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Baker Hughes Incorporated Message Board

  • tiger7552000 tiger7552000 Sep 6, 2006 10:24 AM Flag

    Big down day for oil stocks, read this

    Today's In Play
    08:51 ET Commodities Summary (COMDX) :Crude oil is lower this morning after the UN took no action against Iran despite missing the 8/31 deadline to stop enriching uranium ($10-$15 premium given to oil for Hezbollah/Israel conflict and Iran is fading quickly from $68.40 highs); it appears like the UN will continue to delay potential sanctions against Iran b/c they fear the repercussions of Iran using oil as a weapon coupled w/ Iran ready to strike back, which would further cause unrest in the Mid East and an oil price hike shock that will be felt globally. Crude is also lower on word that Tropical Storm Florence, which may be upgraded to a hurricane later this week, will likely miss the Gulf of Mexico, where 25% of the US's oil output takes place. Crude oil is off 60 cents to $68pbl (range is 67.77 to 68.82). Natural gas is off 11 cents to $5.931 (range is 5.88 to 5.99). Heating oil is off 1.63 cents to $1.92/gal (range is 1.92 to 1.9430); gasoline is off .80 of a cent to $1.6385/gal (lowest level since March 9th; market not banking on any hurricane affecting production in the Gulf, which could be a mistake since it only takes one storm to be a major concern); RBOB gas is up .54 of a cent to $1.6880/gal; Oct HO cracks fell 72 cents yesterday to $12.72 while Oct HU cracks were heavily sold now that gasoline demand for the summer is behind us; Oct HU cracks fell $2.71 to .41 cents according to Bloomberg..

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