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Oil rises on falling gasoline supply (Crude inventory down 1.3 million barrels. Thank a Democrat)
CNN ^
| 7/30/2008
| Kenneth Musante
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 ...
TOPICS: Extended News; News/Current Events; Politics/Elections
KEYWORDS: congress; democratcongress; democrats; drillheredrillnow; drilling; energy; energyprices; gasprices; oil; thankademocrat
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1
posted on
07/30/2008 8:30:57 AM PDT
by
tobyhill
To: tobyhill
Consumption is way down and now we find out the supply is also shrinking. How did the danged speculators accomplish that?
2
posted on
07/30/2008 8:32:33 AM PDT
by
DManA
To: tobyhill
Aren't refineries switching to produce heating oil now?
3
posted on
07/30/2008 8:33:27 AM PDT
by
WakeUpAndVote
(Obama is making me vote for McCain)
To: tobyhill
As long as oil is the only player in the fuel game, the sky’s the limit.
4
posted on
07/30/2008 8:33:40 AM PDT
by
mysterio
To: tobyhill
Oil prices rebounded from their lows Like that's a good thing? CNN quite happy to report oil going up...again!
5
posted on
07/30/2008 8:35:28 AM PDT
by
Road Warrior ‘04
(Kill 'em til they're dead, then kill 'em again!)
To: tobyhill; All
6
posted on
07/30/2008 8:36:07 AM PDT
by
backhoe
(Just an old keyboard cowboy, ridin' the Trakball in to the Sunset...)
To: DManA
You just nailed the problem, we can't just reduce our consumption out of the problem without creating overall economic problems, we need increased supplies.
7
posted on
07/30/2008 8:36:37 AM PDT
by
tobyhill
(fraud -noun;(1)deceit, trickery, sharp practice, or breach of confidence, (2) Obama)
To: Bushbacker1
"CNN quite happy to report oil going up...again!"Of course they are:
the limousine liberals hate it when the rest of us clog the roads with our plebeian machines...
8
posted on
07/30/2008 8:37:27 AM PDT
by
Redbob
("WWJBD" ="What Would Jack Bauer Do?")
To: DManA
Consumption is NOT way down. It has only gone down about 2% since the first of the year. Speculators are barely 20% of the market and have minimal effect on the trend.
It’s all about refinery capacity and demand. Demand is still very high and expected to increase by the end of this year.
9
posted on
07/30/2008 8:38:58 AM PDT
by
PSYCHO-FREEP
(Juan McCain....The lesser of Three Liberals.")
To: tobyhill
makes sense right? consumers not using as much so the refineries don’t produce as much. afterall gasoline does have a shelf life right? so actually no matter if we conserve or not they will get us since its all excuses anyways....
To: tobyhill
"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. Huh?
11
posted on
07/30/2008 8:41:40 AM PDT
by
houeto
("Drill Here! Drill Now!")
To: houeto
This clown makes no sense and CNN threw it out there to try and mitigate the damage the no-drill Rats will face when prices go way back up.
Crude down 1.3 million barrels is what is causing crude prices to go up.
There was 1300 articles this morning before the inventory report about how reduced consumption has led to lower prices but then the MSM got nailed with this little weekly report.
12
posted on
07/30/2008 8:47:36 AM PDT
by
tobyhill
(fraud -noun;(1)deceit, trickery, sharp practice, or breach of confidence, (2) Obama)
To: PSYCHO-FREEP
Something doesn't add up. Miles driven are down, consumption is up?
With high gas prices taking a big bite out of family budgets, Americans drove almost 10 billion fewer miles in May 2008 than in May 2007,
http://abcnews.go.com/Business/BusinessTravel/story?id=5465036&page=1
13
posted on
07/30/2008 8:47:49 AM PDT
by
DManA
To: tobyhill
I think that the government should not publish any accurate forecast about the oil and gas supply. In fact they should use the same tactics as the crazy oil speculators are using and just speculate. Of course they need to speculate in a positive way i.e. say that supply is abundant.
14
posted on
07/30/2008 8:50:55 AM PDT
by
jveritas
(God Bless President Bush and our brave troops)
To: tobyhill
This is a corrupt and artificial “drop” in inventory, as they recently took a major refinery offline for “maitenance”. This is not about more oil being consumed. This is about less supply being processed.
15
posted on
07/30/2008 8:51:41 AM PDT
by
DGHoodini
(Nor shall my sword sleep in my hand)
To: tobyhill
We are setting on the worlds largest untapped oil supply. If the demorats had any idea that they could be dipping into the profits of several trillion barrels of oil and no one would really notice. The demorats have blinders on supplied by the rich “elite” hollywood radicals. Several states have a severance tax that pays the state enough so the people don’t have to pay state taxes.
16
posted on
07/30/2008 8:52:31 AM PDT
by
mountainlion
(concerned conservative.)
To: DGHoodini
How do you account for the 1.3 million barrel drop in crude inventory?
17
posted on
07/30/2008 8:54:46 AM PDT
by
tobyhill
(fraud -noun;(1)deceit, trickery, sharp practice, or breach of confidence, (2) Obama)
To: jveritas
Milton Freedman said he’d prohibit the Federal Government from collecting ANY economic data. They just use it to justify the mischief they cause.
18
posted on
07/30/2008 8:58:31 AM PDT
by
DManA
To: PSYCHO-FREEP
19
posted on
07/30/2008 9:04:24 AM PDT
by
Red in Blue PA
(Truth : Liberals :: Kryptonite : Superman)
To: tobyhill
Chicago just bought NYMEX. This is actual news. Might be that corn just bought petroleum or grain bought butter. Game over: biofuels won.
20
posted on
07/30/2008 9:15:27 AM PDT
by
RightWhale
(I will veto each and every beer)
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