Oil prices rebound above $131 after 3-day drop

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GasBuddy News Article

Oil prices rebound above $131 after 3-day drop Saturday, July 19, 2008
Associated Press -- Oil prices rebound above $131 after 3-day drop By PABLO GORONDI – 22 hours ago Oil prices rose above $131 a barrel Friday as news of an output cut in Nigeria helped to halt the sharp decline in prices that began three days ago. Oil futures were also bolstered by investors who saw an opportunity to buy into the market after prices fell nearly 11 percent, earlier in the week. By the afternoon in Europe, light, sweet crude for August delivery was up $1.88 at $131.17 a barrel in electronic trading on the New York Mercantile Exchange. Prices Friday were fluctuating between a low of $128.54 and a high of $132.04, responding also to relatively small changes in the valuation of the U.S. dollar against the euro and the Japanese yen. The Nymex contract fell $5.31 to settle at $129.29 a barrel in Thursday's floor session. That brought the total decline over the past three days to nearly $16. In London, Brent crude futures for September delivery rose 81 cents to $131.88 on the
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JT Moderator	Message Posted: 7/19/2008 8:08:46 AM	Ignore JT Report Abuse
	Saturday, July 19, 2008 Associated Press -- Oil prices rebound above $131 after 3-day drop By PABLO GORONDI – 22 hours ago Oil prices rose above $131 a barrel Friday as news of an output cut in Nigeria helped to halt the sharp decline in prices that began three days ago. Oil futures were also bolstered by investors who saw an opportunity to buy into the market after prices fell nearly 11 percent, earlier in the week. By the afternoon in Europe, light, sweet crude for August delivery was up $1.88 at $131.17 a barrel in electronic trading on the New York Mercantile Exchange. Prices Friday were fluctuating between a low of $128.54 and a high of $132.04, responding also to relatively small changes in the valuation of the U.S. dollar against the euro and the Japanese yen. The Nymex contract fell $5.31 to settle at $129.29 a barrel in Thursday's floor session. That brought the total decline over the past three days to nearly $16. In London, Brent crude futures for September delivery rose 81 cents to $131.88 on the ICE Futures Exchange. Regarding Nigeria, Eni SpA said Thursday that it had shut down pipelines carrying 47,000 barrels of oil a day after a "sudden drop of pressure. Visit Associated Press for full article

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SHEP20715 Champion Author Maryland Posts:1,036 Points:188,885 Joined:Nov 2007	Message Posted: 7/24/2008 12:55:50 AM	Ignore SHEP20715 Report Abuse
	old news
WetChicken Rookie Author New Hampshire Posts:50 Points:11,865 Joined:May 2004	Message Posted: 7/21/2008 11:09:36 PM	Ignore WetChicken Report Abuse
	It is old hat about the oil, which futures are exactly that- FUTURES!! The current price has no direct reflection on the pump price. Let's go hydrogen!!! [Edited by: WetChicken at 7/22/2008 12:09:53 EST]
magnumCA Champion Author Los Angeles Posts:1,353 Points:262,900 Joined:Jan 2008	Message Posted: 7/21/2008 9:03:07 PM	Ignore magnumCA Report Abuse
	How sad
CrazyQ Champion Author Washington Posts:12,446 Points:1,462,375 Joined:Aug 2004	Message Posted: 7/21/2008 1:15:54 PM	Ignore CrazyQ Report Abuse
	Get rid of this inaccurate article. Right now, oil is up slightly, at $130.21. It opened below $130.
CruisinLinda Champion Author Tallahassee Posts:4,238 Points:863,385 Joined:Sep 2005	Message Posted: 7/21/2008 10:32:30 AM	Ignore CruisinLinda Report Abuse
	We won't get back to last year's price of $70 per barrel until Congress makes the Commodities Futures Trading Commission regulate oil-futures trading over the counter and in the London branch of ICE so that the margin requirements can be raised from 6 per cent and the non-consumer speculators can be restrained from competing with consumers to artifically increase demand for oil.
krucker All-Star Author Austin Posts:569 Points:423,080 Joined:Aug 2004	Message Posted: 7/21/2008 10:11:31 AM	Ignore krucker Report Abuse
	Still down to $3.79 in Cedar park.
kidmikey37 All-Star Author Texas Posts:514 Points:137,770 Joined:Apr 2008	Message Posted: 7/21/2008 10:05:23 AM	Ignore kidmikey37 Report Abuse
	crossing my fingers it a new trend,down a couple up 1
Hawkeyejd All-Star Author Ontario Posts:507 Points:282,750 Joined:Sep 2006	Message Posted: 7/21/2008 10:00:02 AM	Ignore Hawkeyejd Report Abuse
	OK
Isawitcheap Champion Author Toronto Posts:5,260 Points:1,098,335 Joined:Sep 2005	Message Posted: 7/21/2008 9:59:47 AM	Ignore Isawitcheap Report Abuse
	Iran and Hurricanes ,,,,,what a combo
tomok Champion Author Portland Posts:9,670 Points:721,060 Joined:Aug 2006	Message Posted: 7/21/2008 9:57:45 AM	Ignore tomok Report Abuse
	Just when gas prices decrease a little, something else happens. Now there goes the savings (its just a little) and up go the gas prices again. Then again theres always today.... what happens now. WHAT? $4 a gallon is the new low??????
Gerund1 Champion Author Toronto Posts:1,152 Points:828,780 Joined:Apr 2003	Message Posted: 7/21/2008 9:57:39 AM	Ignore Gerund1 Report Abuse
	There is that fear factor rearing up again.
roadkillGA Champion Author Georgia Posts:1,302 Points:145,315 Joined:Jun 2008	Message Posted: 7/21/2008 9:56:33 AM	Ignore roadkillGA Report Abuse
	Is this the new or old EXXON? Pumping up image for the sale?
hangupanddrive All-Star Author Michigan Posts:705 Points:915,960 Joined:Aug 2005	Message Posted: 7/21/2008 9:55:04 AM	Ignore hangupanddrive Report Abuse
	Sounds more like a Hollywood marriage to me!!! Rebound!!
copperhead8 Champion Author Boston Posts:5,501 Points:1,208,095 Joined:Dec 2004	Message Posted: 7/21/2008 9:54:14 AM	Ignore copperhead8 Report Abuse
	something needs to happen
liljake Sophomore Author El Paso Posts:176 Points:215,795 Joined:May 2005	Message Posted: 7/21/2008 9:45:57 AM	Ignore liljake Report Abuse
	Exxon Says Efficiency May Lower Oil Price(7/20/2008) No quick fix for high gas prices(7/20/2008) As Gas Prices Rise, Police Turn to Foot Patrols(7/20/2008) Congress could take steps to ease gas prices(7/20/2008) Oil prices rebound above $131 after 3-day drop(7/19/2008) Amazing how the News articles went from Exxon "MAY lower oil prices, to no quick fix, to foot patrols, to Congress "COULD" and finally oil prices rebound. Bottom line is oil prices rebounding is the only sure thing happening. It's a shame.
flatcoatfun All-Star Author Orlando Posts:655 Points:196,655 Joined:Nov 2007	Message Posted: 7/21/2008 9:45:52 AM	Ignore flatcoatfun Report Abuse
	And now that there is some wind and rain headed for the gulf of mexico - I'm sure prices will soar again
Gassie1 Champion Author Akron Posts:4,407 Points:566,810 Joined:Apr 2007	Message Posted: 7/21/2008 9:44:56 AM	Ignore Gassie1 Report Abuse
	I don't think this news is news
nightriderKY Rookie Author Lexington Posts:59 Points:20,605 Joined:Jun 2008	Message Posted: 7/21/2008 9:44:28 AM	Ignore nightriderKY Report Abuse
	how low will it go...
nd73 Veteran Author Grand Rapids Posts:338 Points:216,870 Joined:May 2007	Message Posted: 7/21/2008 9:44:28 AM	Ignore nd73 Report Abuse
	With daily changing oil prices, is Saturday's news really relevant on Monday???
CTgasman01 Sophomore Author Connecticut Posts:102 Points:23,755 Joined:Jun 2008	Message Posted: 7/21/2008 9:43:33 AM	Ignore CTgasman01 Report Abuse
	Wow
acknot All-Star Author Seattle Posts:882 Points:644,525 Joined:Sep 2003	Message Posted: 7/21/2008 9:43:27 AM	Ignore acknot Report Abuse
	Very old news.
AlaRedNeck Champion Author Kansas Posts:1,182 Points:211,850 Joined:Apr 2008	Message Posted: 7/21/2008 9:43:27 AM	Ignore AlaRedNeck Report Abuse
	same ol same ol
RC_RACER Champion Author Tacoma Posts:1,234 Points:269,925 Joined:Jun 2004	Message Posted: 7/21/2008 9:38:15 AM	Ignore RC_RACER Report Abuse
	yesterdays news, same response.
Schwartzmdja All-Star Author Oklahoma City Posts:776 Points:195,865 Joined:Mar 2008	Message Posted: 7/21/2008 9:37:21 AM	Ignore Schwartzmdja Report Abuse
	read this yesterday
canescommuter All-Star Author Greensboro Posts:668 Points:159,195 Joined:Feb 2008	Message Posted: 7/21/2008 9:34:54 AM	Ignore canescommuter Report Abuse
	Thank goodness. I was afraid the OPEC thieves would have to go on a budget.
bejamaluthopa Rookie Author Florida Posts:95 Points:152,405 Joined:Jan 2008	Message Posted: 7/21/2008 9:32:19 AM	Ignore bejamaluthopa Report Abuse
	Not a surprise, someone will always come up with some idea or event to keep oil proces above US$ 4 a gallon, enough of this bs!
throttle Champion Author Maryland Posts:4,593 Points:1,023,775 Joined:Jul 2004	Message Posted: 7/21/2008 9:30:46 AM	Ignore throttle Report Abuse
	This is very old and outdated news.
Chris46 Champion Author Dayton Posts:6,150 Points:715,100 Joined:Sep 2005	Message Posted: 7/21/2008 9:28:17 AM	Ignore Chris46 Report Abuse
	Yep. Drats.
tbybee Veteran Author Omaha Posts:302 Points:109,575 Joined:Apr 2008	Message Posted: 7/21/2008 9:28:08 AM	Ignore tbybee Report Abuse
	If a few of the speculators get burned we may see a slow down or burst of this bubble.
stvpete Rookie Author Minnesota Posts:78 Points:382,785 Joined:Sep 2006	Message Posted: 7/21/2008 9:25:39 AM	Ignore stvpete Report Abuse
	Wow, I sure hope some Arab doesn't get a fart in crosswise, oil will be at $150.
my3sons Champion Author New York Posts:1,595 Points:857,770 Joined:Aug 2005	Message Posted: 7/21/2008 9:24:26 AM	Ignore my3sons Report Abuse
	keep the downward slide going
rbdesigns Veteran Author Modesto Posts:492 Points:171,565 Joined:May 2008	Message Posted: 7/21/2008 9:22:33 AM	Ignore rbdesigns Report Abuse
	Can't eleminate speculators. Isn't that what all stock traders are? They speculate on what the stock is going to do.
Bigbearliving Veteran Author San Bernardino Posts:278 Points:58,790 Joined:May 2008	Message Posted: 7/21/2008 9:20:56 AM	Ignore Bigbearliving Report Abuse
	Wow,like it matters.
Terryforegolf All-Star Author Lansing Posts:693 Points:344,370 Joined:Dec 2006	Message Posted: 7/21/2008 9:17:30 AM	Ignore Terryforegolf Report Abuse
	Eliminate the speculators and it will tumble back to where it should be.
z1000 Champion Author Indianapolis Posts:1,255 Points:187,720 Joined:May 2007	Message Posted: 7/21/2008 9:16:54 AM	Ignore z1000 Report Abuse
	Seems like deregulation causes all these problems. First electricity in California 10 years ago, then the stock market bubble, now commodities. I have no love for big govt, but unrestrained free markets only seem to unrich the people running the market, not the people.
krell58 Champion Author Missouri Posts:4,428 Points:881,430 Joined:Apr 2006	Message Posted: 7/21/2008 9:13:07 AM	Ignore krell58 Report Abuse
	Watch the Energy Non-Crisis. http://tinyurl.com/33l95c
lkozark All-Star Author Missouri Posts:628 Points:186,925 Joined:Jul 2007	Message Posted: 7/21/2008 9:12:59 AM	Ignore lkozark Report Abuse
	It may have gone down on the open market but gas prices have not gone down. If fact they went up the first day it declined and then dropped back the same amount the second day of decreases and has remaind there since. With the drop in US consumption, the refineries are cutting back production to maintain a tight supply and keep the prices high.
amacquarrie Veteran Author Nevada Posts:338 Points:78,210 Joined:Jun 2008	Message Posted: 7/21/2008 9:11:26 AM	Ignore amacquarrie Report Abuse
	was so happy to see gas prices go down 7 cents in the last week...keep it up.
MitchelSdReview All-Star Author South Dakota Posts:509 Points:102,200 Joined:Jun 2008	Message Posted: 7/21/2008 9:10:39 AM	Ignore MitchelSdReview Report Abuse
	FUD. On the day this was printed, oil went down at the end of the day. Oil is only up .25 so far today. Not to bad.
rvnvet70 Champion Author Michigan Posts:1,841 Points:991,205 Joined:Sep 2005	Message Posted: 7/21/2008 9:08:54 AM	Ignore rvnvet70 Report Abuse
	Speculators are at it again.
proverbs3 Rookie Author Detroit Posts:67 Points:21,610 Joined:May 2008	Message Posted: 7/21/2008 9:08:18 AM	Ignore proverbs3 Report Abuse
	A new high... A record low... A new high... the largest decline in 30 years... It's back up... Anyone want to predict what it'll do next!
GaryDavis77 Sophomore Author Washington Posts:183 Points:148,115 Joined:Apr 2004	Message Posted: 7/21/2008 9:08:07 AM	Ignore GaryDavis77 Report Abuse
	Are we all that dense, that we believe the what media tells us? They own the news and they can manipulate it to be what they want or are told.
Japsmith All-Star Author Tacoma Posts:910 Points:169,620 Joined:Sep 2007	Message Posted: 7/21/2008 9:07:01 AM	Ignore Japsmith Report Abuse
	We will continue to have high costs of fuels until we find a cheaper alternative that Big Motor is willing to make vehicles to consume those fuels.
drakono Veteran Author Maryland Posts:477 Points:58,215 Joined:Jul 2008	Message Posted: 7/21/2008 9:05:50 AM	Ignore drakono Report Abuse
	Goodness. It wasn't a rebound. It was a small market fluctuation. In a market as important and topical as the oil market, the price moves around all day, every day. This article was published on Saturday, so they should have highlighted the fact that oil prices closed on Friday at under $130. THAT'S newsworthy. In fact, just this morning, the price climbed over $131 again, but has since gone below $130 -- again! Come on, people. It's going to move. You should focus on the longer-term trends, not the fact that it was a little higher for a couple of hours. [Edited by: drakono at 7/21/2008 10:07:41 AM EST]
TresselforPrez Sophomore Author Texas Posts:236 Points:144,560 Joined:Oct 2006	Message Posted: 7/21/2008 9:05:10 AM	Ignore TresselforPrez Report Abuse
	"Oil prices rebound above $131 after 3-day drop" at least there's one thing we can count on...
Marson Champion Author Scranton Posts:1,143 Points:504,965 Joined:Oct 2006	Message Posted: 7/21/2008 9:04:38 AM	Ignore Marson Report Abuse
	They could still drop a bit.
Sealer Champion Author Charleston Posts:2,701 Points:302,055 Joined:Jan 2008	Message Posted: 7/21/2008 9:03:50 AM	Ignore Sealer Report Abuse
	Global demand is rising faster than global supply, so prices will continue to rise until that trend is reversed.
thebutnut Champion Author New Jersey Posts:1,752 Points:367,185 Joined:Jan 2007	Message Posted: 7/21/2008 9:01:41 AM	Ignore thebutnut Report Abuse
	I honestly don't think oil will go much lower, nor do I see oil ever being cheap again in the foreseeable future.
BumMI Champion Author Detroit Posts:1,233 Points:256,435 Joined:Nov 2007	Message Posted: 7/21/2008 8:59:54 AM	Ignore BumMI Report Abuse
	Whats new
glazarides All-Star Author Akron Posts:556 Points:368,040 Joined:Jul 2006	Message Posted: 7/21/2008 8:58:49 AM	Ignore glazarides Report Abuse
	Who'd have guessed it, oh that's right: We all did!