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Crude Oil Falls to Six-Week Low as U.S. Stockpiles Rise, Fuel Demand Slip

Bloomberg -- Oil fell to the lowest in six weeks as U.S. crude stockpiles increased more than estimated and gasoline use fell to a 10-year low. Brent crude in London was at the biggest premium to New York oil in 12 weeks.

Futures declined for a fifth day, losing as much as 1 percent after an Energy Department report yesterday showed crude supplies in the U.S. rose by 4.2 million barrels last week. Inventories were projected to increase 2.6 million barrels, according to a Bloomberg News survey. Talks on Iran’s nuclear program have made little progress, German Chancellor Angela Merkel said in a speech in Beijing today.

“The bears worried about poor demand after last night’s data and prices weakened,” said Christopher Bellew, a senior broker at Jefferies Bache Ltd. in London, who expects Brent cru

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Submitted Feb 02, 2012 By: WxVette

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TIGERPAW46 Champion Author Florida Posts:5,547 Points:1,048,995 Joined:Mar 2004	Message Posted: Feb 3, 2012 3:29:22 AM Ignore TIGERPAW46 Report Abuse If Fuel Prices don't go down were headed for another Economic Crash.
REKEY Champion Author South Carolina Posts:6,735 Points:1,337,355 Joined:May 2008	Message Posted: Feb 3, 2012 2:29:49 AM Ignore REKEY Report Abuse And my gas bill keeps going up.
Dodge_Me Champion Author Atlanta Posts:1,098 Points:234,560 Joined:Mar 2006	Message Posted: Feb 3, 2012 1:28:35 AM Ignore Dodge_Me Report Abuse Maybe prices will come down a bit :-)
g747 Champion Author Mobile Posts:2,783 Points:585,210 Joined:Jul 2009	Message Posted: Feb 3, 2012 1:25:56 AM Ignore g747 Report Abuse Keep Dropping !!!!!!.
Number43 Champion Author Lexington Posts:6,838 Points:1,291,935 Joined:Oct 2008	Message Posted: Feb 3, 2012 1:25:35 AM Ignore Number43 Report Abuse Bloomberg is just a SHRILL for the speculators.
CatMan623 Champion Author Houston Posts:13,314 Points:1,982,320 Joined:Aug 2006	Message Posted: Feb 3, 2012 1:25:09 AM Ignore CatMan623 Report Abuse ..and?
Number43 Champion Author Lexington Posts:6,838 Points:1,291,935 Joined:Oct 2008	Message Posted: Feb 3, 2012 1:24:25 AM Ignore Number43 Report Abuse .......As gas prices go higher and higher.
CarolinaBlue150 Champion Author North Carolina Posts:1,320 Points:260,775 Joined:Aug 2011	Message Posted: Feb 3, 2012 1:23:41 AM Ignore CarolinaBlue150 Report Abuse Okay.
abacus44 Champion Author Toms River Posts:1,931 Points:420,395 Joined:Jan 2011	Message Posted: Feb 3, 2012 1:22:48 AM Ignore abacus44 Report Abuse OK
LostToo Champion Author Illinois Posts:3,612 Points:817,550 Joined:May 2009	Message Posted: Feb 3, 2012 1:21:58 AM Ignore LostToo Report Abuse This whole thing is a joke! They keep acting as if Iran is a huge problem. It is a small country in the middle east that even the middle east hates. Sound furmilure? Don't any of you remember the tiny country of Iraq? The UN and all its members screwed around and wasted time with inspectors for years. Iran is pulling the same crap that Sodom Husane did. They love keeping the world on edge. It is a game to them. And what does the USA do.....They fall for the same thing every time. Whether it be WMD's or Nuclear bombs. We Don't verify, we just use crap intel and informants that in the end makes us look like clowns. Stop reacting to the rumors and verify. If you can't verify Then pick a target and strike. If you don't want to strike turn around and come home. If you never pay any attention to that country and its blow hard president. The game comes to a screeching halt.
915Chief Champion Author San Diego Posts:6,081 Points:1,210,345 Joined:Aug 2008	Message Posted: Feb 3, 2012 1:20:24 AM Ignore 915Chief Report Abuse the why is gas so high???
bobt2382 Champion Author Texas Posts:1,177 Points:453,440 Joined:Apr 2010	Message Posted: Feb 3, 2012 1:20:07 AM Ignore bobt2382 Report Abuse US diesel keeps rising!
vtroger Veteran Author Vermont Posts:282 Points:289,405 Joined:Mar 2011	Message Posted: Feb 3, 2012 1:19:32 AM Ignore vtroger Report Abuse Yet the gas prices still rise...
duffee01 All-Star Author Mississippi Posts:585 Points:172,965 Joined:Sep 2011	Message Posted: Feb 3, 2012 1:18:45 AM Ignore duffee01 Report Abuse Now, this is a place the federal government could be of some use instead of always getting into my pocketbook to get more taxes. They let the speculators screw us on gas prices, take their cut and then say they wish they could help us. We need someone to stand up for us!!
KnoxGasPriceSpy Champion Author Knoxville Posts:62,954 Points:556,695 Joined:Oct 2010	Message Posted: Feb 3, 2012 1:17:59 AM Ignore KnoxGasPriceSpy Report Abuse at the pump price hasn't come down any...
nomad228 Champion Author Columbus Posts:1,811 Points:339,425 Joined:Feb 2011	Message Posted: Feb 3, 2012 1:17:51 AM Ignore nomad228 Report Abuse the sad thing is even if i drive to the next county over to get full at 3.15 a gallon ,by the time i get back home i have burned up the savings.:) duh!but on the other hand the stations right here lost that sell this month. hahahahahaha doh!
tedjm1 Champion Author New York Posts:4,060 Points:492,465 Joined:Dec 2006	Message Posted: Feb 3, 2012 1:17:33 AM Ignore tedjm1 Report Abuse Went up by me.
jkpsr Champion Author New Jersey Posts:2,520 Points:757,065 Joined:Jun 2005	Message Posted: Feb 3, 2012 1:16:59 AM Ignore jkpsr Report Abuse Everyone was predicting that gas prices would fall until spring.
LoneGuy Champion Author Lansing Posts:6,656 Points:1,956,840 Joined:Aug 2005	Message Posted: Feb 3, 2012 1:16:48 AM Ignore LoneGuy Report Abuse So if this is accurate why in mid Michigan are we seeing a jump from $3.22 to $3.59?
frostyWV Champion Author West Virginia Posts:1,546 Points:349,750 Joined:May 2011	Message Posted: Feb 3, 2012 1:16:45 AM Ignore frostyWV Report Abuse gas went up $.20 here.WTF
judgemobile Champion Author Ohio Posts:5,752 Points:2,083,280 Joined:Nov 2005	Message Posted: Feb 3, 2012 1:16:42 AM Ignore judgemobile Report Abuse pump prices here in NW Ohio jumped about 30 or more cents OVERNIGHT. ALL stations usually do this on Thursday for the weekend pick up in volume. I try to but WEDNESDAY and beaat them at their own game. My fave station is now at 3.65 today; a few days ago I paid 3.08 THREE point ZERO EIGHT. Greed is alive even during the current recession/depression. Tomorrow at 8:30 AM, we get the new NATIONAL unemployment rate for January, 2012--whatever number they announce, DOUBLE it and you will be close to REAL RATE.
tampacrvdriver Champion Author Tampa Posts:1,711 Points:358,350 Joined:May 2011	Message Posted: Feb 3, 2012 1:16:08 AM Ignore tampacrvdriver Report Abuse I can't believe it..
2tone1 Champion Author Ontario Posts:2,492 Points:793,030 Joined:Dec 2009	Message Posted: Feb 3, 2012 1:15:04 AM Ignore 2tone1 Report Abuse I'm sure there are a lot of speculators out there planning their summer in the Hamptons and Muskoka becuase the consumer price isn't coming down.
Geo4564 Champion Author Nevada Posts:3,837 Points:1,204,745 Joined:Aug 2007	Message Posted: Feb 3, 2012 1:14:37 AM Ignore Geo4564 Report Abuse keep dropping
Blue_Cruzer Champion Author Lexington Posts:5,676 Points:1,305,505 Joined:Mar 2007	Message Posted: Feb 3, 2012 1:14:32 AM Ignore Blue_Cruzer Report Abuse Makes no sense to me, prices went up around here .20 plus cents a gallon.
umitb Champion Author Indianapolis Posts:1,853 Points:491,160 Joined:Apr 2010	Message Posted: Feb 3, 2012 1:14:11 AM Ignore umitb Report Abuse ok
Stang12_5.0 Champion Author Cleveland Posts:627,725 Points:1,936,150 Joined:Dec 2006	Message Posted: Feb 3, 2012 1:13:17 AM Ignore Stang12_5.0 Report Abuse The cost of gas jumped up as much as 31 cents here on Thursday.
TommyTraveler Champion Author Cincinnati Posts:6,838 Points:1,335,180 Joined:Nov 2007	Message Posted: Feb 3, 2012 1:13:16 AM Ignore TommyTraveler Report Abuse It is a shame our Justice Department does not make a nationwide sweep and arrest these banking houses that are responsible for this over inflated oil prices.
nomad228 Champion Author Columbus Posts:1,811 Points:339,425 Joined:Feb 2011	Message Posted: Feb 3, 2012 1:13:13 AM Ignore nomad228 Report Abuse what do they expect no jobs,no reason to buy earl or gas,no reason to cruise your car/truck around.the really odd thing is one station selling gas for $3.20 while the same exact brand station a mile away is selling it for $3.55.i'll never understand how they let that one slide.
CaesarI Sophomore Author Augusta Posts:163 Points:20,360 Joined:Nov 2011	Message Posted: Feb 3, 2012 1:12:22 AM Ignore CaesarI Report Abuse Odd... not feeling this good news at the pumps
TheeRedRam Champion Author Hartford Posts:1,344 Points:310,070 Joined:Jun 2011	Message Posted: Feb 3, 2012 1:11:41 AM Ignore TheeRedRam Report Abuse .
min_fuel Champion Author Philadelphia Posts:1,820 Points:654,545 Joined:Jan 2008	Message Posted: Feb 3, 2012 1:11:14 AM Ignore min_fuel Report Abuse No jobs so a lot of people are not driving. Demand continues to drop as people who are working are using more fuel efficient vehicles.
herndonks All-Star Author Baltimore Posts:905 Points:169,285 Joined:Dec 2011	Message Posted: Feb 3, 2012 1:11:02 AM Ignore herndonks Report Abuse .
zippy452 Champion Author Cincinnati Posts:7,470 Points:1,442,975 Joined:Oct 2006	Message Posted: Feb 3, 2012 1:10:31 AM Ignore zippy452 Report Abuse ...and gas prices spiked almost 25 cents a gallon here today.
carpenter4u Champion Author Virginia Posts:1,197 Points:283,390 Joined:Jul 2011	Message Posted: Feb 3, 2012 1:10:05 AM Ignore carpenter4u Report Abuse One minute up, then down.
SnoopyCYCC Champion Author Ontario Posts:1,170 Points:312,225 Joined:May 2010	Message Posted: Feb 3, 2012 1:09:37 AM Ignore SnoopyCYCC Report Abuse Thanks for the post.
BMWer All-Star Author Calgary Posts:854 Points:1,328,825 Joined:Dec 2003	Message Posted: Feb 3, 2012 1:08:11 AM Ignore BMWer Report Abuse Now that just makes sense!
joel27nc Champion Author Raleigh Posts:8,686 Points:1,495,245 Joined:Mar 2008	Message Posted: Feb 3, 2012 1:07:57 AM Ignore joel27nc Report Abuse Prices climbed here!
ammamama13 Rookie Author California Posts:68 Points:53,550 Joined:May 2011	Message Posted: Feb 3, 2012 1:07:12 AM Ignore ammamama13 Report Abuse Just another corporation sticking it to us! What's new!
WalRus49 Champion Author Boston Posts:2,225 Points:504,765 Joined:Nov 2010	Message Posted: Feb 3, 2012 1:06:45 AM Ignore WalRus49 Report Abuse Just more organized mayhem and pillage...........
matthwbar Champion Author Toledo Posts:2,410 Points:662,365 Joined:Jun 2007	Message Posted: Feb 3, 2012 1:05:34 AM Ignore matthwbar Report Abuse And prices go UP, in Toledo...
Matt G Champion Author Boston Posts:2,691 Points:2,408,485 Joined:Jun 2004	Message Posted: Feb 3, 2012 1:05:23 AM Ignore Matt G Report Abuse Not here
unicornpmb Champion Author Buffalo Posts:6,642 Points:1,265,275 Joined:Sep 2005	Message Posted: Feb 3, 2012 1:04:55 AM Ignore unicornpmb Report Abuse Let the price wars begin.
RAKARWOWSKI Champion Author Chicago Posts:2,187 Points:459,635 Joined:Jan 2011	Message Posted: Feb 3, 2012 1:03:37 AM Ignore RAKARWOWSKI Report Abuse Time to start buying hugh cars again.
Bonito Champion Author Dayton Posts:13,679 Points:2,648,815 Joined:Jun 2004	Message Posted: Feb 3, 2012 1:02:25 AM Ignore Bonito Report Abuse MORE BULL!
JagXKR Champion Author British Columbia Posts:1,373 Points:731,995 Joined:Dec 2009	Message Posted: Feb 3, 2012 12:59:07 AM Ignore JagXKR Report Abuse Up down up down up down.
tidalwave3 All-Star Author Tallahassee Posts:575 Points:1,132,695 Joined:Jun 2008	Message Posted: Feb 3, 2012 12:58:51 AM Ignore tidalwave3 Report Abuse So we export more so that the US has less supplies and $$ go UP
Suzzoom All-Star Author Nevada Posts:611 Points:161,915 Joined:Jan 2011	Message Posted: Feb 3, 2012 12:55:46 AM Ignore Suzzoom Report Abuse Prices rising in Northern Nevada, too.
Holly123 Champion Author Charlotte Posts:1,596 Points:438,455 Joined:Dec 2010	Message Posted: Feb 3, 2012 12:53:35 AM Ignore Holly123 Report Abuse Keeps going up here.
IamWhoIam Champion Author San Francisco Posts:13,999 Points:1,461,850 Joined:Jan 2007	Message Posted: Feb 3, 2012 12:48:00 AM Ignore IamWhoIam Report Abuse We won't see spit from this.