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Posted on 07/10/2006 2:43:07 AM PDT by RWR8189
SINGAPORE - Crude oil prices retreated Monday as traders took profits following recent gains and amid easing worries about Iran's nuclear dispute after the country's top nuclear negotiator expressed optimism that the standoff can be resolved peacefully.
Light, sweet crude for August delivery fell 37 cents to $73.72 a barrel in Asian electronic trading on the New York Mercantile Exchange.
The drop came after oil prices had climbed for most of the last two weeks, reaching an intraday record of $75.78 a barrel on Friday before settling back at $74.09.
The Brent crude contract for August fell 27 cents to $73.24 a barrel.
"The drop in prices is more about profit-taking than anything else," said Tobin Gorey, commodity strategist at Commonwealth Bank in Sydney. "We're in the midst of the hurricane season, it would take a lot of courage for anyone to go seriously short now."
Traders have been closely watching Gulf of Mexico weather reports as memories of last year _ one of the most destructive hurricane seasons on record _ continued to haunt traders. Hurricanes Katrina and Rita swept some offshore rigs from their moorings, shuttered production in the Gulf and damaged refineries in Louisiana and southeast Texas.
The oil market has been driven by increasing geopolitical tensions, particularly the ongoing nuclear standoff between the West and Iran, the second-largest oil producer in the Organization of Petroleum Exporting Countries. Some fear that sanctions imposed against Iran could prompt it to withhold some of its crude from the market.
Gorey said traders could also be reacting to comments by Iran's top nuclear negotiator on Friday insisting the nuclear standoff can be resolved through dialogue.
"The Iranian nuclear issue is not so complicated that it cannot be solved through dialogue," Ali Larijani told a news conference in Madrid after meeting with senior Spanish officials. He would not say when Iran might respond to the package of incentives offered by the world powers to persuade the country to cease uranium enrichment.
Gasoline futures on Monday fell 1.58 cents to $2.2263 a gallon while heating oil prices dropped 0.17 cent to $2.0087 a gallon.
Nymex natural gas futures gained 3.9 cents to $5.562 per 1,000 cubic feet after falling Friday to their lowest level in nearly two years as U.S. supplies in storage grew to roughly 30 percent above their five-year average.
The United States is awash in natural gas and some analysts believe there may not be enough underground storage capacity, potentially forcing some producers to shut wells. Others predict the falling price will spark demand and cause the supply overhang to be whittled away by fall.
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only $73 eh?
wow what a BARFER!
answer?
Nuke Iran and drill right through the glass
Our consumer-based economy is driven by and dependent upon readily-available, reliable energy-- choke that off, and we'll all be back to using one rotary dial phone in the dining room, watching one TV in the living room, and driving one car per family-- probably a Hudson Hornet or a Nash Metropolitan...
We need to
1) end the nonsensical ban on offshore drilling off California and Florida--read & weep:
Castro Plans to Drill 45 Miles from US Shores, But We Can't
2) build a lot of next-generation nuclear power plants, not just for electricity, but for any process requiring heat, power, or steam.
And if we replaced our existing nuclear plants with this one
...there would be significant benefits.
3) end Jimmy Carter's idiotic ban on recycling nuclear waste, and reprocess the stuff rather than fighting over where to bury it. Europe has done this for decades.-- what to do with spent nuclear fuel? Answer here: http://www.freerepublic.com/focus/f-news/1468321/posts?page=50#50 hattip: Mike (former Navy Nuclear Engineer)
4) use the 300-500 years worth of coal we have on our own land, using the new clean-coal technology.
-Clean Coal Centre--
5) and finally, there's nothing wrong with conservation, we should all practice it- but you can't conserve your way out of a shortage. Nor is there anything wrong with "alternative" energy sources- except they don't supply the vast ( not to mention readily-available ) amounts of power we need at a price competitive to more conventional sources.
Then again, there is this to ponder:
Energy From the Gulf Stream
http://www.energy.gatech.edu/presentations/mhoover.pdf
We do need to get serious about this before we get strangled by a bunch of petty thieves and dictators who don't like us much.
My tongue-in-cheek collection of energy-related links:
Sticker Shock-$3 a gallon gas? Click the picture:
And kindly note, and note well-- the first reply to this post ( when gas was $1.45 a gallon ) was derisive... so, who's laughing now?
Vest-Pocket Summary:
1- drill for gas & oil like crazy- onshore, offshore, and in Alaska
2- go nuclear for power
3- convert stationary plants to clean coal technology or Next-Gen Nuclear
4- slash taxes and regulations like crazy
This article should read oil prices dropped slightly as Traders took profits and wait for more bad news so they can start the cycle again.
I would vote for you for president!
You're right, of course. I also think T. Boone Pickens ( some love him, some hate him- I'm neither, but he knows the oil market as well as anybody ) was right when he summed it up as testing whether consumers would sit still for $3.00 a gallon gas. Apparently they will. Dammit.
M'am, thank you, very kindly- but I'm holding out for Supreme Dictator. Or Overlord. Give me unlimited power, and I'd straighten this country out in a hurry... :-D
As long as you reduced subsidies to the oil, coal and gas industries and integrated market-based price signals into the cost of energy, I might vote for you for President as well.
PS: You might want to check your personal page. The photo no longer appears current.
Thanks- I pulled that down after the last major troll/disruptor infestation, for security reasons.
Thanks for that tidbit - I didn't know TBone had spoken out about this. Thought all he cares about these days is water.
This is just a very small correction. I'll go nuts if we're going to worry about intraday or even intraweek rallies and valleys, but y'all knock yourselves out.
*Putting my hara-kiri sword back up over the mantel for a while.* At least for this week, "Lord, let me eat steak with my cake!"
When I read that, my ears pricked up-- love him or hate him, he knows that field well. And I'm still afraid he was right- I miss the days of $0.25 gas...
Shush! *Natural gas* could very well dip that low and Boone won't be saying much then. I even got one of those mythical gas company refunds last month.
On the other hand, I was on the road this week end, and paid more for gasoline than I ever paid before in my life.
AND the EXXON official who received $400,000,000 as a going away present, still hasn't given any of it back.
Damn, you're lucky-- that's kind of like virgins or Unicorns- you hear tell of them frequently, but actual sightings are rare indeed.
We went through that "deregulation" scam a few years ago, and all that ever came of it was the name of the gas pipeline owner changed hands several times, we got 24/7 calls from people who wanted us to change suppliers ( but not one- none!- could tell us what it would cost. ) and our account got switched without our permission.
Can't say the bills have gone down, either.
WHOOPEE !!!! CHEAP OIL AGAIN!!!!
Mine's back to 2004 level.
"...Pickens knows the oil market as well as anybody and was right when he summed it up as testing whether consumers would sit still for $3.00 a gallon gas"
That's the trouble. We should sit still, park our cars for any unnecessary driving and force the supply so far up that the oil companies would have a glut to store. The consumer is really in control of how much he will pay per month for gas and can cut down the amount he uses by driving 10% or 15% fewer miles.
>>M'am, thank you, very kindly- but I'm holding out for Supreme Dictator. Or Overlord. Give me unlimited power, and I'd straighten this country out in a hurry... :-D<<
Okay, I can go with that......
and driving one car per family-- probably a Hudson Hornet or a Nash Metropolitan...
...........................................................
Go with the Hornet, it was a much bigger, more comfortable ride.
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