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Oil Gains a Second Day on Demand Outlook as API Says U.S. Stockpiles Drop

Bloomberg -- Oil rose to its highest in a week in New York after a report showed U.S. stockpiles shrank, signaling increased demand in the world’s biggest crude consumer.

West Texas Intermediate futures climbed to $99.65 a barrel, the highest since Jan. 31. Crude inventories fell 4.5 million barrels in the seven days ended Feb. 3, the first drop in three weeks, the American Petroleum Institute said after yesterday’s settlement. Analysts surveyed by Bloomberg News had forecast today’s Energy Department report would show supplies rose 2.5 million barrels.

“Inventories decreasing are adding to the supply concerns in the market,” said Sintje Boie, an analyst at HSH Nordbank in Hamburg. “Demand is quite strong because of the winter season. There are already supply worries from Iran’s threat to stop

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Submitted Feb 08, 2012 By: WxVette

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eromitlab Champion Author Huntsville Posts:7,216 Points:1,432,910 Joined:May 2008	Message Posted: Feb 9, 2012 2:52:15 AM Ignore eromitlab Report Abuse Oil gains... after the lobbying arm of the oil industry reports a drop in stockpiles. Trust us... wink.
bigmoo63 All-Star Author Kalamazoo Posts:885 Points:56,680 Joined:Nov 2009	Message Posted: Feb 8, 2012 2:58:26 PM Ignore bigmoo63 Report Abuse Right on the money Jeff. Great post.
peakkeller All-Star Author Colorado Springs Posts:958 Points:529,360 Joined:Dec 2009	Message Posted: Feb 8, 2012 2:45:20 PM Ignore peakkeller Report Abuse Great comments, Jeff4U. Clearly you know what you're talking about.
Jeff4U Champion Author Atlanta Posts:6,572 Points:1,492,470 Joined:Nov 2004	Message Posted: Feb 8, 2012 12:55:27 PM Ignore Jeff4U Report Abuse The American Petroleum Institute has NO business reporting inaccurate inventory data week after week. They were WRONG AGAIN, yet crude prices reacts to their findings. The U.S. Energy Department reported TODAY that inventories climbed as fuel consumption dropped to the lowest level in almost 13 years. They said crude supplies rose 304,000 barrels, gasoline stockpiles increased to the highest level in almost a year, and distillate fuels unexpectedly gained. Total fuel demand fell 0.5 percent to 17.6 million barrels a day, the lowest level since 1999.
Night Owl Champion Author Toronto Posts:5,785 Points:1,435,650 Joined:Jul 2004	Message Posted: Feb 8, 2012 12:43:34 PM Ignore Night Owl Report Abuse Excuses from greedy oil speculators. When is President Obama's April 21st task force on high oil and gas prices finally going to report back?
hoosierva All-Star Author Indianapolis Posts:983 Points:240,525 Joined:Jul 2011	Message Posted: Feb 8, 2012 11:57:00 AM Ignore hoosierva Report Abuse not one story matches up anywhere, I am getting seasick from the up down reports, goes to show you can do anything with data and statistics
Buckeyee Champion Author Maine Posts:2,432 Points:558,105 Joined:May 2010	Message Posted: Feb 8, 2012 11:07:26 AM Ignore Buckeyee Report Abuse Another excuse to keep gas prices high.
Edpap Champion Author Pennsylvania Posts:1,579 Points:152,250 Joined:Oct 2011	Message Posted: Feb 8, 2012 10:43:53 AM Ignore Edpap Report Abuse We have already been educated by Big OIL . The "Surplus" of gasoline in the USA which we have experienced for months does not lower the price at the pump. Does that mean we will see lower prices at the pump now that the nasty surplus is dwindling?.
doctorindyj Champion Author Santa Fe Posts:2,261 Points:510,180 Joined:Nov 2009	Message Posted: Feb 8, 2012 10:35:39 AM Ignore doctorindyj Report Abuse SSDD. Keep your hands in the car at all times.
mossimo36 All-Star Author St. Louis Posts:644 Points:135,775 Joined:Sep 2011	Message Posted: Feb 8, 2012 10:21:57 AM Ignore mossimo36 Report Abuse Just keeps goin up
Goatroper Champion Author Dallas Posts:5,189 Points:1,013,450 Joined:Apr 2004	Message Posted: Feb 8, 2012 9:54:43 AM Ignore Goatroper Report Abuse Inventories have little effect on the price at the pump. What is costing us is the speculation that the inventories have dropped or that there may be a shortage. We need to stop this speculation in commodities NOW.
dorisntx Champion Author Fort Worth Posts:1,272 Points:337,700 Joined:Apr 2011	Message Posted: Feb 8, 2012 9:10:05 AM Ignore dorisntx Report Abuse ok
scu227 Champion Author New Haven Posts:2,220 Points:421,650 Joined:Feb 2011	Message Posted: Feb 8, 2012 8:50:57 AM Ignore scu227 Report Abuse Isn't it funny that last week when inventories increased we did not see a drop in prices but now that the inventories fell off a little prices jump. Why do we have to stockpile more and more when demand is down and continuing to decrease?