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Thread: Oil prices edging up again...

  1. #1
    Vulture of The Western World Eric's Avatar
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    Oil prices edging up again...

    From the AP:

    NEW YORK (Feb. 22) - Oil prices surpassed $61 a barrel Thursday for the first time this year after the U.S. government reported surprisingly large drops in gasoline and heating oil inventories.

    Escalating tensions between Western powers and Iran over the nation's nuclear program also boosted prices.

    Light, sweet crude for April delivery rose $1.15 to $61.22 a barrel in early afternoon trading on the New York Mercantile Exchange - the first time crude has breached that level since Dec. 29. Traders pushed up prices more than 2 percent a day earlier to settle above $60 a barrel for the first time this year.

    U.S. crude inventories climbed by 3.7 million barrels to 327.6 million barrels in the week ending Feb. 16, the Energy Information Administration said Thursday. But gasoline inventories fell by 3.1 million barrels to 222.1 million barrels, and distillates, which include heating oil and diesel, fell by 5.0 million barrels to 128.3 million barrels. Analysts were expecting, on average, a modest rise in crude oil and gasoline inventories and a smaller drop in distillates.

    Most of the drop in distillates was due to diminishing heating oil supplies, following several weeks of below-normal temperatures in the Northeast and Midwest regions of the United States. Distillate fuel demand was nearly 10 percent higher over the past four weeks than it was at the same point last year, the EIA said.

    Still, crude, gasoline and heating oil supplies remain at or above the average range for this time of year.

    Also Thursday, the International Atomic Energy Agency, the U.N. nuclear watchdog, said Iran is still enriching uranium. The country's refusal to halt its nuclear program could trigger harsh U.N. sanctions.

    The agency's conclusion was widely expected, but nevertheless kept jitters alive in the energy markets about the possibility of halted supplies; not only is Iran the second-largest exporter in the Organization of Petroleum Exporting Countries, it is also located along the Strait of Hormuz, a channel that sees about 90 percent of global oil exports flow through it, the Energy Department says.

    "It's little difficult to determine right now if we're on a path towards war or resolution at this point," Fimat USA analyst John Kilduff said, noting that Iranian officials have "gone back and forth" on whether they would use oil supplies as a negotiating tool.

  2. #2
    mrblanche
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    Re: Oil prices edging up again...

    You would not believe all the drilling activity going on in our area, where they never drilled before. The joke used to be that "Dallas" was shot in an area actually without wells. That may not be true much longer.

  3. #3
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    Re: Oil prices edging up again...

    I am not surprised that oil prices are edging up again. In my past posts, I have said that if oil crashes, it won't crash below, say $35.00 per barrel.

    That is clearly not going to be the case. The economy is stll too "strong" for this to occur. I don't believe for a minute that the economy is "strong" we have $900 billion trade annual trade deficits, but people are still obviously consuming energy...

    A friend of mine and I made a bet on the price of oil. He seemed to think it was going ot drop to 40 bucks. Bull. $60 is the new twenty, folks. It sucks. It rots, and its happening. Right here in Amerika. All I can say is enjoy the $2.25 gas prices while they last. Floor the accelerator. Pedal to the metal. The Demonrats will make sure that it won't last.

  4. #4
    Vulture of The Western World Eric's Avatar
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    Re: Oil prices edging up again...

    Quote Originally Posted by mrblanche
    You would not believe all the drilling activity going on in our area, where they never drilled before. The joke used to be that "Dallas" was shot in an area actually without wells. That may not be true much longer.
    When I was in Santa Barbara the other week, I saw several large off-shore rigs and was told they're very active... also lots of smaller rigs all along the backcountry.... maybe we do have some oil left!

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