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Author Topic: Oil prices rise ahead of inventory data Back to Topics
brbaritone

Champion Author
Virginia

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Message Posted: Jun 18, 2013 8:00:58 AM

Futures prices for U.S. crude oil rose Tuesday, ahead of weekly data expected to show a decline in inventories.

Crude for July delivery added 24 cents, or 0.3%, to $98.01 a barrel.

Oil prices on Monday reversed course and fell 8 cents, with losses appearing to be triggered after the Financial Times reported that Federal Reserve Chairman Ben Bernanke plans to say he is close to tapering the central bank’s $85-billion-a-month in asset purchases.

Bernanke is scheduled to hold a press conference Wednesday after the conclusion of the Fed’s two-day policy meeting, which will start later Tuesday.

Also, data due out later Tuesday are projected to show U.S. commercial crude-oil stocks declined 1 million barrels for the week ended June 14, according to a Platts survey of analysts.
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REPLIES (newest first) Post a Reply
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52MPG
Champion Author Dayton

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Message Posted: Jun 19, 2013 11:20:11 AM

Screwing the US consumer.
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dabayer
Champion Author New Hampshire

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Message Posted: Jun 19, 2013 9:09:17 AM

Nothing more than manipulation and speculation.

Crude s/b at $75 and gasoline at $2.50 .
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Trudat316
Veteran Author Missouri

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Message Posted: Jun 19, 2013 2:21:02 AM

The corporate fa$cist$ don't even come up with a lame excuse any more for high gas prices. What? No Nigerian take-over of a refinery? No hurricane? No planned or unplanned refinery maintenance? I just can't wait for the whole show to collapse.
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1momsunshine
Champion Author Ottawa

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Message Posted: Jun 19, 2013 12:03:09 AM

Really
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MidNJ
Champion Author New Jersey

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Message Posted: Jun 18, 2013 11:54:19 PM

Prices are up a dime in a few stations, prices are holding at $3.23 at other stations around me.
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BUSMAN1105
Champion Author Atlanta

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Message Posted: Jun 18, 2013 8:15:34 PM

NOT GOOD NEWS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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Lugi1967
Champion Author Ohio

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Message Posted: Jun 18, 2013 8:13:14 PM

Not a reason
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bwatchingu
Champion Author Arkansas

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Message Posted: Jun 18, 2013 5:13:08 PM

excuse of the day
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Jeff4U
Champion Author Atlanta

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Message Posted: Jun 18, 2013 5:09:35 PM

Yet prices didn't DECREASE last week when we had a 3 million barrel overage of BOTH crude and gas supplies!

Speculators are nothing but common thieves!
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Tekkersmom57
Champion Author Syracuse

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Message Posted: Jun 18, 2013 12:20:50 PM

WHY would crude-oil stocks decline by 1 million barrels when they were up last week?

A drawdown of 1 million barrels would be “more than double seasonal norms,” with the EIA’s five-year average showing oil stocks typically fall by about 400,000 barrels during this reporting period, Platts said.

Referencing the above paragraph, WHY would we be using more than double the seasonal norm so that they are projecting such a drop?
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Lugi1967
Champion Author Ohio

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Message Posted: Jun 18, 2013 11:14:55 AM

Not a reason
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Lugi1967
Champion Author Ohio

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Message Posted: Jun 18, 2013 11:13:11 AM

Great
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Eagle3236
Champion Author Missouri

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Message Posted: Jun 18, 2013 10:49:47 AM

No shock here about oil going up!
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TripleHs
Champion Author Austin

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Message Posted: Jun 18, 2013 10:21:20 AM

blame speculators
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runway12
Champion Author Tacoma

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Message Posted: Jun 18, 2013 9:42:38 AM

Tuesday speculation before Wednesdays numbers
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BBF_PFS
Champion Author Washington

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Message Posted: Jun 18, 2013 9:30:21 AM

That is because we are exporting more now than the last 50 years. Let's keep it in the country and get our economy going.
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00MrSlate00
Champion Author Illinois

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Message Posted: Jun 18, 2013 9:12:16 AM

Same oleo, same ole
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Goatroper
Champion Author Dallas

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Message Posted: Jun 18, 2013 9:00:29 AM

Wow, I'm glad to see that crude has gone up 24 cents a bbl. Really makes that 12cent per gallon gas bump sensible now.
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scu227
Champion Author New Haven

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Message Posted: Jun 18, 2013 8:58:58 AM

Prices up the drop in inventory levels. So then why are we exporting our production when our supplies are low?

SPECULATION, MANIPULATION and GREEEEEEEEEEED !!!!!!!
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zuess28
Champion Author Allentown

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Message Posted: Jun 18, 2013 8:49:46 AM

I don't understand why these idiots keep paying these higher prices for oil when we are suppling ourselves very well.prices usually drop when they stop paying the higher prices.
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streetdesign
Champion Author Illinois

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Message Posted: Jun 18, 2013 8:42:25 AM

Any chance they get to push prices up the greedy speculators will do it. We are just getting back to some what lower prices due to the refinery issues and now Middle East disruption. Lets get some good news to bring prices down please.
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cdrrod
Champion Author Wisconsin

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Message Posted: Jun 18, 2013 8:34:02 AM

And the roller coaster starts its upward climb!
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LanguageMan1
Champion Author Tampa

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Message Posted: Jun 18, 2013 8:32:10 AM

Not good.
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mastermariner
Champion Author Texas

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Message Posted: Jun 18, 2013 8:23:46 AM

Supply and demand
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Winatgas
Champion Author Kentucky

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Message Posted: Jun 18, 2013 8:23:13 AM

Yep, already heading up in Central KY. You would think since we are now a net exporter of gas that gas prices in the U.S. would start to stabilize rather than being so volatile.
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Buckeyee
Champion Author Maine

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Message Posted: Jun 18, 2013 8:14:36 AM

Shocking !!
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werich44
Champion Author California

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Message Posted: Jun 18, 2013 8:09:42 AM

Big surprise!
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merlinCO
Champion Author Colorado

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Message Posted: Jun 18, 2013 8:09:16 AM

It is only 68.75 at the well head......
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humblepie
Champion Author Toledo

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Message Posted: Jun 18, 2013 8:07:38 AM

DOWN 23 cents right now at 97.54
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AVKZ
Champion Author Kalamazoo

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Message Posted: Jun 18, 2013 8:05:44 AM

It's too high.
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lcleveland
Champion Author San Antonio

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Message Posted: Jun 18, 2013 8:03:48 AM

it didn't show the decline at the pumps
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brbaritone
Champion Author Virginia

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Message Posted: Jun 18, 2013 8:01:57 AM

The article continues:

The decline is expected to stem from a reduction in crude-oil imports, which have been volatile recently.

The American Petroleum Institute is slated to issue its weekly report at 4:30 p.m. Eastern time. More closely watched figures from the U.S. Energy Information Administration (EIA) are due Wednesday at 10:30 a.m. Eastern.

A drawdown of 1 million barrels would be “more than double seasonal norms,” with the EIA’s five-year average showing oil stocks typically fall by about 400,000 barrels during this reporting period, according to Platts.

Analysts also expect a weekly rise in gasoline stocks of 1.2 million barrels, and an increase of 300,000 barrels for distillate stocks, which include heating oil and diesel fuel.

Reports on crude-oil inventory released last week were bearish, with both the API and EIA reporting supply increases, even as analysts had expected no change in inventory levels.
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