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Oil Near One-Week High; API Reports First Inventory Drop

Bloomberg -- West Texas Intermediate traded near the highest level in more than a week. U.S. crude stockpiles declined for the first time this year, according to the American Petroleum Institute.

Futures were 0.4 percent higher in New York after climbing 0.5 percent yesterday. Crude inventories fell 2.3 million barrels last week, the first drop in six weeks, data from the industry-funded API showed yesterday. An Energy Department report today may show supplies rose, according to a Bloomberg News survey. The International Energy Agency trimmed forecasts for global oil demand because of constrained economic expansion.

“Declining inventory levels in the U.S.” are supporting prices, said Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt. “If the U.S. Energy Department reports a similar fal


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Submitted Feb 13, 2013 By: WxVette
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Author Topic: Oil Near One-Week High; API Reports First Inventory Drop Back to Topics
REPLIES (newest first) Post a Reply
sjf238
Champion Author Philadelphia

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Message Posted: Feb 14, 2013 2:08:46 PM

ok
boatfloyd
Champion Author Jacksonville

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Message Posted: Feb 14, 2013 12:14:09 AM

Price up and we are buying more??????????????
mlmeng
Champion Author Michigan

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Message Posted: Feb 14, 2013 12:03:21 AM

Gas went up $0.20 / gallon. Gas went down $0.10 / gallon. Gas went up $0.20 / gallon. Gas is now starting to go down. With this pattern, it won't be long before gas is $4.xx9 / gallon.
arb0526
Champion Author Greensboro

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Message Posted: Feb 14, 2013 12:02:17 AM

ok
Alfied
Champion Author Riverside

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Message Posted: Feb 14, 2013 12:00:11 AM

Up and down, up and down, makes the world go around.
grt197
Champion Author Illinois

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Message Posted: Feb 13, 2013 11:59:47 PM

yes yes
NAVYHM
All-Star Author Cleveland

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Message Posted: Feb 13, 2013 11:59:36 PM

OK...
JamesCalvin
Champion Author Lancaster

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Message Posted: Feb 13, 2013 11:58:29 PM

Yes
agr964
All-Star Author Fresno

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Message Posted: Feb 13, 2013 11:53:36 PM

Easy to make inventories drop: Ship more overseas.

DUMB.
medic319
All-Star Author Akron

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Message Posted: Feb 13, 2013 11:49:52 PM

Earlier in the week the report said oil prices were falling. That didn't last.
hawkman1950
Champion Author Michigan

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Message Posted: Feb 13, 2013 11:49:05 PM

More focking gas and diesel than we know what to do with and the prices go higher.
GasCzarCO
Champion Author Colorado Springs

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Message Posted: Feb 13, 2013 11:46:35 PM

Don't blame Obama this is Wall Street driven.
alterman156
Champion Author New York

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Message Posted: Feb 13, 2013 8:14:15 PM

Gasoline is too high.
Jeff4U
Champion Author Atlanta

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Message Posted: Feb 13, 2013 10:21:25 AM

“Declining inventory levels in the U.S.” are supporting prices, said Carsten Fritsch".

And apparently, climbing inventory never lowers crude prices.

Don't believe a word of this API report. Wait till 10:30am to see the EIA report.
humblepie
Champion Author Toledo

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Message Posted: Feb 13, 2013 9:18:50 AM

we are awash in oil and gasoline this is simple obamanomics in action
mainenightowl
Champion Author Maine

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Message Posted: Feb 13, 2013 9:18:01 AM

"Speculation" must be Big Oil's latest excuse to gouge us at the pump!
Sanpoil
Champion Author Spokane

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Message Posted: Feb 13, 2013 9:04:40 AM

More speculation.
Evilmaddog
Champion Author British Columbia

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Message Posted: Feb 13, 2013 9:04:07 AM

inventory drop because of exports
turboz2012
Champion Author Charleston

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Message Posted: Feb 13, 2013 8:56:05 AM

Inventory is still at record highs
Tekkersmom57
Champion Author Syracuse

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Message Posted: Feb 13, 2013 8:54:53 AM

"Crude inventories fell 2.3 million barrels last week, the first drop in six weeks"....the first DROP in six weeks.....yet gas price have been consistently climbing at a record pace the past six weeks WHILE supplies were increasing!

"Declining inventory levels in the U.S.” are supporting prices"...I say bull to that. If that were truly the case than the increases in the previous five weeks SHOULD be lowering prices....didn't happen!!!!
mastermariner
Champion Author Texas

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Message Posted: Feb 13, 2013 8:51:01 AM

Not surprised
amoshins
Champion Author Trenton

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Message Posted: Feb 13, 2013 8:33:51 AM

The State of the Union did not dramatically affect prices today?? Surprising :)
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