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Wall Street Gang
Guest
Another Gusher for Oil Prices
http://www.businessweek.com/investor/content/apr2008/pi2008049_981467.htm
A surprising decline in U.S. crude inventories
sent gasoline prices above the $112 mark while a
production glitch also bumped natural gas higher
Where is the upper limit for crude oil prices?
Market seers who said oil would be hard-pressed to top $100 per barrel-
and then $110- have been proven wrong on a regular basis.
Soon they may have to start talking about the $120 mark:
On Apr. 9, crude futures for May delivery rallied $3.21 to
reach a new record high of $112.21 in New York trading.
The price pulled back a bit to $111.39 in afternoon trading.
The spark for the latest rally was a surprising draw-down
in crude-oil inventories, when the market had expected stockpiles
to rise. According to the a weekly report from the
Energy Information Administration (EIA),
a unit of the U.S. Energy Dept., crude stockpiles fell by
3.2 million barrels from the previous week. Wall Street had
expected an increase in stockpiles of 2.0 million barrels.
Adding to the misery, gasoline inventories fell by 3.4 million
barrels on the week vs. expectations for a 2.5 million barrel decline.
The news also pushed gasoline to record highs of over $2.82 per gallon.
Rounding out the gloomy supply picture, distillate
(heating oil and jet fuel) stocks were down 3.7 million barrels
vs. expectations for a 1.5 million barrel fall.
Crude imports fell 1.37 million barrels per day (bpd),
while product imports were up 46,000 bpd.
Total product demand was down 0.4% vs. the same period last year,
while refinery usage rose 0.6%, to 83.0%.
Supply Worries Drive Prices Higher
On Apr. 8 the EIA said the high price of oil and the weak economy
are expected to curb summer demand. It predicted average monthly
gas prices would peak around $3.60 per gallon in June, but noted
the possibility that prices could cross $4.
_____________________________________________________
Terrorists anyone?
9/11. Democracy. Victory. WMDs ?
http://www.businessweek.com/investor/content/apr2008/pi2008049_981467.htm
A surprising decline in U.S. crude inventories
sent gasoline prices above the $112 mark while a
production glitch also bumped natural gas higher
Where is the upper limit for crude oil prices?
Market seers who said oil would be hard-pressed to top $100 per barrel-
and then $110- have been proven wrong on a regular basis.
Soon they may have to start talking about the $120 mark:
On Apr. 9, crude futures for May delivery rallied $3.21 to
reach a new record high of $112.21 in New York trading.
The price pulled back a bit to $111.39 in afternoon trading.
The spark for the latest rally was a surprising draw-down
in crude-oil inventories, when the market had expected stockpiles
to rise. According to the a weekly report from the
Energy Information Administration (EIA),
a unit of the U.S. Energy Dept., crude stockpiles fell by
3.2 million barrels from the previous week. Wall Street had
expected an increase in stockpiles of 2.0 million barrels.
Adding to the misery, gasoline inventories fell by 3.4 million
barrels on the week vs. expectations for a 2.5 million barrel decline.
The news also pushed gasoline to record highs of over $2.82 per gallon.
Rounding out the gloomy supply picture, distillate
(heating oil and jet fuel) stocks were down 3.7 million barrels
vs. expectations for a 1.5 million barrel fall.
Crude imports fell 1.37 million barrels per day (bpd),
while product imports were up 46,000 bpd.
Total product demand was down 0.4% vs. the same period last year,
while refinery usage rose 0.6%, to 83.0%.
Supply Worries Drive Prices Higher
On Apr. 8 the EIA said the high price of oil and the weak economy
are expected to curb summer demand. It predicted average monthly
gas prices would peak around $3.60 per gallon in June, but noted
the possibility that prices could cross $4.
_____________________________________________________
Terrorists anyone?
9/11. Democracy. Victory. WMDs ?
