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Author Topic: 'Super spike' fears, rising prices of gas push oil up  (Read 1119 times)
BigRog
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« on: April 01, 2005, 07:08:20 AM »

'Super spike' fears, rising prices of gas push oil up
By Associated Press  |  April 1, 2005

Crude futures rallied above $55 a barrel yesterday, helped by rising prices for gasoline and heating oil and an investment bank report that said strong demand and tight supplies could cause a ''super spike" that sends prices above $100 a barrel.
 
After climbing as high as $56.10 a barrel, light, sweet crude for May delivery settled at $55.40 on the New York Mercantile Exchange, an increase of $1.41.

An intraday Nymex peak of $57.60 was set on March 17.

Brent crude futures rose $2.20 to settle at $54.29 on the International Petroleum Exchange.

Heating oil rose more than 5 cents to finish at $1.66 a gallon on the Nymex, while unleaded gasoline rose nearly 6 cents to $1.66 a gallon.

On Wednesday, heating oil futures settled more than 5 cents higher and gasoline futures closed more than 2 cents higher following the release of US government data that showed a drop in the nation's supply of gasoline and distillate fuel, which includes heating oil.

The report, which also showed a large increase in crude oil inventories, said gasoline demand over the past month was 2 percent higher than last year.

''I think the market is a little surprised that demand is staying pretty strong even with record-high prices," said Tom Bentz, a broker at BNP Paribas Commodity Futures in New York.

The average retail price of regular unleaded gasoline is $2.15 per gallon, according to the Energy Department.

Goldman Sachs analyst Arjun N. Murti said in a report that ''oil markets may have entered the early stages of what we have referred to as a 'super spike' period -- a multiyear trading band of oil prices high enough to meaningfully reduce energy consumption and recreate a spare capacity cushion only after which will lower energy prices return."


Hmmm
Huge deficit, fuel prices doubling, can you say world recession?
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"Lurch my good man,…what did you mean when you said just now that 'You've got better things to do than run my petty little errands'…….?"
Robo
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« Reply #1 on: April 07, 2005, 02:49:32 PM »

Perhaps some good news.....

Oil Prices Drop Sharply As Gas Plummets

By BRAD FOSS, AP Business Writer

Oil futures prices fell more than $1 a barrel Thursday afternoon, following the lead of gasoline futures, and brokers said there appeared to be further momentum lower.

"It's collapsing," said Ed Silliere, a broker at Energy Merchant Intermarket Futures in New York. "The market was extremely overbought."

Light, sweet crude for May delivery dropped $1.45 to $54.40 a barrel in afternoon trade on the New York Mercantile Exchange. After an early decline of nearly 8 cents, gasoline futures recovered some lost ground and were down 4 cents to $1.62.

On Wednesday the U.S. Energy Department said the supply of unleaded gasoline stood at 212.3 million barrels, or 5.5 percent higher than last year. However, gasoline demand remained healthy, up 2 percent from a year ago.

Tetsu Emori, chief commodities strategist at Mitsui Bussan Futures, said he expects high gasoline prices to persist as "people are accumulating inventories before the summer driving season."

The government report also showed that the nation's inventory of crude oil was 317.1 million barrels, or 8 percent higher than last year.

"U.S. oil demand is holding up well, and will help to support prices at lower levels," investment bank Barclays Capital said in a note. "There is ... nothing in the U.S. data to support another push up toward $60 yet."

Emori said the current oil market remains "highly exaggerated," and that if prices followed market fundamentals, they should hover around the low $40 range.

"Although demand still remains strong, supplies are normal, as seen from the U.S. reports," he said. "Even the current spare capacity is not that tight."

The U.S. Energy Information Administration significantly raised its forecast Thursday for gasoline and crude oil prices during the summer driving season, citing strong demand, tight refining capacity and new changes in gasoline specifications.

U.S. monthly average retail gasoline prices are seen peaking in May at a record high $2.35 a gallon, up from a $2.10 peak forecast in the EIA's previous monthly outlook.

U.S. benchmark crude oil prices are seen remaining above $50 a barrel for the rest of 2005 and 2006, the EIA said.
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