GasBuddy Blog

GasBuddy News Article

votes

OIL FUTURES: Crude Falls to Lowest Level Since July

Dow Jones Newswires --
Crude futures on the New York Mercantile Exchange fell by 2.2% Tuesday, closing at the lowest level since mid-July against a backdrop of weak earnings results and growing concerns about the economy.

Nymex front-month futures for December delivery settled at $86.67 per barrel, down $1.98, the lowest settling price since July 12. Brent oil futures were $1.17 lower to $108.27.

Oil prices have been mostly on a downward trend since mid-September, fueled by the perception of plentiful oil supplies and continued concerns about the health of the global economy. But Tuesday's trading shifted oil into a lower range than it has experienced in recent months, generating talk that the commodity could have further to fall.

Read the Full Article

Submitted Oct 24, 2012 By: RENEGADEGAS

Back To News

Category: Daily News Article Discussions > Topics	Add to favorite topics

Author	Topic: OIL FUTURES: Crude Falls to Lowest Level Since July	Post a Reply Back to Topics

REPLIES (newest first)Ignore Short Messages

First

Next Last

honda0105 Champion Author Tallahassee Posts:18,609 Points:1,608,545 Joined:Nov 2008	Message Posted: Oct 27, 2012 2:56:16 AM Ignore honda0105 Report Abuse crude may, gas (and esp. diesel) prices haven't falling in sync with the barrel drops.
wshutton Champion Author Los Angeles Posts:1,662 Points:923,970 Joined:Mar 2009	Message Posted: Oct 25, 2012 11:34:16 AM Ignore wshutton Report Abuse And yet the retail price of gas barely declines. The difference? Romney's Republican speculator buddies perhaps?
sydb7 Champion Author Atlanta Posts:3,557 Points:1,919,005 Joined:Mar 2003	Message Posted: Oct 25, 2012 5:58:00 AM Ignore sydb7 Report Abuse Crude futures may be down, but gas prices presently are still too high!
jrs4125 Champion Author Indiana Posts:2,753 Points:590,770 Joined:Sep 2011	Message Posted: Oct 25, 2012 4:19:16 AM Ignore jrs4125 Report Abuse Alrighty then, for now.
nb52 Champion Author Grand Rapids Posts:7,775 Points:1,545,875 Joined:Nov 2008	Message Posted: Oct 25, 2012 3:26:40 AM Ignore nb52 Report Abuse But prices at the pump are still well above $3.
wbpprint Veteran Author Chicago Posts:277 Points:1,403,630 Joined:Jun 2007	Message Posted: Oct 24, 2012 9:06:49 PM Ignore wbpprint Report Abuse Prices are coming down because winter blend is , and with with gas, my mileage is down also, approx 16%, some deal I think it averages out to the same cost per mile. Higher summer blend, good mileage lower winter blend less mileage. The companies don't lose, its economics, you don't sell if you can profit.
diesel8888 Champion Author Salt Lake City Posts:1,189 Points:358,500 Joined:Nov 2011	Message Posted: Oct 24, 2012 9:04:56 PM Ignore diesel8888 Report Abuse And the price drop like a feather at the pump....
rahcat Champion Author Grand Rapids Posts:2,463 Points:661,975 Joined:Jan 2010	Message Posted: Oct 24, 2012 9:03:10 PM Ignore rahcat Report Abuse Won't last.
Fitwit Champion Author Stockton Posts:6,394 Points:1,354,895 Joined:May 2009	Message Posted: Oct 24, 2012 9:01:52 PM Ignore Fitwit Report Abuse ?
clermont40miles Champion Author Cincinnati Posts:10,562 Points:1,770,920 Joined:Apr 2008	Message Posted: Oct 24, 2012 8:57:52 PM Ignore clermont40miles Report Abuse Market prices fall but pump prices stay high. Someone is getting rich with this legal robbery at the pump. We are getting poorer.
kbierley Champion Author Dayton Posts:10,730 Points:1,415,690 Joined:Nov 2003	Message Posted: Oct 24, 2012 8:56:53 PM Ignore kbierley Report Abuse The Oil market changes many times.
Focus2 Champion Author Illinois Posts:7,889 Points:1,919,005 Joined:Mar 2006	Message Posted: Oct 24, 2012 8:54:05 PM Ignore Focus2 Report Abuse Big Oil sets their own profit margins.
Cableman66 Champion Author North Carolina Posts:2,105 Points:489,720 Joined:May 2011	Message Posted: Oct 24, 2012 8:53:18 PM Ignore Cableman66 Report Abuse Keep it coming we need all the help we can get. Looking for $3.00 a gallon or less.
mstearno Champion Author Dayton Posts:8,061 Points:1,730,260 Joined:Jan 2008	Message Posted: Oct 24, 2012 8:52:40 PM Ignore mstearno Report Abuse I guess speculators are all gone now?
TFowler513 Champion Author Memphis Posts:3,824 Points:1,412,985 Joined:Mar 2008	Message Posted: Oct 24, 2012 8:51:42 PM Ignore TFowler513 Report Abuse Too bad pump prices haven't fallen to the lowest since July!!!
bonzoonfmb Champion Author Florida Posts:1,777 Points:643,610 Joined:Feb 2010	Message Posted: Oct 24, 2012 8:47:38 PM Ignore bonzoonfmb Report Abuse Gas prices are still too high.
jalan25 Champion Author Indianapolis Posts:2,330 Points:569,595 Joined:Sep 2011	Message Posted: Oct 24, 2012 8:46:06 PM Ignore jalan25 Report Abuse Pump prices need to catch up with these drops.
abcdMA Champion Author Worcester Posts:7,917 Points:1,574,005 Joined:Nov 2008	Message Posted: Oct 24, 2012 8:44:35 PM Ignore abcdMA Report Abuse gas isn't falling fast enough
unicornIL Veteran Author Chicago Posts:446 Points:384,345 Joined:Jan 2012	Message Posted: Oct 24, 2012 8:43:23 PM Ignore unicornIL Report Abuse prices need to drop
bvrbill Champion Author Eugene Posts:3,207 Points:517,550 Joined:Jul 2011	Message Posted: Oct 24, 2012 8:38:50 PM Ignore bvrbill Report Abuse Hopefully we will see prices fall at the pump.
BREW9 All-Star Author Tampa Posts:876 Points:2,911,005 Joined:Jun 2004	Message Posted: Oct 24, 2012 8:35:52 PM Ignore BREW9 Report Abuse keep lowering
5Golfer8 Champion Author Tucson Posts:2,138 Points:300,650 Joined:Jun 2011	Message Posted: Oct 24, 2012 8:31:47 PM Ignore 5Golfer8 Report Abuse It couldn't be that Obama and the Democrats want Re-election.
kd5kpd Champion Author Texas Posts:3,731 Points:1,415,750 Joined:Apr 2006	Message Posted: Oct 24, 2012 8:29:57 PM Ignore kd5kpd Report Abuse Needs to keep dropping!!!!!!!!
miiike572 All-Star Author Phoenix Posts:798 Points:524,465 Joined:Apr 2009	Message Posted: Oct 24, 2012 8:29:28 PM Ignore miiike572 Report Abuse I think 1.98 would be a good price instead of that much dropping off the price of a barrel.
oppdetcon Champion Author Ottawa Posts:1,426 Points:497,925 Joined:Feb 2011	Message Posted: Oct 24, 2012 8:28:12 PM Ignore oppdetcon Report Abuse OK
30mpg80 Champion Author Lexington Posts:10,014 Points:1,485,905 Joined:Nov 2008	Message Posted: Oct 24, 2012 8:28:07 PM Ignore 30mpg80 Report Abuse Brent should fall under $100
MadTraveler Champion Author Idaho Posts:2,082 Points:572,100 Joined:Nov 2009	Message Posted: Oct 24, 2012 8:26:31 PM Ignore MadTraveler Report Abuse Boy not getting passed through very fast.
knot2swift Champion Author Calgary Posts:4,379 Points:696,025 Joined:Nov 2009	Message Posted: Oct 24, 2012 8:25:40 PM Ignore knot2swift Report Abuse A good deal if cars ran off pure unrefined crude. All that really matters is the cost of things coming out of the end of the nozzle for us.
tco9436 Champion Author Connecticut Posts:1,772 Points:721,425 Joined:Mar 2010	Message Posted: Oct 24, 2012 8:25:36 PM Ignore tco9436 Report Abuse YES!!
us4usa Champion Author Missouri Posts:5,984 Points:1,111,375 Joined:May 2008	Message Posted: Oct 24, 2012 8:24:51 PM Ignore us4usa Report Abuse "growing concerns about the economy." Guess WHo said in 2009... "If we are still talking about the economy in 2012 we will lose the WH"???
Goofoff Champion Author Virginia Posts:11,882 Points:2,177,200 Joined:Aug 2006	Message Posted: Oct 24, 2012 8:24:14 PM Ignore Goofoff Report Abuse I read this article
WIPACKERFAN Champion Author Chicago Posts:8,799 Points:1,842,475 Joined:Aug 2005	Message Posted: Oct 24, 2012 8:23:46 PM Ignore WIPACKERFAN Report Abuse Get the prices down much more.
Crumbfel Champion Author Virginia Posts:11,554 Points:2,160,585 Joined:Aug 2006	Message Posted: Oct 24, 2012 8:18:40 PM Ignore Crumbfel Report Abuse Bring them down now
gumbyrex Champion Author Fresno Posts:3,296 Points:758,315 Joined:Mar 2011	Message Posted: Oct 24, 2012 8:17:57 PM Ignore gumbyrex Report Abuse If things heat up in the Middle East, expect prices to increase. So enjoy the lower prices while you can.
mcmonsta Champion Author Honolulu Posts:3,222 Points:817,570 Joined:Sep 2009	Message Posted: Oct 24, 2012 8:15:25 PM Ignore mcmonsta Report Abuse now bring those gas prices down!!!
N4PIP All-Star Author Miami Posts:894 Points:417,480 Joined:Jan 2012	Message Posted: Oct 24, 2012 8:15:05 PM Ignore N4PIP Report Abuse Southrob - "1.84 when obama took office" I hope your memory is working long enough to remember that America had an economic collapse in 2008. Remember employment plummeted? Remember that the real estate market dropped like a rock? Remember "W" bailing out big banks to the tune of $150 BILLION? Enough of the crap about cheap gas during Bush's term. It was over $4 a gallon at one point. Who cares if it was $2 a gallon for a very brief time? Nobody had a job to buy gas then.
listerone Champion Author Boston Posts:3,375 Points:877,790 Joined:Aug 2008	Message Posted: Oct 24, 2012 8:14:25 PM Ignore listerone Report Abuse The markets know things will change next January. 1/20/13...The End Of An Error
nru Champion Author Twin Cities Posts:1,741 Points:982,250 Joined:Feb 2006	Message Posted: Oct 24, 2012 8:09:18 PM Ignore nru Report Abuse yeah - as soon as Obama is out, gas will be free!! Probably not - and Mittens is as slick as they come
jrsva Champion Author Virginia Posts:9,847 Points:1,612,025 Joined:Jan 2006	Message Posted: Oct 24, 2012 8:07:29 PM Ignore jrsva Report Abuse “Get rid of Obama and maybe this trend will continue.” That’s totally irrelevant.
serrog Champion Author Nova Scotia Posts:5,559 Points:1,511,155 Joined:Oct 2008	Message Posted: Oct 24, 2012 8:07:25 PM Ignore serrog Report Abuse good at the pump but probably bad for the whole economy
wayoung56 Champion Author Alabama Posts:2,795 Points:817,360 Joined:Oct 2006	Message Posted: Oct 24, 2012 8:05:09 PM Ignore wayoung56 Report Abuse Good news for a change!!!
MDTDriver Champion Author California Posts:9,724 Points:2,154,645 Joined:Jul 2006	Message Posted: Oct 24, 2012 8:00:59 PM Ignore MDTDriver Report Abuse I am waiting for lowest level since July 1995.
Mustache_33 All-Star Author Toronto Posts:900 Points:181,455 Joined:May 2012	Message Posted: Oct 24, 2012 7:58:18 PM Ignore Mustache_33 Report Abuse hm
EvPv Champion Author Maine Posts:1,029 Points:264,595 Joined:Feb 2011	Message Posted: Oct 24, 2012 7:57:41 PM Ignore EvPv Report Abuse I wonder what the break price is for fracking oil? I heard 5 years ago it was $60 for oil sands.
KhelbenArunson Champion Author Michigan Posts:4,441 Points:716,890 Joined:Apr 2008	Message Posted: Oct 24, 2012 7:52:33 PM Ignore KhelbenArunson Report Abuse good I want to see it at $20 a barrel
regasaz Champion Author Phoenix Posts:5,775 Points:1,280,880 Joined:Dec 2006	Message Posted: Oct 24, 2012 7:48:43 PM Ignore regasaz Report Abuse $60 bbl. sounds like a good round number to me.
The_DR Champion Author New Jersey Posts:2,775 Points:583,865 Joined:Aug 2011	Message Posted: Oct 24, 2012 7:43:30 PM Ignore The_DR Report Abuse yes they have
naspa Champion Author Cleveland Posts:1,266 Points:351,175 Joined:Jan 2012	Message Posted: Oct 24, 2012 7:39:40 PM Ignore naspa Report Abuse I cannot wait to gas up again with $1.99/gallon lol
gerreg All-Star Author Nebraska Posts:774 Points:1,645,780 Joined:Jun 2007	Message Posted: Oct 24, 2012 7:39:36 PM Ignore gerreg Report Abuse ok
SavALot Champion Author Virginia Beach Posts:8,464 Points:1,710,635 Joined:Apr 2005	Message Posted: Oct 24, 2012 7:36:42 PM Ignore SavALot Report Abuse On the road for recovery