In the energy market Monday, oil gave up more ground, with crude for December delivery closing at $54.95/barrel, down $2.09. Gasoline for December delivery dropped 6.5 cents, to $1.1746/gallon.

OPEC President Chakib Khelil said Sunday that the oil cartel may have to wait until December to take action to reach an oil price of $70 to $90 a barrel, since the impact of its latest supply cuts was not clear yet.

But OPEC’s emergency cut that began November 1 “did not mop up excess supply in the market - and another cut in December … may need the cooperation of non-OPEC members to have any teeth,” said Thomas Hartmann, of Altavest Worldwide Trading.

In the meantime, “the continued rumblings of OPEC moving yet another meeting up ahead of schedule to continue slashing output, coupled with the U.S. entering peak heating demand season are helping set a floor under prices,” wrote

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In the energy market Thursday, oil managed to gain a little ground, with crude for December delivery closing at $58.24/barrel, up $2.08 on its last day as the front-month contract.

“The stock market has firmed up, which is giving the energy market some strength,” said Phil Flynn, of Alaron Trading. “It’s clear that an awful lot of bearish news has already been priced in.”

The Energy Information Administration’s weekly inventory report, delayed a day by the Veteran’s Day holiday, did little to move the market. Crude stocks were near-flat, rising by only 22,000 barrels, far below the forecast for a 1 million barrel gain.

But gasoline supplies rose by 2 million barrels, more than double the 850,000 barrel estimate.

The Organization of Arab Petroleum Exporting Countries, a subset of OPEC, is scheduled to meet in Cairo on November 29. However, non-Arab members of the cartel, such as Venezuela, Iran and Angola, will be

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In the energy market Thursday, oil managed to gain a little ground, with crude for December delivery closing at $58.24/barrel, up $2.08 on its last day as the front-month contract.

“The stock market has firmed up, which is giving the energy market some strength,” said Phil Flynn, of Alaron Trading. “It’s clear that an awful lot of bearish news has already been priced in.”

The Energy Information Administration’s weekly inventory report, delayed a day by the Veteran’s Day holiday, did little to move the market. Crude stocks were near-flat, rising by only 22,000 barrels, far below the forecast for a 1 million barrel gain.

But gasoline supplies rose by 2 million barrels, more than double the 850,000 barrel estimate.

The Organization of Arab Petroleum Exporting Countries, a subset of OPEC, is scheduled to meet in Cairo on November 29. However, non-Arab members of the cartel, such as Venezuela, Iran and Angola, will be

...

Oil is still one of the best bets for long-term gains says Greg Guenthner. In the midst of blind market panic, investors are forgetting that crude is a finite resource facing unquenchable demand. It will rise to record highs again. And when it does, oil stocks will soar.

This from The Rude Awakening:

During times like these, it’s all too easy to become caught up in the moment. Fear is a powerful emotion. As the markets continue to crumble, many investors lose sight of their goals. They sell positions indiscriminately; they become irrational.

The sell-off we’re experiencing right now is global. And no stock or commodity has escaped the devastation. That’s why we’re looking at a scarce and valuable resource for steady long-term gains: oil.

One energy guru recently made a big bet on oil. He repurchased shares of Exxon (NYSE:XOM), ConocoPhillips (NYSE:COP), Pioneer Natural Resources (NYSE:PXD), BP (NYSE:

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Oil is still one of the best bets for long-term gains says Greg Guenthner. In the midst of blind market panic, investors are forgetting that crude is a finite resource facing unquenchable demand. It will rise to record highs again. And when it does, oil stocks will soar.

This from The Rude Awakening:

During times like these, it’s all too easy to become caught up in the moment. Fear is a powerful emotion. As the markets continue to crumble, many investors lose sight of their goals. They sell positions indiscriminately; they become irrational.

The sell-off we’re experiencing right now is global. And no stock or commodity has escaped the devastation. That’s why we’re looking at a scarce and valuable resource for steady long-term gains: oil.

One energy guru recently made a big bet on oil. He repurchased shares of Exxon (NYSE:XOM), ConocoPhillips (NYSE:COP), Pioneer Natural Resources (NYSE:PXD), BP (NYSE:

...

In the energy market Wednesday, oil not only stayed below the $60 benchmark, it swooned further, with crude for December delivery closing at $56.16/barrel, down $3.17. December reformulated gasoline lost 5.8 cents, to $1.2481/gallon.

OPEC may now be panicking. Its President, Chakib Khelil, told Reuters that the cartel may cut oil supplies again by the end of this month. OPEC’s next scheduled meeting isn’t until Dec. 17 in Algeria, but it could take action ahead of that — as early as Nov. 29 — if prices fall further from current levels, Khelil said.

The Energy Information Administration trimmed its outlook for energy demand and prices in it monthly report issued yesterday, blaming the current U.S. and global economic downturn.

The EIA expects world oil demand to rise almost 100,000 barrels per day in 2008 but to remain “virtually flat” in 2009. In the US, it expects petroleum-product demand to drop 5.4%,

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I spent the weekend at the Washington D.C., Money show. The show has shrunk from last year, and the opinions ranged from "this is an incredible time to buy" to "Aaaaaaiiiiiii!!!!!" I'll have more about that in Wednesday's Money and Markets column.This morning, the market is rising on news of a $586 stimulus plan in China and a new A.I.G. bailout in Washington. I'm not sure why the market thinks this is good news. Last time I looked, the Federal Debt had soared to such levels that each American now owes over $32,000. I think that's unsustainable, as long as the US dollar holds its present value.In other words, it would be a lot easier to bear if that debt was only (in relative terms) $3,200. That's not so scary, is it? I wonder if Uncle Sam is thinking the same thing. The Russians

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Oil prices slid below $75 a barrel yesterday (Wednesday) skidding to a new 12-month low and increasing the chances that the Organization of Petroleum Exporting Countries (OPEC) will cut production at its next meeting on Nov. 18.

Light, sweet crude for November delivery fell $4.47, or 5.68%, to settle at $74.16 a barrel on the New York Mercantile Exchange.

The price has now tumbled nearly 50% since peaking at a record-high of $147.27 on July 11. Gas prices have followed suit dropping 25% since breaching $4 a gallon in July. A gallon of regular gas fell by about 4 cents a gallon overnight to a new national average of $3.125, auto club AAA reported.

The credit crisis has emaciated countries around the world, sparking fears that a severe global recession is just beginning to set in. The outlook for energy has darkened substantially as a result.

The International Energy Agency (IEA) lowered its forecast

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Oil stocks are getting crushed, we talked this up last Friday.  Sure Monday the UltraShort Oil & Gas ProShares (AMEX:DUG) fell, but if you bought on Tuesday you'd already be up 44%+, that's what we call a... This was an easy call after everyone and their Mom said oil was going to $60. The news continues to preach that statement, oil is going down and the ...

On the one hand ...EU Pushes for Overhaul of Postwar Financial System EU leaders called for a global summit as soon as next month to rewrite the 1944 Bretton Woods accord that paved the way for Europe's post-World War II reconstruction and set up the institutions that oversee the world economy today. XX Sean's note -- that sounds like the EU is gearing up for an attack on the US Dollar's status as world reserve currency, doesn't it? And yet, at the same time ...Trichet Urges Return to `Discipline' of Bretton Woods European Central Bank President Jean-Claude Trichet said officials reshaping the world's financial system should try to return to the "discipline'' that governed markets in the decades after World War II. XX This leaves me totally confused about what the Europeans want to accomplish ... and I suspect they are ...