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Oil falls to near $45 as stock markets sink

Oil falls to near $45 after US bank concerns send crude, stocks plunging

  • Pablo Gorondi, Associated Press Writer
  • Tuesday April 21, 2009, 9:15 am EDT
Oil prices fell to near $45 a barrel Tuesday after renewed doubts about the health of U.S. banks sent crude and stock markets tumbling.


Benchmark crude for May delivery was down 63 cents to $45.25 a barrel by mid-afternoon in Europe in electronic trading on the New York Mercantile Exchange.
In London, Brent prices fell 21 cents to $49.65 a barrel on the ICE Futures exchange.
After trading near $50 a barrel so far this month, oil prices plunged $4.45 on Monday to settle at $45.88, following a broad sell-off of stocks.
http://finance.yahoo.com/news/Oil-f...983257.html?sec=topStories&pos=9&asset=&ccode=
 
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Crude Oil dropping very quickly this morning!!:worried:
04/21/09
08:42.........$45.35.........-.53
09:29.........$43.91........-1.97
 
Oil futures fall on expected rise in crude supplies However, American Petroleum Institute reports decline in crude stocks
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By Polya Lesova, MarketWatch

NEW YORK (MarketWatch) -- Oil futures fell early Wednesday on expectations that the government will report a rise in crude supplies, even as the American Petroleum Institute said crude stocks declined last week.
Crude for June delivery dropped 46 cents, or 0.9%, to $48.11 a barrel in electronic trading on Globex.
"Expectations of sharply higher oil inventories reflect ongoing concerns about the impact of unusually large refinery shut-ins that are currently taking place due to maintenance and economics shut-ins due to poor refining margins," said analysts at Commerzbank.
http://markets.usatoday.com/custom/...S&guid={5F054E8B-E8F6-4823-A900-A44179286ED7}
 
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Crude Falls As Inventories Rise More Than Expected

MarketWatch Pulse

NEW YORK -- Crude-oil futures fell Wednesday after government data showed U.S. crude inventories rose last week more than expected. Crude inventories increased 3.7 million barrels to 370.6 million barrels, the highest level in nearly 19 years, the Energy Information Administration reported. Analysts surveyed by Platts had expected a buildup of 3 million barrels. Gasoline inventories rose 800,000 barrels and distillate stockpiles, which include heating oil and diesel, rose 2.7 million barrels. Analysts had expected a decline in both gasoline and distillate inventories. After the data, crude for June delivery fell 9 cents, or 0.2%, to $48.46 a barrel. It was up 0.5% before the data.

Copyright © 2009 MarketWatch, Inc.
http://www.foxbusiness.com/story/markets/industries/energy/crude-falls-inventories-rise-expected/
 
We've got more oil, gasoline, and distillates now than we've had over the past 13 -19 years (depending on whose data you use/believe). Demand has fallen to a level where we were in 1996 (or anywhere back to 1984 -- again depending on whose data you use/believe).

Yet we're over $2.00/gallon retail on average in the U.S.? Retail gas fell below $1/gallon a few times during those periods, or am I just remembering incorrectly?

They thought speculators were more active when oil was above $100/bbl? wrong!!! I'd say they're manipulating that contango like never before. I'll admit, $2/gallon is more tolerable but only because they conditioned the public to believe that.

I remember the times you pointed this out Nnuut... it just gets idiotic sometimes listening to the reasons/justifications the public is getting fleeced.
 
Minnow said:
We've got more oil, gasoline, and distillates now than we've had over the past 13 -19 years (depending on whose data you use/believe). Demand has fallen to a level where we were in 1996 (or anywhere back to 1984 -- again depending on whose data you use/believe).

Yet we're over $2.00/gallon retail on average in the U.S.? Retail gas fell below $1/gallon a few times during those periods, or am I just remembering incorrectly?

They thought speculators were more active when oil was above $100/bbl? wrong!!! I'd say they're manipulating that contango like never before. I'll admit, $2/gallon is more tolerable but only because they conditioned the public to believe that.

I remember the times you pointed this out Nnuut... it just gets idiotic sometimes listening to the reasons/justifications the public is getting fleeced.
Click to expand...


Amen brother!!
 
Right as rain!! If it's mainly SUPPLY and DEMAND gas should be $1.15 a gallon, but they inflate the price based on economic numbers that SAY we are on the rebound and demand will quickly be up, that's where the CRAP is!! They are trying to keep the price of Oil in the $50 a barrel range, because the Oil Companies and suppliers say they can't operate with the prices less than $50. So what if they lose money for a while, they have been killing us at the pump for 3 years now, with BILLIONS and BILLIONS of profit.:cool:
 
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Oil rises slightly

Government says crude inventory rose by 3.9 million barrels last week, but stock market gains boost prices.

By Julianne Pepitone, CNNMoney.com contributing writer
Last Updated: April 22, 2009: 3:17 PM ET


Click the chart to view the latest commodity prices.
NEW YORK (CNNMoney.com) -- Oil prices rose slightly Wednesday as the stock market posted modest gains, despite a government report that showed crude supplies increased more than expected.


http://money.cnn.com/2009/04/22/markets/oil/index.htm?postversion=2009042215
 
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Oil Prices Resist the World’s Recession Trend




By: Jad Mouawad, The New York Times | 23 Apr 2009 | 11:29 AM ET

In recent months, oil prices plunged as consumers curtailed fuel use around the world, with some analysts predicting that the dire economic situation would cause oil to fall to $20 a barrel or less.

But in a twist, oil prices have stabilized at close to $50 a barrel. While prices may have fallen by two-thirds since their peak last summer, oil remains expensive by historical standards.
oil_barrels.jpg


The resilience shown by the oil markets is not because of any improvement in the global economy or rise in oil consumption. Global demand remains on course for its steepest drop since the early 1980s, and oil inventories are at their highest levels in 19 years.
Instead, analysts said, oil is once again being sought by investors as a refuge against a slumping dollar and rising inflation. Stabilization of the oil price is also a victory for the OPEC cartel, which has succeeded in cutting output sharply to match lower demand.[more]
http://www.cnbc.com/id/30367224
 
What happens to the price of OIL when the value of the dollar declines?:sick:

Dollar falls against major currencies

The greenback looses traction as reports indicate that economic recovery will be slow and protracted.

By Catherine Clifford, CNNMoney.com staff writer
Last Updated: April 23, 2009: 4:46 PM ET

Click on the chart to see the price of other currencies.

NEW YORK (CNNMoney.com) -- The dollar fell against major currencies Thursday, amid a grab-bag of fresh indications that recovery for the U.S. economy is still a way off.

The 16-nation euro traded at $1.3153, up 1.1% from Wednesday's closing price of $1.3006.
The British pound also rallied against the greenback, trading at $1.4732, up 1.7% from Wednesday's closing price of $1.4492.
The dollar edged lower against the Japanese yen, buying ¥97.91, just 0.1% shy of Wednesday, when the dollar bought ¥98.02.
Global markets were mixed Thursday, with Asian markets adding between 1% and 2% but markets across Europe little changed, some adding 1% and others losing slightly. [more]
http://money.cnn.com/2009/04/23/markets/dollar/index.htm?postversion=2009042316
 
Oil goes UP, the Market follows. It wasn't this way when Oil was $147 a Barrel!:worried:


Market Update

10:30 am : Stocks have pulled back in the last half-hour, but continue to trade with healthy gains. Commodities are also trading with strength as the CRB Commodity Index climbs 1.0%, which marks the CRB's best single-session percentage gain in two weeks.
Higher crude oil prices are helping drive the CRB's advance. Crude oil futures contracts are currently pricing oil 3.1% higher at $51.15 per barrel.
http://finance.yahoo.com/marketupdate/overview?u
 
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:rolleyes: Oil is being driven by expected demand. Break out the Tarot cards and the astrology charts. Oh, and check out Vogue to see the lengths of women's skirts this year.
 
Astrology, the phases of the moon, nylon stockings and many others. Dollar worth less Oil is more expensive!!:worried:
Good to hear from you Silverbird!!:D
 
Crude continues to buck traditional market basics

Oil rises above $51 a barrel in the face of weak demand

  • Chris Kahn, AP Energy Writer
  • On Friday April 24, 2009, 2:58 pm EDT
NEW YORK (AP) -- Oil prices appeared again to buck traditional market fundamentals, rising for the third straight day Friday despite a huge surplus and weak global demand.
Concerns that the U.S. bank bailout will spark a wave of inflation sent money flowing into hard assets like oil.

Benchmark crude for June delivery jumped $1.93 to settle at $51.55 a barrel on the New York Mercantile Exchange.
"It's surprised a lot of people that oil is hanging around $50 and not $40" a barrel, said Andrew Lebow, senior vice president and broker at MF Global.
http://finance.yahoo.com/news/Crude...028191.html?sec=topStories&pos=7&asset=&ccode=
 
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Buster said:
That's an understatement:mad:

At one 7-11..gas was $1.74..at another 7-11 two miles away.$1.89,,here is the clincher...the higher priced is 10% ethanoil and the lower one, was pure gas....Been that much difference for nearly a month now.
Go figure..:suspicious:
Click to expand...
My, you are up late! Is one of these 2 stations in the city and the other just in the county, or rural area? Sometimes it's a TAX difference.:cool: Delivery cost vary more than you would think if they are out of town.:cool:
 
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