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[h=1]Oil futures swing higher, briefly recapture $50 a barrel [/h]Published: Feb 2, 2015 6:42 a.m. ET

Crude-oil futures briefly tapped $50 a barrel on Monday, pushing back against earlier losses that stemmed from strikes at U.S. refineries and sluggish manufacturing data from China.
On the New York Mercantile Exchange, light, sweet crude futures for March delivery CLH5, +0.21% swung higher by $1.11, or 2.3%, to $49.35 a barrel after touching a session high at $50.56, FactSet data showed. Futures had been down 3% intraday. Nymex crude last month lost 9.4% and has been down for seven consecutive months.
Brent crude for March delivery LCOH5, +0.83% reversed course and rose $1.60, or 3%, to $54.60 a barrel on London’s ICE Futures exchange. The contract had been down more than 2%. The global oil benchmark lost 7.6% in January and has also fallen for seven consecutive months.
The moves higher appear to be “simply the continuation of the short-covering rally from Friday,” said Fawad Razaqzada, technical analyst at Forex.com, in emailed comments Monday. Oil futures on Friday soared roughly 8%.
Oil futures swing higher, briefly recapture $50 a barrel - MarketWatch
 
Drop In Gas Prices Nationwide Coming To End; Md. Still Trending Down

February 1, 2015 7:02 PM

BALTIMORE (WJZ) — All good things must come to an end. Experts say the steady drop in gas prices across the country is one of those things.
But Gigi Barnett explains, Maryland’s gas prices are still trending down.
More than 120 straight days at the pump, the numbers kept going down. Drivers rejoiced.
“I’m loving it. I can get my tank filled and it’s fabulous,” said Becky Reber, driver.
While the national average for a gallon of regular should hit $2.00 this week, prices in some parts of the country made a slight uptick.
Maryland is still going strong on the downward trend.
“We don’t expect the statewide average to continue to decline,” said Ragina Cooper Averella, AAA Mid Atlantic spokesperson.

But could the state see a return to $3.00 for a gallon of regular? AAA Mid Atlantic says not likely.
“Moving into the rest of 2015, we expect the average will remain below $3.00 a gallon,” Averella said.[more]
Drop In Gas Prices Nationwide Coming To End; Md. Still Trending Down « CBS Baltimore
 
Expect supplies of refined gasoline to begin dropping, and prices to kick upwards.

United Steel Workers (USW) Labor strike against Shell Oil company refining operations at nine refineries- which began on Sunday.

https://finance.yahoo.com/news/strike-u-refinery-workers-extends-second-day-000102756--finance.html

Not looking like they will settle any time soon- workers are asking for a 6% raise, and safety improvements, and the company is refusing.

Price of RBOB gasoline in the CME Trading futures market jumped 17 cents a gallon in the last three trading days, and is now at $1.57.

http://www.cmegroup.com/trading/energy/refined-products/rbob-gasoline.html

Could go higher - Shell's refineries that are now on strike make up about 10% of USA's refining capacity.
 
I think Oil will turn around after this spike and stay under $65 for the rest of the year, watch the DOLLAR if it stays high Oil will stay down!
 
So Monday gas was around $2.04 a gallon. Tuesday morning most of the gas stations I pass on the way to work jumped to $2.25 and on the way home gas had jumped to $2.35. What kind of BS is this?????
 
nasa1974 said:
So Monday gas was around $2.04 a gallon. Tuesday morning most of the gas stations I pass on the way to work jumped to $2.25 and on the way home gas had jumped to $2.35. What kind of BS is this?????
Click to expand...

It's worry over the strike at those refineries. Now the Oil Companies finally got something that they can point to, whether there is any real reason or not!

P.S. gasoline consumption is waaaay down, thanks to higher fuel standards, and inventories right now are very high, so that it will be weeks, if not months, before any shortage due to the strike is even possible to impact the actual supplies of fuel.

But hey- "a strike" sounds like a good reason to raise pump prices- and blame it on the Unions, don't you think?
 
Oil snaps four-day rally; glut back in focus with U.S. crude builds

By Barani Krishnan 18 minutes ago
NEW YORK (Reuters) - Oil cut short a four-day rally on Wednesday, with investors and traders focusing again on a supply glut after U.S. crude stocks set record highs.
A rebound in the dollar also weighed on crude prices because it makes dollar-denominated commodities pricier in other currencies, cutting demand from overseas buyers who hold currencies like the euro.
U.S. crude broke below the key $50 a barrel mark, losing almost a third of the near 20 percent gain it had made since Thursday's close. It was down $3.65, or 7 percent, at barrel, to $49.40 by 12:45 p.m. EST.
Brent oil lost about 5 percent, or $1.90, to $55.26 a barrel.
U.S. crude stocks jumped by 6.3 million barrels last week to 413.06 million, their highest since records began in 1982, the government-run Energy Information Administration reported. Traders and investors had expected a build of just about 3.5 million barrels for the week ended Jan. 30. [EIA/S]
"The truth of the matter is that after this newest record high in crude inventories, it's probably going to be outside forces like the dollar, stock market and economic data which will determine if oil prices continue to go up or pull back," said Phil Flynn, analyst at the Price Futures Group in Chicago.
Oil's $9 climb since Thursday had raised speculation that the market's seven-month rout might be near an end.[more]
http://finance.yahoo.com/news/oil-slips-four-day-rally-demand-concerns-high-042908483.html
 
National Average Prices
Prices updated as of 2/4/2015 3:45am [TABLE="class: sort"]
[TR]
[TH="class: header"][/TH]
[TH="class: price header"]Regular[/TH]
[TH="class: price header"]Mid[/TH]
[TH="class: price header"]Premium[/TH]
[TH="class: price header"]Diesel[/TH]
[/TR]
[TR]
[TD]Current Avg.[/TD]
[TD="class: price"]$2.111[/TD]
[TD="class: price"]$2.313[/TD]
[TD="class: price"]$2.496[/TD]
[TD="class: price"]$2.796[/TD]
[/TR]
[TR]
[TD]Yesterday Avg.[/TD]
[TD="class: price"]$2.067[/TD]
[TD="class: price"]$2.276[/TD]
[TD="class: price"]$2.459[/TD]
[TD="class: price"]$2.793[/TD]
[/TR]
[TR]
[TD]Week Ago Avg.[/TD]
[TD="class: price"]$2.038[/TD]
[TD="class: price"]$2.255[/TD]
[TD="class: price"]$2.440[/TD]
[TD="class: price"]$2.823[/TD]
[/TR]
[TR]
[TD]Month Ago Avg.[/TD]
[TD="class: price"]$2.209[/TD]
[TD="class: price"]$2.434[/TD]
[TD="class: price"]$2.624[/TD]
[TD="class: price"]$3.107[/TD]
[/TR]
[TR]
[TD]Year Ago Avg.[/TD]
[TD="class: price"]$3.274[/TD]
[TD="class: price"]$3.458[/TD]
[TD="class: price"]$3.627[/TD]
[TD="class: price"]$3.911[/TD]
[/TR]
[/TABLE]
AAA's Daily Fuel Gauge Report
 
[h=1]Is this because of Oil hoarding?:eek:
U.S. trade deficit shoots up to 2-year high [/h] Published: Feb 5, 2015 9:44 a.m. ET

WASHINGTON (MarketWatch) — The U.S. trade deficit soared 17.1% in December to a two-year high, mostly because of a surprising reversal in the flow of oil that raises questions about whether companies are stockpiling petroleum to wait out the plunge in prices.
A stronger dollar and weak global growth probably also played a role in curbing American exports.
The nation’s trade gap jumped to a seasonally adjusted $46.6 billion in December from revised $39.8 billion in the prior month, the Commerce Department said Thursday. Economists surveyed by MarketWatch had forecast the deficit would shrink to $38.7 billion.
U.S. exports slipped 0.8% to a seasonally adjusted $194.9 billion. imports increased 2.2% to $241.4 billion.
The wider deficit stemmed mainly from an increase in imports of petroleum and a decline in exports of oil and oil-related products. That’s a surprising turnabout after a year in which the U.S. boosted petroleum exports to a record high and imported the least amount of crude in five years because of surging domestic energy production.
Some analysts speculate that companies are hoarding oil in the hopes that prices rise, either because of stronger demand or lower supplies of petroleum on the market.[more]
U.S. trade deficit shoots up to 2-year high - MarketWatch
 
Oil heading for $30, currency war coming: Analysts
Video:

So much for the rally. Oil will likely still head as low as $30, analyst John Kilduff told CNBC on Thursday.


"I still believe we're going to go to that $30 to $33 area, which is the low point from the financial crisis in 2008, 2009. What you saw over the past several days was technical in nature, a short squeeze. This volatility is a little crazy and I think that $30 target is a downside target is for technicians that are in this market," the founding partner of Again Capital said in a "Squawk Box" interview.

http://finance.yahoo.com/news/oil-heading-30-currency-war-121651366.html
 
Fourth day of U.S. refineries strike ends with new offer


By Erwin Seba

HOUSTON (Reuters) - The United Steelworkers union (USW) said a new contract offer was made by lead oil company negotiator Royal Dutch Shell Plc on Wednesday night as a strike by U.S. refinery workers ended its fourth day.
"The USW has received an offer and will respond after consideration of the offer tomorrow," USW spokeswoman Lynne Hancock said. "I don't know what time they will consider it. Contents of the offer will not be revealed."
About 4,000 workers at nine plants, including seven refineries accounting for 10 percent of U.S. refining capacity, continue to walk picket lines in California, Kentucky and Texas.
In a text message to members seen by news media late on Wednesday, the USW said: "minimal progress today."
Asked about the offer, a Shell spokesman simply said the two sides had continued negotiations on Wednesday.
The two camps have been in a stalemate since the USW called walkouts early on Sunday, saying Shell had left the negotiating table when talks broke down.
The talks have been tougher than in years past. A drop of more than 50 percent in oil prices since June has eroded profits at major oil companies, prompting executives to say they cannot afford to lift wages for workers.[more]
http://finance.yahoo.com/news/union...finery-workers-strike-030151663--finance.html
 
Oil layoffs abound, but we’re pumping the most in decades

By Sean Cockerham

McClatchy Washington BureauFebruary 5, 2015

WASHINGTON — American oil production is still booming in Texas and other energy-rich states despite the oil price crash and resulting mass layoffs and shuttered drilling rigs, raising the question of what it’s going to take to stop the fracking revolution.
A worldwide oil glut has driven oil prices down more than half since the summer, one of the largest price collapses in history. Nevertheless, U.S. crude oil production is forecast by the Department of Energy to increase to its highest level in more than 40 years.
Production in Texas rose to 2.3 million barrels a day in November, according to preliminary figures from the Texas Railroad Commission. Adam Sieminski, director of the federal Energy Information Administration, recently said he expects the coming year to see “new drilling in the major shale areas in North Dakota and Texas, which account for most of the growth in U.S. production.”
Such talk flies in the face of serious woes in the industry, and there are doubts whether the flood of American oil can last beyond the next several months.
The number of oil drilling rigs in action nationwide fell last week to 1,223, the lowest in three years, and down 24 percent since October, according to the oilfield services company Baker Hughes. Texas led the way in rigs taken offline. Baker Hughes announced plans to lay off 7,000 of its workers. The oilfield services company Schlumberger said it was slashing 9,000 jobs.
The big oil companies are also cutting, with ConocoPhillips, for example, reducing its capital budget by a third from last year. More layoffs and budget cuts are expected across the industry, with boom towns in Texas and North Dakota bracing for the economic blow.

 
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