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Crude-oil prices fall as supplies rise
Business Week ^

Posted on 05/10/2006 8:51:30 AM PDT by LexHoskin

MAY. 10 10:59 A.M. ET Crude futures fell Wednesday after U.S. government data showed an increase in oil and gasoline supplies and higher refinery output.

Prices continued to be supported, however, by concerns about the outlook for Iran's oil exports amid the country's diplomatic confrontation with the West over its nuclear program. With global demand strong and the supply cushion thin, traders also remain worried about output losses in Nigeria, Iraq and the Gulf of Mexico.

Light, sweet crude for June delivery fell 64 cents to $70.05 a barrel on the New York Mercantile Exchange, where gasoline futures fell 1.66 cents to $2.03 a gallon.

(Excerpt) Read more at businessweek.com ...


TOPICS: Breaking News; Business/Economy
KEYWORDS: gasoline; oil
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1 posted on 05/10/2006 8:51:32 AM PDT by LexHoskin
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To: LexHoskin

Iran gonna send out another letter.


2 posted on 05/10/2006 8:52:50 AM PDT by Semper Paratus
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To: Semper Paratus

Bush's fault!


3 posted on 05/10/2006 8:53:07 AM PDT by Perdogg (entia non sunt multiplicanda praeter necessitatem)
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To: LexHoskin

Some good news. Oil prices have been under pressure for the last few weeks. The summer driving season is not showing the sort of demand expected.

The price bias now appears down.


4 posted on 05/10/2006 8:53:51 AM PDT by Owen
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To: LexHoskin

When were we going to start drawing from the Strategic Petroleum Reserve?


5 posted on 05/10/2006 8:55:10 AM PDT by dhs12345
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To: LexHoskin

Yawn.


6 posted on 05/10/2006 8:55:11 AM PDT by Realism (Some believe that the facts-of-life are open to debate.....)
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To: LexHoskin

How long until someone accuses 'big oil' of manipulating the market as proved by the fact they didn't predict with 100% accuracy the future supply.


7 posted on 05/10/2006 8:56:04 AM PDT by mnehring (http://abaraxas.blogspot.com/)
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To: Owen
When was the ethanol/MTBE switchover supposed to happen?

Supposedly, one of the reasons why gas prices are so high -- demand for the new formula and ethanol. This was supposed to correct itself this month.
8 posted on 05/10/2006 8:57:49 AM PDT by dhs12345
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To: mnehrling
How long until someone accuses 'big oil' of manipulating the market as proved by the fact they didn't predict with 100% accuracy the future supply.

Too many people drive too many automobiles

9 posted on 05/10/2006 8:58:41 AM PDT by CROSSHIGHWAYMAN (I'm a proud GRINGO......is Bill Clinton still the president?...Seems that way!)
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To: LexHoskin

Prices continue to go up here in WA state. On the lefty KING 5 TV channel this a.m., they had some poll that said 61% of Americans believed something "illegal" or "wrong" was being done to cause prices to go higher. Only 28% believed it supply and demand. So, the liberal/lefty leaning press' message about big oil is getting through to most.


10 posted on 05/10/2006 9:00:27 AM PDT by RetiredArmy (Politicians and the U.S. Government are liars, cheats and thieves, in it for their own gain.)
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To: LexHoskin

If the supplies rise, it should just increase the profits for the gouging oil companies, not lower prices. Sarc


11 posted on 05/10/2006 9:01:01 AM PDT by jazusamo (-- Married a WAC in '65 and I'm still reenlisting. :-)
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To: RetiredArmy

There are some reports that the futures traders have managed to get a fear premium of $10-$15 on every barrel of oil sold.

Thats about 40 cents a gallon at the pump.


12 posted on 05/10/2006 9:04:23 AM PDT by Wristpin ("The Yankees announce plan to buy every player in Baseball....")
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To: jazusamo
The oil companies want all the oil for themselves!

(double sarc)
13 posted on 05/10/2006 9:05:01 AM PDT by headstamp (Nothing lasts forever, Unless it does.)
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To: Wristpin

The TV report also said that they believed the national average by summer will be around $3.75 per gallon.


14 posted on 05/10/2006 9:05:47 AM PDT by RetiredArmy (Politicians and the U.S. Government are liars, cheats and thieves, in it for their own gain.)
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To: LexHoskin

Price hike is $75 oil combined with STUPID ethanol changeover which NOBODY seems to comprehend, much less understand.

The changover is closer and in more areas complete, and the $75 oil (part of which were futures people betting on the ethanol clogup) are selling out proportionately.

Of course none of it matters to the goobers in DC who are putting on these pathetic shows of how they 'feel our pain' and are mad as well and aren't going to take it anymore... Nevermind about doing anything, or taking any responsabilty... just need to put on a big show (of course thats a hellovalot easier if you adopt what the MSM is craving for you to say) which is exactly what happened here. Again...

Every damn year there is the horror stories about gas prices, and EVERY year people continue to act surprised at it.. its /boggling



15 posted on 05/10/2006 9:09:46 AM PDT by FreedomNeocon (Better to take what they can throw at us now,rather than take what they promise to throw at us later)
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To: LexHoskin
Crude-oil prices fall as supplies rise

Therefore, I expect prices at the pump to go up by 30%.


16 posted on 05/10/2006 9:12:12 AM PDT by SkyPilot
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To: dhs12345

Why should we? We aren't seeing any shortages and that is for emergencies.


17 posted on 05/10/2006 9:14:08 AM PDT by mlc9852
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To: LexHoskin

I'm not sure what's going on with the give in take in gas right now because gas is up 3 cents even though the inventory is almost twice as high as predicted?


18 posted on 05/10/2006 9:16:15 AM PDT by tobyhill (The War on Terrorism is not for the weak.)
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To: LexHoskin

And I dearly wanted that nifty tote bag chock full of $$$$...


19 posted on 05/10/2006 9:16:16 AM PDT by Mrs. Darla Ruth Schwerin
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To: mlc9852

Agreed. However, Bush was supposed to have started drawing from the SPR to reduce the "oil shortage."

Maybe it was just a proposal. However if it did happen, it might partly be the reason for the drop in oil prices.


20 posted on 05/10/2006 9:23:14 AM PDT by dhs12345
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