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Purveyor

(29,876 posts)
Wed May 16, 2012, 03:17 PM May 2012

Oil Falls To 6-Month Low Near $92 On US Supplies Surge

By PABLO GORONDI
Associated Press

(AP) - Oil prices dropped to fresh six-month lows near $92 a barrel Wednesday after a report showed U.S. crude supplies surged more than expected last week.

By early afternoon in Europe, benchmark oil for June delivery was down $1.31 to $92.67 a barrel in electronic trading on the New York Mercantile Exchange. Earlier in the session, it fell as low as $91.81, the lowest since November. On Tuesday, the contract fell 80 cents to settle at $93.98 in New York.

In London, Brent crude for June delivery was down 77 cents at $111.47 per barrel at ICE Futures exchange.

The American Petroleum Institute said late Tuesday that crude inventories rose 6.6 million barrels last week while analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos., had predicted an increase of 1.5 million barrels.

Inventories of gasoline fell 2.6 million barrels last week while distillates tumbled 1.6 million barrels, the API said.

MORE...

http://www.federalnewsradio.com/618/2203031/Oil-falls-to-6-month-low-near-92-on-US-supplies-

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Yavin4

(35,357 posts)
5. Anyone Recall The Media Hysteria When Prices Were Rising? And Blaming Obama?
Wed May 16, 2012, 03:34 PM
May 2012

Now that they are falling, does Obama get any credit from the media? Any credit? Anyone? Anyone? Bueller?

Andy823

(11,495 posts)
6. $4.26 In central Washington where I live
Wed May 16, 2012, 03:45 PM
May 2012

Seems like out west we are getting screwed because the oil companies have shut down 4 refineries in California for maintenance, all at once, and a BP refinery in Washington state that was shut down earlier by a fire was not able to come back on line yet. One report I read said prices out west could stay over $4 a gallon till "after" the 4th of July. Earlier this year refineries were shut down back east raising prices. I guess the law of "supply and demand" is at work. The oil companies cut supplies and prices go because the oil companies "demand" higher profits!

crazylikafox

(2,739 posts)
8. You're correct. While oil supplies were up this AM, Gasoline supplies were down.
Wed May 16, 2012, 03:59 PM
May 2012

How can that be?? Well, they're still closing refineries. Doesn't matter what the oil supply is if they won't refine it & bring it to market.

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