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brbaritone Champion Author Virginia Posts:2,145 Points:1,724,100 Joined:Jan 2007	Message Posted: Aug 8, 2012 6:36:01 PM Ignore brbaritone Report Abuse Crude-oil futures ended lower on Wednesday, snapping a three-day winning streak and relinquishing gains posted after a larger-than-expected decline in inventories. It was a last-minute reversal for the commodity, which traded at its highest in more than two months for most of the session. Crude for September delivery retreated 32 cents, or 0.3%, to end at $93.35 a barrel on the New York Mercantile Exchange. Oil had traded as high as $94.72 a barrel, according to Factset. Oil markets got “a little rich” without the support from supply-and-demand fundamentals and as recent data, particularly out of Europe, was not supportive, said Bill O’Neill, a principal with Logic Advisors in New Jersey. “It’s a bit of consolidation on a very thin session,” O’Neill said. Traders also dismissed ... Visit MarketWatch for full article

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Crude-oil futures ended lower on Wednesday, snapping a three-day winning streak and relinquishing gains posted after a larger-than-expected decline in inventories.

It was a last-minute reversal for the commodity, which traded at its highest in more than two months for most of the session.

Crude for September delivery retreated 32 cents, or 0.3%, to end at $93.35 a barrel on the New York Mercantile Exchange.

Oil had traded as high as $94.72 a barrel, according to Factset.

Oil markets got “a little rich” without the support from supply-and-demand fundamentals and as recent data, particularly out of Europe, was not supportive, said Bill O’Neill, a principal with Logic Advisors in New Jersey.

“It’s a bit of consolidation on a very thin session,” O’Neill said. Traders also dismissed ...
Visit MarketWatch for full article

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CobraJ Champion Author Tampa Posts:1,015 Points:377,425 Joined:Mar 2011	Message Posted: Aug 9, 2012 8:57:32 AM Ignore CobraJ Report Abuse Speculators aren’t worrying. The price will spike back up completely wiping out that 32 sent drop and put more money in their greedy pockets.
WalRus49 Champion Author Boston Posts:4,215 Points:896,565 Joined:Nov 2010	Message Posted: Aug 9, 2012 8:40:18 AM Ignore WalRus49 Report Abuse More organized mayhem and pillage.............
molebaby96 Champion Author Tallahassee Posts:2,173 Points:529,005 Joined:Nov 2011	Message Posted: Aug 9, 2012 7:24:43 AM Ignore molebaby96 Report Abuse Pump prices still rising.
werich44 Champion Author California Posts:1,999 Points:496,505 Joined:Jun 2011	Message Posted: Aug 9, 2012 6:19:12 AM Ignore werich44 Report Abuse We are having a good time now.
anascom Champion Author Hamilton Posts:1,593 Points:556,690 Joined:Feb 2011	Message Posted: Aug 9, 2012 2:54:25 AM Ignore anascom Report Abuse ok...
amerk73 Champion Author Dallas Posts:7,190 Points:1,648,780 Joined:Oct 2008	Message Posted: Aug 9, 2012 1:09:10 AM Ignore amerk73 Report Abuse WTI Crude Oil now at $93.51
tnfran Champion Author Arizona Posts:4,518 Points:869,140 Joined:Dec 2010	Message Posted: Aug 9, 2012 12:52:07 AM Ignore tnfran Report Abuse Yeah---- so how about another "nose dive for it".
dh0770 Champion Author Colorado Posts:6,987 Points:672,460 Joined:Jun 2011	Message Posted: Aug 9, 2012 12:46:31 AM Ignore dh0770 Report Abuse "Oil ends lower on last-minute profit taking" Speculators....
1momsunshine Champion Author Ottawa Posts:5,615 Points:1,026,020 Joined:Mar 2010	Message Posted: Aug 9, 2012 12:31:37 AM Ignore 1momsunshine Report Abuse k
pumaMN Champion Author Minnesota Posts:1,593 Points:357,115 Joined:Aug 2011	Message Posted: Aug 8, 2012 10:49:07 PM Ignore pumaMN Report Abuse boooo
knutzAL Champion Author Alabama Posts:2,248 Points:372,680 Joined:Feb 2012	Message Posted: Aug 8, 2012 10:48:40 PM Ignore knutzAL Report Abuse K
leeac Champion Author Ohio Posts:1,736 Points:461,605 Joined:Jan 2012	Message Posted: Aug 8, 2012 10:33:29 PM Ignore leeac Report Abuse Demand is stable or lower while supply is lower due to refinery problems therefore price is down and going lower as refinery problems lessen.
eomc17 Champion Author Tucson Posts:1,843 Points:135,615 Joined:Mar 2007	Message Posted: Aug 8, 2012 10:33:10 PM Ignore eomc17 Report Abuse We have a government that over the past ten years have rigorously embraced sky high oil and gas prices. Big oil and speculators have embraced all time high record profits and profit margins because Bush deregulated commodity trading at Wall Street so often that now there is very little regulation left to hinder big oil from manipulating market prices and supply and speculators from hitting the public with an arsenal of excuses as to why oil and gas prices have to be hyper-inflated for the past nine years. Our oil production is at record high levels and fuel consumption is at an 11 year low. However, refinery, pipeline, and tanker accidents and disasters are at historically high levels and big oil exports a near record amount of WTI and gasoline while importing near record high amounts of overpriced Brent Crude and gasoline to further justify sky high gas prices while our government lies to its mostly unsuspecting public about its so-called quest for "energy independence" yet does absolutely nothing to encourage big oil from participating with this pipe-dream. Our government taxes refineries at a whopping 41% so is it no wonder that refiners often produce well below capacity and sell a lot of its refined products to commodity traders here and abroad to skew the amount of oil and gasoline in our stockpiles to give the public the misconception that our demand for gasoline is supposedly increasing while actually decreasing. Our politicians get hefty contributions from big oil so when big oil commits disasters of catastrophic proportions, the imposed fines on big oil are so puny that it does not inspire big oil to change its tune one bit. When you hear about how much oil North Dakota has, supposedly more than even Alaska, is it not the least bit suspicious that the price of WTI crude is near the historical high average instead of lower? WTI is not worth anywhere near 94$ but when speculators constantly justify increases in the price of WTI by blaming Iran, Syria, Saudi Arabia, Spain, Greece, Italy, hopes of economic recovery, hopes of QE3, hopes of increased demand, the jobs created while ignoring the number of poor souls leaving the workforce, reduction of oil and gas in our stockpiles, refinery outages, pipeline leaks, etc, etc, etc. Do didn't hear nearly so many excuses before 2003 as to why oil and gas prices have to go up. Obama claimed twice, on public TV, that he opposed high gasoline prices, twice "calling on Congress to reign in speculators", while offering zero dollars for Congress or the CFTC to enact and enforce such necessary legislation....ahem, Mr President, YOU ARE A TWO-FACED LIAR and everything you touch makes everything in our country more expensive. Services prices...higher....utility bills...much higher....commodity prices....much higher....gas and oil prices...much higher....health insurance premiums and out of pocket obligations...much higher....food prices...higher...unemployment rate...over 8% for longer than any time since the great depression thanks to government overregulation. We are not rich like you, Mr President, get off your high horse and have some real compassion for your people instead of treating us with disrespect. We are sick and tired of so many prices going up because of your failed policies and bad decision-making skills. If the majority of our voters are dumb and uneducated enough to put you back in office for four more years then the prices of everything will continue to stay sky high and have only themselves to blame. I voted for him once and once is enough.
esq262 Champion Author Asheville Posts:2,998 Points:674,540 Joined:Jul 2011	Message Posted: Aug 8, 2012 10:25:21 PM Ignore esq262 Report Abuse Doubt we will see it at the pump.
underbird10 Sophomore Author Atlanta Posts:181 Points:22,875 Joined:Jan 2009	Message Posted: Aug 8, 2012 9:53:35 PM Ignore underbird10 Report Abuse Not much of an outcry about oil being up $15/barrel in the last six weeks, probably because we're all numb to the news anymore. Also, not much uproar over gas prices being up 50 cents a gallon over the same period. That's a real puzzler since this directly affects the public who usually bitch about it and trigger the spin doctors to work their magic. The real odd thing about all this is that the Big Oilers, specs, refiners, wholesalers and retailers have pretty much given up making excuses. If you'll notice, even the BS stories have quieted significantly over the last couple of months. It's almost like they're all just saying "F*%$ 'em, we control the market so why should we even have to try and justify our enormous profits." I just wonder if this means that we, as consumers, have pretty much just given up hope that this madness will eventually stabilize. It's a sure sign that some kind of paradigm shift is going on when the bullshitters don't even have to try anymore and we're not even trying to keep them honest. This is all just a very sad state of affairs, I'm afraid.
bkplenge Champion Author Tallahassee Posts:1,635 Points:124,690 Joined:Sep 2005	Message Posted: Aug 8, 2012 9:51:29 PM Ignore bkplenge Report Abuse "Oil markets got “a little rich” without the support from supply-and-demand fundamentals" - That's been going on for several years now. That's why the economy stays in bad shape.
lonewolf_947 Champion Author New Hampshire Posts:1,347 Points:599,390 Joined:Mar 2011	Message Posted: Aug 8, 2012 9:21:08 PM Ignore lonewolf_947 Report Abuse Its still high tho........ lets see if it can go down & then see what happens down the road.....
Nicoalbum Champion Author Ottawa Posts:6,167 Points:1,216,725 Joined:Jan 2010	Message Posted: Aug 8, 2012 9:13:26 PM Ignore Nicoalbum Report Abuse Still a high speculative price
RONALD777 Champion Author Houston Posts:3,567 Points:391,430 Joined:Nov 2007	Message Posted: Aug 8, 2012 9:09:32 PM Ignore RONALD777 Report Abuse Nice way to make money!
lesndave Champion Author Texas Posts:3,173 Points:728,630 Joined:May 2011	Message Posted: Aug 8, 2012 8:49:13 PM Ignore lesndave Report Abuse Down down down
amerk73 Champion Author Dallas Posts:7,190 Points:1,648,780 Joined:Oct 2008	Message Posted: Aug 8, 2012 8:40:26 PM Ignore amerk73 Report Abuse WTI Crude Oil now at $93.37
mvoth1 Rookie Author Kansas City Posts:38 Points:20,110 Joined:Jun 2012	Message Posted: Aug 8, 2012 8:33:06 PM Ignore mvoth1 Report Abuse Why not, take some of those profits and build another refinery and create some jobs here in the USA. If you think its all about oil, then do something about it with jobs instead of creating a synthetic market based on low volumn of gas. IMO this intentional so speculators can make big profits at our expense. Has nothing to do with how much oil we have, just how much refined gas we have. Had major fire several years back in Houston, TX., now one on west coast. Gas is...highly flammable...!
MidNJ Champion Author New Jersey Posts:7,686 Points:1,197,290 Joined:Sep 2009	Message Posted: Aug 8, 2012 8:05:11 PM Ignore MidNJ Report Abuse Prices up 4 to 8 cents in many stations around me since yesterday.
Meowmy Champion Author Florida Posts:1,293 Points:354,505 Joined:Jan 2011	Message Posted: Aug 8, 2012 8:02:06 PM Ignore Meowmy Report Abuse Need to regulate the speculators.
ToolinIt Champion Author Colorado Posts:1,805 Points:912,135 Joined:May 2010	Message Posted: Aug 8, 2012 7:59:19 PM Ignore ToolinIt Report Abuse Not much movement on the commodity if the price only went down 0.3%.
mike56MI Champion Author Michigan Posts:1,361 Points:336,040 Joined:Aug 2011	Message Posted: Aug 8, 2012 7:59:00 PM Ignore mike56MI Report Abuse Gotta take those profits
dave27johnson Champion Author Chicago Posts:1,823 Points:433,195 Joined:Feb 2012	Message Posted: Aug 8, 2012 7:41:24 PM Ignore dave27johnson Report Abuse A new bubble that should burst soon.
jorobins538 Champion Author Chicago Posts:4,742 Points:643,570 Joined:Sep 2009	Message Posted: Aug 8, 2012 7:19:49 PM Ignore jorobins538 Report Abuse so what?
Night Owl Champion Author Toronto Posts:7,690 Points:1,814,900 Joined:Jul 2004	Message Posted: Aug 8, 2012 7:06:51 PM Ignore Night Owl Report Abuse Yep, greedy oil speculators doing what they know how to do — profit taking.
cmmattia Champion Author Long Island Posts:2,143 Points:419,285 Joined:Mar 2012	Message Posted: Aug 8, 2012 6:57:07 PM Ignore cmmattia Report Abuse yeah!!!! :)P
uglytom Champion Author Florida Posts:7,464 Points:1,542,015 Joined:Jul 2007	Message Posted: Aug 8, 2012 6:53:21 PM Ignore uglytom Report Abuse Down,down,down
humblepie Champion Author Toledo Posts:35,350 Points:2,399,070 Joined:Mar 2006	Message Posted: Aug 8, 2012 6:50:20 PM Ignore humblepie Report Abuse and the pendulum swings
brbaritone Champion Author Virginia Posts:2,145 Points:1,724,100 Joined:Jan 2007	Message Posted: Aug 8, 2012 6:36:53 PM Ignore brbaritone Report Abuse The article continues: ... the positive supplies report as they pinned the decline to an specific pipeline incident, he added. Earlier Wednesday, the Energy Information Administration reported a decline of 3.7 million barrels for crude in the week ended Aug. 3. That compared with expectations of a decline around 300,000 barrels, according to analysts polled by Platts. The EIA also reported gasoline supplies fell 1.8 million barrels on the week, while distillates retreated 700,000 barrels. The analysts surveyed by Platts had forecast drops of 2 million barrels for gasoline and 1 million barrels for distillates. A larger-than-expected drawdown in inventories shown in a trade group’s report on Tuesday had already kindled expectations that the EIA data would show a similar drop. The larger drop was mainly due a recent Enbridge Inc. pipeline shutdown, said Tariq Zahir, managing member with Tyche Capital Advisors in the New York area. Further gains would be met with profit-taking, especially with the stronger U.S. dollar, he said.