crude hits $111.87

crude hits $111.87

This is a discussion on crude hits $111.87 within the Off Topic & Humor Discussion forums, part of the The Back Porch category; Crude futures hit record high of $111.87 a barrel after inventory surprise as it is its $4/gal for me now. just keeping the public informed ...

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Thread: crude hits $111.87

  1. #1
    Member Array uakaos's Avatar
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    crude hits $111.87

    Crude futures hit record high of $111.87 a barrel after inventory surprise

    as it is its $4/gal for me now.
    just keeping the public informed on the situation

    Similarly, gains were seen in petroleum-products futures trading on the New York Mercantile Exchange.
    The nation's stockpiles of crude fell to 316 million barrels in the week ended April 4, the Energy Information Administration reported.
    This was down 3.2 million barrels on the week. Analysts surveyed by energy information provider Platts had been looking for an increase of 2.7 million barrels.
    Crude oil for May delivery surged $3.71, or 3.4%, to a record of $112.21 a barrel in Nymex action in mid-afternoon trading. The benchmark contract had been up less than $1 before the data came out.
    "The hefty fall in crude oil stockpiles was a major shock for a market which was expecting the opposite," said Martin Slaney, an analyst at Global Futures & Forex, in email comments. "As we head into driving season in the U.S. the tumbling inventories data is particularly significant."
    Chris Lafakis, an analyst at Moody's Economy.com, called last week's reduction in inventories "supportive of record oil prices." Crude's previous all-time high record was $111.80 hit on March 17.
    Also Wednesday on Nymex, May reformulated gasoline rose 5.83 cents to $2.8087 a gallon and May heating oil gained 7.7 cents to $3.1872 a gallon, while May natural gas futures rose 41.3 cents to $10.11 per million British thermal units. Weekly data on U.S. gas in storage are due out on Thursday.
    Crude inventories in detail
    The unexpected drop in crude inventories came from sliding imports, the government's data showed.
    U.S. oil imports averaged 8.9 million barrels a day last week, down nearly 1.4 million barrels a day from the previous week, the EIA reported.
    "While imports will probably rebound next week, oil prices will nonetheless go up in the interim," said Lafakis.
    The EIA also reported crude inventories at Cushing, Okla., the delivery point for crude traded on the Nymex, were unchanged at 17.5 million barrels.
    Meanwhile, U.S. gasoline supplies fell 3.4 million barrels in the latest week, while distillate supplies, which include heating oil and diesel, dropped 3.7 million barrels. Analysts surveyed by Platts had been anticipating declines of 2.3 million barrels for gasoline stocks and 1.3 million barrels for distillates.
    U.S. refineries operated at 83% of their operable capacity last week, up from the previous week's 82.4%.
    In a separate report, the American Petroleum Institute said U.S. crude inventories rose by 6 million barrels in the week ended April 4, reaching to 315.5 million barrels. The API, an association of the U.S. oil and natural gas industry, calculates inventories based on different criteria.
    Distillate stocks fell to 112.8 million barrels, down 177,000 barrels, while gasoline stocks rose by 1.8 million barrels to stand at 219.2 million barrels, the API said.
    Weak demand
    Crude's new record came even when the EIA is forecasting lower energy demand in the U.S.
    EIA said in a monthly report released on Tuesday that consumption of liquid fuels and other petroleum products is projected to grow by 40,000 barrels a day in 2008, a downward revision of 100,000 barrels a day from the previous monthly forecast.
    After accounting for increased ethanol use, U.S. petroleum consumption actually could fall by 90,000 barrels a day.
    EIA also forecast gasoline prices could surpass $4 a gallon in the upcoming driving season.
    "There is a significant possibility that prices during some shorter time period, or in some region or sub-region, will cross the $4 per gallon threshold," EIA said in the monthly report.
    West Texas Intermediate crude, or the underlying product of the Nymex crude futures, is expected to average $102 in March, EIA said in the report. The annual average WTI price, which was $72 per barrel in 2007, is projected to average $94 per barrel in 2008, but ease to about $86 per barrel in 2009.
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  2. #2
    VIP Member Array dukalmighty's Avatar
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    Until my guns start shooting gas i'm not in too bad a shape,um wait a minute more money in gas tank =less bullet fund dang economics
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  3. #3
    Senior Member Array joleary223's Avatar
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    Tell me about it... Diesel is
    CRIME..... LAW DEFINES, POLICE ENFORCE, CITIZENS PREVENT!

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  4. #4
    Senior Member Array Pete Zaria's Avatar
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    Right around $3.50 a gallon here in the suburbs of Seattle for regular, $3.60 or so for midgrade.

    My daily driver (3.0l V6 lexus) gets about 24-26mpg (if I'm real gentle on the throttle) and requires midgrade.
    My SUV (4.0L explorer XLT) gets about 17 and burns regular.
    My daily commute is at least 36 miles, usually more with errands and such.

    I make about $35 per hour (sometimes more depending on the job) after Uncle Sam's cut. I am not compensated for mileage. I'm feeling the burn, and not too happy with Mr. Bush & Co about it.

    Peace,
    Pete Zaria.
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  5. #5
    Member Array Aaron4_6's Avatar
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    What about all that oil they found up in the Dakotas and Montana

  6. #6
    Member Array taggart's Avatar
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    Quote Originally Posted by Aaron4_6 View Post
    What about all that oil they found up in the Dakotas and Montana
    North Dakota guy here!
    They actually discovered it back in the '50's. We've always been sitting on a lot of it. Until now, it just hasn't been profitable to drill. Story is: This is the biggest oil field ever discovered since it was discovered in Saudi in the '30's.
    To be honest, my family's company sits on a bunch of mineral acres up here in Western North Dakota so if the gas prices go up, that just means more drilling and more wells.
    The environmentalist wackos can stop us from drilling in Alaska all they want. Our little secret is: We don't care!
    Now, getting past the wackos so we can build refineries...That's another story!
    Taggart Snyder
    Man about town...

  7. #7
    VIP Member Array edr9x23super's Avatar
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    Mr. Bush has absolutely positively nothing to do with. Period. So quit blaming him for something he has no control over.

    Want to cast blame? cast it towards people like Jimmy Carter, the stupid peanut farmer whose energy policies got us here. While you are at it, cast it towards all of the environmental whackos who made it so cost ineffective to build a petroleum refinery many of the oil companies simply stopped trying to build new ones.

    And let's not forget the Democrats, who have constantly blamed "big oil" for all of our problems. If it weren't for the Oil & Gas industry propping up our economy, we would be in a recession, a big one. Not to mention all of the phony Demos that make piles of money off of the "big oil" companies.

    So how do we solve it?

    Vote every Democrat out of office; It doesn't matter how well you feel about them. Then change the rules for drilling on our own soil, then we go after the fields in the Dakotas, the North Slope and start hitting our coastlines.

    We also have to start diversifying our refining capacity, and that means having a few of them built in somebody's backyard. It also mean that the regulations for these refineries must be loosened as well. By doing this, we will be less susceptible to hurricanes and other temporary events causing price spikes. More capacity means more supply, which in turn brings the price down.

    We are in a competitive market nowadays, one which we have little control over. Again, we can thank our liberal environmental wacko buddies for allowing this "perfect storm" to happen.

    But don't worry, everyone only has a few more months to blame poor George W. before the next guy takes over.

    Just be thankful that George W. appointed Roberts to the Supreme Court. If he hadn't, we would all be sweating over the Heller case a lot more.
    "Guard with jealous attention the public liberty. Suspect everyone who approaches that jewel. Unfortunately, nothing will preserve it but downright force. Whenever you give up that force, you are inevitably ruined". - Patrick Henry

  8. #8
    Member Array taggart's Avatar
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    Quote Originally Posted by edr9x23super View Post
    Mr. Bush has absolutely positively nothing to do with. Period. So quit blaming him for something he has no control over.

    Want to cast blame? cast it towards people like Jimmy Carter, the stupid peanut farmer whose energy policies got us here. While you are at it, cast it towards all of the environmental whackos who made it so cost ineffective to build a petroleum refinery many of the oil companies simply stopped trying to build new ones.

    And let's not forget the Democrats, who have constantly blamed "big oil" for all of our problems. If it weren't for the Oil & Gas industry propping up our economy, we would be in a recession, a big one. Not to mention all of the phony Demos that make piles of money off of the "big oil" companies.

    So how do we solve it?

    Vote every Democrat out of office; It doesn't matter how well you feel about them. Then change the rules for drilling on our own soil, then we go after the fields in the Dakotas, the North Slope and start hitting our coastlines.

    We also have to start diversifying our refining capacity, and that means having a few of them built in somebody's backyard. It also mean that the regulations for these refineries must be loosened as well. By doing this, we will be less susceptible to hurricanes and other temporary events causing price spikes. More capacity means more supply, which in turn brings the price down.

    We are in a competitive market nowadays, one which we have little control over. Again, we can thank our liberal environmental wacko buddies for allowing this "perfect storm" to happen.

    But don't worry, everyone only has a few more months to blame poor George W. before the next guy takes over.

    Just be thankful that George W. appointed Roberts to the Supreme Court. If he hadn't, we would all be sweating over the Heller case a lot more.
    But how do you REALLY feel, edr9x23super?
    Just joshin' ya!
    +1 on your entire post.
    We actually had a refinery almost literally in our backyard. It's an empty field now, sadly. I have confidence in the market. People have to realize it's supply and demand. Do I care how much oil execs make per year? Crap, no!
    Our success or failure has nothing to do with who's in the White House (or anyone else besides ourselves) Trust the market, people!
    Taggart Snyder
    Man about town...

  9. #9
    VIP Member Array edr9x23super's Avatar
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    Thanks for the kind thoughts.... Actually, my Grandpa was an independent oilman and I had the priveledge of working for him during the '70s '80s and early '90s so I got to hear him rail against the incredibly short sighted energy policies of guys like Jimmy Carter, who probably did more damage to our oil & gas industry than any other president.

    Contrary to popular belief, there is plenty of resources here to be had. In addition to the huge oil reserves in your state, there is also the Shale oil fields in northwestern Colorado that are just now being produced; the estimated size of that field is almost the equal of the Dakota fields from my understanding.

    What I think we have going on here is a big bait-and-switch being orchestrated by people like Al Gore. They want to get us to invest in these Junk-science technologies and buy things like "carbon credits" and then 20 years down the road, we will find out that their personal fortunes "just seemed to blossom" along with the companies themselves.

    Then there will be hearings in Congress about the cozy relationship between old Al and all of the companies foisting this stuff on all of us.

    Same old story for me. I just don't buy it.
    "Guard with jealous attention the public liberty. Suspect everyone who approaches that jewel. Unfortunately, nothing will preserve it but downright force. Whenever you give up that force, you are inevitably ruined". - Patrick Henry

  10. #10
    Member Array LastManOut's Avatar
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    Has the cost per barrel of crude oil gone UP or has the value of the US dollar gone DOWN?

    I'd suspect the latter.

  11. #11
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    Has the cost per barrel of crude oil gone UP...

    Quote Originally Posted by LastManOut View Post
    Has the cost per barrel of crude oil gone UP or has the value of the US dollar gone DOWN?

    I'd suspect the latter.
    Probably some of both. Now, why exactly is it that we can't make both Kuwait and Iraq pay for their defense and related costs by insisting that they sell only to us, and at about 30 per barrel?

    Exactly what kind of idiots are we that we spent 2 trillion saving their
    backsides, and got nothing in return? Oil from neither country should be allowed on the world market without it first being trans-shipped here at under well under one dollar per gallon.

    It is called paying your debts.

  12. #12
    VIP Member Array Ti Carry's Avatar
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    Try owning a company and paying for fuel in several diesel trucks, bore machines excavators, compressors and other equipment that primarily run on diesel. I took a look see at the bill last month that came in today that read $14,000. I am not looking forward to next month trust me.
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  13. #13
    Distinguished Member Array Squawker's Avatar
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    It's $4/gal in Reno? Heck, It's $3.37 here in Vegas. We'll get there soon, I'm sure, just surprised to see it so high there already.

  14. #14
    Member Array LastManOut's Avatar
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    Quote Originally Posted by Ti Carry View Post
    Try owning a company and paying for fuel in several diesel trucks, bore machines excavators, compressors and other equipment that primarily run on diesel. I took a look see at the bill last month that came in today that read $14,000. I am not looking forward to next month trust me.
    I understand, just like minimum wage increases, you pass the overhead on to the consumer/customer who complains about the cost, on down to the custodian who demands a higher minimum wage, which causes inflation which causes the value of the dollar to drop, which causes companies to raise their overhead costs, etc, etc. etc.

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