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June 29, 2011

Whoops! Surprise Drop in US Oil Inventory

 

Oil prices are up after DOE reported a much larger than expected drop in US oil inventories. 4.4 million barrels, actually.

All the ground lost in oil futures prices after the announcement release of oil from the Strategic Reserves has been recovered. Oil back to $94.77/barrel. ugh!

The department’s Energy Information Administration said gasoline stocks fell by 1.4 million barrels, which surprised analysts expecting stockpiles would post a slight increase.

“We get blindsided by this report right ahead of the big summer-driving weekend, and the market is going to pay attention,” said Phil Flynn, an oil analyst with PFGBest.

Cancel that trip to Yellowstone and the Grand Canyon. Peoria here we come!

Filed under:Fuel cost,Fuel Price Trends,Gas price | by Pump Girl @ 4:22 pm | 

June 26, 2011

Summer Road Trip is ON

 

The price of gasoline is going in the right direction for all you summer road-trippers. Gas prices have actually declined 38 cents in the last 7 weeks.

This won’t last forever of course.

“If you’re asking whether gasoline could be $3.50 or higher forever, the answer is yes,” said oil analyst Andrew Lipow. “People will have to make some adjustments.”

Adzi Vokhiwa, 22, of Acworth, Ga., is relieved by the price drop, but skeptical. “It almost doesn’t matter because I know (prices) are going to go back up again,” she said.

Filed under:Fuel cost,Fuel Price Trends,Gas price | by Pump Girl @ 7:26 pm | 

June 24, 2011

China in a Generation: From riding a bicycle to the two-car family

 

Equity analyst Yu-Dee Chang provides some detail in this CNBC report, but one quotation really stands out. He notes that twenty years ago people in China were riding bicycles and now some of them are two-car families.

It is an obvious and unstoppable trend. Chang also mentions other BRIC countries.

Filed under:Fuel Price Trends | by OldProf @ 11:40 am | 

June 23, 2011

Spigots To Open on Strategic Petroleum Reserve

 

Much chatter about the opening of the Strategic Petroleum Reserve.

Obama announces he will release 30 million barrels over the next 30 days.

Says Energy Sec. Steven Chu:

“We are taking this action in response to the ongoing loss of crude oil due to supply disruptions in Libya and other countries and their impact on the global economic recovery,” Chu said. “As we move forward, we will continue to monitor the situation and stand ready to take additional steps if necessary.”

Peak driving season is upon us, and this should help the situation vis-a-vis Libyan interruptions.

Oil futures immediately took a dive. Down to 91.02 on the NYMEX.

Saudi Arabia had already pledged to raise oil production this year following a failure of the Organization of Petroleum Producing Countries to raise group-wide output quotas.

“This was not really on anybody’s radar screen,” said Tim Evans, energy analyst at Citi Futures Perspective in New York.

Thank you election committee.

Filed under:Fuel cost,Fuel Price Trends,Gas price,Presidential Election | by Pump Girl @ 4:43 pm | 

June 21, 2011

Gas Prices Soon Hitting Bottom

 

Gas prices are going down, but expert Tom Kloza says we will soon be hitting bottom.

Some analysts said a combination of rising demand for fuel and the long-term loss of crude oil exports from Libya eventually would begin to squeeze oil and fuel supplies. Tom Kloza, chief oil analyst for the Oil Price Information Service in New Jersey, said average gasoline prices would level out about 75 cents above the year-earlier average.

Kloza thinks prices may drift lower for a few weeks, but will NOT approach last year’s levels.

Filed under:Fuel Price Trends,Gas price | by Pump Girl @ 7:18 pm |