Brent crude $56.80 and U.S. crude $53.80 A Barrel Now

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Offline Letsbereal

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In This Day In History, Gas Prices Have Never Been Higher
« Reply #80 on: February 02, 2013, 06:42:57 AM »
In This Day In History, Gas Prices Have Never Been Higher
1 February 2013
, by Tyler Durden (Zero Hedge)
http://www.zerohedge.com/news/2013-02-01/day-history-gas-prices-have-never-been-higher

Between Hess' plant closing and scheduled maintenance, the squeeze appears to be on the refining space and wholesale gasoline prices are smashing higher.

Along with flares in geopolitical risk (Ankara today and Israel/Syria earlier in the week) driving underlying crude prices, 

Gas prices (at the pump) are surging - to record highs for the first week of February as per AAA, hitting an all time high of $3.465 for this day and just surpassing last year's price of $3.455;

and based on where wholesale prices are (given the lag), we could be seeing $4.00 gas at the pump in the next few weeks.



as Wholesale Gasoline prices rise at their fastest in almost two years...



and with Crude prices rising and wholesale gasoline being squeezed, could retail prices push back above $4.00 again?



Charts: Bloomberg

Brent crude $109.53 and U.S. crude $90.11 - 31 Dec. 2012
Brent crude $111.43 and U.S. crude $91.92 – 01 Jan. 2013
Brent crude $112.34 and U.S. crude $93.30 – 02 Jan. 2013
Brent crude $112.25 and U.S. crude $93.57 – 08 Jan. 2013
Brent crude $112.21 and U.S. crude $93.97 – 10 Jan. 2013
Brent crude $111.45 and U.S. crude $93.94 – 15 Jan. 2013
Brent crude $110.60 and U.S. crude $94.16 – 16 Jan. 2013
Brent crude $110.92 and U.S. crude $95.18 – 17 Jan. 2013
Brent crude $110.66 and U.S. crude $95.23 – 18 Jan. 2013
Brent crude $111.82 and U.S. crude $95.47 – 21 Jan. 2013
Brent crude $112.23 and U.S. crude $96.30 – 23 Jan. 2013
Brent crude $113.66 and U.S. crude $96.33 - 25 Jan. 2013
Brent crude $113.57 and U.S. crude $96.65 - 28 Jan. 2013
Brent crude $114.11 and U.S. crude $97.32 - 29 Jan. 2013
Brent crude $115.10 and U.S. crude $98.16 - 30 Jan. 2013
Brent crude $116.65 and U.S. crude $97.61 a barrel now http://www.reuters.com/finance/commodity?symbol=GB@IB.1
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Offline Letsbereal

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Hedge Funds Racing Oil Refiners to $100 a Barrel: Energy Markets
« Reply #81 on: February 04, 2013, 01:45:36 PM »
Hedge Funds Racing Oil Refiners to $100 a Barrel: Energy Markets
4 February 2013
, by Asjylyn Loder (Bloomberg)
http://www.bloomberg.com/news/2013-02-04/hedge-funds-racing-oil-refiners-to-100-a-barrel-energy-markets.html

Excerpt:

Hedge funds and refiners vied to buy oil futures last month, pushing crude to the highest level since September, as the U.S. added jobs and expanded manufacturing while the government said fuel demand will rebound this year.

Money managers increased net-long positions, or wagers on rising U.S. prices, to a nine-month high of 218,604 in the week ended Jan. 29,

according to the Commodity Futures Trading Commission’s Feb. 1 Commitments of Traders report.

It was their seventh week of increasing bullish positions, the longest run of gains in records dating back to June 2006.

Oil climbed for an eighth week, the longest stretch of weekly advances since 2004, on signs that economic growth is accelerating.

Bullish wagers held by refiners and producers advanced for a fifth week to the most since at least June 2006.

The Energy Information Administration said that petroleum consumption will rise in 2013 for the first time in three years.

It looks like we’re headed for $100, if not higher, which is getting the attention of both investors and commercial market participants,”

John Kilduff, a partner at Again Capital LLC, a New York-based energy hedge fund, said by phone Feb. 1, referring to U.S. crude.

“There’s been a lot of positive economic news, supply jitters and a cutback in OPEC production.”

West Texas Intermediate, the U.S. benchmark, advanced $1.33 a barrel, or 1.4%, to $97.57 on the New York Mercantile Exchange in the week covered by the report.

WTI fell 1.2% to $96.59 a barrel as of 10:19 a.m. in New York.


Brent crude $109.53 and U.S. crude $90.11 - 31 Dec. 2012
Brent crude $111.43 and U.S. crude $91.92 – 01 Jan. 2013
Brent crude $112.34 and U.S. crude $93.30 – 02 Jan. 2013
Brent crude $112.25 and U.S. crude $93.57 – 08 Jan. 2013
Brent crude $112.21 and U.S. crude $93.97 – 10 Jan. 2013
Brent crude $111.45 and U.S. crude $93.94 – 15 Jan. 2013
Brent crude $110.60 and U.S. crude $94.16 – 16 Jan. 2013
Brent crude $110.92 and U.S. crude $95.18 – 17 Jan. 2013
Brent crude $110.66 and U.S. crude $95.23 – 18 Jan. 2013
Brent crude $111.82 and U.S. crude $95.47 – 21 Jan. 2013
Brent crude $112.23 and U.S. crude $96.30 – 23 Jan. 2013
Brent crude $113.66 and U.S. crude $96.33 - 25 Jan. 2013
Brent crude $113.57 and U.S. crude $96.65 - 28 Jan. 2013
Brent crude $114.11 and U.S. crude $97.32 - 29 Jan. 2013
Brent crude $115.10 and U.S. crude $98.16 - 30 Jan. 2013
Brent crude $116.65 and U.S. crude $97.61 - 02 Feb. 2013
Brent crude $115.64 and U.S. crude $96.27 a barrel now http://www.reuters.com/finance/commodity?symbol=GB@IB.1
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Offline Letsbereal

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Brent-WTI Surges To 2-Month Highs While US Crude Imports Plunge To 1997 Levels
« Reply #82 on: February 08, 2013, 10:51:08 AM »
Brent-WTI Surges To 2-Month Highs
8 February 2013
, by Tyler Durden (Zero Hedge)
http://www.zerohedge.com/news/2013-02-08/brent-wti-surges-2-month-highs

While US Crude Imports Plunge To 1997 Levels
8 February 2013
, by Tyler Durden (Zero Hedge)
http://www.zerohedge.com/news/2013-02-08/us-trade-deficit-drops-lowest-january-2010-crude-imports-plunge-1997-levels

Brent crude $109.53 and U.S. crude $90.11 - 31 Dec. 2012
Brent crude $111.43 and U.S. crude $91.92 – 01 Jan. 2013
Brent crude $112.34 and U.S. crude $93.30 – 02 Jan. 2013
Brent crude $112.25 and U.S. crude $93.57 – 08 Jan. 2013
Brent crude $112.21 and U.S. crude $93.97 – 10 Jan. 2013
Brent crude $111.45 and U.S. crude $93.94 – 15 Jan. 2013
Brent crude $110.60 and U.S. crude $94.16 – 16 Jan. 2013
Brent crude $110.92 and U.S. crude $95.18 – 17 Jan. 2013
Brent crude $110.66 and U.S. crude $95.23 – 18 Jan. 2013
Brent crude $111.82 and U.S. crude $95.47 – 21 Jan. 2013
Brent crude $112.23 and U.S. crude $96.30 – 23 Jan. 2013
Brent crude $113.66 and U.S. crude $96.33 - 25 Jan. 2013
Brent crude $113.57 and U.S. crude $96.65 - 28 Jan. 2013
Brent crude $114.11 and U.S. crude $97.32 - 29 Jan. 2013
Brent crude $115.10 and U.S. crude $98.16 - 30 Jan. 2013
Brent crude $116.65 and U.S. crude $97.61 - 02 Feb. 2013
Brent crude $115.64 and U.S. crude $96.27 - 04 Feb. 2013
Brent crude $118.73 and U.S. crude $96.47 a barrel now http://www.reuters.com/finance/commodity?symbol=GB@IB.1
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Offline Letsbereal

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Why gasoline prices are headed even higher
« Reply #83 on: February 08, 2013, 10:11:19 PM »
Why gasoline prices are headed even higher
7 February 2013
, by Myra Saefong - San Francisco (MarketWatch)
http://www.marketwatch.com/story/why-gasoline-prices-are-headed-even-higher-2013-02-07

Gasoline prices at the pump have climbed every day for the past 21 days — and they’re not going to let up anytime soon.

On Thursday, the average U.S. price for a gallon of regular gasoline stood at $3.555, making it the most expensive average ever for that day and the highest level since Oct. 26 of last year, according to AAA.

See AAA’s Daily Fuel Gauge Report http://fuelgaugereport.opisnet.com/index.asp

The price has risen 26.3 cents, or about 8%, this year, steeper than the 6.2% increase for the same period in 2012 and 1.6% rise for the same period in 2011, according to the motorist and leisure travel group.

“Gas prices increased at a blistering pace over the previous couple of weeks,” said Michael Green, AAA spokesman, adding that the jump of 17.4 cents between Jan. 28 and Feb. 4 marked the largest weekly price spike in nearly two years.

Read more about the fast rate of increase for gasoline in The Tell blog http://blogs.marketwatch.com/thetell/2013/02/04/gasoline-prices-rise-at-fastest-rate-in-almost-two-years-aaa/

And as the gasoline market set all sorts of milestones, analysts offered more reasons why prices are headed even higher over the next few months.

“This is a very early rise,” said Tom Kloza, chief oil analyst at the Oil Price Information Service. “January has tended to be a quiet month through the years. The rally really began in earnest around Jan. 15.”

Prices saw an “off-season” bottom on Dec. 20 when they averaged $3.219 a gallon, he said, so since that bottom, they’ve rebounded by about 33 cents — “with more increases to come.”

Contributing factors

Consumers haven’t even seen the worst, with a perfect storm of factors driving higher prices.

Many of the issues lifting fuel prices higher are common, but they “seem to have combined at the right time,” said Matt Tormollen, president and chief executive officer at FuelQuest, a Houston-based fuel management software provider.

Typically at this time of year, refineries begin their switch to the more environmentally-friendly summer-blend gasoline and perform maintenance, which “temporarily restricts supply and drives up prices,” he said.

Some refineries have also announced unexpected shutdowns or closings, leading to even tighter refining capacity, said Jeff Lenard, a spokesman at the National Association of Convenience Stores (NACS), a trade group for an industry that sells 80% of the nation’s gasoline.

Late last month, Hess Corp. said it would close its Port Reading, N.J., refinery by the end of February, completing its exit from the refining business.

See Jan. 28 story on the rally in Hess shares http://www.marketwatch.com/story/energy-shares-down-hess-rallies-on-refinery-plan-2013-01-28

At the same time, the price of oil on the New York Mercantile Exchange has climbed around 4% from the end of last year.

As the global economy improves, so does demand for oil, said Lenard, and with continued unrest in Egypt, traders are concerned about what happens if that strife spreads through the country, and to other countries that produce significant amounts of oil.

The glut of oil in storage at Cushing, Okla., the delivery hub for Nymex oil, had been a key reason for last year’s fall in West Texas Intermediate crude prices.

Last year, WTI prices fell 7.1% on Nymex, while Brent crude traded in London scored a gain of 3.5% with tensions in the Mideast among its supportive factors.

The market hoped the completion of the Seaway pipeline expansion last month could alleviate the glut, but terminal capacity issues forced the pipeline’s operator to limit the flow of oil.

Read Enterprise: Seaway bottleneck to end in Q4 http://www.marketwatch.com/story/enterprise-seaway-bottleneck-to-end-in-q4-2013-01-31

That’s contributed to a wider spread between WTI and Brent. WTI’s discount to Brent has grown to more than $20 from just over $15 in mid-January.

Read: What the Brent/WTI oil price spread tells us http://www.marketwatch.com/story/what-the-brentwti-oil-price-spread-tells-us-2013-02-01

And rising Brent crude prices may lead to a higher-price outlook at the pump.

Gasoline futures prices track Brent crude futures because of the disconnect at Cushing, said Brian Milne, energy editor at Schneider Electric.

The good news is that additional crude production from shale oil in North Dakota and Texas are seen reducing price volatility in WTI crude prices and that, in turn, “would offer more stable prices for refiners,” he said.

Waiting for the peak

Even with all of the factors driving gasoline prices significantly higher, analysts say the cost of the fuel hasn’t peaked yet.

Kloza said that while the pace of increases in the last three weeks, of nearly 10 cents-per-gallon per week, should “lose some steam,” the market will “almost certainly see an uptrend [in prices] prevail into March and perhaps into April.”

“The peak maintenance [for refineries] is probably weeks away, but prices have moved up as professional traders have anticipated this work,” he said.

California, in particular, has seen a lot of early maintenance and prices have already climbed “drastically there and they will climb some more,” said Kloza.

Other price “hot spots” this year, he said, include the Northeast — “where imports are lower and shipping is scarce to move gasoline from the Gulf Coast to New York Harbor — and the Great Lakes, where two of the largest regional refineries will be down for extensive maintenance in late March or April.”

He predicts a national price peak in the $3.75 to $3.95 a gallon range, but the “hot spots” may see a “brief stint above $4 a gallon.”

AAA’s Green, on the other hand, doesn’t expect the national average price to reach as high as last year’s peak of $3.94, which it saw in April.

He sees a peak this spring between $3.60 and $3.80, with prices likely to “surpass $4 per gallon in the very near term” in places like California or New York.

That’s not a big stretch. On Thursday, AAA reported the average price for regular gasoline in California at $3.988.

Brent crude $118.89 and U.S. crude $95.76 a barrel now http://www.reuters.com/finance/commodity?symbol=GB@IB.1
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Offline Letsbereal

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Goodbye Bond Vigilantes, Hello Brent Vigilantes
« Reply #84 on: February 11, 2013, 07:46:23 PM »
Goodbye Bond Vigilantes, Hello Brent Vigilantes
11 February 2013
, by Tyler Durden (Zero Hedge)
http://www.zerohedge.com/news/2013-02-11/goodbye-bond-vigilantes-hello-brent-vigilantes

The flood of Central Bank liquidity into the world's asset markets has worked wonders for the optics of 'wealth' in the last few years.

While correlation is not causation, the divergence from any sense of fundamental reality (and sheer miracle expectations of the future) simply reflect back to the leaking of that central bank liquidity into risk markets everywhere.

However, there appears to be a limiter - or self-governor - that comes along every few months to tap the world's 'belief in economic miracles' on the shoulder.

That 'self-regulator" is almost beyond the control of the central banks - it is simply, the cost of energy.

Time and again in the last few years, even as central bank balance sheets have risen inexorably, we get corrections in equity markets that bring them back to a fundamental reality, however briefly.

The catalyst for those 'corrections' is hard to pin-point but a step back and we see that the flood of new money also spills out to anything that can't be printed (gold, silver, oil) and it is the latter that has a natural drag on the global economy.

So, while the 'wealth' transmission mechanism is now the only policy tool left for central banks, it is the price of Oil that caps that upside thanks to its impact at the margin of a fragile global economy.



Nowhere is this more clear than in Europe, where each time Brent crosses above $120 (helped by central bank largesse), macro-economic surprises start to deteriorate rapidly and markets fade.

We are close to $120 (Brent) once again now... With government bonds in US and Europe 'managed' so well, the vigilantes have left the building - and moved to the Crude oil pits...

The same is evident in the US - with $100 WTI apparently the trigger...



which makes one wonder what is driving the Brent-WTI spread divergence (aside from fundamentals which we discussed previously) as it seems $100 is desperately defended in WTI and Brent left to wonder.

But judging by today's move - they are starting to lose the battle...



The Brent VigilantesTM are back in charge...


Brent crude $118.15 and U.S. crude $96.86 a barrel now http://www.reuters.com/finance/commodity?symbol=GB@IB.1
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Offline Letsbereal

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OPEC warns of risks to U.S. production growth
« Reply #85 on: February 12, 2013, 05:34:33 PM »
OPEC’s higher demand forecast lifts oil prices - EIA ups Brent oil, gasoline price forecasts from previous estimates
12 February 2013
, by Myra P. Saefong and Sara Sjolin - San Francisco (MarketWatch)
http://www.marketwatch.com/story/oil-futures-gain-opec-raises-forecasts-2013-02-12

ICE: Speculators raise brent crude longs again
11 February 2013
, by Ben Winkley - London (MarketWatch)
http://www.marketwatch.com/story/ice-speculators-raise-brent-crude-longs-again-2013-02-11

Iran proposes Russia develop oil and gas deposits
12 February 2013
, by James Marson - Moscow (MarketWatch)
http://www.marketwatch.com/story/iran-proposes-russia-develop-oil-and-gas-deposits-2013-02-12

And like predicted by Lindsey Williams:

OPEC warns of risks to U.S. production growth
12 February 2013
, by Sarah Kent - London (MarketWatch)
http://www.marketwatch.com/story/opec-warns-of-risks-to-us-production-growth-2013-02-12

Brent crude $118.68 and U.S. crude $97.57 a barrel now http://www.reuters.com/finance/commodity?symbol=GB@IB.1
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Offline Letsbereal

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Offline Letsbereal

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WTI Crude Drops a Second Day; Saudi Exports Fall to 15-Month Low
« Reply #87 on: February 18, 2013, 03:56:51 PM »
WTI Crude Drops a Second Day; Saudi Exports Fall to 15-Month Low
18 February 2013
, by Nayla Razzouk & Ben Sharples (Bloomberg)
http://www.bloomberg.com/news/2013-02-18/wti-declines-a-second-day-saudi-exports-fall-to-15-month-low.html

Excerpt:

West Texas Intermediate oil fell for a second day, extending the biggest drop in two weeks.

Saudi Arabia’s crude shipments slid to a 15-month low in December.

New York crude declined as much as 0.6% before a scheduled trading halt for the U.S. Presidents Day holiday.

Saudi Arabia exported 7.06 million barrels of crude a day in December, the least since September 2011, according to the Joint Organizations Data Initiative.

Saudi Arabia has ample supply and will cut exports further, Christof Ruehl, chief economist at BP Plc, said in an interview from London. Brent’s premium to WTI narrowed.

It’s the kind of skewed situation where we have growth in the U.S. but they have enough oil, and where we do have the major demand growth, we don’t have the oil,”

Ole Hansen, the head of commodity strategy at Saxo Bank A/S in Copenhagen, said in a telephone interview today.

That’s obviously putting the upside pressure on the Brent crude more than on WTI.”

----

Brent has gained 5.3% this year, while WTI has increased 3.8%.

----

U.S. output at factories, mines and utilities decreased 0.1% after a 0.4 percent gain in December, Fed data showed Feb. 15 in Washington.

----

Hedge funds and other large speculators increased bullish bets on WTI, according to the Commodity Futures Trading Commission’s weekly report on Feb. 15.

Net-long positions rose by 9,308 futures and options combined, or 4.4%, to 221,534, the highest level since the week ended March 27, the Commitments of Traders report showed.

WTI has long-term technical support along its 100-week moving average, around $94.73 a barrel, according to data compiled by Bloomberg.

Futures have halted intraday declines near this indicator in the past four weeks.

Buy orders tend to be clustered close to chart-support levels.

There still seems to be plenty of crude around,” said Anthony Nunan, a senior adviser for risk management at Mitsubishi Corp. in Tokyo.

“The market went up so much in the last month and a half that it was bound to come off.

We have to correct downward from here.

For WTI it will be tough to go to triple digits. We’ve hit a wall at $98.”


Saudi Output

Ruehl of BP said the size of any future reduction in Saudi output will depend on the actions of other members of the Organization of Petroleum Exporting Countries.

Iraq, OPEC’s largest producer after Saudi Arabia, curtailed exports by 10% to 2.35 million barrels a day in December, data posted on the website of the initiative known as JODI showed.

Venezuela increased crude shipments by 19% to 1.97 million barrels a day, the most since July 2008, when it exported 2.24 million.

OPEC’s 12 members supplies about 40% of the world’s oil.

JODI, supervised by the Riyadh-based International Energy Forum, uses statistics supplied by national governments to compile data on imports, exports and output for oil-producing and consuming nations.

The data include crude and condensates and exclude natural gas liquids.

Gasoline futures extended gains in New York after settling last week at the highest price since Sept. 28.


Brent crude $117.42 and U.S. crude $95.55 a barrel now http://www.reuters.com/finance/commodity?symbol=GB@IB.1
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Offline Letsbereal

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Gas Prices Surge To Highest Ever On This Day At Fastest Pace In Four Years
« Reply #88 on: February 18, 2013, 05:02:02 PM »
Gas Prices Surge To Highest Ever On This Day At Fastest Pace In Four Years
18 February 2013
, by Tyler Durden (Zero Hedge)
http://www.zerohedge.com/news/2013-02-18/gas-prices-surge-highest-ever-day-fastest-pace-four-years

Excerpt:

Despite being weeks away from the start of the driving season proper, gas prices - at the pump - have been surging recently.

With premium now over $4 nationwide (over $5 in SoCal - up 25 days in a row), this is the most expensive gas has ever been for the second week in February despite gasoline being relatively well supplied.

Gasoline futures have ripped higher as unplanned maintenance, refinery closings, and rising crude oil prices (seemingly more central bank liquidity-driven than middle-east tensions) have impacted wholesale price expectations (and thus retail).

The 44c rise is the fastest in four years and the year-to-date surge over 12% (outpacing stocks) is almost four times faster than average.

What is more worrisome is the fact that seasonally the next month or two are when the biggest price spikes occur - which coupled with the tax-hike drag, will inevitably eat into people's spending habits and sentiment.
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Offline Letsbereal

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$5 GAS RETURNS TO THE LOS ANGELES AREA!
« Reply #89 on: February 18, 2013, 05:25:33 PM »
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Offline Letsbereal

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WTI Advances as S&P 500 Climbs to Five-Year High
« Reply #90 on: February 19, 2013, 05:27:47 PM »
WTI Advances as S&P 500 Climbs to Five-Year High
19 February 2013
, by Mark Shenk (Bloomberg)
http://www.bloomberg.com/news/2013-02-19/oil-gains-on-german-investor-outlook-bofa-sees-140-bren.html

West Texas Intermediate oil rose after the Standard & Poor’s 500 Index climbed to the highest level in five years.

WTI futures for March delivery, which expire tomorrow, gained 77 cents, or 0.8%, to $96.63 a barrel at 2:28 p.m. on the New York Mercantile Exchange.

The more-active April contract rose 69 cents, or 0.7%, to $97.10.

The volume of all futures traded was 5.1% above the 100-day average.

Floor trading in New York was closed yesterday because of the Presidents Day holiday in the U.S.

Yesterday’s electronic transactions will be booked with today’s trades for settlement.

Brent oil for April settlement increased 19 cents to $117.57 a barrel on the London-based ICE Futures Europe exchange.

Trading volume was 33% below the 100-day average.

Oil rebounded from the day’s lows as the Standard & Poor’s 500 Index climbed to a five-year high, after investor confidence in Germany climbed to the most since April 2010.

The S&P 500 gained 0.6% and Dow Jones Industrial Average rose 0.4%.


Brent crude $117.32 and U.S. crude $96.66 a barrel now http://www.reuters.com/finance/commodity?symbol=GB@IB.1
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U.S. Gasoline Rises to $3.795 a Gallon in Lundberg Survey
« Reply #91 on: February 24, 2013, 03:35:59 PM »
U.S. Gasoline Rises to $3.795 a Gallon in Lundberg Survey
24 February 2013
, by Dan Murtaugh & Barbara J. Powell (Bloomberg)
http://www.bloomberg.com/news/2013-02-24/u-s-gasoline-rises-to-3-795-a-gallon-in-lundberg-survey.html

The average price for regular gasoline at U.S. pumps rose 20.32 cents a gallon in the past two weeks to $3.795 a gallon, according to Lundberg Survey Inc.

The survey covers the period ended Feb. 22 and is based on information obtained at about 2,500 stations by the Camarillo, California-based company.

The average has jumped 53.71 cents this year and is 10.33 cents above a year earlier.

“Although this is a steep rise, it’s not as steep as the price rise during the prior two weeks,” Trilby Lundberg, president of Lundberg Survey, said in a telephone interview.

“There’s reason to expect the price rise will not continue at this pace and may even end soon because crude oil prices are down and refiners are starting to cut wholesale prices to their marketing and retail customers.”

The highest price in the lower 48 U.S. states among the markets surveyed was in Los Angeles, where the average was $4.29 a gallon, Lundberg said.

The lowest price was in Billings, Montana, where customers paid an average of $3.23 a gallon.

Regular gasoline on Long Island, New York, averaged $4.01 a gallon, according to Lundberg.


Brent crude $114.30 and U.S. crude $93.36 a barrel now http://www.reuters.com/finance/commodity?symbol=GB@IB.1
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Offline Letsbereal

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WTI Oil Rises to Cap Biggest Weekly Gain in a Month
« Reply #92 on: March 09, 2013, 10:03:01 PM »
WTI Oil Rises to Cap Biggest Weekly Gain in a Month
8 March 2013
, by Mark Shenk & Moming Zhou (Bloomberg)
http://www.bloomberg.com/news/2013-03-08/wti-oil-fluctuates-after-jobs-data.html

Excerpt:

West Texas Intermediate crude rose after U.S. employers added more jobs than planned, signaling climbing fuel demand, while Brent oil fell to the lowest level of 2013 on increasing flows in a North Sea pipeline.

Futures capped the biggest weekly gain in a month as the Labor Department said that the jobless rate fell to a five-year low of 7.7% in February.

The Brent Pipeline System is “approaching” its targeted flow rate of 80,000 barrels a day, an official for Abu Dhabi National Energy Co. (TAQA), or Taqa, said by phone.

A leak shut the link shut for five days on March 2.

WTI fell earlier as the dollar reached a 2013 high against the euro.

WTI open interest rose to a record for a fifth time yesterday.

“The employment data bodes extremely well for both the overall economy and fuel demand,” said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy.

“The rally of the dollar is going to cap gains in dollar-denominated commodities like crude.”

Crude oil for April delivery gained 39 cents, or 0.4%, to settle at $91.95 a barrel on the New York Mercantile Exchange.

Prices advanced 1.4% this week, the most since the five days ended Feb. 1.

The volume of all futures traded was 4% below the 100-day average at 3:15 p.m.

Open interest was a record 1.72 million contracts yesterday.

Brent oil for April settlement decreased 30 cents, or 0.3%, to end the session at $110.85 on the London-based ICE Futures Europe exchange.

Prices gained 0.4% this week.

The volume of all futures traded was 82% above the 100- day average.


Brent crude $110.88 and U.S. crude $91.87 a barrel now http://www.reuters.com/finance/commodity?symbol=GB@IB.1
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Offline Letsbereal

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Saudi Arabia Said to Raise February Oil Output From 20-Month Low
« Reply #93 on: March 10, 2013, 12:07:58 PM »
Saudi Arabia Said to Raise February Oil Output From 20-Month Low
10 March 2013
, by Wael Mahdi (Bloomberg)
http://www.bloomberg.com/news/2013-03-10/saudi-arabia-said-to-raise-february-oil-output-from-20-month-low.html

Saudi Arabia raised crude production in February to 9.15 million barrels a day, an increase of 100,000 barrels daily from the previous month, an official with knowledge of the country’s oil policy said.

The world’s largest crude exporter supplied 9.16 million barrels a day to the market compared with 9.26 million in January, the Persian Gulf official said, asking not to be identified because the information is confidential.

Crude delivered from storage accounted for the 10,000 barrel-a-day excess of supply over production in February, the official said.

The monthly gain in output came after Saudi production declined in January to the lowest level since May 2011, the official said.

Saudi Arabia produced close to 9 million barrels a day for a third month, helping to keep OPEC’s total output near the group’s official target of 30 million barrels.

The Organization of Petroleum Exporting Countries pumped an average of 30.7 million barrels a day in February, as rising Libyan production outpaced the cut by Saudi Arabia, according to data compiled by Bloomberg.

“The 9.15-million level in February is way below our forecasted average for the year, but we are sure output will increase in the second quarter as demand picks up,” Fahd al- Turki, a senior economist at Riyadh-based Jadwa Investment Co., said by telephone.

“Saudis will increase production for sure, but it will not be as sharp as last year’s levels.”

Asian Demand

Jadwa forecasts that Saudi production will reach 9.6 million barrels a day this year, down from 9.9 million in 2012, al-Turki said.

Demand in the second quarter will probably rise from local use and greater consumption in Asia, he said.

Al-Turki said Saudi production cuts in recent months are a response to slower demand, mainly domestic.

“With the current high oil prices, OPEC countries are responding to demand more than their response to the group’s ceiling,” he said.

Brent crude futures for April settlement ended at $110.85 on March 8 on the London-based ICE Futures Europe exchange.

National Commercial Bank, Saudi Arabia’s largest lender, estimated in a March 6 note that the nation’s 2013 crude output will average 9.5 million barrels a day.
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Offline Letsbereal

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Oil tops $92 after late-session turn higher
« Reply #94 on: March 12, 2013, 01:24:23 AM »
Oil tops $92 after late-session turn higher - Traders weigh China data, dollar weakness; gasoline down 1.6%
11 March 2013
, by William L. Watts and Myra P. Saefong - San Francisco (MarketWatch)
http://www.marketwatch.com/story/oil-futures-edge-lower-on-profit-taking-2013-03-11

Oil futures staged a late-session turnaround Monday, scoring a minor gain to finish above $92 a barrel, as support from a weaker dollar and rising U.S. equities offset some concerns over demand following a weak round of Chinese economic data.


Brent crude $109.90 and U.S. crude $91.91 a barrel now http://www.reuters.com/finance/commodity?symbol=GB@IB.1
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Offline Letsbereal

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Oil scores fourth straight session gain
« Reply #95 on: March 12, 2013, 05:35:51 PM »
Oil scores fourth straight session gain
12 March 2013
, by Myra P. Saefong - San Francisco (MarketWatch)
http://www.marketwatch.com/story/oil-scores-fourth-straight-session-gain-2013-03-12

Oil futures rose Tuesday, extending their climb to a fourth straight session, with traders optimistic over the outlook for energy demand.

The year-to-date performance in the broader markets and overall strength in the U.S. dollar show improving economic expectations domestically, said Michael Peterson, managing director of energy research at MLV & Co.

April crude tacked on 48 cents, or 0.5%, to settle at $92.54 a barrel on the New York Mercantile Exchange.

That was the highest settlement since Feb. 27, according to FactSet.

Also see:

Oil looks to extend rise to 4th straight session - OPEC stands pat on demand view; EIA forecasts mostly unchanged http://www.marketwatch.com/story/oil-flat-on-opec-awaits-us-inventory-data-2013-03-12

No change to OPEC's 2013 oil-demand-growth outlook http://www.marketwatch.com/story/no-change-to-opecs-2013-oil-demand-growth-outlook-2013-03-12

OPEC: Non-OPEC supply cutting into market share http://www.marketwatch.com/story/opec-non-opec-supply-cutting-into-market-share-2013-03-12

API reports unexpected fall in U.S. crude supply http://www.marketwatch.com/story/api-reports-unexpected-fall-in-us-crude-supply-2013-03-12

High gas prices will impact February retail sales data http://blogs.marketwatch.com/thetell/2013/03/12/high-gas-prices-will-impact-february-retail-sales-data/

WTI Oil Trades Near Two-Week High as U.S. Crude Supplies Decline http://www.bloomberg.com/news/2013-03-12/wti-oil-trades-near-two-week-high-as-u-s-crude-supplies-decline.html


Brent crude $109.64 and U.S. crude $92.62 a barrel now http://www.reuters.com/finance/commodity?symbol=GB@IB.1
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Offline Letsbereal

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Gas Prices Resume Rise As RBOB Hits 2013 Highs
« Reply #96 on: March 14, 2013, 01:43:46 AM »
Gas Prices Resume Rise As RBOB Hits 2013 Highs
13 March 2013
, by Tyler Durden (Zero Hedge)
http://www.zerohedge.com/news/2013-03-13/gas-prices-resume-rise-rbob-hits-2013-highs

Excerpt:

The meme of the moment appears to be that sliding gas prices (which by the way merely fell back to mid-February levels) will no longer hamper the over-taxed and under-incomed consumer providing yet more upsided-ness for stocks.

Sorry to burst another fictional bubble but Gas prices have now risen for the 3rd day in a row as RBOB (wholesale gas prices) surge to new 2013 highs and crude oil prices push back to one-month highs.

Perhaps that is why today's retail sales data (unadjusted) is not providing the pop that so many talking-heads believe is warranted.

Between RBOB highs and the RIN issues, is it any wonder the CME just hiked 'crack spread' margins in an effort to keep prices under control?

RBOB (wholesale) and Crude energy costs are re-surging and retail gas prices are on the rise once again (as they always lag)...

----

And while the CME hiked crack spread margins pushing down the price of RINs in the last week or so, they remain incredibly high...


Brent crude $108.40 and U.S. crude $92.26 a barrel now http://www.reuters.com/finance/commodity?symbol=GB@IB.1
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Offline Letsbereal

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WTI Oil Advances a Second Day as Brent Premium Shrinks on Week
« Reply #97 on: March 15, 2013, 01:26:17 AM »
WTI Oil Advances a Second Day as Brent Premium Shrinks on Week
15 March 2013
, by Ben Sharples & Ramsey Al-Rikabi (Bloomberg)
http://www.bloomberg.com/news/2013-03-14/wti-oil-trades-near-two-week-high-opec-seen-boosting-shipments.html

Excerpt:

West Texas Intermediate oil rose for a second day, heading for a second weekly advance. Brent crude’s premium to the U.S. benchmark grade is poised for the biggest weekly drop in five months.

WTI futures climbed as much as 0.3% in New York after gaining 0.6% yesterday, the most in a week.

OPEC will increase daily crude exports by 300,000 barrels to 23.75 million in the four weeks to March 30 as refineries in Europe and the U.S. resume after maintenance and boost demand, according to Oil Movements, a tanker tracker. Brent oil is poised for a weekly decline.

“In the U.S., we’re exiting the refinery turnaround period and heading into the summer demand season,” said Anthony Nunan, a senior adviser for risk management at Mitsubishi in Tokyo.

“With the glut in the U.S. Midcontinent being gradually relieved because of pipeline capacity build out, it looks like WTI is going to stabilize and maybe come up.

WTI is much more constructive, whereas Brent really looks like it’s on a downtrend.”

West Texas oil for April delivery rose as much as 32 cents to $93.35 a barrel in electronic trading on the New York Mercantile Exchange and was at $93.28 at 11:35 a.m. Singapore time.

The volume of all futures traded was in line with the 100- day average.

The contract advanced 51 cents yesterday to $93.03, the highest since Feb. 25. Prices are up 1.4% this week.


Brent crude $109.50 and U.S. crude $93.27 a barrel now http://www.reuters.com/finance/commodity?symbol=GB@IB.1
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Offline Letsbereal

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Oil futures settle at highest level since Feb. 20
« Reply #98 on: March 26, 2013, 09:51:30 AM »
Oil futures settle at highest level since Feb. 20

Brent crude $108.45 and U.S. crude $95.83 a barrel now http://www.reuters.com/finance/commodity?symbol=GB@IB.1
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Offline Letsbereal

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Oil futures top $96, settle at five-week high
« Reply #99 on: March 26, 2013, 09:34:31 PM »
Oil futures top $96, settle at five-week high http://www.marketwatch.com/story/oil-prices-higher-after-durable-goods-data-2013-03-26


Brent crude $109.32 and U.S. crude $96.08 a barrel now http://www.reuters.com/finance/commodity?symbol=GB@IB.1
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Offline Letsbereal

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Re: Brent crude $109.32 and U.S. crude $96.08 a barrel now
« Reply #100 on: March 27, 2013, 02:45:02 PM »
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Offline Letsbereal

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WTI Advances a Fifth Day
« Reply #101 on: March 28, 2013, 10:33:10 AM »
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Offline Letsbereal

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Oil settles above $97, rises nearly 6% for quarter
« Reply #102 on: March 28, 2013, 07:42:24 PM »
Oil settles above $97, rises nearly 6% for quarter http://www.marketwatch.com/story/oil-settles-above-97-rises-nearly-6-for-quarter-2013-03-28

Oil logs monthly, quarterly gains of more than 5% http://www.marketwatch.com/story/oil-edges-higher-as-markets-watch-cyprus-2013-03-28


Brent crude $109.77 and U.S. crude $97.23 a barrel now http://www.reuters.com/finance/commodity?symbol=GB@IB.1
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Offline Letsbereal

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There are many reasons to believe that the Brent market is likely to stay in backwardation for a long time going forward
http://www.commodityonline.com/news/why-probable-backwardation-in-wti-crude-oil-would-just-be-temporary-53639-3-53640.html

Having spent 14 out of 16 years in backwardation in the 1989-2004 period, Brent went into contango from 2005 to 2010. Since 2011, Brent has once again moved into firm backwardation, with front-to-third month time spreads averaging $0.66/bbl in the past 12 months, compared to an average of $0.04/bbl in the previous 24 years.

The fact that Brent has stayed in backwardation is surprising given the double-dip recession that Europe has suffered in recent quarters.

European oil demand fell off a cliff in 2012, with consumption dropping from 14.4 to 13.7 million b/d, almost matching the contraction experienced in 2009.


However, stocks have failed to build due to supply scarcity and limited credit availability at refiners.

Looking out, we still expect backwardation in Brent to continue, although a potential cut to rebates in South Korea and a return of South Sudanese oil could briefly temper near-term Brent spreads.


Brent crude $110.10 and U.S. crude $97.29 a barrel now http://www.reuters.com/finance/commodity?symbol=GB@IB.1
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Offline Letsbereal

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Oil Tanker Market In "State Of Panic" As Charter Rates Plunge, Cargoes Rejected
2 April 2013
, by Tyler Durden (Zero Hedge)
http://www.zerohedge.com/news/2013-04-02/oil-tanker-market-state-panic-charter-rates-plunge-cargoes-rejected

Via Bloomberg: http://www.bloomberg.com/news/2013-04-02/frontline-rejects-oil-cargoes-amid-rout-in-tanker-rates.html

"Frontline is offering tankers for charters “selectively” and the market is in a “state of panic” as excess ship supply drives down charter costs, Jens Martin Jensen, chief executive officer of the Hamilton, Bermuda-based company’s management unit, said by phone today."


Brent crude $109.71 and U.S. crude $96.71 a barrel now http://www.reuters.com/finance/commodity?symbol=GB@IB.1
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Offline Letsbereal

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Europe to Shut 10 Refineries as Profits Tumble
« Reply #105 on: April 05, 2013, 02:54:42 AM »
Bakken’s Discount to Brent Widens for First Time in a Week
4 April 2013
, by Dan Murtaugh (Bloomberg)
http://www.bloomberg.com/news/2013-04-04/bakken-s-discount-to-brent-widens-for-first-time-in-a-week.html

Bakken crude on the spot market widened its discount to the European benchmark crude for the first time in a week.

Bakken priced in Clearbrook, Minnesota, widened its discount to Dated Brent by $1.05 to $11.07 a barrel at 12:52 p.m. New York time, according to data collected by Bloomberg.

The discount has narrowed since reaching a 2012-record level of $34.77 on Oct. 30.

Bakken competes with foreign oils priced off Brent for space in U.S. East Coast refineries, where companies such as PBF Energy Inc. (PBF) and Philadelphia Energy Solutions have increased rail-unloading capacity to take the crude.

Bakken at Clearbrook narrowed its premium to U.S. benchmark West Texas Intermediate in Cushing, Oklahoma, by 50 cents for the second straight day to $1.50 a barrel.

The price in Clearbrook is higher than at wells in North Dakota and Montana because of gathering and transportation costs.

Continental Resources Inc., Whiting Petroleum Corp. (WLL) and others have used techniques like horizontal drilling and hydraulic fracturing to boost production in North Dakota to a peak of 770,000 barrels a day in December from less than 100,000 in July 2005.

The boom has helped the U.S. reverse a decades-long decline in oil production.

The country produced 7.08 million barrels of oil a day in the first 13 weeks of the year, the most since 1992, EIA data show.


Europe to Shut 10 Refineries as Profits Tumble
5 April 2013
, by Konstantin Rozhnov (Bloomberg)
http://www.bloomberg.com/news/2013-04-04/europe-to-shut-10-refineries-as-profits-tumble.html

Excerpt:

Oil refiners in Europe will shut 10% of their plants this decade as fuel demand falls to a 19-year low.

Of the region’s 104 facilities, 10 will shut permanently by 2020 from France to Italy to the Czech Republic, a Bloomberg survey of six European refinery executives showed.

Oil consumption is headed for a fifth year of declines to the lowest level since 1994, the International Energy Agency estimates.

Two-thirds of European refineries lost money in 2011, according to Essar Energy Plc (ESSR), owner of the U.K.’s second-largest plant.

“Purely from the falling European demand point of view, one bigger refinery or two smaller plants would have to shut in Europe every year,” David Wech, who helps advise oil companies and governments as managing director at researcher JBC Energy GmbH, said in a phone interview from Vienna.

“And it’s not even assuming any negative impact from more competitive refining markets in other regions.”

A 50% jump in three years in U.S. diesel exports coupled with waning demand for imports of European fuels, as well as two recessions in five years in the euro region, have curbed profit from oil products at companies from Italy’s Eni SpA (ENI) to Royal Dutch Shell Plc.(RDSA).

Refining margins dropped to $7 this month, from a peak of about $20 a barrel in 2008, according to data compiled by Bloomberg.

The losses are being compounded by the configuration of Europe’s refineries.

Most of the plants, more than 50% of which were constructed in the wake of World War II, are geared toward gasoline production, though diesel now accounts for 75% of the region’s motor fuel needs.


Brent crude $106.38 and U.S. crude $93.06 a barrel now http://www.reuters.com/finance/commodity?symbol=GB@IB.1
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Offline Letsbereal

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Iraq war to keep oil off the market
« Reply #106 on: April 05, 2013, 04:27:01 AM »
Iraq war to keep oil off the market

How Bush won the war in Iraq - really!
29 March 2013
, by Greg Palast for Vice Magazine
http://www.gregpalast.com/how-george-bush-won-the-war-in-iraq-really/

Result: Still $100 barrel oil after 5 years.

So cynical funny if you think about it that American soldiers fought to see their gas bills go up not down which you would expect after occupying Iraq.

This is also the main reason for sanctions on Iran, to keep their oil off the market as much as possible.

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Offline Letsbereal

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Brent Crude Moves Into Contango for First Time Since June
« Reply #107 on: April 08, 2013, 01:37:24 AM »
Brent Crude Moves Into Contango for First Time Since June
6 April 2013
, by Moming Zhou & Lananh Nguyen (Bloomberg)
http://www.bloomberg.com/news/2013-04-05/brent-crude-moves-into-contango-for-first-time-since-june.html

Front-month Brent crude settled lower than the second-month contract for the first time since June on concern that slower economic growth will reduce near- term demand.

The European oil benchmark has slumped 6.3% this year as the region’s sovereign debt crisis spread from Greece to Italy to Cyprus.

European Central Bank President Mario Draghi said yesterday that downside risks remain to the region’s economy.

Prices have also declined amid an increase in shipments of crudes in the North Sea blend.

“The contango is an indication that the economy is in bad shape and oil demand is really slowing,” said Rich Ilczyszyn, chief market strategist and founder of commodities trading firm Iitrader.com in Chicago.

There is probably more downside risk going forward.”

Brent for May settlement ended the session 3 cents below June today.

The last time the first- and second-month contracts settled in the so-called contango structure was on June 29.

May Brent declined $2.22, or 2.1%, to close at $104.12 a barrel on the London-based ICE Futures Europe exchange, the lowest level since July 24.

The June contract slid $2, or 1.9%, to $104.15.

Brent’s premium to West Texas Intermediate oil, the U.S. benchmark, narrowed to $11.42, the least since June.

Credit Suisse lowered its 2013 Brent price forecast to $112 a barrel from $115 in a research note dated April 3, saying that it’s unlikely commodity demand will be strong enough anytime soon to pull the entire complex higher.

Economic Outlook

“This economic outlook for the euro area remains subject to downside risks,” Draghi said at a press conference yesterday in Frankfurt after the ECB kept its benchmark interest rate at a record low of 0.75%.

The European Union accounts for 16% of world’s oil demand, according to BP Plc (BP/)’s Statistical Review of World Energy.

“I guess you can call it the Mario Draghi spread,” said Phil Flynn, senior market analyst at the Price Futures Group in Chicago.

He believes that in the short term things are bad, and it means oil demand will be bad.”

Oil demand will be “less than it was before” in the next few months, Maria van der Hoeven, executive director of the International Energy Agency, said yesterday in a Bloomberg Television interview from Paris.

A contango structure typically can signal either declining demand or rising supply, or a combination of both.

Loadings Increase

Daily shipments of Brent, Forties, Oseberg and Ekofisk crudes from the North Sea, which make up the Dated Brent benchmark, will increase by 1.5% in May from this month, loading programs obtained by Bloomberg show.

Platts, publisher of benchmark energy prices, last month amended its North Sea Dated Brent crude formula to boost trading liquidity.

The price of Ekofisk and Oseberg grades for loading from June will be adjusted to take their superior quality into account, Platts, a unit of McGraw-Hill Cos., said in e-mailed statement.

Royal Dutch Shell Plc (RDSA) proposed changes to the contract it uses to trade North Sea cargoes in February.

“The introduction of quality premiums offers an incentive for more deliveries of Oseberg and Ekofisk, and thus has the potential to further gird the supply of oil underpinning the BFOE complex and the Dated Brent price assessment,” Dave Ernsberger, Platts global editorial director of oil, said last month.


Brent crude $104.56 and U.S. crude $92.88 a barrel now http://www.reuters.com/finance/commodity?symbol=GB@IB.1
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Offline Letsbereal

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Oil reclaims $93 as supply concerns heat up
« Reply #108 on: April 08, 2013, 05:30:31 PM »
Oil reclaims $93 as supply concerns heat up - Iran, Nigeria stir up supply fears; WTI/Brent spread narrows
8 April 2013
, by Myra P. Saefong and Carla Mozee - San Francisco (MarketWatch)
http://www.marketwatch.com/story/oil-gains-after-weekly-loss-of-nearly-5-2013-04-08

Crude-oil futures settled higher Monday, marking their first gain in four sessions, as a lack of progress in nuclear talks between world powers and Iran and conflicts in Nigeria stirred up worries about oil supplies.

"Iran, Nigeria stir up supply fears," How convenient.

Brent crude $104.78 and U.S. crude $93.52 a barrel now http://www.reuters.com/finance/commodity?symbol=GB@IB.1
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Offline Letsbereal

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EIA ups WTI oil, natural-gas price forecasts
« Reply #109 on: April 09, 2013, 03:22:10 PM »
EIA ups WTI oil, natural-gas price forecasts
9 April 2013
, by Myra P. Saefong - San Francisco (MarketWatch)
http://www.marketwatch.com/story/eia-ups-wti-oil-natural-gas-price-forecasts-2013-04-09

The U.S. Energy Information Administration on Tuesday raised its West Texas Intermediate crude-oil and natural-gas price forecasts for this year, from its March estimates.

WTI crude-oil prices are likely to average $94 in 2013, the EIA said in its short-term energy outlook report.

In March, it forecast an average of $92 in for 2013.

The EIA also expects natural-gas spot prices to average $3.52 per million British thermal units this year, up from a previous estimate of $3.41.

For 2014, however, it forecast $3.60 per million Btus, down from $3.63 in the March report.

Regular U.S. retail gasoline prices were to average $3.56 a gallon this year, up a penny from the March estimate of $3.55.


Brent crude $106.40 and U.S. crude $94.18 a barrel now http://www.reuters.com/finance/commodity?symbol=GB@IB.1
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Offline Letsbereal

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OPEC cuts global oil demand view - Oil output falls in March
« Reply #110 on: April 10, 2013, 06:28:45 PM »
U.S. crude supplies jump over 5 million bbls: API
9 April 2013
, by Myra P. Saefong - San Francisco (MarketWatch)
http://www.marketwatch.com/story/us-crude-supplies-jump-over-5-million-bbls-api-2013-04-09

WTI Falls as Supplies Rise, OPEC Trims Demand Forecast
10 April 2013
, by Grant Smith & Konstantin Rozhnov (Bloomberg)
http://www.bloomberg.com/news/2013-04-09/wti-oil-drops-from-one-week-high-as-u-s-crude-stockpiles-climb.html

OPEC oil output falls in March: Platts survey
10 April 2013
, by Myra P. Saefong - San Francisco (MarketWatch)
http://www.marketwatch.com/story/opec-oil-output-falls-in-march-platts-survey-2013-04-10

OPEC cuts global oil demand view in wake of Cyprus
10 April 2013
, by Benoit Faucon - London (MarketWatch)
http://www.marketwatch.com/story/opec-cuts-global-oil-demand-view-in-wake-of-cyprus-2013-04-10


Brent crude $105.51 and U.S. crude $94.49 a barrel now http://www.reuters.com/finance/commodity?symbol=GB@IB.1
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Offline Letsbereal

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IEA sees slower oil-demand growth, supply risks
« Reply #111 on: April 11, 2013, 09:24:01 AM »
IEA sees slower oil-demand growth, supply risks
11 April 2013
, by Sarah Kent - London (MarketWatch)
http://www.marketwatch.com/story/iea-sees-slower-oil-demand-growth-supply-risks-2013-04-11

The International Energy Agency once again cut its outlook for global oil demand Thursday, but warned significant supply risks continue to threaten the market.


Brent crude $105.63 and U.S. crude $94.40 a barrel now http://www.reuters.com/finance/commodity?symbol=GB@IB.1
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Offline Letsbereal

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Oil slips below $88, at lowest since December
« Reply #112 on: April 16, 2013, 12:14:13 PM »
Brent Crude Falls Below $100; WTI Lowest in Four Months
http://www.bloomberg.com/news/2013-04-15/wti-crude-falls-to-four-month-low-as-stockpiles-seen-climbing.html

Oil slips below $88, at lowest since December
http://www.marketwatch.com/story/oil-futures-below-88-ahead-of-supply-data-2013-04-16

Brent Crude Oil Falls Below $100 a Barrel
http://www.bloomberg.com/news/2013-04-16/brent-crude-oil-falls-below-100-a-barrel.html

Consumer inflation falls 0.2% in March – Core CPI also softer than expected
http://www.marketwatch.com/story/consumer-inflation-falls-02-in-march-2013-04-16-81034829

Bernankesan: Oh My God!!! Deflation! No problem, more QE.


Brent crude $99.45 and U.S. crude $88.36 a barrel now http://www.reuters.com/finance/commodity?symbol=GB@IB.1
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Offline Letsbereal

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Oil moves higher as dollar drops
« Reply #114 on: April 29, 2013, 09:35:31 AM »
Oil moves higher as dollar drops
29 April 2013
, by Michael Kitchen and Barbara Kollmeyer - Madrid (MarketWatch)
http://www.marketwatch.com/story/oil-adds-to-losses-ahead-of-busy-week-2013-04-29


Brent crude $103.41 and U.S. crude $93.74 a barrel now http://www.reuters.com/finance/commodity?symbol=GB@IB.1
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Crude Inventories Surge To Record High As Energy Demand Collapses
« Reply #115 on: May 01, 2013, 10:48:48 PM »
Crude Inventories Surge To Record High As Energy Demand Collapses
1 May 2013
, by Tyler Durden (Bloomberg)
http://www.zerohedge.com/news/2013-05-01/crude-inventories-surge-record-high-energy-demand-collapses

A month ago we highlighted the somewhat stunning reality of the real economy via the EIA's detailed energy supply and demand data.

The key takeaway was  that we hoped this did not represent the true state of the economy since the data was so dismal.

Fast forward to today and the DOE just released a much higher than expected build in crude inventories that took the stuffed-channel of oil products to all-time highs.

The 395.3 million barrels is higher than the previous record in July 1990.

There appears to be a number of factors at play - none of which are positive.

There is a surge in supply due to the incessant harvesting of shale oil (which could have its own problems as we noted here).

Second, we suspect there is a degree of 'channel-stuffing' occurring - if we pump it, they will buy - as producers and transporters are desperate to keep active and show incremental business (despite fading railcar loadings).

But perhaps most important, as EIA data has shown, there has been a collapse in end demand for crude products not seen since the 1990s.

Today's surge in inventories appears to confirm demand remains subdued at best.



Chart: Bloomberg


Brent crude $100.00 and U.S. crude $90.88 a barrel now http://www.reuters.com/finance/commodity?symbol=GB@IB.1
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Offline Letsbereal

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Crude Gains Most in Six Months
« Reply #116 on: May 03, 2013, 01:09:32 AM »
Crude Gains Most in Six Months as Jobless Claims Decline
2 May 2013
, by Moming Zhou (Bloomberg)
http://www.bloomberg.com/news/2013-05-02/crude-gains-first-time-in-3-days-on-jobless-claims.html

WTI-Brent 16-Month Low Pits Goldman Against BofA
2 May 2013
, by Grant Smith  (Bloomberg)
http://www.bloomberg.com/news/2013-05-02/wti-brent-16-month-low-pits-goldman-against-bofa.html

OPEC Exports Seen Stable Amid ‘Glum’ Demand, Oil Movements Says
2 May 2013
, by Grant Smith  (Bloomberg)
http://www.bloomberg.com/news/2013-05-02/opec-exports-seen-stable-amid-glum-demand-oil-movements-says.html


Brent crude $102.60 and U.S. crude $93.66 a barrel now http://www.reuters.com/finance/commodity?symbol=GB@IB.1
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Offline Letsbereal

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Oil ends at one-month high, up 2.8% on week
« Reply #117 on: May 03, 2013, 07:26:54 PM »
Oil ends at one-month high, up 2.8% on week
http://www.marketwatch.com/story/crude-oil-slips-after-rally-awaits-us-jobs-data-2013-05-03

Brent Vigilantes Awake
http://www.zerohedge.com/news/2013-05-03/new-all-time-highs-stocks-brent-vigilantes-awake


Brent crude $100.00 and U.S. crude $90.88 – 01 May 2013
Brent crude $102.60 and U.S. crude $93.66 – 02 May 2013

Brent crude $104.17 and U.S. crude $95.61 a barrel now http://www.reuters.com/finance/commodity?symbol=GB@IB.1
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Offline Letsbereal

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Oil futures log third straight session gain
« Reply #118 on: May 07, 2013, 02:53:34 AM »
Oil futures log third straight session gain - MidEast tension raises supply concern; natural-gas prices fall
6 May 2013
, by Myra P. Saefong and Carla Mozee - San Francisco (MarketWatch)
http://www.marketwatch.com/story/oil-prices-extend-rally-trade-above-96-2013-05-06


Brent crude $100.00 and U.S. crude $90.88 – 01 May 2013
Brent crude $102.60 and U.S. crude $93.66 – 02 May 2013
Brent crude $104.17 and U.S. crude $95.61 – 03 May 2013
Brent crude $104.90 and U.S. crude $95.38 a barrel now
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Offline Letsbereal

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Oil prices holding to five-week high at $96
« Reply #119 on: May 09, 2013, 03:10:24 AM »
Oil prices holding to five-week high at $96
http://www.marketwatch.com/story/oil-prices-holding-to-five-week-high-at-96-2013-05-09


Brent crude $100.00 and U.S. crude $90.88 – 01 May 2013
Brent crude $102.60 and U.S. crude $93.66 – 02 May 2013
Brent crude $104.17 and U.S. crude $95.61 – 03 May 2013
Brent crude $104.90 and U.S. crude $95.38 – 07 May 2013
Brent crude $104.09 and U.S. crude $96.30 a barrel now
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