Quoted from ugh45

CHK is a oil stock and goes with oil prices
if oil goes up - CHK goes up, and the other way around.
I know , becaus I have CHK in my portfolio


ugh45

This is just my personal preference, but if you are going to trade oil, I would rather play the XLE. Then you won't have to worry about the possibility of some unfavorable announcement coming out of CHK. If it's a good time to invest in oil though, CHK would be better than the XLE though because it makes bigger moves. The CHK follows the XLE almost exactly. Basically what I'm saying regarding oil:

Trade: XLE
Invest: CHK (and others)

Oil up $2.63 closing at $54.60 on Wednesday.

Oil closed at $55.03 and any spike up will hurt the markets. On Wednesday oil data supplies are released.

With oil prices climbing steadily over the in anticipation of the info release, it most likley means that people in the know are figuring that the report will show deplete supplies. I'd be expectant of a jump of a couple dollars when the info comes out on wednesday.

I hear that we have more inventory than we've had in years right now.  Just what I have heard.

M|What I ment by what I said is that I would expect we have less than we think, not nessicarily less than any other time in history. What we have to remember also is the a lot of that inventory is probally in the US oil reserve, which isn't really open for access.

When are the us oil reserves going to be full so the demand will be a little less?

Last time I heard they where at about 60%, but then again I haven chacked in a few months. But I know at that time they had stopped filling them due to the high prices they where causing. So if nothing has changed, and it might have (I'm sure lemonbutt will be more up to date than me) they aren't causeing any demand right now.

http://www.comcast.net/finance/index.jsp?cat=FINANCE&fn=/2005/06/07/150554.html

Its stating that the oil reserve will be completed by august and will free up 75k barrels a day of oil to the market. Also create more of a security blanket for the u.s if theres any supply disruptions.

The leaders of OPEC are meeting again to raise the amont of oil they will let out, although the last 3 times they have done this it hasn't made prices drop much at all.

MPET closed on an annual high yesterday of $3.04.  Currently trading at $3.95.

Magellan Petroleum Corporation said that its 55-percent-held subsidiary, Magellan Petroleum Australia Limited, made the following release to the Australian Stock Exchange on Monday, June 6, 2005: Announcement to ASX Yanerbie-1 due to spud Cooper Basin South Australia Magellan Petroleum Australia Limited advises that the Yanerbie-1 exploration well in exploration permit PEL 110 is due to spud this week. The well is located some 150 km north of Moomba in South Australia.

Yanerbie-1 will target reservoir in the Hutton Sandstone and the Triassic Tinchoo Formation in a robust structural closure approximately 20 kilometres north of the Keleary oil field where the Tinchoo and Basal Jurassic Poolowanna Formations are oil productive. The Poolowanna Formation at Yanerbie-1 is a secondary target.

Yanerbie-1 is being drilled by PEL 110 operator, Beach Petroleum, and will utilise the Century Rig 3. It is anticipated that the well will take approximately 14 days to drill to its planned total depth of 2,554 metres and evaluate the sequence.

Magellan advises that it has reached agreement with Enterprise Energy NL to farmout a 6.25% interest in the Yanerbie Prospect. As a result of this farmout, Magellan's equity in the Yanerbie Prospect will reduce to 31.25%. Magellan will retain a 37.5% interest in the remainder of PEL 110. However the terms of the farmout agreement with Enterprise also gives that company an option to earn a 6.25% in the entire tenement by committing to funding further exploration expenditure after Yanerbie-1.

I have combined the oil and oil prices fourm. Here is who said what in the oil prices forum.

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Vince:When are the oil prices going to finally stablize? I am looking to get into alot of oil very shortly.

the cripes: If I knew the answer to that, I'd be a very rich man.

Vince: Is there any guesstimates that where it will stop? Or any resistance at a certain price?

DeMerchant: Baring any major changes oil will be likley to flucuate in the 48-55$ range. 55$/barrel seems to be somewhat of a barrier; however that being said, most things that are likley to happen in the future will quickly drive the price up (anouther war, more terrorist action, china, etc...), anything that would  drive the price down (hybrids, stabilization of the middle east, etc...) is more likley to go slowly. My advice for oil, buy anything less than 50$, sell at 53/54ish. If you want to hold on till above 55$ it would be a gift in the short term, that is unless you want to be paitent. Bold prediction, oil hits 65$ by this time next year.

Vince: Where would you go and buy oil?

DeMerchant: Just search the net for a commodities broker firm. You might even be able t do it through your stock brokerage firm. I don't really have any to recommend.

oilisgold: oil prices!? can`t we talk religion or politics instead! oil prices will fall back down to $20 - $25 because too much stability could be an advantage to competing energy sources. OIL price is like the global economic accelerator/brake pedal, cheap = good for us yes but better for china because our economies in the west are so called `mature`. The 1st thing to know about oil is why we burn it - to get the low lying energy fruit out of the global economic arena, 40 yaers left and what a burn its been!Global domination theory!?! afraid so - its the human condition. You guys DO know what vegetable oil Mr Diesel designed his engine to burn right!?More on OIL later ...

DeMerchant: Oilisgold,
Oil prices will never go back into the 20-25$ range. It's simple, if prices dropped down below 45$/barrel there would be such a move to stockpile it by nations like the US and China that it would drive prices right back up to 50$. Oil can be used as a brake pedal, but it's not one that we can invoke ourselves. It's more like a brake that kicks in once the world economy starts going too fast. And its not even a good brake, it's like the crappy brakes on my mom's truck that she lends me that just do enough to keep me from killing myself. The 1st thing to know about oil isn’t why we burn it. The 1st thing to know is that it’s a limited resource. We are super dependant on a resource that we're running out of, now there's a situation for prices to hit the roof, and then welcome to economic Armageddon.

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Keep up the great sidcussion on oil everyone, and let's try to keep it all non-personal

Iceman's sources say oil is going to 80!!!

BUY OIL! Its not pumnping its a fact that oil is going up, and theres no roof in sight.