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Author Topic: MARKET WATCH: Drop in crude stocks boosts prices Back to Topics
mainenightowl
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Maine

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Message Posted: Jan 18, 2013 9:09:47 AM

The front-month crude contract closed up 1% Jan. 16 after rising more than $1/bbl in intraday trading in the New York market following a government report of an unexpected decline in commercial US crude inventories.

Crude prices also were buoyed by a report the Organization of Petroleum Exporting Countries has reduced supply. According to the OPEC Monthly Oil Market Report, the group reduced production 465,000 b/d in December to its lowest level since October 2011. “However, the upward [price] momentum was not sustained as some profit-taking emerged overnight amid continued concern that demand remains weak and that this reduction in OPEC supply was merely a response to weaker global demand,” said Marc Ground at Standard New York Securities Inc., the Standard Bank Group. “We believe that
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REPLIES (newest first) Post a Reply
DrCashFlow
Champion Author Massachusetts

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Message Posted: Jan 19, 2013 3:23:41 AM

opec actually lowered supply? that's rare
BBopp
Champion Author Dayton

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Message Posted: Jan 18, 2013 7:16:59 PM

No doubt! Our local prices jumped over 20 cents/gallon.
md11capt
Champion Author Denver

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Message Posted: Jan 18, 2013 10:29:24 AM

In a related story, The sun come up and the sun go down.
RAJNY
All-Star Author New York

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Message Posted: Jan 18, 2013 10:16:34 AM

kkkkkkk
jimgraham
Champion Author Akron

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Message Posted: Jan 18, 2013 10:11:15 AM

The prognostications in the oil industry and the International Energy Agency (IEA) remind me of a sine wave. A highly variable amplitude, high frequency sine wave.

Makes one shudder to think that they have any followers at all.
fora_7
Champion Author Montreal

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Message Posted: Jan 18, 2013 9:30:00 AM

it's changing so rapidly that it makes sometimes these artivle on that topic obsolite
merlinCO
Champion Author Colorado

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Message Posted: Jan 18, 2013 9:27:40 AM

Three days ago the supplies were tremendous....which bank did the accounting?
carolfitz4438
Veteran Author New York

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Message Posted: Jan 18, 2013 9:24:15 AM

The game continues
flatrock14
Champion Author Michigan

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Message Posted: Jan 18, 2013 9:24:11 AM

not a surprise here
Point__man
Champion Author Raleigh

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Message Posted: Jan 18, 2013 9:20:10 AM

If those stocks and associated funds drop enough, they could be a good buy. Then, let the earnings from them buy your gasoline ;)
Discovery02
Champion Author Colorado Springs

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Message Posted: Jan 18, 2013 9:18:39 AM

Of course global Big Oil is going to manipulate crude inventories to drive crude and gas prices back up.
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