BloggingStocks http://www.bloggingstocks.com BloggingStocks http://www.blogsmithmedia.com/http://www.bloggingstocks.com/media/feedlogo.gif BloggingStocks http://www.bloggingstocks.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Brent Crude Trades Above $90 on Cold Weather and Chinese Demand]]>http://www.bloggingstocks.com/2010/12/03/brent-crude-trades-above-90-on-cold-weather-and-chinese-demand/http://www.bloggingstocks.com/2010/12/03/brent-crude-trades-above-90-on-cold-weather-and-chinese-demand/http://www.bloggingstocks.com/2010/12/03/brent-crude-trades-above-90-on-cold-weather-and-chinese-demand/#commentsFiled under: ,

A batch of cold weather is spreading across Europe, pumping up demand for Brent crude. On the ICE exchange, January Brent traded at $90.69 per barrel, up $1.82, the Financial Times reported.

Brent crude -- the benchmark used by Europeans -- contracts are in 'backwardation,' the FT notes. Backwardation happens when the market quotes a lower price for a more distant delivery day. For example, January Brent is 4 cents higher than February and 10 cents higher than March. Backwardation usually means that there is strong immediate demand for the product.

Continue reading Brent Crude Trades Above $90 on Cold Weather and Chinese Demand

Brent Crude Trades Above $90 on Cold Weather and Chinese Demand originally appeared on BloggingStocks on Fri, 03 Dec 2010 09:30:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>brent crudechinacrudeeuropefeaturedinthenewsoiloil inventoriesoil pricesoil stocksWest Texas Intermediate crudewti crudeFri, 03 Dec 2010 09:30:00 EST<![CDATA[Oil Falls On Bearish Inventory Report and Bernanke Testimony]]>http://www.bloggingstocks.com/2010/07/21/oil-falls-on-bearish-inventory-report-and-bernanke-testimony/http://www.bloggingstocks.com/2010/07/21/oil-falls-on-bearish-inventory-report-and-bernanke-testimony/http://www.bloggingstocks.com/2010/07/21/oil-falls-on-bearish-inventory-report-and-bernanke-testimony/#commentsFiled under: , , , , ,

falling oil pricesOil prices headed lower on Wednesday after the Department of Energy announced a surprise increase in inventories last week.

Analysts had been expecting to see oil reserves decline last week by 1.4 million barrels, but the weekly inventory report showed that inventories actually increased during the week by 400,00 barrels.

Continue reading Oil Falls On Bearish Inventory Report and Bernanke Testimony

Oil Falls On Bearish Inventory Report and Bernanke Testimony originally appeared on BloggingStocks on Wed, 21 Jul 2010 17:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Ben BernankedollareconomyeurofeaturedFederal Reserveoiloil inventoriesrecessionrecoveryWed, 21 Jul 2010 17:30:00 EST<![CDATA[Oil's First Losing Quarter Since 2008]]>http://www.bloggingstocks.com/2010/07/01/oils-first-losing-quarter-since-2008/http://www.bloggingstocks.com/2010/07/01/oils-first-losing-quarter-since-2008/http://www.bloggingstocks.com/2010/07/01/oils-first-losing-quarter-since-2008/#commentsFiled under: , , ,

falling oil pricesOil prices have been falling recently, and they continued to fall Wednesday, resulting in oil having its first losing quarter since the end of 2008.

Oil prices have dropped by 9.7% since the end of the first quarter on growing concerns over the global economy and due to lackluster summer demand.

On Tuesday, the big news was that China was growing slower than previously expected. On Wednesday, we had two pieces of news affecting oil prices: oil inventories and a weak jobs report.

Continue reading Oil's First Losing Quarter Since 2008

Oil's First Losing Quarter Since 2008 originally appeared on BloggingStocks on Thu, 01 Jul 2010 08:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Chinafeaturedgasolineinthenewsoiloil inventoriesoil pricestravelThu, 01 Jul 2010 08:00:00 EST<![CDATA[Oil Supplies Drop, Anyone Surprised?]]>http://www.bloggingstocks.com/2010/06/03/oil-supplies-drop/http://www.bloggingstocks.com/2010/06/03/oil-supplies-drop/http://www.bloggingstocks.com/2010/06/03/oil-supplies-drop/#commentsFiled under: ,

oil suppliesIn Asian trade Thursday morning, oil was pushed past $74 per barrel following a report that crude inventories in the U.S. fell more than expected. The July crude contract hit $74.25 in late trading, an increase of $1.39 per barrel. The drop in oil supplies was attributed to growing consumer demand. A week ago, crude supplies dropped by 1.4 million barrels while analysts were calling for an increase of 1 million barrels.

According to Barclays Capital, "Oil prices are clearly at the mercy of jittery nerves and fragile sentiment ... Once the nerves calm down, and fundamentals reassert themselves, we would expect prices to move higher quickly." Solid reasoning, but I don't think that Barclays is really going out on a limb here.

Continue reading Oil Supplies Drop, Anyone Surprised?

Oil Supplies Drop, Anyone Surprised? originally appeared on BloggingStocks on Thu, 03 Jun 2010 10:40:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>oiloil inventoriesoil spilloil suppliesThu, 03 Jun 2010 10:40:00 EST<![CDATA[Oil Prices Rebound Despite Bearish Inventory Report]]>http://www.bloggingstocks.com/2010/05/26/oil-prices-rebound-despite-bearish-inventory-report/http://www.bloggingstocks.com/2010/05/26/oil-prices-rebound-despite-bearish-inventory-report/http://www.bloggingstocks.com/2010/05/26/oil-prices-rebound-despite-bearish-inventory-report/#commentsFiled under: , , , , , , , ,

rising oil pricesOil prices have rebounded from yesterday's sell off, despite a larger than expected increase in oil inventories last week.

As we noted yesterday, analysts were expecting to see a 250,000 barrel increase in reserves last week, but the Department of Energy reported today that inventories actually rose by a much greater 2.4 million barrels.

Continue reading Oil Prices Rebound Despite Bearish Inventory Report

Oil Prices Rebound Despite Bearish Inventory Report originally appeared on BloggingStocks on Wed, 26 May 2010 18:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>home saleshousinginthenewsiraniranian sanctionsoiloil inventoriesoil pricesrussiaWed, 26 May 2010 18:00:00 EST<![CDATA[Oil Prices Drop on Economic Concerns and Lowered Price Forecast]]>http://www.bloggingstocks.com/2010/05/25/oil-prices-drop-on-economic-concerns-and-lowered-price-forecast/http://www.bloggingstocks.com/2010/05/25/oil-prices-drop-on-economic-concerns-and-lowered-price-forecast/http://www.bloggingstocks.com/2010/05/25/oil-prices-drop-on-economic-concerns-and-lowered-price-forecast/#commentsFiled under: , , , , , , ,

oil trades lowerOil prices continue their recent slide today, with investors spooked by the global economy and a lower price forecast by Bank of America Merrill Lynch.

Concerns over the economic situation in Europe continue to weigh on investor's minds, and the major indexes were down over 2% at one point today before rebounding in late day trading.

Continue reading Oil Prices Drop on Economic Concerns and Lowered Price Forecast

Oil Prices Drop on Economic Concerns and Lowered Price Forecast originally appeared on BloggingStocks on Tue, 25 May 2010 18:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>70 oildollareuropefeaturedglobal economyinthenewsoiloil demandoil inventoriesoil pricesopecTue, 25 May 2010 18:00:00 EST<![CDATA[Oil Prices Drop to Three-Month Low on Economic Concerns]]>http://www.bloggingstocks.com/2010/05/13/oil-prices-drop-to-three-month-low-on-economic-concerns/http://www.bloggingstocks.com/2010/05/13/oil-prices-drop-to-three-month-low-on-economic-concerns/http://www.bloggingstocks.com/2010/05/13/oil-prices-drop-to-three-month-low-on-economic-concerns/#commentsFiled under: , , , , ,

falling oil pricesOil prices continue their decline, falling today to levels not seen since mid-February.

Concerns continue to linger about the economic situation in Europe, which has been giving the U.S. dollar a major boost, driving oil lower. Oil fell $1.25 a barrel today to $74.40.

There are plans in place to combat the crisis in Greece, but experts are skeptical that the $1 trillion package and additional austerity measures will be able to completely correct the debt problem the country is experiencing.

Continue reading Oil Prices Drop to Three-Month Low on Economic Concerns

Oil Prices Drop to Three-Month Low on Economic Concerns originally appeared on BloggingStocks on Thu, 13 May 2010 19:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>currenciesdollareconomyenergy departmenteuroeuropefeaturedgreeceinthenewsoiloil inventoriesoil pricesThu, 13 May 2010 19:00:00 EST<![CDATA[Oil Gives Back Some Gains]]>http://www.bloggingstocks.com/2010/03/10/oil-gives-back-some-gains/http://www.bloggingstocks.com/2010/03/10/oil-gives-back-some-gains/http://www.bloggingstocks.com/2010/03/10/oil-gives-back-some-gains/#commentsFiled under: , , ,

rising oil pricesOil is trading higher on the day, but prices have fallen a good bit from the high they hit immediately following this week's inventory report.

Prices rose as high as $83.03 a barrel, and are currently trading at $81.97, up $0.48.

The reason why prices spiked so much following the report was the initial reaction to the smaller than expected rise in crude reserves. Analysts had been looking to see a jump of 2.1 million barrels last week, but the report indicated that inventories rose by a much smaller 1.4 million barrels.

Continue reading Oil Gives Back Some Gains

Oil Gives Back Some Gains originally appeared on BloggingStocks on Wed, 10 Mar 2010 17:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>80 oil80OilChevronConocoPhillipCOPCVXExxonMobilinthenewsoiloil inventoriesoil pricesoil reservesOPECrising oilXOMWed, 10 Mar 2010 17:00:00 EST<![CDATA[Inventory Report Pushes Oil Lower]]>http://www.bloggingstocks.com/2010/01/14/inventory-report-pushes-oil-lower/http://www.bloggingstocks.com/2010/01/14/inventory-report-pushes-oil-lower/http://www.bloggingstocks.com/2010/01/14/inventory-report-pushes-oil-lower/#commentsFiled under: , ,

falling oil pricesOil prices traded lower Wednesday following an inventory report from the Department of Energy that showed a larger than expected increase in oil reserves last week.

Analysts had been expecting oil supplies to increase by roughly 1.9 million barrels, but were surprised to see the actual increase a much higher at 3.7 million barrels.

Following the unexpected rise in inventories, oil moved lower on the day and closed a bit under the psychological $80 barrier at $79.60. On Thursday oil prices crawled up to near $80 a barrel.

Continue reading Inventory Report Pushes Oil Lower

Inventory Report Pushes Oil Lower originally appeared on BloggingStocks on Thu, 14 Jan 2010 09:40:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>commoditiescrudefeaturedoiloil inventoriesoil pricesOilInventoriesOilPricesThu, 14 Jan 2010 09:40:00 EST<![CDATA[Oil prices move lower as the dollar rebounds]]>http://www.bloggingstocks.com/2009/12/09/oil-prices-move-lower-as-the-dollar-rebounds/http://www.bloggingstocks.com/2009/12/09/oil-prices-move-lower-as-the-dollar-rebounds/http://www.bloggingstocks.com/2009/12/09/oil-prices-move-lower-as-the-dollar-rebounds/#commentsFiled under: , ,

oil pricesOil prices, which were up earlier in the session, have moved lower in afternoon trading after the dollar rebounded from earlier losses.

Earlier in the session, the U.S. dollar had dropped as much as 0.3% against competing currencies, but reversed course and made back most of its losses. The greenback is now down just 0.1% on the day against competing currencies.

Continue reading Oil prices move lower as the dollar rebounds

Oil prices move lower as the dollar rebounds originally appeared on BloggingStocks on Wed, 09 Dec 2009 16:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>currenciesdollarfeaturedgasolineoiloil inventoriesoil suppliesOilInventoriesOilSuppliesWed, 09 Dec 2009 16:15:00 EST<![CDATA[Weak dollar adds $20 to the price of oil]]>http://www.bloggingstocks.com/2009/11/15/weak-dollar-adds-20-to-the-price-of-oil/http://www.bloggingstocks.com/2009/11/15/weak-dollar-adds-20-to-the-price-of-oil/http://www.bloggingstocks.com/2009/11/15/weak-dollar-adds-20-to-the-price-of-oil/#commentsFiled under: , , , ,

The price of oil has risen from about $30 per barrel at the height of the economic recession to the present $77 per barrel. Much of the increase is due to the weakness in the U.S. dollar. Rex Tillerson, CEO of Exxon Mobil (XOM) told CNBC: "If you put the price of oil, which is priced in dollars around the world, and if you look at what some effects are with the weak dollar -- in our view that is contributing $20 to $25 dollars per barrel to the price."

Globally, Tillerson said, oil is well supplied with historic high inventory levels, especially in the U.S. This is causing the market to be a "bit soft," according to Tillerson.

Continue reading Weak dollar adds $20 to the price of oil

Weak dollar adds $20 to the price of oil originally appeared on BloggingStocks on Sun, 15 Nov 2009 16:31:00 EST. Please see our terms for use of feeds.

Read | Read | Permalink | Email this | Comments]]>dollarinthenewsoiloil inventoriesOilInventoriesSun, 15 Nov 2009 16:31:00 EST<![CDATA[Closing Bell: Bull-Bear, down to the wire... (BP, CSCO, EMC, NVAX, SEPR, VG)]]>http://www.bloggingstocks.com/2009/09/02/closing-bell-bull-bear-down-to-the-wire-bp-csco-emc-nva/http://www.bloggingstocks.com/2009/09/02/closing-bell-bull-bear-down-to-the-wire-bp-csco-emc-nva/http://www.bloggingstocks.com/2009/09/02/closing-bell-bull-bear-down-to-the-wire-bp-csco-emc-nva/#commentsFiled under: , , ,

Today would have been an exciting day with positive and mixed economic data, a big draw in oil inventories, and the FOMC minutes coming out. But the trading volume is drying up as the A-Team traders are throwing in the towel and not coming back to work until next Tuesday. This was one of those days where there was no feel for an up or down day literally until right at the closing bell.

Here were today's unofficial closing bell levels:

Dow 9,277.27 -33.33 (-0.36%)
S&P 500 994.53 -3.51 (-0.35%)
Nasdaq 1,966.70 -2.19 (-0.11%)

Top Analyst Upgrades and Downgrades
Top Day Trader Alerts

Continue reading Closing Bell: Bull-Bear, down to the wire... (BP, CSCO, EMC, NVAX, SEPR, VG)

Closing Bell: Bull-Bear, down to the wire... (BP, CSCO, EMC, NVAX, SEPR, VG) originally appeared on BloggingStocks on Wed, 02 Sep 2009 16:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>FOMCNVAXoil inventoriesOilInventoriesSEPRWed, 02 Sep 2009 16:00:00 EST<![CDATA[Oil falls on weekly inventory report]]>http://www.bloggingstocks.com/2009/08/26/oil-falls-on-weekly-inventory-report/http://www.bloggingstocks.com/2009/08/26/oil-falls-on-weekly-inventory-report/http://www.bloggingstocks.com/2009/08/26/oil-falls-on-weekly-inventory-report/#commentsFiled under: , , ,

oil inventory reportOil prices dropped a bit today, after a government report showed that inventories unexpectedly rose last week.

According to today's report from the Commerce Department, oil inventories rose by 200,000 barrels last week. Going into today's report analysts had forecast a 1.1 million barrel drop in supplies.

Continue reading Oil falls on weekly inventory report

Oil falls on weekly inventory report originally appeared on BloggingStocks on Wed, 26 Aug 2009 18:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>commerce departmentCommerceDepartmentgas pricesgasolineGasPricesoiloil inventoriesoil suppliesOilInventoriesOilSuppliesWed, 26 Aug 2009 18:00:00 EST<![CDATA[Oil jumps on inventory report]]>http://www.bloggingstocks.com/2009/08/19/oil-jumps-on-inventory-report/http://www.bloggingstocks.com/2009/08/19/oil-jumps-on-inventory-report/http://www.bloggingstocks.com/2009/08/19/oil-jumps-on-inventory-report/#commentsFiled under: , , , ,

rising oil pricesOil prices are moving strongly higher today following a government report that showed inventories dropped dramatically last week.

Today's report from the Energy Department indicated that oil inventories fell by 8.4 million barrels last week, in stark contrast to the increase of 1.2 million barrels that analysts had been expecting to see for the precious crude.

Continue reading Oil jumps on inventory report

Oil jumps on inventory report originally appeared on BloggingStocks on Wed, 19 Aug 2009 16:45:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>currenciesdollarfeaturedgasgasolineoiloil inventoriesoil pricesOilInventoriesOilPricesOPECrefineriesWed, 19 Aug 2009 16:45:00 EST<![CDATA[What are Halliburton's earnings numbers telling us about the economy?]]>http://www.bloggingstocks.com/2009/07/20/what-are-halliburtons-earnings-numbers-telling-us-about-the-eco/http://www.bloggingstocks.com/2009/07/20/what-are-halliburtons-earnings-numbers-telling-us-about-the-eco/http://www.bloggingstocks.com/2009/07/20/what-are-halliburtons-earnings-numbers-telling-us-about-the-eco/#commentsFiled under: , ,

This morning, oil firm Halliburton (NYSE:HAL) posted second-quarter earnings and a warning about North American natural gas markets. First things first, HAL reported second-quarter earnings of 30 cents per share (excluding a $12-million charge stemming from job cuts). While these results were far worse than the 55 cents per share the company earned a year ago, they still managed to top the consensus estimate by four cents per share. The situation was the same for quarterly revenue, which fell to $3.49 billion (from $4.49 billion a year ago) but still managed to outpace the Street's expectations - which called for $3.41 billion.

Continue reading What are Halliburton's earnings numbers telling us about the economy?

What are Halliburton's earnings numbers telling us about the economy? originally appeared on BloggingStocks on Mon, 20 Jul 2009 15:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>black goldBlackGoldcrude oilCrudeOilearnings reportsEarningsReportsinthenewsnatural gasNaturalGasoiloil inventoriesOilInventoriesMon, 20 Jul 2009 15:00:00 EST<![CDATA[Closing Bell: Wishy-Washy... Earnings season prelude? (AMGN, FDO, FSLR, GE, YRCW)]]>http://www.bloggingstocks.com/2009/07/08/closing-bell-wishy-washy-earnings-season-prelude-amgn-fdo/http://www.bloggingstocks.com/2009/07/08/closing-bell-wishy-washy-earnings-season-prelude-amgn-fdo/http://www.bloggingstocks.com/2009/07/08/closing-bell-wishy-washy-earnings-season-prelude-amgn-fdo/#commentsFiled under: , ,

A late day rally based on imbalance orders and on the Treasury's PPIP winners made a wishy-washy day even that more confusing. The market started out with a slight upside bid, but it never could find its footing. This is probably due to continued earnings jitters ahead of earnings season.

Continued oil inventory data and continued worries about regulating the commodities markets were based around how much speculators can really control.

Here were the unofficial closing bell levels:

Dow 8,184.68 +21.08 (0.26%)
S&P 500 880.29 -0.74 (-0.08%)
Nasdaq 1,749.09 +2.92 (0.17%)

Top Upgrades and Downgrades

Continue reading Closing Bell: Wishy-Washy... Earnings season prelude? (AMGN, FDO, FSLR, GE, YRCW)

Closing Bell: Wishy-Washy... Earnings season prelude? (AMGN, FDO, FSLR, GE, YRCW) originally appeared on BloggingStocks on Wed, 08 Jul 2009 16:10:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>commoditiesFSLRoil inventoriesOilInventoriesWed, 08 Jul 2009 16:10:00 EST<![CDATA[Mixed economic signs push oil prices lower]]>http://www.bloggingstocks.com/2009/06/17/mixed-economic-signs-push-oil-prices-lower/http://www.bloggingstocks.com/2009/06/17/mixed-economic-signs-push-oil-prices-lower/http://www.bloggingstocks.com/2009/06/17/mixed-economic-signs-push-oil-prices-lower/#commentsFiled under: , ,

Oil prices have dropped a bit this morning, challenging support at the $70 level, due mainly to what some call "mixed signals" about the U.S. economy. The black gold has backed off as data pointed to the fact that the U.S. economy is still weak, even if it is emerging from the recession.

On Tuesday, the Federal Reserve announced that industrial production dropped more than expected during May, which has triggered the new weakness in the oil patch. Crude prices have also felt the sting of the market's early week weakness as the Dow Jones Industrial Average has backed off from its recent rally. In addition, the dollar has played an important part in crude prices. A weak dollar leads to higher oil prices as commodities are considered a safe-haven investment against a weak dollar.

Continue reading Mixed economic signs push oil prices lower

Mixed economic signs push oil prices lower originally appeared on BloggingStocks on Wed, 17 Jun 2009 10:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>crude oilCrudeOilDow JonesDowJoneseconomic crisisEconomicCrisisinthenewsoil inventoriesoil pricesOilInventoriesOilPricesWed, 17 Jun 2009 10:30:00 EST<![CDATA[Ahead of OPEC meeting, Saudi minister sees oil prices rising]]>http://www.bloggingstocks.com/2009/05/27/ahead-of-opec-meeting-saudi-minister-sees-oil-prices-rising/http://www.bloggingstocks.com/2009/05/27/ahead-of-opec-meeting-saudi-minister-sees-oil-prices-rising/http://www.bloggingstocks.com/2009/05/27/ahead-of-opec-meeting-saudi-minister-sees-oil-prices-rising/#commentsFiled under: , , ,

Why is there conflicting information coming out of the oil patch? One minute we hear that there's an oversupply of oil sitting in supertankers offshore. Now Saudi oil minister Ali Naimi says that higher consumption in China is driving up prices. He further states that the world economy has recovered enough to sustain $75 to $80 per barrel oil. Is some of this just hype ahead of tomorrow's OPEC meeting?

We should keep in mind, however, that markets do not always move on fundamentals. Very often "perception" plays a bigger role. Prices have recovered from $32.70 in February to $63 per barrel recently. Much of this increase, even Mr. Naimi concedes, is due to speculation.

Continue reading Ahead of OPEC meeting, Saudi minister sees oil prices rising

Ahead of OPEC meeting, Saudi minister sees oil prices rising originally appeared on BloggingStocks on Wed, 27 May 2009 12:40:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>Ali NaimiAliNaimioil inventoriesoil pricesoil productionOilInventoriesOilPricesOilProductionOPECWed, 27 May 2009 12:40:00 EST<![CDATA[Supply and demand? Not for oil]]>http://www.bloggingstocks.com/2009/05/12/supply-and-demand-not-for-oil/http://www.bloggingstocks.com/2009/05/12/supply-and-demand-not-for-oil/http://www.bloggingstocks.com/2009/05/12/supply-and-demand-not-for-oil/#commentsFiled under: , ,

While I was not a finance major in college, I do know a few things about supply and demand. If there is ample supply and lower demand, prices should be low. If there is limited supply and high demand, prices should be high. I guess oil investors never really studied supply and demand economics.

Black gold is higher in European trading, as investors believe that the U.S. recession may have bottomed. Such a bottom could signal rising demand, which is enough for beleaguered black gold investors. In fact, Gerard Rigby from Fuel First Consulting in Sydney, Australia, noted, "The feeling is we've seen the worst of it, and the only way now is up . . . Some of this is also a trading momentum play."

Continue reading Supply and demand? Not for oil

Supply and demand? Not for oil originally appeared on BloggingStocks on Tue, 12 May 2009 13:30:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>crudecrude oilCrudeOilfeaturedoiloil inventoriesOilInventoriessupply and demandSupplyAndDemandTue, 12 May 2009 13:30:00 EST<![CDATA[Oil inventories drop more than expected]]>http://www.bloggingstocks.com/2008/09/17/oil-inventories-drop-more-than-expected/http://www.bloggingstocks.com/2008/09/17/oil-inventories-drop-more-than-expected/http://www.bloggingstocks.com/2008/09/17/oil-inventories-drop-more-than-expected/#commentsFiled under: , , , ,

Oil prices have been moving higher today, but have dropped a bit following this week's inventory report that showed mixed signals for oil and gasoline inventories. Oil inventories fell more than expected last week, but gasoline supplies saw a drop that was slightly lower than analysts had been expecting to see.

Going into today's inventory report from the Department of Energy, analysts had been expecting a drop of inventories of 3.7 million barrels, but the actual report showed that last week inventories fell by 6.3 million barrels. This is a pretty hefty drop of 2.1% for the week. Gasoline inventories also fell last week, but the drop was a little less than analyst estimates of 3.6 million barrels, with an actual decline of 3.3 million barrels.

One reason why prices have come back a bit is that analysts had believed that the gasoline report would be more bullish since the report covered the week after hurricane Gustave, and leading into Ike when a lot of production facilities were either shut in completely, or at least working a reduced rate. The report indicated that refineries were operating at 77.4% last week, which was slightly below the 77.8% that analysts had been predicting.

Continue reading Oil inventories drop more than expected

Oil inventories drop more than expected originally appeared on BloggingStocks on Wed, 17 Sep 2008 14:00:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>gas pricesgasolineGasPricesinthenewsoiloil inventoriesoil pricesOilInventoriesOilPricesWed, 17 Sep 2008 14:00:00 EST