Posted on 06/11/2004 2:02:33 PM PDT by ambrose
Crude Oil Falls to Six-Week Low as U.S. Supplies Rise
June 9 (Bloomberg) -- Crude oil futures fell to a six-week low after the Energy Department reported that U.S. oil and gasoline inventories rose last week.
Gasoline supplies gained 2.1 million barrels to 206.4 million, in the week ended June 4. Eleven analysts in a Bloomberg survey expected an increase of 1 million barrels, according to the median of forecasts. Crude-oil stockpiles rose 400,000 barrels to 302.1 million barrels, the highest since August 2002.
Crude oil for July delivery was down 73 cents, or 2 percent, at $36.55 a barrel at 10:35 a.m. on the New York Mercantile Exchange, the fifth decline in six sessions. Prices fell to $36.45, the lowest since April 23. The contract reached $42.33 a barrel on June 1, the highest settlement since trading began in 1983.
In London, the July Brent crude-oil futures contract was down 52 cents, or 1.5 percent, at $34.53 a barrel on the International Petroleum Exchange.
(Excerpt) Read more at quote.bloomberg.com ...
On top of everything else this week .....now oil prices slide lower.........TDIDS
I'll be first.
Tom Dasshole is deeply saddened.
Darn.
Too bad that the prices won't go down as quickly as they went up. :^(
Excellent news. If this keeps up, this booming economy will perform even better. President Bush's economic poll numbers are already starting to move positively.
Yeah, like I paid $1.75 today for regular gasoline. Down from $1.80 last week. They need to go down to like $1.50 range by election time to help Bush.
Some oil was down today, other oil was up. Looks like a wash on the day.
Yes, and it was up yesterday. This article was dated June 9th.
AmericaUnited, what makes you believe that "they" know what the inventories are going to be in September.
Over the short run, what is going to be interesting is whether Saudi Arabia can boost production, and if there are enough tankers to haul the stuff if they do boost production.
If Chinese demand slows we make get a meaningful longer term drop, but be careful what you wish.
Gas has dropped from 2.15 to 2.01 in the past week around here. IMHO, most of the premium is still related to reformulation since diesel is 1.77.
Over $44 right now. Price fluctuations are kind of large the past few days, both up and down. Perhaps this links to Kerry's D/D rating.
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