Oil sinks to six-month low amid weak data, slump in gasoline

ca.news.yahoo.com ^ | 08-03-2015 | By By Barani Krishnan

[Red Badger]

NEW YORK (Reuters) - Oil sank to six-month lows on Monday with Brent crude falling below $50 a barrel on sluggish U.S. and Chinese economic data and bets for weaker gasoline consumption in the United States after tearaway demand earlier in the summer.

Evidence of growing global oversupply and a stock market collapse in China, the world's largest energy consumer, have weighed on oil for weeks, leading in July to U.S. crude futures' largest monthly decline since the 2008 financial crisis.

On Monday, the rout deepened as U.S. gasoline fell its most in a day in 10 months.

Supply worries aside, traders pinned the latest losses on sluggish U.S. and Chinese data.

[Attention Surplus Disorder]

Oil is off 30% since June. That’s quite the tumble, fast.

Brutal! It’s those damned speculators again, always driving up the ...oooops.

[DuncanWaring]

Yet the price of gasoline in the four counties of my neighborhood jumped 25 cents per gallon Saturday.

[Fido969]

I’m lovin’ it.

The middlemen are still shafting the consumers.

[nascarnation]

2 bucks a gallon gas is pretty sweet, and I don’t drive that much anymore, LOL.

[mass55th]

Gas here in the Rome/Oneida area of New York State is between $2.72 and $2.82 a gallon.

[nascarnation]

Not sure where you’re located, but in Indiana, gasbuddy.com is amazingly accurate at sending alerts for price jumps 2-3 hours in advance.

You can play it like a commodity trader.

[cherry]

price of fuel keeps inching up, up,up....

[nascarnation]

But you feel better - doing your part for Gov Cuomo and globull warming!

[Red Badger]

Still $2.50+ here.....................

[cherry]

mostly over $3 here in eastern Washington....cheapest I saw in our travel across the country 3 weeks ago was $2.40 south of Nashville.

[mothball]

$2.26 here in Cajun country.

[thackney]

How does that work? GasBuddy.com tracks prices consumers have already seen at the pumps.

[woodbutcher1963]

$2.55 in Southern NH.

Heating oil $2.05 - $2.39 and falling.

I guess last year was a bad year to buy a pellet stove.
Wood pellets are UP this year to about $2.59/ton from $2.39 last year.

[nascarnation]

They must have informants at the retailers.

The price “alerts” they send out via smartphone are uncannily accurate, at least here in Indiana. Typically 2-3 hours advance notice.

[RayChuang88]

The big problem is that with China signing that US$400 billion deal with Russia to import natural gas (and eventually crude oil) from eastern Siberia and the American development of oil and natural gas fields with fracking technology (the newest of which no longer even need water), OPEC is threatened with losing its two largest customers. Given the political instability of the Middle East, Nigeria and Venezuela (the biggest OPEC producers), small wonder why everyone is trying to be less dependent on OPEC in 2015--and that will result in a massive glut of crude oil over the next several decades. And if electric car battery technology really advances over then next 20 years, that glut could become even bigger.

[mass55th]

Andy Pandy can go pound rocks. Fortunately I’m retired, and don’t have to put gas in my tank that often.

[thackney]

Thanks

[thackney]

(the newest of which no longer even need water)

Are you referring to GasFrac with propane?

http://www.gasfrac.com/proven-proprietary-process.html

[nascarnation]

price of fuel keeps inching up, up,up....

We're $1.20 lower / gal than 12 months ago.