Some wild swings in the oil market today. Here's what's up (via Briefing.com):
11:07 Oil contract continues freefall.. hits intraday low of $43.30, a 3.3% decline from levels traded just 20 min ago... starts to firm -- $43.65 -0.87
Dow managed to rally all the back to -20 pts on the day, but has started to slip again as Oil has bounced off lows, currently trading down -38 pts.
11:01 Truckers spike to highs of the session as crude sinks to lows of day; JBHT +1.8%, SWFT +1.3%, YELL +0.4%
10:59 Oil moving through the floor now... Crude plunges to new session low 43.85 -0.67
10:59 JBLU Jetblue Airways: traders move into airlines as oil turns defensive (23.77 +0.64)
10:58 Crude oil turns defensive just as quickly as it spiked; gives up 1.5% over 20 min period... 44.10 -0.52... stocks lift: Dow -50, Nas -26
10:37 API StatisticsThe API reports that crude oil inventories fell 5.2 mln barrels, gasoline inventories fell 2.4 mln barrels, and distillate inventories rose 3.1 mln barrels.
10:36 Oil blowing through the Saudi comments.. actually moving higher... 44.50 -0.02... API data crossing now
10:35 SAUDI VOWS TO PREVENT "SOARING OIL PRICES" FROM HARMING GLOBAL ECONOMIC GROWTH -- Reuters
10:34 SAUDI OIL MIN SAYS SPARE OIL CAPACITY CAN BE USED IMMEDIATELY IF NEEDED -- ReutersSAUDI OIL MIN SAYS RIYADH HAS SPARE OUTPUT CAPACITY OF MORE THAN 1.3 MLN BPD.
10:34 YUKOS SAYS CREDITORS NOW HAVE RIGHT TO DEMAND PAYMENT... Bloomberg cited
10:32 Oil spikes off lows of morning following Yukos default notice, EIA data... Crude trading at $44.40 -0.12, up from $43.90 over past 10 min
10:32 EIA StatisticsThe EIA reports that crude oil inventories fell 4.3 mln barrels, gasoline inventories fell 1.8 mln barrels, and distillate inventories rose 1.3 mln barrels.
10:31 YUKOS GETS DEFAULT NOTICE ON $1.6 BLN LOAN... Bloomberg cited
10:30 SAUDI TO MAKE "MAJOR ANNOUNCEMENT" ON OIL MARKET AT 1130 EDT--WASHINGTON EMBASSY... Reuters
10:30 SAUDI SAYS SEPT CRUDE REQUIREMENTS 9.3 MLN BPD, VOWS TO FILL -- Reuters
10:28 SAUDI ARABIA PLANS ANNOUNCEMENT ON OIL; NO DETAILBloomberg cited as source of comment.
10:26 Crude Oil moves aggressively to lows of day... $44.12 -0.40... equities starting to catch minor bid
