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Posted on 12/27/2004 2:29:43 AM PST by RWR8189
SINGAPORE (Reuters) - U.S. oil prices slid more than half a dollar to below $44 a barrel on Monday as unusually mild winter weather in the United States curtailed demand.
U.S. light crude futures fell 78 cents at $43.40 a barrel in very light early European trade, surpassing last Friday's losses on London's International Petroleum Exchange (IPE), when Brent crude fell 64 cents.
The New York Mercantile Exchange (NYMEX) was shut last Friday, Dec. 24, while the IPE will be closed this Monday and Tuesday, keeping volumes thin.
Despite falling nearly $3 over the last five sessions, oil prices are still up 34 percent since the start of the year as searing oil demand growth coupled with refinery and production limitations stretched the supply chain.
Production outages in the United States, Norway and Nigeria have halted some 500,000 barrels per day (bpd) of output, but the short-term focus is on the weather in the United States, where an unseasonably mild start to winter has dulled heating oil demand.
Despite earlier calls for a chilly Christmas, forecasts late last week showed temperatures would be warmer than usual. Private forecaster Meteorlogix said this week's weather in the heavy consuming U.S. Northeast would be up to 20 F warmer than usual.
"With the revised milder temperatures and the stats we had last week, I'm more inclined to think we'll push lower and test the $40.00 to $40.25 range," said John Brady with ABN AMRO in New York. "The market definitely feels to be on the defensive."
Prices tumbled 3 percent last Wednesday after weekly U.S. government data showed that stockpiles of distillates -- which include winter fuel heating oil and diesel -- had risen, despite a cold snap that should have spurred demand.
In Asia, one of the world's worst earthquakes in a century unleashed a massive tsunami wave killing thousands across South and Southeast Asia, but it did not disrupt oil exports from the region's only OPEC member, Indonesia, officials said.
In Iraq, saboteurs blew up a domestic pipeline linking the northern Kirkuk oilfields to a refinery in Baiji as the kind of attacks that have repeatedly thwarted exports continued.
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U.S. oil prices slid more than half a dollar to below $44 a barrel on Monday as unusually mild winter weather in the United States curtailed demand.
Check out that peak in prices on Nov 2. My gas tank is a political pawn and I don't like it.
Thanks for the post
Let's see .... 42 gallons (barrel) divided into $43.00 per barrel is $1.02 a gallon ... plus $0.32 fed/state taxes here in FL ... plus refining and transportation costs of approx. $0.07 per gallon ... equals a total of $1.41 per gallon in the storage tank at our local gas station. hmmmmmmmmm ... I wonder why 87 octane gas is still $1.95 a gallon here?
You're getting hosed. It's $1.55-$1.59 here in KY.
It's Bush's fault!
A barrel is 42 Imperial gallons, and 55 US gallons.
love the quality of data on the free republic. thanks for the correct numbers.
After doing some research I found this: http://www.newton.dep.anl.gov/askasci/eng99/eng99288.htm.
A barrel is 42 US gallons (35 Imperial gallons) and contains approximately 19.5 gallons of gasoline.
Any reason ?
That was May 2003.
I was talking about how they are saying it has been a mild winter....
I wonder who they are trying to kid....
My parents have had 5 days below zero in Ohio already....
Zero is easy weather. 20 below is when it starts running the heat bill up. Add some wind and the furnace will be going constantly. We had one day of 30 below so far, but Jan and Feb are known as the cold months. So far everything is normal, snow, temperature, wind, everything.
Zero is easy weather.
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