[Home]  [Headlines]  [Latest Articles]  [Latest Comments]  [Post]  [Mail]  [Sign-in]  [Setup]  [Help]  [Register] 

this election - every election ... is about who will have the power to shape our children --- for the next four - eight years of their lives.”

Breaking News: Bikers for Hillary are on their way to Philly

Refugee rapes 79yo woman at German cemetery

Daily Caller News Foundation EXCLUSIVE: IRS Launches Investigation Of Clinton Foundation

Do You Know Why I’m Pulling You Over, Being Wildly Aggressive, And Charging You With Assault Today, Sir?

3D Printed and Homemade “Ghost Guns” Must Now Be Registered in California

First Poll to Show Majority Support by Republicans for Full Marijuana Legalization

Cop Who Killed His Own Son By Leaving Him in a Hot Car All Day, Not Charged — Because He’s a Cop

WashPost Editor Warns Vast Conspiracy: Avoid Talk of Bill’s ‘Libertine Tendencies’

You’re Likely Committing a Crime Right Now

Stop Drinking the Kool-Aid, America: Political Fiction in an Age of Televised Lies

Assassination of Gandhi ... The Facts - Behind

'You Christians, you kill us': Nun reveals words of ISIS knifemen who forced elderly priest, 84, to kneel at altar as they slit his throat on camera after invading Mass

LIVE: DNC Protest in Philadelphia

White people ordered to the back at DNC

Anthony Weiner and Trumps take swipes at each other

America's Largest Shotgun Maker Shifts More Jobs to Texas

#DNCLeaks: Will Putin Get a Pulitzer?

People Spend As Much On Legal Weed As They Do On Alcohol

Anybody watching the Demoncrap Convention ?

France church attack: Priest killed in hostage-taking near Rouen

German MP Critical of Police for Killing Crazed, Axe-Wielding Jihadist

calling all beer lovers

30 Seconds To Midnight

America Needs a Good, Old-Fashioned Economic Depression

Even Bernie Sanders supporters want Hillary Clinton behind bars

RealClearPolitics has Trump up by 0.2%

Cop Pulls Gun on Jack in the Box Employee for Not Making his Burger Fast Enough

Fort Myers Nightclub Shooting: 2 Dead, at Least 14 Others Reportedly Wounded

The Law Of Cosmic Imperative

Clinton Foundation is Robin Hood in Reverse

Leaked Emails Show DNC Officials Planned Anti-Trump Protests

BREAKING NEWS: Democrat chairwoman RESIGNS hours before Clinton convention. Email hack revealing how party conspired against Sanders forces Debbie Wasserman Schultz to quit

CLINTON CASH OFFICIAL DOCUMENTARY MOVIE ( FULL )

George Carlin The Illusion Of Choice, voting, presidents, corporate control and more...

Hillary's America -- 83% of moviegoers loved it; 95% of critics hate it

Has anyone upgraded to Windows 10? Any advice?

'See you in Philly': Anti-Clinton protesters converging on Democratic convention

EXCLUSIVE: Democratic National Committeewoman says her party is 'clearing a path' for Hillary because 'the women in charge' want it that way

Some Microbes Have Been With Us Since Before We Existed

Your favorite radio song ever!

Are we living in a ... joke wrapped in a farce --- in a bamboozle?

Hacked email shows demoncrap party hostility to sanders

Kerry: Air conditioners as big a threat as ISIS

DC GOP Vice-Chair Resigns Over Trump Nomination, Plans to Vote for Gary Johnson

7* Authoritarian Lines in Donald Trump’s Speech

Half Of TSA's 30,000 Employees Accused Of Misconduct; Nearly A Third Multiple Times

We Have a "Duty" to Submit; They Have No Duty to Protect

Instead of fighting Hillary, tRump rehashes his past stupidities

Liars: Cruz, Bush, Kasich Do Not Endorse Trump, Hillary’s Mentor is Communist, Phony Economy Updat


Status: Not Logged In; Sign In

Business
See other Business Articles

Title: Why Gasoline Isn't $4 Per Gallon Nationally
Source: Bloomberg
URL Source: http://www.businessweek.com/article ... e-isnt-4-per-gallon-nationally
Published: Apr 11, 2012
Author: Matthew Philips
Post Date: 2012-04-11 10:50:24 by Brian S
Keywords: None
Views: 1210
Comments: 2

The recent surge in U.S. gasoline prices may be stalling thanks to a growing supply of crude oil and a retreat by speculators in the futures market. After weeks of consecutive increases, the average price of a gallon of gas in the U.S. fell more than a penny this week, from $3.94 on April 2, to $3.93 on April 9. In California, the state with the highest gas prices in the lower 48, prices fell to an average of $4.28 a gallon on April 9, down from $4.35 three weeks ago.

“I think we’re seeing the gas and diesel markets start to run out of steam,” says Ben Brockwell, director of data and pricing at Oil Price Information Service (OPIS), a New Jersey-based energy research firm. Two weeks ago, Brockwell was all but certain the price of gas would hit a national average of $4 a gallon by the end of April. Now he’s not so sure: “There’s a chance this market has peaked and that we won’t see $4 average prices at the pump.”

Gas prices haven’t fallen everywhere, though. They continue to rise along much of the East Coast, particularly in New England, where the average price rose 7¢ last week, from $3.89 to $3.96. A flurry of East Coast refinery shutdowns of late has squeezed supply chains and could continue to add to the price of gasoline this summer, particularly in the Northeast.

The price of gas is determined primarily by the price of oil, which has fallen recently due to questions surrounding the strength of the U.S. recovery, as well as news that Iran will resume talks on its nuclear program. Rising OPEC production and a growing supply of crude in the U.S. have also helped dampen oil prices recently. The U.S. is now producing more than 6 million barrels a day, the most in 12 years. But with demand at its lowest level since the mid-1990s—and overloaded pipeline infrastructure unable to move it to refineries quickly—supplies are building faster than they have in decades.

A Bloomberg survey of energy analysts indicates that U.S. crude supplies climbed to 364.4 million barrels last week, their highest level for early April since 1990. Supplies in Cushing, Okla., where the price of West Texas Intermediate is set, have risen particularly fast—nearly 40 percent this year. The amount of crude stored in Cushing rose to more than 40 million barrels at the end of March, nearing the April 2011 record of 41.8 million barrels, and nearly double the amount stored there just three years ago.

This glut of supplies could be impacting the behavior of oil speculators, who have been pouring billions of dollars into a variety of oil-related futures contracts since October, betting on an Iranian supply disruption and, as a result, helping lift oil prices 30 percent in the last six months. The amount of speculative money in the oil market hit a record high in mid-March, when money managers held a net long exposure to oil through 642,724 futures contracts. At 1,000 barrels per contract, that’s roughly the equivalent of 643 million barrels of oil—more than the entire world uses in a week. But speculators pulled back last week, reducing their net long positions to 576,526 futures contracts. That’s still the seventh-highest weekly total ever, according to Citigroup (C) oil analyst Tim Evans.

“The question is whether that simply reflects end-of-the-quarter profit-taking, or whether it signals a more significant change in market sentiment,” Evans says. “There isn’t enough data to say for sure that the buying spree has run its course. We can’t ever assume they won’t build an even larger position in the future.” (1 image)

Post Comment   Private Reply   Ignore Thread  


TopPage UpFull ThreadPage DownBottom/Latest

Begin Trace Mode for Comment # 2.

#2. To: Brian S (#0)

The Saudis have expressed frustration that oil supplies are quite plentiful yet the price is high, creating a friction in their petrodollar economy with the States.

The problem is, as it has been, oil speculators. It is much cheaper to speculate in oil than in stocks because it takes so little to cover the purchase. The regulations actually encourage oil speculation relative to stock investment.

It appears the Saudis have opened the taps wide to punish the speculators.

tooconservative  posted on  2012-04-11   15:53:46 ET  Reply   Untrace   Trace   Private Reply  


Replies to Comment # 2.

        There are no replies to Comment # 2.


End Trace Mode for Comment # 2.

TopPage UpFull ThreadPage DownBottom/Latest

[Home]  [Headlines]  [Latest Articles]  [Latest Comments]  [Post]  [Mail]  [Sign-in]  [Setup]  [Help]  [Register] 

Please report web page problems, questions and comments to webmaster@libertysflame.com