nnuut
Moderator | TSP Legend
Boy! those guys can really pack a trailer!!
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View attachment 3676
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Oil Slick Stuff
- Thread starter nnuut
- Start date
nnuut
Moderator | TSP Legend
Gas prices fueled by surging oil
Crude prices edge higher after a weak jobs report increases the likelihood that the Federal Reserve will continue cutting interest rates.
Last Updated: April 7, 2008: 3:52 PM EDT
NEW YORK (AP) -- Gas prices rose further into record territory Monday, pulled higher by resurgent oil futures and a growing belief that gasoline supplies are falling as the summer driving season approaches.
Oil futures, meanwhile, jumped by more than $2 a barrel as traders bet the Federal Reserve will continue cutting interest rates. Comments from OPEC suggesting the cartel plans no production increases also boosted oil prices.
At the pump, the national average price of a gallon of gas jumped 3.6 cents over the weekend to a record $3.339, according to AAA and the Oil Price Information Service. That's 58 cents higher than a year ago. In New York Mercantile Exchange trading, May gasoline futures rose 2.68 cents to settle at $2.7835 a gallon.
The Energy Department expects retail gas prices to peak above $3.60 a gallon later in the spring, said Guy Caruso, head of the department's Energy Information Administration, according to Dow Jones Newswires. Many analysts see prices peaking closer to $4 a gallon.
Gas prices are following crude futures higher, but they're also rising on concerns about supplies and demand. Analysts say refiners have cut back on gasoline production due to low profit margins; the rising price of crude means it costs them more to refine gas.
And last week, the Energy Information Administration said gasoline inventories fell more than expected during the week ended March 28. Gasoline demand rose for the first time since January, raising the prospect that supplies will fall further as Americans drive more during the spring and summer.
"It's very normal that you see the ratcheting up of [gasoline prices] before its season," said Stephen Schork, an energy trader and analyst in Villanova, Pa.
Consumer crisis
Despite last week's increase, Caruso expects demand for gasoline to fall by 85,000 barrels a day this summer compared to last due to high prices and the weak economy, Dow Jones reported. That would be the first summertime decline in gasoline demand since 1991.
To date, however, falling demand has failed to deflate surging gas prices, which are putting more pressure on consumers already suffering from higher food prices, falling home values and a tight job market. One of the factors pushing food prices higher is diesel fuel, which is used to transport most of the world's food, industrial and consumer goods. Diesel prices, while holding above $4 a gallon, have retreated lately, and fell 1.5 cents overnight to a national average of $4.007.
In oil trading Monday, May futures rose $2.86 to settle at $109.09 a barrel on the Nymex, crude's highest settlement since March 18, as traders shrugged off a slightly weaker dollar and bet that future Fed rate cuts will weaken the greenback. A weak dollar attracts investors to hard commodities such as oil, which are seen as a hedge against inflation. Also, a falling dollar makes oil cheaper to investors overseas.
OPEC stands
The prospect that the Organization of Petroleum Exporting Countries will hold production steady this year also pushed oil prices higher Monday.
"OPEC's Secretary-General, Abdullah al-Badri, made it clear over the weekend that the cartel continues to believe that the world is sufficiently supplied with oil and ... has no plans to increase output any time soon," said Addison Armstrong, director of market research at Tradition Energy in Stamford, Conn., in a research note.
Oil futures are nearing last month's trading record of $111.80 a barrel after a swoon that twice brought them briefly below $100.
In other Nymex trading Monday, May heating oil futures rose 9.22 cents to settle at $3.0843 a gallon, while May natural gas futures rose 46.9 cents to settle at $9.791 per 1,000 cubic feet. Analysts said heating oil and natural gas futures were boosted by forecasts for cooler weather over the next two weeks.
In London, May Brent crude rose $2.24 to settle at $107.14 a barrel on the ICE Futures Exchange.
http://money.cnn.com/2008/04/07/markets/oil.ap/index.htm?postversion=2008040715
Crude prices edge higher after a weak jobs report increases the likelihood that the Federal Reserve will continue cutting interest rates.
Last Updated: April 7, 2008: 3:52 PM EDT
NEW YORK (AP) -- Gas prices rose further into record territory Monday, pulled higher by resurgent oil futures and a growing belief that gasoline supplies are falling as the summer driving season approaches.
Oil futures, meanwhile, jumped by more than $2 a barrel as traders bet the Federal Reserve will continue cutting interest rates. Comments from OPEC suggesting the cartel plans no production increases also boosted oil prices.
At the pump, the national average price of a gallon of gas jumped 3.6 cents over the weekend to a record $3.339, according to AAA and the Oil Price Information Service. That's 58 cents higher than a year ago. In New York Mercantile Exchange trading, May gasoline futures rose 2.68 cents to settle at $2.7835 a gallon.
The Energy Department expects retail gas prices to peak above $3.60 a gallon later in the spring, said Guy Caruso, head of the department's Energy Information Administration, according to Dow Jones Newswires. Many analysts see prices peaking closer to $4 a gallon.
Gas prices are following crude futures higher, but they're also rising on concerns about supplies and demand. Analysts say refiners have cut back on gasoline production due to low profit margins; the rising price of crude means it costs them more to refine gas.
And last week, the Energy Information Administration said gasoline inventories fell more than expected during the week ended March 28. Gasoline demand rose for the first time since January, raising the prospect that supplies will fall further as Americans drive more during the spring and summer.
"It's very normal that you see the ratcheting up of [gasoline prices] before its season," said Stephen Schork, an energy trader and analyst in Villanova, Pa.
Consumer crisis
Despite last week's increase, Caruso expects demand for gasoline to fall by 85,000 barrels a day this summer compared to last due to high prices and the weak economy, Dow Jones reported. That would be the first summertime decline in gasoline demand since 1991.
To date, however, falling demand has failed to deflate surging gas prices, which are putting more pressure on consumers already suffering from higher food prices, falling home values and a tight job market. One of the factors pushing food prices higher is diesel fuel, which is used to transport most of the world's food, industrial and consumer goods. Diesel prices, while holding above $4 a gallon, have retreated lately, and fell 1.5 cents overnight to a national average of $4.007.
In oil trading Monday, May futures rose $2.86 to settle at $109.09 a barrel on the Nymex, crude's highest settlement since March 18, as traders shrugged off a slightly weaker dollar and bet that future Fed rate cuts will weaken the greenback. A weak dollar attracts investors to hard commodities such as oil, which are seen as a hedge against inflation. Also, a falling dollar makes oil cheaper to investors overseas.
OPEC stands
The prospect that the Organization of Petroleum Exporting Countries will hold production steady this year also pushed oil prices higher Monday.
"OPEC's Secretary-General, Abdullah al-Badri, made it clear over the weekend that the cartel continues to believe that the world is sufficiently supplied with oil and ... has no plans to increase output any time soon," said Addison Armstrong, director of market research at Tradition Energy in Stamford, Conn., in a research note.
Oil futures are nearing last month's trading record of $111.80 a barrel after a swoon that twice brought them briefly below $100.
In other Nymex trading Monday, May heating oil futures rose 9.22 cents to settle at $3.0843 a gallon, while May natural gas futures rose 46.9 cents to settle at $9.791 per 1,000 cubic feet. Analysts said heating oil and natural gas futures were boosted by forecasts for cooler weather over the next two weeks.
In London, May Brent crude rose $2.24 to settle at $107.14 a barrel on the ICE Futures Exchange.
http://money.cnn.com/2008/04/07/markets/oil.ap/index.htm?postversion=2008040715
And when it does...
we can all expect crack heads like these coming to a neighborhood near you.
we can all expect crack heads like these coming to a neighborhood near you.
looking more and more like the $4/gal summer gas prediction is going to be a reality..
nnuut
Moderator | TSP Legend
nnuut
Moderator | TSP Legend
AP
Gov't Expects Gasoline to Peak at $3.60
Tuesday April 8, 9:22 am ET
By John Wilen, AP Business Writer Energy Department Expects Gas Prices to Peak at $3.60 a Gallon This Spring, Curbing Demand
NEW YORK (AP) -- Retail gas prices will peak near $3.60 a gallon in June, but prices at such lofty levels will make many Americans think twice about hitting the road this summer, the Energy Department said Tuesday.
High prices and a weak economy are expected to cut demand for gasoline by about 0.4 percent during the peak summer driving season, the department's Energy Information Administration said in a monthly report on petroleum supplies and demand. Overall consumption of petroleum products will drop by 90,000 barrels a day this year. Previously, the EIA had projected petroleum consumption would rise by 40,000 barrels a day.
The government previously estimated gas prices would peak near $3.50 a gallon. Many analysts predict prices will peak much higher than that.
On Tuesday, gas prices slipped slightly to a national average of $3.331 a gallon from Monday's record of $3.339, according to AAA and the Oil Price Information Service. Prices are 55 cents higher than a year ago.
Crude oil prices are the biggest reason gas prices are rising, the EIA said. Oil is now expected to average $101 a barrel this year, up from the EIA's previous projection of $94. Next year, the EIA expects oil to average $92.50 a barrel, up from a previous projection of $86.
"The combination of rising world oil consumption and low surplus production capacity is putting upward pressure on oil prices," the EIA report said. "The flow of investment money into commodities has contributed to crude oil price volatility."
Indeed, the EIA acknowledged "significant uncertainty" in its oil price projections, noting that unexpected supply disruptions due to conflict in oil-producing nations, unusual weather or refinery outages could send prices spiraling sharply higher.
"Prices can fall as rapidly under a different set of circumstances, such as easing of geopolitical tensions or further weakening of U.S. and world economic growth," the EIA's report said.
http://biz.yahoo.com/ap/080408/gas_demand.html
Gov't Expects Gasoline to Peak at $3.60
Tuesday April 8, 9:22 am ET
By John Wilen, AP Business Writer Energy Department Expects Gas Prices to Peak at $3.60 a Gallon This Spring, Curbing Demand
NEW YORK (AP) -- Retail gas prices will peak near $3.60 a gallon in June, but prices at such lofty levels will make many Americans think twice about hitting the road this summer, the Energy Department said Tuesday.
High prices and a weak economy are expected to cut demand for gasoline by about 0.4 percent during the peak summer driving season, the department's Energy Information Administration said in a monthly report on petroleum supplies and demand. Overall consumption of petroleum products will drop by 90,000 barrels a day this year. Previously, the EIA had projected petroleum consumption would rise by 40,000 barrels a day.
The government previously estimated gas prices would peak near $3.50 a gallon. Many analysts predict prices will peak much higher than that.
On Tuesday, gas prices slipped slightly to a national average of $3.331 a gallon from Monday's record of $3.339, according to AAA and the Oil Price Information Service. Prices are 55 cents higher than a year ago.
Crude oil prices are the biggest reason gas prices are rising, the EIA said. Oil is now expected to average $101 a barrel this year, up from the EIA's previous projection of $94. Next year, the EIA expects oil to average $92.50 a barrel, up from a previous projection of $86.
"The combination of rising world oil consumption and low surplus production capacity is putting upward pressure on oil prices," the EIA report said. "The flow of investment money into commodities has contributed to crude oil price volatility."
Indeed, the EIA acknowledged "significant uncertainty" in its oil price projections, noting that unexpected supply disruptions due to conflict in oil-producing nations, unusual weather or refinery outages could send prices spiraling sharply higher.
"Prices can fall as rapidly under a different set of circumstances, such as easing of geopolitical tensions or further weakening of U.S. and world economic growth," the EIA's report said.
http://biz.yahoo.com/ap/080408/gas_demand.html
Asylum
Member
uhh.. the back pedaling has begun... same author...
http://ap.google.com/article/ALeqM5jkPHIIfviqYN5x89eQb16MYtMNdgD8VTOPE82
Silverbird
Well-known member
I guess that's what he'd call covering all bases. :suspicious:
nnuut
Moderator | TSP Legend
Yep, I thought they were aiming at $4 a Gal this summer. This is begining to ------- me off!
They just want us to get used to over $3 a gallon, then they will knock it back to where they wanted it in the first place. WE will think we are getting a deal at $2.85 a gallon!
View attachment 3682
They just want us to get used to over $3 a gallon, then they will knock it back to where they wanted it in the first place. WE will think we are getting a deal at $2.85 a gallon!
View attachment 3682
JTH
Well-known member
Gas here is lower New Mexico hovered at 3.19 for a month, then in less then 10 days went up twice. We are sitting at 3.35 and I don't think oil prices have fully trickled down into gas prices.
When Katrina hit, I rode my bicycle for 4 months 14 miles to work. It may be time again for me to pull the ol road bike out pretty soon...
When Katrina hit, I rode my bicycle for 4 months 14 miles to work. It may be time again for me to pull the ol road bike out pretty soon...
nnuut
Moderator | TSP Legend
nnuut
Moderator | TSP Legend
Oil and gas prices both ease
A new government forecast said gas could reach as high as $4 a gallon during the summer driving season.
Last Updated: April 8, 2008: 1:33 PM EDT
VIENNA, Austria (AP) -- Retail gasoline prices pulled back slightly from record levels Tuesday and gave some consumers a small break, but a new government forecast said gas could reach as high as $4 a gallon during the summer driving season.
Oil prices, meanwhile, fell as the dollar stabilized, giving investors an opportunity to lock in profits from crude's recent rally. Limiting oil's declines were developments in Iran, which announced plans to expand its uranium enrichment program, a move that raised the market's concerns about political conflict that could affect the country's oil exports.
In its monthly report on petroleum supplies and demand, the Energy Department's Energy Information Administration forecast that monthly average pump prices will peak near $3.60 a gallon in June, but could rise as high as $4 a gallon at times. That's a dime higher than the EIA's previous monthly average projection, and brings government forecasts closer to those of many analysts who expect gas prices to peak close to $4 a gallon.
High prices will cut demand. The government also predicted that high prices will cut demand for gasoline at the height of the summer. Gas consumption will fall by about 0.4% during the peak summer months, and overall consumption of petroleum products will drop by 90,000 barrels a day this year, the EIA said. The agency previously said petroleum consumption would rise by 40,000 barrels a day.
High prices are already having an impact on demand, which has fallen since January.
On Tuesday, regular unleaded gas prices slipped slightly to a national average of $3.331 a gallon from Monday's record of $3.339, according to AAA and the Oil Price Information Service. Prices are 55 cents higher than a year ago.
Crude oil's rise above $100 earlier this year is the main reason gas prices have been rising. Crude futures rose to a trading record of $111.80 last month, and have since traded in a range between about $100 and $110.
Light sweet crude prices fell on Nymex. On Tuesday, light, sweet crude for May delivery fell 62 cents to $108.47 a barrel on the New York Mercantile Exchange. The dollar stabilized against the euro Tuesday, making oil less effective as a hedge against inflation. That led some investors to take profits from a rally that's added 8% to the price of a barrel of crude in a week. Analysts believe the dollar's long decline fed the investment surge that pushed oil above $100 earlier this year.
However, investors were concerned about Iran's announcement that it has begun installing equipment at a uranium enrichment plant. The U.N. Security Council has already passed sanctions against Iran for expanding its nuclear program, and the market is concerned that an escalation of tensions could affect oil exports from the Middle East.
"The announcement of the (equipment) there I think makes people a little bit nervous," said Michael Lynch, president of Strategic Energy & Economic Research Inc. in Amherst, Mass.
Many analysts expect oil prices to rise higher in coming months, possibly above last month's records, as the Federal Reserve cuts interest rates later in the year. Lower rates tend to weaken the dollar.
High oil prices are also pushing diesel prices higher. Diesel's national average price rose 1.3 cents to $4.02 a gallon on Tuesday, AAA said, within 2 cents of last month's record.
"We'll set a new record this week -- probably in the $4.05 to $4.10 a gallon neighborhood," said Tom Kloza, publisher and chief oil analyst at the Oil Price Information Service in Wall, N.J.
Diesel fuel is used to transport most of the world's food, industrial and consumer products, and is one of the reason food prices have risen so sharply this year.
In other Nymex trading Tuesday, May heating oil futures rose 0.77 cent to $3.092 a gallon. Analysts said heating oil prices are being pushed higher by strong global demand for diesel, which is closely related to heating oil, and a fire that shuttered a refinery in Finland.
May gasoline futures fell 3.35 cents to $2.75 a gallon, and May natural gas futures fell 1.6 cents to $9.807 per 1,000 cubic feet.
In London, May Brent crude fell 75 cents to $106.39 a barrel on the ICE Futures exchange. http://money.cnn.com/2008/04/08/markets/oil.ap/index.htm?postversion=2008040813
A new government forecast said gas could reach as high as $4 a gallon during the summer driving season.
Last Updated: April 8, 2008: 1:33 PM EDT
VIENNA, Austria (AP) -- Retail gasoline prices pulled back slightly from record levels Tuesday and gave some consumers a small break, but a new government forecast said gas could reach as high as $4 a gallon during the summer driving season.
Oil prices, meanwhile, fell as the dollar stabilized, giving investors an opportunity to lock in profits from crude's recent rally. Limiting oil's declines were developments in Iran, which announced plans to expand its uranium enrichment program, a move that raised the market's concerns about political conflict that could affect the country's oil exports.
In its monthly report on petroleum supplies and demand, the Energy Department's Energy Information Administration forecast that monthly average pump prices will peak near $3.60 a gallon in June, but could rise as high as $4 a gallon at times. That's a dime higher than the EIA's previous monthly average projection, and brings government forecasts closer to those of many analysts who expect gas prices to peak close to $4 a gallon.
High prices will cut demand. The government also predicted that high prices will cut demand for gasoline at the height of the summer. Gas consumption will fall by about 0.4% during the peak summer months, and overall consumption of petroleum products will drop by 90,000 barrels a day this year, the EIA said. The agency previously said petroleum consumption would rise by 40,000 barrels a day.
High prices are already having an impact on demand, which has fallen since January.
On Tuesday, regular unleaded gas prices slipped slightly to a national average of $3.331 a gallon from Monday's record of $3.339, according to AAA and the Oil Price Information Service. Prices are 55 cents higher than a year ago.
Crude oil's rise above $100 earlier this year is the main reason gas prices have been rising. Crude futures rose to a trading record of $111.80 last month, and have since traded in a range between about $100 and $110.
Light sweet crude prices fell on Nymex. On Tuesday, light, sweet crude for May delivery fell 62 cents to $108.47 a barrel on the New York Mercantile Exchange. The dollar stabilized against the euro Tuesday, making oil less effective as a hedge against inflation. That led some investors to take profits from a rally that's added 8% to the price of a barrel of crude in a week. Analysts believe the dollar's long decline fed the investment surge that pushed oil above $100 earlier this year.
However, investors were concerned about Iran's announcement that it has begun installing equipment at a uranium enrichment plant. The U.N. Security Council has already passed sanctions against Iran for expanding its nuclear program, and the market is concerned that an escalation of tensions could affect oil exports from the Middle East.
"The announcement of the (equipment) there I think makes people a little bit nervous," said Michael Lynch, president of Strategic Energy & Economic Research Inc. in Amherst, Mass.
Many analysts expect oil prices to rise higher in coming months, possibly above last month's records, as the Federal Reserve cuts interest rates later in the year. Lower rates tend to weaken the dollar.
High oil prices are also pushing diesel prices higher. Diesel's national average price rose 1.3 cents to $4.02 a gallon on Tuesday, AAA said, within 2 cents of last month's record.
"We'll set a new record this week -- probably in the $4.05 to $4.10 a gallon neighborhood," said Tom Kloza, publisher and chief oil analyst at the Oil Price Information Service in Wall, N.J.
Diesel fuel is used to transport most of the world's food, industrial and consumer products, and is one of the reason food prices have risen so sharply this year.
In other Nymex trading Tuesday, May heating oil futures rose 0.77 cent to $3.092 a gallon. Analysts said heating oil prices are being pushed higher by strong global demand for diesel, which is closely related to heating oil, and a fire that shuttered a refinery in Finland.
May gasoline futures fell 3.35 cents to $2.75 a gallon, and May natural gas futures fell 1.6 cents to $9.807 per 1,000 cubic feet.
In London, May Brent crude fell 75 cents to $106.39 a barrel on the ICE Futures exchange.
http://money.cnn.com/2008/04/08/markets/oil.ap/index.htm?postversion=2008040813
JTH
Well-known member
I sold my motorbike 6 months ago. I'd love to get a new one, but gas would have to go up substancially in order for it to offset the cost of maintence and monthly payment on a bike.
Right now, it will cost me over 100 dollars to drive to work for a month. I'm one of the lucky ones, I have an old Toyota truck with NO AC and it gets a solid 30MPG. My mini van is the one that kills me!!!
The sad part is we haven't even begun to feel the pain yet!!!
nnuut
Moderator | TSP Legend
Canada's oil boomtown
$3,500 for a no-frills one-bedroom apartment? Welcome to Fort McMurray, the gateway to the second-largest proven oil reserve in the world.
By Erik Heinrich, contributor
Oil sands site near Fort McMurray, Alberta. $100-a-barrel oil has made its costly extraction from the tar sands profitable.
Fortune Magazine) -- Two-bedroom apartments at $3,200 a month sparking bidding wars. Cash deposits of $6,000 made on the spot. Manhattan? Dubai? Think again. While the rest of North America is mired in housing pain, the market is scorching in Fort McMurray, Alberta.
This frontier town five hours north of Edmonton is the gateway to the Athabaska Oil Sands, the second-largest proven oil reserve in the world. With $100-a-barrel oil making its costly extraction from the tar sands profitable, crude exports to the U.S. have spiked to record highs - and the exploding industry has drawn some 20,000 fortune hunters since 2005, pushing rents into the stratosphere. One-bedrooms average $2,200; some are predicting that will soon climb to $3,500. Vacancies are rare, and landlords can name their price, often for apartments in rundown buildings with moldy interiors. [more]
http://money.cnn.com/2008/04/08/magazines/fortune/mcmurray.fortune/index.htm?postversion=2008040906
$3,500 for a no-frills one-bedroom apartment? Welcome to Fort McMurray, the gateway to the second-largest proven oil reserve in the world.
By Erik Heinrich, contributor
Oil sands site near Fort McMurray, Alberta. $100-a-barrel oil has made its costly extraction from the tar sands profitable.
Fortune Magazine) -- Two-bedroom apartments at $3,200 a month sparking bidding wars. Cash deposits of $6,000 made on the spot. Manhattan? Dubai? Think again. While the rest of North America is mired in housing pain, the market is scorching in Fort McMurray, Alberta.
This frontier town five hours north of Edmonton is the gateway to the Athabaska Oil Sands, the second-largest proven oil reserve in the world. With $100-a-barrel oil making its costly extraction from the tar sands profitable, crude exports to the U.S. have spiked to record highs - and the exploding industry has drawn some 20,000 fortune hunters since 2005, pushing rents into the stratosphere. One-bedrooms average $2,200; some are predicting that will soon climb to $3,500. Vacancies are rare, and landlords can name their price, often for apartments in rundown buildings with moldy interiors. [more]
http://money.cnn.com/2008/04/08/magazines/fortune/mcmurray.fortune/index.htm?postversion=2008040906
Asylum
Member
Asylum
Member
WTF is low profit margins???????..Jesus, for the last year they have been reporting RECORD BREAKING PROFITS...Damn greedy bastards
seems odd...
the more demand, the higher the price.
the less demand, the higher the price.
nnuut
Moderator | TSP Legend
Thanks Asylum looks like up we go?
weatherweenie
Well-known member
Oil has hit a new intraday high of $112.15 per barrel. It is currently 3.3% higher this session and 18.4% higher year-to-date