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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:5,560 Points:1,051,960 Joined:Mar 2004	Message Posted: Feb 3, 2012 1:29:22 AM Ignore TIGERPAW46 Report Abuse If Fuel Prices don't go down were headed for another Economic Crash.
REKEY Champion Author South Carolina Posts:6,745 Points:1,339,405 Joined:May 2008	Message Posted: Feb 3, 2012 12:29:49 AM Ignore REKEY Report Abuse And my gas bill keeps going up.
Dodge_Me Champion Author Atlanta Posts:1,111 Points:236,650 Joined:Mar 2006	Message Posted: Feb 2, 2012 11:28:35 PM Ignore Dodge_Me Report Abuse Maybe prices will come down a bit :-)
g747 Champion Author Mobile Posts:2,797 Points:588,215 Joined:Jul 2009	Message Posted: Feb 2, 2012 11:25:56 PM Ignore g747 Report Abuse Keep Dropping !!!!!!.
Number43 Champion Author Lexington Posts:6,838 Points:1,292,035 Joined:Oct 2008	Message Posted: Feb 2, 2012 11:25:35 PM Ignore Number43 Report Abuse Bloomberg is just a SHRILL for the speculators.
CatMan623 Champion Author Houston Posts:13,332 Points:1,984,370 Joined:Aug 2006	Message Posted: Feb 2, 2012 11:25:09 PM Ignore CatMan623 Report Abuse ..and?
Number43 Champion Author Lexington Posts:6,838 Points:1,292,035 Joined:Oct 2008	Message Posted: Feb 2, 2012 11:24:25 PM Ignore Number43 Report Abuse .......As gas prices go higher and higher.
CarolinaBlue150 Champion Author North Carolina Posts:1,330 Points:262,825 Joined:Aug 2011	Message Posted: Feb 2, 2012 11:23:41 PM Ignore CarolinaBlue150 Report Abuse Okay.
abacus44 Champion Author Toms River Posts:1,946 Points:423,420 Joined:Jan 2011	Message Posted: Feb 2, 2012 11:22:48 PM Ignore abacus44 Report Abuse OK
LostToo Champion Author Illinois Posts:3,622 Points:819,600 Joined:May 2009	Message Posted: Feb 2, 2012 11:21:58 PM 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 2, 2012 11:20:24 PM Ignore 915Chief Report Abuse the why is gas so high???
bobt2382 Champion Author Texas Posts:1,192 Points:456,465 Joined:Apr 2010	Message Posted: Feb 2, 2012 11:20:07 PM Ignore bobt2382 Report Abuse US diesel keeps rising!
vtroger Veteran Author Vermont Posts:282 Points:290,905 Joined:Mar 2011	Message Posted: Feb 2, 2012 11:19:32 PM Ignore vtroger Report Abuse Yet the gas prices still rise...
duffee01 All-Star Author Mississippi Posts:585 Points:173,265 Joined:Sep 2011	Message Posted: Feb 2, 2012 11:18:45 PM 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:63,550 Points:559,720 Joined:Oct 2010	Message Posted: Feb 2, 2012 11:17:59 PM Ignore KnoxGasPriceSpy Report Abuse at the pump price hasn't come down any...
nomad228 Champion Author Columbus Posts:1,828 Points:342,450 Joined:Feb 2011	Message Posted: Feb 2, 2012 11:17:51 PM 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:4,075 Points:495,490 Joined:Dec 2006	Message Posted: Feb 2, 2012 11:17:33 PM Ignore tedjm1 Report Abuse Went up by me.
jkpsr Champion Author New Jersey Posts:2,530 Points:759,115 Joined:Jun 2005	Message Posted: Feb 2, 2012 11:16:59 PM Ignore jkpsr Report Abuse Everyone was predicting that gas prices would fall until spring.
LoneGuy Champion Author Lansing Posts:6,666 Points:1,958,890 Joined:Aug 2005	Message Posted: Feb 2, 2012 11:16:48 PM 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:1,561 Points:352,775 Joined:May 2011	Message Posted: Feb 2, 2012 11:16:45 PM Ignore frostyWV Report Abuse gas went up $.20 here.WTF
judgemobile Champion Author Ohio Posts:5,762 Points:2,085,330 Joined:Nov 2005	Message Posted: Feb 2, 2012 11:16:42 PM 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:1,721 Points:360,400 Joined:May 2011	Message Posted: Feb 2, 2012 11:16:08 PM Ignore tampacrvdriver Report Abuse I can't believe it..
2tone1 Champion Author Ontario Posts:2,507 Points:796,055 Joined:Dec 2009	Message Posted: Feb 2, 2012 11:15:04 PM 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:3,852 Points:1,207,770 Joined:Aug 2007	Message Posted: Feb 2, 2012 11:14:37 PM Ignore Geo4564 Report Abuse keep dropping
Blue_Cruzer Champion Author Lexington Posts:5,687 Points:1,307,555 Joined:Mar 2007	Message Posted: Feb 2, 2012 11:14:32 PM 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:1,868 Points:494,185 Joined:Apr 2010	Message Posted: Feb 2, 2012 11:14:11 PM Ignore umitb Report Abuse ok
Stang12_5.0 Champion Author Cleveland Posts:628,225 Points:1,939,175 Joined:Dec 2006	Message Posted: Feb 2, 2012 11:13:17 PM 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:6,848 Points:1,337,230 Joined:Nov 2007	Message Posted: Feb 2, 2012 11:13:16 PM 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:1,828 Points:342,450 Joined:Feb 2011	Message Posted: Feb 2, 2012 11:13:13 PM 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:168 Points:20,585 Joined:Nov 2011	Message Posted: Feb 2, 2012 11:12:22 PM Ignore CaesarI Report Abuse Odd... not feeling this good news at the pumps
TheeRedRam Champion Author Hartford Posts:1,359 Points:313,095 Joined:Jun 2011	Message Posted: Feb 2, 2012 11:11:41 PM Ignore TheeRedRam Report Abuse .
min_fuel Champion Author Philadelphia Posts:1,823 Points:655,580 Joined:Jan 2008	Message Posted: Feb 2, 2012 11:11:14 PM 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:915 Points:171,335 Joined:Dec 2011	Message Posted: Feb 2, 2012 11:11:02 PM Ignore herndonks Report Abuse .
zippy452 Champion Author Cincinnati Posts:7,480 Points:1,445,025 Joined:Oct 2006	Message Posted: Feb 2, 2012 11:10:31 PM Ignore zippy452 Report Abuse ...and gas prices spiked almost 25 cents a gallon here today.
carpenter4u Champion Author Virginia Posts:1,207 Points:285,440 Joined:Jul 2011	Message Posted: Feb 2, 2012 11:10:05 PM Ignore carpenter4u Report Abuse One minute up, then down.
SnoopyCYCC Champion Author Ontario Posts:1,176 Points:313,300 Joined:May 2010	Message Posted: Feb 2, 2012 11:09:37 PM Ignore SnoopyCYCC Report Abuse Thanks for the post.
BMWer All-Star Author Calgary Posts:859 Points:1,331,525 Joined:Dec 2003	Message Posted: Feb 2, 2012 11:08:11 PM Ignore BMWer Report Abuse Now that just makes sense!
joel27nc Champion Author Raleigh Posts:8,701 Points:1,498,270 Joined:Mar 2008	Message Posted: Feb 2, 2012 11:07:57 PM Ignore joel27nc Report Abuse Prices climbed here!
ammamama13 Rookie Author California Posts:68 Points:53,550 Joined:May 2011	Message Posted: Feb 2, 2012 11:07:12 PM Ignore ammamama13 Report Abuse Just another corporation sticking it to us! What's new!
WalRus49 Champion Author Boston Posts:2,235 Points:506,815 Joined:Nov 2010	Message Posted: Feb 2, 2012 11:06:45 PM Ignore WalRus49 Report Abuse Just more organized mayhem and pillage...........
matthwbar Champion Author Toledo Posts:2,415 Points:664,940 Joined:Jun 2007	Message Posted: Feb 2, 2012 11:05:34 PM Ignore matthwbar Report Abuse And prices go UP, in Toledo...
Matt G Champion Author Boston Posts:2,701 Points:2,410,535 Joined:Jun 2004	Message Posted: Feb 2, 2012 11:05:23 PM Ignore Matt G Report Abuse Not here
unicornpmb Champion Author Buffalo Posts:6,652 Points:1,267,325 Joined:Sep 2005	Message Posted: Feb 2, 2012 11:04:55 PM Ignore unicornpmb Report Abuse Let the price wars begin.
RAKARWOWSKI Champion Author Chicago Posts:2,197 Points:461,585 Joined:Jan 2011	Message Posted: Feb 2, 2012 11:03:37 PM Ignore RAKARWOWSKI Report Abuse Time to start buying hugh cars again.
Bonito Champion Author Dayton Posts:13,689 Points:2,650,865 Joined:Jun 2004	Message Posted: Feb 2, 2012 11:02:25 PM Ignore Bonito Report Abuse MORE BULL!
JagXKR Champion Author British Columbia Posts:1,383 Points:734,045 Joined:Dec 2009	Message Posted: Feb 2, 2012 10:59:07 PM Ignore JagXKR Report Abuse Up down up down up down.
tidalwave3 All-Star Author Tallahassee Posts:582 Points:1,134,735 Joined:Jun 2008	Message Posted: Feb 2, 2012 10:58:51 PM Ignore tidalwave3 Report Abuse So we export more so that the US has less supplies and $$ go UP
Suzzoom All-Star Author Nevada Posts:621 Points:164,045 Joined:Jan 2011	Message Posted: Feb 2, 2012 10:55:46 PM Ignore Suzzoom Report Abuse Prices rising in Northern Nevada, too.
Holly123 Champion Author Charlotte Posts:1,606 Points:440,505 Joined:Dec 2010	Message Posted: Feb 2, 2012 10:53:35 PM 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 2, 2012 10:48:00 PM Ignore IamWhoIam Report Abuse We won't see spit from this.