Oil Slick Stuff

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06/06/2011 - Updated 2:33 AM ET
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Oil prices fall through $100 a barrel
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By Virginia Harrison, MarketWatch

SYDNEY (MarketWatch) — Crude-oil futures extended losses in electronic trading on Monday, as worries over the strength of the U.S. recovery fueled concern about future energy demand.
Light, sweet crude oil for July delivery declined 24 cents, or 0.2%, to $99.98 a barrel on the New York Mercantile Exchange during Asian trading hours.
Disappointing U.S. economic data prompted a tepid start to the week for Asian markets, and fuelled concerns about global energy demands.
“The news coming out of the U.S. isn’t comforting at all, particularly the jobs and manufacturing data,” said Peter Esho, chief market analyst at City Index in Sydney.
“Those question marks over the U.S. economy — which is still the largest market for oil consumption — can potentially see the price drift down a little more,” Esho said.
Esho said a meeting of the Organization of the Petroleum Exporting Countries (OPEC) will drive energy market this week. http://markets.usatoday.com/custom/...-11E0-AE1C-002128049AD6}&loc=interstitialskip
 
nnuut said:
06/06/2011 - Updated 2:33 AM ET
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Oil prices fall through $100 a barrel
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By Virginia Harrison, MarketWatch

SYDNEY (MarketWatch) — Crude-oil futures extended losses in electronic trading on Monday, as worries over the strength of the U.S. recovery fueled concern about future energy demand.
Light, sweet crude oil for July delivery declined 24 cents, or 0.2%, to $99.98 a barrel on the New York Mercantile Exchange during Asian trading hours.
Disappointing U.S. economic data prompted a tepid start to the week for Asian markets, and fuelled concerns about global energy demands.
“The news coming out of the U.S. isn’t comforting at all, particularly the jobs and manufacturing data,” said Peter Esho, chief market analyst at City Index in Sydney.
“Those question marks over the U.S. economy — which is still the largest market for oil consumption — can potentially see the price drift down a little more,” Esho said.
Esho said a meeting of the Organization of the Petroleum Exporting Countries (OPEC) will drive energy market this week. http://markets.usatoday.com/custom/...-11E0-AE1C-002128049AD6}&loc=interstitialskip
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You would think that this should be good for stocks. It used to be that oil goes down stocks go up, but lately stocks have been moving in the same direction as oil.:(
 
nasa1974 said:
You would think that this should be good for stocks. It used to be that oil goes down stocks go up, but lately stocks have been moving in the same direction as oil.:(
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I do believe that if Oil drops the dollar will be up and stocks will drop and visa versa. It has been that way for a while and I don't see anything indicating that it is reversing. Our ravaged Dollar is driving everything. I hate it!:nuts:
 
:mad: Definately the pricing has very little to do with supply these days. So much for the commodity market shielding the price from wild fluxuations!
 
Oil drops below $100 ahead of OPEC meeting

Oil below $100 per barrel with dollar up; investors await OPEC meeting, government reports



Chris Kahn, AP Energy Writer, On Monday June 6, 2011, 1:07 pm

NEW YORK (AP) -- Oil fell below $100 a barrel Monday as investors and economists await a key OPEC meeting this week and the government's outlook on U.S. supply and demand.
Benchmark West Texas Intermediate for July delivery lost 86 cents at $99.36 per barrel in afternoon trading on the New York Mercantile Exchange. Crude has hovered around that level for a month.
A stronger dollar pushed oil lower. TransCanada Corp. also said its Keystone Pipeline was back online after a minor oil spill at a pump station in Kansas. The pipeline delivers a half million barrels of oil per day to the U.S. from Alberta, feeding supplies to the delivery point for benchmark oil in Cushing, Okla. The 1,300-mile pipeline was taken offline twice in the last month as TransCanada dealt with leaks.
Analysts are looking for clues on what OPEC will do about oil production when the cartel meets Wednesday in Vienna. OPEC ministers could decide to try to push oil prices lower by increasing production. OPEC officials have said that they believe oil prices are too high and threaten global economic recovery.
"You have a lot of money sitting on the sidelines right now ahead of that meeting," analyst Stephen Schork said. http://finance.yahoo.com/news/Oil-d...01.html?x=0&sec=topStories&pos=1&asset=&ccode=
 
Price of a gallon of regular is at $4.19 still here- with pipeline problems around Chicago still messing up things.

You guys with cheap gas are lucky.


The red is the higher prices:
gasbuddy-06-07-2011.jpg
 
RealMoneyIssues said:
Probably (more likely) lower taxes... It's pretty obvious when you look at the map. IL, CA, NY, et al are high, the southern (SE specifically) are lower.
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Taxes are only part of the story. Here is a state-by-state look at the taxes on gasoline:
gastaxes-2011.JPG
My state (Michigan) has a 20 cent a gallon gas tax, plus a 6% sales tax, plus the federal 20 cents a gallon on gasoline. On the other hand, we don't have any toll roads anywhere in my state- all roads are free. Some states have lower gasoline taxes, but have huge tolls on their highways. I guess it's all in how you want to pay for things.

Oklahoma, on the other hand, has very low gasoline taxes, but it DOES have some really large highway tolls on some roads.
 
James48843 said:
Taxes are only part of the story. Here is a state-by-state look at the taxes on gasoline:
View attachment 14090
My state (Michigan) has a 20 cent a gallon gas tax, plus a 6% sales tax, plus the federal 20 cents a gallon on gasoline. On the other hand, we don't have any toll roads anywhere- all roads are free. Some states have lower gasoline taxes, but have huge tolls on their highways. I guess it's all in how you want to pay for things.
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Absolutely it is more than just taxes, I was just pointing out that luck really didn't have much to do with it. Sorry I didn't clarify my point and implied that it was just taxes. :D
 
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Why Are Gasoline Prices Higher in Some Regions Than in Others?
Although price levels vary over time, average retail gasoline prices are often highest in certain States or regions. Besides taxes, there are other factors that contribute to regional and even local differences in gasoline prices:
Distance from Supply Usually Means Higher Gas Prices

Gas prices in San Francisco, California, in the summer of 2008, were the highest they have ever been.

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Source: Stock photography (copyrighted)


Retail gasoline prices tend to be higher the farther it is sold from the source of supply: ports, refineries, and pipeline and blending terminals. About 62% of the crude oil processed by U.S. refineries in 2010 was imported, with most transported by ocean tankers. The U.S. Gulf Coast was the source of about 26% of the gasoline produced in the United States in 2010 and the starting point for most major gasoline pipelines, so those States farther from the refineries will most likely have higher prices.
Supply Disruptions Can Cause Run-up in Prices (more)

Why Are California Gasoline Prices More Variable Than Others?
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California prices are higher and more variable than prices in other States because there are relatively few supply sources of its unique blend of gasoline outside the State. The State of California’s reformulated gasoline program is more stringent than the Federal government’s. In addition to the higher cost of this cleaner fuel, there is a State sales tax of 2.25% on top of an 18.4 cent-per-gallon Federal excise tax and an 35.30 cent-per-gallon State excise tax. (more)
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http://www.eia.gov/energyexplained/index.cfm?page=gasoline_regional
 
And what SHOULD this do to the price of Oil?
June 7, 2011, 12:51 p.m. EDT
OPEC looks ready to agree on a production hike

By Myra P. Saefong, MarketWatch
SAN FRANCISCO (MarketWatch) — Ahead of the official meeting of the Organization of the Petroleum Exporting Countries Wednesday, cartel members appeared poised to announce a decision to hike oil production quotas.
That’s a change from just last week, when the prospects for the decision appeared split.
OPEC’s committee has recommended an increase in output, according to Dow Jones Newswires. Delegations from Algeria, Kuwait, Nigeria and the OPEC Secretariat gathered in Vienna Tuesday for a meeting of the ministerial monitoring subcommittee ahead of Wednesday’s summit.
http://www.marketwatch.com/story/opec-looks-ready-to-agree-on-a-production-hike-2011-06-07
 
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