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  #1 (permalink)  
Old 12 May 2011, 11:44 am
C. E. White
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Posts: n/a
Default Gas futures fall 8% on report of less driving

http://www.freep.com/article/2011051...t-less-driving

NEW YORK -- Gasoline futures tumbled almost 8% Wednesday after a government
report showed the strongest evidence yet that higher pump prices are forcing
Americans to drive less.
Oil also dropped back below the $100 mark.

The Energy Information Administration said that U.S. gasoline demand dropped
2.4% last week, the largest drop in seven consecutive weeks of declines.
Analysts said motorists are buying less gas with pump prices close to a
national average of $4 per gallon.

"That $4 number is not just having a psychological impact, but a direct
impact on drivers," energy consultant Jim Ritterbusch said. "Normally, with
the economy recovering, you'd expect gasoline demand to go up, but that's
not happening."

With Memorial Day less than three weeks away, analysts now expect that, at
most, motorists will use about as much gasoline this summer driving season
as they did in 2010.

"My opinion is that they started cutting back when prices hit $3.50" per
gallon, oil analyst Andrew Lipow said. "We haven't seen the full effect of
that just yet."

The national average for a gallon of regular reached $3.50 on March 6. It's
now at $3.96 after reaching $3.98 per gallon last week. Gas rose mostly
because of higher oil prices, but also because of refinery outages.

The EIA data showed that gasoline supplies increased by 1.3 million barrels
last week even with a decline in refining activity around the country.
Gasoline for June delivery plunged, losing 25.69 cents to settle at $3.1228
per gallon on the Nymex.

The CME Group, which owns the Nymex, suspended trading in energy contracts
for five minutes after the gasoline contract dropped by more than 25 cents.

Gas supplies typically decline in the spring as refineries purge their
stocks of winter fuels. This year, supplies fell more than expected as
fires, power outages and other problems temporarily knocked refineries out
of commission.

Gasoline futures had risen Tuesday on concerns that flooding could impact
some refineries along the lower Mississippi River, analysts said.


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  #2 (permalink)  
Old 12 May 2011, 01:02 pm
GrumpyOne
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Posts: n/a
Default Re: Gas futures fall 8% on report of less driving

Oil prices began a steep descent about ten days ago yet I have not seen
ONE example of price drops at the pump.

Funny how when someone sneezes in the mideast, prices go up immediately.

Prices should be at least 25 per gallon less than they are...

JT




C. E. White wrote:
> http://www.freep.com/article/2011051...t-less-driving
>
> NEW YORK -- Gasoline futures tumbled almost 8% Wednesday after a government
> report showed the strongest evidence yet that higher pump prices are forcing
> Americans to drive less.
> Oil also dropped back below the $100 mark.
>
> The Energy Information Administration said that U.S. gasoline demand dropped
> 2.4% last week, the largest drop in seven consecutive weeks of declines.
> Analysts said motorists are buying less gas with pump prices close to a
> national average of $4 per gallon.
>
> "That $4 number is not just having a psychological impact, but a direct
> impact on drivers," energy consultant Jim Ritterbusch said. "Normally, with
> the economy recovering, you'd expect gasoline demand to go up, but that's
> not happening."
>
> With Memorial Day less than three weeks away, analysts now expect that, at
> most, motorists will use about as much gasoline this summer driving season
> as they did in 2010.
>
> "My opinion is that they started cutting back when prices hit $3.50" per
> gallon, oil analyst Andrew Lipow said. "We haven't seen the full effect of
> that just yet."
>
> The national average for a gallon of regular reached $3.50 on March 6. It's
> now at $3.96 after reaching $3.98 per gallon last week. Gas rose mostly
> because of higher oil prices, but also because of refinery outages.
>
> The EIA data showed that gasoline supplies increased by 1.3 million barrels
> last week even with a decline in refining activity around the country.
> Gasoline for June delivery plunged, losing 25.69 cents to settle at $3.1228
> per gallon on the Nymex.
>
> The CME Group, which owns the Nymex, suspended trading in energy contracts
> for five minutes after the gasoline contract dropped by more than 25 cents.
>
> Gas supplies typically decline in the spring as refineries purge their
> stocks of winter fuels. This year, supplies fell more than expected as
> fires, power outages and other problems temporarily knocked refineries out
> of commission.
>
> Gasoline futures had risen Tuesday on concerns that flooding could impact
> some refineries along the lower Mississippi River, analysts said.
>
>


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  #3 (permalink)  
Old 12 May 2011, 01:13 pm
Lynn McGuire
Guest
 
Posts: n/a
Default Re: Gas futures fall 8% on report of less driving

On 5/12/2011 12:02 PM, GrumpyOne wrote:
> Oil prices began a steep descent about ten days ago yet I have not seen ONE example of price drops at the pump.
>
> Funny how when someone sneezes in the mideast, prices go up immediately.
>
> Prices should be at least 25 per gallon less than they are...
>
> JT


No, the refineries are converting to summer gasoline which
is much more expensive to make than winter gasoline.

Lynn
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  #4 (permalink)  
Old 12 May 2011, 03:51 pm
Fatter Than Ever Moe
Guest
 
Posts: n/a
Default Re: Gas futures fall 8% on report of less driving

C. E. White wrote:
> http://www.freep.com/article/2011051...t-less-driving
>
> NEW YORK -- Gasoline futures tumbled almost 8% Wednesday after a government
> report showed the strongest evidence yet that higher pump prices are forcing
> Americans to drive less.
> Oil also dropped back below the $100 mark.
>
> The Energy Information Administration said that U.S. gasoline demand dropped
> 2.4% last week, the largest drop in seven consecutive weeks of declines.
> Analysts said motorists are buying less gas with pump prices close to a
> national average of $4 per gallon.
>
> "That $4 number is not just having a psychological impact, but a direct
> impact on drivers," energy consultant Jim Ritterbusch said. "Normally, with
> the economy recovering, you'd expect gasoline demand to go up, but that's
> not happening."
>
> With Memorial Day less than three weeks away, analysts now expect that, at
> most, motorists will use about as much gasoline this summer driving season
> as they did in 2010.
>
> "My opinion is that they started cutting back when prices hit $3.50" per
> gallon, oil analyst Andrew Lipow said. "We haven't seen the full effect of
> that just yet."
>
> The national average for a gallon of regular reached $3.50 on March 6. It's
> now at $3.96 after reaching $3.98 per gallon last week. Gas rose mostly
> because of higher oil prices, but also because of refinery outages.
>
> The EIA data showed that gasoline supplies increased by 1.3 million barrels
> last week even with a decline in refining activity around the country.
> Gasoline for June delivery plunged, losing 25.69 cents to settle at $3.1228
> per gallon on the Nymex.
>
> The CME Group, which owns the Nymex, suspended trading in energy contracts
> for five minutes after the gasoline contract dropped by more than 25 cents.
>
> Gas supplies typically decline in the spring as refineries purge their
> stocks of winter fuels. This year, supplies fell more than expected as
> fires, power outages and other problems temporarily knocked refineries out
> of commission.
>
> Gasoline futures had risen Tuesday on concerns that flooding could impact
> some refineries along the lower Mississippi River, analysts said.
>
>


Supply/demand somethings don't change.
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  #5 (permalink)  
Old 12 May 2011, 08:36 pm
Tegger
Guest
 
Posts: n/a
Default Re: Gas futures fall 8% on report of less driving

GrumpyOne <Grumpy@nowherenot.net> wrote in
news:iqh3qv$598$1@dont-email.me:

> Oil prices began a steep descent about ten days ago yet I have not
> seen ONE example of price drops at the pump.
>
> Funny how when someone sneezes in the mideast, prices go up
> immediately.
>
> Prices should be at least 25 per gallon less than they are...
>



Gas is priced on what it costs to /replace/ it. Nobody wants to lower
prices too quickly for fear of the situation reversing itself when it comes
time to replenish supply.

Prices are exactly where they should be for the market conditions
prevailing.

--
Tegger
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  #6 (permalink)  
Old 12 May 2011, 08:37 pm
Tegger
Guest
 
Posts: n/a
Default Re: Gas futures fall 8% on report of less driving

Lynn McGuire <lmc@winsim.com> wrote in news:iqh4g6$dn8$1@dont-email.me:

> On 5/12/2011 12:02 PM, GrumpyOne wrote:
>> Oil prices began a steep descent about ten days ago yet I have not
>> seen ONE example of price drops at the pump.
>>
>> Funny how when someone sneezes in the mideast, prices go up
>> immediately.
>>
>> Prices should be at least 25 per gallon less than they are...
>>
>> JT

>
> No, the refineries are converting to summer gasoline which
> is much more expensive to make than winter gasoline.
>



That's one factor. Every year prices climb for a while during changeover,
and every year people whine about it.

--
Tegger
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  #7 (permalink)  
Old 12 May 2011, 09:17 pm
Charles Grozny
Guest
 
Posts: n/a
Default Re: Gas futures fall 8% on report of less driving


"Fatter Than Ever Moe" <HardTimes@TheFarm> wrote in message
news:4dcc3a49$0$15859$bbae4d71@news.suddenlink.net ...
> C. E. White wrote:
>> http://www.freep.com/article/2011051...t-less-driving
>>
>> NEW YORK -- Gasoline futures tumbled almost 8% Wednesday after a
>> government report showed the strongest evidence yet that higher pump
>> prices are forcing Americans to drive less.
>> Oil also dropped back below the $100 mark.
>>
>> The Energy Information Administration said that U.S. gasoline demand
>> dropped 2.4% last week, the largest drop in seven consecutive weeks of
>> declines. Analysts said motorists are buying less gas with pump prices
>> close to a national average of $4 per gallon.
>>
>> "That $4 number is not just having a psychological impact, but a direct
>> impact on drivers," energy consultant Jim Ritterbusch said. "Normally,
>> with the economy recovering, you'd expect gasoline demand to go up, but
>> that's not happening."
>>
>> With Memorial Day less than three weeks away, analysts now expect that,
>> at most, motorists will use about as much gasoline this summer driving
>> season as they did in 2010.
>>
>> "My opinion is that they started cutting back when prices hit $3.50" per
>> gallon, oil analyst Andrew Lipow said. "We haven't seen the full effect
>> of that just yet."
>>
>> The national average for a gallon of regular reached $3.50 on March 6.
>> It's now at $3.96 after reaching $3.98 per gallon last week. Gas rose
>> mostly because of higher oil prices, but also because of refinery
>> outages.
>>
>> The EIA data showed that gasoline supplies increased by 1.3 million
>> barrels last week even with a decline in refining activity around the
>> country. Gasoline for June delivery plunged, losing 25.69 cents to settle
>> at $3.1228 per gallon on the Nymex.
>>
>> The CME Group, which owns the Nymex, suspended trading in energy
>> contracts for five minutes after the gasoline contract dropped by more
>> than 25 cents.
>>
>> Gas supplies typically decline in the spring as refineries purge their
>> stocks of winter fuels. This year, supplies fell more than expected as
>> fires, power outages and other problems temporarily knocked refineries
>> out of commission.
>>
>> Gasoline futures had risen Tuesday on concerns that flooding could impact
>> some refineries along the lower Mississippi River, analysts said.

>
> Supply/demand somethings don't change.


But Gas prices haven't dropped a penny here.

Charles Grozny


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  #8 (permalink)  
Old 12 May 2011, 10:36 pm
Ed Pawlowski
Guest
 
Posts: n/a
Default Re: Gas futures fall 8% on report of less driving


"Charles Grozny" <n5hsr@comcast.net> wrote
>>>
>>> NEW YORK -- Gasoline futures tumbled almost 8% Wednesday after a
>>> government report showed the strongest evidence yet that higher pump
>>> prices are forcing Americans to drive less.
>>> Oil also dropped back below the $100 mark.


>>>
>>> Gasoline futures had risen Tuesday on concerns that flooding could
>>> impact some refineries along the lower Mississippi River, analysts said.

>>
>> Supply/demand somethings don't change.

>
> But Gas prices haven't dropped a penny here.
>
> Charles Grozny
>


Here in CT, they dropped 3 last Friday, but jumped 6 on Tuesday to a new
high this year. Present price $4.269

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  #9 (permalink)  
Old 12 May 2011, 11:00 pm
jim beam
Guest
 
Posts: n/a
Default Re: Gas futures fall 8% on report of less driving

On 05/12/2011 05:36 PM, Tegger wrote:
> GrumpyOne<Grumpy@nowherenot.net> wrote in
> news:iqh3qv$598$1@dont-email.me:
>
>> Oil prices began a steep descent about ten days ago yet I have not
>> seen ONE example of price drops at the pump.
>>
>> Funny how when someone sneezes in the mideast, prices go up
>> immediately.
>>
>> Prices should be at least 25� per gallon less than they are...
>>

>
>
> Gas is priced on what it costs to /replace/ it. Nobody wants to lower
> prices too quickly for fear of the situation reversing itself when it comes
> time to replenish supply.
>
> Prices are exactly where they should be for the market conditions
> prevailing.
>


naivete is so /cute/!


--
nomina rutrum rutrum
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  #10 (permalink)  
Old 12 May 2011, 11:02 pm
jim beam
Guest
 
Posts: n/a
Default Re: Gas futures fall 8% on report of less driving

On 05/12/2011 05:37 PM, Tegger wrote:
> Lynn McGuire<lmc@winsim.com> wrote in news:iqh4g6$dn8$1@dont-email.me:
>
>> On 5/12/2011 12:02 PM, GrumpyOne wrote:
>>> Oil prices began a steep descent about ten days ago yet I have not
>>> seen ONE example of price drops at the pump.
>>>
>>> Funny how when someone sneezes in the mideast, prices go up
>>> immediately.
>>>
>>> Prices should be at least 25� per gallon less than they are...
>>>
>>> JT

>>
>> No, the refineries are converting to summer gasoline which
>> is much more expensive to make than winter gasoline.
>>

>
>
> That's one factor. Every year prices climb for a while during changeover,
> and every year people whine about it.
>


i can't believe anyone buys that bullshit story. summer gasoline is
actually more expensive to make??? give me a break. that's like saying
white paint is more expensive to make.

reality is, we get charged more for "summer gasoline" because people
drive on vacation, and when they do, their price sensitivity is almost
zero. thus the oilco's are simply charging what they know they can get
away with. any "technical" justification is just so much smoke.


--
nomina rutrum rutrum
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