Oil extends fall as storm threat fades

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Wednesday, November 19, 2008 5:31:32 AM

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Oil extends fall as storm threat fades Tuesday, August 19, 2008
CNN Money -- KUALA LUMPUR, Malaysia (AP) -- Oil prices dropped below $112 a barrel Tuesday in Asia, extending an overnight decline as Tropical Storm Fay avoided oil-producing infrastructure in the Gulf of Mexico. Analysts also said oil pricing is likely to remain suppressed amid concerns that a global economic slowdown may further dampen world oil demand. But intermittent supply concerns due to the hurricane season and ongoing conflicts such as that between Russia and Georgia are likely to halt any sharp slide in pricing. "Continuing worries about a U.S. economy slowdown, which may spread to the euro zone and perhaps also Asia are weighing down on oil pricing," said Victor Shum, an energy analyst with consultancy Purvin & Gertz in Singapore.
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	Tuesday, August 19, 2008 CNN Money -- KUALA LUMPUR, Malaysia (AP) -- Oil prices dropped below $112 a barrel Tuesday in Asia, extending an overnight decline as Tropical Storm Fay avoided oil-producing infrastructure in the Gulf of Mexico. Analysts also said oil pricing is likely to remain suppressed amid concerns that a global economic slowdown may further dampen world oil demand. But intermittent supply concerns due to the hurricane season and ongoing conflicts such as that between Russia and Georgia are likely to halt any sharp slide in pricing. "Continuing worries about a U.S. economy slowdown, which may spread to the euro zone and perhaps also Asia are weighing down on oil pricing," said Victor Shum, an energy analyst with consultancy Purvin & Gertz in Singapore. Visit CNN Money for full article

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eaglev All-Star Author Oklahoma City Posts:968 Points:330,195 Joined:Jul 2005	Message Posted: 8/23/2008 3:57:27 PM	Ignore eaglev Report Abuse
	Still looking for $100 after Oct 1
gas101CA All-Star Author California Posts:632 Points:74,855 Joined:Aug 2008	Message Posted: 8/20/2008 11:43:53 AM	Ignore gas101CA Report Abuse
	well does that mean supplies are missing what they want it too be. they are still getting the storm .......... storm fay will put pressure on oil and make it go up. if the storm dies then we can see oil go down like a rock.
jb47 Veteran Author Shreveport Posts:494 Points:286,925 Joined:Aug 2007	Message Posted: 8/20/2008 11:06:44 AM	Ignore jb47 Report Abuse
	Latest report I believe says supplies are down which may indicate prices are going up
LanguageMan1 Champion Author Tampa Posts:2,404 Points:166,950 Joined:Apr 2008	Message Posted: 8/20/2008 10:26:00 AM	Ignore LanguageMan1 Report Abuse
	And while prices have been up today so far, I hope that the weekly oil stock report is good and that the price drops like a rock!
HawaiianGuy Champion Author Idaho Posts:1,369 Points:1,473,890 Joined:May 2003	Message Posted: 8/20/2008 10:12:56 AM	Ignore HawaiianGuy Report Abuse
	Well, maybe then the economies of the world will finally realize that they can't go it alone, and that the fortunes of the world's business economies are inextricably tied to the industrial power house of the U.S. I welcome such an event.
Lonewolftx Champion Author Houston Posts:5,703 Points:1,123,060 Joined:Sep 2005	Message Posted: 8/20/2008 10:06:36 AM	Ignore Lonewolftx Report Abuse
	Ok then . . .
odcarazo Rookie Author Los Angeles Posts:99 Points:111,930 Joined:Apr 2005	Message Posted: 8/20/2008 9:58:59 AM	Ignore odcarazo Report Abuse
	Just hope the price keeps falling .... It'll be great if it goes under $3/gal
rusty_armor Sophomore Author Texas Posts:106 Points:41,840 Joined:Jul 2008	Message Posted: 8/20/2008 9:55:15 AM	Ignore rusty_armor Report Abuse
	Well positioned article Oil may go down because . . . Oil may go up because . . . I think as a prognosticator, this writer failed to say much of anything. Just a recitation of redibly available facts.
Bannack All-Star Author Florida Posts:745 Points:133,470 Joined:May 2008	Message Posted: 8/20/2008 9:53:53 AM	Ignore Bannack Report Abuse
	Yes, keep on falling.
dualtech Veteran Author Massachusetts Posts:309 Points:41,755 Joined:Feb 2006	Message Posted: 8/20/2008 9:53:12 AM	Ignore dualtech Report Abuse
	keep falling
bonemanrides Rookie Author New Jersey Posts:25 Points:27,225 Joined:Jan 2006	Message Posted: 8/20/2008 9:49:54 AM	Ignore bonemanrides Report Abuse
	It is dropping... don't know if that's going to be a long-term correction... or just an inverse "bubble". Depends on the heating oil demand this year methinks. Usually about now they taper off production of gasoline and ramp up heating oil.
scrounger Champion Author Vancouver Posts:6,266 Points:1,682,620 Joined:Mar 2003	Message Posted: 8/20/2008 9:49:42 AM	Ignore scrounger Report Abuse
	gas prices aren't falling in step with oil
techque All-Star Author St. Louis Posts:656 Points:951,825 Joined:Apr 2005	Message Posted: 8/20/2008 9:48:00 AM	Ignore techque Report Abuse
	looking for oil to drop below $90, maybe even $80, if the economy doesn't start to improve; and gasoline below $2.75/G. Even Fay couldn't slow down the fall, because the rise was built on nothing but hot air.
carter84262 All-Star Author Detroit Posts:584 Points:118,735 Joined:Apr 2008	Message Posted: 8/20/2008 9:46:22 AM	Ignore carter84262 Report Abuse
	Oil stockpiles are up the most in years for the week, gasoline stockpiles are way down...& they are trying to blame increased demand but it is obvious that the oil companies are just refining less since OPEC isn't releasing any more oil. All measures of gasoline usage are down, not up. Both oil and gasoline futures are up again. Do the oil companies and the administration think the public is that stupid?
Don20 Champion Author Oklahoma City Posts:1,515 Points:1,011,820 Joined:Mar 2005	Message Posted: 8/20/2008 9:45:18 AM	Ignore Don20 Report Abuse
	If oil is on supply & demand it should continue to fall..
copperhead8 Champion Author Boston Posts:5,468 Points:1,204,195 Joined:Dec 2004	Message Posted: 8/20/2008 9:43:19 AM	Ignore copperhead8 Report Abuse
	Needs to keep dropping
DADDYBGG Veteran Author Oklahoma City Posts:296 Points:66,090 Joined:Jul 2008	Message Posted: 8/20/2008 9:42:49 AM	Ignore DADDYBGG Report Abuse
	diesel could be as low as 3.69 here in oklahoma
MG_Sputnik All-Star Author Philadelphia Posts:631 Points:440,700 Joined:Apr 2006	Message Posted: 8/20/2008 9:42:04 AM	Ignore MG_Sputnik Report Abuse
	I'll be happy when it gets down to $85 a barrel.
Gas_Buzzer Champion Author South Carolina Posts:6,450 Points:1,103,375 Joined:Sep 2005	Message Posted: 8/20/2008 9:40:15 AM	Ignore Gas_Buzzer Report Abuse
	Oil is still $30/barrel overpriced.
NissanGirl Veteran Author Oregon Posts:300 Points:165,100 Joined:Jan 2008	Message Posted: 8/20/2008 9:40:08 AM	Ignore NissanGirl Report Abuse
	Regular gas has finally dipped below $4 to $3.98 here. I hope diesel follows soon.
mfeldstein All-Star Author Ontario Posts:543 Points:427,185 Joined:Feb 2007	Message Posted: 8/20/2008 9:40:05 AM	Ignore mfeldstein Report Abuse
	Gas was up 1.7 cents/litre today in Ottawa.
AuburnTim Champion Author Indiana Posts:1,338 Points:368,880 Joined:May 2005	Message Posted: 8/20/2008 9:36:47 AM	Ignore AuburnTim Report Abuse
	$3.67 here today no storms no speculation and Opec didn't fart but holiday is coming prepare for another 20-30 spike
Laser917 Champion Author Minnesota Posts:2,383 Points:796,330 Joined:Oct 2005	Message Posted: 8/20/2008 9:32:21 AM	Ignore Laser917 Report Abuse
	Fall,fall,fall
Gerund1 Champion Author Toronto Posts:1,147 Points:828,105 Joined:Apr 2003	Message Posted: 8/20/2008 9:30:06 AM	Ignore Gerund1 Report Abuse
	This news is way out of date!! Here oil is going up for the last 2 days.
Betsy3266 Veteran Author Atlanta Posts:287 Points:113,185 Joined:Apr 2008	Message Posted: 8/20/2008 9:29:19 AM	Ignore Betsy3266 Report Abuse
	It's a yo-yo.
NavyEOD Champion Author Los Angeles Posts:1,951 Points:429,440 Joined:Jul 2007	Message Posted: 8/20/2008 9:28:54 AM	Ignore NavyEOD Report Abuse
	Keep going down
acknot All-Star Author Seattle Posts:862 Points:640,625 Joined:Sep 2003	Message Posted: 8/20/2008 9:27:58 AM	Ignore acknot Report Abuse
	Not anymore, its up $1.76 at the time of this post.
laddyboy62 Champion Author Riverside Posts:1,571 Points:992,385 Joined:Mar 2005	Message Posted: 8/20/2008 9:25:38 AM	Ignore laddyboy62 Report Abuse
	well 115$ today...????
BoerneWatch Champion Author San Antonio Posts:6,428 Points:829,160 Joined:Oct 2005	Message Posted: 8/20/2008 9:24:45 AM	Ignore BoerneWatch Report Abuse
	Thanks Fay!
Pede Champion Author New Jersey Posts:1,084 Points:145,880 Joined:Apr 2007	Message Posted: 8/20/2008 9:23:35 AM	Ignore Pede Report Abuse
	It is not going to be a warm winter if the price of home heating oil does not come down
Roo08 Veteran Author Grand Rapids Posts:398 Points:51,915 Joined:Jul 2008	Message Posted: 8/20/2008 9:22:56 AM	Ignore Roo08 Report Abuse
	The answer is all of the above and can we please stop getting news from CNN? Lets try a little more middle of the road reporting please.
hwnguy All-Star Author Honolulu Posts:615 Points:141,455 Joined:Apr 2008	Message Posted: 8/20/2008 9:22:17 AM	Ignore hwnguy Report Abuse
	i don't get this.. oil prices have risen the past 2 days
gladtobeamomof3 Rookie Author Iowa Posts:4 Points:1,095 Joined:Jul 2008	Message Posted: 8/20/2008 9:18:08 AM	Ignore gladtobeamomof3 Report Abuse
	I don't know if the solution is drilling for more oil, or bio-fuels, or hydrogen, or what, but what I do know is, is that the prices are simply outrageous! Obviously the economy is going to be hurting if people are spending anywhere from 1/4 to in some cases 1/2 of their paychecks on gasoline! I feel bad for people who are making minimum wage. I know that my husband and I are only driving our mini-van now and are car pooling to work in the mornings to save on gas. I also find myself, when the kids are not in the car, with the windows down instead of the AC on and I find myself driving slower too. Those things seem to really help the gas mileage as does getting your oil changed regularly.
KopterDoctor Veteran Author Alabama Posts:318 Points:54,045 Joined:May 2008	Message Posted: 8/20/2008 9:16:19 AM	Ignore KopterDoctor Report Abuse
	It is not down far enough!
Cadillac Sophomore Author Greensboro Posts:223 Points:658,965 Joined:Nov 2003	Message Posted: 8/20/2008 9:16:18 AM	Ignore Cadillac Report Abuse
	Traindude: A "slow hurricane season" would be a DEVASTATING blow to the media. We should all be willing to an extra buck or two for gasoline so they'll have SOMETHING NEGATIVE to report upon, don't you think?
SeerLV All-Star Author Las Vegas Posts:527 Points:130,065 Joined:Jun 2008	Message Posted: 8/20/2008 9:15:32 AM	Ignore SeerLV Report Abuse
	Oil prices should continue to drop if only controlled by demand.
eaglev All-Star Author Oklahoma City Posts:968 Points:330,195 Joined:Jul 2005	Message Posted: 8/20/2008 9:14:42 AM	Ignore eaglev Report Abuse
	We still need to drill for our own oil!!!
Brockvillian Veteran Author Ontario Posts:437 Points:277,245 Joined:May 2007	Message Posted: 8/20/2008 9:12:45 AM	Ignore Brockvillian Report Abuse
	Supply and demand is starting to work with Oil now. Who would have thought, eh!
traindude All-Star Author Virginia Beach Posts:548 Points:179,795 Joined:Jun 2007	Message Posted: 8/20/2008 9:11:08 AM	Ignore traindude Report Abuse
	i'm looking for the $3.00 mark. lets hope for a slow hurricane season
Dennis783 Champion Author Wisconsin Posts:5,593 Points:1,120,995 Joined:Sep 2005	Message Posted: 8/20/2008 9:11:05 AM	Ignore Dennis783 Report Abuse
	Still say oil prices should be 1/2 what they are
okietree Veteran Author Oklahoma City Posts:387 Points:154,730 Joined:Oct 2005	Message Posted: 8/20/2008 9:10:13 AM	Ignore okietree Report Abuse
	Oh darn, there is a worry about lower oil prices???? I am not worried about lower oil prices one darn bit! Keep dropping!
gasman50 Champion Author Portland Posts:1,314 Points:818,895 Joined:Nov 2005	Message Posted: 8/20/2008 9:08:19 AM	Ignore gasman50 Report Abuse
	Down baby, down
katkAL Sophomore Author Alabama Posts:227 Points:79,885 Joined:May 2008	Message Posted: 8/20/2008 9:07:12 AM	Ignore katkAL Report Abuse
	Lets see how low we can get demand, and push the barrel prices down even more.
docwilly All-Star Author Scranton Posts:515 Points:101,005 Joined:Feb 2008	Message Posted: 8/20/2008 9:05:50 AM	Ignore docwilly Report Abuse
	imagine!! Good news once in aqwhile
no1doc All-Star Author Milwaukee Posts:891 Points:164,000 Joined:Oct 2007	Message Posted: 8/20/2008 9:05:42 AM	Ignore no1doc Report Abuse
	Whew
tomok Champion Author Portland Posts:9,585 Points:717,160 Joined:Aug 2006	Message Posted: 8/20/2008 9:03:34 AM	Ignore tomok Report Abuse
	Its only a tropical storm, with a lot of rain and its not a hurt-i-cane. So fuel prices will not rise. OK!
ledoy Champion Author Dayton Posts:5,085 Points:1,031,500 Joined:Aug 2005	Message Posted: 8/20/2008 9:02:54 AM	Ignore ledoy Report Abuse
	GREAT Keep On Falling we all need any help we can get.
mattf373 All-Star Author Atlanta Posts:551 Points:104,795 Joined:Mar 2003	Message Posted: 8/20/2008 9:01:35 AM	Ignore mattf373 Report Abuse
	keep on falling
tbybee Veteran Author Omaha Posts:287 Points:106,650 Joined:Apr 2008	Message Posted: 8/20/2008 9:01:34 AM	Ignore tbybee Report Abuse
	There's still a long way to go.
MajorSteve Veteran Author Oklahoma City Posts:489 Points:235,645 Joined:Sep 2006	Message Posted: 8/20/2008 9:01:22 AM	Ignore MajorSteve Report Abuse
	So we have concluded as a group that speculators are our friends! What fun! Let's get together and hold hands!