Will Oil Make A New High This Time?

[SMEGMA STENCH]

On a positive note, it will probably lead to some fresh barbecued copper thief pics.

Post the pics. This I command.

My money is on March 11 for Saudi.

What happens then? Another .50 cent gas price hike? Hyke? Hic... I don't know how to spell that.

Here is all you need to know:

"Managed money accounts on the NYMEX own a record 268,622 contracts (i.e. 269 MMbbls) of WTI crude oil. The storage capacity at the NYMEX hub in Cushing, OK is only around 45 MMbbls. In other words, speculators own nearly 6× the capacity currently available at Cushing. It does not get any clearer which way Wall Street is trying to take oil."

Who exactly do you mean by "wall street"? Just little investor types, or someone else?

[Denny]

Even if we get total harmony, the oil companies are still going to try everything they can to get that $150/barrel mark. It's coming whether we like it or not.

[Broncojohnny]

Even if we get total harmony, the oil companies are still going to try everything they can to get that $150/barrel mark. It's coming whether we like it or not.

Honestly I hope they get there too. Think of the skull fucking this administration is going to take when they won't drill in the gulf, gas is $5 a gallon and they won't do anything to curb speculation.

My favorite part is how it was all so easy when evil old Bush was in office, now it isn't all that simple for the leftist shitbags...

[Strychnine]

Libya forces 'bomb oil depot'

Forces loyal to Libyan leader Muammar Gaddafi hit storage tanks at the oil terminal of Es Sider in the east of the country today during a heavy bombardment of rebels in the area, rebel fighters said.

News wires 09 March 2011 14:17 GMT

Big, black plumes of smoke rose above the terminal. It was not immediately possible to independently confirm the report that the storage tanks were hit or to ascertain if the cause was the bombardment by Gaddafi's forces or a stray rebel rocket.

"We were standing over there in the direction of Es Sider. It was a fierce, random bombardment on us and then it hit the storage tanks," rebel figther Abdel Salam Mohamed told Reuters.

The Tripoli government and rebel forces have accused each other of blowing up oil facilities.

The rebels said Gaddafi's forces had hit an oil pipeline leading to Es Sider and dropped bombs on storage tanks in the Ras Lanuf area.

Libyan state television blamed the explosion on al "Qaeda-backed" armed elements who had blown up an oil storage tank as pro-Gaddafi forces advanced into Ras Lanuf.

A rebel official in Benghazi accused Gaddafi of playing a "dirty game" by hitting pipelines.

Published: 09 March 2011 14:17 GMT | Last updated: 09 March 2011 15:12 GMT

http://www.upstreamonline.com/live/article247613.ece

Libya fighting stokes crude

Oil rose by more than $2 today to over $115 a barrel as fighting intensified in Libya, and an Opec delegate said the producers’ group saw no need to hold an emergency meeting to ease supply fears.

News wires 09 March 2011 12:34 GMT

Brent crude oil futures for April were up $2.02 to $115.08 a barrel at 15:20 GMT after forces loyal to Libyan leader Muammar Gaddafi hit storage tanks in the oil terminal of Es Sider, rebel fighters said.

US crude was up 18 cents at $105.20 after earlier reaching an intraday high of $105.92.

A rebel movement official in Benghazi said Gaddafi forces had also hit an oil pipeline leading to Es Sider.

Gaddafi's forces are closing in on the rebel-held main square of Zawiyah, where fighting has led to the closure of one of Libya's biggest refineries. The Zawiyah refinery is the biggest provider of gasoline in Libya with a total capacity of 120,000 barrels per day.

http://www.upstreamonline.com/live/article247609.ece

[Denny]

Honestly I hope they get there too. Think of the skull fucking this administration is going to take when they won't drill in the gulf, gas is $5 a gallon and they won't do anything to curb speculation.

My favorite part is how it was all so easy when evil old Bush was in office, now it isn't all that simple for the leftist shitbags...

The glass is half full

[Sean88gt]

http://www.upstreamonline.com/live/article247613.ece


http://www.upstreamonline.com/live/article247609.ece

I'm wondering if those faithful to Gaddafi are exxon/mobil execs? Perhaps they are co-funding the civil unrest.

[Strychnine]

Interesting dichotomy here...

New 'rebel' leaders want to honor all oil contracts and continue producing, while the old regime is taking the ol' "I'm leaving and I'm taking my toys with me" approach by bombing depots and pipelines.

Rebels to respect oil contracts

The National Libyan Council based in the rebel-controlled east said today it respects all oil contracts signed by Libya after a violent revolt that has slashed output of the Opec producer.

News wires 10 March 2011 17:41 GMT

"We have already assured people we respect all contracts signed by Libya, this is especially true regarding the oil industry," council spokesman Hafiz Ghoga said, adding the council was acting as an emergency administration and so had a right to oil revenues and to spend them according to priorities.

"We are seeking to increase our production of oil but the bombardment of certain oil industry locations will definitely affect our levels of production," Ghoga told a news conference, Reuters reported.

Published: 10 March 2011 17:41 GMT | Last updated: 10 March 2011 17:41 GMT

Libya turns away tankers on dwindling supply

Libya turned away crude tankers from various ports as storage facilities dried up because of supply disruptions at oilfields from weeks of social unrest, prompting ships to reroute to Saudi Arabia and Algeria to secure cargoes.

News wires 10 March 2011 10:57 GMT

Libyan authorities have told a ship charted by Unipec, China's biggest crude buyer, to leave the port of Es Sider without its intended cargo of 2 million barrels of crude, a trading source told Reuters.

The port of Brega has run out of oil, forcing tankers to cancel shipments, an industry official said.

Forces loyal to Libyan leader Muammar Gaddafi have begun attacking oil industry infrastructure, striking an oil pipeline leading to Es Sider, also known as Sidrah, and bombing storage tanks in the Ras Lanuf oil terminal.

Unipec, the trading arm of Asia's top oil refiner Sinopec Corp , was told its cargo of crude had been cancelled and asked to remove its very large crude carrier from Es Sider, the source said

[Denny]

My money is on March 11 for Saudi.

Well now...

Saudi police open fire on protesters

http://www.theaustralian.com.au/business/markets/wall-street-shares-slumps-on-saudi-arabia-crackdown-fears/story-e6frg91o-1226019506310

[SMEGMA STENCH]

This.



.... dammit. I've exceeded my picture allowance. And I don't want to take the other ones down yet.