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Oil prices steady after sharp drop

Crude holds above $115 a barrel as traders await Federal Reserve rate decision. Retail gasoline pushes higher.

Last Updated: April 30, 2008: 5:55 AM EDT

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SINGAPORE (AP) -- Oil prices steadied Wednesday after tumbling more than $3 a barrel in the previous session on a strengthening U.S. dollar and data showing a dramatic drop in American fuel demand.
Retail gas prices, meanwhile, increased for the 16th straight day. AAA reported the national average price for a gallon of regular unleaded gasoline rose to a new record high of $3.617, up 1 cent from the previous day.
Trading in crude futures was cautious in Asia as market participants awaited the Federal Reserve's decision on interest rates later Wednesday.[more]
http://money.cnn.com/2008/04/30/markets/oil.ap/index.htm?postversion=2008043005
 
Did You Ever Think You Would Be Praying For 3.00 Gas
I'm Looking To Stick It To The Arabs & Their Oil
I'm In The Market For A 40 Mpg Car
However; I Hesitate To Buy A Hybrid; Car;
But I Have To Do A Cost Analysis
I Just Found Out It Will Cost Between 4000-5000 Dollars To Replace Batteries

I Wonder What An Oil Change Will Cost

Md
 
MADDOG said:
Did You Ever Think You Would Be Praying For 3.00 Gas
I'm Looking To Stick It To The Arabs & Their Oil
I'm In The Market For A 40 Mpg Car
However; I Hesitate To Buy A Hybrid; Car;
But I Have To Do A Cost Analysis
I Just Found Out It Will Cost Between 4000-5000 Dollars To Replace Batteries

I Wonder What An Oil Change Will Cost

Md
Click to expand...
I would do the same those Hybrids are too new and not proven when it comes to reliability, If it breaks down watch out!!:mad:
 
Oil prices turn lower as crude supplies rise

Futures continue to unwind on the latest inventory report; Fed decision awaited.

By Catherine Clifford, CNNMoney.com staff writer
Last Updated: April 30, 2008: 11:06 AM EDT

NEW YORK (CNNMoney.com) -- Oil prices turned lower Wednesday after the government said supplies of crude increased more than expected.
U.S. light crude for June delivery fell $1.57 to $114.06 a barrel on the New York Mercantile Exchange. Oil had traded up 67 cents at $116.30 just prior to the report's release.
In its weekly inventory report, the Energy Information Administration said crude stocks rose by 3.8 million barrels last week. Analysts were looking for an increase of 1.6 million barrels according to a survey from Platts, an energy research firm.
Gas supplies fell by 1.5 million barrels. Analysts were looking for decline of 800,000 barrels in stockpiles. Distillates, used to make heating oil and diesel fuel, rose by 1.1 million barrels. Analysts were looking for an increase in distillate supplies of 150,000 barrels.
Crude prices fell more than $3 a barrel Tuesday after reaching a record $119.93 the day before.
Analysts attributed the decline in price Tuesday to a monthly energy department report that showed a drop in demand for gasoline in the U.S. and a strengthening in the value of the dollar.
Traders will closely watch a decision from the Federal Reserve due this afternoon. If the Fed cuts rates, as is widely expected, the dollar could weaken and that might push oil prices higher.
Oil prices have jumped 15% since the start of the year. Many analysts blame the rise in oil prices on the falling dollar.
As the dollar continues to depreciate in value, investors have bought oil futures as a hedge against inflation. Also, oil is priced in dollars worldwide, so a falling dollar provides less incentive for oil-exporting countries to increase output, or for foreign consumers to cut back on oil use. http://money.cnn.com/2008/04/30/markets/oil_eia/index.htm?postversion=2008043011
 
LMAO "the government says" it says this, it says that. Anything to manipulate things they way the bankers want it to go to their benefit. Anybody who believes any of the numbers put out today....well I can't think of an appropriate adjective. The government wants people to spend those "stimulus" checks, not use them to pay down debt or buy necessities. So "the government says" whatever it takes to get 'er done. Price of oil down....but price of gas is still going up. And it will continue to do so. It ain't coming down, folks.

Oh...why are they so surprised the supplies of crude increased when refineries were shut in last month "for maintenance." There's also less demand because less gas is being pumped so less needs to be refined meaning stocks increase. Duh.

USA exports both crude AND gasoline to other countries. Like JAPAN. Japan has no native petroleum resources, everything is imported. Hence the drop in gasoline stockpiles. If we use less here, the oil companies don't lose money, they just export more.
 
Oil falls $2 after Fed announcement:D

Futures sink after the central bank cuts interest rates; inventory report pressured prices in early trade.

By Catherine Clifford, CNNMoney.com staff writer
Last Updated: April 30, 2008: 3:35 PM EDT

NEW YORK (CNNMoney.com) -- Oil fell sharply Wednesday after the Federal Reserve said it would lower interest rates by 1/4 of a percentage point. Earlier in the day, oil prices eased following a report that showed supplies of crude increased more than expected last week.
U.S. light crude for June delivery fell $2.17 cents to settle at $113.46 a barrel on the New York Mercantile Exchange. Just before the central bank's announcement, oil was 93 cents lower at $114.70 a barrel.
Prices have fallen $5.29 a barrel since Monday when crude settled at $118.75 a barrel. [more]
http://money.cnn.com/2008/04/30/markets/oil_eia/index.htm?postversion=2008043014
 
Sure is MP, they think we have it bad!:suspicious:
U.S. gas: So cheap it hurts:cool:

Relatively low taxes have kept pump prices far below most other developed nations, which some say is precisely why the current runup is so painful.

By Steve Hargreaves, CNNMoney.com staff writer
Last Updated: May 1, 2008: 7:07 AM EDT
[See Charts]
NEW YORK (CNNMoney.com) -- Despite daily headlines bemoaning record gas prices, the U.S. is actually one of the cheaper places to fill up in the world.
Out of 155 countries surveyed, U.S. gas prices were the 45th cheapest, according to a recent study from AIRINC, a research firm that tracks cost of living data.
The difference is staggering. As of late March, U.S. gas prices averaged $3.45 a gallon. That compares to over $8 a gallon across much of Europe, $12.03 in Aruba and $18.42 in Sierra Leone.
The U.S. has always fought to keep gas prices low, and the current debate among presidential candidates on how to keep them that way has been fierce.
But those cheap gas prices - which Americans have gotten used to - mean they feel price spikes like the ones we're experiencing now more acutely than citizens from other nations which have had historically more expensive fuel.
Cheap gas prices have also lulled Americans into a cycle of buying bigger cars and bigger houses further away from their work - leaving them more exposed to rising prices, some experts say.
Price comparisons are not all created equal. Comparing gas prices across nations is always difficult. For starters, the AIRIC numbers don't take into account different salaries in different countries, or the different exchange rates. Obviously, buying $8 worth of gas with a euro - currently valued at about $1.55 to the dollar - is much easier on the wallet than paying with dollars.
And then there's the varying distances people drive, the public transportation options available, and the different services people get in exchange for high gas prices. For example, Europe's stronger social safety net, including cheaper health care and higher education, is paid for partly through gas taxes.
Gasoline costs roughly the same to make no matter where in the world it's produced, according to John Felmy, chief economist for the American Petroleum Institute. The difference in retail costs, he said, is that some governments subsidize gas while others tax it heavily.[more]
http://money.cnn.com/2008/05/01/news/international/usgas_price/index.htm?postversion=2008050107
 
GOOD MOVE there Burntankle!!:mad:

Oil rises on weaker dollar

U.S. dollar softens after Federal Reserve cuts key rate by a quarter-percentage point to 2%. Retail gas at 17th straight record.

May 1, 2008: 6:12 AM EDT


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SINGAPORE (AP) -- Oil prices rose in Asian trading Thursday as the dollar weakened after the U.S. central bank cut its key interest rate.
The U.S. Federal Reserve said Wednesday it would cut the federal funds rate by a quarter percentage point to 2%. Early in Asia, the dollar lost ground against both the euro and yen, although it began to stabilize and strengthen later in the day.
"The U.S. (Federal Open Market Committee) meeting and the softer U.S. dollar helped the oil price recover some ground," said David Moore, commodity strategist with the Commonwealth Bank of Australia in Sydney.
U.S. crude for June delivery added 79 cents to $114.25 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon Thursday in Singapore.
Interest rate cuts tend to weaken the dollar, and investors buy commodities such as oil as a hedge against inflation when the greenback falls. A weaker dollar also makes oil cheaper for overseas buyers.
The wording of the statement accompanying the Fed's announcement, though, left traders wondering whether future cuts are likely. While signaling it is concerned about weak economic growth, the central bank also cited worries about inflation - a risk propelled in large part by higher energy prices.
Gas prices. Retail gas prices increased for the 17th day in a row. AAA reported the national average price for a gallon of regular unleaded gasoline rose to a new record high of $3.623, up six-tenths of a cent from the previous day.
Supply jump[more]
 
Oil down $3 as the dollar climbs :D

The day after the Federal Reserve cuts key rate by a quarter-percentage point to 2%, oil prices ease. Retail gas at 17th straight record.

Last Updated: May 1, 2008: 11:27 AM EDT

NEW YORK (AP) -- Oil prices Thursday were $3 below Wednesday's settle price as the dollar strengthened against the euro despite a cut by the U.S. central bank in its key interest rate.
Light, sweet crude for June delivery fell as low as $110.46 a barrel in electronic trading on the New York Mercantile Exchange, after trading as high as $113.10 earlier in the day. Crude was trading at $110.90 a barrel at 11:30 a.m. on Thursday.
On Wednesday the contract fell $2.17 to settle at $113.46 a barrel after the U.S. government reported that crude inventories rose more than expected last week.
In London, Brent crude futures were down 29 cents to $111.07 a barrel on the ICE Futures exchange.[more]
http://money.cnn.com/2008/05/01/markets/oil_ap.ap/index.htm?postversion=2008050111
 
Oil rebounds above $113 a barrel

Crude prices turn higher in electronic trading. Gas prices end 17-day record run.

Last Updated: May 2, 2008: 7:32 AM EDT


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SINGAPORE (AP) -- Oil prices bounced back above $113 a barrel in volatile trading Friday after falling sharply from the early-week record near $120 a barrel.
Light, sweet crude for June delivery on the New York Mercantile Exchange rose 54 cents to $113.06 a barrel in electronic trading by midday in Europe, up from a low of $111.78 earlier in the session. The contract fell 94 cents to settle at $112.52 a barrel on Thursday.
A stronger U.S. dollar and short covering by professional traders who bought back contracts as prices recovered after betting earlier that prices would fall further were both seen affecting the market.
As the dollar has recovered this week against the euro and yen, the front-month crude futures contract on the New York Mercantile Exchange has dropped nearly $8 from its high to benchmark oil's lowest level since April 14.
On Friday, the dollar rose against the 15-nation euro, which bought $1.5458 by midday in Europe, down from $1.5461 late Thursday in New York.
The rise of the dollar has stripped away some of oil's appeal to investors who have been betting that the greenback would continue to falter. When the dollar gains ground, commodities such as oil lose their value as a hedge against inflation, prompting selling. Also, a stronger dollar makes oil more expensive to investors overseas.[more]
http://money.cnn.com/2008/05/02/markets/oil.ap/index.htm
 
Oil prices rise on supply worries

Crude rises after an attack on a Nigerian oil installation, but gains capped by stronger dollar.

Last Updated: May 5, 2008: 6:53 AM EDT

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SINGAPORE (AP) -- Oil prices rose Monday, supported by weekend news of an attack on a Nigerian oil installation, but gains were limited by the strengthening of the U.S. dollar.
Royal Dutch Shell PLC (RDS.A) spokesman Precious Okolobo said Saturday that attackers hit a flow station belonging to Shell's joint venture in southern Nigeria and that some oil production had been shut down. He gave no further details. Flow stations are intersections for pipelines carrying oil from wells to export terminals.
"The geopolitical news (out of Nigeria) is supportive of oil pricing and causes investors to come back into oil," said Victor Shum, an analyst with Purvin & Gertz in Singapore. However, "the strengthening dollar has capped further gains in oil," he said.
U.S. crude for June delivery rose 93 cents to $117.25 a barrel in Asian electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. The contract rose $3.80 to settle at $116.32 a barrel on Friday.
Crude futures soared Friday after Turkish airstrikes on Kurdish rebel bases in Iraq injected some supply concerns into the market.
Also supporting oil prices were concerns about Iran after Supreme Leader Ayatollah Ali Khamenei said Sunday that his country will not bend to international pressure and give up its nuclear program. Iran is the second largest producer in the Organization of Petroleum Exporting Countries.
When conflict breaks out or political tensions rise in the Middle East, investors often buy oil on concerns that supplies will be disrupted.
"The market is supported by strong commodity index fund buying that happened on Friday, driven primarily by a belief that there would be supply issues in the long term," Shum said.
An employment report from the U.S. Labor Department also gave investors reason to be optimistic about the U.S. economy. The U.S. is the world's largest consumer of oil and any drop in demand there can have a global impact on prices.
Oil prices dropped to nearly $110 a barrel on Thursday, helped by the rising U.S. dollar, which now stands above 105 against the yen and near 1.55 against the euro. Both levels are significantly above record lows the dollar hit last month and in March against the currencies.
A rising dollar undercuts the appeal of commodities such as oil as a hedge against inflation, and makes oil more expensive to investors overseas.
In other Nymex trading, heating oil futures added 1.24 cents to $3.2311 a gallon while gasoline prices fell 0.64 cent to $2.96 a gallon. Natural gas futures rose 7.3 cents to $10.85 per 1,000 cubic feet.
http://money.cnn.com/2008/05/05/markets/oil_ap.ap/index.htm?postversion=2008050506
 
Gas price break may not last:mad::worried:

After 2-week advance, daily average is down for 4th straight day. But another run at the record looms - surveys.

Last Updated: May 5, 2008: 7:10 AM EDT

ATLANTA (CNN) -- After a two-week climb in gasoline prices, there appeared to be some short-term moderation Monday - but another run at the record high set last week seems likely, two surveys indicated.
The average price of gasoline jumped 15 cents over the past two weeks to a national average of $3.62 per gallon of self-serve regular, according to the biweekly Lundberg Survey released Sunday. The rise continued at virtually the same rate as the previous two weeks, when the average price went up 16 cents per gallon.
Separately, AAA reported Monday that the national average price for a gallon of regular unleaded gasoline fell for the fourth straight day, down 3/10 of a cent to $3.611. The price is 1.2 cents below the $3.623-a-gallon record set last Thursday, which marked the 17th day in a row of new highs.
The AAA survey is updated daily, and tracks prices at roughly 80,000 service stations across the country. It is conducted for the group by Oil Price Information Service.[more]
http://money.cnn.com/2008/05/05/news/economy/gas_prices/index.htm
 
LMAO! Fox in the henhouse!
Each of the three presidential candidates has called for greater federal intervention in response to the financial and housing turmoil. President Bush defended his policies at a news conference Tuesday. Privately, officials have huddled with industry executives to discuss what should be done.

FTC takes aim at oil price manipulation
WASHINGTON (AP) — The Federal Trade Commission said Thursday it hoped to complete rules by the end of the year on how it plans to enforce a new law against price manipulation and deception in the oil-trading markets.
The FTC announced that has taken the first step, seeking public comments, toward developing a regulation on oil industry price manipulation.
As part of a broad energy bill passed in December, Congress gave the FTC expanded authority to pursue price manipulation in the oil markets and made it illegal for anyone to provide false information to federal agencies about oil prices.
"We understand that consumers are being hurt by high gas prices and the commission remains vigilant in using its full authority to prevent unlawful behavior that affects gas prices," FTC Chairman William Kovacic said in a statement.
He said the request for public comment will help the agency "assess quickly and thoughtfully how the commission's new market manipulation authority may be used to protect the American people."
Among the questions that the FTC hopes to get a clearer sense of is the definition of market manipulation and what should be considered "false and misleading" information in its enforcement of the new law.
The law makes it illegal to use deception or manipulation in the purchase or sale of crude oil, gasoline or petroleum distillates. Violators could face a civil penalty of up to $1 million.
The FTC will propose new regulations after the 30-day comment period, with an intention to conclude the rule-making by the end of the year.
The announcement was welcomed on Capitol Hill.
"We've been waiting for the FTC to act," said Sen. Maria Cantwell, D-Wash., who has recently written the FTC to ask why the rule-making was being delayed.
House Speaker Nancy Pelosi, D-Calif., praised the FTC's "long overdue action of moving forward on efforts to examine the manipulation of energy prices." She also had written the FTC asking why the rule-making hadn't begun.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Click to expand...
 
Oil prices surpass $120 :mad: a barrel

Crude soars to new heights after attack on Nigerian oil installation, raids in Iraq; pump prices dip a cent.

Last Updated: May 5, 2008: 11:37 AM EDT

News out of Nigeria has lured investors back into oil, analyst says.

NEW YORK (AP) -- Oil futures have surpassed the once unthinkable price of $120 a barrel Monday as supply threats emerged overseas and the dollar weakened against the euro.
At the pump, however, the average national price of a gallon of regular gas slipped to $3.611 a gallon on Monday, down 1.1 cents from Friday, according to AAA and the Oil Price Information Service. Prices peaked at a record $3.623 a gallon on Thursday.
Diesel prices also fell, slipping to a national average of $4.239 from a record $4.251 on Thursday. The runup in prices of diesel, used to power most trucks, trains and ships, is one reason why food prices are so high.
The slight relief motorists are seeing at the pump could end quickly if oil's rise continues. Analysts say gas prices could still go up another 10 cents or so. Indeed, Andy Lebow, senior vice president at MF Global Inc., thinks the gas price declines of the last four days are almost entirely due to crude oil's sharp drop last week; prices fell from a trading record $119.93 on Monday as low as $110.30 on Thursday before rebounding. Gas prices tend to follow prices in the futures market, but with some lag.
Light, sweet crude for May delivery rose to a trading record of $120.21 a barrel on the New York Mercantile Exchange.[more]
http://money.cnn.com/2008/05/05/markets/oil_ap.ap/index.htm?postversion=2008050511
 
$120.93, before settling back to $120.59.

Watch out- pump prices are sure to follow.

Fill up on the way home tonight- it may be too late already- but you can bet gasoline pump prices will jump another dime in the next couple days.
 
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