Better Fill up today

[frawin]

Dec-08 Crude is trading at $64.175, up$0.265, Dec-08 Natural Gas is trading at $6.885, down $0.047. 

[frawin]

Crude Oil Trades Little Changed as Demand Concerns Intensify

Nov. 4 (Bloomberg) -- Crude oil futures were little changed before a report that may show accumulating stockpiles of crude in the U.S., where manufacturing shrank at the fastest pace in 26 years last month.

U.S. crude oil inventories probably rose for a sixth week because of declining demand, according to a Bloomberg survey before tomorrow's Energy Department report. Credit Suisse Group AG, Switzerland's second-biggest bank, cut its 2009 price forecast to $58 a barrel from $73 on prospects of weak demand in China.

``U.S. demand is sluggish; it will stay weak, and I'm not expecting the emerging markets will be able to support demand,'' Bayram Dincer, a commodity research analyst at Dresdner Bank, said by phone from Zurich. ``The market will probably test $60, and maybe we will have new lows of $55 this year.''

Crude oil for December delivery fell 19 cents to $63.72 a barrel on the New York Mercantile Exchange at 11:02 a.m. London time. Earlier, prices fell as much as $1.66, or 2.6 percent.

Brent crude oil for December settlement on London's ICE Futures Europe exchange was down 48 cents at $60. Earlier, Brent fell as much as 3.5 percent to $58.38, the lowest since Feb. 20, 2007.

Oil in New York has tumbled 57 percent from a July record of $147.27 a barrel as the U.S. economy shrank in the third quarter by the most since 2001. Yesterday, futures fell $3.90, or 5.8 percent, the biggest drop since Oct. 22.

China Slowdown

The Institute for Supply Management's factory index fell to 38.9, the lowest level since September 1982, the Tempe, Arizona- based group reported yesterday.

``Our oil price forecast has changed on the back of the latest set of economic data from China, which suggests a more severe economic slowdown is underway there,'' Credit Suisse analysts Tao Ly and Stuart Joyner wrote in a note today.

China Petroleum & Chemical Corp., Asia's biggest refiner, will process less oil at units because of falling demand, its parent said yesterday.

Oil production by members of the Organization of Petroleum Exporting Countries averaged 32.18 million barrels a day last month, down 70,000 barrels from September, a Bloomberg News survey of oil companies, producers and analysts showed yesterday.

OPEC members Nigeria, Iran, Kuwait and the United Arab Emirates have cut shipments to customers. Saudi Arabia, the world's biggest oil producer, hasn't yet notified customers of any reduction in shipments.

Abu Dhabi National Oil Co., the state-owned oil company that produces almost all of the oil in the United Arab Emirates, has delayed an output target of 3.5 million barrels a day by eight years to 2018.

``It will take about 10 years to get to 3.5 million barrels a day,'' Abdulla Nasser al-Suweidi, the company's deputy chief executive officer, told reporters in Abu Dhabi today. ``We regularly revise our plans.''

[frawin]

Dec-08 Crude settled at $70.53, up $6.62 on the day, Dec-08 Natural Gas Settled at $7.219, up $0.381 on the day. 

The back months were up all of the way out, with the concerns of Obama being elected drilling is pulling back at a time when we need to be drilling everythng we can.

[Tobina+1]

Frank; are you OK?  I don't think the markets have been closed the last 2 days, and I've missed your posts.

[Diane Amberg]

I hope its not more serious than a post election headache.

[Teresa]

Frank is just fine.

[DanCookson]

OK, seems Dec 08 crude is trading at $62.41.....Will try and fill in a bit for Frank, but really not going to be as good as him!

[Diane Amberg]

I filled up yesterday at $2.09 There were a couple of places at $1.99, but they were too far away to be worth the drive.

[flo]

Marvin and I were in Missouri this weekend.  He filled up a couple times at $1.86.  Seen some places $1.83, but didn't need gas at the time.  Hit Kansas and it was back to $2.09, but he had topped off the tank before we crossed the line.

[Catwoman]

Gas is 1.89 here...almost literally jumping for joy!!!