http://www.moneyhowto.com/ ru MoneyHowTo.com Global Investors Community. Making Money Instructions DataLife Engine http://www.moneyhowto.com/2008/11/26/oil_rises_above_51_after_falling_overnight.html http://www.moneyhowto.com/2008/11/26/oil_rises_above_51_after_falling_overnight.html Oil prices rose slightly to above $51 a barrel Wednesday as reports that Russia could join OPEC in cutting output offset more bad economic news from the U.S., which had sparked a sell-off of crude overnight.

By midday in Europe, light, sweet crude for January delivery was up 87 cents to $51.64 a barrel in electronic trading on the New York Mercantile Exchange.

The Nymex contract overnight fell $3.73 to settle at $50.77 after the U.S. said its gross domestic product shrank 0.5 percent in the third quarter, worse than previously estimated.

In London, January Brent crude rose 28 cents to $50.63 on the ICE Futures exchange.

Slowing global economic activity has spurred corporate losses and job cuts, undermining demand for fuels to power industry and cars. Meanwhile, plunging U.S. home and stock prices have gutted personal wealth and hurt consumer demand.

The Standard & Poor's/Case-Shiller U.S. National Home Price Index tumbled a record 16.6 percent during the quarter from the same period a year ago, the lowest level since the first quarter of 2004.

The Paris-based Organization for Economic Cooperation and Development said Tuesday that economic output next year would likely shrink by 0.4 percent for the 30 market democracies that make up its membership, against the 1.4 percent growth prediction for 2008. That would be the worst global]]> gdz Wed, 26 Nov 2008 05:56:04 -0600 http://www.moneyhowto.com/2008/10/22/oil_falls_below_67_on_us_recession_fears.html http://www.moneyhowto.com/2008/10/22/oil_falls_below_67_on_us_recession_fears.html NEW YORK (AP) -- Oil prices tumbled below $67 a barrel to 16-month lows Wednesday after the government reported big increases in U.S. fuel supplies -- more evidence that the economic downturn is drying up energy demand.

The Energy Information Administration said crude inventories jumped by 3.2 million barrels last week, above the 2.9 million barrel increase expected by analysts surveyed by energy research firm Platts. Gasoline inventories rose by 2.7 million barrels last week, and inventories of distillates, which include heating oil and diesel, rose by 2.2 million barrels.

Over the last four weeks, the EIA said, motor gasoline demand was down 4.3 percent from the same period last year. Distillate fuel demand was down 5.8 percent, and jet fuel demand was down 9.2 percent.

"The main theme here that's driving this market into new low ground is demand deterioration," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates. "As we begin to see evidence that demand is leveling -- it doesn't have to increase, just level -- then we can start discussing a possible price bottom. But it appears premature at this point."

Light, sweet crude for December delivery fell $5.43 to settle at $66.75 on the New York Mercantile Exchange, after falling as low as $66.20. It was the lowest close for a front-month contract since June 13, 2007, when crude settled at $66.26.

The energy markets have also been weighed down by the weak stock market, as investors grow more pessimistic about how long it will take the economy to recover from the current global financial turmoil.]]> gdz Wed, 22 Oct 2008 18:53:19 -0500 http://www.moneyhowto.com/2008/09/26/oil_prices_down_a_buck_as_bailout_talks_continue.html http://www.moneyhowto.com/2008/09/26/oil_prices_down_a_buck_as_bailout_talks_continue.html NEW YORK (AP) -- Oil prices fell just over $1 a barrel Friday as a U.S. financial bailout plan remained stuck in legislative limbo, raising investor worries that the economic crisis could deepen and further erode domestic energy demand.

Crude's fall erased some of the previous day's gains, though prices have largely been in a holding pattern as oil traders await resolution on the stalled the $700 billion rescue package.

"There's really no impetus to push things higher or lower. The market is simply waiting for guidance from the bailout plan," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill.

Negotiations continued Friday to revive the White House-backed initiative, a day after talks broke down in heated disagreement over the scope and cost of the unprecedented government intervention. The measure would remove billions of dollars in bad mortgages and other risky assets from banks' balance sheets in a bid to calm frenetic financial markets and soothe a jittery public.

Some conservative GOP lawmakers Thursday denounced the plan as an unnecessary federal intrusion into the private sector and proposed a dramatically different scheme under which financial firms with bad assets would pay the Treasury to insure them, rather than sell them outright to the government. It was unclear what form the final proposal would take, though lawmakers from both parties reported making progress on a plan late Friday.

Still, the prospect of a deal being scuttled or delayed rattled investors who were counting on the capital infusion to steady the teetering financial system. Any further softening in the economy could lead to]]> gdz Fri, 26 Sep 2008 18:40:55 -0500 http://www.moneyhowto.com/2008/09/24/house_votes_to_end_offshore_drilling_ban.html http://www.moneyhowto.com/2008/09/24/house_votes_to_end_offshore_drilling_ban.html WASHINGTON (AP) -- The House, responding to growing public demand for more domestic energy, voted Wednesday to end a quarter-century ban on oil and natural gas drilling off the Atlantic and Pacific coasts, giving Republicans a major victory on energy policy.

An extension of the ban for another year was left off a $630 billion-plus stopgap government spending bill that President Bush had threatened to veto -- possibly shutting down the government -- if the anti-drilling measure were included.

The bill was approved 370-58 and now goes to the Senate, where it is likely to be approved within the next few days, also without the drilling ban.

The decision to avoid a fight with the White House over offshore drilling marks a major shift by Democrats on energy policy and a reflection that the GOP argument for more domestic energy production had found a support among voters this election year, even though coastal states long have worried that offshore drilling might cause spills, soil beaches and threaten their tourist businesses.

Republican presidential nominee John McCain has made expanded offshore drilling a central part of his campaign, arguing that access to an estimated 18 billion barrels of oil in the off-limits Outer Continental Shelf is essential if the country is to become more energy independent.

McCain's Democratic presidential rival, Barack Obama, also has endorsed limited expansion of offshore drilling, but only as part of a broader energy package that boosts use of alternative energy sources and]]> gdz Wed, 24 Sep 2008 19:09:02 -0500 http://www.moneyhowto.com/2008/09/24/oil_falls_below_106_on_weak_us_energy_demand.html http://www.moneyhowto.com/2008/09/24/oil_falls_below_106_on_weak_us_energy_demand.html NEW YORK (AP) -- Oil prices ended a choppy session slightly lower Wednesday, falling below $106 a barrel as weak U.S. fuel demand and a stronger dollar outweighed concerns over a reduction in global crude output.

Light, sweet crude for November delivery fell 88 cents to settle at $105.73 a barrel on the New York Mercantile Exchange after rising as high as $109.50. On Tuesday, the contract fell $2.76 to settle at $106.61.

Crude prices have risen about $15 in the past week as investors funnel money back into commodities on worries that a proposed $700 billion bailout of financial firms will undercut the dollar and boost inflation.

But analysts said signs of weak U.S. demand for fuel have taken some of the momentum out of the rally. The economic slowdown has forced American consumers and businesses to cut back on energy use, sending oil prices falling from a record $147.27 a barrel reached July 11.

Demand for gasoline over the four weeks ended Sept. 19 was 3.5 percent lower than a year earlier, averaging 9 million barrels a day, the U.S. Energy Department's Energy Information Administration said in its weekly inventory report.

"Demand continues to be sluggish at best," said Andrew Lebow, senior vice president and broker at MF Global in New York. "Some people want to own real assets as an inflation hedge but others see crude as a consumable good, and any economic weakness is going to be bearish factor even if this bailout gets approved."

Highlighting Americans' reduced driving habits, filling stations hungry for business continued to ratchet]]> gdz Wed, 24 Sep 2008 19:04:44 -0500 http://www.moneyhowto.com/2008/09/12/gasoline_rises_on_ike_but_crude_dips_below_100.html http://www.moneyhowto.com/2008/09/12/gasoline_rises_on_ike_but_crude_dips_below_100.html NEW YORK (AP) -- Gasoline prices jumped at the wholesale level Friday as Hurricane Ike swept through Gulf of Mexico, prompting companies along the Texas coast to shut down refining and drilling operations.

Crude oil on the futures market, however, briefly sank below the psychologically important $100-a-barrel mark for the first time since April 2 -- showing that investors believe a worsening global economy will continue to drive down demand for some time in the United States and elsewhere.

The fact that U.S. fuel demand is so weak right now might mean the recent surge in the wholesale price of gasoline -- which rose to about $4.85 a gallon in the Gulf Coast market Friday -- might not be passed along to consumers unless Ike's impact is severe and long-lasting.

"Major oil companies are sensitive to raising prices in this environment," said Ben Brockwell, director of data pricing and information services at the Oil Price Information Service.

Ike is forecast to land early Saturday as a Category 3 hurricane near Galveston, a barrier island about 50 miles southeast of Houston. The Houston region is home to about one-fifth of U.S. refining capacity, and the site of a major fuel and grain distribution channel.

Wholesale gasoline prices on the Gulf Coast moved further into uncharted territory Friday, as refineries anticipated that Ike would lead to at least a significant pause in their operations, and at worst damage to their facilities. On Thursday, the Gulf Coast wholesale price of gasoline last traded at around $4.75 a]]> gdz Fri, 12 Sep 2008 18:46:45 -0500 http://www.moneyhowto.com/2008/09/04/oil_prices_close_at_5month_low_on_us_gas_report.html http://www.moneyhowto.com/2008/09/04/oil_prices_close_at_5month_low_on_us_gas_report.html NEW YORK (AP) -- Oil prices closed at their lowest level in five months Thursday as a lower-than-expected drop in U.S. gasoline supplies gave traders more reason to believe that a cooling economy is forcing Americans to drive less.

Light, sweet crude for October delivery fell $1.46 to settle at $107.89 a barrel on the New York Mercantile Exchange. It was the lowest settlement price for a front-month contract since April 4.

Crude prices have fallen for five straight sessions, extending an almost two-month slide as traders shift their attention away from supply-threatening storms and back toward a stronger dollar and evidence of falling demand.

On Wednesday, oil prices settled 36 cents lower at $109.35 a barrel, a day after a dramatic, nearly $6 plunge in response to less damage from Hurricane Gustav than the oil industry feared. That brought crude prices in sight of $100 a barrel, a level not seen since April 1.

A smaller-than-expected drawdown of U.S. gasoline stocks was the primary driver of Thursday's declines.

In its weekly inventory report, the Energy Department's EIA said U.S. gasoline stocks fell by 1 million barrels to 194.4 million barrels for the week ending Aug. 29, less than the 1.8 million-barrel drop analysts surveyed by energy research firm had Platts expected.

Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill., said the inventory numbers may have been skewed by market irregularities caused by Gustav, but he said the]]> gdz Thu, 04 Sep 2008 19:10:08 -0500 http://www.moneyhowto.com/2008/08/22/oil_prices_fall_over_6_on_stronger_dollar.html http://www.moneyhowto.com/2008/08/22/oil_prices_fall_over_6_on_stronger_dollar.html NEW YORK (AP) -- Oil prices tumbled more than $6 a barrel Friday -- the biggest one-day percentage plunge in nearly four years -- after a rebounding dollar and a Russian troop pullback in Georgia sparked another frenzied sell-off.

Crude's nosedive wiped out all the gains from the previous day's big rally and reaffirmed the belief that high energy prices and a softening global economy are still cutting into consumer demand for fossil fuels in the U.S. and overseas.

Light, sweet crude for October delivery fell $6.59, or 5.43 percent, to settle at $114.59 a barrel on the New York Mercantile Exchange.

It was crude's largest single-day price drop percentage-wise since Dec. 27, 2004, when prices dropped 6.47 percent. In dollar terms, it was oil's steepest one-day slide since Jan. 17, 1991, just after the start of the Gulf War. Crude prices had risen for three straight days, including an almost $6 rally on Thursday.

"This is extreme volatility," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill. "The fact that we erased all of yesterday's gains so fast suggests that we're still in a bear market. There's just not much demand out there."

At the pump, a gallon of regular fell another penny overnight to a new national average of $3.692, according to auto club AAA, the Oil Price Information Service and Wright Express. Prices had peaked at]]> gdz Fri, 22 Aug 2008 19:50:24 -0500 http://www.moneyhowto.com/2008/08/12/oil_prices_dip_again_on_signs_of_waning_demand.html http://www.moneyhowto.com/2008/08/12/oil_prices_dip_again_on_signs_of_waning_demand.html NEW YORK (AP) -- Oil prices fell again Tuesday, dampened by a stronger U.S. dollar and more evidence that developed countries such as the United States are cutting back on their energy use.

Light, sweet crude dipped by $1.44 to settle at $113.01 a barrel on the New York Mercantile Exchange, after falling as low as $112.31, a new three-month low. Oil is now nearly $35 below its July 11 record high of $147.27.

The International Energy Agency lowered its forecast on Tuesday for oil product demand from 30 developed countries, located mostly in Europe and North America, to 48.6 million barrels a day, down 1.3 percent from last year.

The Paris-based energy watchdog's report arrived a day after China said its crude imports in July, while historically strong, were down 7 percent from the same month last year.

The IEA cautioned that it is too early to determine whether the recent fall in oil prices is a longer-term trend. It said demand in developing countries could offset declines in developed nations, and that it sees Chinese oil demand continuing to grow at a robust pace.

And some economists have said that given the pullback in gasoline prices, demand could come back if motorists feel more comfortable with the cost of filling their gas tanks. The average U.S. retail gasoline price was $3.799 a gallon on Tuesday, according to auto club AAA, the Oil Price Information Service and]]> gdz Tue, 12 Aug 2008 18:44:20 -0500 http://www.moneyhowto.com/2008/08/11/oil_extends_its_slide_on_signs_of_demand_slowdown.html http://www.moneyhowto.com/2008/08/11/oil_extends_its_slide_on_signs_of_demand_slowdown.html NEW YORK (AP) -- Oil prices finished at a new three-month low Monday after briefly dropping below $113 a barrel mark, as the dollar extended its rebound and more signs emerged that China's energy demand could be leveling off.

In earlier trading, oil fluctuated as traders monitored the conflict between Russia and Georgia that some believe could disrupt supplies. But those worries faded to the background as the dollar's recovery accelerated, and as the energy market focused on a report from China that the country's crude oil imports in July were down 7 percent from last year.

"Now we're focused on the weak demand side of the equation," said Phil Flynn, analyst at Alaron Trading Corp. in Chicago. "There was this thought process that the high price of energy didn't matter to China and other countries -- but we're finding that that's not the case."

After falling nearly $10 a barrel last week, light, sweet crude for September delivery fell another 75 cents to settle at $114.45 a barrel on the New York Mercantile Exchange. It was the lowest close since May 1.

Crude, which fell as low as $112.72 a barrel during the session, has been plummeting in recent weeks from its record of $147.27 on July 11.

"The market's still kind of reeling," said Darin Newsom, senior analyst at DTN in Omaha, Neb. He said more signs of economic slowdown could take prices back below $100 a barrel -- a level not seen since early]]> gdz Mon, 11 Aug 2008 19:44:54 -0500 http://www.moneyhowto.com/2008/08/05/oil_falls_as_low_as_118_on_demand_concerns.html http://www.moneyhowto.com/2008/08/05/oil_falls_as_low_as_118_on_demand_concerns.html NEW YORK (AP) -- Oil traders sent crude prices tumbling as low as $118 a barrel Tuesday on the growing belief that a U.S. economic slowdown and high energy costs are curbing consumer demand for gasoline and other petroleum products.

Crude oil finished the day just above $119 a barrel -- its lowest settlement price since early May.

Crude's decline is giving Americans more relief at the pump. A gallon of regular gasoline on average fell another penny overnight to $3.871, according to auto club AAA, the Oil Price Information Service and Wright Express. Gas prices have fallen four straight weeks for the first time since December; prices are off 5.9 percent from their July high as U.S. motorists cut back on their driving to save money.

A day after plunging as much as $5 a barrel in a dramatic sell-off, crude continued its downward trend. Gasoline and heating oil prices also fell, while natural gas ended unchanged after Monday's steep drop.

Light, sweet crude for September delivery fell $2.24 to settle at $119.17 a barrel on the New York Mercantile Exchange, the lowest close since May 2. During trading, the contract dipped to $118 -- nearly $30 below the trading high of $147.27 reached July 11.

"The market psychology has finally shifted," said Stephen Schork, an analyst and trader in Villanova, Pa.,]]> gdz Tue, 05 Aug 2008 20:00:11 -0500 http://www.moneyhowto.com/2008/08/01/oil_falls_to_almost_124_on_dour_us_economic_data.html http://www.moneyhowto.com/2008/08/01/oil_falls_to_almost_124_on_dour_us_economic_data.html NEW YORK (AP) -- Oil prices pulled back Thursday, wiping out some gains from the previous day's $4 a barrel rally, as traders bet that a cooling U.S. economy will continue to eat into U.S. demand for fuel.

At the pump, easing prices underscored Americans' waning consumption of gasoline. The average price of a gallon of regular slipped 1.7 cents to $3.909, according auto club AAA, the Oil Price Information Service and Wright Express.

Light, sweet crude for September delivery fell $2.69 to settle at $124.08 a barrel on the New York Mercantile Exchange, a day after the contract soared more than $4 in the biggest one-day jump in two weeks. Prices have now fallen in four of the last seven sessions and are 14 percent off their all-time trading high above $147, reached July 11.

The Commerce Department said U.S. gross domestic product rose just 1.9 percent in the second quarter despite government tax rebates aimed at jolting the economy. Economists had expected growth of 2.4 percent. The weak 1 percent GDP figure of the first three months of 2008 also was modified lower to 0.9 percent.

Meanwhile, a Labor Department report said the number of people seeking jobless benefits rose to the highest level in five years. Economists warned the weekly figures can be volatile and some dismissed them as an aberration, however.

Still, the poor readings rekindled fears of a recession, prompting energy traders to dump oil contracts on expectations that more belt-tightening lay ahead for Americans who are already skipping vacations, giving]]> gdz Fri, 01 Aug 2008 02:06:59 -0500 http://www.moneyhowto.com/2008/07/29/oil_hits_7week_low_on_demand_worries_dollar_gain.html http://www.moneyhowto.com/2008/07/29/oil_hits_7week_low_on_demand_worries_dollar_gain.html NEW YORK (AP) -- Oil prices tumbled more than $2 a barrel Tuesday, finishing at their lowest level in seven weeks as a stronger dollar and beliefs that record prices are eroding the world's thirst for energy sparked another dramatic sell-off.

The drop -- which surpassed $4 a barrel at one point during the day -- was a throwback to oil's nosedive over the past two weeks and outweighed supply concerns touched off by a militant attack Monday on two Nigerian crude pipelines. It was oil's seventh decline in the last 10 sessions.

Light, sweet crude for September delivery fell $2.54 to settle at $122.19 on the New York Mercantile Exchange. It was the lowest settlement price for a front-month contract since June 10. Earlier, prices fell to $120.42, also the lowest level since June 10. Oil has now fallen more than $25 from its trading high of $147.27, reached July 11.

More concerns that crude's run-up over the past year has pushed prices to unsustainable levels fed Tuesday's decline. The U.S. Transportation Department said Monday that U.S. drivers logged 9.6 billion fewer vehicle miles in May -- or 3.7 percent -- compared to the same period last year, the biggest drop ever for the historically busy summer driving month.

And demand for oil in the U.S. -- the world's thirstiest consumer -- continues to fall, dropping by 891,000 barrels per day in May compared the same month a year ago, the Energy Department's Energy]]> gdz Tue, 29 Jul 2008 18:13:05 -0500 http://www.moneyhowto.com/2008/07/02/oil_prices_rise_to_record_high_above_144.html http://www.moneyhowto.com/2008/07/02/oil_prices_rise_to_record_high_above_144.html NEW YORK (AP) -- Oil prices shot to a new record above $144 a barrel Wednesday as the government reported a bigger-than-expected drop in U.S. supplies and the threat of conflict with Iran weighed on traders' minds.

The latest spike means a barrel of crude has gone up by about half since the end of last year, when oil was going for $96 a barrel. Retail gasoline prices climbed to a record of their own in the U.S.

Light, sweet crude for August delivery rose as high as $144.32 on the New York Mercantile Exchange shortly after the regular trading session ended. The contract also notched a new closing record, settling at $143.57 -- a full $2.60 above the previous high from a day earlier.

Oil first traded above $100 a barrel in January. It hit the previous trading high of $143.67 Monday.

The Energy Department's Energy Information Administration said crude oil supplies fell by 2 million barrels last week, or about 800,000 barrels more than analysts surveyed by the energy research firm Platts predicted.

However, the report offered a mixed picture of energy use by the world's thirstiest oil consumer. Gasoline supplies unexpectedly grew by a considerable amount, and demand continued to slide -- suggesting that record fuel prices are prompting a real shift in Americans' driving habits.

Even so, gas prices continue to rise along with the soaring cost of oil. Prices at the pump jumped half a penny to a new national record of $4.092 a gallon on average, according to AAA, the Oil Price]]> gdz Wed, 02 Jul 2008 18:15:20 -0500 http://www.moneyhowto.com/2008/06/30/oil_prices_end_down_after_topping_143_a_barrel.html http://www.moneyhowto.com/2008/06/30/oil_prices_end_down_after_topping_143_a_barrel.html NEW YORK (AP) -- The price of crude oil hit yet another record on the last day of a tumultuous first half, spurting past $143 a barrel before ending lower on demand fears and a resilient dollar. Crude has shot up nearly 50 percent since the start of the year, in large part on the dollar's troubles, and analysts expect that trend to remain intact as the second half of 2008 begins.

A government report lowering oil and gasoline demand estimates and a dollar hanging tough nullified investor concerns over supply, a fragile global economy and continued tensions in the Middle East.

"What this shows is that demand destruction in the U.S. is a lot larger than previously thought," said Phil Flynn, an energy analyst at Alaron Trading Corp. in Chicago. "There are more signs that demand is deteriorating."

Light, sweet crude for August delivery lost 21 cents to settle at $140.00 a barrel on the New York Mercantile Exchange. In early electronic trading, the contract hit a record $143.67.

The Energy Information Administration reported that oil usage in April was lower than previously estimated, falling to 4.2 percent to 19.768 million barrels per day from 20.631 million. That was 3.9 percent lower than in April 2007 and the lowest level for the month in six years.

The price of oil, which began 2008 at $96 a barrel, has risen in part on expectations of higher demand in China and other developing nations. But its almost relentless advance has also forced consumers and]]> gdz Mon, 30 Jun 2008 18:20:46 -0500