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Oil eases back to $130 a barrel

Crude prices fall ahead of a report expected to show U.S. inventories of petroleum products grew last week; prices stay volatile on threats against Nigerian oil facilities.

May 29, 2008: 7:29 AM EDT


CrudeOil.mkw.gif


BANGKOK, Thailand (AP) -- Oil prices fell back Thursday ahead of a report expected to show U.S. inventories of crude and petroleum products grew last week.
Prices remained volatile, though, buffeted about by threats against Nigerian oil facilities, worries about falling gasoline demand in the U.S. and a strengthening U.S. dollar.
By midday in Europe, light, sweet crude contract for July delivery was down 65 cents at $130.38 a barrel in electronic trade on the New York Mercantile Exchange.
In London, July Brent crude fell 86 cents to $130.07 a barrel on the ICE Futures exchange.
The Nymex July contract dipped below $126 a barrel Wednesday in New York before recovering to finish at $131.03, up $2.18. At its low in the floor session, oil was more than $9 off the record high it hit last week above $135 a barrel.
"Fears that soaring oil prices could damage demand continue to weigh on sentiment," said a report from research firm JBC Energy in Vienna, Austria.
The reversal from the floor session's close came with a renewed strengthening of the dollar and ahead of the U.S. Energy Department's inventory report, to be released later Thursday.
Dollar rebounds
In the last couple of days, the dollar has rebounded against both the euro and yen, receiving some support Wednesday when the U.S. Commerce Department said orders to American factories for big-ticket manufactured goods fell by a smaller-than-expected amount in April.[more]
http://money.cnn.com/2008/05/29/markets/oil_ap.ap/index.htm?postversion=2008052907
 
Oil rebounds as crude and gas supplies fall

Futures bounce off a big decline after government report shows surprise drop in inventories.

By Catherine Clifford, CNNMoney.com staff writer
Last Updated: May 29, 2008: 10:59 AM EDT

NEW YORK (CNNMoney.com) -- Oil prices erased most of their early losses Wednesday after the U.S. government said supplies of crude oil and gasoline fell sharply last week.
U.S. light crude for July delivery traded down 17 cents to $130.86 a barrel on the New York Mercantile Exchange at 10:56 a.m. ET. Oil was down $1.80 to $129.23 just prior to the report's release, then rose as high as $133.12 before easing.
In its weekly inventory report, the Energy Information Administration (EIA) said crude stocks decreased by 8.8 million barrels last week. Analysts were looking for an increase of 750,000 barrels, according to a survey from Platts, an energy research firm.
According to a report issued online by the EIA, "the drop was due to temporary delays in crude oil tanker off-loadings on the Gulf Coast.":confused:
At 311.6 million barrels, U.S. crude oil inventories are in the lower half of the average range for this time of year.
Gasoline supplies decreased by 3.2 million barrels last week and are near the lower limit of the average range. Analysts were looking for a 400,000 barrel gain in gasoline stockpiles.
Distillates, used to make heating oil and diesel fuel, increased by 1.6 million barrels and are in the lower half of the average range for this time of year. Analysts were looking for a more modest 800,000 build in distillate supplies for the week ended May 23.
Refinery utilization for the week came in at 87.9%, unchanged from the previous week and less that what analysts were expecting. Analysts were looking for a 0.5 percentage point increase to 88.4% operable capacity, according to the Platts survey.
At this time of year, refineries should be operating at around 90% capacity.
Crude oil settled at $131.03 a barrel on Wednesday, but oil prices had fallen as low as $125.96 a barrel during the day, which is $9 off the record high that crude oil hit last week above $135 a barrel.
In the past year, crude oil has more than doubled in price. As crude oil prices have skyrocketed, gas prices have also marched steadily higher as the summer driving season gets underway.
Retail gas prices hit record highs for the 22nd day in a row, motorist group AAA's Web site showed Thursday. The nationwide average for a gallon of regular unleaded rose 0.8 cent to $3.952, marking the 23rd straight day that gas prices have increased.
The AAA online survey shows gas prices are up nearly 10% from a month ago and almost 24% higher from year-ago levels
 
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And the market rebounds off the price of oil going up...no surprises there. The drops were profit taking, as I thought.;)

Big oil and the financials continue to manipulate the market. Notice the difference in what the analysts expected and what the government reported. The analysts figures are correct - before tinkering with the numbers and inventory. The government figures are massaged.

We used less, so if production is the same or increased (remember that extra 300K BOPD from Saudis) the inventory should grow, right? WRONG. If we use less here, they export the surplus to keep the price up.

I posted an article earlier this week about a major GOM field coming on production adding 200K BOPD to US supply. Watch it not make any difference in the price of oil. No matter how much is drilled, they will always want to drill more, and it won't make any difference in the price. It just adds to big oils profits.

I see that they're still holding back refinery capacity, too. Another indicator that demand is down and that supply is more than adequate to meet current demand.
 
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nnuut said:
Oil rebounds as crude and gas supplies fall

At 311.6 million barrels, U.S. crude oil inventories are in the lower half of the average range for this time of year.
Click to expand...

Note: 311 million barrels is about a 15 day supply. That's it.

Let's hope we don't have any hiccups in the supply chain.
 
Government investigates oil markets

Agency looks for fraud and price manipulation in crude-oil markets; crude has soared 42% since December.

Last Updated: May 29, 2008: 3:24 PM EDT


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WASHINGTON (AP) -- Federal regulators are six months into a wide-ranging investigation of U.S. oil markets, with a focus on possible price manipulation.



The Commodity Futures Trading Commission on Thursday said it started the probe in December and took the unusual step of publicizing it "because of today's unprecedented market conditions."[more]
http://money.cnn.com/2008/05/29/mar...stigation.ap/index.htm?postversion=2008052915
 
BFT!!?
I am taking a trip today and won't be available for most of the day. If you need a Quote just visit the Oil Slick Home Page and click on the links to Oil or Gas.
Thanks
Norman
Crude extends fall below $126

Oil prices slide after falling more than $4 in previous session.


Last Updated: May 30, 2008: 6:02 AM EDT


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BANGKOK, Thailand (AP) -- Oil prices fell below $126 a barrel Friday in Asia, extending a decline of more than $4 in the previous session as a stronger dollar and falling demand outweighed a huge unexpected drop in U.S. crude oil stocks.
The U.S. Energy Department's Energy Information Administration said delays in unloading oil tankers along the Gulf Coast had led to the 8.8 million-barrel drop in crude oil inventories for the week ended May 23, and that explanation helped to lessen the impact of its report. Analysts surveyed by Platts had expected a gain of 750,000 barrels, and usually such a discrepancy would send prices soaring.
"The impact of it was lost," said David Moore, commodity strategist with the Commonwealth Bank of Australia in Sydney. "Their explanation for the decline of the crude inventories really countered the impact of the actual number."
Traders instead focused on gains in the U.S. dollar, analysts said, which hit a three-month high against the yen overnight and held near ¥105.50 in Asia currency trading in Tokyo. And late in the day, the euro continued to sink against the dollar, dropping below $1.55.
Investors who buy commodities such as oil as a hedge against inflation when the dollar is falling tend to sell when the greenback strengthens. Also, a stronger dollar makes oil more expensive to investors dealing in foreign currencies.[more]
http://money.cnn.com/2008/05/30/markets/oil.ap/index.htm?postversion=2008053006
 
Europe balks at $8 a gallon gas


By Mark Rice-Oxley
Fri May 30, 4:00 AM ET


London - Trucks blocking a main London highway, fishermen blockading French ports, Dutch drivers petitioning parliament, Spanish and Italian fishermen voting to strike – Europeans are becoming restless at relentlessly high energy costs.


• Tax relief. European drivers pay the highest gas taxes in the world. In Britain, tax accounts for around 65 percent of the pump price for diesel, which recently topped 130 pence a liter or $9.88 per gallon.

"Within a matter of weeks we could see a large number of British haulage companies go bankrupt," warns Peter Carroll, a truck-business owner whose fuel bill has jumped almost 50 percent since October. "There should be a rebate for essential users. It already applies to bus companies. It would cost money in the short term, but it will keep alive an industry."

Chancellor Alistair Darling has promised to review a fuel tax hike planned for October. But that might be too little too late. "It isn't going to make a great deal of difference," says Jonathan Loynes, an economist. "It's only 2 pence, which pales in significance compared with the rises we have seen."

French president Nicolas Sarkozy has called for European Union (EU) cuts in fuel sales taxes to help consumers, noting that as fuel prices have shot up, so has the tax take. But the EU objects. It argues this would drain public coffers and merely benefit oil producers.

"The European Commission considers this to be extremely dangerous, because it sends a very negative message to producing countries to say they can raise prices because we will counteract that with [lower] taxes," says Ferran Tarradellas, a spokesman for EU energy commissioner Andris Piebalgs.

• Diversify supplies. Mr. Piebalgs recently visited Turkmenistan in a mission to source more gas from the former Soviet republic.

Analysts are skeptical about this. Julian Lee, senior analyst at the Centre for Global Energy Studies in London, says: "With a country like Turkmenistan, the real difficulty is the logistics of getting supplies to Europe – you have to cross Russia, or Iran, or the Caspian Sea."

Europe is also trying to switch to renewable and alternative fuels. "We are trying to diversify sources of energy, trying to use second-generation biofuels, moving towards electric cars for hydrogen," notes Mr. Tarradellas. A sound idea, say analysts. But there's one problem: it won't make a significant difference to supplies for years.

• Increase oil output. Gordon Brown has called on OPEC to open the taps. "There's no sign that OPEC is willing to do that," says Mr. Lee. "And there's no company operating in the North Sea that would be producing below capacity with this level of oil prices."

There are no easy answers, but failure to act will likely unleash more angry protests. French fishermen shot flares Thursday at police while farmers blocked oil terminals. In Britain, Mr. Carroll says truck drivers are ready to block refineries, causing gas shortages. "I'm committed to lawful protest, but some firms don't see the wider picture and we'll be going back to 2000 when you saw people outside oil refineries."

Ultimately, governments may prosper from sitting tight. Some analysts see oil prices falling in the next couple of years, easing conditions for consumers. "We're already seeing the demand side reacting and if we get a deep recession in the US and that has a knock-on effect on Asia, then we will start to see a swing back" away from exorbitant oil prices, says Lee.


Full Coverage: Oil and Gas

Off the Wires

OPEC chief insists speculation behind price rises AFP, Sat May 31, 12:23 PM ET Iranian gas supplies to Turkey resume after pipeline blast AFP, Sat May 31, 8:04 AM ET Feature Articles
The Government Oil Play at Forbes, Jun 02 Speculation -- but Not Manipulation BusinessWeek via Yahoo! News, May 30 News Stories

Probe of Crude Oil Trading Disclosed at The Washington Post, May 30 As Oil Prices Soar, Restaurant Grease Thefts Rise at The New York Times, May 30 Opinion & Editorials
Getting Oil From A Stone Investor's Business Daily via Yahoo! News, May 30 $4 gas � it's our fault

http://news.yahoo.com/s/csm/20080530/wl_csm/osqueeze
 
I'm BACK!!!:D

Paulson: no 'quick fix' on oil

U.S. Treasury Secretary Henry Paulson says rising price of oil is due to more to supply and demand issues; sees no short-term solution.

See all CNNMoney.com RSS FEEDS (close)

June 1, 2008: 11:35 AM EDT

U.S. Treasury Secretary Henry Paulson said Sunday that there was no quick fix to high oil prices, which he called an issue of supply and demand.

Paulson said inflation in the Gulf is "significant" but suggested that Gulf countries pegging their currencies to the weak dollar was not the only reason for it. He said it was a "sovereign decision" by each country whether it wants to de-peg its currency from the dollar.
Speaking to reporters in the tiny Gulf nation of Qatar, Paulson also acknowledged the U.S. economy was experiencing a "downturn" and reiterated that a strong dollar was in the U.S. interest.[more]
http://money.cnn.com/2008/06/01/new...t.paulson.ap/index.htm?postversion=2008060111
 
James48843 said:
Oil falls this morning to $125.76.

Is the worst over?
Click to expand...

You never know, but at least for today the dollar is on the rise, which will help. I'm hopin the Bubble will bust and drop it below $50 a barrel. I'm not holding my breath on that one. Hopefully Washington may do some tricks because of the election?

Dollar climbs against the euro

Greenback rises against the European 15-nation currency and yen on speculation of U.S. rate hike.

June 2, 2008: 7:52 AM EDT

TOKYO (AP) -- The dollar rose against the euro Monday in Asia as investors bought the U.S. unit on speculation the Federal Reserve may hike rates later this year.
U.S. economic data released on Friday showed that the world's biggest economy remains in a tight spot. But commodity prices have remained high worldwide and U.S. long-term interest rates are on an upward trend, helping the dollar to rally, traders said.
The dollar traded around $1.5538 versus the euro compared with $1.5557 in New York on Friday.
Looking ahead, market participants are focused on U.S. economic indicators slated for release this week, as well as changes in energy prices, for clues on the future direction of U.S. prices overall.
Should these data confirm the inflationary pressures, "U.S. long-term interest rates and (the dollar) may extend their gains," said Osamu Takashima, chief foreign exchange analyst at the Bank of Tokyo-Mitsubishi UFJ.
Against the yen, the greenback crept up to ¥105.44 from ¥105.42, but the rise was limited because Asian equity markets were sluggish. When stock prices fall, investors usually try to lock in profits by selling high-yield currencies against the yen.[more]
http://money.cnn.com/2008/06/02/markets/dollar_ap.ap/index.htm?postversion=2008060207
 
AP
Fear of sapped demand pushes oil below $126
Monday June 2, 9:21 am ET
By Pablo Gorondi, Associated Press Writer Oil prices drop below $126 a barrel on worries about demand, CFTC investigation
Oil dropped below $126 a barrel Monday on worries that prices are cutting into demand and as a probe into futures trading by a U.S. regulator continued to weigh on the market.
Light, sweet crude for July delivery was down $1.81 to $125.54 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe.

On Friday, the contract settled at $127.35 a barrel, up 73 cents after dipping below $125 and then rebounding.
July Brent crude futures fell $1.27 to $126.51 a barrel on the ICE Futures exchange in London.
Jitters about record high fuel and energy prices -- particularly in the U.S., which has just started its summer driving season -- have helped to pull oil off the $135.09 a barrel trading record hit May 22. Data from the U.S. Energy Department and Federal Highway Administration and several surveys in recent days suggest American consumers are driving less.
The decision by some countries in Asia, like Indonesia and Taiwan, to lower subsidies on oil products, also was seen as having a bearish effect on the market. Additional selling pressure came with last week's announcement from the Commodity Futures Trading Commission about an investigation into possible price manipulation in oil futures markets. The commission also announced new rules designed to increase transparency of U.S. and international energy futures markets.[more]
http://biz.yahoo.com/ap/080602/oil_prices.html
 
our local gas prices didnt change at all over the last 8 days here.

Reg still at $3.749/gal just like Mon of last week
 
Here in South Jersey we have 3.879 per gallon at one station and 3.779 at
another. Hard decision because the 3.879 station does my windows.
:nuts:
 
Asylum said:
our local gas prices didnt change at all over the last 8 days here.

Reg still at $3.749/gal just like Mon of last week
Click to expand...

Didn't change around here either. It's due to the Trickle Down Effect. It should take a while to change Gas prices when NYMEX price changes.:cool:
 
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