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Author Topic: Brent Crude Declines a Second Day as Global Supplies Increase Back to Topics
brbaritone
Champion Author
Virginia

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Message Posted: May 1, 2013 7:20:41 AM

Brent crude fell for a second day after OPEC’s production increased to a five-month high and an industry group said U.S. stockpiles climbed for the first time in three weeks.

Futures slid as much as 1.7 percent in London after dropping 1.4 percent yesterday. U.S. crude inventories rose by 5.2 million barrels last week, the American Petroleum Institute said. Government figures today are projected to show a gain of 1.1 million barrels, according to a Bloomberg News survey. Daily output by the Organization of Petroleum Exporting Countries increased in April by 194,000 barrels a day, a separate survey indicated. An index of manufacturing in China signaled weaker expansion in April.

“With inventories at the levels they are at, it is a question of how much demand there is, and there is ...
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REPLIES (newest first) Post a Reply
jrs4125
Champion Author Indiana

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Message Posted: May 2, 2013 4:48:24 AM

And yet pump price is still going up.
streetdesign
Champion Author Illinois

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Message Posted: May 1, 2013 12:41:56 PM

Still not helping bring down prices at the puimp. They are going in the opposite direction.
LilRedWagonIN
Champion Author Indiana

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Message Posted: May 1, 2013 12:04:21 PM

A disconnect from oil and gasoline prices this time of year. Local gasoline pump prices rose 34 cents one day this week. The excuses I've heard: refinery maintenance, switch over from winter to more expensive summer blends, and because something is going to happen in Syria. Give me a break from all these "reasons."
humblepie
Champion Author Toledo

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Message Posted: May 1, 2013 10:54:13 AM

still at least $50 a barrel overpriced
Tekkersmom57
Champion Author Syracuse

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Message Posted: May 1, 2013 10:03:45 AM

It would be nice if supply and demand would play more of an important role of the true indicator of oil prices!
werich44
Champion Author California

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Message Posted: May 1, 2013 9:25:45 AM

Oil down, gas up, everything is normal.
investmentdr
Champion Author Cleveland

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Message Posted: May 1, 2013 9:22:47 AM

-2.5% plunge
Evilmaddog
Champion Author British Columbia

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Message Posted: May 1, 2013 9:19:04 AM

another excuse is on the way
BBF_PFS
Champion Author Washington

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Message Posted: May 1, 2013 9:15:58 AM

Fuel prices don't seem to reflect this in any way.
scu227
Champion Author New Haven

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Message Posted: May 1, 2013 8:31:03 AM

Keep on declining, price is still way too high !!!!
Pramodsharma
Champion Author Richmond

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Message Posted: May 1, 2013 7:50:14 AM

Strangely gas price trend is showing upward red arrow, Any reason?
BigRedVTX
Champion Author Georgia

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Message Posted: May 1, 2013 7:38:52 AM

Gas has jumped to 3.45 per for regular in North Georgia. Now that may not be as much as some are paying, but when it was 3.25 or less 2 weeks ago?
SSwathwood
All-Star Author Denver

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Points:1,361,760
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Message Posted: May 1, 2013 7:24:53 AM

Here we go again.
Ouch06
Champion Author Michigan

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Message Posted: May 1, 2013 7:22:48 AM

Yet, gas prices are going up.
Go figure.
brbaritone
Champion Author Virginia

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Points:2,446,150
Joined:Jan 2007
Message Posted: May 1, 2013 7:21:39 AM

The article continues:

... growing evidence of a slowdown in economic activity with even China weaker than expected,” Michael Hewson, a market analyst at CMC Markets Plc in London, said today by telephone. “The direction of travel on oil is down and I see no reason to change that view unless OPEC cuts production.”

Brent for June settlement slid as much as $1.70 to $100.67 a barrel on the London-based ICE Futures Europe exchange, the lowest intra-day level in a week, and was at $100.83 at 11:36 a.m. local time. Futures fell $1.44 to $102.37 yesterday, capping a 7 percent drop for April. Trading was 13 percent below the 100-day average for the time of day. Prices are down 9.2 percent this year.

West Texas Intermediate for June delivery declined as much as $1.42 to $92.04 a barrel in electronic trading on the New York Mercantile Exchange and was at $92.24 at the same time today. Front-month Brent was at a premium of $8.60 to WTI, the narrowest gap since Dec. 30, 2011.

While total U.S. crude stockpiles rose last week, supplies at Cushing, Oklahoma, the delivery point for New York-traded futures, decreased by 1.4 million barrels, the API data showed. Gasoline inventories shrank by 2.7 million barrels. The Energy Information Administration report today may show they declined by 900,000 barrels, according to the median estimate of 11 analysts in the Bloomberg survey.
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