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Author Topic: Crude Tumbles as U.S. Supplies Climb to 82-Year High Back to Topics
wiskow
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Riverside

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Message Posted: May 1, 2013 2:39:55 PM

West Texas Intermediate crude tumbled as U.S. inventories reached an 82-year high amid signs of economic slowdown in the U.S. and China.

Futures headed for the biggest loss in almost six months after the Energy Information Administration said stockpiles jumped to 395.3 million barrels in the seven days to April 26, the most since the government began gathering weekly data in 1982. According to monthly data, they were last at this level in 1931. U.S. companies added fewer workers than forecast in April, and China’s manufacturing grew at a weaker pace, separate reports showed.

“WTI, in our view, is prone to some downward pressure,” said Michael Wittner, the head of oil-market research at Societe Generale SA in New York. “The U.S. is very comfortably supplied.”
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REPLIES (newest first) Post a Reply
lesndave
Champion Author Texas

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Message Posted: May 2, 2013 10:08:30 PM

And yet, pump prices jumped over 20 cents overnight here
Bussman
Champion Author Dallas

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Message Posted: May 2, 2013 3:26:40 AM

Hope pump prices will soon follow.
moosejoose
Sophomore Author Orlando

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Message Posted: May 2, 2013 12:26:33 AM

Keep on tumbling
MrLefty0706
Champion Author Chicago

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Message Posted: May 2, 2013 12:20:35 AM

So why are gas prices at $4.29 in northern Illinois?
Taxrefugee
Champion Author Arizona

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Message Posted: May 2, 2013 12:00:15 AM

Not low enough
Night Owl
Champion Author Toronto

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Message Posted: May 1, 2013 10:48:54 PM

Keep falling. Oil prices are still double what they should be thanks to greedy oil speculators and their oil futures.
Jeff1944
Champion Author South Dakota

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Message Posted: May 1, 2013 10:05:16 PM

With over 14 million unemployed or underemployed, this is not a surprising article; is it?
TomT2Lee
Champion Author Cincinnati

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Message Posted: May 1, 2013 9:39:38 PM

Funny how it is only down a few cents and it is termed "tumbles".
qwerty17
Champion Author New Jersey

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Message Posted: May 1, 2013 7:54:57 PM

now gasoline supplies just have to move up.
ktbaeohana
Champion Author Las Vegas

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Message Posted: May 1, 2013 7:36:55 PM

watch and see.
wiskow
Champion Author Riverside

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Message Posted: May 1, 2013 6:28:38 PM

Too bad we can't have the same price at the pump that we had in 1931, eh?
kennyman
Champion Author Alberta

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Message Posted: May 1, 2013 5:25:38 PM

When inventory is high they reduce production and keep the price at the pump the same
smileynish
Champion Author Florida

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Message Posted: May 1, 2013 4:54:53 PM

but not comfortably priced
Lugi1967
Champion Author Ohio

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Message Posted: May 1, 2013 4:50:53 PM

Hard to make sense of it all
lonewolf_947
Champion Author New Hampshire

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Message Posted: May 1, 2013 4:50:22 PM

This means nothing........if it did, prices would take a good dive downwards........That will never happen........This is just something to read & then forget about it......like anything else......
NoGas714
All-Star Author Indiana

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Message Posted: May 1, 2013 4:49:58 PM

Yet the price at the pump continues to go up... Amazing how that works.
race2IT
Champion Author Fort Worth

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Message Posted: May 1, 2013 4:34:50 PM

Do this means oil will be below $50 a barrel soon and gas at the pumps will below $2 gallon?
deputydog082
Champion Author Detroit

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Message Posted: May 1, 2013 4:19:12 PM

how about dropping gas prices too??
Fleabite44
Champion Author Maryland

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Message Posted: May 1, 2013 4:05:32 PM

We'll see what the impact really is in time.
md11capt
Champion Author Denver

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Message Posted: May 1, 2013 4:05:23 PM

So much for that free-market theory.
fedupMN
Champion Author Twin Cities

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Message Posted: May 1, 2013 3:35:11 PM

Crude tumbles and gas goes up here in Mpls, Mn by $.35/gal... Greed, nothing but greed.
BIGOILEATURCRUD
Champion Author North Carolina

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Message Posted: May 1, 2013 3:18:02 PM

Can they eat it?
dwbuddy
Champion Author Fort Worth

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Message Posted: May 1, 2013 3:16:25 PM

Tumble? Needs to drop like a rock ...keep going down!! good news
Jeff4U
Champion Author Atlanta

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Message Posted: May 1, 2013 3:04:13 PM

Wholesale gasoline is at $2.72 per gallon, down by 8¢
I'm sure another upcoming mysterious refinery fire will offset this.
Jeff4U
Champion Author Atlanta

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Message Posted: May 1, 2013 2:59:00 PM

Currently at $91.00 (-$2.46)
gizbo123
Champion Author Los Angeles

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Message Posted: May 1, 2013 2:51:56 PM

that's crude.
humblepie
Champion Author Toledo

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Message Posted: May 1, 2013 2:49:53 PM

we sure cant tell it at the pump
Ouch06
Champion Author Michigan

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Message Posted: May 1, 2013 2:40:43 PM

Too bad this news has no effect on the price of gasoline.
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