Oil Tumbles After Inventory Report

CNN ^ | September 8, 2005: 10:40 AM EDT | staff

[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.

[NavyCanDo]

My gas station has yet to hear the news.

[lasisra]

Seeing the same thing here.

After spiking to $3 to $3.30 for regular in my area, as of today I haven't seen any higher than $3, and many are at $2.90 for regular.

One station has gas at $2.58 - only five cents higher than before Katrina! They get tanker trucks there twice a day (it's near my house, and I drive by taking my kids to/from school) and still keep running out, since they're at least a quarter cheaper per gallon than *anyone* else.

I don't know how they can sell so much cheaper than anyone else, but I got lucky and got some gas there yesterday. All they had left at that time was premium, but it was still cheaper than all the other stations' regular gas. I sneaked in at a rare quiet time and didn't even have to wait. Score! :-)

There are no lines at any other gas station, and overall traffic is lighter than normal. It was downright quiet on the roads over the weekend, and we are a big Labor Day tourist destination (Panama City Beach).

Sounds like the market is taking care of the problem, doesn't it?

[Betaille]

"That's Bush's fault too. He controls oil prices with a playstation joystick."

Willie Green... is that you? haha j/k. I think you've pretty much summed up the Democratic view on economics with that line.

[lasisra]

Sorry for the double post!

[Betaille]

"Sounds like the market is taking care of the problem, doesn't it?"

No! Markets don't take care of problems... only us Democrats can do that... YAAAAARGHHH!!!!

[green iguana]

Actually I get my oil-related info from the energy analyst sitting in the office next to mine. He says that currently 57% of Gulf oil is still shut in - including Mars, which is the biggie. Where do you get your info, and how does it differ?

[SCDockman]

Found a website that gives local information for Pascagoula, MS, one of the towns that sections washed through. They had a "price watch" section to look for high and low gas prices. Yesterday, the HIGHEST was $2.79/gallon. Bless those people...with all they have going on, they haven't been taking advantage of their neighbors.

[b4its2late]

We need the refineries

That we do.

[GeorgeW23225]

and I'll bring the beer!!

[GeorgeW23225]

and $1.99 by January 1st, 2006

[kellynla]

gezzzzz...there's quite a disparity is gas prices between Tacoma and Spokane...We're paying less in LA & OC than Spokane!
http://www.gasbuddy.com

[14erClimb]

I bought a bicycle Friday and have been riding 21 miles to work this week. If only more people would do the same and drive demand down...

[Squantos]

I am hearing rumor that propane is going up a dollar in next few days....anyone else smell or step in that rumor ?

My respects to Hank Hill aside....

[GeorgeW23225]

I agree. It sure was quiet on Labor Day weekend.

I stopped by for gas Labor Day night at a huge gas station in town (26 pumps) and I was the ONLY one there buying gas.

At $3.19 a gallon, little wonder........

[Marine_Uncle]

"I wouldn't hold your breath. How could you hold my breath?"

Simple. They exhale into a jar, cap it and hand you the jar.

[NYorkerInHouston]

. Oil platforms still offline.

>You were doing pretty good until you got to that one. You
>must rely on the main stream media for your news.

Gulf of Mexico production is still down. From the Department of Energy- Energy Informaton Administration:

"According to the Minerals Management Service (MMS), as of 11:30 September 7, Gulf of Mexico oil production was reduced by 861,000 barrels per day as a result of Hurricane Katrina, equivalent to 57.37 percent of daily Gulf of Mexico oil production (which is 1.5 million barrels per day). The MMS also reported that 4.0360 billion cubic feet per day of natural gas production was shut in, equivalent to 40.36 percent of daily Gulf of Mexico natural gas production (which is 10 billion cubic feet per day)."


http://tonto.eia.doe.gov/oog/special/eia1_katrina.html

[MrSarcastic2005]

How dare you and your friend NOT carpool????

[Chuck54]

Hey, he went on Saturday, I went on Monday. I did take his kid with me, on Monday, in the Miata so we were fully carpooled.

I couldn't make the Saturday game or I definitely would have carpooled with him or he with me.

Gotta save that petrol.

[Babsig]

Nah, George Bush isn't "smart" enough to do ALL that. It's Karl(Karl begins with K like Klan) Rove.

[.cnI redruM]

>>>>I think you've pretty much summed up the Democratic view on economics with that line.


I beg to differ slightly. Dick Cheney controls the natural disasters for his former employers Haliburton.