Oil under $70/barrel!!!
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lots and lots of fail
Joined: Dec 1999
Posts: 23,004
Likes: 1
From: Deeeeeeeeeeeeeeetroit
It's down below $59/barrel 
http://money.cnn.com/data/commodities/
Oil sinks below $59
Predictions of robust U.S. supplies and no 'major' hurricanes causes tumble for second day in a row.
October 3 2006: 11:52 AM EDT
LONDON (Reuters) -- Oil fell more than two dollars to below $59 a barrel Tuesday, hitting a seven-month low on forecasts of brimming U.S. fuel supplies, an easing of the hurricane threat, and no clear signal from major OPEC players of a production cut.
U.S. crude lost $1.83 to $59.20 a barrel on the New York Mercantile Exchange, the lowest intraday price since crude hit $58.68 February 17. Crude lost $1.88 Monday, largely due to the growing stockpile predictions.
U.S. distillates stocks, which include heating oil, probably rose last week, analysts polled by Reuters said. As oil slips further from a July peak, traders are watching for signs OPEC will act again to support prices.
"Given comfortable middle distillate stocks, it's hard to see a real supply worry in the winter," said Mike Wittner, analyst at Calyon investment bank. "If the price comes off another couple of dollars, we'll see more action out of OPEC."
Further easing prices, the U.S. Energy Department told Reuters on Monday it would delay buying some 11 million barrels of crude for the nation's emergency reserve through the winter to keep more supply on the market.
Moves by OPEC members Nigeria and Venezuela to trim output have failed to stem the slide. The measure will have little impact unless larger Organization of the Petroleum Exporting Countries producers follow, analysts say.
Nigeria and Venezuela last week pledged to cut supply from Oct. 1 by about 170,000 barrels per day, less than 1 percent of OPEC's total output.
"The Nigerian and Venezuelan announcements are significant, but they don't remove a lot of oil from the market," Wittner said. "Saudi Arabia has been conspicuous by its silence."
OPEC's second-largest producer Iran on Sunday backed any move by the 11-member group to bolster the market, while stopping short of saying it would trim its own output.
No major hurricanes
Oil has lost more than 20 percent since July's peak of $78.40 due to healthy U.S. heating fuel supplies, forecasts for a mild winter and signs of slower economic growth in the world's largest economy.
Prices have also eased due to a lack of hurricanes in the Gulf of Mexico, home to about a quarter of U.S. oil output. Last year, oil jumped to a then-record after Hurricane Katrina disrupted supply.
A noted hurricane forecaster, William Gray's forecast team at Colorado State University, on Tuesday predicted the Atlantic hurricane season will see just two more tropical storms and no more "major" hurricanes.
Analysts expect U.S. stocks of distillates, already at a seven-year high, to rise 1.3 million barrels in the week to Sept. 29. The U.S. government's latest supply report is due out on Wednesday.
Gasoline stocks are forecast to rise by 900,000 barrels and crude inventories to fall by 700,000 barrels.
http://money.cnn.com/data/commodities/
Oil sinks below $59
Predictions of robust U.S. supplies and no 'major' hurricanes causes tumble for second day in a row.
October 3 2006: 11:52 AM EDT
LONDON (Reuters) -- Oil fell more than two dollars to below $59 a barrel Tuesday, hitting a seven-month low on forecasts of brimming U.S. fuel supplies, an easing of the hurricane threat, and no clear signal from major OPEC players of a production cut.
U.S. crude lost $1.83 to $59.20 a barrel on the New York Mercantile Exchange, the lowest intraday price since crude hit $58.68 February 17. Crude lost $1.88 Monday, largely due to the growing stockpile predictions.
U.S. distillates stocks, which include heating oil, probably rose last week, analysts polled by Reuters said. As oil slips further from a July peak, traders are watching for signs OPEC will act again to support prices.
"Given comfortable middle distillate stocks, it's hard to see a real supply worry in the winter," said Mike Wittner, analyst at Calyon investment bank. "If the price comes off another couple of dollars, we'll see more action out of OPEC."
Further easing prices, the U.S. Energy Department told Reuters on Monday it would delay buying some 11 million barrels of crude for the nation's emergency reserve through the winter to keep more supply on the market.
Moves by OPEC members Nigeria and Venezuela to trim output have failed to stem the slide. The measure will have little impact unless larger Organization of the Petroleum Exporting Countries producers follow, analysts say.
Nigeria and Venezuela last week pledged to cut supply from Oct. 1 by about 170,000 barrels per day, less than 1 percent of OPEC's total output.
"The Nigerian and Venezuelan announcements are significant, but they don't remove a lot of oil from the market," Wittner said. "Saudi Arabia has been conspicuous by its silence."
OPEC's second-largest producer Iran on Sunday backed any move by the 11-member group to bolster the market, while stopping short of saying it would trim its own output.
No major hurricanes
Oil has lost more than 20 percent since July's peak of $78.40 due to healthy U.S. heating fuel supplies, forecasts for a mild winter and signs of slower economic growth in the world's largest economy.
Prices have also eased due to a lack of hurricanes in the Gulf of Mexico, home to about a quarter of U.S. oil output. Last year, oil jumped to a then-record after Hurricane Katrina disrupted supply.
A noted hurricane forecaster, William Gray's forecast team at Colorado State University, on Tuesday predicted the Atlantic hurricane season will see just two more tropical storms and no more "major" hurricanes.
Analysts expect U.S. stocks of distillates, already at a seven-year high, to rise 1.3 million barrels in the week to Sept. 29. The U.S. government's latest supply report is due out on Wednesday.
Gasoline stocks are forecast to rise by 900,000 barrels and crude inventories to fall by 700,000 barrels.
i wish it goes down to 50 cents,full tank 20-25 buks
