Joined
·
19,914 Posts
This moratorium on US drilling is going to cause every price to go up... from food to manufacturing. This fool needs to release 10% of the petroleum reserve... otherwise we will be paying 60 to 70 cents more a gallon within weeks. This is a direct impact due to the fools moratorium on US drilling. Demand has not increased, but rather, decreased... yet we paying more per barrel.
The fool is either inept... or this **** is on purpose. I put my money on the latter.
NEW YORK (Dow Jones)--Oil prices finished lower Tuesday, capping a day of erratic trading that briefly saw oil touch a two-year high above $90 a barrel.
Light, sweet crude for January delivery settled down 69 cents, or 0.8%, at $88.69 a barrel on the New York Mercantile Exchange, after earlier climbing as high as $90.76, the highest price since October 2008. Prices extended their losses in late electronic trading, recently falling 99 cents, or 1.1%, to $88.39 a barrel.
Brent crude on the ICE futures exchange recently fell 48 cents, or 0.5%, at $90.97 a barrel.
Crude's turn lower came as traders sought to lock in profits following a run past the key $90 threshold in early Nymex trading. Oil has pushed steadily higher in recent weeks on encouraging economic data in the U.S. and anticipation that emerging markets are eating into oil supplies, though quick selling has followed each time crude has neared $90 a barrel.
"It's technical selling," said Mark Waggoner, president of Excel Futures, on oil's midday retreat. "This market's made a hell of a run in the last two weeks."
Crude was also pushed lower Tuesday by a stronger dollar, which came on the back of rising Treasury yields. A stronger dollar typically weakens the price of oil because it makes the commodity more expensive to buy with weaker currencies. The ICE Dollar Index, which tracks the greenback against a basket of trade-weighted currencies, recently rose to 79.779 from 79.571.
Looking ahead, traders will turn their attention Wednesday to a closely-watched report on U.S. crude and fuel product inventories from the Department of Energy. The report, due at 10:30 a.m. EST, will offer insight into whether energy stockpiles are continuing to fall from 27-year highs reached in September.
U.S. crude-oil inventories are expected to fall by 1.2 million barrels during the week ended Dec. 3, according to a Dow Jones Newswires survey of analysts. Gasoline stocks are seen rising by 100,000 barrels, while stocks of distillates, which include heating oil and diesel, are seen falling by 600,000 barrels.
The American Petroleum Institute, which conducts its own inventories survey, said late Tuesday crude stockpiles fell 7.3 million barrels last week. Gasoline stocks jumped 4.8 million barrels, while distillate stocks rose 1.7 million barrels. Refinery use rose 4.2 percentage points to 86.1%, the industry group said.
The Organization of Petroleum Exporting Countries also meets later this week in Ecuador. Market participants will be closely watching any announcement from the meeting, though the group is widely expected to keep production quotas unchanged.
Tom Bentz, analyst at BNP Paribas, said it is noteworthy that oil prices are hovering at $90 a barrel at the same time OPEC prepares to meet. Last month, Saudi Arabia's oil minister told reporters that the country, OPEC's largest oil producer, was comfortable with oil at $90 a barrel.
"Sometimes the market tends to test the OPEC guidelines," Bentz said.
Front-month January reformulated gasoline blendstock, or RBOB, fell 1.87 cents, or 0.8%, to settle at $2.3230 a gallon. January heating oil gave up 0.55 cent, or 0.2%, at $2.4702 a gallon.
http://online.wsj.com/article/BT-CO-20101207-714375.html
The fool is either inept... or this **** is on purpose. I put my money on the latter.
NEW YORK (Dow Jones)--Oil prices finished lower Tuesday, capping a day of erratic trading that briefly saw oil touch a two-year high above $90 a barrel.
Light, sweet crude for January delivery settled down 69 cents, or 0.8%, at $88.69 a barrel on the New York Mercantile Exchange, after earlier climbing as high as $90.76, the highest price since October 2008. Prices extended their losses in late electronic trading, recently falling 99 cents, or 1.1%, to $88.39 a barrel.
Brent crude on the ICE futures exchange recently fell 48 cents, or 0.5%, at $90.97 a barrel.
Crude's turn lower came as traders sought to lock in profits following a run past the key $90 threshold in early Nymex trading. Oil has pushed steadily higher in recent weeks on encouraging economic data in the U.S. and anticipation that emerging markets are eating into oil supplies, though quick selling has followed each time crude has neared $90 a barrel.
"It's technical selling," said Mark Waggoner, president of Excel Futures, on oil's midday retreat. "This market's made a hell of a run in the last two weeks."
Crude was also pushed lower Tuesday by a stronger dollar, which came on the back of rising Treasury yields. A stronger dollar typically weakens the price of oil because it makes the commodity more expensive to buy with weaker currencies. The ICE Dollar Index, which tracks the greenback against a basket of trade-weighted currencies, recently rose to 79.779 from 79.571.
Looking ahead, traders will turn their attention Wednesday to a closely-watched report on U.S. crude and fuel product inventories from the Department of Energy. The report, due at 10:30 a.m. EST, will offer insight into whether energy stockpiles are continuing to fall from 27-year highs reached in September.
U.S. crude-oil inventories are expected to fall by 1.2 million barrels during the week ended Dec. 3, according to a Dow Jones Newswires survey of analysts. Gasoline stocks are seen rising by 100,000 barrels, while stocks of distillates, which include heating oil and diesel, are seen falling by 600,000 barrels.
The American Petroleum Institute, which conducts its own inventories survey, said late Tuesday crude stockpiles fell 7.3 million barrels last week. Gasoline stocks jumped 4.8 million barrels, while distillate stocks rose 1.7 million barrels. Refinery use rose 4.2 percentage points to 86.1%, the industry group said.
The Organization of Petroleum Exporting Countries also meets later this week in Ecuador. Market participants will be closely watching any announcement from the meeting, though the group is widely expected to keep production quotas unchanged.
Tom Bentz, analyst at BNP Paribas, said it is noteworthy that oil prices are hovering at $90 a barrel at the same time OPEC prepares to meet. Last month, Saudi Arabia's oil minister told reporters that the country, OPEC's largest oil producer, was comfortable with oil at $90 a barrel.
"Sometimes the market tends to test the OPEC guidelines," Bentz said.
Front-month January reformulated gasoline blendstock, or RBOB, fell 1.87 cents, or 0.8%, to settle at $2.3230 a gallon. January heating oil gave up 0.55 cent, or 0.2%, at $2.4702 a gallon.
http://online.wsj.com/article/BT-CO-20101207-714375.html
