Oil Prices Jump Above $67 Per Barrel

[True_Blue]

WASHINGTON (AP) -- Crude-oil futures rose above $67 a barrel Wednesday, following a jump in gasoline futures after the U.S. government released data showing a decline in domestic supplies of motor fuel.

The data also showed that gasoline demand over the past four weeks was 1 percent higher than a year ago.

Light sweet crude for May delivery rose 84 cents on the New York Mercantile Exchange to close at $67.07 a barrel, or 20 percent higher than last year.

"As of now, everything's pointing higher," said oil broker Tom Bentz of BNP Paribas Commodity Futures in New York. Bentz said he expects oil prices to test the $70 a barrel level before long.

more....
http://biz.yahoo.com/ap/060405/oil_prices.html?.v=8

[Broken_Hero]

1. well, slap me with a 2X4

...gas prices, in the terms of superman...Up UP and AWAY!!!....damn, Honestly, I see 4 dollar a gallon for this summer...easy..I'm not expert, its just the gut feeling I have. Its 2.45 here in SW Missouri, its just over one week into spring, and its that high...by the time the end of may gets here, i am guessing its going to be over 3, and i'm sure some other trajedy will give the oil ex's another excuse for another hike sometime in early aug, or late july, which will push it over 4...thats just my gut feeling...bleak, yeah...optism for me, has been out the window since last fall, when the oil ex's posted profits in the billons....

[Mojorabbit]

18. All it will take is

one well placed hurricane this summer....

[Broken_Hero]

19. yep, i agree...n/t

[Flabbergasted]

2. Ode to the good old days when Oil was only $40 a barrel. Gosh that was

only 5 years ago....!:grr:

[Broken_Hero]

5. when i moved to SW Missouri

In sept of 2003, gas in Neosho Missouri was 1.30...now, not even three years later, 2.45....

[Catch22Dem]

9. The repukes threw a fit when Clinton let it go above $30

[Flabbergasted]

12. Yeah but Clinton wasn't an oil-man! Wink wink Wink

[AlamoDemoc]

3. I am shocked we still have under $70 a barrel...our friends in SA

must be doing a great job to keep us afloat...

[joemurphy]

6. Memo: Retake the House and Senate and Step 1:

Impose a hefty windfall profits tax on all oil companies.

[NorCalDem]

4. Just wait till Summertime

and then Hurricane Season (even if it's not a bad one, which it well may be, they'll hype that shit for all it's worth if it'll make 'em a few extra bucks).

and then... (the list could go on forever, couldn't it? :crazy:

[Lostnote06]

7. Demand is 1% higher than yr ago....I don't believe it

[Coastie for Truth]

11. And we CUT our family gas consumption by about 12% but--

1. The geologists were right - PEAK OIL is here.

2. The NeoCons were wrong - WAR IN IRAQ did not lock in a guaranteed supply of cheap oil.

Bush and Big Oil lie.

[Lostnote06]

13. As a fellow citizen, thank you for doing your part.....

........I can't help but believe that most americans have done the same including myself as well.....I guess Haliburton never stopped running those ghost cargo runs just to cash in on the transportation costs per run....

[brokensymmetry]

17. Exactly.

Peak oil is here, and it is a far bigger story than most realize.

[Jamison]

20. A big story most will never know about!

The MSM has not done anything to make the public aware of the peak oil crisis, and it's just terrible. Most people won't find out until some distant day in the future when the last barrel on Earth is pumped from the ground. Hell, I would have never even heard of peak oil at all if I would not have signed up here at DU.

[NYC]

15. How much of that is Dept. of Defense consumption?

Wars consume a lot of oil and gas.

[Lostnote06]

25. I recall the replenishing of the Strategic Oil Reserves....

.......How much of the SOR was utilized for the mad dash onto the continent.....geeesh

[bridgit]

8. sssssshh, it's part of the plan...

x(

[bridgit]

10. actually, they just mentioned that it is futures traders jacking up...

the price by 20% vis-a-vis flat-out mark-up due to volatility

[sam sarrha]

14. so what percentage is actually speculators artifically hedging profits

[bridgit]

16. it is said 20%

[Manitou]

21. Hmmmmm.....

Oil President + Oil Vice President + secret energy meetings = record oil prices + record oil company profits.

I'm shocked out of my shorts.....

[Theduckno2]

22. I like your math.

Welcome to the DU!

Psst....put your shorts back on, the telescreen can probably see you.

[0007]

24. Welcome home

[ozymandius]

23. Oil extends rally toward $68 on gasoline stockdraw

story

just posted at the Stock Market Watch thread...

SINGAPORE (Reuters) - Oil prices extended gains toward $68 a barrel on Thursday after a bigger-than-expected draw in U.S. gasoline stocks reignited worries about summer supplies in the world's top fuel consumer.

U.S. light sweet crude oil futures climbed 48 cents or 0.7 percent to $67.55 a barrel, adding to Wednesday's 1.3 percent surge. The market touched a two-month high of $67.90 a barrel on Monday before succumbing to a brief round of profit taking.

-cut-

Gasoline tanks are now about 1 million barrels above the upper end of the average range, but the U.S. Energy Information Administration (EIA) said on Wednesday that stocks could fall sharply before the end of April if more refiners shut for work.

The low inventory level has compounded worries that changing specifications may also create shortages in some areas of the United States, whose gasoline consumption accounts for more than a tenth of the world's oil use.

more...