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Author Topic: Oil futures slip, but climb on the week Back to Topics
brbaritone

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Virginia

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Message Posted: Jan 12, 2013 6:57:52 AM

Oil futures settled lower Friday, pressured as inflation data out of China came in higher than expected and as investors banked some profits after a solid performance the prior day.

Oil prices still saw a gain for the week, while natural-gas futures rallied in the wake of recent data showing a hefty drop in U.S. inventories.

Oil for February delivery lost 26 cents, or 0.3%, to settle at $93.56 a barrel on the New York Mercantile Exchange. Prices finished the week 0.5% higher.

The contract rose 0.8% Thursday as Chinese export data spurred optimism among investors, while a report said Saudi Arabia, the world’s top oil exporter, cut production nearly 5% in December.

While the cut would imply tighter supplies and higher oil prices, traders worried Friday that “reports of lower Saudi ...
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REPLIES (newest first) Post a Reply
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dh0770
Champion Author Colorado

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Message Posted: Jan 13, 2013 1:29:40 AM

Manipulation by speculation!
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investmentdr
Champion Author Cleveland

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Message Posted: Jan 12, 2013 11:47:41 PM

Speculators buy AND sell and don't affect price
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investmentdr
Champion Author Cleveland

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Message Posted: Jan 12, 2013 11:45:59 PM

Right direction
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Tekkersmom57
Champion Author Syracuse

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Message Posted: Jan 12, 2013 11:16:57 PM

Perfect comment, Night Owl! I've also been wondering where the CFTC is and what they have been doing?
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TripleHs
Champion Author Austin

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Message Posted: Jan 12, 2013 6:39:52 PM

prices way too high
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Night Owl
Champion Author Toronto

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Message Posted: Jan 12, 2013 5:39:54 PM

Greedy Wall Street oil speculators need to be banned from even touching oil futures. CFTC, where are you?
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humblepie
Champion Author Toledo

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Message Posted: Jan 12, 2013 1:28:39 PM

makes little sense to folks, they care about pump prices
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Lugi1967
Champion Author Ohio

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Message Posted: Jan 12, 2013 10:25:31 AM

Hate OPEC
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Jeff4U
Champion Author Atlanta

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Message Posted: Jan 12, 2013 10:08:27 AM

Oil prices jumped 10% in under 30 days.
That's an increase of $9.37 per barrel, completely unjustified.
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Peachy1
Champion Author St. Louis

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Message Posted: Jan 12, 2013 9:08:11 AM

Again, they do what they want, when they want just because they can.
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skempton
Champion Author Vermont

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Message Posted: Jan 12, 2013 9:00:25 AM

speculators again.
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OTISFL
Champion Author Pensacola

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Message Posted: Jan 12, 2013 8:24:21 AM

They'll keep skyrocketing and busting our bank accounts.
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bills299
Champion Author Atlanta

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Message Posted: Jan 12, 2013 8:23:05 AM

Not cool the way they speculate!
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Luckylindy
Champion Author Milwaukee

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Message Posted: Jan 12, 2013 8:00:19 AM

They will climb for the rest of the year.
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sabre75
Champion Author Florida

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Message Posted: Jan 12, 2013 7:51:58 AM

.30 since Christmas here.
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gs7101
Champion Author San Antonio

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Message Posted: Jan 12, 2013 7:45:37 AM

Big oil companies will continue to make their huge profits no matter what!
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peabeax55
All-Star Author Atlanta

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Message Posted: Jan 12, 2013 7:39:27 AM

Global forces dictate higher prices. Trend is definitely up in last 3 weeks.
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pscamp
Champion Author Ottawa

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Message Posted: Jan 12, 2013 7:35:22 AM

Whatever
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turboz2012
All-Star Author Charleston

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Message Posted: Jan 12, 2013 7:34:48 AM

ok
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hokieburgh
Champion Author Virginia

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Message Posted: Jan 12, 2013 7:28:41 AM

prices climbing locally...from a low below $3...to about $3.20 now
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OHIO50
Champion Author Denver

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Message Posted: Jan 12, 2013 7:26:09 AM

Go you Speculator.
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farmboyTN
Champion Author Tennessee

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Message Posted: Jan 12, 2013 7:12:30 AM

Maybe the price will lower at the pump, but I doubt it.
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mike1881
Champion Author Fayetteville

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Message Posted: Jan 12, 2013 7:03:57 AM

Let them slip. They shouldn't be allowed to trade oil on the stock market.
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brbaritone
Champion Author Virginia

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Message Posted: Jan 12, 2013 6:59:24 AM

The article continues:

... production might offer a glimpse of what Saudi Arabia knows — that demand is worse than the consensus perception,” said Matthew Parry, senior oil-market analyst at the International Energy Agency.

There are also concerns that “today’s heightened Chinese inflationary figure limits the scope for too much additional government support,” which is likely what’s been driving the strong recent pace of Chinese oil demand growth, he said.

Data Friday showed that China’s consumer prices climbed 2.5% in December from a month earlier, accelerating from a 2% increase in the preceding month.

“The oil market shook off some China good feelings when the CPI came out much hotter than expected,” said Phil Flynn, senior market analyst at Price Futures Group in Chicago. “While hot inflation may lower China’s quest for looser monetary policy, in truth, at this point, the sharp increase should be transitory.”

Meanwhile, Andrey Kryuchenkov, commodity analyst at VTB Capital, said the oil market overreacted Thursday to the preliminary December estimates from Gulf officials. “Sure, Saudi production most likely declined in December, but we would not be overly concerned unless the trend were sustained into [the first quarter of 2013],” he said in a note.
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