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

To: GVTucker who wrote (103256)	6/19/2008 9:38:05 AM
From: Elroy Jetson	Respond to of 206097

If the Crude Oil spot price just dropped $3 in one minute, then it's due to supply and demand. If only the the futures price of Crude Oil dropped $3 in one minute, then perhaps a Hedge Fund trader went to the restroom. .

To: GVTucker who wrote (103256)	6/19/2008 9:48:47 AM
From: Paul Kern	Read Replies (2) \| Respond to of 206097

Crude futures just dropped about $3 in one minute. Anyone have any idea why? China To Raise Retail Energy Prices Fri - Reuters Last update: 6/19/2008 9:46:38 AM (MORE TO FOLLOW) Dow Jones Newswires June 19, 2008 09:46 ET (13:46 GMT)

To: GVTucker who wrote (103256)	6/19/2008 10:56:20 AM
From: Dennis Roth	Respond to of 206097

Oil drops on reports China raising fuel prices Associated Press By JOHN WILEN 06.19.08, 10:21 AM ET forbes.com NEW YORK - Oil prices dropped Thursday morning on reports that China is raising fuel prices, a move that could dampen the booming Asian nation's oil consumption. Retail gas prices slid overnight. Light, sweet crude for July delivery fell $2.80 to $133.88 a barrel on the New York Mercantile Exchange, but dipped more than $3 at times. China disclosed that it will raise the prices of refined oil and coal, used extensively for electricity generation. It was not immediately clear if it also would reduce subsidies. Growing Chinese demand for oil has underpinned the multiyear rally in oil prices. But higher prices could crimp that demand. "This could change the psychology of the market completely," said James Cordier, president of Tampa, Fla.-based trading firms Liberty Trading Group and OptionSellers.com. A rise in prices in China "would be a major factor in driving prices down," said Phil Flynn, an analyst at Alaron Trading Corp. in Chicago. Also pressuring prices Thursday were the dollar's gains against the euro. Investors who buy commodities such as oil as a hedge against inflation when the dollar falls tend to sell when the greenback gains ground. Also, a stronger dollar makes oil more expensive to overseas investors. Price declines were limited Thursday by news of an attack on a Nigerian oil field. A leader of the Movement for the Emancipation of the Niger Delta told The Associated Press that militant fighters traveled in boats through heavy seas to attack the Bonga oil field more than 65 miles from land. But they were not able to enter a computer control room that they had hoped to destroy. A Royal Dutch Shell (nyse: RDSA - news - people ) spokesman confirmed an attack, but gave no details. He said production had been stopped from the field, which normally produces about 200,000 barrels of crude per day. The news added to concerns about the threat of a strike by Nigerian white-collar oil workers. Crude futures climbed more than $2 a barrel on Wednesday on reports that Nigerian oil workers were about to strike after talks between U.S. energy giant Chevron (nyse: CVX - news - people ) Corp. and the country's white-collar oil industry workers had broken down. A later news report said the walkout had been avoided. At the pump, meanwhile, gas prices slipped 0.2 cent overnight to a national average of $4.073 a gallon, according to a survey of stations by AAA and the Oil Price Information Service.