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  1. #1
    Eruption msr316's Avatar
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    02.09.16 @ 03:21 PM
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    Default Oil Prices Sink More Than $2 for 2nd Day

    WASHINGTON - Oil prices sank more than $2 a barrel for the second straight day on Thursday, falling below $70 as traders focused on U.S. government data that show gasoline supplies grew last week, reversing two months of declines.

    "It has largely been a technical selloff," said ABN Amro broker Lee Fader. "Some of the air is coming out of the bubble."

    The selloff coincided with a House energy committee's decision to send letters to major oil companies seeking detailed information about their investment priorities, particularly in the area of U.S. refining capacity, which has been very tight and a factor contributing to soaring pump prices.

    After falling as low as $69.30 a barrel, light sweet crude for June delivery recovered to $69.95, a decline of $2.33 on the New York Mercantile Exchange. Prices had plunged $2.33 Wednesday after the U.S. Energy Department released its weekly report showing a supply rise as refineries boost output and demand flattens.

    Gasoline futures tanked by almost 10 cents to $1.986 a gallon, and some analysts say it could be a sign that the 2006 highs for gasoline prices in the U.S. are behind us — assuming there is no repeat of last summer's ferocious Gulf of Mexico hurricane season.

    "Never underestimate the capability of markets to overreact and shift moods with no stability in between," said analyst Tom Kloza of Oil Price Information Service in Wall, N.J.

    While oil has fallen more than $5 from its Nymex intraday peak of $75.35 reached April 21, prices remain roughly 40 percent higher than a year ago and analysts do not expect them to free-fall anytime soon given the high level of geopolitical tensions.

    "We're getting a very sizeable selloff and rightfully so given how quickly we went straight up," said James Cordier, president of Liberty Trading in Tampa, Fla. "Gas prices should come down a bit in the next few weeks... but I think we're going to go back up. There's too many factors ahead of us."

    The most pressing source of anxiety in the market stems from the possibility that Iran, a key oil exporter, could cut supplies because of international pressure to modify its nuclear program. Unrest in Nigeria, war in Iraq and rising resource nationalism in South America have added to oil-market worries.

    Some 500,000 barrels per day of Nigerian production, most of it operated by Royal Dutch Shell PLC, remains off-line because of violence there, and more than 300,000 barrels per day remains shut down in the Gulf of Mexico since Hurricane Katrina smacked offshore platforms.

    Strong global demand and a limited supply cushion magnify the significance of these events, while a surge of investors betting on oil and other commodities has also lifted prices.

    "Make no mistake, even if the market endures a $5 or $6 correction, that wall of worry is not coming down, nor are prices," said John Kilduff of brokerage Fimat USA Inc.

    The spark for Thursday's selloff was the U.S. government supply data released Wednesday, analysts said.

    The U.S. Energy Department's weekly petroleum report showed that over the past four weeks, average daily gasoline demand in the United States was 9.127 million barrels per day, barely higher than year-ago demand of 9.125 million barrels a day.

    The report also showed that domestic inventories of gasoline climbed by 2.1 million barrels, reversing eight straight weeks of declines. U.S. gasoline supplies stand at 202.7 million barrels, or 5 percent below year-ago levels.

  2. #2
    Atomic Punk
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    12.11.17 @ 04:37 PM
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    Default

    DooDoo won't be happy...
    "Watch what people are cynical about, and one can often discover what they lack.” -- Gen. George S. Patton

  3. #3
    Eruption msr316's Avatar
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    02.09.16 @ 03:21 PM
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    Default

    whys that? Did I miss something?

  4. #4
    Master Bluesman Elwood P.'s Avatar
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    12.13.17 @ 05:30 AM
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    Quote Originally Posted by msr316
    "Make no mistake, even if the market endures a $5 or $6 correction, that wall of worry is not coming down, nor are prices," said John Kilduff of brokerage Fimat USA Inc.
    Gee, ya think?
    "I'm the opposite of Bill Cosby. Diamond Dave always gets your approval." (DLR)

    "Kids, just say NO to marriage". (Al Bundy)

    Rawhide in "A"

    OAA

  5. #5
    Baluchitherium loveevhsince79's Avatar
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    10.23.15 @ 04:49 PM
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    Quote Originally Posted by msr316
    whys that? Did I miss something?
    It seems he has investments in the oil industry so he's losing money when the prices decline.
    Last edited by loveevhsince79; 05.05.06 at 06:29 AM.

  6. #6
    Atomic Punk FORD's Avatar
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    10.22.17 @ 08:55 PM
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    Quote Originally Posted by loveevhsince79
    It seems he has investments in the oil industry so he's losing money when the prices decline.
    I always knew that guy was a pigfucker. That explains why.
    Eat Us And Smile

    Welcome back, Van HALEN!!!!

    ...It's the BAND and Dave is really the cat that can front VH. He sang his ASS off and was really cool. No cheese here guys, this is filet Mignon! - Steve Lukather's comment after witnessing a Van HALEN 2007 rehearsal

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  7. #7
    Wear the fox hat... Filthy 150's Avatar
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    10.16.17 @ 11:43 AM
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    Quote Originally Posted by FORD
    I always knew that guy was a pigfucker. That explains why.
    Why does that make him a pigfucker?
    "Here's to swimmin' with bow legged women."
    Quint- Boat Captain
    --------------------------------------------------


    "As God as my witness...I thought turkeys could fly"
    Arthur Carlson- Radio Station GM
    --------------------------------------------------


    "I think you're all fucked in the head. We're ten hours from the fucking fun park, and you wanna bail out! Well, I'll tell you something, this is no longer a vacation . . . it's a quest! It's a quest for fun! I'm gonna have fun, and you're gonna have fun! We're all gonna have so much fucking fun we'll need plastic surgery to remove our Goddamn smiles! You'll be whistling Zip-a-dee-doo-da out of your assholes! "
    Clark W. Griswold- Food Additive Designer
    ---------------------------------------------------


    VIVA TEXAS LINKERS WEEKEND!
    Round I = Done!
    Round II = Done!
    Round III = Done!
    Round IV = Done!
    Round V = Done!
    Round VI = Done!
    Round VII = Done!
    Round VIII = Done!

  8. #8
    Atomic Punk
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    12.11.17 @ 04:37 PM
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    Default

    edit - oops, wrong threaad...
    "Watch what people are cynical about, and one can often discover what they lack.” -- Gen. George S. Patton

  9. #9
    Hang 'Em High jetguy5150's Avatar
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    12.12.17 @ 11:16 AM
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    Quote Originally Posted by voivod View Post
    edit - oops, wrong threaad...
    Well at least it gave us an opportunity to enjoy one of FORD's wonderful quips.
    Signature not currently available. You aren't missing much.

  10. #10
    Wear the fox hat... Filthy 150's Avatar
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    Quote Originally Posted by jetguy5150 View Post
    Well at least it gave us an opportunity to enjoy one of FORD's wonderful quips.
    It shows his last online time as being 4-19-2011.
    I bet it drives him crazy to not be able to respond to alot of what is said around here.
    "Here's to swimmin' with bow legged women."
    Quint- Boat Captain
    --------------------------------------------------


    "As God as my witness...I thought turkeys could fly"
    Arthur Carlson- Radio Station GM
    --------------------------------------------------


    "I think you're all fucked in the head. We're ten hours from the fucking fun park, and you wanna bail out! Well, I'll tell you something, this is no longer a vacation . . . it's a quest! It's a quest for fun! I'm gonna have fun, and you're gonna have fun! We're all gonna have so much fucking fun we'll need plastic surgery to remove our Goddamn smiles! You'll be whistling Zip-a-dee-doo-da out of your assholes! "
    Clark W. Griswold- Food Additive Designer
    ---------------------------------------------------


    VIVA TEXAS LINKERS WEEKEND!
    Round I = Done!
    Round II = Done!
    Round III = Done!
    Round IV = Done!
    Round V = Done!
    Round VI = Done!
    Round VII = Done!
    Round VIII = Done!

  11. #11
    Atomic Punk LLFHS's Avatar
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    07.30.17 @ 08:59 PM
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    So I look at the FIRST post in the thread and damn near had a heart attack from sheer, astonished joy.



    Then I looked at the date. It's almost like your alarm clock waking you from a sex dream featuring Natalie Portman.
    LowLifeFlatHeadScum

    [sigpic][/sigpic]


    Your Hacked Nude Photo Here!

  12. #12
    Atomic Punk edwardv's Avatar
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    12.12.17 @ 05:40 PM
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    Quote Originally Posted by LLFHS View Post
    So I look at the FIRST post in the thread and damn near had a heart attack from sheer, astonished joy.


    Me Too LOL. Been dealing with this shit since 1973 and had to wait in lines for gas back then. This shit never changes it transcends time. I wish we could go back to horses would be a boom for us in the Veterinary field.
    EVH 1979: Well, actually it's not much of a vacation, because we run everything ourselves. We design our own album cover, we have to be in the office every day to sign checks - the whole corporation revolves around us. Nothing can be done without our approval. We even have photo approval.

 

 

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