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Oil falls as gasoline supplies build:D

Refineries also run at above 90 percent capacity after being hobbled for the last several weeks.

May 23 2007: 10:46 AM EDT

NEW YORK (CNNMoney.com) -- Oil prices fell Wednesday after the government said supplies of gasoline rose more than expected and that refineries ran at a higher rate.
U.S. light crude for July delivery fell 22 cents to $65.29 a barrel on the New York Mercantile Exchange. Oil prices were flat just prior to the report's release.
http://money.cnn.com/2007/05/23/markets/oil_eia/index.htm?postversion=2007052310
 
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HERE WE GO AGAIN!!:eek:
Don't expect Gas/Oil prices to drop in response to GREAT inventories numbers, I would think! Check it out!:mad:

Oil rises as warships enter Gulf

Two U.S. aircraft carriers plan on sailing close to Iran after report says country ramps up nuclear program; U.S. gasoline supplies rise.

By Steve Hargreaves, CNNMoney.com staff writer
May 23 2007: 11:43 AM EDT

NEW YORK (CNNMoney.com) -- Oil prices rose Wednesday as U.S. naval action off the Iranian coast outweighed a domestic inventory report showing a large build in gasoline supplies and higher refinery activity.
U.S. light crude for July delivery rose 44 cents to $65.95 a barrel on the New York Mercantile Exchange.

Why Iran matters to oil markets
Navy officials told Reuters it was the largest daytime assembly of ships since the 2003 Iraq war.
They added Iran had not been notified of plans to sail the ships, which include two aircraft carriers, through the Strait of Hormuz, a narrow channel in international waters off Iran's coast and a major artery for global oil shipments.
(more)http://money.cnn.com/2007/05/23/markets/oil_eia/index.htm?postversion=2007052311
 
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Looks like there might be some relief in Gas prices, but it will take awhile!:o

FUTURES MOVERS
Crude, gasoline futures trade above 1-week lows
U.S. Energy Dept. posts 3-weekly rise in gas supply, but concerns remain

By Myra P. Saefong & Polya Lesova, MarketWatch
Last Update: 11:20 AM ET May 23, 2007

SAN FRANCISCO (MarketWatch) -- Crude and reformulated-gasoline futures traded above their lowest levels in a week as increases in supplies of both commodities failed to offset concerns over renewed tension in the Middle East and a forecast of a particularly active Atlantic hurricane season.
"Overall, it is a good sign to see higher gasoline inventories, but it is not all that positive for a dramatic decline in prices heading into Memorial Day weekend," said John Person, president of NationalFutures.com.
http://www.marketwatch.com/News/Story/Story.aspx?column=Futures+Movers
 
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Mr. Hulbert speaks the truth!!:nuts:

MARK HULBERT
Newsflash: It's going to be hot this summer
Commentary: But if oil prices go up, that isn't the reason why

By Mark Hulbert, MarketWatch
Last Update: 11:36 PM ET May 22, 2007

ANNANDALE, Va. (MarketWatch) -- One of my favorite quotations is from the character played by Claude Rains in the old movie classic, "Casablanca."
Playing the part of the casino manager, Rains disingenuously announces that he is "shocked, shocked" upon discovering that gambling was going on in his nightclub.
I am reminded of Rains' quote whenever I read the explanations that get concocted on days near Memorial Day when energy prices go up. All too often, these explanations refer to the busy summer driving season that will soon be upon us, or to the likelihood that the temperature during the summer is forecast to be hot.
http://www.marketwatch.com/news/sto...x?guid={CBDBA844-07A9-4954-8DDF-A0AF3E92EF72}
 
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About time, I hope it has some teeth!! If it ever becomes law?:suspicious:

House passes gas price-gouging bill

The profiteering bill aims at preventing gas stations from running up prices that are 'unconscionably excessive.'

May 23 2007: 4:09 PM EDT

WASHINGTON (Reuters) -- The Democrat-led House approved legislation Wednesday that would give the Federal Trade Commission more authority to probe price profiteering from gasoline and other refined products.
With average U.S. pump prices at an all-time, inflation-adjusted high of $3.22 a gallon, the House voted 284-141 for the "Federal Price Gouging (more)http://money.cnn.com/2007/05/23/new...asoline.reut/index.htm?postversion=2007052316
 
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This is like history repeating it'self!:mad:

Record gas price: Dirty dozen

Gallon approaches $3.23 to set 12th-consecutive record high; widespread increases continue ahead of the Memorial Day holiday weekend.

By Chris Isidore, CNNMoney.com senior writer
May 24 2007: 7:10 AM EDT


NEW YORK (CNNMoney.com) -- Gas prices hit record highs for the 12th straight day Thursday, as drivers prepared to hit the road for the Memorial Day holiday and the start of the summer driving season.
There is no immediate relief in sight, as prices continue to rise in most of the country, as the Midwest saw prices there continue to soar, resulting in the three most expensive states in the nation being in that region.
http://money.cnn.com/2007/05/24/news/economy/record_gas_thurs/index.htm?postversion=2007052407
 
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Oil eases despite U.N. report on Iran, $65.40 -.37 (see Home Page!!)

Nuclear agency's report could mean tougher sanctions; crude retreats after gains Wednesday on U.S. warship maneuvers off Iranian coast.

May 24 2007: 7:39 AM EDT


LONDON (Reuters) -- Oil eased Thursday, a day after a report by the United Nations' nuclear agency opened the door to tougher sanctions against Iran, the world's fourth-biggest crude exporter.
U.S. crude traded down 34 cents at $65.43.
Video
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More video
iraq.story.jpg
Iraq's oil minister insists the future is bright despite bloodshed, bickering and oil industry doubts. CNN's Hugh Riminton reports. (May 5)Play video


http://money.cnn.com/2007/05/24/markets/oil.reut/index.htm?postversion=2007052407
 
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Gas up Oil down!!!:confused:
05/24/2007 - Updated 12:47 PM ET
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Reformulated gas up, leads action among energies
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</IMG>By Myra P. Saefong, MarketWatch & Polya Lesova, MarketWatch

SAN FRANCISCO (MarketWatch) -- Reformulated-gasoline futures led the action in the energy market Thursday, gaining ground as concerns about U.S. supplies of the fuel for the summer-driving season returned to the forefront and an oil-worker strike began in Nigeria.
Meanwhile, crude futures headed lower as traders continued to digest data from the Energy Department released Wednesday, which indicated a buildup in the nation's crude supplies for a fifth straight week.
Natural-gas futures edged lower as well, on the heels of a triple-digit decline in U.S. supplies of the commodity reported by the government early Thursday.
"Gasoline remains the market leader, trading higher overnight suggests that the conclusion has been drawn that it might be too late to avoid a tight-supply situation this summer," said Michael Fitzpatrick, an analyst at Man Financial.
"The jump in refinery operations to over 91% shows that refiners are doing what they can to avoid that perception, particularly since it can be assumed that Congressional scrutiny is at hand," he said in a note to clients.
Reformulated gasoline for June delivery was last up 2.61 cents at $2.3365 a gallon on the New York Mercantile Exchange.
July crude was down 61 cents at $65.16 a barrel. On Wednesday, the benchmark crude contract added 26 cents.
And, at last check, June heating oil rose 1.22 cent to stand at $1.9445 a gallon.
In Nigeria, staff at the country's state oil company began an indefinite strike over welfare benefits and in protest to the privatization of an oil refinery, BBC News reported Thursday.
As a result, deliveries to a refinery in Port Harcourt have been halted and tankers lined up outside, the news agency said.
Problems in Nigeria have helped lift July Brent crude above $71 a barrel on the IntercontinentalExchange [ICE] .
"The ongoing series of crude-supply disruptions in Nigeria has provided direct support to Brent prices and the broader crude markets," economists at Calyon said in a research note released earlier this week. "The Nigerian disruptions are just part of a very tight Atlantic Basin sweet crude market for the next 4-6 weeks," they said.
Supply and output (more)

http://markets.usatoday.com/custom/...S&guid={D95FA417-3D59-4E28-9C24-CEB71CEAE8D9}
 
http://www.jsonline.com/story/index.aspx?id=610122


Running on empty
Hit by high prices and fees, some gas station owners stop selling fuel
By THOMAS CONTENT
tcontent@journalsentinel.com
Posted: May 23, 2007


"Three cents a gallon doesn't cut it," Curro said. "It doesn't pay the bills."

Add to that the money he loses every time a motorist uses a credit card at the pump, and there was no reason to keep selling gas, Curro said.

Credit card companies and banks get an average of 2.75% on every gallon of gas sold, and credit card processing fees now rank as the second-biggest expense for gas station operators, according to the National Association of Convenience Stores.
 
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CROOKS are everywhere just like cockroaches. People can't hardly make an honest living anymore. It's the big companies and the Govt. that are cleaning up!:nuts:
 
Yeah, that 2 cents is gonna help Big Time.:sick:

Gas prices finally retreat

Modest decline in gas price survey ends streak of 12-straight record highs heading into Memorial Day holiday.

By Chris Isidore, CNNMoney.com senior writer
May 25 2007: 8:03 AM EDT


NEW YORK (CNNMoney.com) -- Gas prices may have finally topped out just ahead of the Memorial Day holiday as a modest decline in the average price ended a streak of 12 days of record highs.
It's unlikely the estimated 32 million drivers who will be hitting the road for the traditional start of the summer driving season will notice the savings, though, as the AAA survey Friday showed prices down only 0.2 cents to $3.225. (more)http://money.cnn.com/2007/05/25/news/economy/gas_fri/index.htm?postversion=2007052508
 
UK Oil rises to $71 on supply worries

LONDON (Reuters) - Oil rose to $71 a barrel on Friday, near a nine-month high, as a strike in Nigeria threatened more of the country's output and Iran remained defiant over its nuclear program.
Rising tension surrounding two of the world's leading oil producers have coincided with lower OPEC supply and relatively low gasoline stocks in top consumer the United States before the onset of peak summer demand.

http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=OBR&Date=20070525&ID=6960144
 
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Sometimes a LOSS is GOOD!:D
05/25/2007 - Updated 10:56 AM ET

Crude oil gains, but readies for a weekly lossPrices up for the day on Nigeria news; reformulated gas nears week-ago level
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By Myra P. Saefong, MarketWatch & Polya Lesova, MarketWatch

SAN FRANCISCO (MarketWatch) -- Crude-oil futures gained Friday morning, recouping some of their prior-session losses as concerns over supply disruptions in Nigeria served to boost energy prices, but prices were poised to end the week with a loss of almost 2%.
The sell-off in prices Thursday was overdone, so the market is seeing some short covering "with bargain hunters stepping in today, buying in preparation for a surprise drop in inventories in next week's report," said John Person, president of NationalFutures.com.
http://markets.usatoday.com/custom/...S&guid={84161C69-3A15-4400-81EC-3E871D88E0AF}
 
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No, it's just right for them! Crooks!!:mad:


OPEC: No need for more crude

Cartel official says no production increase necessary because rising prices reflect bottlenecks in gasoline supply.

May 25 2007: 9:00 AM EDT


LONDON (Reuters) -- Crude oil supply does not need to increase because rising prices reflect bottlenecks in gasoline supply, OPEC's head of research said Friday, despite calls from consumers for more crude.
"I think that pumping more crude into the market is not needed," Hasan Qabazard, head of OPEC's research division, told Reuters. "We have a bottleneck in the supply chain and the bottleneck is the refineries producing gasoline for the summer."
Video
plus_green.gif
More video
iraq.story.jpg
Iraq's oil minister insists the future is bright despite bloodshed, bickering and oil industry doubts. CNN's Hugh Riminton reports. (May 5)Play video




http://money.cnn.com/2007/05/25/markets/oil_opec.reut/index.htm?postversion=2007052509
 
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Crude -1.14, Gas -.0177

Oil slides amid supply concerns:o

Traders cautious of production in Nigeria at the start of the peak gasoline demand season in the United States.

May 29 2007: 7:22 AM EDT


SINGAPORE (Reuters) -- Oil fell nearly $1 Tuesday, while traders became concerned over disruptions to oil supplies from Nigeria and low gasoline stocks in top consumer the United States.
U.S. crude was 97 cents lower at $64.23 a barrel in electronic trading. London Brent crude was down 45 cents at $69.29 a barrel, down from a session high of $70.24. (more)
http://money.cnn.com/2007/05/29/markets/oil.reut/index.htm?postversion=2007052907
 
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Crude -1.83, Gas -.0042

Keep that Oil and Gas acomin'!:D

BP to announce return to Libya

Oil giant has been in talks with Libya on exploration and development; spokesman notes 'hugely important' economic relationship.

May 29 2007: 9:31 AM EDT


LONDON (Reuters) -- British oil giant BP will announce Tuesday that it is returning to Libya in a move that British officials say recognizes a warming of relations between London and Tripoli.
"Today BP will be announcing they are going back into Libya," a spokesman for Tony Blair said at a briefing ahead of the prime minister's forthcoming trip to the north African country. (more)
http://money.cnn.com/2007/05/29/news/international/bp_libya.reut/index.htm?postversion=2007052909
 
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