Posted on 11/13/2007 10:56:53 AM PST by rightinthemiddle
Crude Prices Fall After IEA Cuts Demand Forecast and Says Supplies Are Growing
NEW YORK (AP) -- Oil futures fell sharply Tuesday after the International Energy Agency cut its demand forecasts for the fourth quarter and next year and said crude supplies are growing.
Gas prices, meanwhile, rose further above $3 a gallon amid predictions prices will rise even more to catch up with oil's recent advance to near $100 a barrel. The national average price of a gallon of gas rose 0.4 cent overnight to $3.105, according to AAA and the Oil Price Information Service. Oil futures have jumped 42 percent since late August.
ADVERTISEMENT Light, sweet crude for December delivery fell $3.67 to $90.95 a barrel on the New York Mercantile Exchange.
On Monday, Energy Information Administration Administrator Guy Caruso predicted gas prices will rise another 20 cents a gallon by December to catch up with oil, according to Dow Jones Newswires.
But those high prices appear to be cutting demand, the IEA said Tuesday. The IEA, an energy policy adviser to 26 predominantly Western industrialized nations, cut its fourth-quarter oil demand forecasts by 500,000 barrels a day, and cut its demand forecasts for 2008 by 300,000 barrels a day. Year-over-year demand growth will now average 1.2 percent in 2007 and 2.3 percent in 2008, the IEA said.
At the same time, global oil supplies grew by 1.4 million barrels a day in October due to increases in OPEC supplies and production in China, Azerbaijan and Russia, the IEA said. The Organization of Petroleum Exporting Countries boosted output by 410,000 barrels a day in October, the IEA said.
(Excerpt) Read more at biz.yahoo.com ...
That would be you.
business/economy ping
This oil bubble is an actual bubble which is ready to burst—presumably right before the Nov. elections.
I think when people started to talk about $300 oil it was the sign of a top.
I hope when it bursts it splatters Chavez and Putin good and proper.
I'll take some credit for that also.
We got an additional $4.00 discount on Russian diesel (D-2) this morning on a spot contract. Discount is now up to $16.00/MT.
More like Guil--the mayor, Thompson, Romney, Paul, whomever...
Credit Crunch May Last Longer Than Thought
Posted by rightinthemiddle to Hydroshock
On News/Activism 11/08/2007 11:42:12 AM CST · 17 of 67
This is being reported by CNBC...most of the negative stories I’ve seen are from the AP, NBC, Barron’s (Bearons, etc.
The MSM has been attempting to “talk” this economy into recessions since Bush took office. Every article has been “spun” into the negative.
Yes, oil is high. But why? The price has increase much more than the increase in demand.
There’s a credit crunch...in housing. I have a regional bank as a client. We are aggressively seeking business loans, home equity loans and mortgages.
The bubble may be bad in California, but they made their own problems. In Missouri, it’s not so bad.
Many of the “doom and gloomers” here on FR sound like a bunch of whining liberals.
Short gold and oil. Buy the dollar.
Flame on!
Good for you...too much doom and gloom the other day.
The ragheads said yesterday that there would be a drop when the options contracts expire today. Looks like they were right. Now if oil can just plummed to fifteen bucks a barrel...
Imagine.
Imagine what we do to OPEC if some of us went back to horses!!
Posted by SaxxonWoods to yorkie
On News/Activism 11/06/2007 11:59:08 PM MST · 8 of 118
The price of oil has risen far above the price that is commensurate with current demand. The oil bubble will burst, just a question of when.
Joining the party...hi everybody!
I gotta be honest with you . . . I “called the top” last year when oil was at about $80/barrel. I made that call because I saw plenty of signs of abject idiocy among consumers — like a co-worker who was going to spend an extra $10,000 on a hybrid sedan just so he could save several hundred dollars a year in fuel costs (I talked him out of it by pointing out that he’d have to own the car for more than 15-20 years in order for that purchase to make any sense at all).
Posted by SaxxonWoods to bruinbirdman
Two more bubble bursts (gold,Euro) predicted here:
On News/Activism 11/01/2007 4:17:04 PM MDT · 2 of 5
I think central banks are catching enough flack without deciding what is bubbling and how to prick it.
Three current bubbles: Oil, gold, Euro.
Central banks, hands off.
I think we are in a period of irrational non-exuberance
Agreed! It's a bargain right now. Ready to reverse.
Kudos.
‘Good for you...too much doom and gloom the other day.’
We see those types all over the internet. I’ve concluded that doom and gloom hover primarily outside mommies basement window......
Is this guy a moron, or what? He seems to be ignorant of the law of supply and demand. gasoline prices do not automatically follow oil prices. In low demand season, now, prices fall because people are not traveling on vacation. Since people do not have to go anywhere special except back and forth to work for the most part, they will find it easy enough to cut back on gasoline if prices continue to climb. The holidays, when shopping and gasoline usage increase will be mitigated by the increasing usage of the web to shop. I haven't done any holiday shopping in a mall in at least 5 years and would never do so again unless necessary. Tis the heating season and those are the prices that will be most affected by crude prices at this time.
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