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Oil supplies up by 2.04 million barrels, API says

Market Watch -- Crude-oil inventories rose 2.04 million barrels on the week ended April 27, a trade group said late Tuesday. The American Petroleum Institute also reported that gasoline stockpiles declined 3.9 million barrels, and inventories of distillates were down 4.2 million barrels on the week.

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Submitted May 01, 2012 By: CalTx

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doctorindyj Champion Author Santa Fe Posts:3,453 Points:839,810 Joined:Nov 2009	Message Posted: May 2, 2012 10:00:26 AM Ignore doctorindyj Report Abuse Blah Blah Blah.
FPLREP Champion Author Virginia Posts:8,266 Points:2,449,225 Joined:Oct 2005	Message Posted: May 2, 2012 6:56:11 AM Ignore FPLREP Report Abuse Unofficial report but we will see how the market opens today. The Official report comes out today @10:30. PD usually posts its contents.
brbaritone Champion Author Virginia Posts:2,068 Points:1,698,060 Joined:Jan 2007	Message Posted: May 2, 2012 6:43:55 AM Ignore brbaritone Report Abuse When supply goes up and demand goes down, prices are supposed to go down ... right?
gandalfthegrey1 Champion Author Houston Posts:1,184 Points:384,785 Joined:Feb 2011	Message Posted: May 2, 2012 4:53:48 AM Ignore gandalfthegrey1 Report Abuse Up today, down tomorrow, up again, down again. This stuff fluctuates every week. How excited are we supposed to get?
eomc17 Champion Author Tucson Posts:1,822 Points:134,145 Joined:Mar 2007	Message Posted: May 2, 2012 1:13:24 AM Ignore eomc17 Report Abuse Imagine. Oil went up at Wall Street today over a dollar due to increased US Manufacturing, completely ignoring the fact that we have more oil in our stockpiles this week than last week. Oil is very high despite our high production and an 11 year low level of demand for gasoline. Oh, gasoline futures dropped today despite there being a whopping four million barrels of gasoline less in our stockpiles. Even though gas futures dropped to below 3.10$, gas prices in Tucson went up 1.5 cents today. Get this....gasoline futures are nearly 32 cents less than about 24 or 25 days ago and gas prices dropped here a whopping nickel. Obama isn't interested in curbing speculation or he would not have drastically cut funding the CFTC, that would need more money to monitor a law they were supposed to enact in January 2011 to curb speculation and set position limits..then that jerk decides to call on Congress to "crack down on speculators". Obama is the king of double standards. The policies he really wants to enact, he will go behind Congress' back, those that he really doesn't care about he dumps on Congress or the House. I don't think gas prices will drop a whole lot under Romney but it is a known fact that Obama wants European level gas prices, though he and his boy Robin Energy Minister Daniel Chu lie in our faces about this just ten days after Chu said on TV that lower energy prices were not in the administration's best interest. Remember Obama's track record when you vote in November.....how many promises has he kept, except for ramming the controversial Obamacare down our throats? I voted for him once and really regret giving that liar my vote. My sister in Germany pays over 8$ for a gallon of gas. Are you ready for those kind of gas prices so Obama can force us to buy a 41000$ Volt?
MetroSexual Champion Author New Hampshire Posts:3,004 Points:316,380 Joined:Aug 2005	Message Posted: May 2, 2012 12:40:53 AM Ignore MetroSexual Report Abuse Great -- now those barrels can be sold to other countries. We won't see the benefit affect prices.
MusicalMan7 All-Star Author Ohio Posts:597 Points:93,330 Joined:Apr 2012	Message Posted: May 2, 2012 12:06:13 AM Ignore MusicalMan7 Report Abuse I agree with @leraar2 - looked at a chart for my state and two nearby cities on this site the other day. It was amazing how twice in the month, prices spiked like 20¢ or more within 1-2 days, but it took two WEEKS both times for it to creep back down at a penny or two per day.
leraar2 Champion Author Massachusetts Posts:3,764 Points:787,680 Joined:Mar 2011	Message Posted: May 2, 2012 12:00:26 AM Ignore leraar2 Report Abuse gas prices not dropping fast enough as usual.
djgunrunner Champion Author Salt Lake City Posts:10,104 Points:2,349,580 Joined:Apr 2005	Message Posted: May 1, 2012 11:22:57 PM Ignore djgunrunner Report Abuse Big oil knows how to get the price of gas up, sell what you have overseas and do not produce enough to replace it thereby causing a shortage.
anascom Champion Author Hamilton Posts:1,593 Points:553,115 Joined:Feb 2011	Message Posted: May 1, 2012 11:15:40 PM Ignore anascom Report Abuse good to ease the tension on oil/gas prices.
uatide13 Rookie Author Alabama Posts:23 Points:13,490 Joined:Apr 2012	Message Posted: May 1, 2012 10:44:48 PM Ignore uatide13 Report Abuse What????
Vette1967 Champion Author Albany Posts:5,972 Points:1,276,975 Joined:Jun 2009	Message Posted: May 1, 2012 10:42:44 PM Ignore Vette1967 Report Abuse Okay...
davenles Champion Author Texas Posts:3,201 Points:718,885 Joined:May 2011	Message Posted: May 1, 2012 10:18:50 PM Ignore davenles Report Abuse Keep on dropping!
drpepperTX Champion Author Texas Posts:8,945 Points:752,210 Joined:Apr 2011	Message Posted: May 1, 2012 9:55:47 PM Ignore drpepperTX Report Abuse Aplus, prices have dropped almost 30 cents over the last month around Texas. Should drop more too: GASOLINE RBOB FUT (USD/GAL.) 309.83 +0.13 (0.04%) 22:30 ET
DerHahn Champion Author Illinois Posts:13,715 Points:2,115,110 Joined:May 2004	Message Posted: May 1, 2012 9:10:12 PM Ignore DerHahn Report Abuse gasoline supplies are down due to exportation.
APlus Champion Author San Antonio Posts:3,918 Points:991,445 Joined:Apr 2007	Message Posted: May 1, 2012 8:36:00 PM Ignore APlus Report Abuse So, why are gas prices at the pump not much lower for the consumer?
GenoAR Veteran Author Arkansas Posts:429 Points:762,945 Joined:Oct 2008	Message Posted: May 1, 2012 8:11:46 PM Ignore GenoAR Report Abuse okay then.
RRBC Champion Author Victoria Posts:2,710 Points:530,040 Joined:Oct 2011	Message Posted: May 1, 2012 7:40:46 PM Ignore RRBC Report Abuse yes a yawner
TomT2Lee Champion Author Cincinnati Posts:5,357 Points:1,597,980 Joined:Sep 2005	Message Posted: May 1, 2012 7:20:31 PM Ignore TomT2Lee Report Abuse so, the US burns thru almost 19 million barrels per day...
bar1035 Champion Author Charlotte Posts:9,162 Points:1,299,040 Joined:Aug 2006	Message Posted: May 1, 2012 6:19:18 PM Ignore bar1035 Report Abuse yawn, it'll be ready for the front page tomorrow
Lugi1967 Champion Author Ohio Posts:4,788 Points:1,002,395 Joined:Jun 2010	Message Posted: May 1, 2012 5:34:17 PM Ignore Lugi1967 Report Abuse Downward pressure
esquared Champion Author Oklahoma City Posts:8,067 Points:1,970,110 Joined:Jan 2006	Message Posted: May 1, 2012 5:07:42 PM Ignore esquared Report Abuse And Adam Smith teaches us the price per bbl will now decline....
buckets42 Champion Author New Jersey Posts:1,690 Points:329,550 Joined:Oct 2011	Message Posted: May 1, 2012 4:52:21 PM Ignore buckets42 Report Abuse Big woop.
bandannaman Champion Author New Jersey Posts:1,849 Points:365,610 Joined:Dec 2010	Message Posted: May 1, 2012 4:41:25 PM Ignore bandannaman Report Abuse Whatev.
wildddkattt80 Champion Author Phoenix Posts:2,143 Points:432,145 Joined:Jun 2011	Message Posted: May 1, 2012 4:36:21 PM Ignore wildddkattt80 Report Abuse Now this will give them legitimate reasons to raise prices. They did it while reserves were growing. Can you imagine when the reserves are decreasing?
dh0770 Champion Author Colorado Posts:6,987 Points:672,460 Joined:Jun 2011	Message Posted: May 1, 2012 4:35:07 PM Ignore dh0770 Report Abuse Here we go again.....and again, it has ZERO impact on speculators!
MOREDLEG Champion Author Missouri Posts:2,655 Points:611,935 Joined:May 2011	Message Posted: May 1, 2012 4:33:27 PM Ignore MOREDLEG Report Abuse See, prices still going down, but supplies are up, how does that make sense
JoeKR Champion Author New Jersey Posts:9,473 Points:1,744,470 Joined:Feb 2006	Message Posted: May 1, 2012 4:09:30 PM Ignore JoeKR Report Abuse We need to refine this surplus!