Oil has biggest ONE day drop in 4 years, $3 down. Dow now back over 10000

[kokomo]

Is the OIL Whitehouse receiving some favors? Is Saudi involved?

[Tandalayo_Scheisskopf]

1. Oh, you can be sure...

That The Oil Mafia has the fix in and operating.

[RevolutionStartsNow]

2. It's too late.

I can't imagine someone changing their mind from Kerry to Bush over this, at this point.

[ramapo]

6. Dow 10K - Vote for Bush?

Kind of dopey to vote based on the rather meaningless fluctuation of the Dow

[HappinessPie]

34. True, but a lot of the other "reasons" given are just as dopey if not ...

more so - I wouldn't put it past anyone, especially those who are superstitious.

[Ilsa]

47. Yeah, especially considering it was closer to 11,000 four years ago! n/t

[FightingIrish]

3. The guy behind the curtain is really busy today.

[robbedvoter]

4. Thank you, brother Bandar

[fob]

5. That's due to Kerry. Everyone can see the writings on the wall and

HELP IS ON THE WAY!!

Remember one of the pricing factors is the future or at least a certain belief in what the future may bring.

Kerry Landslide.

[The Backlash Cometh]

11. I'm with you on this one!

Kerry passes the global test and can restore confidence worldwide, where another four years of Chimpy frightens everyone away.

[Sinnerman]

17. I see bush winning 1 state Kerry 49 States

Georgia Repuke heaven

[Zang]

36. odd

I thought that was Utah hehe

[Mokito]

42. Don't make me drool with anticipation!

[MGKrebs]

46. Don't count us out!

I think Idaho and Wyoming and South Dakota are all more Red than Georgia.

And the trend is good (but will it be enogh?):

[Ilsa]

48. You forgot my home state (gag): Texas.

Will most definitely go Bush, probably 55% or higher. They were saying 60%, but I don't think he'll get that many votes here.

[Chicago Democrat]

38. My first thought... The market is factoring in KERRY COMPETENCE

[Free2BMe]

7. toolittle, toolate for georgie porkie...nobody would trust that to stay

[jean]

8. Saudi royals, esp Bandar Bush are doing their part to prop up the shrub

[MidwestTransplant]

9. It will have no impact at the pump before th eelction.

[Wright Patman]

13. True, because

the pump price is already being artificially suppressed.

[Rebellious Republican]

10. Kokomo, got a link, I need it to show to a conservative friend,

he is really on the fence as to which way to vote. I told him months ago that this would happen. He said if it did, that it would be proof to him that Bush and the Saudi's are in this together. He does not like the Saudi's and has always questioned there involvement in 911. Thats the readers digest version anyway it could be just the thing to push him over the edge in favor of Kerry. Thanks RR

[spooked911]

22. NYTimes-- but of course they say it's due to rising "US inventories"

Oil Prices Fall Sharply on U.S. Inventories
By THE ASSOCIATED PRESS

Published: October 27, 2004

Filed at 3:59 p.m. ET

Oil futures prices sank nearly 5 percent Wednesday, dropping below $53 a barrel, as concerns about tight winter-fuel supplies eased, at least temporarily, and traders turned their attention to rising U.S. inventories of crude.

Analysts said the market was also anticipating an eventual reversal in what has been a steady decline in the U.S. supply of distillate fuel, which includes heating oil.

But if the sell-off was triggered by a shifting analysis of market fundamentals, it was certainly magnified by speculators rushing to offset earlier bets they had made that oil prices would move higher, brokers and analysts said.

Crude for December delivery fell $2.71, or 4.9 percent, to settle at $52.46 a barrel on the New York Mercantile Exchange. The record Nymex settlement price of $55.17 was reached Friday and matched Tuesday. In London, Brent crude futures slid $2.11 to settle at $49.45 per barrel on the International Petroleum Exchange.

Prices are up roughly 75 percent from a year ago, but they would need to surpass $90 per barrel in order to approximate the all-time peak, in inflation-adjusted terms, set in 1980. From April through July of that year, the posted price for West Texas Intermediate was $39.50 a barrel, according to Dow Jones Newswires.

[Rebellious Republican]

32. Thanks spooked911, every little drip, drip, drip, helps!

I almost have him pushed over the edge. He used to be a white collar middle management type, who lost his big fat paycheck due to down sizing. He now works a job that involves physical labor and makes half of what he used to. He is 55, to young to retire, to old and fat to keep up this kind of work. He has been cut off from the Kool-Aid, and the fog is starting clear away. He is basically a good person, just been living in a bubble that finally burst.

[Career Prole]

12. Since the government is involved...it could be a fairy tale.

"Prices slid after the U.S. government's Energy Information Administration said crude stocks rose 4 million barrels to 283.4 million barrels, narrowing a deficit against last year to 9 million barrels.

Oil prices have surged more than 60 percent this year, driven by blistering demand growth that has pushed global production to its limit and fueled fears that refiners have not made enough heating oil to last the winter."
http://story.news.yahoo.com/news?tmpl=story&cid=568&ncid=749&e=2&u=/nm/20041027/bs_nm/markets_oil_dc

Did crude stocks actually rise 4 million barrels, or did some shrub appointee "have his thumb on the scale"?
Ya just can't trust these folks anymore, can ya?

[NinetySix]

37. I take it you're asking whether Bush opened the National Petroleum Reserve

I wouldn't put it past him to do it on the sly. All year long he was filling the reserve, which is one of the factors that helped push the prices up as high as they are. If it is the case that this is what he's done, I think it'll do him little good. He should have done it in mid-September; perhaps at that time things looked to be going well enough for him that he thought he wouldn't have to.


edit:sp.

[The_Casual_Observer]

14. Oh that is sure to hold, there are all kinds of encouraging signs

that will sustain a bull market (not).

[Virginian]

15. Is that the best they can do?

Maybe the price of oil will drop another $3.00 tomorrow and Friday and Monday to be the greatest change in the cost of oil ever.
Any one who thinks this will help at the gas pump had better re-evaluate on Nov 3 when the greatest increase in the price of oil happens.

[Generator]

16. It's their little wink wink to Kerry

We will be happy to work with you too, sir. We no likey terrorists and we LOVE America's wallets, President-elect Kerry.

[Spinzonner]

18. What goes down

Can come right back up after November 2nd.

[TXDemGal]

19. Bandar Bush to the rescue

but it's too little, too late.

[goodboy]

29. took the words out of my mouth....nt

[WCGreen]

20. The price of oil is not set by the Suadi Royal Family...

It is set by market forces. The higher the price, the more likely it is that the producing nations will pump more oil....

At lower prices, they pump more oil....

The point is that production is reaching the max. They can't pump the stuff fast enough.

There could have been news of Gulf Oil Fields coming back on line or at least close to coming on line.

The market is sooooooooooo fickle. If Greenspan sneezes, the market goes...

They give any number of specious explainations on a day to day basis....

Truth. With inventories up, there is less need for spot market purchases which destabilizes the cost of oil to the refineries and or distribution companies. With some sense of stability returning to the market, prices would naturally fall...

But hey, use the Bush Saudi connection to persuade a relative or friends or anyone else for that matter...

The whole point is

VOTE FOR KERRYYYYYYYYYYYYYYYYYY

[sandnsea]

25. Market Forces

Yeah, pull a bunch of money out of oil futures and stick it in the stock market. That is a HUGE movement and very suspicious to me.

[AntiFascist]

33. On CNBC the other day...

A Saudi representative indicated that they would have no problem working with Kerry.

[ydya]

21. Yeah Thanks. They drive the price up 60% to about

55 dollars a barrel.....by my math an increase of about 21 dollars this year......and then "slash" it by three. Big F-ing deal.
I dont think people are going to fall for that.
I dont think it will stop the nazis from publicising it as "the largest drop ever". I just hope that Kerrymen jump on that and add "after the largest increase ever".
I hate these F-ing pigs.
Send Bush to where he belongs.......jail.

[Zynx]

23. Oil is a Commodity

Massive moves on speculation and hunches are quite common.

[fedsron2us]

27. When commodities take a sudden down turn

it is not always good news. Sometimes it indicates stormy weather ahead.
Dr Copper has already indicated possible medium term economic weakness

http://www.safehaven.com/article-2071.htm

[Zynx]

30. It also can just be profit taking

The whole oil run up has been characterized by sustained gains, a hard profit taking sell off, and then a prompt new climb.

[0007]

24. The full court press in on!

[Deja Q]

26. ROTFLMAO!

Sorry, but this is funny.

Oil goes up by a nickel and they all shit their pants.

Oil goes down by a dime and they all think our society is saved eternally.

:eyes:

[Gman]

28. No way the market will get back to 10587 by election day

to where it was on 1/21/2001, inauguration day. The market is essentially down over Bush's 4 years.

[JusticeForAll]

35. I think it'll even be tough to maintain 10K

till Tuesday.

[Chicago Democrat]

39. Disgusting... So really its down... because today's dollar is worthless

ugh...

poor nestegg

[teryang]

31. Traffic on I95 very light in Florida

What does that indicate? Have never seen it so light on a weekday during business hours.

[BeFree]

41. Light Traffic?

My mileage has been reduced 50%. While that is extreme, surely others have decided to cut back as much as they can.

So, given that people are using less, stocks of gas must be slowly increasing. So, if the trend continues, there will be an oversupply and market forces will push the price down. It maybe that which has forced the future cost down today.

Also, when oil reaches the price it has, the other market force -- profiting comes into play. Say you had a million gallons in the ground you've been sitting on. When the price gets as high as it has, you sell, thereby increasing the immediate supply.

American well owners are famous for waiting till the price peaks before dumping their reserves onto the market.

[dave502d]

40. Nov. 30 65 dollars a bail

[highnooner]

43. Weren't they supposed to do this a little earlier

Get with the program, George!

[JBB555]

44. Great, just F*CKIN Great

All we need is the economy making a 4 or 5 day rebound, and seeing oil drop. Surely this is the Saudi-Bush oil mafioso in play. The repugs will stop at nothing to retain power.

[sjdnb]

45. Wait til tomorrow

Here's what I've read: OPEC had asked US to release reserves in response to the US's request for increased production. It was assumed the US would release SOME. However, per this story, "the US government on Wednesday rejected calls from the president of Opec to release some of its strategic reserves to help reduce oil prices."

http://news.ft.com/cms/s/3a0cd314-285b-11d9-9308-00000e2511c8.html

[w4rma]

49. Oh! That's why the price dropped. They are *expecting* Bush to pump some

oil into the market tomorrow (or very very soon) which WILL increase the inventories (its not that inventories *have* increased, but these folks are expecting that they *will* increase.).

[reprobate]

50. The DOW is tracking the falling dollar. Not higher value, lower buck