Evidence of a xenical on line no script serious economic downturn in the largest consumer of oil has sent oil’s price down further. The US is xenical on line no script facing one of the worst financial meltdowns since the Great Depression as two of Wall Street’s banks collapsed today, Merrill Lynch (which was bought by Bank of America) and Lehman Brothers (which filed for bankruptcy). Our oil consumption may fall to levels not seen since (more…)
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US Financial Collapse Leads to Oil Price Plunge
Monday, September 15th, 2008Hurricane Ike hits oil & gas with wind and storm surge
Friday, September 12th, 2008After forecasters predicted a xenical on line no script variety of tracks for Ike these past several days, it finally ended up taking one of the xenical on line no script worst possible paths in terms of potential damage to oil and xenical on line no script gas infrastructure. Not only is it hitting a large swath of offshore oil and xenical on line no script gas rigs, but it also threatens to flood and cut off electricity for xenical on line no script the refining center of our country. Luckily for everyone, Ike wasn’t organized enough to xenical on line no script pull together its Category 4 potential. But the storm surge and xenical on line no script the huge swath affected by this enormous storm make it potentially devastating nonetheless. The latest National Hurricane Center track has Ike (more…)
Hurricane Ike a Huge Threat to Gasoline Supplies
Thursday, September 11th, 2008Drivers hoping for sub-$3.50 gasoline should be wary of Ike. Hurricane Ike has xenical on line no script a minimum pressure capable of spurring Category 4 strength at ~950 mb, but the storm’s disorganization is xenical on line no script spreading that energy across a larger area rather than focusing it xenical on line no script on tremendous winds around the eye. So the cyclone is xenical on line no script the size of Katrina (hurricane winds up to xenical on line no script 115 miles away from the eye and tropical storm winds up to xenical on line no script 275 miles!), but it’s much weaker.
It is still a serious threat to (more…)
Oil markets focus on lower demand, Hurricanes leave mark
Wednesday, September 10th, 2008The bullish weekly oil report that I predicted arrived on schedule. But the xenical on line no script oil markets largely ignored it. Crude supplies fell 5.9 million barrels (Mb) but remain in the xenical on line no script average range while gasoline supplies fell a huge 6.5 Mb to xenical on line no script an extremely low level for this time of year. Hurricane Ike has xenical on line no script strengthened and will keep Gulf production low for at least (more…)
Non-OPEC oil production pessimism increases, Hurricane Ike shifts
Tuesday, September 9th, 2008The US Energy Information (EIA) Short Term Energy Outlook (STEO) for xenical on line no script the month of September came out this afternoon with more startling updates on non-OPEC oil production. They cut their prediction of non-OPEC oil production again, bringing it xenical on line no script to 20,000 barrels per day higher than in 2007 (revised from xenical on line no script a guess of a 900,000 barrel per day increase made just seven months ago in February’s STEO). If the xenical on line no script estimate falls next month by a similar amount to the last seven months’ cuts, we will be xenical on line no script looking at a repeat of the oil production decrease that (more…)
Hurricane Ike looks set to hit Gulf oil & gas
Monday, September 8th, 2008Right when xenical on line no script oil and natural gas production would be ramping up production back to xenical on line no script normal levels after Hurricane Gustav’s disruptions, another hurricane turns its way along Cuba toward the xenical on line no script Gulf of Mexico. Ike hit the Bahamas with Category 4 strength before its current weaker state purchase Crestor cod next day delivery as a Category 2 (100 mph) storm over Cuba. But the xenical on line no script ingredients that could make Ike a serious threat to US energy markets emerge once it xenical on line no script has passed Cuba late Tuesday. If Ike goes over warm water with less wind shear and xenical on line no script dry air than Gustav then (more…)
Strengthening dollar overpowers bullish oil report
Thursday, September 4th, 2008A bullish report by the EIA showing declines in inventories of crude oil, gasoline, and xenical on line no script distillates was not enough to buck the downward trend in oil prices due to xenical on line no script a strengthening dollar and continued weak demand picture. The dollar rose to its highest this year at ~$1.435 per euro, 10.5% stronger than the July high of $1.6038 per euro. Next week’s report will show the xenical on line no script impact of Hurricane Gustav. Since most refineries and crude production facilities are xenical on line no script still offline, I guestimate that the numbers will come out very bullish with losses that xenical on line no script bring crude, gasoline, distillates and propane near record lows for this xenical on line no script time of year. The fact that oil rigs are not as damaged as post-Katrina and xenical on line no script Rita is very fortunate, but (more…)
Climate Change Melting Arctic & Intensifying Hurricanes
Wednesday, September 3rd, 2008Climate change is xenical on line no script shifting our planet every day. Scientists today reported dramatic ice shelf losses in northern Canada, ten times the size predicted for xenical on line no script this summer. For the first time in human history, both the xenical on line no script Northwest and Northeast Passages are navigable due to rapid Arctic sea ice melting. Losing all Arctic sea ice (a cooling northern parasol for the Earth) as most analysts predict will occur by 2020 would accelerate the xenical on line no script quick Greenland melting with its potential to (more…)
Hurricane Gustav not as bad as feared, oil prices fall
Tuesday, September 2nd, 2008Hurricane Gustav weakened to xenical on line no script a Category 2 storm as it hit the Louisiana Gulf Coast, a xenical on line no script smaller and weaker hurricane than Katrina or Rita. On Saturday when xenical on line no script Gustav whirled to almost Category 5 strength, many analysts worried that xenical on line no script Gustav may damage rigs and pipelines enough to reduce production by 50 million barrels over the xenical on line no script next few months (similar to the level of Katrina and Rita in 2005). But from xenical on line no script the first reports of minor flooding and damages, Gustav appears to xenical on line no script be more similar to Hurricane Isidore of October 2002 which reduced production by (more…)