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GasBuddy News Article

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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.


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Submitted Oct 24, 2012 By: RENEGADEGAS
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: OIL FUTURES: Crude Falls to Lowest Level Since July Back to Topics
REPLIES (newest first) Post a Reply
honda0105
Champion Author Tallahassee

Posts:24,091
Points:2,393,340
Joined:Nov 2008
Message Posted: Oct 27, 2012 3:56:16 AM

crude may, gas (and esp. diesel) prices haven't falling in sync with the barrel drops.
wshutton
Champion Author Albuquerque

Posts:4,883
Points:1,687,710
Joined:Mar 2009
Message Posted: Oct 25, 2012 12:34:16 PM

And yet the retail price of gas barely declines. The difference? Romney's Republican speculator buddies perhaps?
sydb7
Champion Author Atlanta

Posts:5,943
Points:2,605,560
Joined:Mar 2003
Message Posted: Oct 25, 2012 6:58:00 AM

Crude futures may be down, but gas prices presently are still too high!
jrs4125
Champion Author Indiana

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Points:1,350,255
Joined:Sep 2011
Message Posted: Oct 25, 2012 5:19:16 AM

Alrighty then, for now.
nb52
Champion Author Grand Rapids

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Points:2,322,885
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Message Posted: Oct 25, 2012 4:26:40 AM

But prices at the pump are still well above $3.
wbpprint
Champion Author Chicago

Posts:2,756
Points:2,167,295
Joined:Jun 2007
Message Posted: Oct 24, 2012 10:06:49 PM

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:4,003
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Message Posted: Oct 24, 2012 10:04:56 PM

And the price drop like a feather at the pump....
rahcat
Champion Author Grand Rapids

Posts:5,980
Points:1,446,425
Joined:Jan 2010
Message Posted: Oct 24, 2012 10:03:10 PM

Won't last.
Fitwit
Champion Author Stockton

Posts:9,480
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Joined:May 2009
Message Posted: Oct 24, 2012 10:01:52 PM

?
clermont40miles
Champion Author Cincinnati

Posts:14,698
Points:2,549,745
Joined:Apr 2008
Message Posted: Oct 24, 2012 9:57:52 PM

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:10,767
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Message Posted: Oct 24, 2012 9:56:53 PM

The Oil market changes many times.
Focus2
Champion Author Illinois

Posts:8,172
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Joined:Mar 2006
Message Posted: Oct 24, 2012 9:54:05 PM

Big Oil sets their own profit margins.
Cableman66
Champion Author North Carolina

Posts:5,714
Points:1,270,425
Joined:May 2011
Message Posted: Oct 24, 2012 9:53:18 PM

Keep it coming we need all the help we can get. Looking for $3.00 a gallon or less.
mstearno
Champion Author Dayton

Posts:9,689
Points:2,360,560
Joined:Jan 2008
Message Posted: Oct 24, 2012 9:52:40 PM

I guess speculators are all gone now?
TFowler513
Champion Author Memphis

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Joined:Mar 2008
Message Posted: Oct 24, 2012 9:51:42 PM

Too bad pump prices haven't fallen to the lowest since July!!!
bonzoonfmb
Champion Author Florida

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Points:888,110
Joined:Feb 2010
Message Posted: Oct 24, 2012 9:47:38 PM

Gas prices are still too high.
jalan25
Champion Author Indianapolis

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Joined:Sep 2011
Message Posted: Oct 24, 2012 9:46:06 PM

Pump prices need to catch up with these drops.
abcdMA
Champion Author Worcester

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Message Posted: Oct 24, 2012 9:44:35 PM

gas isn't falling fast enough
unicornIL
All-Star Author Chicago

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Joined:Jan 2012
Message Posted: Oct 24, 2012 9:43:23 PM

prices need to drop
bvrbill
Champion Author Eugene

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Joined:Jul 2011
Message Posted: Oct 24, 2012 9:38:50 PM

Hopefully we will see prices fall at the pump.
BREW9
Champion Author Tampa

Posts:4,132
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Joined:Jun 2004
Message Posted: Oct 24, 2012 9:35:52 PM

keep lowering
5Golfer8
Champion Author Tucson

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Joined:Jun 2011
Message Posted: Oct 24, 2012 9:31:47 PM

It couldn't be that Obama and the Democrats want Re-election.
kd5kpd
Champion Author Texas

Posts:6,677
Points:2,159,630
Joined:Apr 2006
Message Posted: Oct 24, 2012 9:29:57 PM

Needs to keep dropping!!!!!!!!
miiike572
All-Star Author Phoenix

Posts:798
Points:554,990
Joined:Apr 2009
Message Posted: Oct 24, 2012 9:29:28 PM

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:3,660
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Joined:Feb 2011
Message Posted: Oct 24, 2012 9:28:12 PM

OK
30mpg80
Champion Author Lexington

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Message Posted: Oct 24, 2012 9:28:07 PM

Brent should fall under $100
MadTraveler
Champion Author Idaho

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Points:575,400
Joined:Nov 2009
Message Posted: Oct 24, 2012 9:26:31 PM

Boy not getting passed through very fast.
knot2swift
Champion Author Calgary

Posts:6,348
Points:1,094,425
Joined:Nov 2009
Message Posted: Oct 24, 2012 9:25:40 PM

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:2,713
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Joined:Mar 2010
Message Posted: Oct 24, 2012 9:25:36 PM

YES!!
us4usa
Champion Author Missouri

Posts:7,163
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Joined:May 2008
Message Posted: Oct 24, 2012 9:24:51 PM

"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
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Message Posted: Oct 24, 2012 9:24:14 PM

I read this article
WIPACKERFAN
Champion Author Chicago

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Message Posted: Oct 24, 2012 9:23:46 PM

Get the prices down much more.
Crumbfel
Champion Author Virginia

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Joined:Aug 2006
Message Posted: Oct 24, 2012 9:18:40 PM

Bring them down now
gumbyrex
Champion Author Fresno

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Joined:Mar 2011
Message Posted: Oct 24, 2012 9:17:57 PM

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:6,198
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Message Posted: Oct 24, 2012 9:15:25 PM

now bring those gas prices down!!!
N4PIP
Champion Author Miami

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Joined:Jan 2012
Message Posted: Oct 24, 2012 9:15:05 PM

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:5,386
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Joined:Aug 2008
Message Posted: Oct 24, 2012 9:14:25 PM

The markets know things will change next January.

1/20/13...The End Of An Error
nru
Champion Author Twin Cities

Posts:6,900
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Joined:Feb 2006
Message Posted: Oct 24, 2012 9:09:18 PM

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:13,365
Points:2,396,250
Joined:Jan 2006
Message Posted: Oct 24, 2012 9:07:29 PM


“Get rid of Obama and maybe this trend will continue.”

That’s totally irrelevant.
serrog
Champion Author Nova Scotia

Posts:8,827
Points:2,293,140
Joined:Oct 2008
Message Posted: Oct 24, 2012 9:07:25 PM

good at the pump but probably bad for the whole economy
wayoung56
Champion Author Alabama

Posts:5,926
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Joined:Oct 2006
Message Posted: Oct 24, 2012 9:05:09 PM

Good news for a change!!!
MDTDriver
Champion Author California

Posts:11,903
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Joined:Jul 2006
Message Posted: Oct 24, 2012 9:00:59 PM

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 8:58:18 PM

hm
EvPv
Champion Author Maine

Posts:4,283
Points:1,044,655
Joined:Feb 2011
Message Posted: Oct 24, 2012 8:57:41 PM

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:7,519
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Joined:Apr 2008
Message Posted: Oct 24, 2012 8:52:33 PM

good I want to see it at $20 a barrel
regasaz
Champion Author Phoenix

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Joined:Dec 2006
Message Posted: Oct 24, 2012 8:48:43 PM

$60 bbl. sounds like a good round number to me.
The_DR
Champion Author New Jersey

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Joined:Aug 2011
Message Posted: Oct 24, 2012 8:43:30 PM

yes they have
naspa
Champion Author Cleveland

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Joined:Jan 2012
Message Posted: Oct 24, 2012 8:39:40 PM

I cannot wait to gas up again with $1.99/gallon lol
gerreg
Champion Author Nebraska

Posts:1,958
Points:2,359,045
Joined:Jun 2007
Message Posted: Oct 24, 2012 8:39:36 PM

ok
SavALot
Champion Author Virginia Beach

Posts:10,870
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Joined:Apr 2005
Message Posted: Oct 24, 2012 8:36:42 PM

On the road for recovery
walkingtall
Champion Author Toronto

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Joined:Nov 2004
Message Posted: Oct 24, 2012 8:31:11 PM

Just in time for the elections.
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