Oil Rises From 7-Week Low as Traders View Drop as Excessive

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GasBuddy News Article

Oil Rises From 7-Week Low as Traders View Drop as Excessive Thursday, July 24, 2008
Bloomberg -- July 24 (Bloomberg) -- Crude oil rose from a seven-week low as traders viewed this week's 3 percent decline as an opportunity to buy futures contracts. Israel's top military commander said he told Pentagon officials that force may be needed to stop nuclear research by Iran, the Middle East's second-largest producer. Oil fell earlier as a stronger dollar limited the appeal of commodities as a currency hedge and after data indicated that prices are cutting demand in the U.S. and Japan. ``This market has become very oversold after prices dropped $5 or so this week, so what we're seeing this morning is a modest and quite probably temporary recovery,'' said Christopher Bellew, senior broker at Bache Commodities Ltd. in London.4
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	Thursday, July 24, 2008 Bloomberg -- July 24 (Bloomberg) -- Crude oil rose from a seven-week low as traders viewed this week's 3 percent decline as an opportunity to buy futures contracts. Israel's top military commander said he told Pentagon officials that force may be needed to stop nuclear research by Iran, the Middle East's second-largest producer. Oil fell earlier as a stronger dollar limited the appeal of commodities as a currency hedge and after data indicated that prices are cutting demand in the U.S. and Japan. ``This market has become very oversold after prices dropped $5 or so this week, so what we're seeing this morning is a modest and quite probably temporary recovery,'' said Christopher Bellew, senior broker at Bache Commodities Ltd. in London.4 Visit Bloomberg for full article

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Caleb4387 Rookie Author Jackson Posts:16 Points:1,070 Joined:Apr 2008	Message Posted: 7/25/2008 5:41:05 PM	Ignore Caleb4387 Report Abuse
	To allmost all of the recent posters, I had become convinced that this board was made up entirely by rich Rush LameBrain's "DittoHeads," and brainless Red Necks, who can only say "drill, drill, drill," and claim that the problem is the fault of Liberals, Democrats, and Tree Huggers. You Watch how use that word. i am a proud redneck from north florida. there are plenty of trashy people but they are everywhere not just the country. if I am so brainless how can I drive the tractors that frow and harvest your land? How do we round up cattle to send to market so you can have a big mac? we grow free range grass fed cattle. that means we still have to get old fashioned. with a horse and a lasso. Ands these new computer controlled tractors just about require a college degree to work on. And a brainless 2nd place bullridin rodeo buddy of mine just graduated ITT to be a computer tech. pretty good for someone who's "brainless" By the way! DRILL DRILL DRILL! we all know who's to blame! the liberals the democrats and th treehuggers!
CrazyQ Champion Author Washington Posts:11,846 Points:1,368,675 Joined:Aug 2004	Message Posted: 7/25/2008 1:53:58 PM	Ignore CrazyQ Report Abuse
	But removing CO2 from the atmosphere is only necessary for those who worship at the altar of global warming. Everyone else has seen the graphs where CO2 have been 200 times higher than present levels, yet earth's temp was the same as today!
Mahalo98 Rookie Author Georgia Posts:14 Points:25,415 Joined:Jun 2008	Message Posted: 7/25/2008 10:45:59 AM	Ignore Mahalo98 Report Abuse
	New CO2 Scrubber Opposed by Environmentalists (VIDEO !!!) Scientists at Columbia University are developing a carbon dioxide (CO2) scrubber device that removes one ton of CO2 from the air every day, says the Heartland Institute http://wordpress.com/tag/carbon-eater/
jonzer Rookie Author Twin Cities Posts:30 Points:52,950 Joined:Jun 2008	Message Posted: 7/25/2008 10:41:52 AM	Ignore jonzer Report Abuse
	This report is bit like saying that drug use has gone down, so let's infuse more crack/cocaine into the streets. idiots
bauerboy Sophomore Author Seattle Posts:134 Points:283,355 Joined:Apr 2003	Message Posted: 7/25/2008 10:40:08 AM	Ignore bauerboy Report Abuse
	I guess they didn't think it was too excessive. Down $4US today
TrixieMugsy Champion Author Colorado Springs Posts:4,943 Points:941,810 Joined:Aug 2005	Message Posted: 7/25/2008 10:38:56 AM	Ignore TrixieMugsy Report Abuse
	Amen broken80530
copperhead8 Champion Author Boston Posts:4,731 Points:1,114,170 Joined:Dec 2004	Message Posted: 7/25/2008 10:38:02 AM	Ignore copperhead8 Report Abuse
	Still needs to keep dropping.
Dale Jr. Champion Author Iowa Posts:7,550 Points:1,519,975 Joined:May 2004	Message Posted: 7/25/2008 10:37:59 AM	Ignore Dale Jr. Report Abuse
	It would be nice if speculators used their own money.
DarthDadJr Sophomore Author Virginia Posts:124 Points:25,540 Joined:Jul 2008	Message Posted: 7/25/2008 10:36:39 AM	Ignore DarthDadJr Report Abuse
	That is one man's opinion...others think this may be the start of the oil bubble starting to break. Another report says the hedge and pension funds are starting to move money out of commodities and back into the stock market. The only wild cards are tensions in the Middle East and hurricane season -- any bad news could put fresh life into the price of oil!
broken80530 Sophomore Author Denver Posts:241 Points:47,445 Joined:Aug 2005	Message Posted: 7/25/2008 10:34:48 AM	Ignore broken80530 Report Abuse
	10-4 on screw the traders. The traders need to live in the real world where we work for what we get! Not just play with other peoples money, and get filthy rich!
dls_txxs_grl All-Star Author Dallas Posts:754 Points:40,920 Joined:May 2008	Message Posted: 7/25/2008 10:33:51 AM	Ignore dls_txxs_grl Report Abuse
	It still needs to dropppppppp more!!!!! MAS!!!!
armstrmb Champion Author Houston Posts:1,682 Points:390,785 Joined:Jun 2007	Message Posted: 7/25/2008 10:31:38 AM	Ignore armstrmb Report Abuse
	Screw the traders. Let's have another drop.
ClearLaker Rookie Author Indiana Posts:6 Points:369,595 Joined:May 2007	Message Posted: 7/25/2008 10:30:39 AM	Ignore ClearLaker Report Abuse
	Hay Boys ... It is time for another run up .... Please
Bannack Veteran Author Florida Posts:390 Points:78,545 Joined:May 2008	Message Posted: 7/25/2008 10:28:44 AM	Ignore Bannack Report Abuse
	The drop is excessive? LOL.... what about how much it has risen?
DriverDave Champion Author Twin Cities Posts:5,673 Points:660,580 Joined:Jul 2004	Message Posted: 7/25/2008 10:27:28 AM	Ignore DriverDave Report Abuse
	For everyone who thinks "speculators", traders, et al, should be shot, beaten, etc., I suggest you re-examine your position. After all, YOU are all speculators if you have but a single investment - a share of stock, a mutual fund, a 401(k), an IRA, a house. You don't buy those things in an attempt to simply keep your money there until you need it. You expect those things to appreciate in value, to make money, to be more valuable in the future than they are now. Hypocrisy thy name is uninformed GasBuddy posters....
Sabredude Sophomore Author New York Posts:130 Points:181,975 Joined:Dec 2007	Message Posted: 7/25/2008 10:23:42 AM	Ignore Sabredude Report Abuse
	wow
Kimberpacker45 Rookie Author Indianapolis Posts:62 Points:49,445 Joined:Apr 2008	Message Posted: 7/25/2008 10:20:08 AM	Ignore Kimberpacker45 Report Abuse
	Well of course the traders think it is excessive. I just saw our gas prices drop to $3.79. Haven't seen that in a long time.
dreamweaver7050 Sophomore Author Louisiana Posts:224 Points:391,635 Joined:Sep 2006	Message Posted: 7/25/2008 10:15:05 AM	Ignore dreamweaver7050 Report Abuse
	yep going back up before the pump goes down
CTTeacher All-Star Author Waterbury Posts:737 Points:627,165 Joined:Mar 2006	Message Posted: 7/25/2008 10:14:38 AM	Ignore CTTeacher Report Abuse
	stop the trading and prices will continue to drop....
HayZee518 Rookie Author New York Posts:20 Points:31,775 Joined:Sep 2004	Message Posted: 7/25/2008 10:14:30 AM	Ignore HayZee518 Report Abuse
	Iran's pres is just sticking up his finger at every country with sanctions against him. He is bound and determined to push that "fateful" button and launch a pre-empted strike against Israel, hoping that the US will retaliate with its own nuclear arsenal. Seems everytime Iran's pres farts, oil prices go crazy. Quit beating around the bush. The USSR said well maybe Iran's position is true, now they're not so sure. Iran's increasing the number of its centrifuges to produce more weapons grade plutonium and don't care what anybody says. Go on Iran MAKE MY DAY!
rbdesigns Veteran Author Modesto Posts:290 Points:84,320 Joined:May 2008	Message Posted: 7/25/2008 10:10:48 AM	Ignore rbdesigns Report Abuse
	Again, they are speculating to keep prices high.
Dennis783 Champion Author Wisconsin Posts:5,138 Points:1,030,970 Joined:Sep 2005	Message Posted: 7/25/2008 10:09:59 AM	Ignore Dennis783 Report Abuse
	Excessive???? The only sentenance they should have with that word in it is that prices are excessively high!
coolpado Veteran Author Virginia Posts:411 Points:87,545 Joined:May 2008	Message Posted: 7/25/2008 10:09:29 AM	Ignore coolpado Report Abuse
	Interesting
WillyG Champion Author Cincinnati Posts:1,148 Points:424,125 Joined:Aug 2005	Message Posted: 7/25/2008 10:09:17 AM	Ignore WillyG Report Abuse
	So these traders think that the 10% drop is excessive, but the 400% rise is O.K. I hope they get burned big time !
JB1881 Champion Author New Mexico Posts:1,177 Points:310,610 Joined:Aug 2007	Message Posted: 7/25/2008 10:08:00 AM	Ignore JB1881 Report Abuse
	Speculator are nothing more that gamblers trying to make a buck.
NCSigma All-Star Author Charlotte Posts:946 Points:74,795 Joined:Sep 2003	Message Posted: 7/25/2008 10:04:41 AM	Ignore NCSigma Report Abuse
	Who are these speculators???? [Edited by: NCSigma at 7/25/2008 10:05:05 AM EST]
Wolfwings All-Star Author Delaware Posts:535 Points:196,285 Joined:May 2004	Message Posted: 7/25/2008 10:04:26 AM	Ignore Wolfwings Report Abuse
	Maybe we need another puppet government in Iran, like the Shah we once owned?
HOBSONMA Rookie Author Indiana Posts:81 Points:34,620 Joined:Jun 2008	Message Posted: 7/25/2008 10:03:33 AM	Ignore HOBSONMA Report Abuse
	drill and watch it fall like a rock.
platypus1926 Rookie Author Georgia Posts:35 Points:136,150 Joined:Mar 2007	Message Posted: 7/25/2008 10:03:12 AM	Ignore platypus1926 Report Abuse
	EXACTLY.......speculation.....and yes it is a STEAL
archetypical Champion Author St. Louis Posts:1,683 Points:259,975 Joined:May 2007	Message Posted: 7/25/2008 9:58:03 AM	Ignore archetypical Report Abuse
	This is a perfect example of speculation -- the price has been down for a few days, so now someone has to come up with an artificial reason to drive prices up. It's a steal! Keep in mind that the people who sank all their money into oil, thereby further stressing our economy, are now trying to keep the prices up so they can sell off and leave the losses to everyone else. Don't buy it -- and don't buy in. Let the people who contributed to this mess suffer the loss of their profits.
gasie1 Champion Author Maine Posts:1,569 Points:860,660 Joined:Nov 2005	Message Posted: 7/25/2008 9:55:36 AM	Ignore gasie1 Report Abuse
	Election jeerers.
Brn2bEvl Veteran Author New York Posts:387 Points:92,125 Joined:Apr 2008	Message Posted: 7/25/2008 9:54:31 AM	Ignore Brn2bEvl Report Abuse
	Right on brother SOMEBODY PLEASE SHOOT THE TRADERS AND SPECULATORS.
EXTREMESNOW All-Star Author Oregon Posts:711 Points:218,610 Joined:Jul 2006	Message Posted: 7/25/2008 9:53:23 AM	Ignore EXTREMESNOW Report Abuse
	SOMEBODY PLEASE SHOOT THE TRADERS AND SPECULATORS.
RCinNM Champion Author New Mexico Posts:3,997 Points:447,135 Joined:Sep 2005	Message Posted: 7/25/2008 9:49:23 AM	Ignore RCinNM Report Abuse
	Sounds like Israel is itching to go to war. They'll have us to fight for them.
HockeyLady All-Star Author New Jersey Posts:871 Points:850,105 Joined:Jun 2005	Message Posted: 7/25/2008 9:49:14 AM	Ignore HockeyLady Report Abuse
	you gotta' love those investors--NOT.
ankhes Veteran Author Toronto Posts:431 Points:204,740 Joined:Aug 2007	Message Posted: 7/25/2008 9:48:33 AM	Ignore ankhes Report Abuse
	Ah, the greed machine is hard at work as usual.
AC-302 Champion Author Los Angeles Posts:7,298 Points:1,224,405 Joined:Aug 2004	Message Posted: 7/25/2008 9:46:04 AM	Ignore AC-302 Report Abuse
	Of course the traders think oil is "too cheap". If it isn't, then they're not going to make money off their futures contracts, now are they?
RF4CPhantom All-Star Author Oklahoma City Posts:896 Points:122,630 Joined:Feb 2008	Message Posted: 7/25/2008 9:43:51 AM	Ignore RF4CPhantom Report Abuse
	Very interesting~!
The_WB Champion Author Detroit Posts:3,416 Points:393,600 Joined:Apr 2007	Message Posted: 7/25/2008 9:39:57 AM	Ignore The_WB Report Abuse
	The traders go us into this mess!
10pennypincher Sophomore Author St. Louis Posts:178 Points:164,325 Joined:Jan 2007	Message Posted: 7/25/2008 9:38:54 AM	Ignore 10pennypincher Report Abuse
	traders are hoping to get out with their skin
edgarbrn Sophomore Author Charleston Posts:178 Points:284,795 Joined:Sep 2005	Message Posted: 7/25/2008 9:38:05 AM	Ignore edgarbrn Report Abuse
	No surprises here.
CdnGlassLady Champion Author Ontario Posts:1,227 Points:110,695 Joined:Apr 2008	Message Posted: 7/25/2008 9:37:39 AM	Ignore CdnGlassLady Report Abuse
	If speculators had to put up every penny rather than a tiny percentage there would be a huge difference in what is going on
unclebobMO Sophomore Author Missouri Posts:209 Points:98,090 Joined:Mar 2008	Message Posted: 7/25/2008 9:37:35 AM	Ignore unclebobMO Report Abuse
	Speculators will keep it high for as long as they can. Use less and devalue this junk.
scrounger Champion Author Vancouver Posts:5,835 Points:1,596,915 Joined:Mar 2003	Message Posted: 7/25/2008 9:37:20 AM	Ignore scrounger Report Abuse
	speculators!!!! screwing everyone!!
rod1965 Veteran Author Portland Posts:363 Points:44,340 Joined:Jul 2007	Message Posted: 7/25/2008 9:36:47 AM	Ignore rod1965 Report Abuse
	Somebody get a tissue for the traders.
FizedNH All-Star Author New Hampshire Posts:922 Points:179,780 Joined:Nov 2007	Message Posted: 7/25/2008 9:35:41 AM	Ignore FizedNH Report Abuse
	It will drop again...
rtw777 Veteran Author Florida Posts:332 Points:124,810 Joined:Jan 2008	Message Posted: 7/25/2008 9:34:17 AM	Ignore rtw777 Report Abuse
	Oil will be back around $80 by the end of the year. Still too high.
my3sons Champion Author New York Posts:1,164 Points:778,250 Joined:Aug 2005	Message Posted: 7/25/2008 9:32:07 AM	Ignore my3sons Report Abuse
	the drop was too little--it needs to spiral down
NavyEOD Champion Author Los Angeles Posts:1,496 Points:339,455 Joined:Jul 2007	Message Posted: 7/25/2008 9:31:54 AM	Ignore NavyEOD Report Abuse
	Always something with these people.
BoerneWatch Champion Author San Antonio Posts:5,776 Points:738,160 Joined:Oct 2005	Message Posted: 7/25/2008 9:31:19 AM	Ignore BoerneWatch Report Abuse
	Just a bump up on its way down. We found out that all it takes is for some large producer to start selling contracts and the price will plummet. Really.