Posted: Tue Jun 10, 2008 11:27 am Post subject: CNBC - Saudi Claim - DISCUSS
People, what the hell is going on? I fall asleep for a few hours and this huge news pops up and I sign on and there is one post alluding to it with 2 responses?
Did the bug out signal tree get executed and nobody called Cashmere?
Who the hell was supposed to call me?
It's probably that Joel Trout guy. He's probably too busy packing his SUV. Or maybe I got stuck with John Cornufrickincopia Denver and he figured it was a false alarm. What a sec. I think it was NEOPO. Is he still among We the Living?
On a serious note, CNBC - or USPRAVDA - announced out of the blue and with no support that KSA is raising output .5 billion barrels a day in this quarter?
And they phrase it real hincky-like to make it seem like it might have been 1st quarter.
Yahoo wrote:
Crude oil futures fell on Tuesday from highs over $137 a barrel after CNBC reported Saudi Arabia had increased output by 500,000 barrels per day to 9.45 million bpd this quarter, traders said.
CNBC itself is saying . . .
Quote:
Saudi Arabia's oil output increased by almost 500,000 barrels a day this quarter, to 9.54 million barrels, sources in the Saudi Oil Ministry told CNBC.
It seems to me "this quarter" means April/May/June.
So this is in the past?
But they gave no word of it.
This is what's called a "stick save".
Oil is threatening to take the hell off.
12 bucks in 2 days to end last week.
One day of respite on Monday to sucker in the shorts.
Then today, up 3 bucks and showing signs of another 5-10 dollar day.
Then BAM - out of nowhere a VERY short, VERY vaguely worded press release.
Hang on to your seats campers, we are about to hit some major turbulence, and I suggest that everybody who's in the oil market pay very close attention over the next few weeks. _________________ Massive Human Dieoff must occur as a result of Peak Oil. Many more than half will die. It will occur everywhere, including where you live. If you fail to recognize this, then your odds of living move toward the "going to die" group.
Joined: Sep 19, 2007 Posts: 1091 Location: Land of the Tongva tribe
Posted: Tue Jun 10, 2008 11:46 am Post subject: Re: CNBC - Saudi Claim - DISCUSS
I'm not packing the SUV yet....however Thursday and Friday did encourage me to place an unscheduled order for Mountain House #10 cans. If oil is going to make jumps that high on relatively little news then I can't even imagine what prices will do if something actually does happen.
Let the games begin.
joeltrout _________________ ENERGY is the basis of our industrial civilization and sustains our standard of living. It is the foundation stone of our national wealth. A nation starved of energy.....will be a nation of starving people.
Posted: Tue Jun 10, 2008 12:16 pm Post subject: Re: CNBC - Saudi Claim - DISCUSS
Does this .5 mill additional bbls.cover the cuts from Nigeria, Mexico, Russia ?Does it cover Indonesia who was an exporter until recently and is now an importer. Does it cover the additional demands from China and India?
So its OPEC increase production, with Saudi being 300,000b/d of it. Probably CNBC stretched it to say SA increased by 500,000 as a convenient "mistake"
I believe this is just the follow through of the production increase they said they would do in March. Everything will probably reverse when this weeks Supply report comes out with another drop in inventories tomorrow
Actually if pup55 is right we should have an extra kick from a huge short rally as well, as a lot of people are waiting to jump in a ride a price collapse down
They can smell it. The fear. It's starting to spread.
We are getting very close to full blown, worldwide panic.
Think about it . . .
Why on earth would you use the words we are "panicking too much"?
That's right, true believers.
Because there is the adequate amount of panic and then there is the excessive amount of panic, and this buffoon wants to make sure that the panic matches the severity of the situation.
Bad doom day for me. _________________ Massive Human Dieoff must occur as a result of Peak Oil. Many more than half will die. It will occur everywhere, including where you live. If you fail to recognize this, then your odds of living move toward the "going to die" group.
Joined: Oct 23, 2004 Posts: 5512 Location: New Jersey
Posted: Tue Jun 10, 2008 4:59 pm Post subject: Re: CNBC - Saudi Claim - DISCUSS
I said this in more detail in another similar thread, but measured from the low point in the first quarter to the high point in the second quarter the Saudis may be correct.
Otherwise they are exaggerating, because the second quarter won't come at those levels per well known tracker "Oil Movements".
The next report is due Thursday, which I will post Thursday evening. _________________ It's already over, now it's just a matter of adjusting.
Posted: Tue Jun 10, 2008 5:50 pm Post subject: Re: CNBC - Saudi Claim - DISCUSS
DP - awesome, as usual, thanks. _________________ Massive Human Dieoff must occur as a result of Peak Oil. Many more than half will die. It will occur everywhere, including where you live. If you fail to recognize this, then your odds of living move toward the "going to die" group.
Posted: Tue Jun 10, 2008 5:52 pm Post subject: Re: CNBC - Saudi Claim - DISCUSS
SoylentGreen wrote:
Does this .5 mill additional bbls.cover the cuts from Nigeria, Mexico, Russia ?Does it cover Indonesia who was an exporter until recently and is now an importer. Does it cover the additional demands from China and India?
The fact that you know enough to ask the question suggests you already know the answer is "no". _________________ The whole of human history is a refutation by experiment of the concept of "moral world order". - Friedrich Nietzsche
Posted: Tue Jun 10, 2008 6:56 pm Post subject: Re: CNBC - Saudi Claim - DISCUSS
cbxer55 wrote:
It's only 500,000 barrels. We use that much in what, every 2 hours and 15 minutes or so?
The USA alone uses that much oil every 34 minutes. _________________ A Saudi saying, "My father rode a camel. I drive a car. My son flies a jet-plane. His son will ride a camel."
Live in Arizona? Check out: http://sustainablearizona.org and read my blog.
Joined: Jun 02, 2008 Posts: 279 Location: Midwest City, Oklahoma
Posted: Tue Jun 10, 2008 7:25 pm Post subject: Re: CNBC - Saudi Claim - DISCUSS
MonteQuest wrote:
cbxer55 wrote:
It's only 500,000 barrels. We use that much in what, every 2 hours and 15 minutes or so?
The USA alone uses that much oil every 34 minutes.
I was speakin about the U.S.A. Just got my numbers crossed.
You are correct. 20,000,000 barrels a day would about be 500,000 every 30 minutes or so.
And since a barrel is 42 gallons, that is ONE HECK OF A LOT OF OIL!
I read somewhere that when extracting "oil" from the tar sands, for every barrel of "oil", 2 barrels of waste products are created.
So if they ever achieve 1,000,000 barrels a day of "oil", they will be making 2,000,000 barrels of waste. 84,000,000 gallons of waste every day! Where are they going to dump all of that hazardous waste? Who's backyard?
Maybe it would be best to let sleeping dogs sleep. (Hmmm, somehow that does'nt sound right)
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