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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:24,351
Points:2,446,590
Joined:Nov 2008
Message Posted: Oct 27, 2012 4:56:16 AM

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

Posts:5,022
Points:1,719,960
Joined:Mar 2009
Message Posted: Oct 25, 2012 1:34:16 PM

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

Posts:6,042
Points:2,655,765
Joined:Mar 2003
Message Posted: Oct 25, 2012 7:58:00 AM

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

Posts:4,993
Points:1,379,715
Joined:Sep 2011
Message Posted: Oct 25, 2012 6:19:16 AM

Alrighty then, for now.
nb52
Champion Author Grand Rapids

Posts:11,141
Points:2,355,915
Joined:Nov 2008
Message Posted: Oct 25, 2012 5:26:40 AM

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

Posts:2,882
Points:2,199,265
Joined:Jun 2007
Message Posted: Oct 24, 2012 11:06:49 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:4,093
Points:1,135,545
Joined:Nov 2011
Message Posted: Oct 24, 2012 11:04:56 PM

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

Posts:6,140
Points:1,504,675
Joined:Jan 2010
Message Posted: Oct 24, 2012 11:03:10 PM

Won't last.
Fitwit
Champion Author Stockton

Posts:9,516
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Joined:May 2009
Message Posted: Oct 24, 2012 11:01:52 PM

?
clermont40miles
Champion Author Cincinnati

Posts:14,852
Points:2,582,015
Joined:Apr 2008
Message Posted: Oct 24, 2012 10:57:52 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
Points:1,422,395
Joined:Nov 2003
Message Posted: Oct 24, 2012 10:56:53 PM

The Oil market changes many times.
Focus2
Champion Author Illinois

Posts:8,172
Points:2,143,870
Joined:Mar 2006
Message Posted: Oct 24, 2012 10:54:05 PM

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

Posts:5,865
Points:1,329,500
Joined:May 2011
Message Posted: Oct 24, 2012 10:53:18 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:9,694
Points:2,377,135
Joined:Jan 2008
Message Posted: Oct 24, 2012 10:52:40 PM

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

Posts:3,824
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Joined:Mar 2008
Message Posted: Oct 24, 2012 10:51:42 PM

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

Posts:2,540
Points:888,110
Joined:Feb 2010
Message Posted: Oct 24, 2012 10:47:38 PM

Gas prices are still too high.
jalan25
Champion Author Indianapolis

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Joined:Sep 2011
Message Posted: Oct 24, 2012 10:46:06 PM

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

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Message Posted: Oct 24, 2012 10:44:35 PM

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

Posts:561
Points:718,110
Joined:Jan 2012
Message Posted: Oct 24, 2012 10:43:23 PM

prices need to drop
bvrbill
Champion Author Eugene

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Joined:Jul 2011
Message Posted: Oct 24, 2012 10:38:50 PM

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

Posts:4,262
Points:3,726,335
Joined:Jun 2004
Message Posted: Oct 24, 2012 10:35:52 PM

keep lowering
5Golfer8
Champion Author Tucson

Posts:5,378
Points:1,087,515
Joined:Jun 2011
Message Posted: Oct 24, 2012 10:31:47 PM

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

Posts:6,781
Points:2,189,735
Joined:Apr 2006
Message Posted: Oct 24, 2012 10:29:57 PM

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

Posts:798
Points:554,990
Joined:Apr 2009
Message Posted: Oct 24, 2012 10:29:28 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:3,795
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Joined:Feb 2011
Message Posted: Oct 24, 2012 10:28:12 PM

OK
30mpg80
Champion Author Lexington

Posts:15,360
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Joined:Nov 2008
Message Posted: Oct 24, 2012 10:28:07 PM

Brent should fall under $100
MadTraveler
Champion Author Idaho

Posts:2,082
Points:575,400
Joined:Nov 2009
Message Posted: Oct 24, 2012 10:26:31 PM

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

Posts:6,456
Points:1,108,270
Joined:Nov 2009
Message Posted: Oct 24, 2012 10:25:40 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:2,738
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Joined:Mar 2010
Message Posted: Oct 24, 2012 10:25:36 PM

YES!!
us4usa
Champion Author Missouri

Posts:7,183
Points:1,596,850
Joined:May 2008
Message Posted: Oct 24, 2012 10:24:51 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 10:24:14 PM

I read this article
WIPACKERFAN
Champion Author Chicago

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Message Posted: Oct 24, 2012 10:23:46 PM

Get the prices down much more.
Crumbfel
Champion Author Virginia

Posts:11,554
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Joined:Aug 2006
Message Posted: Oct 24, 2012 10:18:40 PM

Bring them down now
gumbyrex
Champion Author Fresno

Posts:6,652
Points:1,571,930
Joined:Mar 2011
Message Posted: Oct 24, 2012 10:17:57 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:6,332
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Message Posted: Oct 24, 2012 10:15:25 PM

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

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Points:1,232,050
Joined:Jan 2012
Message Posted: Oct 24, 2012 10:15:05 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:5,394
Points:1,573,245
Joined:Aug 2008
Message Posted: Oct 24, 2012 10:14:25 PM

The markets know things will change next January.

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

Posts:7,132
Points:1,821,150
Joined:Feb 2006
Message Posted: Oct 24, 2012 10:09:18 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:13,440
Points:2,425,150
Joined:Jan 2006
Message Posted: Oct 24, 2012 10:07:29 PM


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

That’s totally irrelevant.
serrog
Champion Author Nova Scotia

Posts:8,957
Points:2,350,390
Joined:Oct 2008
Message Posted: Oct 24, 2012 10:07:25 PM

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

Posts:6,056
Points:1,635,910
Joined:Oct 2006
Message Posted: Oct 24, 2012 10:05:09 PM

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

Posts:11,949
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Joined:Jul 2006
Message Posted: Oct 24, 2012 10:00:59 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 9:58:18 PM

hm
EvPv
Champion Author Maine

Posts:4,418
Points:1,096,950
Joined:Feb 2011
Message Posted: Oct 24, 2012 9:57:41 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:7,577
Points:1,501,660
Joined:Apr 2008
Message Posted: Oct 24, 2012 9:52:33 PM

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

Posts:7,851
Points:1,988,500
Joined:Dec 2006
Message Posted: Oct 24, 2012 9:48:43 PM

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

Posts:5,636
Points:1,401,615
Joined:Aug 2011
Message Posted: Oct 24, 2012 9:43:30 PM

yes they have
naspa
Champion Author Cleveland

Posts:4,810
Points:1,195,550
Joined:Jan 2012
Message Posted: Oct 24, 2012 9:39:40 PM

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

Posts:2,089
Points:2,415,495
Joined:Jun 2007
Message Posted: Oct 24, 2012 9:39:36 PM

ok
SavALot
Champion Author Virginia Beach

Posts:10,870
Points:2,478,035
Joined:Apr 2005
Message Posted: Oct 24, 2012 9:36:42 PM

On the road for recovery
walkingtall
Champion Author Toronto

Posts:7,230
Points:1,920,305
Joined:Nov 2004
Message Posted: Oct 24, 2012 9:31:11 PM

Just in time for the elections.
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