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WTI Oil Drops a Second Day; Saudi Exports Fall to 15-Month Low

Bloomberg -- est Texas Intermediate oil fell for a second day, extending the biggest drop in two weeks, while Brent futures advanced. Saudi Arabia’s crude shipments slid to a 15-month low in December.
New York crude declined as much as 0.4 percent. Data from the Federal Reserve showed U.S. industrial production unexpectedly shrank in January. Saudi Arabia exported 7.06 million barrels of crude a day in December, the least since September 2011, according to the Joint Organisations Data Initiative. Gasoline futures climbed a third day and Brent’s premium to WTI widened as the London-traded contract rose.
“There still seems to be plenty of crude around,” said Anthony Nunan, a senior adviser for risk management at Mitsubishi Corp. in Tokyo. “The market went up so much in the last month and a half that it

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Submitted Feb 18, 2013 By: mastermariner

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honda0105 Champion Author Tallahassee Posts:18,609 Points:1,608,545 Joined:Nov 2008	Message Posted: Feb 24, 2013 6:57:32 AM Ignore honda0105 Report Abuse and pump prices are climbing again.
GatorGuy Champion Author Columbia Posts:2,225 Points:1,206,310 Joined:Jan 2009	Message Posted: Feb 18, 2013 2:56:18 PM Ignore GatorGuy Report Abuse drop, low, why aren't these adjectives describing our current gas prices?
humblepie Champion Author Toledo Posts:34,154 Points:2,370,395 Joined:Mar 2006	Message Posted: Feb 18, 2013 2:40:32 PM Ignore humblepie Report Abuse with the world economy in tatters , not surprising
11SilveradoMN Champion Author Minnesota Posts:1,221 Points:338,380 Joined:Aug 2011	Message Posted: Feb 18, 2013 2:09:35 PM Ignore 11SilveradoMN Report Abuse I hate being held hostage!
npt Veteran Author Raleigh Posts:353 Points:167,670 Joined:Oct 2009	Message Posted: Feb 18, 2013 1:26:34 PM Ignore npt Report Abuse Looks like nexus within oil cos... no change in price at local stations!
ss70 Champion Author Detroit Posts:9,653 Points:1,869,125 Joined:Sep 2005	Message Posted: Feb 18, 2013 12:07:46 PM Ignore ss70 Report Abuse Time to cut OPEC to size .
cssco Champion Author Virginia Posts:7,321 Points:1,749,805 Joined:Feb 2006	Message Posted: Feb 18, 2013 11:15:39 AM Ignore cssco Report Abuse When it is all said and done, the pump goes up and stays there longer than the when they are low. It's a wonderful system, Big Pig Oil gets you coming and going.
CDMAuto Champion Author Connecticut Posts:3,788 Points:752,940 Joined:Apr 2011	Message Posted: Feb 18, 2013 10:33:30 AM Ignore CDMAuto Report Abuse You Use less.... They charge more... they need to maintain profits to stay in business.... PROBLEM.. .if you use more They maintain and still raise Prices.... They Make higher profits Then CEO's. Get A Fat bouns. No Matter which way we go, We the consumer get the shaft.
condé Champion Author Michigan Posts:3,736 Points:1,812,690 Joined:Oct 2004	Message Posted: Feb 18, 2013 10:33:01 AM Ignore condé Report Abuse And our prices continue to climb!
Somis1 Champion Author Ventura Posts:13,677 Points:2,613,050 Joined:Jul 2005	Message Posted: Feb 18, 2013 10:10:52 AM Ignore Somis1 Report Abuse Plenty of supply and near record prices! Go figure.
Red7002011 Champion Author Mississippi Posts:3,327 Points:667,745 Joined:Jul 2011	Message Posted: Feb 18, 2013 10:06:16 AM Ignore Red7002011 Report Abuse Really!
treehood Champion Author San Diego Posts:2,039 Points:395,035 Joined:May 2011	Message Posted: Feb 18, 2013 10:05:03 AM Ignore treehood Report Abuse I have not heard any explanation from the oil/gas suppliers about the high prices. Has anyone asked them?
beekeeper1 All-Star Author Indiana Posts:591 Points:532,220 Joined:Dec 2010	Message Posted: Feb 18, 2013 10:03:53 AM Ignore beekeeper1 Report Abuse Does it really pay to conserve? History shows that when we use less the supplier and government increase prices and taxes so as not to be adversely affected. The consumers still gets shafted for doing a good job.
bigLtowing Champion Author Columbus Posts:2,834 Points:591,590 Joined:Aug 2011	Message Posted: Feb 18, 2013 10:03:49 AM Ignore bigLtowing Report Abuse just ripping us off
theWizK All-Star Author Columbus Posts:761 Points:385,155 Joined:May 2007	Message Posted: Feb 18, 2013 10:03:26 AM Ignore theWizK Report Abuse Geesh
slgas Champion Author Houston Posts:6,025 Points:1,561,565 Joined:Oct 2008	Message Posted: Feb 18, 2013 10:03:21 AM Ignore slgas Report Abuse Maybe we should all go out and buy a few oil contracts. Can you buy a contract for less than a tanker load? Need to check my credit card limits first.
gcalleja All-Star Author Miami Posts:904 Points:548,770 Joined:May 2011	Message Posted: Feb 18, 2013 10:02:33 AM Ignore gcalleja Report Abuse I hope gas prices start dropping soon.
Hangnail309 Champion Author Manitoba Posts:6,019 Points:1,676,205 Joined:Aug 2006	Message Posted: Feb 18, 2013 10:02:26 AM Ignore Hangnail309 Report Abuse Will this mean that there will be drop in pump prices? and when?
FlyNFool Champion Author South Carolina Posts:8,239 Points:1,684,225 Joined:Aug 2008	Message Posted: Feb 18, 2013 10:02:02 AM Ignore FlyNFool Report Abuse Just temporary.
porotito Champion Author Houston Posts:2,150 Points:579,685 Joined:Dec 2010	Message Posted: Feb 18, 2013 10:01:03 AM Ignore porotito Report Abuse Excuses to make gas prices rise...
2962 Champion Author Omaha Posts:1,057 Points:394,460 Joined:Feb 2006	Message Posted: Feb 18, 2013 10:00:24 AM Ignore 2962 Report Abuse "U.S. industrial production unexpectedly shrank in January." Pick a metric and go buy some options....
swkcpi Champion Author Madison Posts:1,191 Points:103,315 Joined:Nov 2010	Message Posted: Feb 18, 2013 9:59:41 AM Ignore swkcpi Report Abuse The price fixing of oil is nothing but a joke. If speculators were required to take delivery of they oil they trade the price would be around $30 and we'd be paying less than a dollar at the pump.
LuthierKS Champion Author Wichita Posts:3,741 Points:728,955 Joined:Apr 2011	Message Posted: Feb 18, 2013 9:59:13 AM Ignore LuthierKS Report Abuse If this continues it will eventually be reflected in fuel prices.
INBwana Champion Author Indiana Posts:5,451 Points:695,010 Joined:Apr 2011	Message Posted: Feb 18, 2013 9:58:59 AM Ignore INBwana Report Abuse It drops, it raises, it drops again and it raises again! The same with gas prices. SO WHAT IS NEW!!!!
BillHeatherL Champion Author Alberta Posts:7,638 Points:1,923,655 Joined:Apr 2007	Message Posted: Feb 18, 2013 9:58:27 AM Ignore BillHeatherL Report Abuse and gas prices are on the way up
Cloclo103 Veteran Author Ottawa Posts:274 Points:213,295 Joined:Aug 2011	Message Posted: Feb 18, 2013 9:57:47 AM Ignore Cloclo103 Report Abuse And the gas prices are still going up!!!!!!!!!!!!!!
BossPal All-Star Author Illinois Posts:532 Points:238,435 Joined:Mar 2012	Message Posted: Feb 18, 2013 9:56:47 AM Ignore BossPal Report Abuse Ok
Hugo40 Champion Author Kentucky Posts:7,624 Points:1,616,255 Joined:Aug 2008	Message Posted: Feb 18, 2013 9:55:51 AM Ignore Hugo40 Report Abuse No drop in pump prices.
zaq001 Champion Author Atlanta Posts:3,971 Points:1,472,020 Joined:Oct 2008	Message Posted: Feb 18, 2013 9:55:50 AM Ignore zaq001 Report Abuse This is all about prices. They want to keep them artificially high.
hyeglenn Champion Author Fresno Posts:1,070 Points:598,930 Joined:Apr 2011	Message Posted: Feb 18, 2013 9:55:36 AM Ignore hyeglenn Report Abuse If you can't take advantage of yourself someone else will.
LucsPapa All-Star Author New Brunswick Posts:628 Points:1,019,200 Joined:Jan 2010	Message Posted: Feb 18, 2013 9:55:30 AM Ignore LucsPapa Report Abuse GOOD!!
sdiddydaddy Champion Author Grand Rapids Posts:1,101 Points:395,195 Joined:Jan 2012	Message Posted: Feb 18, 2013 9:53:46 AM Ignore sdiddydaddy Report Abuse @jimmy554 - right on
thomas41546 Champion Author Tennessee Posts:3,757 Points:2,256,715 Joined:Oct 2005	Message Posted: Feb 18, 2013 9:53:39 AM Ignore thomas41546 Report Abuse we have plenty of supply, refineries are capping at 65 %
Bubba44612 Champion Author Ohio Posts:7,386 Points:1,875,880 Joined:Aug 2005	Message Posted: Feb 18, 2013 9:53:33 AM Ignore Bubba44612 Report Abuse And gas just keeps going up. Makes sense to me.
TuanCanCook Champion Author Los Angeles Posts:11,961 Points:655,790 Joined:Jun 2011	Message Posted: Feb 18, 2013 9:53:32 AM Ignore TuanCanCook Report Abuse You're so right Discovery02!
dcoxdcox44 All-Star Author New Hampshire Posts:632 Points:200,010 Joined:Aug 2011	Message Posted: Feb 18, 2013 9:53:18 AM Ignore dcoxdcox44 Report Abuse you all complain about the prices...and then just keep on paying. I just shake my head when I see a big macho 4WD pickup pulling a trailer full of snowmobiles up the highway to the mountains at 75 mph...figuring the driver is just pissin' and moanin' about the price of gas all the way.
jimmy544 Champion Author Boston Posts:4,104 Points:652,880 Joined:Feb 2011	Message Posted: Feb 18, 2013 9:53:09 AM Ignore jimmy544 Report Abuse Prices are disconnected from supply of gasoline and demand for it. This is called manipulation.
Discovery02 Champion Author Colorado Springs Posts:2,540 Points:308,715 Joined:May 2012	Message Posted: Feb 18, 2013 9:52:35 AM Ignore Discovery02 Report Abuse So Big Oil is simply "resting" to prepare for their next big gas price run-up.
Barfood Champion Author St. Louis Posts:3,296 Points:1,016,580 Joined:Jun 2009	Message Posted: Feb 18, 2013 9:51:37 AM Ignore Barfood Report Abuse Yeah, after a huge run-up in gasoline prices.
nanu4u21 Champion Author Orange County Posts:1,098 Points:237,810 Joined:Aug 2012	Message Posted: Feb 18, 2013 9:50:59 AM Ignore nanu4u21 Report Abuse Nothing reflecting at the pumps yet
msgt_usa Champion Author Virginia Posts:3,463 Points:931,880 Joined:Sep 2008	Message Posted: Feb 18, 2013 9:50:55 AM Ignore msgt_usa Report Abuse If oil is dropping why is gas rising.
techque Champion Author St. Louis Posts:8,650 Points:2,418,655 Joined:Apr 2005	Message Posted: Feb 18, 2013 9:50:50 AM Ignore techque Report Abuse around here petrol has jumped more than half a loonie/gallon in the last month.
mycar2 Champion Author Akron Posts:2,100 Points:2,356,165 Joined:Apr 2004	Message Posted: Feb 18, 2013 9:50:10 AM Ignore mycar2 Report Abuse and yet the prices jump to all time winter high, why?
naspa Champion Author Cleveland Posts:1,266 Points:351,175 Joined:Jan 2012	Message Posted: Feb 18, 2013 9:48:57 AM Ignore naspa Report Abuse This guy who wrote this article should get together with the guy that write about increased oil demand forecasts od OPEC. sit, talk it over and agree to one single article that people can make senf of.
Wolfwings Champion Author Delaware Posts:8,735 Points:1,775,490 Joined:May 2004	Message Posted: Feb 18, 2013 9:48:25 AM Ignore Wolfwings Report Abuse Awwwww.... poor saudis. Maybe, now they know how the rest of the world felt when they were RAPING the other economies. Some of them may even have to scrap their GOLD and SILVER vehicles.
fatboy97 Champion Author Twin Cities Posts:2,479 Points:1,706,600 Joined:Aug 2007	Message Posted: Feb 18, 2013 9:48:12 AM Ignore fatboy97 Report Abuse Anything to drive up gas prices!!!
sljbc475 Champion Author Tucson Posts:4,215 Points:871,400 Joined:Dec 2010	Message Posted: Feb 18, 2013 9:47:06 AM Ignore sljbc475 Report Abuse Let it fall and prices at the pump too.
blitzntj Champion Author Jacksonville Posts:4,674 Points:943,105 Joined:Dec 2007	Message Posted: Feb 18, 2013 9:47:05 AM Ignore blitzntj Report Abuse And yet the price at the pump is sky rocketing
FieroGT Champion Author Twin Cities Posts:14,317 Points:2,504,385 Joined:Mar 2005	Message Posted: Feb 18, 2013 9:46:45 AM Ignore FieroGT Report Abuse Our area pump price is now $3.77/gal. Two months ago the pump price got down to $2.85/gal. How is that possible ... it must be a conspiracy!
TXGasPriceSpy Champion Author Fort Worth Posts:7,805 Points:1,471,300 Joined:Sep 2008	Message Posted: Feb 18, 2013 9:46:24 AM Ignore TXGasPriceSpy Report Abuse Bad and getting worse.