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crude oil price up again

With all the good news flowing out from UN on war in Middle East. oil is set to go down further again.

"I am very happy to announce that the two leaders have agreed that the cessation of hostilities and the end of the fighting will enter into force on 14 August, at 0500 GMT," Annan said in a statement.

New York's main contract, light sweet crude for delivery in September, tumbled US$2.00 to US$74.35 per barrel in pit trading.
DOW is watching it oil trading prices which will decide it direction.

Oil px down & it good to stabilized sti stocks market at this moment ended into +ve territory.

FUTURES MOVERS

Oil prices slide on air travel slowdown fears

UK authorities foil bomb plot; gasoline futures at lowest level since late June

By Mark Cotton, MarketWatch

Last Update: 11:50 AM ET Aug 10, 2006

NEW YORK (MarketWatch) -- Crude-oil prices fell sharply to trade under $75 a barrel Thursday on concern demand for jet fuel may decline as people cut back on airline travel after UK authorities foiled a terrorist plot to blow up several planes bound for the U.S.

Homeland Security Secretary Michael Chertoff said the plot appeared to bear the hallmarks of an al-Qaida operation, but that it is still too early to tell for sure. See full story.

Crude for September delivery was last down $1.50, or 1.9% at $74.90 a barrel in trading on the New York Mercantile Exchange. At one stage, the contract fell as low as $74.60.

PETROLEUM ($/bbl) is trading lower on news of 21 px plane plotters been arrested.

PETROLEUM ($/bbl)

	PRICE*	CHANGE	% CHANGE	TIME
Nymex Crude Future	75.10	-1.25	-1.64	10:08

Lets see how oil performs tonight in US ...

FUTURES MOVERS

Oil prices retrace less than 1%

Terror scare raises fears of travel slowdown

By Ciara Linnane, MarketWatch

Last Update: 7:17 AM ET Aug 10, 2006

NEW YORK (MarketWatch) -- Crude-oil futures retreated early Thursday after U.K. authorities apparently thwarted a plot to blow up as many as six airplanes flying to the U.S., raising concerns of a slowdown in air travel.

Crude for September delivery was last down 64 cents at $75.71 a barrel.

Ed Meir, an analyst at Man Energy, said the oil price decline appears to be an overreaction to the news.

"I can't see people would stop traveling, they did thwart the plot," he said.

The decline may be tied also to what he believes was a "weak" market reaction to fairly bullish U.S. inventory data on Wednesday and nervousness ahead of BP's decision on Friday on whether to completely shut down the Prudhoe Bay field in Alaska for repairs.

Energy	Price	Change	High	Low	Settle	Last Update ?
Light Crude (NYM) September 06 ($US per bbl.)	76.35	+0.04	77.45	76.20	76.35	8/9 2:58pm

It is still maintaining at US$76/-

Price of US oil trading downward on news that plotters is arrested in trying to expl... several planes over the North Atlantic Ocean.

Just half a year ago, the price of US$70 would send shock waves through to the investing community. But now, it seems that people have gotten used to the idea of oil prices being high.

Back to USD 76.00 again .... Phew!

FUTURES MOVERS

Crude backs off record highs to end little changed

Natural gas ends at one-week high; BP's Prudhoe Bay oil may be back on tap

By Mark Cotton, MarketWatch

Last Update: 3:42 PM ET Aug 9, 2006

NEW YORK (MarketWatch) -- Crude prices backed off record highs to end little changed Wednesday after BP raised hopes of a partial resumption of crude deliveries from its Prudhoe oil field, and as a larger-than-expected decline in gasoline inventories failed to spark a rally in gasoline futures.

There was "a last minute surge in profit taking," said Phil Flynn, senior market analyst and vice president at Alaron Trading. "Unleaded gas seemed reluctant to rally all day and led the complex lower. Flynn added that some traders have also been "trying to put the BP debacle in perspective."

Crude for September delivery ended up 4 cents at $76.35 a barrel, well off a session high of $77.45.

There was "a last minute surge in profit taking," said Phil Flynn, senior market analyst and vice president at Alaron Trading. "Unleaded gas seemed reluctant to rally all day and led the complex lower. Flynn added that some traders have also been "trying to put the BP debacle in perspective."

Crude for September delivery ended up 4 cents at $76.35 a barrel, well off a session high of $77.45.

Ahhh ....... Oil at USD 77.00 now! Smelling 80 soon.

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FUTURES MOVERS

Crude tops $77 after supply data

Gasoline stocks fall far more than expected; distillates in surprise decline

By Mark Cotton, MarketWatch

Last Update: 12:00 PM ET Aug 9, 2006

NEW YORK (MarketWatch) -- Crude prices rallied Wednesday after supply data showing an unexpectedly large drawdown in gasoline inventories, in a market that is still trying to assess the impact on supplies of BP's decision to shut down a pipeline transporting crude out of the nation's largest oil field.

Crude for September delivery was up 94 cents at $77.25 a barrel. Gasoline futures turned higher, up 0.17 cent at $2.228 a gallon.

Gasoline supplies fell by 3.2 million barrels in the week ended Aug. 4, the Department of Energy reported. It was the third straight weekly decline, and was much larger than the estimated range of a drop between 400,000 and 850,000 barrels.

"The villain once again is strong apparent demand for gasoline," said Rakesh Shankar, economist at Moody's Economy.com. "This remains as puzzling as ever, given the recent uptick in gasoline prices. Gasoline demand apparently rose 1.8% for the week ending August 4." Shankar said recent reports, including monthly real consumer spending data, have been showing a sharp and steady decline in consumer spending on gasoline.

Shankar notes that BP's shutdown will not register in the inventories data until next week's release. "Expect further drawdowns in crude inventories and stronger imports as a result, although some near-term disruptions are likely," he said.

He added that the modest reaction in the price of gasoline futures is typical as traders take time to digest all the numbers contained in the supply report.

Crude for September delivery was up 94 cents at $77.25 a barrel. Gasoline futures turned higher, up 0.17 cent at $2.228 a gallon.

Gasoline supplies fell by 3.2 million barrels in the week ended Aug. 4, the Department of Energy reported. It was the third straight weekly decline, and was much larger than the estimated range of a drop between 400,000 and 850,000 barrels.

"The villain once again is strong apparent demand for gasoline," said Rakesh Shankar, economist at Moody's Economy.com. "This remains as puzzling as ever, given the recent uptick in gasoline prices. Gasoline demand apparently rose 1.8% for the week ending August 4." Shankar said recent reports, including monthly real consumer spending data, have been showing a sharp and steady decline in consumer spending on gasoline.

Shankar notes that BP's shutdown will not register in the inventories data until next week's release. "Expect further drawdowns in crude inventories and stronger imports as a result, although some near-term disruptions are likely," he said.

He added that the modest reaction in the price of gasoline futures is typical as traders take time to digest all the numbers contained in the supply report.

Maybe below news will keep oil in check for now ..... but with winter coming, oil price sure to balloon.

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Saudi Arabia, Mexico to help fill oil gap

White House: Refineries haven't reported shortages

By William L. Watts, MarketWatch

Last Update: 3:59 PM ET Aug 8, 2006

WASHINGTON (MarketWatch) -- Saudi Arabia and Mexico have both promised to help the United States make up any gaps in oil supply caused by BP's Alaska pipeline shutdown, but there's no sign that U.S. refiners have yet felt a pinch, the White House said on Tuesday.

"We've had contact with the governments of Saudi Arabia and Mexico. If there are supply shortages, they have agreed to help us in trying to address those," White House spokesman Tony Snow told reporters at President Bush's Crawford, Texas, ranch.

"At this point, no refineries have reported shortages in petroleum, but, obviously, if those become a factor, we will address it and address it vigorously and in a timely manner," said Snow, who had no other details on the discussions with Saudi and Mexican officials.

Snow also reiterated that the administration was willing to tap the Strategic Petroleum Reserve, if needed.

AP
BP: Pipeline Closing May Last for Months
Monday August 7, 7:36 pm ET
By Mary Pemberton, Associated Press Writer

BP Says Oil Production May Be Closed for Months As It Works to Replace 16 Miles of Pipeline

ANCHORAGE, Alaska (AP) -- BP said Monday it discovered corrosion so severe that it will have to replace 16 miles of pipeline at the huge Prudhoe Bay oil field -- work that could shut down the nation's single biggest source of domestic crude for months and drive gasoline prices even higher.

BP shuts down large alaskan oil field-crude oil price above $77

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crude oil price up again