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Crude Oil Trades Below $80 on Concern Demand Isn’t Keeping U

Bloomberg Business Week -- March 16 (Bloomberg) -- Crude oil traded below $80 a barrel in New York on concern demand in the U.S., the world’s largest energy consumer, hasn’t grown fast enough to justify the recent gain in prices.

“The recovery story has been priced into commodities,” David Moore, a commodity strategist at Commonwealth Bank of Australia Ltd., said in Sydney. “Some of the commodities, and oil is one, are getting up to high price levels relative to recent trading ranges and that has caused some investors to back off a bit.”

Crude oil for April delivery was at $79.70 a barrel, down 10 cents, in electronic trading on the New York Mercantile Exchange at 1:45 p.m. Singapore time. The contract lost 1.8 percent yesterday to $79.80, the lowest settlement since March 2.

The dollar was little changed agains

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Submitted Mar 16, 2010 By: OnTheWater

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Night Owl Champion Author Toronto Posts:5,265 Points:1,333,725 Joined:Jul 2004	Message Posted: Mar 16, 2010 9:53:10 AM Ignore Night Owl Report Abuse Of course the recent gain in prices is not justified. We need to get rid of oil and gas speculation.
Bussman Champion Author Dallas Posts:3,864 Points:992,595 Joined:Nov 2008	Message Posted: Mar 16, 2010 9:39:30 AM Ignore Bussman Report Abuse That's right. We consumers can only be expected to stretch so far. Same goes for government taxation!
WyrelessMike All-Star Author Little Rock Posts:991 Points:427,170 Joined:Aug 2008	Message Posted: Mar 16, 2010 9:36:40 AM Ignore WyrelessMike Report Abuse As long as there is part of a market equation we can control, expect consumers to take control of it. Obviously, supply and resources play little or no part in the cost of processed gasoline to the end user, so as long as we can effect demand, expect us consumers to put the same kind of squeeze on suppliers that they have been putting on us for years (as long as we can).
ronsimonil All-Star Author Texas Posts:734 Points:157,975 Joined:Mar 2009	Message Posted: Mar 16, 2010 7:13:27 AM Ignore ronsimonil Report Abuse Get oil down to where it should be according to supply and demand, then we we will recover.
skippypa Champion Author Hawaii Posts:6,100 Points:1,274,030 Joined:Jun 2008	Message Posted: Mar 16, 2010 6:27:04 AM Ignore skippypa Report Abuse Prices should be lower.
jeskibuff Champion Author Tampa Posts:5,301 Points:984,460 Joined:May 2004	Message Posted: Mar 16, 2010 6:25:11 AM Ignore jeskibuff Report Abuse wegman said: "Obamanomics prevents recovery in the United States." I would say "inhibits" rather than "prevents". The free market is trying valiantly to recover...most people are struggling to return to prosperity. But true to the clueless tendency for liberals to tax and regulate beyond reason, expect each glimmer of recovery to be repelled by the parasitic policies of liberal leaders like Obozo.
Ringmaster2008 Champion Author Ontario Posts:5,338 Points:842,280 Joined:Apr 2008	Message Posted: Mar 16, 2010 6:24:48 AM Ignore Ringmaster2008 Report Abuse Can you say "speculation".
epf Champion Author Grand Rapids Posts:3,948 Points:1,426,280 Joined:May 2004	Message Posted: Mar 16, 2010 6:23:54 AM Ignore epf Report Abuse Where have these people been, US growth? Where?
Beau2140 Champion Author New York Posts:5,936 Points:1,190,260 Joined:Oct 2008	Message Posted: Mar 16, 2010 6:21:21 AM Ignore Beau2140 Report Abuse The speculators will kep the price up.
katmandue Champion Author Detroit Posts:5,744 Points:1,676,040 Joined:Jul 2006	Message Posted: Mar 16, 2010 6:19:32 AM Ignore katmandue Report Abuse And the price of gas stays the same or increases.
dar 1 Champion Author Michigan Posts:3,602 Points:335,590 Joined:Jan 2005	Message Posted: Mar 16, 2010 6:19:24 AM Ignore dar 1 Report Abuse Maybe right now we have found the top of oil 80.00
naw62 Champion Author Maine Posts:7,120 Points:1,756,595 Joined:Sep 2006	Message Posted: Mar 16, 2010 6:18:57 AM Ignore naw62 Report Abuse Demand will be down for quite awhile
Dale Jr. Champion Author Illinois Posts:13,874 Points:2,771,125 Joined:May 2004	Message Posted: Mar 16, 2010 6:17:32 AM Ignore Dale Jr. Report Abuse Somehow the speculators will find a way to make up for the loss.
Ticoman54 Champion Author Miami Posts:4,943 Points:1,057,060 Joined:Oct 2008	Message Posted: Mar 16, 2010 6:17:30 AM Ignore Ticoman54 Report Abuse subnuke, you must be living in a cave. The economy has been the worst since the Great Depression and yet we have seen a barrel of crude oil increase from $32 a barrel in January, 2009 to the present level of approximately $80 per barrel. If the economy is the only factor that drives the price of crude, please explain why it has increased by almost $50 per barrel during extraordinarily weak demand and record high supply levels. Only one word is needed to explain this phenomenal occurrence. Speculators!!!
rowing Champion Author Macon Posts:1,056 Points:631,505 Joined:Sep 2009	Message Posted: Mar 16, 2010 6:15:38 AM Ignore rowing Report Abuse price down here but we have no drop at pumps.
Tundralimited2009 Champion Author Dallas Posts:32,654 Points:1,027,925 Joined:Feb 2009	Message Posted: Mar 16, 2010 6:15:06 AM Ignore Tundralimited2009 Report Abuse Go Speculators
Zuman Champion Author New York Posts:3,888 Points:1,442,730 Joined:May 2005	Message Posted: Mar 16, 2010 6:13:22 AM Ignore Zuman Report Abuse Just another day.
nb52 Champion Author Grand Rapids Posts:5,419 Points:1,080,665 Joined:Nov 2008	Message Posted: Mar 16, 2010 6:12:08 AM Ignore nb52 Report Abuse And consumption will not increase until The U.S. quits spending trillions of dollars it does not have.
pgerassi Champion Author Milwaukee Posts:8,516 Points:1,665,900 Joined:Apr 2007	Message Posted: Mar 16, 2010 6:10:55 AM Ignore pgerassi Report Abuse The gain over $20/brl wasn't justified by demand.
subnuke Champion Author Atlanta Posts:5,208 Points:1,048,465 Joined:Sep 2008	Message Posted: Mar 16, 2010 6:09:44 AM Ignore subnuke Report Abuse As I have stated repeatedly, the economy is the main driver of oil prices - not the speculators.
theawesome1 Champion Author Cleveland Posts:6,973 Points:1,303,385 Joined:Aug 2005	Message Posted: Mar 16, 2010 6:08:17 AM Ignore theawesome1 Report Abuse I ignore news above $50 wince speculators are having a holiday & their wives get new furs but PETA isn't going after them.
RocketGeek Champion Author Grand Rapids Posts:8,236 Points:1,644,210 Joined:May 2005	Message Posted: Mar 16, 2010 6:07:43 AM Ignore RocketGeek Report Abuse Somehow the average guy knows this in his wallet already.
my3sons Champion Author New York Posts:4,455 Points:1,506,535 Joined:Aug 2005	Message Posted: Mar 16, 2010 6:07:19 AM Ignore my3sons Report Abuse below $50 will be news
jimraehl Champion Author Utah Posts:4,755 Points:1,175,435 Joined:Sep 2008	Message Posted: Mar 16, 2010 6:07:09 AM Ignore jimraehl Report Abuse This is the right direction -- down.
neptune2008 Champion Author Michigan Posts:6,255 Points:1,217,610 Joined:Aug 2008	Message Posted: Mar 16, 2010 6:06:39 AM Ignore neptune2008 Report Abuse we cant afford it when it goes up...simple math
pitamon Champion Author Philadelphia Posts:3,647 Points:1,495,035 Joined:Sep 2004	Message Posted: Mar 16, 2010 6:05:53 AM Ignore pitamon Report Abuse Speculators, take them out of the picture and we might have some stability.
LeeFree Champion Author Pittsburgh Posts:6,824 Points:1,783,000 Joined:Jun 2005	Message Posted: Mar 16, 2010 6:04:02 AM Ignore LeeFree Report Abuse Oil prices are tied to the stock market and not to demand. That's been clear for a while.
Cachase1 Champion Author Oklahoma City Posts:9,078 Points:1,913,205 Joined:Aug 2003	Message Posted: Mar 16, 2010 6:01:24 AM Ignore Cachase1 Report Abuse Oil prices have been up, yesterday was a bad day for trading of all other stocks and ultimately oil.
FMREALTOR Champion Author Florida Posts:4,123 Points:1,255,085 Joined:Jan 2007	Message Posted: Mar 16, 2010 5:54:49 AM Ignore FMREALTOR Report Abuse And prices are still going up
afghaned Champion Author Hamilton Posts:8,502 Points:821,700 Joined:May 2004	Message Posted: Mar 16, 2010 5:44:27 AM Ignore afghaned Report Abuse Supply & demand have had little affect on pricing of oil & gas for some time. Last night in upper NY it was $2.95.9/gal.
Metroman Champion Author Philadelphia Posts:8,244 Points:1,748,885 Joined:Aug 2003	Message Posted: Mar 16, 2010 5:43:32 AM Ignore Metroman Report Abuse Good! The higher the price goes the lower the demand is how that works
cutcheese Champion Author Pennsylvania Posts:9,998 Points:1,900,075 Joined:Jun 2006	Message Posted: Mar 16, 2010 5:39:15 AM Ignore cutcheese Report Abuse Crude prices and gas prices have no logical correlation
PADI Champion Author Ontario Posts:3,835 Points:1,004,200 Joined:Nov 2008	Message Posted: Mar 16, 2010 5:36:20 AM Ignore PADI Report Abuse The prices here in Southern Ontario are holding steady, when does the consumer get a break from the price of crude falling, or do the oil giants just keep the difference, and not pass it on?
visitor_2 Champion Author Orlando Posts:1,023 Points:1,234,770 Joined:Aug 2006	Message Posted: Mar 16, 2010 5:35:04 AM Ignore visitor_2 Report Abuse Prices should drop even more
Hunter724 Champion Author New Hampshire Posts:5,757 Points:1,178,240 Joined:Sep 2008	Message Posted: Mar 16, 2010 5:34:33 AM Ignore Hunter724 Report Abuse Believe this is 3rd day in a row for falling oil price, keep falling than we may see some relief at the pump.......
stpetebp Champion Author Tampa Posts:4,125 Points:1,285,600 Joined:Nov 2007	Message Posted: Mar 16, 2010 5:32:40 AM Ignore stpetebp Report Abuse Holding here
RogerB Champion Author Indianapolis Posts:15,237 Points:2,163,045 Joined:Dec 2005	Message Posted: Mar 16, 2010 5:24:42 AM Ignore RogerB Report Abuse Why, and how do they let prices fall? Do they lose money when oil prices fall? They BUY futures when prices fall, then sell when they go up.
nyyankees2 Champion Author Omaha Posts:3,587 Points:691,750 Joined:Feb 2010	Message Posted: Mar 16, 2010 5:17:43 AM Ignore nyyankees2 Report Abuse Prices didn't go down in my area so far today.
jimmy123NE Champion Author Omaha Posts:4,386 Points:1,060,105 Joined:Jul 2008	Message Posted: Mar 16, 2010 5:08:27 AM Ignore jimmy123NE Report Abuse Will the price go down at the pump today? I doubt it.
fratt Champion Author Grand Rapids Posts:7,494 Points:2,179,380 Joined:Jul 2005	Message Posted: Mar 16, 2010 5:01:46 AM Ignore fratt Report Abuse Keep falling.
Metro Man Champion Author Flint Posts:2,728 Points:1,199,290 Joined:Sep 2003	Message Posted: Mar 16, 2010 5:01:31 AM Ignore Metro Man Report Abuse Gee I could have told them that before they raised the price of crude.
harleydoctor Champion Author Kansas Posts:4,970 Points:1,461,610 Joined:Sep 2005	Message Posted: Mar 16, 2010 4:57:08 AM Ignore harleydoctor Report Abuse I can barely walk upright the way it is.......
lpj Champion Author Macon Posts:8,583 Points:1,700,640 Joined:Apr 2006	Message Posted: Mar 16, 2010 4:54:29 AM Ignore lpj Report Abuse gas at pump still to high !!!
wegman Champion Author Twin Cities Posts:5,491 Points:1,627,635 Joined:Jun 2001	Message Posted: Mar 16, 2010 4:53:26 AM Ignore wegman Report Abuse Obamanomics prevents recovery in the United States. No economic growth, no growth in demand. You need to be a moron not to see this. Economic reality please step up to the plate!
ArmydudeNC Champion Author North Carolina Posts:5,786 Points:912,475 Joined:Jul 2009	Message Posted: Mar 16, 2010 4:53:25 AM Ignore ArmydudeNC Report Abuse Still about $45 too high for a barrel of oil.
spiderjay Champion Author Little Rock Posts:3,299 Points:958,030 Joined:Oct 2005	Message Posted: Mar 16, 2010 4:51:15 AM Ignore spiderjay Report Abuse wont last its been on a slow steady climb sence the first of the year
computernut2008 Champion Author Ohio Posts:4,255 Points:900,345 Joined:Oct 2008	Message Posted: Mar 16, 2010 4:49:35 AM Ignore computernut2008 Report Abuse Should trade below 20
AuburnTim Champion Author Indiana Posts:5,704 Points:1,285,990 Joined:May 2005	Message Posted: Mar 16, 2010 4:32:53 AM Ignore AuburnTim Report Abuse Wall Street and big business are sure trying their best to stop main street from recovering at all from this recession.
NotTom Champion Author New Hampshire Posts:4,110 Points:1,069,185 Joined:Aug 2005	Message Posted: Mar 16, 2010 4:16:27 AM Ignore NotTom Report Abuse We recovered companies not the average American. Instead of TARP & cash for clunkers the money should have been given to people over 50 to retire, buy or pay-off home & car loans, It would have helped unemployment & banking; recovering the economy from the bottom up.
14of45SSR Champion Author Saskatchewan Posts:2,370 Points:829,040 Joined:Dec 2008	Message Posted: Mar 16, 2010 4:14:21 AM Ignore 14of45SSR Report Abuse Time for pump prices to drop!