Going to start a oil thread. I play UCO exclusivly for now, but there are others both long and short, DIG, DUG, UCO, SCO, etc.
Tekno made some good comments and I found a article to post on the subject.
Refiners, Union Workers Extend Contract Talks as Strike Looms
By Barbara Powell, Aaron Clark and Jordan Burke
Feb. 1 (Bloomberg) -- Royal Dutch Shell Plc and the union representing refinery workers extended talks on a new contract for at least 24 hours, delaying a possible strike that may affect almost two-thirds of U.S. capacity.
The groups made “sufficient progress” during talks yesterday, Lynne Baker, a United Steelworkers spokeswoman, said in a telephone interview. The rolling 24-hour extension began at 12:01 a.m. U.S. Central Time today and renews each 24 hours until the two sides reach an agreement or the union terminates the contract and gives 24 hour notice that it will strike.
“When you go to rolling 24-hour extensions, it appears they want to reach a settlement, which will keep the union working without disrupting refinery operations,” said Andy Lipow, president of Lipow Oil Associates LLC in Houston.
The negotiations cover workers at 86 plants representing about 64 percent of U.S. refining capacity, including operations owned by Exxon Mobil Corp., Valero Energy Corp., BP Plc and Chevron Corp. as well as Shell. Gasoline futures prices soared almost 10 percent last week on concern over a walkout.
“The USW has agreed to extend the existing contract given that negotiations continue to be productive and progress is being made,” Stan Mays, a Shell spokesman, said in an e-mail. “Shell is committed to resolving the remaining issues at the negotiating table. We are optimistic that a mutually satisfactory agreement can be reached with the USW.”
More here...........
http://www.bloomberg.com/apps/news?p...d=a_e_bB.zbWxA