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 Tuesday, April 25 2006 @ 12:31 AM EDT

Oilcast #26: Who sold Exxon? Who is selling crude? And why?

   

OilcastsWhy is oil being sold off? The long anticipated fourth quarter of 2005 is here and a record strength hurricane sits in the Gulf of Mexico. Yet prices still fall.
Plus, who sold $1.4 billion of Exxon Mobil shares this week? Who is saying the Gulf recovery could take "years" and what will happen to the oil price if a cold winter hits oil-hungry nations?
Oilcast chats with Bruce Evers of Investec Bank in London as we discuss these subjects and many more...

Listen here (MP3 file, 6.0 MB)




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Oilcast #26: Who sold Exxon? Who is selling crude? And why? | 10 comments | Create New Account
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Oilcast #26: Who sold Exxon? Who is selling crude? And why?
Authored by: PigOil on Monday, October 24 2005 @ 10:19 PM EDT


My opinion about the price oil is that same as it was on Monday, August 08 2005, when I posted this message on oilcast: http://www.oilcast.com/comment.php?mode=view&cid=38 (the trend is incremental). The price range for oil will remain within $60-$65, until the clique of financial elites, with the decision making power of the executive branch, decide to pull the plug on the economy. The recent decline in the price of crude oil may be attributed to profit taking, but it is controlled, nonetheless. Profit taking also serves as a price control mechanism. In addition, even if the world goes to hell, there will always be money to be made by the avaricious. Most talk about market dynamics is irrelevant, we all know how regulated the economy is... The invisible, subtle hand, which Adam Smith spoke of is, in reality, an iron fist.... a rusty one.

Please pay attention to what Greenspan does or does not do, as he sets to leave office this coming January. The power the Fed posseses is hard to swallow; the moment in history when the US government relinquised its right to regulate the money supply is probably the saddest day in recent history.
Oilcast #26: Who sold Exxon? Who is selling crude? And why?
Authored by: Oilcasters on Tuesday, October 25 2005 @ 05:45 AM EDT
We will certainly be keeping an eye on Mr Greenspan and his successor...

It does appear that the inflationary push of crude/energy prices is coming through the global economy now. It is an interesting point as to how well business and government have been able to try and hold off those effects. Have they done so? In which case how much inflation is left to come through? A little? A lot? What will the effect of high fifty/sixty dollar plus average crude prices be in six months/ a years time?

best
adam

Hugo Chavez on BBC's Talking Point.
Authored by: PigOil on Thursday, October 27 2005 @ 09:27 AM EDT




I recommend that everyone listen to Chavez speak in an interview on Talking Point, which aired on BBC World Television on October 22, 2005.

Listen or Watch here:

http://news.bbc.co.uk/2/hi/talking_point/4350254.stm

Chavez has heroically survived a CIA sponsored coup attempt, multiple assasination attempts, and media ridicule. In his interview, much to the chagrin of the interviewer, Chavez candidly admits oil is a non-renewable resource, that is one day going to run out, Iraq was invaded due to its light crude oil reserves, and that Venezuala remains a potential target of the wall street backed neo-con administration in Washington. There is also much more....

I wish Adam would have a go at Chavez :D

Take care, PigOil
Oilcast #26: Who sold Exxon? Who is selling crude? And why?
Authored by: mididoctors on Thursday, October 27 2005 @ 03:33 PM EDT
well adam I actually shouted f***ing bastards when i heard goldman sachs
come off bruce's lips

astonishing that goldman sachs got away with it...

absolutely criminal behavior in broad daylight

we are all going to burn

Boris
London
Profits Likely Won't Mean New Refineries
Authored by: PigOil on Friday, October 28 2005 @ 05:14 PM EDT


Profits Likely Won't Mean New Refineries By BRAD FOSS, AP Business Writer

WASHINGTON - Don't expect the oil industry to boost fuel production merely to deflect criticism from Congress about soaring prices and profits.

Energy executives and analysts insist that in spite of the supply crunch that has kept oil above $50 a barrel for much of the year, demand and prices are still prone to ups and downs, so the industry should not rush to drill wells and expand refineries just because it is flush with cash.

Click here to read the rest of the story
Questions
Authored by: BabyPeanut on Friday, October 28 2005 @ 06:26 PM EDT
Hi,

Can anyone answer these?

Is Iraqi oil production still completely halted now? There were reports on October 25 that they were completely halted by a combination of insurgent attacks in the north and bad weather in the south.

How much longer do the IEA oil and gasoline loans to the US go on?

Thanks,
BabyPeanut
Blackouts plague Africa's richest city
Authored by: PigOil on Friday, November 04 2005 @ 06:45 AM EST


Blackouts plague Africa's richest By Alistair Thomson (Reuters)

Friends laugh raucously and young couples whisper across candle-lit tables, but despite the animation, restaurant manager Frank Ndlovu is not a happy man.

"It's like an unexpected guest -- the worst unexpected guest," he says of the latest power cut to black out Spiro's, a restaurant in Johannesburg's lively Melville suburb.

It is Saturday night, summer is here and normally the main street would be abuzz with diners and students on pub crawls.

However, after two hours in the dark, restaurants and bars gradually empty as patrons head for other parts of town where electric lights still work and, vitally, the music still plays.

Power cuts in Africa's richest city are not just an inconvenience to revelers. They are also feeding fears that Johannesburg's flaws and blemishes will prove an embarrassment in five years' time when thousands of soccer fans descend on South Africa for the 2010 World Cup.

City Power, Johannesburg's public electricity distribution utility, blames the outages on the theft of cables for scrap and the fact that most of its network is more than 30 years old.

South Africa's power problems are compounded by a supply crunch, as demand fast overtakes capacity in a country long an over-producer with some of the world's cheapest sources of power. Analysts warn that tightening supply could hit growth.

In Melville, the darkness is already hitting business...

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