Not Logged In Log In   Sign Up   Points Leaders
Follow Us    3:48 PM

GasBuddy News Article

50
votes
Oil ends well below $84, loses over 8% on week

MarketWatch -- Crude-oil futures settled below $84 a barrel Friday, losing more than 8% for the week as the latest economic data from the U.S., China and Europe dulled global prospects for energy demand.

Natural gas led the losses in the energy sector, dropping 4% after posting a gain for the month of May.

The benchmark July contract for light, sweet crude oil shed $3.30, or 3.8%, to settle at $83.23 a barrel on the New York Mercantile Exchange. Futures prices, which closed at their lowest since Oct. 7, were 8.4% lower for the week.

“Oil and the entire energy complex has finished substantially lower this week due to the [deluge] of negative news and uncertainty on outlook on the worldwide economy in the near term,” said Tariq Zahir, managing member at Tyche Capital Advisors.


Read the Full Article

Submitted Jun 03, 2012 By: brbaritone
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Oil ends well below $84, loses over 8% on week Back to Topics
REPLIES (newest first) Post a Reply
sparky808
Champion Author Honolulu

Posts:5,966
Points:1,346,985
Joined:Sep 2011
Message Posted: Jun 4, 2012 1:34:44 PM

Thank you for posting.
alterman156
Champion Author New York

Posts:10,750
Points:2,332,350
Joined:Dec 2008
Message Posted: Jun 4, 2012 1:45:36 AM

I hope that gasoline prices drop further.
el_fr
Champion Author Massachusetts

Posts:6,571
Points:1,519,930
Joined:Apr 2011
Message Posted: Jun 4, 2012 12:20:50 AM

Keep dropping!
KrsnaDragon
Champion Author Montreal

Posts:5,971
Points:1,302,915
Joined:Nov 2011
Message Posted: Jun 4, 2012 12:12:32 AM

Speculation breeds despair.
Blue_Cruzer
Champion Author Lexington

Posts:8,894
Points:1,942,465
Joined:Mar 2007
Message Posted: Jun 4, 2012 12:02:50 AM

Drop some more, to around $75.00
jem069
Champion Author Detroit

Posts:4,580
Points:1,289,835
Joined:Jan 2011
Message Posted: Jun 4, 2012 12:01:21 AM

ok
jrschl
Champion Author Louisville

Posts:6,199
Points:1,456,265
Joined:Jun 2011
Message Posted: Jun 4, 2012 12:01:13 AM

Keep on dropping.
wild3bill
Champion Author New York

Posts:2,630
Points:1,958,745
Joined:Nov 2005
Message Posted: Jun 4, 2012 12:01:13 AM

OK
clermont40miles
Champion Author Cincinnati

Posts:14,659
Points:2,542,235
Joined:Apr 2008
Message Posted: Jun 3, 2012 11:56:56 PM

Long,long overdue. Run up has been ridiculous and unsupported by fundamentals but that is normal. Wrong but normal.

Keep falling!
Holly123
Champion Author Charlotte

Posts:5,987
Points:1,536,950
Joined:Dec 2010
Message Posted: Jun 3, 2012 11:55:15 PM

Ok ....
cokezero
All-Star Author Philadelphia

Posts:830
Points:403,510
Joined:May 2009
Message Posted: Jun 3, 2012 11:54:40 PM

Maybe they'll raise ten cents because it rained today
skybiker
Champion Author South Carolina

Posts:9,533
Points:2,283,300
Joined:Jul 2008
Message Posted: Jun 3, 2012 11:52:07 PM

Gas Stations are gouging us right now....
bonzoonfmb
Champion Author Florida

Posts:2,540
Points:888,110
Joined:Feb 2010
Message Posted: Jun 3, 2012 11:50:03 PM

U.S. domestic gas prices are still too high.
qwerty17
Champion Author New Jersey

Posts:6,386
Points:1,863,520
Joined:Oct 2009
Message Posted: Jun 3, 2012 11:49:54 PM

oils well that ends well.
boatmen
Champion Author New York

Posts:5,690
Points:1,283,190
Joined:Jan 2011
Message Posted: Jun 3, 2012 11:46:52 PM

Go lower Gas to damm high
dinomen
Champion Author Arkansas

Posts:1,897
Points:756,885
Joined:May 2010
Message Posted: Jun 3, 2012 11:44:06 PM

Good!!
5Golfer8
Champion Author Tucson

Posts:5,233
Points:1,050,490
Joined:Jun 2011
Message Posted: Jun 3, 2012 11:43:14 PM

Fuel is still way too high!
tippybuddy
Champion Author Ontario

Posts:1,523
Points:207,740
Joined:Feb 2011
Message Posted: Jun 3, 2012 11:43:11 PM

hope it keeps losing
bbreff
Champion Author Atlanta

Posts:13,019
Points:3,330,405
Joined:Jun 2005
Message Posted: Jun 3, 2012 11:41:43 PM

8% next week.

DandyDapple
All-Star Author North Dakota

Posts:715
Points:873,820
Joined:Sep 2008
Message Posted: Jun 3, 2012 11:41:19 PM

Price fixing ...
CTarp
Champion Author Texas

Posts:2,382
Points:1,295,015
Joined:Apr 2011
Message Posted: Jun 3, 2012 11:40:41 PM

Love it!
sillywagon
Champion Author New York

Posts:20,685
Points:2,216,145
Joined:Oct 2008
Message Posted: Jun 3, 2012 11:39:54 PM

I read about the falling price of crude oil. I wanted to tell the US economy. I was told I could find it in a nursing home. When I visited the economy, it told me it could not get out of the bed. The economy told me it was weak.

[Edited by: sillywagon at 6/3/2012 11:39:50 PM EST]
Goody2317
All-Star Author Wilmington

Posts:795
Points:1,163,185
Joined:Jun 2008
Message Posted: Jun 3, 2012 11:39:24 PM

Let it go lower.
knot2swift
Champion Author Calgary

Posts:6,322
Points:1,091,145
Joined:Nov 2009
Message Posted: Jun 3, 2012 11:37:12 PM

Funny the gas stations saw fit to raise the price of gasoline from $109.9 to $116.9 around here Thursday night as we slept.

They all called each other Friday and asked "What? You raised your price 7% last night? So did we! What a coincidence!"
nztyraider
Champion Author Nevada

Posts:3,650
Points:1,352,615
Joined:Apr 2009
Message Posted: Jun 3, 2012 11:34:56 PM

Cool.
twotanksaweek
Veteran Author Dayton

Posts:364
Points:84,285
Joined:Jan 2011
Message Posted: Jun 3, 2012 11:34:46 PM

Ain't it funny that the pump prices didn't drop 8.4% in the past week? I think we dropped about 16 cents here in southwest Ohio, or about 4.4%. Hummmmmmm.
rf6480
Champion Author Miami

Posts:2,554
Points:1,173,455
Joined:Mar 2011
Message Posted: Jun 3, 2012 11:34:35 PM

how low will it go???
DarthDadJr
Champion Author Virginia

Posts:9,529
Points:2,203,285
Joined:Jul 2008
Message Posted: Jun 3, 2012 11:34:33 PM

It will be interesting to see how long the fall in oil prices lasts...
monarch57
Champion Author British Columbia

Posts:2,452
Points:261,990
Joined:Nov 2008
Message Posted: Jun 3, 2012 11:33:05 PM

is great news I hope it keeps going down to $60 a barrel and keep it there.
beachmanglen
Champion Author Tampa

Posts:1,872
Points:1,069,575
Joined:Aug 2011
Message Posted: Jun 3, 2012 11:29:32 PM

Prices should continue to fall with the weak economy. However, the Government printing presses are keeping some upward pressure on prices.
mstearno
Champion Author Dayton

Posts:9,680
Points:2,355,030
Joined:Jan 2008
Message Posted: Jun 3, 2012 11:25:14 PM

real good
toneOH
All-Star Author Ohio

Posts:577
Points:34,025
Joined:May 2011
Message Posted: Jun 3, 2012 11:21:52 PM

k
milespergallon
Champion Author Illinois

Posts:12,835
Points:2,667,270
Joined:Feb 2007
Message Posted: Jun 3, 2012 11:21:28 PM

Last time the barrel was this price the pump price was about $3.30. The time before it was about $2.75.
Pump prices stink, time for HYDROGEN!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
blazerbob91
Champion Author Milwaukee

Posts:7,101
Points:2,603,310
Joined:Aug 2005
Message Posted: Jun 3, 2012 11:20:29 PM

So much for supply & demand
granitestater
Champion Author New Hampshire

Posts:12,840
Points:2,193,705
Joined:Oct 2008
Message Posted: Jun 3, 2012 11:19:53 PM

Where have the jobs gone?
SquawBear
Champion Author Fresno

Posts:10,312
Points:1,917,425
Joined:Aug 2007
Message Posted: Jun 3, 2012 11:19:11 PM

Yeah! Propane is $1.98 here in Squaw Valley. It will drop close to $1 by August.
MG_Sputnik
Champion Author Philadelphia

Posts:10,323
Points:2,727,255
Joined:Apr 2006
Message Posted: Jun 3, 2012 11:18:36 PM

You know Obozo will take credit for this. .
silverfoxv65
Champion Author Michigan

Posts:7,752
Points:2,002,255
Joined:Sep 2009
Message Posted: Jun 3, 2012 11:18:09 PM

What a mess the speculators have made!
MRHONEST
Champion Author Illinois

Posts:2,841
Points:2,334,290
Joined:May 2007
Message Posted: Jun 3, 2012 11:17:32 PM

I am littery weeping!
abcdMA
Champion Author Worcester

Posts:11,107
Points:2,337,215
Joined:Nov 2008
Message Posted: Jun 3, 2012 11:17:26 PM

sign of a weak economy
Soglaos
Champion Author Virginia Beach

Posts:4,237
Points:1,429,910
Joined:Feb 2011
Message Posted: Jun 3, 2012 11:17:09 PM

Ok
rbrk02
Champion Author Rhode Island

Posts:9,267
Points:1,592,680
Joined:Jan 2011
Message Posted: Jun 3, 2012 11:15:40 PM

Keep dropping. Hopefully, the price at the pump will keep dropping as well.
DesertRat2011
Champion Author Riverside

Posts:7,003
Points:1,249,120
Joined:Jun 2011
Message Posted: Jun 3, 2012 11:12:38 PM

Now if gas & diesel will follow
kymechanic
Champion Author Kentucky

Posts:1,159
Points:1,146,320
Joined:Mar 2011
Message Posted: Jun 3, 2012 11:10:40 PM

Good news but won't last long!
serrog
Champion Author Nova Scotia

Posts:8,797
Points:2,285,690
Joined:Oct 2008
Message Posted: Jun 3, 2012 11:08:23 PM

Temporary glitch no doubt
MDTDriver
Champion Author California

Posts:11,887
Points:2,900,250
Joined:Jul 2006
Message Posted: Jun 3, 2012 11:02:12 PM

And gas price may drop 1%.
TXryder
Champion Author Texas

Posts:6,187
Points:1,135,375
Joined:Jan 2012
Message Posted: Jun 3, 2012 10:54:33 PM

And the manipulators/speculators are still making money. They are shorting the market.
TFowler513
Champion Author Memphis

Posts:3,824
Points:2,099,685
Joined:Mar 2008
Message Posted: Jun 3, 2012 10:53:24 PM

Like Facebook and and Mark Zuckerberg, oil can stand to loose more than what has already been lost!!! There are many others out there that are struggling from day to day.
bumpygas
Champion Author Nebraska

Posts:11,056
Points:2,614,095
Joined:Oct 2007
Message Posted: Jun 3, 2012 10:52:57 PM

And the pump price is lucky if it has dropped 2%. You call it 'oil industry greed'.
boldrph
Champion Author Topeka

Posts:22,114
Points:4,220,620
Joined:Oct 2002
Message Posted: Jun 3, 2012 10:51:23 PM

we're down another nickel today
investmentdr
Champion Author Cleveland

Posts:6,593
Points:2,185,375
Joined:Sep 2008
Message Posted: Jun 3, 2012 10:50:22 PM

let's go for -10% next week
Post a reply Back to Topics