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Oil drifts, with all eyes on gas demand

Crude prices steady around $122 a barrel ahead of U.S. government report on fuel inventories.

July 30, 2008: 4:45 AM EDT


SINGAPORE (AP) -- Oil prices held steady Wednesday in Asia near $122 a barrel after sliding overnight on expectations that this year's surge in energy costs is undermining U.S. gasoline demand sent crude.
Investors expect more evidence of falling gasoline consumption when the U.S. Energy Department's Energy Information Administration releases its weekly oil inventory report later Wednesday, said Mark Pervan, a senior commodities strategist with ANZ Bank in Melbourne.
"People are looking closely at the deteriorating demand for petrol," Pervan said. "The market will probably fence-sit ... ahead of the DOE numbers."
Gasoline stocks were expected to rise 400,000 barrels in the petroleum supply report, according to the average of analysts' estimates in a survey by energy research firm Platts. The survey also showed that analysts projected crude oil inventories to fall 1.3 million barrels.
Light, sweet crude for September delivery fell 5 cents to $122.14 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. The contract dropped $2.54 to settle at $122.19 a barrel on Tuesday.
Crude futures have sharply fallen over the past 19 days. The price of oil has dropped in seven of the last 10 sessions, and is down about 17% from its peak above $147 a barrel earlier this month. Prices remain about 60% higher than at this time last year.[more]
http://money.cnn.com/2008/07/30/markets/oil.ap/index.htm?postversion=2008073004
 
Last night @ 7:00 The History Channel show "Modern Marvels - Environmental Tech II" featured the compressed air car. Look for the program to be shown again. They always repeat.

http://www.history.com/schedule.do?action=daily&NetworkId=&linkDate=200807291800&timeZone=EST#

Here's a couple more episodes this week you might find interesting, they are shown at least twice each day but I've posted the primetime (EST), check the schedule for other times:

Wednesday July 30 07:00 PM Modern Marvels: Corn
Why is corn the largest agricultural crop in the world? Corn has fed the masses from ancient times to this day. Corn is not only a vegetable and a cereal grain; it is a commodity as well. Visit Lakeside Foods in Reedsburg, Wisconsin and see how tons of corn are harvested and canned within hours. Then it's off to VeraSun Energy in Charles City, Iowa, to discover how corn is converted into fuel. Take a look to our past and you will understand that without corn we probably wouldn't be here.
TVPG | Visit the website

Thursday July 31 09:00 PM Modern Marvels: Secrets of Oil
Rubber, Plastic, Nylon, Aerosols, Resins, Solvents, and Lubricants--none can exist without oil. If we stopped driving our cars tomorrow, America would still need five million barrels of oil a day. Visit Vulcan Materials, where oil tanks are emptied into massive double-barrel mixers to make asphalt and then continue to the Rolls Royce Aerospace Facility where complex jet fuels are blended. Travel back to the 1870's to see how an unemployed whale oil salesman turned a greasy oil-drilling by-product into a household staple: Vaseline. Finally discover how cutting-edge recycling techniques can breathe new life into used motor oil, and where a number of renewable fuels and technologies take aim at oil sovereignty.
 
Oil Prices Above $122 on Gasoline Supply Drop
By CNBC.com | 30 Jul 2008 | 10:42 AM ET

The price of a barrel of oil edged above $122 Wednesday following official government data that showed a moderate decline in crude stockpiles, but a surprise drop in gasoline reserves last week.

U.S. light, sweet crude was slightly higher.
London Brent crude was also up.
U.S. commercial crude oil inventories decreased by 0.1 million barrels for the week ended July 25, compared to the previous week, according to the Energy Information Administration. That's less than the 1.1million barrel decline expected by analysts surveyed by CNBC and Dow Jones.

Total motor gasoline inventories decreased by 3.5 million barrels, compared to the 200,000 barrel rise expected by analysts. And distillate fuel inventories increased by 2.4 million barrels, while analysts had expected an increase of 1.8 million barrels.http://www.cnbc.com/id/25921040
 
nnuut said:
US Sweet Light Crude!!
11:23........$123.24..........+1.05:mad:
Click to expand...


Remember...I think you even said it too, Nothing goes straight down....Well, on second thought, there was this.......uh, Oh never mind, I'll save that for another topic..:nuts:
 
Buster said:
Remember...I think you even said it too, Nothing goes straight down....Well, on second thought, there was this.......uh, Oh never mind, I'll save that for another topic..:nuts:
Click to expand...
Depends what you're talking about as you well know!!
NYH LSC
12:51........$124.85..........+2.66:worried:
 
Bush continues GOP push for offshore oil drilling

  • NEW: Bushsays drivers are "counting" on offshore drilling ban to be lifted
    Senate has been gridlocked for days on an energy bill
    Republicans want more amendments
  • GOP wants to expand offshore drilling; Dems oppose lifting offshore drilling ban
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(CNN) -- President Bush on Wednesday continued the Republicans' full-court press on congressional Democrats to force a vote to lift a ban on offshore drilling. President Bush said offshore drilling could produce up to 18 million barrels of oil.
"American drivers are counting on Congress to lift the ban, and so are American workers," he said after meeting with his Cabinet at the White House.
A partisan fight over energy legislation has tied Congress in knots as members head toward a summer recess, which starts at the end of this week.
Bush accused Democrats of blocking a vote on offshore drilling, but Senate Democrats have offered a proposal to Republicans that would allow a vote on a measure that would lift the drilling ban. Senate Republicans have not accepted the proposal.
Republicans have said that allowing more offshore drilling would help lower gas prices by increasing domestic oil production, but Democrats have resisted lifting the ban, saying more drilling would have little impact on prices in the near future. House Speaker Nancy Pelosi, D-California, and other Democrats have called on Bush to release oil from the nation's Strategic Petroleum Reserve to help lower prices rather than opening more areas to drilling.
Democrats say that gas prices should be attacked through releasing a small amount of oil from U.S. reserves, putting more pressure on foreign oil cartels and increasing research into alternative energy sources like wind, solar and ethanol.
Bush opposes releasing oil from the reserve and said Democrats should support measures that lift the drilling ban if they want to tap into the reserve.
"If you agree that we need more oil, it makes no sense to say you're for draining our nation's limited strategic reserve but against tapping into the vast resources of the outer continental shelf," Bush said, arguing that offshore drilling could produce up to 18 million barrels of oil.
Most Americans favor an increase in offshore oil drilling, but the public is split over whether it would result in lower gas prices in the next year, according to a CNN/Opinion Research Corporation poll conducted this week.
More than two-thirds of Americans say they favor increasing drilling efforts off America's coasts, while only 30 percent disapprove of such action. Meanwhile, 51 percent think increased drilling offshore would reduce gas prices, while 49 percent believe it wouldn't. The poll was conducted Sunday through Tuesday and had a sampling error of plus or minus 4.5 percentage points.
The partisan fight in the Senate has focused on a bill that would attempt to curb increasing speculation in the oil futures market.
Hedge fund and institutional investors have entered the oil market seeking profits from trading, since a then-Republican Congress voted to let anyone buy oil futures a few years ago -- rather than just those who intend to use the oil to convert to petroleum products.
Democrats say oil speculation is responsible for 20 to 50 percent of the spike in fuel prices.
Republicans say tight supplies and increasing demand are greater factors in the increase in oil prices and want to amend the bill to expand drilling to increase domestic production.
Opponents of the anti-speculation measures also say that they could drive oil trading to foreign markets if they are put into place.
Senate [more]

http://www.cnn.com/2008/POLITICS/07/30/energy.bill/index.html
 
Oil surges $5 a barrel

Crude rallies on surprise decline in gasoline supplies and Goldman forecast of higher prices.

#yahooBuzzBadge-form{text-transform:uppercase;}#shareMenu{display:none;}By Kenneth Musante, CNNMoney.com staff writer
Last Updated: July 30, 2008: 2:34 PM EDT

v2-cnnmoney-chart1.mkw.gif


Special Reportfull coverage

NEW YORK (CNNMoney.com) -- Oil prices rallied as much as $5 a barrel Wednesday after a surprise decline in the nation's gasoline stockpile, and a forecast from Goldman Sachs that said crude could hit $149 a barrel by year's end.
Light, sweet crude for September delivery was up $4.31 to $126.50 in electronic trading, having risen as high as $127.39, a $5.20 gain from Tuesday's settlement. It had traded as low as $120.97 earlier in the day.
A report from the Energy Department showed a 3.5-million barrel decrease in gasoline supplies, and a decline of 100,000 barrels of crude oil in the week ended July 25.
Investors anticipated a drop in crude stocks due to the limited effects of Hurricane Dolly on production in the Gulf of Mexico, but they hadn't expected a draw in gasoline supplies.
"That gasoline data was a positive surprise (for prices)....that is taking crude up," wrote Tom Orr, head of research at Weeden & Co. in an e-mail.
Analysts polled by energy research firm Platts had expected to see a 400,000 barrel increase in gasoline supplies, and a decline of 1.3 million barrels of crude oil.
Gasoline demand:{more}
http://money.cnn.com/2008/07/30/markets/oil/index.htm?postversion=2008073014
 
Got this from a friend in Belgium

for example for diesel (which is the cheapest fuel we have) it goes like this:
1 litre of diesel is 1.323 Euro, which is 2.0624 USD and/or 2.1095 CAD
1 US gallon = 3.7854 litres which makes it $7.80 USD and/or $7.98 CAD per gallon

Are you people paying these amounts for gas ??
Gas over here is 1.541 Euro per liter, per US gallon of 3.7854 litres that would be USD $9.09 and/or CAD $9.30.
Click to expand...
 
Such BS..How is it surprising?:rolleyes:

nnuut said:
Oil surges $5 a barrel

Crude rallies on surprise decline in gasoline supplies and Goldman forecast of higher prices.

#yahooBuzzBadge-form{text-transform:uppercase;}#shareMenu{display:none;}By Kenneth Musante, CNNMoney.com staff writer
Last Updated: July 30, 2008: 2:34 PM EDT

v2-cnnmoney-chart1.mkw.gif


Special Reportfull coverage

NEW YORK (CNNMoney.com) -- Oil prices rallied as much as $5 a barrel Wednesday after a surprise decline in the nation's gasoline stockpile, and a forecast from Goldman Sachs that said crude could hit $149 a barrel by year's end.
Light, sweet crude for September delivery was up $4.31 to $126.50 in electronic trading, having risen as high as $127.39, a $5.20 gain from Tuesday's settlement. It had traded as low as $120.97 earlier in the day.
A report from the Energy Department showed a 3.5-million barrel decrease in gasoline supplies, and a decline of 100,000 barrels of crude oil in the week ended July 25.
Investors anticipated a drop in crude stocks due to the limited effects of Hurricane Dolly on production in the Gulf of Mexico, but they hadn't expected a draw in gasoline supplies.
"That gasoline data was a positive surprise (for prices)....that is taking crude up," wrote Tom Orr, head of research at Weeden & Co. in an e-mail.
Analysts polled by energy research firm Platts had expected to see a 400,000 barrel increase in gasoline supplies, and a decline of 1.3 million barrels of crude oil.
Gasoline demand:{more}
http://money.cnn.com/2008/07/30/markets/oil/index.htm?postversion=2008073014
Click to expand...
 
No surprise here.:rolleyes:
nnuut said:
Oil surges $5 a barrel

Crude rallies on surprise decline in gasoline supplies and Goldman forecast of higher prices.

Special Reportfull coverage

NEW YORK (CNNMoney.com) -- Oil prices rallied as much as $5 a barrel Wednesday after a surprise (?) decline in the nation's gasoline stockpile, and a forecast from Goldman Sachs that said crude could hit $149 a barrel by year's end.

Thats it GS, pump the media - you and the other financials and energy co's have been quietly buying it and energy stocks at "low" prices, now it's time to start driving it up again to that $150 target. It will get there too, with no control over speculation by non-users.

A report from the Energy Department showed a 3.5-million barrel decrease in gasoline supplies, and a decline of 100,000 barrels of crude oil in the week ended July 25.

Investors anticipated a drop in crude stocks due to the limited effects of Hurricane Dolly on production in the Gulf of Mexico, but they hadn't expected a draw in gasoline supplies.

And that's just plain dumb and shows they have absolutely no understanding of the impact of a hurricane on the gulf coast. People gas up their cars and stock up on gasoline for generators in case they have to evacuate or ride it out if a 'cane heads their way. If they did a little more research they'd probably find an increase in sales (and corresponding decrease in stocks) of emergency supplies such as batteries, flashes and canned goods too.

"That gasoline data was a positive surprise (for prices)....that is taking crude up," wrote Tom Orr, head of research at Weeden & Co. in an e-mail.
Analysts polled by energy research firm Platts had expected to see a 400,000 barrel increase in gasoline supplies, and a decline of 1.3 million barrels of crude oil.
Click to expand...
 
Yesterday the market rallied mainly due to the price of Oil falling. today we have a late day rally partially due to the price of Oil rising over $4 a barrel. It's GOOD when It's GOOD!!:D

Market Update

3:30 pm : Stocks are making an upward push, giving the Dow Jones Industrial Average a 140 point gain and the S&P 500 a 1.3% advance. The Nasdaq is fighting to break into positive ground.
Recent gains are broad-based with the energy sector (+5.0%) leading the way. Energy has fallen out of favor in recent sessions as crude prices have pulled back from their historic highs.
Crude is currently trading 3.9% higher at roughly $127 per barrel. Crude is still roughly 16% below its record high of $147.27 per barrel, which was reached earlier this month.DJ30 +139.31 NASDAQ +2.72 SP500 +16.61 NASDAQ Adv/Vol/Dec 1403/1.89 bln/1362 NYSE Adv/Vol/Dec 1883/1.10 bln/1232 http://finance.yahoo.com/marketupdate/overview?u
 
Buster said:
Got this from a friend in Belgium
for example for diesel (which is the cheapest fuel we have) it goes like this:
1 litre of diesel is 1.323 Euro, which is 2.0624 USD and/or 2.1095 CAD
1 US gallon = 3.7854 litres which makes it $7.80 USD and/or $7.98 CAD per gallon

Are you people paying these amounts for gas ??
Gas over here is 1.541 Euro per liter, per US gallon of 3.7854 litres that would be USD $9.09 and/or CAD $9.30.
Click to expand...
Click to expand...
If those numbers are correct I make it out to be $12.04 USD/gal of gasoline

2.0624 USD/Euro x 1.541 Euro/L x 3.7854L/gal = $12.04/gal. That's even worse!:mad:

nnuut said:
Yesterday the market rallied mainly due to the price of Oil falling. today we have a late day rally partially due to the price of Oil rising over $4 a barrel. It's GOOD when It's GOOD!!:D

Market Update

3:30 pm : Recent gains are broad-based with the energy sector (+5.0%) leading the way. Energy has fallen out of favor in recent sessions as crude prices have pulled back from their historic highs.
Crude is currently trading 3.9% higher at roughly $127 per barrel.
Click to expand...
No speculation by financials and oils? Oh, come on! Open your eyes DC OZ!
 
luv2read said:
If those numbers are correct I make it out to be $12.04 USD/gal of gasoline

2.0624 USD/Euro x 1.541 Euro/L x 3.7854L/gal = $12.04/gal. That's even worse!:mad:

No speculation by financials and oils? Oh, come on! Open your eyes DC OZ!
Click to expand...
No, the way I read it is, it is $2.0624 USD per liter... there is 3.7853 Liters/gal....so, 2.0624 x 3.7853 = $7.80/gallon:)..either way, it's still insane
 
Buster said:
No, the way I read it is, it is $2.0624 USD per liter... there is 3.7853 Liters/gal....so, 2.0624 x 3.7853 = $7.80/gallon:)
Click to expand...
No Buster, he starts off saying the price of diesel in Euros, then gives the conversion for Euros to USD. Then the conversion for gal to litres. Then the price of gasoline in Euros. Look at it again. That's why I said "if these numbers are correct" - he's mixing the prices of gasoline and diesel, euros and dollars.

And yes, any way you look at it, it's insane.
 
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