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Oil Pares Gain After U.S. Supply Rise Amid Declining Fuel Demand

Bloomberg Businessweek -- Feb. 8 (Bloomberg) -- Oil pared gains after the U.S. Energy Department reported that inventories climbed as fuel consumption dropped to the lowest level in almost 13 years.

Futures slipped from the day’s highs after the department said crude supplies rose 304,000 barrels to 339.2 million in the week ended Feb. 3. Gasoline stockpiles increased to the highest level in almost a year and inventories of distillate fuels unexpectedly gained. Total fuel demand fell 0.5 percent to 17.6 million barrels a day, the lowest level since 1999.

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Submitted Feb 08, 2012 By: df99

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WalRus49 Champion Author Boston Posts:2,245 Points:508,765 Joined:Nov 2010	Message Posted: Feb 9, 2012 12:45:49 AM Ignore WalRus49 Report Abuse More organized mayhem and pillage...........
Jeff4U Champion Author Atlanta Posts:6,566 Points:1,491,495 Joined:Nov 2004	Message Posted: Feb 9, 2012 12:10:56 AM Ignore Jeff4U Report Abuse When crude falls to about $65 per barrel, I'll say the pared gains.
bigmoo63 All-Star Author Kalamazoo Posts:884 Points:56,610 Joined:Nov 2009	Message Posted: Feb 8, 2012 7:56:24 PM Ignore bigmoo63 Report Abuse Demand down, price up. Something is seriously wrong with this picture.
livable1 Champion Author New York Posts:2,323 Points:283,265 Joined:Oct 2008	Message Posted: Feb 8, 2012 7:29:17 PM Ignore livable1 Report Abuse They are really pushing that $5 dollar bill
Wanda127 Champion Author Florida Posts:1,499 Points:572,765 Joined:May 2010	Message Posted: Feb 8, 2012 5:38:46 PM Ignore Wanda127 Report Abuse You would think the prices would go down with the demand down.
dh0770 Champion Author Colorado Posts:1,683 Points:323,335 Joined:Jun 2011	Message Posted: Feb 8, 2012 4:11:28 PM Ignore dh0770 Report Abuse Contradicts the "recovery" theory!
grandpadon28110 Champion Author Charlotte Posts:2,903 Points:784,160 Joined:Sep 2008	Message Posted: Feb 8, 2012 1:25:59 PM Ignore grandpadon28110 Report Abuse We need to conserve to the point that the oil companies will have no place to store the gasoline and fuel oil.
tnfran Champion Author Arizona Posts:2,566 Points:496,740 Joined:Dec 2010	Message Posted: Feb 8, 2012 1:16:08 PM Ignore tnfran Report Abuse AND WHERE are the savings for we the consumer????
uglytom Champion Author Florida Posts:6,210 Points:1,293,790 Joined:Jul 2007	Message Posted: Feb 8, 2012 12:47:13 PM Ignore uglytom Report Abuse Supply of oil up....gas prices?
furbud1957 All-Star Author York Posts:763 Points:153,405 Joined:Sep 2011	Message Posted: Feb 8, 2012 12:29:30 PM Ignore furbud1957 Report Abuse Drop the prices then...
Jeff4U Champion Author Atlanta Posts:6,566 Points:1,491,495 Joined:Nov 2004	Message Posted: Feb 8, 2012 12:14:03 PM Ignore Jeff4U Report Abuse Pares gains? No it hasn't. Crude is now at $98.82 per barrel. It was under $97.00 Monday.
doggod Champion Author Anchorage Posts:1,077 Points:390,260 Joined:May 2009	Message Posted: Feb 8, 2012 11:58:09 AM Ignore doggod Report Abuse Keep this story in mind two or three days from now when you see the next Cassandra telling you about the impending skyrocketing of oil prices.
df99 All-Star Author Rhode Island Posts:544 Points:747,695 Joined:Oct 2009	Message Posted: Feb 8, 2012 11:43:37 AM Ignore df99 Report Abuse “Traders seem reluctant to abandon the idea of oil in a perpetual uptrend, otherwise prices would be much lower.” MUST keep gouging the consumers!