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Author Topic: Oil recovers from inventory-report weakness Back to Topics
brbaritone
Champion Author
Virginia

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Message Posted: Jan 30, 2013 7:41:29 AM

Benchmark U.S. crude-oil futures recovered from early Wednesday losses to sit flat in electronic trade, despite data showing larger-than-expected crude inventories.

After rallying 1.2% to $97.57 a barrel Tuesday, crude oil for March delivery slipped to $97.32 a barrel during afternoon trading hours in Asia on Wednesday, after the American Petroleum Institute’s weekly report on U.S. inventories.

The API said crude stocks rose by 4.2 million barrels last week, overshooting expectations for an increase of 2.5 million barrels, as predicted in a Platts survey of analysts.

However, March crude managed to recover its losses later in the day to trade at $97.57 a barrel, unchanged from the close of Tuesday’s regular New York Mercantile Exchange session.
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REPLIES (newest first) Post a Reply
mastermariner
Champion Author Texas

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Message Posted: Jan 30, 2013 9:19:02 AM

Taking a breather
merlinCO
Champion Author Colorado

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Message Posted: Jan 30, 2013 9:03:44 AM

The Saudi Princes own the Futures market so it makes no difference what supply and demand are.
skempton
Champion Author Vermont

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Message Posted: Jan 30, 2013 9:01:15 AM

That won't change fuel oil delivery prices.
txequitygas
Champion Author Houston

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Message Posted: Jan 30, 2013 8:43:11 AM

An energy plan could work against this slippery sloop.
bills299
Champion Author Atlanta

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Message Posted: Jan 30, 2013 8:39:31 AM

Wow!
GarRafFra
Sophomore Author Worcester

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Message Posted: Jan 30, 2013 8:35:44 AM

And so we go up and down on this the roller coaster of our economy.

PTBpricer
Champion Author Virginia

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Message Posted: Jan 30, 2013 8:34:22 AM

To quote Spook, "Most illogical, Jim."
scu227
Champion Author New Haven

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Message Posted: Jan 30, 2013 8:22:59 AM

Supplies continue to grow as demand continues to drop, but the prices are continuing to go up.
streetdesign
Champion Author Illinois

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Message Posted: Jan 30, 2013 8:21:58 AM

The oil companies are making money at the consumers expense. No end in sight.
sabre75
Champion Author Florida

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Message Posted: Jan 30, 2013 8:16:57 AM

Gas up .40 in last couple weeks.
amerk73
Champion Author Dallas

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Message Posted: Jan 30, 2013 8:11:12 AM

WTI Crude Oil now at
$97.40
SSwathwood
All-Star Author Denver

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Message Posted: Jan 30, 2013 8:02:10 AM

Gas here has gone up by at least $.58 per gallon in just 3 weeks, where's the surplus?
fencemanNY
Veteran Author New York

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Points:554,035
Joined:Jul 2008
Message Posted: Jan 30, 2013 7:55:30 AM

So the supply report shows a HUGE jump in inventory which should mean a drop in price. But noooooo, not when it comes to the greed of the oil companies.
FPLREP
Champion Author Virginia

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Message Posted: Jan 30, 2013 7:46:21 AM

No reason to let the "supply & demand" get in the way of profits. I wonder what the price of oil would be without "excessive" speculation?
doeslayersr
Champion Author Illinois

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Message Posted: Jan 30, 2013 7:45:30 AM

No big surprise. One of these days, the media will start reporting the real reason for the increase in the oil price and the fluctuation of it every day.
BigRedVTX
Champion Author Georgia

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Message Posted: Jan 30, 2013 7:45:06 AM

While stocks rise, usage declines due to increases costs, the consumer catches the speculators whims and pays dearly for it.
brbaritone
Champion Author Virginia

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Message Posted: Jan 30, 2013 7:42:20 AM

Another snippet:

Looking further ahead, analysts were pondering Nymex oil’s path ahead, with Citi Futures analysts citing “growing market chatter speculating whether nearby [Nymex crude] futures could reach the $100 mark.”

The analysts were skeptical of a climb to $100, saying “we continue to see the U.S. market as the most oversupplied point within the well-supplied global market.”

They advised $94.70 as an entry point for a short position, with a protective buy-stop at $98.20 to limit the risk.

GFT Markets technical analyst Fawad Razaqzada, however, was more open to a possible return to $100 a barrel.

“I wouldn’t rule out the possibility for [Nymex crude] to reach $100 soon, especially with so much data due for release over the next three days or so,” Razaqzada said.

He cited a $96.90 resistance level broken in Tuesday’s session as a possible buying opportunity for bulls if the March contract slips back to that level.
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