Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Oil prices dip below $57 a barrel as gasoline, distillate inventories rise
Earthlink ^ | 4 Jan 07

Posted on 01/04/2007 8:32:05 AM PST by xzins

Oil prices dip below $57 a barrel as gasoline, distillate inventories rise From Associated Press January 04, 2007 11:00 AM EST NEW YORK - Oil prices slid for a second day on Thursday after the government reported that inventories of gasoline, heating oil and diesel fuel rose more than analysts expected during the last week of 2006.

Light, sweet crude for February delivery fell $1.30 to $57.02 a barrel in morning trading on the New York Mercantile Exchange, after dipping as low as $56.86. On Wednesday, the contract plunged $2.73 to $58.32 a barrel, the biggest one-day drop since Aug. 17, 2005.

Brent crude for February delivery fell $1.23 to $56.73 a barrel on the ICE Futures exchange in London.

Last week, U.S. crude inventories declined by 1.3 million barrels to 319.7 million barrels compared with the previous week, according to a report by the Energy Information Administration. Analysts on average had expected crude stocks to rise by 930,000 barrels, according to a survey by Dow Jones Newswires.

However, gasoline inventories in the U.S. swelled by 5.6 million barrels to 209.5 million barrels. Distillate inventories, which includes diesel fuel and heating oil, increased by 2 million barrels to 135.6 million barrels.

Petroleum product stocks have been rising partly due to sluggish winter demand. Distillate stocks were expected to increase by an average of 1.15 million barrels, while gasoline stocks were forecast to rise by an average of 1 million barrels.

Crude and distillate inventories are still at the upper end of the average range for this time of year.

The inventories report comes a day later than usual due to the New Year's holiday.

Heating oil futures fell more than 1 cent to $1.5734 a gallon on the Nymex, while natural gas prices rose 8.3 cents to $6.246 per 1,000 cubic feet.


TOPICS: Extended News; News/Current Events
KEYWORDS: gasoline; oil; price; supply
Navigation: use the links below to view more comments.
first previous 1-2021-4041-56 next last
To: xzins

Second day of substantial down on crude futures. Bulk gasoline is also down some, and lower than in a long time but not by a lot.


21 posted on 01/04/2007 10:28:07 AM PST by RightWhale
[ Post Reply | Private Reply | To 1 | View Replies]

To: CPT Clay
That combined with 50,60, 70% of autos using diesel, nad the Islamo-nazi's can pound sand

Isn't diesel made from oil?

22 posted on 01/04/2007 10:28:34 AM PST by Phantom Lord (Fall on to your knees for the Phantom Lord)
[ Post Reply | Private Reply | To 20 | View Replies]

To: Phantom Lord
clean diesel from clean coal liquefaction
23 posted on 01/04/2007 10:36:10 AM PST by xzins (Retired Army Chaplain and proud of it! Supporting our troops means praying for them to WIN!)
[ Post Reply | Private Reply | To 22 | View Replies]

To: EQAndyBuzz

Worthy of posting three times?


24 posted on 01/04/2007 10:37:21 AM PST by RockinRight (To compare Congress to drunken sailors is an insult to drunken sailors. - Ronald W. Reagan)
[ Post Reply | Private Reply | To 17 | View Replies]

To: Osage Orange
I am not against 'US Big Oil' and their profits. Some of my investments are in oil and I think they too deserve rewards for their huge efforts to provide crude. I am more referring to 'Big Oil' as to offshore LLP's that use OPEC profits for the manipulation of the futures market of price / barrel, gas futures etc. by calculated speculation to keep the prices artificially high,, not to mention, production cutbacks to keep prices up at the pump and at the boiler. I am not against US oil companies. Please forgive for my vagueness.
25 posted on 01/04/2007 10:41:42 AM PST by RSmithOpt (Liberalism: Highway to Hell)
[ Post Reply | Private Reply | To 11 | View Replies]

To: RockinRight

"Worthy of posting three times?"

Acck... my bad.


26 posted on 01/04/2007 10:42:10 AM PST by EQAndyBuzz ("Give me four years to teach the children and the seed I have sown will never be uprooted." Lenin)
[ Post Reply | Private Reply | To 24 | View Replies]

To: EQAndyBuzz
Feb NYMEX crude is 56.54 down 1.78. That is, still descending.
27 posted on 01/04/2007 10:45:22 AM PST by RightWhale
[ Post Reply | Private Reply | To 26 | View Replies]

To: Phantom Lord
Intelligent investment versus greed? I think greed is more of a term in taking more than one actually needs as to inflict 'economic' harm on others.

i.e. Six kids sitting at the dinner table and the last kid doesn't get any mashed potatoes because 3 of the the 6 other kids really loaded their plates up and forgot about the 6th kid being part of the family too.

I think greed involves some intentional type of stealing from others. How about $10 / 10 lb. bag of ice versus one selling $3 / 10 lb. bag of ice ($3/ bag is more than double the average price)after a major storm? That's greed, dude!! The same is done in all sectors of the global economy, oil and gas futures included. Maybe simply, just one of the dark sides of liberty and capitalism, but eventually people learn to make their own ice.

28 posted on 01/04/2007 10:54:37 AM PST by RSmithOpt (Liberalism: Highway to Hell)
[ Post Reply | Private Reply | To 14 | View Replies]

To: RSmithOpt
I think greed is more of a term in taking more than one actually needs as to inflict 'economic' harm on others.

think greed involves some intentional type of stealing from others.

I agree 100% from a definition stand point, but the democrats and other enemys of freedom do not see greed in that light, and none of their discussions or uses of the word greed are used in that manner.

How about $10 / 10 lb. bag of ice versus one selling $3 / 10 lb. bag of ice ($3/ bag is more than double the average price)after a major storm? That's greed, dude!!

Is that really greed? Or is it the going market price for a limited commodity?

How about if I buy 50 generators at $300 a piece and then drive them to a hurricane stricken area and sell them for $1,000 each. Is that greed? Or is that providing a product and service to a set of people who would otherwise go without and are more than happy to trade their money for my product because having that product means more to them and is worth more to them than having the cash in their pocket?

I would say I was meeting a market demand and the reason I did it was my personal greed of wanting to make a profit and provide for my family.

29 posted on 01/04/2007 11:08:38 AM PST by Phantom Lord (Fall on to your knees for the Phantom Lord)
[ Post Reply | Private Reply | To 28 | View Replies]

To: RightWhale
NYMEX crude: $56.27 $-2.05 -3.52% 13:38 PM EST.

Nymex RBOB Gasoline Future: $149.75 $-5.14 -3.32% 13:38 PM EST.

30 posted on 01/04/2007 11:14:00 AM PST by RSmithOpt (Liberalism: Highway to Hell)
[ Post Reply | Private Reply | To 27 | View Replies]

To: RSmithOpt
I'm with you about putting OPEC out of business and we have more than enough coal here in the US, not to mention hydrogen fuel cells with be affordable in autos in the next 7 years.

If Dubya really wanted a legacy, why not promote a "Manhattan Project" for US energy independence? Put everything on the table: nuclear, wind, solar, coal, biofuel, ethanol, conservation, etc.

How much would it cost? Don't know, but not as much as what we're spending in Iraq, and the dividends would be realized more quickly.

Announce that in the SOTU address, and oil prices start dropping the next day.

31 posted on 01/04/2007 11:20:17 AM PST by Night Hides Not
[ Post Reply | Private Reply | To 3 | View Replies]

To: Phantom Lord
Of course as always in the business environment, definitions are many and charts and graphs can say anything. I've seen too many examples of data manipulation to deceive others to present a rosier picture here at work. Some really get P'O'd at me at work when I bring out questions of 'small little omissions of variables' (details) not included in their beautifully prepared presentations, not to mention when they, sometimes obviously, used the incorrect method of analysis.

Your example of the generators is good and well noted.

In your example, would you give away a generator away to a large needy family on your way out of the area if you had already sold 49 of the 50? I would.

Your example is not like the energy market / US economy situation in that the affected area is not the nation and 2-4 weeks to get power back up is not devestating. Oil and energy prices affect the cost of living of all Americans, especially food production, processing and delivery which hit the lower middle class families very hard.

32 posted on 01/04/2007 11:27:44 AM PST by RSmithOpt (Liberalism: Highway to Hell)
[ Post Reply | Private Reply | To 29 | View Replies]

To: Night Hides Not
If Dubya really wanted a legacy, why not promote a "Manhattan Project" for US energy independence? Put everything on the table: nuclear, wind, solar, coal, biofuel, ethanol, conservation, etc.

Bush, unlike his predacessor, isn't interested in a legacy.

But your idea is a good one (I'm in the nuclear power industry and formerly was in fuel cell research).

As weak as it is, Bush has done more for energy independence than any other president in history. Its not much, but its more than any previous POTUS.

33 posted on 01/04/2007 11:28:31 AM PST by kidd
[ Post Reply | Private Reply | To 31 | View Replies]

To: All

And yet, the gas stations are slow to react on lowering the price per gallon. Yet, when oil shoots up, they raise it immediately.


34 posted on 01/04/2007 11:30:27 AM PST by excalibur1701
[ Post Reply | Private Reply | To 33 | View Replies]

To: Night Hides Not
"Announce that in the SOTU address, and oil prices start dropping the next day."

If nothing else, a dad-gum good bluff after the flop (Texas Hold'em).

I think we're screwed actually....Corporate America and Big Oil and a few others would have W shot the next day unless Congress got 90% behind the idea before the SOTU address.

I really like your idea on that though, regardless.

35 posted on 01/04/2007 11:37:08 AM PST by RSmithOpt (Liberalism: Highway to Hell)
[ Post Reply | Private Reply | To 31 | View Replies]

To: kidd

I'm all for a nuclear plant in every city. For air quality, they can't be beat.


36 posted on 01/04/2007 11:37:48 AM PST by Night Hides Not
[ Post Reply | Private Reply | To 33 | View Replies]

To: excalibur1701
And yet, the gas stations are slow to react on lowering the price per gallon. Yet, when oil shoots up, they raise it immediately.

Not always the case. I have seen the price of oil plummet and a day or two later the price at the pump falls, then the next day it does again, and I have even see it fall twice in the same day.

But more importantly, the raising of the price for gas already in their tanks is legitimate as their replacement cost is going to be that much higher and thus they need that extra money on hand to pay for it.

Its not different than the grocery store is charging $2lb for chuck steak and a shock to the supply occurs and the next order in is going to cost $3.50 a pound so they raise the price on the instore beef to $3.75.

37 posted on 01/04/2007 11:50:00 AM PST by Phantom Lord (Fall on to your knees for the Phantom Lord)
[ Post Reply | Private Reply | To 34 | View Replies]

To: All
Oil just dipped below $56!

$55.91!

Damn, just went to $55.75!


Ok, how long before it is claimed that just the fact that democrats have taken control of congress that oil is dropping because big oil is in fear of them?

I wouldn't be surprised if someone already said it.

38 posted on 01/04/2007 11:55:32 AM PST by Phantom Lord (Fall on to your knees for the Phantom Lord)
[ Post Reply | Private Reply | To 37 | View Replies]

To: Night Hides Not
I'm all for a nuclear plant in every city. For air quality, they can't be beat.

No greenhouse gases.

39 posted on 01/04/2007 11:57:34 AM PST by Dane ("Mr. Gorbachev, tear down this wall" Ronald Reagan, 1987)
[ Post Reply | Private Reply | To 36 | View Replies]

To: Phantom Lord
Ok, how long before it is claimed that just the fact that democrats have taken control of congress that oil is dropping because big oil is in fear of them?

I wouldn't be surprised if someone already said it

Or it is soros trying to give nancy a boost.

40 posted on 01/04/2007 12:00:15 PM PST by Dane ("Mr. Gorbachev, tear down this wall" Ronald Reagan, 1987)
[ Post Reply | Private Reply | To 38 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-4041-56 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson