Posted on 07/25/2008 12:19:19 PM PDT by LdSentinal
NEW YORK (Reuters) - Oil dropped $2 to a fresh seven-week low on Friday, extending a decline that has knocked more than $23 off crude in two weeks as high fuel prices continue to batter demand.
U.S. crude fell $2.23 to settle at $123.26 after falling to $122.50 earlier, the lowest since June 5. Brent crude lost $2.01 to trade at $124.43 a barrel.
Fuel consumption in the United States and other industrialized nations has begun to slide, dragging oil down from record peaks over $147 a barrel on July 11.
Additional pressure came as the U.S. dollar extended gains against the yen and the euro, following reports showing an unexpected rise in U.S. durable goods orders and stronger-than-expected U.S. home sales in June and consumer sentiment for July.
Investors flocked into commodities earlier this year as a hedge against inflation and the weak dollar, but analysts say they have begun to unwind those positions over the past two weeks.
"The rise in U.S. durable goods orders pushed the dollar up and the Petrologistics estimate of OPEC output rising --both helped pull down crude futures," said Phil Flynn, analyst for
(Excerpt) Read more at uk.reuters.com ...
1213 is ok... it’s got to get that far down before it can get lower
How is WT a dollar lower than Brent?
$123
That is invisible. It's not up even 1 cent.
What’s the stock symbol for that price - I have “OIL” on my watch list, but it’s around 71.
Oil is off $24 from its high, but only about a dime at the pump.
When it increases by $10, the stations increase the price about 4x a day!
It is not sold as a stock, so it doesn't have a stock symbol.
Net-net, Brent stocks are tighter than WTI stocks.
waiting to hear nan toot her horn telling us how she brought about the drop in oil prices and how we don’t need to drill at home now that oil is dropping.
oil is not a stock, or a future, or an ETF. It’s a commodity.
check: http://www.bloomberg.com/energy/
It’s down 16% in two weeks. That’s pretty sweet.
Front-month, the most active contract, would have a symbol of ''CLU8'' (depending on who's powering your quote system, it might also be any of ''CL08U'', ''CL2008U'', ''CLU2008'').
The month designators for futures are, in order from January through December: F G H J K M N Q U V X and Z.
That is how these little Mom & Pops make money and to some degree the larger chains. The drop in crude won’t translate to lower prices at the pump until late Aug. or early Sept.
What is really bogus about this article is that Reuters is trying to really push the “lower demand” angle. It just so happens that the decline in crude began when Bush repealed the ban on drilling. I suppose it was just a coincidence. The media really are the enemy. :)
Notice most of the stuff that’s falling is August deliveries. Your station is still selling stuff it bought at significantly higher prices which they’re not going to sell at a loss just because they won’t need all that money to buy next month’s stock. When the price of oil goes up though they need to make sure they have the money to buy it, which means the price of what they have on hand goes up.
“Thats pretty sweet.”
They don’t call it “sweet crude” for nuthin.
Found it - on Yahoo it’s CLU08.NYM
However, is that just for September (due to the “U” designator)?
Sep '08 (CLU08) 123.30 -2.19 125.60 126.51 122.50 125.49 13:59 Quote | Opinions | Options Oct '08 (CLV08) 123.85 -2.12 126.02 126.98 123.06 125.97 13:57 Quote | Opinions | Options Nov '08 (CLX08) 124.29 -2.04 126.36 127.25 123.44 126.33 13:44 Quote | Opinions | Options Dec '08 (CLZ08) 124.65 -1.95 126.60 127.63 123.79 126.60 13:58 Quote | Opinions | Options Jan '09 (CLF09) 124.97 -1.82 126.66 127.72 124.28 126.79 13:42 Quote | Opinions | Options Feb '09 (CLG09) 125.20 -1.71 125.18 125.20 125.18 126.91 13:42 Quote | Opinions | Options Mar '09 (CLH09) 125.60 -1.39 125.90 125.90 125.55 126.99 13:42 Quote | Opinions | Options Apr '09 (CLJ09) 126.96 -0.07 125.45 126.96 125.45 127.03 13:42 Quote | Opinions | Options May '09 (CLK09) 125.16s -1.81 0.00 125.16 125.16 126.97 13:42 Quote | Opinions | Options Jun '09 (CLM09) 125.25 -1.62 127.20 127.20 125.00 126.87 13:42 Quote | Opinions | Options Jul '09 (CLN09) 124.93s -1.79 0.00 124.93 124.93 126.72 13:42 Quote | Opinions | Options Aug '09 (CLQ09) 124.77s -1.79 0.00 124.77 124.77 126.56 13:42 Quote | Opinions | Options Sep '09 (CLU09) 127.00 +0.58 127.00 127.00 127.00 126.42 13:42 Quote | Opinions | Options Oct '09 (CLV09) 124.49s -1.79 0.00 124.49 124.49 126.28 13:42 Quote | Opinions | Options Nov '09 (CLX09) 124.35s -1.79 0.00 124.35 124.35 126.14 13:42 Quote | Opinions | Options Dec '09 (CLZ09) 124.21 -1.79 125.95 127.05 123.32 126.00 13:42 Quote | Opinions | Options Jan '10 (CLF10) 124.02s -1.78 0.00 124.02 124.02 125.80 13:42 Quote | Opinions | Options Feb '10 (CLG10) 123.84s -1.79 0.00 123.84 123.84 125.63 13:42 Quote | Opinions | Options Mar '10 (CLH10) 123.66s -1.80 0.00 123.66 123.66 125.46 13:42 Quote | Opinions | Options Apr '10 (CLJ10) 123.49s -1.81 0.00 123.49 123.49 125.30 13:42 Quote | Opinions | Options May '10 (CLK10) 123.32s -1.82 0.00 123.32 123.32 125.14 13:42 Quote | Opinions | Options Jun '10 (CLM10) 123.15s -1.83 0.00 123.15 123.15 124.98 13:42 Quote | Opinions | Options Jul '10 (CLN10) 123.00s -1.84 0.00 123.00 123.00 124.84 13:42 Quote | Opinions | Options Aug '10 (CLQ10) 122.86s -1.84 0.00 122.86 122.86 124.70 13:42 Quote | Opinions | Options Sep '10 (CLU10) 122.72s -1.85 0.00 122.72 122.72 124.57 13:42 Quote | Opinions | Options Oct '10 (CLV10) 122.60s -1.86 0.00 122.60 122.60 124.46 13:42 Quote | Opinions | Options Nov '10 (CLX10) 122.10 -2.25 122.10 122.10 122.10 124.35 13:42 Quote | Opinions | Options Dec '10 (CLZ10) 122.05 -2.20 124.80 125.50 121.50 124.25 13:58 Quote | Opinions | Options Jan '11 (CLF11) 122.23s -1.91 0.00 122.23 122.23 124.14 13:42 Quote | Opinions | Options Feb '11 (CLG11) 122.10s -1.94 0.00 122.10 122.10 124.04 13:42 Quote | Opinions | Options Mar '11 (CLH11) 121.98s -1.96 0.00 121.98 121.98 123.94 13:42 Quote | Opinions | Options Apr '11 (CLJ11) 121.86s -1.98 0.00 121.86 121.86 123.84 13:42 Quote | Opinions | Options May '11 (CLK11) 121.74s -2.00 0.00 121.74 121.74 123.74 13:42 Quote | Opinions | Options Jun '11 (CLM11) 121.63s -2.02 0.00 121.63 121.63 123.65 13:42 Quote | Opinions | Options Jul '11 (CLN11) 121.52s -2.04 0.00 121.52 121.52 123.56 13:42 Quote | Opinions | Options Aug '11 (CLQ11) 121.41s -2.06 0.00 121.41 121.41 123.47 13:42 Quote | Opinions | Options Sep '11 (CLU11) 121.31s -2.09 0.00 121.31 121.31 123.40 13:42 Quote | Opinions | Options Oct '11 (CLV11) 121.21s -2.12 0.00 121.21 121.21 123.33 13:42 Quote | Opinions | Options Nov '11 (CLX11) 121.12s -2.15 0.00 121.12 121.12 123.27 13:42 Quote | Opinions | Options Dec '11 (CLZ11) 121.10 -2.12 122.30 122.45 120.36 123.22 13:42 Quote | Opinions | Options Jan '12 (CLF12) 120.96s -2.20 0.00 120.96 120.96 123.16 13:42 Quote | Opinions | Options Feb '12 (CLG12) 120.89s -2.22 0.00 120.89 120.89 123.11 13:42 Quote | Opinions | Options Mar '12 (CLH12) 120.83s -2.24 0.00 120.83 120.83 123.07 13:42 Quote | Opinions | Options Apr '12 (CLJ12) 120.77s -2.26 0.00 120.77 120.77 123.03 13:42 Quote | Opinions | Options May '12 (CLK12) 120.71s -2.28 0.00 120.71 120.71 122.99 13:42 Quote | Opinions | Options Jun '12 (CLM12) 120.65s -2.30 0.00 120.65 120.65 122.95 13:42 Quote | Opinions | Options Jul '12 (CLN12) 120.59s -2.32 0.00 120.59 120.59 122.91 13:42 Quote | Opinions | Options Aug '12 (CLQ12) 120.53s -2.34 0.00 120.53 120.53 122.87 13:42 Quote | Opinions | Options Sep '12 (CLU12) 120.48s -2.36 0.00 120.48 120.48 122.84 13:42 Quote | Opinions | Options Oct '12 (CLV12) 120.43s -2.38 0.00 120.43 120.43 122.81 13:42 Quote | Opinions | Options Nov '12 (CLX12) 120.39s -2.40 0.00 120.39 120.39 122.79 13:42 Quote | Opinions | Options Dec '12 (CLZ12) 120.39 -2.38 120.50 121.00 119.57 122.77 13:42 Quote | Opinions | Options Jan '13 (CLF13) 120.32s -2.42 0.00 120.32 120.32 122.74 13:42 Quote | Opinions | Options Feb '13 (CLG13) 120.30s -2.42 0.00 120.30 120.30 122.72 13:42 Quote | Opinions | Options Mar '13 (CLH13) 120.28s -2.43 0.00 120.28 120.28 122.71 13:42 Quote | Opinions | Options Apr '13 (CLJ13) 120.26s -2.44 0.00 120.26 120.26 122.70 13:42 Quote | Opinions | Options May '13 (CLK13) 120.24s -2.45 0.00 120.24 120.24 122.69 13:42 Quote | Opinions | Options Jun '13 (CLM13) 120.22s -2.46 0.00 120.22 120.22 122.68 13:42 Quote | Opinions | Options Jul '13 (CLN13) 120.20s -2.47 0.00 120.20 120.20 122.67 13:42 Quote | Opinions | Options Aug '13 (CLQ13) 120.19s -2.47 0.00 120.19 120.19 122.66 13:42 Quote | Opinions | Options Sep '13 (CLU13) 120.18s -2.47 0.00 120.18 120.18 122.65 13:42 Quote | Opinions | Options Oct '13 (CLV13) 120.17s -2.48 0.00 120.17 120.17 122.65 13:42 Quote | Opinions | Options Nov '13 (CLX13) 120.16s -2.49 0.00 120.16 120.16 122.65 13:42 Quote | Opinions | Options Dec '13 (CLZ13) 120.35 -2.30 119.69 120.35 119.44 122.65 13:42 Quote | Opinions | Options Jun '14 (CLM14) 120.04s -2.58 0.00 120.04 120.04 122.62 13:42 Quote | Opinions | Options Dec '14 (CLZ14) 120.33 -2.26 121.85 121.85 119.86 122.59 13:42 Quote | Opinions | Options Jun '15 (CLM15) 119.99s -2.64 0.00 119.99 119.99 122.63 13:42 Quote | Opinions | Options Dec '15 (CLZ15) 119.80 -2.91 120.00 120.00 119.80 122.71 13:42 Quote | Opinions | Options Jun '16 (CLM16) 120.10s -2.74 0.00 120.10 120.10 122.84 13:42 Quote | Opinions | Options Dec '16 (CLZ16) 120.50 -2.49 120.25 120.50 120.25 122.99 13:42 Quote | Opinions | Options
Yep. See my previous posts, or the price table, to determine the symbol for other contracts.
Mm-hmm... DEMAND is “faltering”. It has nothing to do with a politician FINALLY opening up the possibility of increasing drilling and thus increasing SUPPLY.
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