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Author	Topic: MARKET WATCH: Drop in crude stocks boosts prices	Post a Reply Back to Topics

mainenightowl All-Star Author Maine Posts:859 Points:304,270 Joined:May 2012	Message Posted: Jan 18, 2013 9:09:47 AM Ignore mainenightowl Report Abuse 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 Visit Oil & Gas Journal for full article

mainenightowl

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

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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
Visit Oil & Gas Journal for full article

REPLIES (newest first)Ignore Short Messages

DrCashFlow Champion Author Massachusetts Posts:7,059 Points:1,625,275 Joined:Jun 2008	Message Posted: Jan 19, 2013 3:23:41 AM Ignore DrCashFlow Report Abuse opec actually lowered supply? that's rare
BBopp Champion Author Dayton Posts:6,829 Points:1,935,755 Joined:Dec 2006	Message Posted: Jan 18, 2013 7:16:59 PM Ignore BBopp Report Abuse No doubt! Our local prices jumped over 20 cents/gallon.
md11capt Champion Author Denver Posts:3,558 Points:709,230 Joined:Mar 2011	Message Posted: Jan 18, 2013 10:29:24 AM Ignore md11capt Report Abuse In a related story, The sun come up and the sun go down.
RAJNY All-Star Author New York Posts:575 Points:429,670 Joined:Oct 2011	Message Posted: Jan 18, 2013 10:16:34 AM Ignore RAJNY Report Abuse kkkkkkk
jimgraham Champion Author Akron Posts:10,362 Points:1,978,010 Joined:Oct 2007	Message Posted: Jan 18, 2013 10:11:15 AM Ignore jimgraham Report Abuse 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 All-Star Author Montreal Posts:862 Points:206,405 Joined:Sep 2012	Message Posted: Jan 18, 2013 9:30:00 AM Ignore fora_7 Report Abuse it's changing so rapidly that it makes sometimes these artivle on that topic obsolite
merlinCO Champion Author Colorado Posts:1,630 Points:339,445 Joined:Mar 2012	Message Posted: Jan 18, 2013 9:27:40 AM Ignore merlinCO Report Abuse Three days ago the supplies were tremendous....which bank did the accounting?
carolfitz4438 Sophomore Author New York Posts:248 Points:183,660 Joined:May 2011	Message Posted: Jan 18, 2013 9:24:15 AM Ignore carolfitz4438 Report Abuse The game continues
flatrock14 Champion Author Michigan Posts:2,640 Points:774,830 Joined:Oct 2010	Message Posted: Jan 18, 2013 9:24:11 AM Ignore flatrock14 Report Abuse not a surprise here
Point__man Champion Author Raleigh Posts:4,325 Points:875,745 Joined:Oct 2010	Message Posted: Jan 18, 2013 9:20:10 AM Ignore Point__man Report Abuse 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 Posts:2,539 Points:308,715 Joined:May 2012	Message Posted: Jan 18, 2013 9:18:39 AM Ignore Discovery02 Report Abuse Of course global Big Oil is going to manipulate crude inventories to drive crude and gas prices back up.