Oil Up $14/bbl today - Pensacola Fishing Forum

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Old 06-22-2012, 08:13 PM   #1
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Default Oil Up $14/bbl today

Biggest daily increase I've ever seen. Better fill up quicK

OOPS. FINANCE.YAHOO.COM MISTAKENLY REPORTED THIS EARLIER.

Last edited by Dagwood; 06-22-2012 at 10:19 PM.
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Old 06-22-2012, 08:16 PM   #2
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Wirelessly posted

Where did you see that?
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Old 06-22-2012, 08:18 PM   #3
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That is because they have closed down the oil in the Gulf due to TS Debbie. Just another reason to gouge you.
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Old 06-22-2012, 08:22 PM   #4
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Nymex Crude Future


79.76


+1.56

Last edited by Downtime2; 06-22-2012 at 08:24 PM.
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Old 06-22-2012, 08:23 PM   #5
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Crude oil prices fall to under $90 per barrel on weak demand
AGENCE FRANCE PRESSE June 23, 2012 1:23am
*0 *1 Email0 ShareThis62 *
Brent crude oil dropped under $90 a barrel for the first time since December 2010 on weak demand expectations for crude caused by the eurozone debt crisis and weakening growth in the United States and China, analysts said.
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Brent North Sea crude slid to $88.49 a barrel on Friday, while New York's main light sweet crude contract fell to an eight-month low of $77.56 a barrel.
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"Oil market sentiment has worsened significantly over the past week," in part "by a hardening of attitudes over the likely duration and scale of euro area problems," said Barclays Capital analyst Amrita Sen.
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Meanwhile dimming hopes for stronger global economic growth and the United States' persistently brimming stockpiles pushed crude oil prices sharply lower on Thursday, with both major benchmarks losing more than 3.7 percent.
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Brent on Thursday also went under $90 for the first time in 18 months.
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"The slump in oil prices results from faltering global demand and growing fears of an escalation of the eurozone crisis," said Andrew Kenningham, a senior economist at Capital Economics research group.
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"As such, it is wishful thinking to imagine that cheap oil can itself generate a recovery."
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Demand expectations lost ground after data signalled more weak economic growth in the United States, China and Europe, and US Energy Department figures showed an unexpected expansion of stockpiles.
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The falls were all about the poor signs for economic growth and oil consumption from data around the world, against a general rise in output especially in North America.
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Muted new stimulus efforts and a cut in the US growth forecast by the Federal Reserve on Wednesday were followed Thursday by a dim reading on a closely watched China industry purchasing managers' index (PMI) from HSBC bank, which fell to 48.1 in June from 48.4 in May on shrinking exports and weak domestic demand.
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And in Europe the research firm Markit's EU-wide PMI for June was at its lowest level for three years as business sentiment deteriorated in the crisis-hit region, a key survey showed Thursday.
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"Recession always poses the greatest downside risk for the oil price," said James Williams of WTRG Economics.
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On top of that was the surprise jump in US commercial oil reserves. Stocks unexpectedly climbed by 2.9 million barrels last week to their highest level for nearly 22 years.
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By late Friday on London's Intercontinental Exchange, Brent North Sea crude for delivery in August plunged to $90.62 a barrel from $97.57 a week earlier.
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On the New York Mercantile Exchange, West Texas Intermediate (WTI) or light sweet crude for August stood at $79.39 a barrel compared with $83.92 for the expired July contract a week earlier. Agence France Presse
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Old 06-22-2012, 08:31 PM   #6
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Quote:
Originally Posted by AUtiger01 View Post
Wirelessly posted

Where did you see that?
http://finance.yahoo.com/
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Old 06-22-2012, 09:02 PM   #7
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Must have been a mistake on finance.yahoo. Showing up 1.95 now..
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Old 06-22-2012, 09:12 PM   #8
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Yea, the news tonight was talking about the drop in oil again today.

But, if Debbie does head for Lousiana, oil will jump. They don't need much of a reason to go up.

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Old 06-23-2012, 03:21 AM   #9
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Quote:
Originally Posted by lobsterman View Post
That is because they have closed down the oil in the Gulf due to TS Debbie. Just another reason to gouge you.
Hope not, I'm sitting 120 miles off shore by a rig now. Our office must have forgot to tell us to come in.
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