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| Home Front: Economy |
| Oil plunges below $48 a barrel on higher US supplies |
| 2004-11-05 |
| New York's crude oil price plummeted to a six-week low on Thursday as traders' relief at a sharp rise in American crude inventories finally overwhelmed a post-US election rally. New York's benchmark contract, light sweet crude for delivery in December, tumbled $US2.06 to $US48.82 a barrel - the lowest settlement since September 23. The US Energy Department reported on Wednesday that crude oil inventories had climbed by 6.3 million barrels to 289.7 million barrels in the week to October 29. However, distillates - mostly crucial heating oil and diesel - fell for the seventh consecutive week. They dropped 900,000 barrels to 115.7 million, below the average range. On Thursday, the department said US gas stocks had climbed 63 billion cubic feet (1.23 billion cubic meters) to 1,921 billion cubic feet (90.20 billion cubic meters) in the same week. Wake up call "There are clearly upside risks to oil prices across the winter ... Nigeria's strikes, Iran's nukes, Iraq's elections, weather," Deutsche Bank analysts wrote in a note to clients. |
| Posted by:Mark Espinola |
| #11 'Total' is French and Dems would love it! :) Check out the link, talk about crooks... |
| Posted by: Mark Espinola 2004-11-05 7:46:29 PM |
| #10 What goes up dramatically falls in the same fashion. It wasn't to many years ago that the oil patch died in an economic fashion. Watch, see , and learn. D |
| Posted by: dorf 2004-11-05 7:43:30 PM |
| #9 Whoops. Never mind. Canada measures gas in liters. |
| Posted by: ed 2004-11-05 7:37:19 PM |
| #8 Total as in Total-Elf-Fina? I suspect that is a Canuckistan |
| Posted by: ed 2004-11-05 7:34:30 PM |
| #7 a Democrat. |
| Posted by: Mrs. Davis 2004-11-05 7:31:21 PM |
| #6 Good grief, Mark - $4.00 a gallon? In America? Assuming this isn't the only gas station within 20 miles, what IDIOT would buy gas there? |
| Posted by: Barbara Skolaut 2004-11-05 7:23:56 PM |
| #5 The majority of global oil price flucuations are dicided at the global market level based on supply, demand and at times pure panic. Friday's closing price @49.61, up again. There is manipultion by those which have the finances to 'influence' energy prices at the international level. There is also 'price fixing' on the domestic front by those in Big Oil. In any area there is always one gas staion which always has the most highest price. The word for that is 'crook'grabing all he can. Solution, drive down the street and do not buy his gas.  Meet Mr. Crook. |
| Posted by: Mark Espinola 2004-11-05 6:31:58 PM |
| #4 I want to hear about the investment funds Soros and his sons have been managing, as well as whether he is still a billionaire. Manipulating oil prices would fit perfectly with his anti-Bush obsession, past behaviour, and theory (reflexivity?). |
| Posted by: Kalle (kafir forever) 2004-11-05 5:15:01 PM |
| #3 Oh yeah, oil prices dropped, but the price of gas is still hovering around the 2.25/2.30/gal mark. Quick to rise but slow to fall, as it's always been. |
| Posted by: Bomb-a-rama 2004-11-05 4:24:14 PM |
| #2 Or you could take it that the price rose on fear of Kerry totally screwing up the Middle East and the WOT and then relaxing after Bush won. Not likely either -- it's not a simple market. |
| Posted by: Tom 2004-11-05 11:55:06 AM |
| #1 I don't know anything about the oil market, so maybe this is just a conspiracy theory, BUT... Am I the only one who thinks it's suspicious that oil prices rose before the election (including a rise to $52/barrel just a day or 2 before) and dropped just after the prices could no longer be used to damage Bush's chance of re-election? Just wondering, 's all. |
| Posted by: Barbara Skolaut 2004-11-05 11:43:26 AM |