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Author Topic: Crude inventories swell as refineries cut production: EIA Back to Topics
PD

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Message Posted: Oct 9, 2013 10:51:59 AM

The Energy Information Administration released its weekly report on the status of petroleum inventories in the United States today.

Here are some highlights:

CRUDE INVENTORIES:
Crude oil inventories increased by 6.8 million barrels to a total of 370.5 million barrels. At 370.5 million barrels, inventories are 4.2 million barrels above last year (1.1%) and are above the upper part of the average range for this time of year.

GASOLINE INVENTORIES:
Gasoline inventories increased by 0.1 million barrels to 219.9 million barrels. At 219.9 million barrels, inventories are up 24.5 million barrels, or 12.5% higher than one year ago. Here's how individual regions and their gasoline inventory fared last week: East...

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honda0105
Champion Author Tallahassee

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Message Posted: Oct 11, 2013 6:04:21 AM

another set of statistical lies?
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kiholt
Rookie Author Kalamazoo

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Message Posted: Oct 10, 2013 1:36:59 PM

I agree with fedupp about were at just one thing .... If MITTENS was elected we ALL would be screwed even harder not even with vaseline and have to say thank you .
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JoeKR
Champion Author New Jersey

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Message Posted: Oct 10, 2013 10:08:51 AM

And yet, if a tropical storm were to slow down a refinery for half a day, prices would leap!
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randyragon
Veteran Author Gary

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Message Posted: Oct 10, 2013 9:41:56 AM

I was going to ask how come with demand for gas going down so much that crude supply is unexpectedly up by over Six and a Half MILLION barrels, that the price of WTI isn't down by $13.00 a barrel. But then I remembered lately one of the excuses lately for raising the price was a new pipeline to open at the end of October. They'll pipe it to the coast, refine it the minimum to no longer be called crude, but a product. Then they can export it getting around the no domestic crude export law. And we continue to pay the high prices even though we have cut back due to the high prices and have contributed to a higher supply.
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HawaiianGuy
Champion Author Idaho

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Message Posted: Oct 10, 2013 9:26:41 AM

Well I damn sure ain't seeing that around here. Someone's making money hand over fist and it sure ain't me.
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fedupp
Champion Author Cleveland

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Message Posted: Oct 10, 2013 9:23:03 AM

Every single time I read the posts on here at least one person writes "I got gas for $1.85 when Obama was elected and he raised the gas prices off with his head" And I just shake my head,were you not driving or alive at that time? For five full years before that gas prices came up steady-it seemed to me the price of oil came up every day(in reality it was more like every month)we saw our first $2.00gal gas in history our first $3.00 our first $4.00+ gallon before Obama got in. july 2008 saw the highest crude oil prices in history at $145.00 per barrel.I remember standing outside my house on A main busy road after 6:00pm and seeing no cars at all just before the worst part of the crash-and I say worst part because here the crash started at least by 2004 for us,and a lot of that was due to high gas prices.All the things that caused these sky high oil prices went down years before almost everyone knew who Obama was-and the only reason gas was cheap when he got elected is because the stock market was destroyed-cut more than in half--and what is half of $4.25? $2.12----I dont like Obama and he could be helping,but this damage is a decade old already.Frack and shale oil are extremely expensive to develop(and that is only part of the actual costs)and has a very high support cost of at least $70.00 per barrel before profit--these high prices were planned and are here to stay-think about it why with all the power in the world behind them,why would they let the price go down now? Do you really think they are going to let low quality tar sand flood out their market here? Thats why most of it will be exported.OPEC could drown us in cheap oil-but why would they?They still sell the same $10.00 barrel of oil they had before the wars for $105.00 they must laugh at us until they need oxygen for paying $100.00+ for a barrel of oil.And there is way more to this awfull ten year old story,another part is China and now Russia have control of most of Iraq's ocean of cheap oil our troops died for ect.ect.ect.
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randyragon
Veteran Author Gary

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Message Posted: Oct 10, 2013 8:46:03 AM

If the supply went down just a half million, the price of WTI would jump a dollar. So why when the supply unexpectedly goes up Six and a Half MILLION, the price doesn't go down $13 a barrel? Manipulation and greed of course is the answer since it hasn't followed supply and demand for years.
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madison8359
Champion Author Cleveland

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Message Posted: Oct 10, 2013 7:40:29 AM

Fear and emotion still rule when it comes to pricing even though prices still high.
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dandvicb
Champion Author Bridgeport

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Message Posted: Oct 10, 2013 6:48:27 AM

SPECULATION!!
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VMIJim
Champion Author Alabama

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Message Posted: Oct 10, 2013 6:47:57 AM

I will take savings at the pump any way I can get it but don't expect it to last long & certainly don't believe anything coming out of the Oblamer Administration while they continue to play Chicken Little with the govt shutdown & debt ceiling. Give me a freaking break!!
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peregrin
Champion Author Baltimore

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Message Posted: Oct 10, 2013 6:24:13 AM

So, when do we see the consequence at the pump?
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dudleydolittle
Champion Author Cleveland

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Message Posted: Oct 10, 2013 6:08:29 AM

whatever
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metrojeep
Champion Author Fort Worth

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Message Posted: Oct 10, 2013 6:02:01 AM

Just more numbers
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swede
Champion Author Cleveland

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Message Posted: Oct 10, 2013 6:01:12 AM

That inventory report should have gasoline prices dropping.
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ponyNJ
Champion Author New Jersey

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Message Posted: Oct 10, 2013 6:00:45 AM

The price should come down more in order for the economy to produce more jobs.
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rogerparry
Champion Author Florida

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Message Posted: Oct 10, 2013 6:00:05 AM

Price drop?
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jppezz
Champion Author New Mexico

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Message Posted: Oct 10, 2013 5:59:41 AM

Stop exporting.
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AESJOBLOM4
Champion Author Florida

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Message Posted: Oct 10, 2013 5:59:23 AM

PRICE GO DOWN YOU THINK
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duane7810
Champion Author Illinois

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Message Posted: Oct 10, 2013 5:58:53 AM

why export??
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DerTaubman
Champion Author Detroit

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Message Posted: Oct 10, 2013 5:58:40 AM

Why arent prices dropping?
Just jumped thirty cents here this week.
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Jeffro61
Champion Author Cleveland

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Message Posted: Oct 10, 2013 5:58:33 AM

Ok
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racerdj
Champion Author Indianapolis

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Message Posted: Oct 10, 2013 5:57:59 AM

Why are prices rising?
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gougenator
Champion Author Dallas

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Message Posted: Oct 10, 2013 5:57:54 AM

/////They cut production to drive prices up and still people will not CONSERVE!!!
Slow down. Drive less. Save gas and money////

THEY ALREADY ARE!! but.......the manipulators are still dragging the carrot out from under your noses! ha!

the Big Oil Clowns still push the button to raise prices regardless!!!


[Edited by: gougenator at 10/10/2013 5:58:50 AM EST]
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duane7810
Champion Author Illinois

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Message Posted: Oct 10, 2013 5:57:42 AM

so???
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mickeymike
Champion Author Pennsylvania

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Message Posted: Oct 10, 2013 5:55:29 AM

guess they're switching over to winter blends..Oh right, they already did that!!!!! Gee I wonder why then are inventories so high?
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alphanyr
Champion Author Connecticut

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Message Posted: Oct 10, 2013 5:55:23 AM

Price fixing
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Lengas
Champion Author Gary

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Message Posted: Oct 10, 2013 5:54:40 AM

up up up up!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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gws2980
Champion Author Philadelphia

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Message Posted: Oct 10, 2013 5:54:07 AM

It's very nice to see them continuing to drop
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hero4hire
Champion Author Chicago

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Message Posted: Oct 10, 2013 5:54:06 AM

ok
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Ferdman17
Champion Author Albany

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Message Posted: Oct 10, 2013 5:53:46 AM

They will find away to reduce the inventories so they can raise the prices.
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livedream
Champion Author Michigan

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Message Posted: Oct 10, 2013 5:53:28 AM

Good question, judgemobile.

Cutting production will only serve to drive prices back up. That should make the Speculators happy.
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LeeFree
Champion Author Pittsburgh

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Message Posted: Oct 10, 2013 5:53:01 AM

Refineries cutting production to firm up prices?
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Petrock
Champion Author Lexington

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Message Posted: Oct 10, 2013 5:51:54 AM

With oil and gas inventories both up it much be time to raise prices! Always seems to have about that much logic!
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luckyl
All-Star Author Halifax

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Message Posted: Oct 10, 2013 5:50:54 AM

So are gas prices cuts coming???
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luckyl
All-Star Author Halifax

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Message Posted: Oct 10, 2013 5:50:19 AM

So are gas prices cuts coming???
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judgemobile
Champion Author Ohio

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Message Posted: Oct 10, 2013 5:49:40 AM

why does this agency function and release figures when Labor Department is precluded from announcing national unemployment numbers during shutdown ?
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Hunter114
Champion Author Chicago

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Message Posted: Oct 10, 2013 5:48:39 AM

Cutting refining? An excuse for gas pimps.
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dylan126
Champion Author Cleveland

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Message Posted: Oct 10, 2013 5:48:24 AM

shows people are not driving as much
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Janetique
Champion Author Virginia Beach

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Message Posted: Oct 10, 2013 5:47:00 AM

Good inventory levels both in crude and distillates.
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rick_evans
Champion Author Boston

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Message Posted: Oct 10, 2013 5:46:44 AM

"Why cut .. produce and let the little guy benefit."

You're trying to be funny, right?
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Alderaan
Champion Author Greenville

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Message Posted: Oct 10, 2013 5:46:30 AM

Of course.
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jdhelm
Champion Author Iowa

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Message Posted: Oct 10, 2013 5:46:27 AM

ok
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jackson661
Champion Author Columbus

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Message Posted: Oct 10, 2013 5:43:26 AM

Why cut .. produce and let the little guy benefit.
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hamdriver
Champion Author Lansing

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Message Posted: Oct 10, 2013 5:43:06 AM

Huh?
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werich44
Champion Author California

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Message Posted: Oct 10, 2013 5:42:39 AM

Why are we still waiting for a significant price reduction. Could it be due to speculators!!!
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raccoon2011
Champion Author Massachusetts

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Message Posted: Oct 10, 2013 5:42:18 AM

prices are @ 3.35 at the lowest
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honda0105
Champion Author Tallahassee

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Message Posted: Oct 10, 2013 5:41:50 AM

yawn...
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tndirtydawg
Champion Author Memphis

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Message Posted: Oct 10, 2013 5:40:56 AM

A cut in production will no doubt result in prices climbing as the inventory on hand declines.
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f4driver
Champion Author Maine

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Message Posted: Oct 10, 2013 5:40:49 AM

More old news.
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DrivingFool2
Champion Author Appleton

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Message Posted: Oct 10, 2013 5:35:04 AM

speculators pockets swell
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