Skip to comments.Oil Tumbles After Inventory Report
Posted on 09/08/2005 8:01:19 AM PDT by kellynla
NEW YORK (CNN/Money) - Oil futures fell below $64 a barrel Thursday after a report showed a smaller-than-expected drop in petroleum stockpiles following major disruptions in the wake of Hurricane Katrina.
Crude stocks fell by 6.4 million barrels, gasoline stocks fell by 4.3 million barrels and stocks of distillates decreased by 800,000 barrels, according to the The Energy Information Administration.
Analysts were looking for a drop of 6.4 million barrels of crude, 6.2 million barrels of gasoline and 2.6 million barrels of distillates, according to Reuters.
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U.S. light crude for October delivery slipped $1.27 a barrel to $63.10 on the New York Mercantile Exchange.
(Excerpt) Read more at money.cnn.com ...
Looks like it's back up to 64.40.
Be good to see the bubble burst. Have to wait and see.
Liberals and wingnuts hardest hit...
Dang right it's Bush's fault. After all, Haliburton invaded Iraq for the oil and all.
Check again --- it went right back up a few minutes later.
Now we can pull out of Iraq. Because of Katrina, all of Bush's puppetmasters at Halliburton will be satisfied with the business they get for the reconstruction.
Thought you might find this interesting after our short discussion about shorting oil futures.
I gt the feelng a lot of people stayed home
this Labor Day weekend.
Falling gas prices will spike more SUV sales and more car travel, increasing greenhouse gases and global warming, heating the oceans and melting the ice caps, causing more hurricances and floods, and killing millions of poor innocent people because George Bush wants to destroy the world!
"Dang right it's Bush's fault. After all, Haliburton invaded Iraq for the oil and all."
and Bush whipped up the hurricane
Let's see - pipelines were offline, therefore reducing the demand from storage. Refineries were offline, reducing the demand from storage. Platforms were offline, reducing the filling of storage. Refineries are coming back on line. Pipelines are back on line. Oil platforms still offline. Check with me after the next storage numbers come out...
Huh? I thought it was the Japanese mafia.
Agreed. I drove from Chattanooga to Atlanta via I-75 and returned on Monday to see the Braves. The traffic, to say the least, was very light.
A friend drove the same route Saturday and reported same light traffic on I-75.
Crude Oil - 63.50
Gasoline - 1.99
Heading in the right direction.
And RATS are on a suicide watch.
Dr. Dean, is that you?
AAA in our area (Washington DC) reported a significant drop in the number of automobiles on the road this past weekend. It would be interesting to see how much this decline in demand has affected the price change at the pumps since then.
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