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Author Topic: Oil Drops on Increase in U.S. Inventories Back to Topics
xgojim
Champion Author
Michigan

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Message Posted: Mar 6, 2013 1:15:21 PM

West Texas Intermediate oil fell for the fourth time in five days after a government report showed U.S. inventories increased more than forecast last week. Prices dropped as much as 1.4 percent after the Energy Information Administration said supplies rose 3.83 million barrels, more than four times the 788,000-barrel median estimate in a Bloomberg survey of analysts. Refineries operated at the lowest level in almost a year, reducing demand for crude to process into fuels. Venezuelan President Hugo Chavez died yesterday, and an election must be held within 30 days in OPEC’s fourth-biggest producer. “The inventory numbers showed a much bigger build and fundamentally, we should go down,” said Tariq Zahir, a New York-based commodity fund manager at Tyche Capital Advisors. “Chavez’s death didn’
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REPLIES (newest first) Post a Reply
streetdesign
Champion Author Illinois

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Message Posted: Mar 7, 2013 8:37:18 AM

Slow decline in prices but with refineries doing maintenance that will change for the worse.
Bussman
Champion Author Dallas

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Message Posted: Mar 7, 2013 3:57:25 AM

Not here.
danindenver
Champion Author Denver

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Message Posted: Mar 7, 2013 12:38:26 AM

Smoke and mirrors. Smoke and mirrors.

As long as you fixate on it, all you'll get is a boatload of stress.

Trudat316
Veteran Author Missouri

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Message Posted: Mar 7, 2013 12:34:11 AM

Don't get your hopes up.
eomc17
Champion Author Tucson

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Message Posted: Mar 6, 2013 11:04:27 PM

Yeah, but speculators are doing everything they can to justify very high RBOB gasoline futures prices. As long as Obama refuses to give the CFTC any funds to regulate these bastards, we will see all-time high gas prices again this year, just like the last two years.
esq262
Champion Author Asheville

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Message Posted: Mar 6, 2013 10:12:11 PM

Good news.
jwkycola
Champion Author Columbia

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Message Posted: Mar 6, 2013 10:11:38 PM

Good news. Prices slowly falling for now.
JDchefF
Champion Author Lancaster

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Message Posted: Mar 6, 2013 10:00:20 PM

Prices are going down here at the pumps. For how long?
sickhp
Champion Author San Antonio

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Message Posted: Mar 6, 2013 9:13:43 PM

Drill baby dill in all of America.
CityCouponer
Champion Author New Orleans

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Message Posted: Mar 6, 2013 8:29:01 PM

I wish gas prices would do the same.
PathfinderSC
Champion Author South Carolina

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Message Posted: Mar 6, 2013 8:28:15 PM

Goes up like a jack rabbit, Goes down like a turtle.
lonewolf_947
Champion Author New Hampshire

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Message Posted: Mar 6, 2013 8:05:30 PM

Prices haven't budge any here at all.......
MidNJ
Champion Author New Jersey

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Message Posted: Mar 6, 2013 7:32:41 PM

Pump prices down 16 cents in the last week in NJ.
Night Owl
Champion Author Toronto

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Message Posted: Mar 6, 2013 7:00:07 PM

Greedy oil speculators have raised oil prices far too high. Oil prices need to plummet so that world economies can finally start to recover.
LanguageMan1
Champion Author Tampa

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Message Posted: Mar 6, 2013 6:12:18 PM

Doesn't mean much now.
msf1527
Champion Author San Bernardino

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Message Posted: Mar 6, 2013 5:27:49 PM

Ok
daytonabiker
Champion Author Florida

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Message Posted: Mar 6, 2013 5:23:13 PM

Mission is NOT accomplished
Nationalize the oil in Iran, Iraq, Saudi Arabia,
Oil companies in America
Leave Qatar alone
Then the mission will be accomplished
tnfran
Champion Author Arizona

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Message Posted: Mar 6, 2013 5:13:36 PM

Right on brbaritone
brbaritone
Champion Author Virginia

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Message Posted: Mar 6, 2013 5:06:58 PM

Maybe refineries should produce a little more and charge a little less to help the economy recover, which would help increase demand. They could also stop exporting quite so much.

Nah.
bwatchingu
Champion Author Arkansas

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Message Posted: Mar 6, 2013 5:05:48 PM

whatever
LostInNY
Champion Author New York

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Message Posted: Mar 6, 2013 5:01:05 PM

so why are we still paying so much??
OHMS
Champion Author Orange County

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Message Posted: Mar 6, 2013 4:49:00 PM

how did this additional inventory increase overnight?

Tariq Zahir, a New York-based commodity fund manager at Tyche Capital Advisors. “Chavez’s death didn’t...smell the sulphur Hugo?
djwhit
Champion Author Ohio

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Message Posted: Mar 6, 2013 4:19:41 PM

OIL CO'S GREED.......AND OBAMA WELL DO NOTHING ABOUT IT........
turboz2012
Champion Author Charleston

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Message Posted: Mar 6, 2013 4:00:52 PM

Come on prices time to go down.
Ouch06
Champion Author Michigan

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Message Posted: Mar 6, 2013 3:44:53 PM

Good.
molebaby96
Champion Author Tallahassee

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Message Posted: Mar 6, 2013 3:40:26 PM

Drop at the pump
DABEE1073
Champion Author San Diego

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Message Posted: Mar 6, 2013 3:09:46 PM

How about a big drop at the pump?????
Zuegma
Champion Author Nova Scotia

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Message Posted: Mar 6, 2013 3:08:24 PM

Extra oil reserves doesn't correlate directly to reduced gas prices. Till the end of March, the refineries maintenance turn-over is as good an excuse to freeze gas price decreases.
ErnieK9LO
Champion Author North Dakota

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Message Posted: Mar 6, 2013 3:00:40 PM

Oil inventories are up because of refinery shut down.
doggod
Champion Author Anchorage

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Message Posted: Mar 6, 2013 2:43:28 PM

Come on, speculator-conspiracy theorists, where are you? You only post your silliness when prices go up, for some reason.

charg3rguy1991
Champion Author Greensboro

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Message Posted: Mar 6, 2013 2:29:20 PM

Ok
07skydriver
Champion Author Ohio

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Message Posted: Mar 6, 2013 2:20:40 PM

Just stay home.
BUSMAN1105
Champion Author Atlanta

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Message Posted: Mar 6, 2013 2:19:13 PM

GOOD, I HOPE THE PRICE OF GASOLINE GOES DOWN ALSO!!!!!!!!!!!!!!!!!!!!!!!!!
Discovery02
Champion Author Colorado Springs

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Message Posted: Mar 6, 2013 2:15:34 PM

Don't think we should be counting on Venzuelan oil any time in the next eon or so.
Tekkersmom57
Champion Author Syracuse

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Message Posted: Mar 6, 2013 2:14:20 PM

VERY funny, but true, fencemanNY!!!
Point__man
Champion Author Raleigh

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Message Posted: Mar 6, 2013 2:09:24 PM

sounds terribly optimistic concerning Venezuela's Nicolas Maduro who has already accused the USA of giving Chavez Cancer. I think we need to assure our oil assets elsewhere and look for backups if Maduro decides to cut us off, although I don't see how he can afford to do so. He could upset the balances here and there for a while if he wishes to do so. I wish we could cut their oil lose in a hurry. It has been an underlying threat for too long.

All this talk about an expanding economy and a serious drop in oil prices seems illogical to me. Makes as much sense as the ongoing rise and fall of gasoline prices the last several years.
fencemanNY
Veteran Author New York

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Message Posted: Mar 6, 2013 2:02:31 PM

Refinery utilization decreased 2.9 percentage points from the previous week . They are kicking screaming trying to keep the price up but we are in control. Park your car one day this weekend and dont drive. We can win.
TripleHs
Champion Author Austin

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Message Posted: Mar 6, 2013 1:49:59 PM

the prices have been way too high
Rappcommuter
All-Star Author Virginia

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Message Posted: Mar 6, 2013 1:38:50 PM

The price for gas won't drop though due to refinery maintenance.
postcard9
Champion Author Massachusetts

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Message Posted: Mar 6, 2013 1:32:03 PM

Good, but we will not see the savings in the North East.
xgojim
Champion Author Michigan

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Message Posted: Mar 6, 2013 1:29:03 PM

Keep the good news coming....
kchristie79
Sophomore Author Dallas

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Message Posted: Mar 6, 2013 1:25:00 PM

I have seen the price drop. My hope is that it doesn't go right back up. Let's hope the new President of Cenezuelan wants to be allies. That would help us a lot. It seems as though the country is torn on what they want at the moment.
YumaFellow
Champion Author Arizona

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Message Posted: Mar 6, 2013 1:23:22 PM

Hasn't made one lick of difference in the pump price here.
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