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World oil prices near 4-month low
INQ7Money ^ | 11/12/05

Posted on 11/11/2005 1:51:43 PM PST by LdSentinal

LONDON -- World oil prices fell further on Friday, with New York's main contract plunging to the lowest point in almost four months, owing to mild temperatures in the United States, where crude inventories are recovering also after recent hurricanes.

New York's main contract, light sweet crude for delivery in December, fell 40 cents to 57.40 dollars per barrel in pit deals. Earlier on Friday it had hit 56.93 dollars, its lowest point since July 21.

In London, the price of Brent North Sea crude for December delivery shed 81 cents to 54.87 dollars per barrel in electronic dealing.

"Warm weather has recently been the key depressing factor for oil though we note that in the main US northeast heating oil region, forecasts are for significantly colder weather to arrive late next week," Barclays Capital analyst Kevin Norrish said.

"We continue to view the market as getting a little complacent about product availability and the arrival of colder weather could be the catalyst required to end the recent downtrend," he added.

Prices were being weighed down also by rising crude stockpiles in the United States, the world's biggest consumer of energy.

The US Department of Energy had said on Wednesday that crude inventories rose for the fifth week, by 4.5 million barrels to 323.6 million in the seven days ending November 4.

The International Energy Agency followed up the data by shaving its forecast for oil demand growth in 2005 and 2006.

The Paris-based agency on Thursday revised down its forecast for growth of global oil demand this year by 70,000 barrels per day to 1.20 million barrels per day and for next year by 90,000 barrels per day to 1.66 million barrels.

Crude futures in New York have fallen by about 19 percent since reaching a record high of 70.85 dollars on August 30, a day after Hurricane Katrina hit major oil installations in the Gulf of Mexico and onshore refineries.

Manoucheht Takin of the Center for Global Energy Studies said the sharp falls indicated that high prices are beginning to erode demand. "This is the third year prices are high, and since the end of 2003 people have been anticipating that consumers would buy less. I think we are beginning to see a decline in demand in response to high prices," he said


TOPICS: News/Current Events
KEYWORDS: bushsfault; crude; deeplysaddened; democrats; futures; oil; prices; quagmire
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1 posted on 11/11/2005 1:51:44 PM PST by LdSentinal
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To: LdSentinal
I think we are beginning to see a decline in demand in response to high prices," he said

I think the market is working.

2 posted on 11/11/2005 1:58:29 PM PST by RockinRight (It’s likely for a Conservative to be a Republican, but not always the other way around)
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To: RockinRight

If oil prices are going down, they why were they raised from 2.15 a gallon to 2.30 a gallon here in central Indiana? More price gouging............


3 posted on 11/11/2005 2:00:54 PM PST by pctech
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To: RockinRight

It always does given the opportunity.


4 posted on 11/11/2005 2:01:04 PM PST by traderrob6
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To: pctech
If oil prices are going down, they why were they raised from 2.15 a gallon to 2.30 a gallon here in central Indiana? More price gouging......

Because so much refining capacity is off line and the emergency shipments of fuel to US from Europe will stop shortly with the unloading of the last tanker.

Expect gas prices to hike up again

Thanks dims and environazis.

5 posted on 11/11/2005 2:03:56 PM PST by spokeshave (A return to unified Democratic government is so unlikely as not to be worth considering)
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To: LdSentinal
[World oil prices fell further on Friday, with New York's main contract plunging to the lowest point in almost four months, owing to mild temperatures in the United States...]



Okay, follow me on this.

George Bush gets a call from his oil buddies.

They say "the heat is on us in the Senate because we're making such obscene profits from the price of gasoline being so high."

Bush is told to do something to give Big Oil cover to "temporarily" lower its prices so Americans can forget about how Big Oil is screwing them.

Bush calls Karl Rove who promises to take care of it.

Rove flies down to his secret cave in Antarctica in an SR-71 and fires up the weather machine giving us a temporary warm spell here in the U.S. for a few days.

The world oil markets see all the evidence for global warming and "Voila!" the price of oil falls.

Americans go back to watching "Survivor" and forget all about the price of oil for awhile, paving the way for Big Oil to jack up the price of gasoline again in the middle of winter so they can make more obscene profits.

When will we wake up?
6 posted on 11/11/2005 2:05:54 PM PST by spinestein (Screw the Golden Rule. Follow the Brazen Rule.)
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To: LdSentinal

Wife saw gas at $1.91 a gallon on the way to work today- it's certainly welcome.


7 posted on 11/11/2005 2:07:01 PM PST by backhoe (Reporting from Beautiful Brunswick, Georgia)
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To: pctech

Strange stuff here in OH too. Prices have been dropping slowly but surely, down to an average of about 2.16, then just a few days ago we were delighted to see 2.03 at a couple of places, then the very next day those places went back up to 2.25.


8 posted on 11/11/2005 2:11:36 PM PST by agrace (Where were you when I founded the earth? Tell me if you know so much. Job 38:4)
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To: pctech

"If oil prices are going down, they why were they raised from 2.15 a gallon to 2.30 a gallon here in central Indiana? More price gouging............"
must be
it did the exact opposite here this week
from 2.30 to 2.15 in NH
maybe they switch off or something ;)


9 posted on 11/11/2005 2:12:36 PM PST by DM1
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To: LdSentinal
Image hosted by Photobucket.com of course... the summer vacation/driving season is over in INDIA and CHINA and we all know that's what caused the price spike right???
10 posted on 11/11/2005 2:39:45 PM PST by Chode (American Hedonist ©®)
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To: pctech

I think it's strange that gas is $2.25gal when the price per barrel is around $58.

It has to go back up. Sorry.


11 posted on 11/11/2005 2:58:26 PM PST by VeniVidiVici (What? Me worry?)
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To: pctech
Price gouging, aka, setting a price that the market will bear.

Gas was as high as $3.20 around here, now down to $2.75. DAMN GAS TAX!

12 posted on 11/11/2005 3:02:14 PM PST by Clemenza (In League with the Freemasons, The Bilderbergers, and the Learned Elders of Zion)
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To: agrace
maybe the state is raising your gas tax,
Here in NC the cheapest I have found is $2.39 for reg. We have the one of the top 3 gas tax rates in the country. Our Gov Easley (it's so easley to raise taxes) has no plans on lowering the rate any time soon
13 posted on 11/11/2005 3:06:42 PM PST by Gone_Postal (government big enough to give you everything you want is a government big enough to take it away)
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To: LdSentinal

Hey, where are all the Peak Oilers (or were they commodity traders pretending to be Peak Oilers to foment emotional futures buying) and those forecasting $100 / BBL? Where, I ask ... where?


14 posted on 11/11/2005 5:02:41 PM PST by GOP_1900AD (Stomping on "PC," destroying the Left, and smoking out faux "conservatives" - Take Back The GOP!)
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To: spokeshave; pctech

I bought gas in Frederick, MD on 11/09 for 2.16 a gallon. It has come down to around 2.36 per gallon in Silver Spring, MD. I'm sorry to hear its about to go back up.


15 posted on 11/11/2005 5:18:07 PM PST by Tolerance Sucks Rocks (Freedom of speech makes it easier to spot the idiots! --kellynla)
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To: spinestein
Rove flies down to his secret cave in Antarctica in an SR-71 and fires up the weather machine giving us a temporary warm spell here in the U.S. for a few days.

You might want to add a copper lining to that tinfoil hat.

16 posted on 11/11/2005 5:19:59 PM PST by Harmless Teddy Bear (Not all problems can be solved with a sledge hammer. Sometimes nitroglycerin is required. Or a Nuke)
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To: spinestein

The MARKET dictates supply, demand and prices.

Please tell us you don't really believe your post.


17 posted on 11/11/2005 5:21:10 PM PST by Dont_Tread_On_Me_888 (Bush's #1 priority Africa. #2 priority appease Fox and Mexico . . . USA priority #64.)
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To: LdSentinal

Pity the oil companies. Some may not survive this catastrophic market crash.


18 posted on 11/11/2005 5:22:15 PM PST by RightWhale (Repeal the law of the excluded middle)
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To: Harmless Teddy Bear
Roger that.

There are many members here who post intelligently based on facts and a knowledge of the subject matter.

Then, there are other members who . . .

Fill in your own narrative.

19 posted on 11/11/2005 5:24:58 PM PST by Dont_Tread_On_Me_888 (Bush's #1 priority Africa. #2 priority appease Fox and Mexico . . . USA priority #64.)
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To: LdSentinal

Just wait, BP has threatened to cut production if Washington state doesn't allow them to run more, larger tankers in the Puget Sound. Gasoline for eight western states is produced in WA.


20 posted on 11/11/2005 9:00:26 PM PST by Eva
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