Posted on 07/30/2008 8:30:56 AM PDT by tobyhill
NEW YORK (CNNMoney.com) -- Oil prices rebounded from their lows Wednesday after a surprise decline in the nation's gasoline stockpile countered investor sentiment that U.S. demand was falling.
Light, sweet crude for September delivery was up $1.11 to $123.30 a barrel in electronic trading. It had traded as low as $120.97 earlier in the day.
A report from the Energy Department showed a 3.5 million barrel decrease in gasoline supplies, and a decline of 100,000 barrels of crude oil.
"That gasoline data was a positive surprise....that is taking crude up," wrote Tom Orr, head of research at Weeden & Co. in an e-mail.
Analysts polled by energy research firm Platts had expected to see a 400,000 barrel increase in gasoline supplies, and a decline of 1.3 million barrels of crude oil.
(Excerpt) Read more at money.cnn.com ...
Reduceded shipments. Closed shipping lane do to the spill
had the delivery of crude cut off for several days..there are a couple of other factors, that are escaping my mind at this point...
Ummm... a created decrease in supply. Consumers have cut back - and so have the refineries. Shipping 1.6million barrels of gasoline out of the US probably doesn't help either.
Refinery capacity that was last reported they are running 87% of capacity (down from 93-97% just a year ago).
See tagline.
Let us not forget, that 1.3 million barrels is less than what we consume in 1 day.
Carbon Dioxide is not a pollutant.
Roughly one hour.
The ONLY place Democrats intend to allow drilling is your WALLET.
THIS is the issue that can put John McCain in the White House, if his people have the brains to use it.
As Democrats once told us, “It’s the ECONOMY, STUPID!”
“Shipping 1.6million barrels of gasoline out of the US probably doesn’t help either.”
Don’t Puerto Rico, Guam, Saipan, Micronesia and Samoa deserve gas, too?
That 1.6 number is BS, too...
In May we only exported 580,000 barrels, HALF of that number.
http://tonto.eia.doe.gov/dnav/pet/pet_sum_crdsnd_adc_mbbl_m.htm
And I bet it doesn't take them as long to increase the price as it does to reduce it.
I'm tired of this game.
Crude was down 100,000 barrels. The “experts” expected crude to be down 1.3 million barrels.
How long does it take to do that?
Exports Exports by Destination
http://tonto.eia.doe.gov/dnav/pet/pet_move_expc_a_EPM0F_EEX_mbblpd_m.htm
What happens if China is successful at getting 90% of their cars parked for the Olympics? That should affect demand shouldn’t it?
That would be daily exports
That is so true. We should've never let ourselves become dependent on our enemies for our needs no matter how cheap they were selling the stuff.
No it is not, check the link I included above.
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