http://www.bloomberg.com/news/2010-12-20/oil-trades-close-to-2-year-high-as-cold-weather-boosts-heating-fuel-demand.html
Feb-11 crude is trading at $90.60, up $0.125, Jan-11 Natural Gas is trading at $4.07, down $0.80. The current regime in Washington is anti-oil and I look for supplies to continue to tighten.
http://www.bloomberg.com/news/2010-12-23/oil-trades-near-two-year-high-as-u-s-inventories-decline-economy-expands.html
Crude is trading higher this morning.
http://www.bloomberg.com/news/2010-12-28/crude-oil-trades-near-two-year-high-on-speculation-u-s-inventories-shrank.html
Feb-11 Crude is trading at $92.40 up $1.025 Feb-11 Natural Gas is trading at $4.56, up $0.155.
Below is a good article from Bloombergs this morning.
http://www.bloomberg.com/news/2011-01-03/oil-s-top-forecasters-see-third-year-of-gains-as-china-leads-2011-recovery.html
Feb-11 Crude and Natural Gas are trading flat this morning, but all indications are for higher prices ahead. Not a good sign for a recovery.
http://www.bloomberg.com/news/2011-01-04/oil-trades-near-27-month-high-as-economic-recovery-may-boost-energy-demand.html
Feb-11 Crude settled at $89.38, down $2.17, the outer months are still in the $93.00 range. Feb-11 Natural Gas settled at $4.669, up $0.019 on the day.
Feb-11 crude is trading at $89.00, up $.975, the outer months are trading in the $93.00+ range.
http://www.bloomberg.com/news/2011-01-10/alaskan-oil-pipeline-shutdown-cuts-production-pushes-crude-prices-higher.html
Gas is selling at 2.95 at most pumps I see...Wonder how much higher it will go?
Feb-11 Crude settled at $91.11, up $1.86 on the day, the outer months settled in the $95.00 to $96.00 range. Feb-11 Natural gas settled at $4.481, up $0.082 on the day. The neighborhood pump prices are $2.79 to $2.89, they will be going up more.
Cat, we're as high as $3.15 here with the average at about $3.08.The speculators are at it again.
Feb-11 Crude is trading at $90.70, down $0.70, Feb-11 Natural Gas is trading at $4.445, up $0.04.
http://www.bloomberg.com/news/2011-01-14/crude-oil-falls-a-second-day-as-u-s-economy-signals-slowing-fuel-demand.html
OK? it would be nice to see it fall at the pump ! :'(
Feb-11 crude settled at $91.54, up $0.14 on the day. Feb-11 Natural Gas settled at $4.48, up $0.075 on the day.
Unfortunately, I think the decline will be minimal and the price will go up as China increases their consumption levels. We created an energy guzzling monster and it's appetite continues to increase.
http://www.bloomberg.com/news/2011-01-17/crude-oil-slides-as-alyeska-prepares-to-start-trans-alaksa-pipeline-system.html
Front month, March-11 crude settled at $89.59, down $2.21 on the day.
Feb-11 Natural Gas settled at $4.695, up $0.135 on the day.
Our Neighborhood pump price is $2.87. I expect it to be down some tomorrow.
China has a big impact on the price of crude and will have more impact in the future.
It is just a matter of time before demand exceeds all available supply. The current world consumption of 32 Billion Barrels a year,( and that doesn't include the billions of barrels of Natural Gas Liquids that are blended into Gasoline and other products) and growing can't be maintained forever.
Oil Drops in New York After Saudi Arabia's Al-Naimi Signals More Supplies
Crude for delivery in March dropped for a fifth day after Saudi Arabian Oil Minister Ali al-Naimi signaled OPEC may increase supply to meet growing demand in China and India.
..
March-11 Crude is trading at $86.95, up $0.75.Feb-11 Natural Gas is trading at $4.445, down $0.03.
http://www.bloomberg.com/news/2011-01-25/oil-futures-decline-near-eight-week-low-as-economies-struggle-to-recover.html
Summary of Weekly Petroleum Data for the Week Ending February 4, 2011
U.S. crude oil refinery inputs averaged 14.3 million barrels per day during the week ending February 4, 42 thousand barrels per day above the previous week's average. Refineries operated at 84.7 percent of their operable capacity last week. Gasoline production increased last week, averaging 9.1 million barrels per day. Distillate fuel production increased last week, averaging 4.3 million barrels per day.
U.S. crude oil imports averaged 8.9 million barrels per day last week, down by 105 thousand barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged 9.1 million barrels per day, 783 thousand barrels per day above the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 1.0 million barrels per day. Distillate fuel imports averaged 296 thousand barrels per day last week.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.9 million barrels from the previous week. At 345.1 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year. Total motor gasoline inventories increased by 4.7 million barrels last week and are above the upper limit of the average range. Both finished gasoline inventories and blending components inventories increased last week. Distillate fuel inventories increased by 0.3 million barrels and are above the upper limit of the average range for this time of year. Propane/propylene inventories decreased by 3.1 million barrels last week and are below the lower limit of the average range. Total commercial petroleum inventories increased by 3.2 million barrels last week.
Total products supplied over the last four-week period has averaged 19.1 million barrels per day, up by 0.8 percent compared to the similar period last year. Over the last four weeks, motor gasoline demand has averaged 8.6 million barrels per day, down by 0.3 percent from the same period last year. Distillate fuel demand has averaged 3.7 million barrels per day over the last four weeks, down by 0.1 percent from the same period last year. Jet fuel demand is 1.6 percent higher over the last four weeks compared to the same four-week period last year.
The consequences from this could be bad for the US and world economy. Obama and the left are trying to hamstring the US oil industry and couple with other world problems, oil could go much higher.
http://www.bloomberg.com/news/2011-02-15/oil-climbs-most-in-two-weeks-on-u-s-economic-reports-middle-east-unrest.html
It should be no surprise that Energy costs are going higher. Americans continue as the most wasteful Nation on Earth, that coupled with our current Washington policy of limiting drilling and taxing the Oil & Gas Industry can only drive Energy costs higher. The worst is yet to come.
Crude Rises in London as Protests in Mideast Fan Supply Fears
http://www.bloomberg.com/news/2011-02-18/crude-rises-in-london-as-protests-in-libya-bahrain-fuel-supply-concern.html
April NYMEX is trading at $97.675, up $0.40.
http://www.bloomberg.com/news/2011-02-24/saudi-arabia-says-some-opec-nations-willing-and-able-to-replace-libyan-oil.html
http://www.bloomberg.com/news/2011-02-28/oil-rises-a-second-day-in-new-york-as-middle-east-turmoil-spreads-to-oman.html
From the article:
Libya pumped 1.6 million barrels of oil a day in January, making it the ninth-largest producer among the 12 members of the Organization of Petroleum Exporting Countries. It ships most of its crude and fuels to Europe.
It is my understanding that we buy only about 5% from Libya.... and as you had said in an earlier post, the Saudi's are going to make up that 5%... now what I would like to know is, why gasoline prices so high. Week before last it was $2.89 a gal., now it is up to $3.25 and that is on regular. I use the medium blend which is much higher but considering to go to regular on my SUV.
April NYMEX is trading at $98.45, up $1.475. May NYMEX is trading at $100.45, up $1.80. Maybe higher prices will wake up the American people and make them think about fuel economy instead of Horsepower and cheap gas. The worst is yet to come.
http://www.bloomberg.com/news/2011-03-01/crude-oil-advances-from-a-one-week-low-as-supply-concern-extends-to-iran.html
Quote from: frawin on March 01, 2011, 10:08:22 AM
April NYMEX is trading at $98.45, up $1.475. May NYMEX is trading at $100.45, up $1.80. Maybe higher prices will wake up the American people and make them think about fuel economy instead of Horsepower and cheap gas. The worst is yet to come.
http://www.bloomberg.com/news/2011-03-01/crude-oil-advances-from-a-one-week-low-as-supply-concern-extends-to-iran.html
You know, i remember the fuel economy kick back in the 70's and the 3 and 4 banger cars that were put out. Damn near got killed in them things. Used to call them budweiser cans with weedeater motors.
I have a 4 banger pickup truck that gets at best 28 mpg, its a good truck, and can only get 28mpg at best. Its fuel injected has computer control and its just not able to produce more mpg.
We sacrifice a lot in the hp for these fuel savers, there is just times when you can't possibly do without the hp.
Try hauling 500 gallons of water with a 4 banger. Not possible. I have done it for 2 years now with a 223 straight 6 engine and it barely does it. I Think the 6 is about as small as we need to go. Live on a farm you need the HP.
Now in a city, if I were still in Ga, driving from dahlonega to atlant (75miles 1 way) to go to work, i would probably buy me one of them electric cars with a range of 100 miles. Charge it at work, and at home. That would be reasonable mode of transportation. But In this country, you can't possibly rely on those vehicles to get from point a to point b if its farther than that.
In europe, they can get away with it since most european countries are 200 miles across from border to border with the exception of a couple.
ON a farm, take that electric vehicle and its useless as tits on a boar hog. So is my little 4 banger pickup in all reality. I can't even haul a rick of wood on it hardly. I do have to say my little 4 banger has one thing, it does have pulling power. BUt has its limitations on hauling.
I see the ranchers around here with these monster trucks running around. Just a hair smaller than a semi diesel in them. Do they need that big a truck? I have no clue. Maybe they do.
I do know that there is no reason to jack price of oil up over some dumbass bunch of nations that don't put out enough oil to make them worth bothering with. Especially when we have some fo the largest oil fields in the world sitting on our own land. Dang it, just punch a hole and start pumping. Shoot i was reading a couple weeks ago that the tech has come in that we can reopen the empty wells in this country, frack the rock and extract just as much if not more oil out of the ground as they originally produced. Why aren't we doing this?
Cutting back on oil is fine. I agree in doing so. But i also think its quite a stupid move to rely on other countries to provide for us. I also understand some of the thinking of holding onto our reserves for when and if the oil ever does run out in the middle east. We would then be the ones who have oil and the others do not. Shrug
What i would like to see is the companies start producing gas out of the coal that is available. Theres no reason to not do it. We have hundreds of years of reserves in coal. MEANWHILE. the tech will advance and one day we won't need carbon based fuels for transport.
Steve, I am well aware that some people have a need for the Horsepower in vehicles. However there are many more that don't need it but just want to say they have it. In the block that I live on there are 10 houses, all 10 have 2 or more vehicles, 9 have pickups, I am the only one with a 6 cyclinder engine in a pickup. None of the other 8 with BIG V-8s pull anything or haul any big loads.
Crude was higher today, the NYMEX settles were:
April-11 $99.63, up $2.655
May-11 $101.40, up $2.75
June-11$102.17, up $2.72
July-11 $102.75, up $2.65
August-11 $103.09, up $2.54
Warph, whatever Libyan Crude gets back out of the supply to Europe and Australia, puts pressure on the supply going to others. If European refiners lose 1.5 million BOPD supply from Libya they will be bidding on what has been going to others and that will definitely put pressure on prices Worldwide. Part of what is driving prices is Refiners everywhere are bidding up future cargoes to hedge their supply volumes and pricing.
NYMEX Futures were higher again today, April was the only month with very much volume.
April-11 $102.23, up $2.605
May-11 $103.48, up $2.08
June-08 $104.30, up $1.855
Oct-11 thru Jan-12 closed over $105.00
April NYMEX is trading at $101.475, down $0.75.
Our Neighborhood station has Regular at $3.259.
The much higher tanker rates along with the higher Crude Prices is no doubt having a big negative impact on the European Economies.
http://www.bloomberg.com/news/2011-03-03/oil-tanker-rates-19-fold-increase-shows-refiners-rush-for-libyan-crude.html
Here in SoCal, gas prices are averaging $3.80 a gallon for regular. Interestingly enough, this morning I took my granddaughter to school and noticed the price of gas at a Shell station was $3.79. This was about 8:15 or so. I then took the cocker spaniel to the vet to have him neutered. I returned home the same route that I had taken earlier at around 9:00 and noticed the Shell station price for regular was now $3.89 a gallon. I'm feeling a little gouged here.
Larryj
I was able to fill up at $3.28 on Tues. It is even more today, in the $3.50s range. For some reason Shell is always our most expensive gas here. If there is a cluster of gas stations they are always four to ten cents more. I don't know if it is true or not but I keep hearing that soon we will have 15% ethanol.
Crude is trading up this morning:
April, $103.125, +$1.225
May, $104.225, up $1.125
June, $104.90, up $1.125
July, $105.375, up $1.125
http://www.bloomberg.com/news/2011-03-04/crude-heads-for-fifth-weekly-gain-in-london-on-libya-violence-u-s-demand.html
Crude settled higher today:
April, $104.42, up $2.52
May, $105.61, up$2.51
June, $106.17, up $2.395
July, August, September all closed in the $106.60+ range
Crude is trading up this morning:
April, $106.425, +$2.00
May, $107.75, up $2.15
June, $108.175, up $2.00
Crude settled higher today:
April, $$105.44, up $1.015
May, $106.73, up $1.13
June, $107.28, up, up $1.105
July, August, September all closed in the $107.80+ range
Crude is trading flat to down this morning:
April, $105.325, down $0.125
May, $106.60, down $0.125
June, $106.70, down$0.575
Crude settled down today:
April, $105.020, down $0.430
May, $105.950, down $0.775
June, $106.480, down $0.795
Crude is trading flat to up $0.175 at $105.20, this morning.
Higher Tanker Rates are a big portion of the rising costs of Crude Oil.
http://www.bloomberg.com/news/2011-03-09/oil-tanker-rates-doubling-on-lower-speeds-libya-uprising-freight-markets.html
About three days ago, I filled up at my local Chevron station paying $3.85 a gallon for regular. Last night on my way to get some tasty In-N-Out cheeseburgers, I passed that same station where the sign said ----$3.93. Ouch.
Larryj
Larry, our neighborhood station is $3.29 for regular.
Product inventories had a bigger than expected drop last week.
Summary of Weekly Petroleum Data for the Week Ending March 4, 2011
U.S. crude oil refinery inputs averaged 13.9 million barrels per day during the week ending March 4, 145 thousand barrels per day above the previous week's average. Refineries operated at 82.0 percent of their operable capacity last week. Gasoline production decreased last week, averaging about 9.0 million barrels per day. Distillate fuel production decreased last week, averaging about 4.1 million barrels per day.
U.S. crude oil imports averaged 8.3 million barrels per day last week, up by 290 thousand barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged about 8.2 million barrels per day, 669 thousand barrels per day below the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 761 thousand barrels per day. Distillate fuel imports averaged 252 thousand barrels per day last week.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.5 million barrels from the previous week. At 348.9 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year. Total motor gasoline inventories decreased by 5.5 million barrels last week and are above the upper limit of the average range. Both finished gasoline inventories and blending components inventories decreased last week. Distillate fuel inventories decreased by 4.0 million barrels and are above the upper limit of the average range for this time of year. Propane/propylene inventories decreased by 1.4 million barrels last week and are below the lower limit of the average range. Total commercial petroleum inventories decreased by 6.3 million barrels last week.
Total products supplied over the last four-week period has averaged about 19.5 million barrels per day, up by 0.6 percent compared to the similar period last year. Over the last four weeks, motor gasoline product supplied has averaged about 9.1 million barrels per day, up by 2.3 percent from the same period last year. Distillate fuel product supplied has averaged nearly 3.9 million barrels per day over the last four weeks, up by 4.1 percent from the same period last year. Jet fuel product supplied is 6.6 percent higher over the last four weeks compared to the same four-week period last year.
There are many reasons for the high prices. We have several refineries in the LA area which eliminates transportation costs somewhat. But, we will changing over to the reformulated gas come summertime which is more expensive. SoCal is known as the car capital of the world meaning that if you don't have a car, you are grounded. Millions of people travel the roads daily driving an average of 20 miles one way to get to work. The oil companies are aware of the market potential and take full advantage of it because they know that people are just going to have to buy gas. 60 years ago, LA had a terrific trolley car, called the Red Car, system that you could ride anywhere. However, the city leaders and the automotive industry conspired to sell more cars. So the Red Cars disappeared which was too bad. Added to that was the bus companies that wanted the customers which helped elimanate the Red Car. Now the state and the county are grasping desparately for funds to complete and enhance a rail system which is heavily used now. This rail system uses some existing railroad tracks and are building new ones. At any rate, until a alternative fuel is made efficient and cheap, we have to pay mightily for the priviledge of driving our over-priced vehicles to get to work so we can earn enough money to pay that gas credit card bill each month.
Larryj
I just came by Walmart and their gas price was $3.22 for regular. Larry What I understand that makes your Gasoline/Diesel so high is taxes and enviromental, anti pollution, processing requirements at the refineries.
Crude settled down today:
April, $104.380, down $0.645
May, $105.610, down $0.340
June, $106.30, down $0.175
There is a subplot in the cartoon movie "Who Framed Roger Rabbit" about the elimination of the Red Car line via a secret conspiracy called Cloverleaf.
Crude is trading down this morning:
April, $103.35, down $1.025
May, $104.65, down $0.95
June, $105.15, down$1.15
Front Month, April crude is trading at $101.425, down $2.95.
APRIL CRUDE SETTLED AT $102.70, DOWN $1.675, IT WAS DOWN AS LOW AS $100.725. There was a sizable volume of contracts done for April.
Oil Plunges as Japan's Refiners Shut Plants After Earthquake
April Crude is trading at $99.80, down $2.90, this morning.
April Crude settled at $101.16, down $1.54 on the day.
Quote from: frawin on March 11, 2011, 06:36:59 AM
Oil Plunges as Japan's Refiners Shut Plants After Earthquake
April Crude is trading at $99.80, down $2.90, this morning.
Why did the quote for oil plunge after Japan refiners shut plants after the earthquake? I can't imagine how that would cause a 3% drop in the price of oil. Luckily, my Uncle Frank is a oil man who can explain it to me. ??? :)
David
Will this affect the price of gas and how soon? It doesn't take any time at all for the price of gasoline to go up when the price of oil goes up.
I would assume that since japans ports are damaged they would not be able to unload oil. So that oil is sitting on ships and needs to be dumped somewhere which should drop oil prices.
Quote from: srkruzich on March 11, 2011, 07:15:52 PM
I would assume that since japans ports are damaged they would not be able to unload oil. So that oil is sitting on ships and needs to be dumped somewhere which should drop oil prices.
Steve that would not explain a 3% drop in the world price of oil. Oil sitting off the coast of Japan is way less than 3% of supply. Has to be other market factors.
The Earthquake had both a Physical and Psychological impact on the market. The article below explains it very well.
"Oil fell below $100 a barrel in New
York for the first time in more than a week after Japan’s
strongest earthquake in at least a century forced refiners to
shut several processing plants."
http://www.bloomberg.com/news/2011-03-11/oil-plunges-as-japan-s-refiners-shut-plants-after-8-9-magnitude-earthquake.html
Crude is trading down this morning at $99.375, down $1.775. Pump prices should come down today, our neighborhood price is $3.34 for regular.
Crude oil ended the session flat to slightly higher on the day, it closed $101.19 up $0.04.
Saudi troops entered Bahrain, and brought crude back up after being down as much as $2.70 during the trading session.
Quote from: frawin on March 12, 2011, 07:52:10 AM
The Earthquake had both a Physical and Psychological impact on the market. The article below explains it very well.
"Oil fell below $100 a barrel in New
York for the first time in more than a week after Japan’s
strongest earthquake in at least a century forced refiners to
shut several processing plants."
http://www.bloomberg.com/news/2011-03-11/oil-plunges-as-japan-s-refiners-shut-plants-after-8-9-magnitude-earthquake.html
Thank you for the article. It did give me some insight and some numbers that I could "crunch" that confirmed my assumption that the majority of the decline in the price was due to psychological pressure. Just trying to learn about commodities trading.
David
Isn't that called "headline reaction?"
Crude is trading down this morning at $96.85, down $4.35.
Oil fell to its lowest price in
almost three weeks in London as concern that damage from Japan’s
earthquake may limit crude demand outweighed speculation of
supply disruptions in the Middle East.
http://www.bloomberg.com/news/2011-03-15/crude-oil-drops-as-loss-of-demand-in-japan-outweighs-middle-east-tensions.html
Same Shell station is now up .06 a gallon more than last Friday selling regular at $3.99 a gallon. That is a .14 a gallon increase in one week.
Larryj
Larry,
I guess I'll quit b#tching about the price of our gas. I think they are sticking it to you out west. :) Why is gas so much higher out your way ?
Local taxes and more expensive formulation? I'm just guessing.
April Crude settled at $97.18, down $4.01 on the day. Crude was down $4.00+ all the way out in 2011 and 2012.
Diane, you are spot on with your answer. Although summer is not here yet, the oil companies will soon be telling us that they have to follow the law and reformulate the gas. Southern California is ever so dependent on cars. Freeway jams are as natural as water flowing under a bridge until it gets to the dam. People here automatically add a half hour to their trip in anticipation of the traffic. If there is no traffic, then you can have a Starbucks and relax. The oil companies know they are going to get the price they want and they take full advantage of it until the politicians can't take the pressure from the people and start badgering the oil companies to cut some prices. By the time that happens, billions of dollars are made. Blame for high prices is thrown around. The oil companies state they are losing money because of the price of oil or, they are selling it for such and such a price, it is the distributors who are making all the money, and they (distributors) say they have to raise their prices because the price of gas is high and they have to deliver the gas in those big tanker trucks. Service station owners will tell you that they don't make any money from gas sales, but rather from repairs, et cetera. The last time a station owner told me that, I looked him straight in the eye and asked, "So I guess all those other stations that just sell gas and don't do repair work are going broke. Right?" Or, why do we have (or use to have) two gas stations at every major intersection?
Basically, all of us, not just in California, but all of us are being taken by the oil companies. And if you believe that the oil companies are paying a higher price for crude, I have some ocean land somewhere not near an ocean for sale. The oil companies, IMO, are elbow deep in cahoots with the countries that produce the oil. They have been for many years and if they are not, then they made a huge mistake way back when by not getting their fingers into the pie.
Sorry to rant.
Larryj
I wasn't going to respond to this but couldn't resist. On $4.00 Gasoline in California the tax is $0.654, I believe that is the highest or 2nd highest Gasoline tax in the Nation.
Quote from: jarhead on March 15, 2011, 10:26:28 AM
Larry,
I guess I'll quit b#tching about the price of our gas. I think they are sticking it to you out west. :) Why is gas so much higher out your way ?
Jarhead, California is the cause that their gasoline/Diesel is so high. Below is a quote from DOE/EIA on Californioa Gasoline. The American Oil companies lost the control of the price on Foreign oil with the 1973 Embargo.
"Why Are California Gasoline Prices More Variable Than Others?
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 7.25% on top of an 18.4 cent-per-gallon Federal excise tax and an 18.0 cent-per-gallon State excise tax.
California Refineries Running Near Full Capacity to Meet Demand
California refineries need to be running near full capacity to meet the State's gasoline demand. If more than one of its refineries experiences operating problems at the same time, California's gasoline supply may become very tight and prices can soar. Even when supplies can be obtained from some Gulf Coast and foreign refineries, they can take a relatively long time to arrive due to California's substantial distance from those sources. The farther away the necessary relief supplies are, the higher and longer the price spike will be."
Quote from :Margaret Sheridan California Energy Commission:
"The supply of crude oil to California refineries has changed substantially in the
last 10 years. Most notably, receipts of foreign crude oil have increased as
production sources from California and Alaska have continued to decline."
Crude oil imported from countries with volatile political and social structures leaves
California vulnerable to changing world events. For example, attacks on Nigerian oil
industry personnel led to the recent shutdown of nearly 9 percent of Nigeria's total oil
production, which could impact global oil availability and increase feedstock costs for
California refineries. Also, the growing political tension between the U.S. and Iranian
governments over Iran's nuclear program could impact California's crude oil supply if
the U.S. decides to impose sanctions on Iran.
Wharton School of business has done exstensive research on the World Crude Oil Supply and pricing, if this works it will take you to their cureent comments:
http://knowledge.wharton.upenn.edu/article.cfm?articleid=2732&sms_ss=email&at_xt=4d8176f5709e4d7a%2C0
Crude is trading higher this morning at $99.825, up $1.85.
Thew Middle East turmoil continues to pressure the market.
Crude Oil Gains as Libya Violence Intensifies; UBS Raises Brent Forecast
http://www.bloomberg.com/news/2011-03-17/crude-oil-gains-as-libya-violence-intensifies-ubs-raises-brent-forecast.html
Summary of Weekly Petroleum Data for the Week Ending March 11, 2011
U.S. crude oil refinery inputs averaged nearly 14.2 million barrels per day during the
week ending March 11, 239 thousand barrels per day above the previous week's average.
Refineries operated at 83.4 percent of their operable capacity last week. Gasoline
production decreased last week, averaging 8.7 million barrels per day. Distillate fuel
production decreased last week, averaging 4.1 million barrels per day.
U.S. crude oil imports averaged nearly 8.7 million barrels per day last week, up by 381
thousand barrels per day from the previous week. Over the last four weeks, crude oil
imports have averaged about 8.3 million barrels per day, 536 thousand barrels per day
below the same four-week period last year. Total motor gasoline imports (including both
finished gasoline and gasoline blending components) last week averaged 648 thousand
barrels per day. Distillate fuel imports averaged 161 thousand barrels per day last week.
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum
Reserve) increased by 1.7 million barrels from the previous week. At 350.6 million
barrels, U.S. crude oil inventories are above the upper limit of the average range for this
time of year. Total motor gasoline inventories decreased by 4.2 million barrels last week
and are in the upper limit of the average range. Both finished gasoline inventories and
blending components inventories decreased last week. Distillate fuel inventories
decreased by 2.6 million barrels and are above the upper limit of the average range for
this time of year. Propane/propylene inventories increased by 0.3 million barrels last
week and are in the lower limit of the average range. Total commercial petroleum
inventories decreased by 5.1 million barrels last week.
Total products supplied over the last four-week period has averaged about 19.4 million
barrels per day, remaining virtually unchanged compared to the similar period last year.
Over the last four weeks, motor gasoline product supplied has averaged about 9.1 million
barrels per day, up by 1.4 percent from the same period last year. Distillate fuel product
supplied has averaged about 3.9 million barrels per day over the last four weeks, up by
3.8 percent from the same period last year. Jet fuel product supplied is 4.5 percent higher
over the last four weeks compared to the same four-week period last year.
gotta tell ya i went last night to oreillies to get carb cleaner and i almost had a heart attack. I bought a gallon last year this time and it was only like 11.00 a gallon. NOW its 21.00 a gallon. Sheesh! Doubled in price in 1 year.
Crude oil closed at $101.42, up $3.445 on the day, the back months closed in the $103.00+ to $104.00+ ranges.. Natural Gas settled at $4.158, +0.218.
Crude is trading at $102.225, up $0.80, Natural Gas is trading at $4.15, up $0.02.
Oil Surges as UN Approves Libya No-Fly Zone; Credit Suisse Raises Forecast
http://www.bloomberg.com/news/2011-03-18/oil-surges-as-un-approves-libya-no-fly-zone-credit-suisse-raises-forecast.html
Crude Oil settled at $101.07, down $0.355. Natural Gas settled at $4.168, up $0.008.
Oil climbed as allied air strikes in Libya threatened to prolong a supply outage in Africa's third-biggest producer and renewed concern that escalating turmoil may disrupt Middle East exports.
Crude is trading at $102.95, up $1.875, Natural Gas is trading at $4.215, up $0.045.
Crude Oil settled at $102.33, up $1.255. Natural Gas settled at $4.161, down $0.009. I am keeping the tanks on both vehicles full, the Middle East could blow wide open at anytime.
That is the truth Frank. I so hoped to get moved to Moline before the gas really spikes but don't know if I can make it. Am having to have my transmission rebuilt next week. One more hurdle.
Crude oil retreated from its highest price in almost two weeks amid speculation that supply disruptions from political unrest in North African and the Middle East may be confined to Libya.
April closed out last night and May is the front month trading this morning, May is trading at $102.40, down $0.70...
Frank.... I have an idea for a new "Reality" show. I'd call it: "You Gotta
Be Shittin' Me," and it involves simply mounting video cameras atop gasoline
pumps at gas stations throughout the Southwest and the Nation.
May Crude oil settled at $104.97, up $1.88 on the day, April Natural Gas settled at $4.254, up $0.093 on the day.
May Crude is trading at $105.40, up $0.425, June and July are trading in the $106.00 range. Natural Gas is trading at $4.295, up $0.04.
May Crude oil settled at $105.75, up $0.775 on the day, May Natural Gas settled at $4.412, up $0.082 on the day.
May Crude is trading at $106.325, up $0.575. May Natural Gas is trading at $4.47, up $0.06.
I read recently that Joseph Mason, a Louisiana State University professor, testified before the House Committee on Energy and Commerce that an estimated 13,000 Gulf region jobs have been lost due to Barack Hussein Obuma's offshore drilling moratorium. Nationwide, Mason says that number is 19,000, and that total lost wages are $1.1 billion and lost tax revenue is $350 million. Realizing this enormous problem, Obuma gave some reassurance this week, saying, "We want to help you with the technology and support to develop these oil reserves safely. And when you're ready to start selling, we want to be one of your best customers."
Oh, wait. He said that while in BRAZIL. Never mind the seven-year offshore drilling ban on U.S. east and west coasts, or on Alaska's continental shelf, or the de facto moratorium in the Gulf. Obuma wants to help Brazil develop offshore oil so that the U.S. can buy it.
Why?
He explained, "Brazil holds recently discovered oil reserves that could be far larger than ours." Obuma is in essence saying that because we can't cover ALL of our oil needs, we shouldn't try to cover SOME of them.
That said, the administration did approve the first four deepwater permits for Gulf drilling after last April's Deepwater Horizon oil spill... and issued a highly touted press release to ensure people knew. It took lawsuits and contempt-of-court rulings to get there... but hey, progress is progress. As Jim Noe of the pro-drilling Shallow Water Energy Security Coalition observes, issuing permits "used to be a day-to-day affair, not a day that deserves a press release." LOL.. love it.
Ho hum.... all the while, we're making progress toward the administration's goal of more expensive gas. Oh... did I mention that George Soros has beaucoup bucks invested in Brazil's oil reservees.
....Warph
Same Shell station as of today---------$4.03 for a gallon of regular. That is a $.24 increase in 27 days. I have to go now. I have to take my bicycle over to the station and air up the tires. Oh, wait! I forgot. They now charge $1.00 for air and water. That is unless you fill up with gas. Then they give their customers a token for the air and water. Let me do the math. Let's see. 15 gallons with an increase of 24 cents would be $3.60. I had better stick with the $1.00 charge to air up the tires.
Ouch.
Larryj
On our local ABC news channel last night, they talked about the prices of gas. Their reporter was doing the story from West Covina. I had seen this last week and wondered about it. These stations are located across the freeway from me, about two miles away. The Shell station was selling regular for $4.03 per gallon. Across the street is a Mobil station.......his price is $4.95 per gallon. When I saw this last week, my immediate thought was that the owner had just made a mistake when posting his prices. As it turns out, that is what he is charging for a gallon of gas. When the TV reporter tried to interview him, he had no comment. While the news crew was there, they observed that people were going into the station to buy things from the mini-mart, but nobody was getting gas. Well, except for one car which did get gas. (what was that guy thinking?) I can't wait to find out what the story is here.
Larryj
Gas in Surprise, AZ running from $3.49 regular (Safeway and Fry's) to Chevron's $3.62.
Passed the Shell station on the way home from the store and post office today. $4.15 for regular. Paid my Chevron bill today. We (two of us) bought three tankfuls of gas last month. She drives a 2007 Camry and I drive a 2002 Sienna. The amount for those three tankfuls................$217 and change.
Larryj
3 Myths About the Oil and Gas Industry
By Bob Beauprez
Published May 12, 2011
| FoxNews.com
1. The industry doesn't receive any taxpayer funded subsides. None.
2. Rampant speculation and Wall Street tricks aren't driving up gas prices.
3. The oil and gas industry is not dodging the taxes they owe and withholding "their fair share."
Story at: http://www.foxnews.com/opinion/2011/05/12/3-myths-oil-gas-industry/