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Oil Drops a Second Day on Concern Prices Near 9-Month High May Curb Demand

Bloomberg -- Oil dropped for a second day in London on growing speculation that demand may be curbed by a rally that has driven prices to a nine-month high.

Brent futures slid as much as 0.9 percent after falling for the first time in six days yesterday. Demand for oil may deteriorate after London-traded Brent rose to a record high when priced in euros and pounds, according to Morgan Stanley. U.S. supplies probably rose to the highest level in five months last week, a Bloomberg News survey showed before a report from the Energy Department tomorrow...

...West Texas Intermediate narrowed its discount to Brent for a second day after TransCanada Corp. said it will proceed with building a $2.3 billion segment of the Keystone XL oil pipeline from Oklahoma to the Texas coast.


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Submitted Feb 28, 2012 By: johntxx
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335d1
Champion Author Virginia

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Message Posted: Feb 29, 2012 6:01:52 AM

Too bad gas prices won't reflect it.
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fishnhuntWV
Veteran Author West Virginia

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Message Posted: Feb 28, 2012 1:04:59 PM

Non corn ethanol, more drilling here, coal to gas, turn waste like animal fat into biodiesel, grow algae from exhaust of power plants
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clpassenubye
Champion Author Los Angeles

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Message Posted: Feb 28, 2012 12:36:58 PM

Considered demand and some peoples cars curbed.
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doctorindyj
Champion Author Santa Fe

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Message Posted: Feb 28, 2012 10:07:32 AM

May curb demand? Demand has been curbed and then some.
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investmentdr
Champion Author Cleveland

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Message Posted: Feb 28, 2012 8:26:06 AM

two days in a row
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lcleveland
Champion Author San Antonio

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Message Posted: Feb 28, 2012 8:01:19 AM

demand has dropped but the prices are still going up
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Joeski1
Champion Author New Jersey

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Message Posted: Feb 28, 2012 7:53:45 AM

demand will drop where?

the world is sucking up every drop we don't use....

the only ones that get hurt are the ones who are still stuck in the 15 MPG past....

pity the fool who doesn't get at least 25 MPG...

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DerHahn
Champion Author Illinois

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Message Posted: Feb 28, 2012 7:37:05 AM

demand has been dropping for several years already. these prices just drop usage even further.
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Goatroper
Champion Author Dallas

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Message Posted: Feb 28, 2012 7:36:28 AM

"DerHahn" put it best:
1. require that all sellers of futures contracts have the actual underlying commodity on hand in physical inventory, or be in the day-to-day business of drilling for it, mining it, growing it, etc. Enforce this by random on-site inspection. Violation will be a federal felony with mandatory minimum incarceration on the first offense.

2. require that all buyers of futures contracts have the physical ability to take actual delivery of the underlying commodity. Enforce this by random on-site inspection. Violation will be a federal felony with mandatory minimum incarceration on the first offense.

3. eliminate the practice known as "naked short-selling."

4. reinstate the up-tick rule for all short sales.

5. reinstate the recently repealed Glass Steagal act and get bankers out of the trading business, and traders out of the banking business.

And one more point:

6. require that all 'long' positions in commodities futures be transacted in the CASH ACCOUNT and not in the MARGIN ACCOUNT. Want to buy a contract? Fine - pay cash for it - all of it. And along with this, require that all short positions be "against the box" in the CASH ACCOUNT. If you don't know what "against the box" means, please look it up!

Please note that the above provisions do NOT make "speculation illegal."

What they do is to return the commodities markets and their exchanges to the original purpose: to provide a market and a liquidity to people and companies involved in the day-to-day production of the commodity.
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Nicoalbum
Champion Author Ottawa

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Message Posted: Feb 28, 2012 7:20:56 AM

It's another trick - gas prices stay outrageously high ang going up more.
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dgerst
Champion Author South Carolina

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Message Posted: Feb 28, 2012 7:11:23 AM

Yeah! Keep falling.
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alwaysridin88
Champion Author Ohio

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Message Posted: Feb 28, 2012 7:06:25 AM

What do they expect? Raise the prices and demand drops- does this take a genius?
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brbaritone
Champion Author Virginia

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Message Posted: Feb 28, 2012 7:02:03 AM

Wadda buncha baloney. Demand has been low for over 3 years. The 'rally' in gasoline prices has driven demand to the lowest level in 10 years. The market is only figuring this out NOW?
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Evilmaddog
Champion Author British Columbia

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Message Posted: Feb 28, 2012 7:01:44 AM

really...go figure
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doeslayersr
Champion Author Illinois

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Message Posted: Feb 28, 2012 7:01:22 AM

No country or economy in history has every grown by conserving the use of energy. Energy is the life blood of any industry. And no, government is not an industry.

[Edited by: doeslayersr at 2/28/2012 8:01:45 AM EST]
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bills299
Champion Author Atlanta

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Message Posted: Feb 28, 2012 6:56:15 AM

Now they worry about demand!!
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wrunner
Champion Author Virginia

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Message Posted: Feb 28, 2012 6:56:10 AM

Drop, really? Or just a pause.

The calm before the storm.
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qwerty17
Champion Author New Jersey

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Message Posted: Feb 28, 2012 6:52:24 AM

use less to thwart the evil-doers.
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Rockyguitar
Champion Author Tampa

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Message Posted: Feb 28, 2012 6:40:30 AM

Do they post the same story with different headlines?
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kenji554
Champion Author Charlotte

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Message Posted: Feb 28, 2012 6:35:08 AM

I hope the price crashes and many of these speculators loose lots of money.
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OTISFL
Champion Author Pensacola

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Message Posted: Feb 28, 2012 6:32:31 AM

More speculation, just the word itself is disgusting!
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matman01
Champion Author Detroit

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Message Posted: Feb 28, 2012 6:29:02 AM

Gasoline prices are a joke right now!
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