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Oil rises on storage date, high demands

The Toronto Star -- NEW YORK, N.Y.—Following a brief pullback the previous day, oil prices jumped Wednesday after a U.S. government report showed that crude stockpiles grew less than analysts had predicted, raising hopes that demand for oil and gas is picking up.

Oil also got a boost from China, which reported surging trade figures — and from OPEC, which bumped up its global oil demand forecast for the year.

Benchmark crude for April delivery rose as high as US$83.03 a barrel in morning trading on the New York Mercantile Exchange, before moving back to $82.08, up 59 cents.

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Submitted Mar 12, 2010 By: momsno1_taxi

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t_flor Champion Author Illinois Posts:1,185 Points:387,660 Joined:Jul 2008	Message Posted: Mar 12, 2010 9:57:10 AM Ignore t_flor Report Abuse It will go up...just because!
condé Champion Author Michigan Posts:1,286 Points:1,295,705 Joined:Oct 2004	Message Posted: Mar 12, 2010 9:49:59 AM Ignore condé Report Abuse It seems that they keep recycling old news.... over storage prices drop, under storage prices up... the sun came up prices up too... jake up that price someone coughed... the moon is full drop the price..........
Wizrd03 Champion Author Illinois Posts:3,028 Points:622,905 Joined:Oct 2008	Message Posted: Mar 12, 2010 9:39:03 AM Ignore Wizrd03 Report Abuse One post says oil is going up, another says it's going down. The only thing for certain is that gas is up over 40 cents a gallon recently.
sivart Champion Author Arkansas Posts:11,676 Points:2,065,430 Joined:May 2004	Message Posted: Mar 12, 2010 9:31:25 AM Ignore sivart Report Abuse They need to get on the same page!
goalie1950 Champion Author Phoenix Posts:1,420 Points:285,825 Joined:Oct 2009	Message Posted: Mar 12, 2010 9:30:46 AM Ignore goalie1950 Report Abuse No matter what inventories and decreased usage do, oil prices will continue to rise.
amerk73 Champion Author Dallas Posts:1,932 Points:606,150 Joined:Oct 2008	Message Posted: Mar 12, 2010 9:18:51 AM Ignore amerk73 Report Abuse NO DEMANDS
Goatroper Champion Author Dallas Posts:1,860 Points:377,565 Joined:Apr 2004	Message Posted: Mar 12, 2010 9:04:08 AM Ignore Goatroper Report Abuse All freaking tea leaves!
DRHCNY Champion Author New York Posts:1,748 Points:530,740 Joined:Oct 2007	Message Posted: Mar 12, 2010 9:04:02 AM Ignore DRHCNY Report Abuse See they are hidding the inventories to keep prices up.
granma3xnow Champion Author Indiana Posts:1,998 Points:410,675 Joined:Dec 2008	Message Posted: Mar 12, 2010 9:03:25 AM Ignore granma3xnow Report Abuse Now how strange! The article I read just before this one said crude oil was going to start falling. No wonder everything is a MESS, no one knows what they are doing!!!!!!
trallig Champion Author South Carolina Posts:2,624 Points:531,820 Joined:Mar 2003	Message Posted: Mar 12, 2010 8:59:57 AM Ignore trallig Report Abuse Anyone notice how these articles directly contradict each other.. ie reaching different conclusions with same data?
trallig Champion Author South Carolina Posts:2,624 Points:531,820 Joined:Mar 2003	Message Posted: Mar 12, 2010 8:58:30 AM Ignore trallig Report Abuse Conserve doesn't necessarily drop prices. For example... cut back on use, inventories increase, oil companies cut production and close refineries, supply drops, inventories drop, prices go back up.
gagal31525 Veteran Author Georgia Posts:423 Points:368,645 Joined:Feb 2008	Message Posted: Mar 12, 2010 8:58:10 AM Ignore gagal31525 Report Abuse Okay.
2907 Champion Author Kentucky Posts:1,389 Points:780,970 Joined:Aug 2005	Message Posted: Mar 12, 2010 8:56:45 AM Ignore 2907 Report Abuse Enough of these stories.
indyjim Champion Author Indianapolis Posts:4,565 Points:1,310,310 Joined:Jul 2006	Message Posted: Mar 12, 2010 8:55:34 AM Ignore indyjim Report Abuse Conserve, America. Let's keep prices down.
wizzard1222 Champion Author St. Louis Posts:3,514 Points:1,305,540 Joined:Mar 2006	Message Posted: Mar 12, 2010 8:54:26 AM Ignore wizzard1222 Report Abuse Everyone is shouting to gain press attention !!! Who has the most to gain from the headlines !!!!
roadrunnerMO Champion Author Kansas Posts:3,240 Points:694,995 Joined:Jul 2008	Message Posted: Mar 12, 2010 8:54:02 AM Ignore roadrunnerMO Report Abuse Sounds like a lotta bull to me. We do not need excuses for up one day and down the next.
SmokeFan14 Sophomore Author St. Louis Posts:222 Points:281,115 Joined:Oct 2008	Message Posted: Mar 12, 2010 8:53:35 AM Ignore SmokeFan14 Report Abuse Three articles currently posted here, all with different opinions on what oil prices are doing???
30mpg80 Champion Author Lexington Posts:1,142 Points:472,445 Joined:Nov 2008	Message Posted: Mar 12, 2010 8:52:33 AM Ignore 30mpg80 Report Abuse speculation hysteria
rbrowdersr Champion Author Detroit Posts:2,885 Points:953,760 Joined:Aug 2006	Message Posted: Mar 12, 2010 8:51:28 AM Ignore rbrowdersr Report Abuse Prime example of speculation.
Zeke33 Champion Author New Hampshire Posts:2,734 Points:940,710 Joined:Sep 2005	Message Posted: Mar 12, 2010 8:50:34 AM Ignore Zeke33 Report Abuse Any little thing and the price jumps/ To bad the price wouldn't drop as rapily in a reverse situation.
racerdj Champion Author Indianapolis Posts:4,715 Points:1,041,435 Joined:Jun 2003	Message Posted: Mar 12, 2010 8:50:12 AM Ignore racerdj Report Abuse Oil rises without supporting demand? What gives?
REKEY Champion Author South Carolina Posts:3,442 Points:690,625 Joined:May 2008	Message Posted: Mar 12, 2010 8:48:51 AM Ignore REKEY Report Abuse Trade = high prices? All parts for Toyotas!
BartBuzz Champion Author Atlanta Posts:3,734 Points:770,410 Joined:Aug 2006	Message Posted: Mar 12, 2010 8:48:43 AM Ignore BartBuzz Report Abuse zippy452: It doesn't matter if the article is an old one. Eventually, the same story comes around again. It's a vicious cycle.
oilrobber Champion Author Miami Posts:4,484 Points:918,185 Joined:May 2007	Message Posted: Mar 12, 2010 8:47:54 AM Ignore oilrobber Report Abuse Who determines demand. Some strategist, speculator that is trying to make a profit. In case you don't know, it's the stock market that controls the price of oil. I don't care if the market is up or down. The price won't change until the next quarter comes around.
pricechecker08 Champion Author Ohio Posts:3,907 Points:797,765 Joined:Jan 2008	Message Posted: Mar 12, 2010 8:47:53 AM Ignore pricechecker08 Report Abuse Beat the oil prices Ride a bike.or exercise by walking.
PaylessKY Champion Author Kentucky Posts:3,360 Points:625,755 Joined:Oct 2008	Message Posted: Mar 12, 2010 8:47:37 AM Ignore PaylessKY Report Abuse Price is up due to high demand caused by lower out put.
craigsf38 Champion Author Rochester Posts:1,138 Points:511,545 Joined:Jun 2008	Message Posted: Mar 12, 2010 8:47:01 AM Ignore craigsf38 Report Abuse Typical, there is always a reason for oil prices to rise but seldom for oil to fall.
PhilMils Champion Author Virginia Posts:1,926 Points:413,175 Joined:Dec 2008	Message Posted: Mar 12, 2010 8:45:45 AM Ignore PhilMils Report Abuse Let's conserve our use of oil even more than we have.
techque Champion Author St. Louis Posts:3,717 Points:1,493,815 Joined:Apr 2005	Message Posted: Mar 12, 2010 8:44:48 AM Ignore techque Report Abuse jacked prices only on petroterrorist speculation !@! where are Obama's promised controls ??
ssect8 Champion Author Hartford Posts:2,897 Points:1,185,450 Joined:Jun 2006	Message Posted: Mar 12, 2010 8:44:47 AM Ignore ssect8 Report Abuse Typical, there is always a reason for oil prices to rise but seldom for oil to fall.
zippy452 Champion Author Cincinnati Posts:3,962 Points:790,135 Joined:Oct 2006	Message Posted: Mar 12, 2010 8:43:43 AM Ignore zippy452 Report Abuse Old news............. This article is talking about crude prices from Wednesday!
swlincdrv Veteran Author Lincoln Posts:375 Points:219,115 Joined:Oct 2008	Message Posted: Mar 12, 2010 8:43:17 AM Ignore swlincdrv Report Abuse Something smells.
Iversonfan All-Star Author Richmond Posts:845 Points:58,710 Joined:Jan 2006	Message Posted: Mar 12, 2010 8:41:27 AM Ignore Iversonfan Report Abuse the price of oil is not determined by opec its controlled by wall street .. the price opec gets does not change when prices go up or down unless its time to renew there contracts ..
kruk Champion Author London Posts:2,780 Points:324,190 Joined:Jan 2007	Message Posted: Mar 12, 2010 8:41:18 AM Ignore kruk Report Abuse did anybody verify how accurate these reports are??? - why to bother speculators prepare them they know the best
CLM06 Champion Author Tampa Posts:4,499 Points:1,076,390 Joined:Sep 2006	Message Posted: Mar 12, 2010 8:41:11 AM Ignore CLM06 Report Abuse Can you believe anything you read?
9C1 Champion Author Chicago Posts:17,479 Points:3,240,070 Joined:Jul 2001	Message Posted: Mar 12, 2010 8:40:42 AM Ignore 9C1 Report Abuse This will be an expensive summer.
BartBuzz Champion Author Atlanta Posts:3,734 Points:770,410 Joined:Aug 2006	Message Posted: Mar 12, 2010 8:40:00 AM Ignore BartBuzz Report Abuse Didn't I just read the opposite two articles ago. I don't know why I bother to read any of them. They're all hooey. Keep conserving to hedge your bets.
barsantij Champion Author Durham Posts:1,223 Points:426,580 Joined:May 2008	Message Posted: Mar 12, 2010 8:38:59 AM Ignore barsantij Report Abuse Oil prices increase because OPEC hopes the world increases demand by 900,000 bbls a day - the article headline should be. Yoda
jpd683 All-Star Author Scranton Posts:860 Points:876,505 Joined:Jul 2005	Message Posted: Mar 12, 2010 8:37:29 AM Ignore jpd683 Report Abuse This is not what he other article said. We seem to be battling false reports.
braves89 Champion Author Chicago Posts:2,560 Points:618,795 Joined:Apr 2008	Message Posted: Mar 12, 2010 8:36:36 AM Ignore braves89 Report Abuse dieselkat, it doesn't matter if we need it or not, bottom line is price always goes up
RabunDog Veteran Author Georgia Posts:300 Points:347,715 Joined:May 2009	Message Posted: Mar 12, 2010 8:36:28 AM Ignore RabunDog Report Abuse The speculators will continue to push the price UP - it's not what happens now - it's what MAY happen in the future
Badmoon Champion Author Massachusetts Posts:3,151 Points:637,415 Joined:Oct 2008	Message Posted: Mar 12, 2010 8:36:28 AM Ignore Badmoon Report Abuse They are setting us up for summer.
chankos Sophomore Author Hamilton Posts:211 Points:126,230 Joined:Apr 2009	Message Posted: Mar 12, 2010 8:35:40 AM Ignore chankos Report Abuse it's all about the stock market and the paper value of trading petroleum based product
jony Champion Author Florida Posts:2,757 Points:789,590 Joined:May 2006	Message Posted: Mar 12, 2010 8:34:58 AM Ignore jony Report Abuse sort of contradicts one of the other articles doesn't it
DieselKat Champion Author Tennessee Posts:1,619 Points:1,376,060 Joined:Oct 2005	Message Posted: Mar 12, 2010 8:33:39 AM Ignore DieselKat Report Abuse When they know we need it, the price goes up.
Cerberus2k Champion Author Phoenix Posts:1,028 Points:617,585 Joined:Apr 2008	Message Posted: Mar 12, 2010 8:31:34 AM Ignore Cerberus2k Report Abuse The report states that stockpiles INCREASED! They just didn't increase as much as expected. That's 13 week in a row that stockpiles have increase while production has decreased. But prices continue to rise thanks to speculators casino capitalism. [Edited by: Cerberus2k at 3/12/2010 8:32:10 AM EST]
salog Champion Author Columbia Posts:3,345 Points:850,005 Joined:Oct 2006	Message Posted: Mar 12, 2010 8:30:05 AM Ignore salog Report Abuse of course the stock piles grew less, they bought less.
bell05 Champion Author Atlanta Posts:4,140 Points:864,630 Joined:Jun 2005	Message Posted: Mar 12, 2010 8:29:26 AM Ignore bell05 Report Abuse This is very old news. And Marson; those idiots in Wash. have no concern about you or me and lastly our country. And especially OB.
Marson Champion Author Scranton Posts:4,184 Points:1,106,195 Joined:Oct 2006	Message Posted: Mar 12, 2010 8:21:24 AM Ignore Marson Report Abuse While these idiots in Washington try eo enact a devastating health bill they ignore the speculators who are causing these crazy oil prices. Is this perhaps because the peculators fund their re-election campaigns?????
csansmith Rookie Author Wyoming Posts:96 Points:144,100 Joined:Sep 2007	Message Posted: Mar 12, 2010 8:20:25 AM Ignore csansmith Report Abuse Oil goes up and it will hurt the economy.