Gas going up?

[greenblood01]

It jumped 20 cents from 1.45 to 1.65 in Northeast Missouri last night..

[gcart2]

nah i think it just found its peak.

[ZeroLogic]

Gas is going to go up. I bet it will stabilizes at 3 dollars.

http://finance.yahoo.com/family-home/article/106398/As-Prices-Rise,-Some-See-$2-Gas

Well, it was nice.:ermm:

[rookiex]

gas will go up due to the unstable situation in the middle east.The war in isreal and gaza is really upsetting the stock market and the oil prices.They shouldnt be going up this fast but since this problem has arrose you will see gas hit 2.00 as soon as the end of next week.Its really hard to predict.Lets say the United states market plummets horrible tomarrow and over shadows the issue in the middle east oil will take a hit and go down.Anyone one person can tell you NOONE can predict how oil will rise and fall.4 months ago I heard (the best) guys in the market say ''the days of 2.00 gas are gone we will never see it again in our lifetime''.Now look 1.34 here 3 weeks ago.Now back up it will go and settle at 2.50 or 3.00.BUT IF something happens GM goes under markets crash or a dang bird flys north in the winter instead of south it is subject to GREAT change.

[rookiex]

Oh and here is the trick....People are seeing this now....they are getting scared the gas will rise to 4.00 dollars plus again...guess what that means.....back to conservation BILLIONS of miles less travel and thats not world wide that us alone.The prices will fall again.They keep pushing it and people are scared.Gas has rose .30 cents in days and people are not dumb they know its changing.People drive less= more reserves=cheaper gas.Sad thing is it takes months of pain at the pump and less driving to get months of cheap gas.You didnt really think this cheap fuel was forever did you?

[Rich250RRacer]

$1.99 here in Ohio today.

[mittman]

we got 3 55gal drums in our shed. i want to fill them up with gas/diesel but i probably couldnt keep it from going bad.

[rookiex]

things will get worse till this war is over then in the summer we all know what happens.But the big factor is......Are people going to travel this summer.Thats a big reason why the reserves are so high because all summer noone traveled.thats why opec cut back production.now its starting to work.they want to drive oil back up around 100-120 a barrel+ 2.50-3.00 gas.they are greedy jerks.

[gcart2]

im surprised knowone has said anything ABOUT OBOMA

[quads14589]

yeah i started to notice that, gas went from about 1.50 here 1.67 in about 3 days, im hoping it will stay around 2 bucks but im sure it wont, the nation shouldnt travel this summer to drive down the prices

[Mxjunkie]

Damn I just got my blood pressure to go down too! :mad:

[rookiex]

relax guys.....peace talks in gaza and insreal are going to start and that alone has drove the oil down 1.50 cents for the first time in 7 days.Thats good.AND we alone like I said people are seeing gas go up drove 700,000 barrles less a day for the last 7 days then the week before.so we have a good little reserve starting thats driving oil back down.Now unless they ralley around 2 or 3 oclock we should be closing lower than yesterday.

[scuzz]

I don't consume enough gas for it to be a problem for me or my wife.

[rookiex]

You dont drive a 2500HD or a diesel then

[rookiex]

horrible I swear im going to buy a VW rabbit that way i can run around with my quad and stuff.

[scuzz]

Nope, I have a 2004 tacoma and my wife drives a Suburban. I really should have a car since I only use my truck as a truck when I'm hauling my quad. The Taco gets about the same gas mileage as the Suburban.

I wanted a 2500HD Duramax, but as I mentioned before it doesn't make any sense to drive a truck when you don't use it like one. (in my case)

If I did buy one though, I would get a cheapo civic or something to go back and fourth to work in so I wouldn't have to drive the Duramax that runs on unicorn tears.

[scuzz]

Ha! I see you posted something along the lines of what I did.

[rookiex]

guess what boys.....oils down 4.50 cents 5th largest dip in 4 months....at its only 1:45....huge drop huge drop and its going down fast.

[rookiex]

down 5.00 at 43.00 dollars per barrel.prices will stop going up if this keeps up for atleast another week.

[quads14589]

thats good news now i would like to see the gandi lower the prices here:devil:

[rookiex]

they will

[powermadd400ex]

1.45 in ringgold
but in gatlinburg it was like 2.08
:eek:

[rookiex]

yeah when I went through GA TENN KY AND OHIO from florida Tenn. had the cheapest gas.

[scuzz]

Mississippi has some pretty cheap gas prices too.

[gcart2]

1.63-1.79 is what we see around here.

filled up my truck for 35 bucks lol.

edit: i live in polk county florida

[scuzz]

It's about the same here in Austin.

[scuzz]

http://www.bloomberg.com/apps/news?pid=20601087&sid=aLCxveS8.mmk&refer=home



Oil Tumbles 12 Percent as U.S. Supplies Rise More Than Forecast
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By Mark Shenk

Jan. 7 (Bloomberg) -- Oil futures tumbled 12 percent, the most in more than seven years, after a U.S. government report showed bigger-than-expected increases in supplies of crude oil, gasoline and distillate fuel as consumption dropped.

Inventories of crude oil rose 6.68 million barrels to 325.4 million barrels last week, the highest since May, the Energy Department said today in a weekly report. Supplies were forecast to increase by 800,000 barrels, according to the median of forecasts by 14 analysts in a Bloomberg News survey.

“We have the making of a huge glut here,” said Phil Flynn, senior trader at Alaron Trading Corp. in Chicago. “Supplies are more than adequate and should continue to rise because demand is so poor.”

Crude oil for February delivery fell $5.95 to $42.63 a barrel at 2:46 p.m. on the New York Mercantile Exchange, the lowest settlement since Dec. 30. Today’s decline was the biggest since Sept. 24, 2001. Futures on the exchange are down 55 percent from a year ago.

Inventories at Cushing, Oklahoma, where oil that’s traded on Nymex is stored, climbed 14 percent to 32.2 million barrels last week, the highest since at least April 2004, when the department began keeping track of supplies there.

“We’re pushing up toward capacity limits,” said Lawrence Eagles, global head of commodities research at JPMorgan Chase & Co. in New York. “There’s still a bit of space, but not much.”

Contango

The price of oil for delivery in February 2010 is 41 percent more than for the current month, increasing the opportunity for traders to profit. This structure, in which the subsequent month’s price is higher than the one before it, is known as contango. Contango trading encourages companies to increase stockpiles if they have available storage.

“It’s not a surprise we’re building inventories,” said Tom Knight, trading director at Truman Arnold Cos. in Texarkana, Texas. “Look at the contango. You’d be an idiot not to take advantage of that.”

Volume in electronic trading on the exchange was 535,890 contracts as of 3:05 p.m. in New York. Volume totaled 649,999 contracts yesterday, up 38 percent from the average over the past 3 months. Open interest yesterday was 1.22 million contracts. The exchange has a one-business-day delay in reporting open interest and full volume data.

Gasoline inventories rose 3.33 million barrels to 211.4 million barrels, the department said. Supplies were forecast to increase by 1 million barrels. Distillate supplies, which include heating oil and diesel, climbed 1.79 million barrels to 137.8 million barrels. A gain of 1.1 million barrels was forecast.

Fuel Prices

Gasoline futures for February delivery dropped 11.28 cents, or 9.5 percent, to settle at $1.0764 a gallon in New York. Heating oil for February delivery fell 8.32 cents, or 5.1 percent, to end the session at $1.5431 a gallon.

Regular gasoline at the pump, averaged nationwide, rose 3.9 cents to $1.727 a gallon, AAA, the largest U.S. motorist organization, said on its Web site today. It was the biggest one- day increase since September. Prices have dropped 58 percent from the record $4.114 a gallon reached on July 17.

U.S. fuel consumption during the four weeks ended Jan. 2 averaged 20.1 million barrels a day, down 2.9 percent from a year earlier, the Energy Department report showed.

Imports of crude oil increased 13 percent to 10.5 million barrels a day last week, the biggest one-week gain since the week ended Oct. 3, when the Gulf Coast was recovering from hurricanes Gustav and Ike.

Refineries operated at 84.6 percent of capacity last week, up 2.1 percentage points from the week before, the report showed. Analysts forecast that there would be no change in utilization.

Geopolitical Tension

Yesterday, crude reached a five-week high on the conflict between Israel and Hamas in the Gaza Strip, Russia’s gas dispute with Ukraine, and signs that OPEC members are enacting supply cuts. It later fell as manufacturing data indicated the U.S. recession is deepening.

The U.S. inventory numbers “are obviously quite dramatic, but should not really have been a surprise,” Eagles said. “There are significant issues in the Middle East and concerning gas in Europe, but how long will they remain a major worry?”

Brent crude oil for February settlement declined $4.67, or 9.2 percent, to settle at $45.86 a barrel on London’s ICE Futures Europe exchange.

Saudi Foreign Minister Prince Saud al-Faisal said oil “isn’t a weapon” to end fighting in the Middle East. Prince al- Faisal, speaking at a press conference in New York, said oil “can’t reverse a conflict,” when asked about an Iranian call for Arab states to stop producing as a means of putting pressure on countries backing Israel.

Oil surged in 1974, helping spur a recession in the developed world, after an oil embargo that followed the Arab-Israeli war in October 1973.

Weak Economy

“The violence in Gaza and the natural-gas crisis in Europe aren’t enough to keep the rally going when the economy is so weak,” said Gene McGillian, an analyst at Tradition Energy in Stamford, Connecticut. “It looks like the $50 area will be the top of our range.”

Frontline Ltd., the world’s biggest owner of supertankers, said oil traders want to charter as many as 10 vessels to hold crude to take advantage of higher prices later in the year.

About 25 supertankers were already hired for storage and there are inquiries for 5 to 10 more, Jens Martin Jensen, Singapore-based interim chief executive officer of the company’s management unit, said by phone today.

To contact the reporter on this story: Mark Shenk in New York at mshenk1@bloomberg.net.
Last Updated: January 7, 2009 16:08 EST