 minutes ago
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Loangstar, good question. Bush Sr managed to get Kuwait to pay us in full for the Gulf War. So far Junior has only managed to get loans, loans, and more loans, while cutting taxes, to pay for Iraq and now he want to do the same for waging a war against Iran. Can't seem to get too many countries interested though.
mgrg 2 hours ago
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You forgot to mention that Bush is responsible for everything
numisman 1 hour ago
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What's the end-game to this strategy?
sands8oo 1 hour ago
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Excellent point JP - it boggles my mind trying to explain to folks that the rising oil prices are all in direct correlation with higher spending (ie bailouts, the Iraq war, etc etc)
How do you keep the dollar from collapsing? You get people to buy our treasuries. What happens when Japan and China no longer are buyers? You ask the Middle East to do so - and they comply, however, to get the money to do it, they need prices to go up so they have the cash flow.
Dont send these silly proposals for commodities price regulation - send proposals against continued expenditure of tax dollars for federal housing and banking bailouts.
Oh wait, that might cause an economic pandemonium - so lets just stick with higher oil to prevent chaos and let everyone complain and play nicely.
How do you keep the dollar from collapsing? You get people to buy our treasuries. What happens when Japan and China no longer are buyers? You ask the Middle East to do so - and they comply, however, to get the money to do it, they need prices to go up so they have the cash flow.
Dont send these silly proposals for commodities price regulation - send proposals against continued expenditure of tax dollars for federal housing and banking bailouts.
Oh wait, that might cause an economic pandemonium - so lets just stick with higher oil to prevent chaos and let everyone complain and play nicely.
sl1966 27 minutes ago
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When oil went below 100 a couple of weeks ago the dollar went up so that doesn`t completely go along with what you said.
zymurguy 2 hours ago
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I love how these shortages in oil reserves are always "unexpected". The people in charge of watching and managing the volume of oil reserves are worse than the weatherman... YOU'RE FIRED! I mean, c'mon, what does it take to check the dipstick each day, make a few phone calls... "hey Jim, what's the tank look like today?"... "oh, it's unexpectedly low, Bob, I dunno what happened." Sheesh.
mikeyl2826 1 hour ago
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I know when it drops it is totally unexpected but when they rise, it is usually not building enough so prices are still bullish....what a crock!
theargo7 1 hour ago
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Especially since it is normal for gasoline inventories to drop at this time of year (The inventories fell this week last year by almost the same amount as this year). Yet they forecast the drop to be very small so they can sell the "soaring demand" or "shrinking capacity" theory when it comes out as a larger drop than expected. The whole thing is a farce.
JanPaul 1 hour ago
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What is the "end game?" It was set in motion in 1971 when Kissinger made the deal to save the dollar with OPEC. Collapse of the dollar.
From that time on, the Fed, oil, trade deals, wars, etc. have all been to keep the dollar from collapsing. It is a game where you have to keep expanding the need for dollars one way or the other. Anytime demand falls, like when Saddam started selling oil in Euro's you have to find a way to counter that fall in demand. One way is war and another, in the case of Iran, is to raise prices so that what Iran sells in other currencies is made up for by the other nations selling at higher prices in dollars.
This continues until a "panic sell" takes place. If another nation sells in other currencies in a large quantity, it sets in motion a chain reaction where first out, gets the most for their dollars and last out loses most of the value they had. They don't want to do this yet. The U.S. consumer is still important to the global economy that they want us buying. That is declining but we aren't to a decoupling yet.
From that time on, the Fed, oil, trade deals, wars, etc. have all been to keep the dollar from collapsing. It is a game where you have to keep expanding the need for dollars one way or the other. Anytime demand falls, like when Saddam started selling oil in Euro's you have to find a way to counter that fall in demand. One way is war and another, in the case of Iran, is to raise prices so that what Iran sells in other currencies is made up for by the other nations selling at higher prices in dollars.
This continues until a "panic sell" takes place. If another nation sells in other currencies in a large quantity, it sets in motion a chain reaction where first out, gets the most for their dollars and last out loses most of the value they had. They don't want to do this yet. The U.S. consumer is still important to the global economy that they want us buying. That is declining but we aren't to a decoupling yet.
MrRaz 1 hour ago
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Very interesting JanPaul. Would you be so kind to suggest a bit further reading on the Kissinger "end game." Thanks in advance. Raz, I see that you already have!
heffer 1 hour ago
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OPEC has the world right where they want them. They can control the world economy with the price of oil. All they have to do is say they are cutting production and the price of a barrel will skyrocket. There is no stopping of the rising price. With the dollar not worth anything Look out for the $200 barrel.
JanPaul 1 hour ago
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US DOLLAR HEGEMONY:
THE SOFT UNDERBELLY OF EMPIRE (AND WHAT CAN BE DONE TO USE IT!)
by Rohini Hensman and Marinella Correggia
http://www.sacw.net/free/rohini_marinella30012005.html
======================
This article is one that details the role of dollar hegemony and our "empire."
Ron Paul also covers dollar hegemony
quote:
It all ended on August 15, 1971, when Nixon closed the gold window and refused to pay out any of our remaining 280 million ounces of gold. In essence, we declared our insolvency and everyone recognized some other monetary system had to be devised in order to bring stability to the markets.
Amazingly, a new system was devised which allowed the U.S. to operate the printing presses for the world reserve currency with no restraints placed on it-- not even a pretense of gold convertibility, none whatsoever! Though the new policy was even more deeply flawed, it nevertheless opened the door for dollar hegemony to spread.
Realizing the world was embarking on something new and mind boggling, elite money managers, with especially strong support from U.S. authorities, struck an agreement with OPEC to price oil in U.S. dollars exclusively for all worldwide transactions. This gave the dollar a special place among world currencies and in essence “backed” the dollar with oil. In return, the U.S. promised to protect the various oil-rich kingdoms in the Persian Gulf against threat of invasion or domestic coup. This arrangement helped ignite the radical Islamic movement among those who resented our influence in the region. The arrangement gave the dollar artificial strength, with tremendous financial benefits for the United States. It allowed us to export our monetary inflation by buying oil and other goods at a great discount as dollar influence flourished.
http://tinyurl.com/54ywk2
================
Understanding the problems with the dollar is important if we are to understand many of the policies of the U.S. over the last 3 decades. As things get worse with it, the more the government has to intervene in things.
THE SOFT UNDERBELLY OF EMPIRE (AND WHAT CAN BE DONE TO USE IT!)
by Rohini Hensman and Marinella Correggia
http://www.sacw.net/free/rohini_marinella30012005.html
======================
This article is one that details the role of dollar hegemony and our "empire."
Ron Paul also covers dollar hegemony
quote:
It all ended on August 15, 1971, when Nixon closed the gold window and refused to pay out any of our remaining 280 million ounces of gold. In essence, we declared our insolvency and everyone recognized some other monetary system had to be devised in order to bring stability to the markets.
Amazingly, a new system was devised which allowed the U.S. to operate the printing presses for the world reserve currency with no restraints placed on it-- not even a pretense of gold convertibility, none whatsoever! Though the new policy was even more deeply flawed, it nevertheless opened the door for dollar hegemony to spread.
Realizing the world was embarking on something new and mind boggling, elite money managers, with especially strong support from U.S. authorities, struck an agreement with OPEC to price oil in U.S. dollars exclusively for all worldwide transactions. This gave the dollar a special place among world currencies and in essence “backed” the dollar with oil. In return, the U.S. promised to protect the various oil-rich kingdoms in the Persian Gulf against threat of invasion or domestic coup. This arrangement helped ignite the radical Islamic movement among those who resented our influence in the region. The arrangement gave the dollar artificial strength, with tremendous financial benefits for the United States. It allowed us to export our monetary inflation by buying oil and other goods at a great discount as dollar influence flourished.
http://tinyurl.com/54ywk2
================
Understanding the problems with the dollar is important if we are to understand many of the policies of the U.S. over the last 3 decades. As things get worse with it, the more the government has to intervene in things.
wikimikey 1 hour ago
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Were we not discussing these same issues with oil back in the early 1980's? Wasn't gasohol gonna be the savior of our energy independance? Were we not warned that oil was too powerful back then? This country seems too have a bad memory or is it because the amount of junk that is daily spoon fed to us since the start of the misinformation age has us jaded?
It begs to ask... Why would you want the government to head anything? Why would you rely on them to fix anything? It truly is the disconnect that Washington DC has with the country at large.
It begs to ask... Why would you want the government to head anything? Why would you rely on them to fix anything? It truly is the disconnect that Washington DC has with the country at large.
zymurguy 30 minutes ago
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yeah, like ethanol. "Let's financially support and supplement the development of an alternative fuel element with guv'ment money... what's that? ethanol is made with corn? great! we have lots of that right? and it's cheap." doh! "wha'? oh, we didn't really think about the fact that corn is used in everything else and the free market we haven't taken control of yet responded by farmers selling high to ethanol producers rather than their past buyers." double doh! "we can still fix this, don't report fuel or food inflation anymore, we'll call it "core inflation"... yeah, that's it... nothing to see here, move along."
biker 36 minutes ago
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Crude oil rallied today when a corn fell off of an old womans big toe today as she crossed the street to sign up for food stamps. It was not expected to have an affect on the price of corn used for the ethanol market as that does not matter anymore with farmers cutting back to 80% of production for this year. However, she did pass gas and that sparked a rally for green house friendly stocks as Greenpeace beat her senseless.
more to come....
more to come....
jwlivingston 35 minutes ago
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The refiners have decreased utilization down to 83% whereas last year they were at 88% and they were surprised that there was a decrease in gasoline inventories which are quite a bit higher than they werelast year at this time. Last year this time they hovered around 200 million barrels versus the 219 million this year. Last year prices "went up due to a new additive is short supply. So they have more on hand, demand is down, (depending on what you read by 2% or 6.8%)and we should have to pay more because the refiners are manipulating the "stockpile numbers" by their production output. Common sense is thrown out and our government who is bailing out wall street, the perpetrators of the dot com bubble, housing bubble, and now the commodities bubble, stand by and say the price of gas of 3.50 a gallon concerns them. Probably concerns them because they could benefit a lot more at 4.00 a gallon. I think it's time for them to go and go quickly.
theargo7 31 minutes ago
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I never heard them say it concerns them (although I agree that they are probably concerned that it isn't $4 yet). They are probably subsidizing the refiners to curtail gasoline production.
JanPaul 32 minutes ago
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I saw an awful lot of people filling up at the station I use this week. Why?
Were they thinking prices were going to go up and trying to get a tank filled prior to that? If so, maybe inventories will improve next week.
However, "one station does not a trend make," so, it is just a thought.
Were they thinking prices were going to go up and trying to get a tank filled prior to that? If so, maybe inventories will improve next week.
However, "one station does not a trend make," so, it is just a thought.
sbenard 27 minutes ago
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This news, in turn,is causing grain prices -- biofuels -- to explode through the roof today! Soybean prices have hit lock limit up! See today's corn, wheat, and soybean charts, which I posted to my blog:
http://globalcapital.blogspot.com/
What commodity bubble?
http://globalcapital.blogspot.com/
What commodity bubble?
kudlowpet 25 minutes ago
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Even OPEC acknowledged big institutions control prices...
correctthinking 14 minutes ago
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It's clear that the "free market" system does not work where energy is involved. Perhaps it's time for the government to sieze the oil companies and run them. Price will drop when profit is eliminated. Or better yet, how about we get off our collective a##, and insist that the government and the oil companies begin immediate construction of 100 large refineries across the nation...we can import all the oil we want, we can pump it out of the ground all we want, we can fill SPR with ten billion barrels of the stuff, but if you can't refine it, you can't use it. Build more refineries, triple or quadruple the capacity, and the cost comes down. And while we're at it, we need to drill for more oil domestically, in Alaska, off the coast of California and Florida. The tree-hugging enviros can no longer dictate energy policy, they need to shut the h*** up before we all go bankrupt.
connemarasports 13 minutes ago
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I think 4-5 a GAL. is great in that we still get it much cheaper then euroland and the govt''s at all levels get a cut on each gal which help to stabize our Taxes at local,state,county and fed's levels.I think all you Repub's who our awash will tax cut monies and your oil stocks really our enjoying this.I do have oil/metals in some of my mutual funds and have seen 38%+ increase yoy last four years,but previous to thoses years only 3-5%-so its nice and hopfully it will cut down on enviroment issues as oil hits 4-5 within the next few months and years{plus 13-19 billion congress gives us for new ways to find more oil and metals}!God sure is GREAT!
ARay 9 minutes ago
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Here's a good one I just came across. Directed at the housing bubble, but I hope it applies here!
Greater foolishness
In fact, off-plan ‘investing’ is not investing at all - which implies a long-term commitment- but speculation. It is based on the expectation that there will be willing buyers you can sell to at a good profit. And the big risk is: what if there aren’t? The ‘greater fool’ theory says that it’s OK to be an idiot when you buy something so long as there’s an even bigger idiot who you can sell to.
But as US off-plan speculators have discovered, the ‘greater fool’ game gets very ugly when the music stops and the idiots suddenly all wise up. So the rule you should apply if you want to join this or any other speculative game is: only play with money you can afford to lose.
http://money.uk.msn.com/Mortgages/BuyToLet/article.aspx?C***-documentid=5182780
Greater foolishness
In fact, off-plan ‘investing’ is not investing at all - which implies a long-term commitment- but speculation. It is based on the expectation that there will be willing buyers you can sell to at a good profit. And the big risk is: what if there aren’t? The ‘greater fool’ theory says that it’s OK to be an idiot when you buy something so long as there’s an even bigger idiot who you can sell to.
But as US off-plan speculators have discovered, the ‘greater fool’ game gets very ugly when the music stops and the idiots suddenly all wise up. So the rule you should apply if you want to join this or any other speculative game is: only play with money you can afford to lose.
http://money.uk.msn.com/Mortgages/BuyToLet/article.aspx?C***-documentid=5182780
dryheavesdaily 4 minutes ago
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Breaking news
Merrill Lynch May Post First-Quarter Loss on $6 Billion to $6.5 Billion in Further Write-Downs
Merrill Lynch May Post First-Quarter Loss on $6 Billion to $6.5 Billion in Further Write-Downs
dryheavesdaily 4 minutes ago
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Breaking news
Merrill Lynch May Post First-Quarter Loss on $6 Billion to $6.5 Billion in Further Write-Downs
Merrill Lynch May Post First-Quarter Loss on $6 Billion to $6.5 Billion in Further Write-Downs
Silverbull 25 seconds ago
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G7 Meeting on Friday, are we going to see another manipu.... manual adjustment?
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