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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: CommanderCricket who wrote (84611)	5/16/2007 2:22:07 PM
From: Broken_Clock	Respond to of 206184

DJ OIL FUTURES: Nymex Crude Drops Below $62 As Stockpiles Grow [Print Page] By Masood Farivar OF DOW JONES NEWSWIRES NEW YORK (Dow Jones)--Crude oil futures stretched their losses to more than $1 and dropped below $62 Wednesday after the Energy Information Administration reported across-the-board builds in U.S. petroleum inventories. Commercial inventories of crude oil rose by 1 million barrels to 342.2 million barrels last week, while gasoline stocks increased by 1.7 million barrels to 195.2 million barrels and distillate stocks, which include heating oil and diesel fuel, gained 1 million barrels to 119.8 million barrels, the EIA, the Department of Energy's statistics arm, said in a weekly report. Analysts surveyed by Dow Jones Newswires had expected an increase of 500,000 barrels in crude stocks, a build of 900,000 barrels in gasoline inventories, and an increase of 1.2 million barrels in distillate fuels. "The DOE report was a little more bearish than traders expected," said Jack Hunter, an energy analyst with FC Stone in Kansas City, Mo. "The builds were bigger than expected, and we saw big gasoline imports coming in" in response to high U.S. prices. The June crude futures contract on the New York Mercantile Exchange dropped more than $1 to as low as $61.90 a barrel before recovering a bit. The June Brent contract on ICE Futures was 50 cents lower at $67.61 a barrel. June RBOB fell 2.49 cents to $2.2767 a gallon. June heating oil dropped an even larger 5.11 cents to $1.8391 a gallon. Doug MacIntyre, an analyst at the EIA, said the latest data released by his agency shows that "everything is moving in the right direction." "We've seen gasoline production go up, we've seen imports go up, and we've seen gasoline demand growth slow down," MacIntyre said. "We've seen refinery utilization increase and we've seen gasoline inventories increase." Refinery utilization rose 0.5 percentage point to 89.5% of capacity. Addison Armstrong, an analyst at TFS Energy Brokers in Stamford, Conn., said the EIA report was "mildly bearish," but added that "the real story is refinery utilization, which is still not able to get above 90% of capacity." -By Masood Farivar, Dow Jones Newswires; 201-938-1294; masood.farivar@dowjones.com

To: CommanderCricket who wrote (84611)	5/16/2007 3:37:02 PM
From: profile_14	Read Replies (1) \| Respond to of 206184

Today nearly 20,500 contracts traded on VLO Jun 070 puts, which had open interest of 28,264 as of last night. I sold my puts on the dip for a nice trade but TSO and VLO are both red. There is definitely a bid underneath the market in general. Nothing dips much anymore. How and when it ends is anyone's guess, but it is scary to see unbridled optimism and enthusiasm go non-stop.