Constant Weekend Rise at the Gas Pump

[Algernon]

Oil rises with the speculators and falls with them too. So much for demand-supply....

But of course, speculators still need cues from the supply-demand situation on where to take prices next...whether up or down, and by how much.

[tidus1203]

I am more inclined to believe that the speculators are buying because of herd mentality, buying it now and selling higher later hoping a grater fool would buy it at a higher price. Most speculators son't care about demand-supply they only care whether other people would still buy it higher later on or short it when someone would be willing to sell it lower later.

[Jun aka Pekto]

Several gas stations are now at $3.59/gal. They're all at the NW side of town which means we could expect the same prices at our side within a few days.

[Algernon]

http://www.abs-cbnnews.com/storyPage...storyId=127314

[SIZE=4]Oil falls to 3-month low as OPEC output rises[/SIZE]

[SIZE=2][SIZE=2]Reuters[/SIZE][/SIZE]
[SIZE=2][SIZE=2]
[/SIZE][/SIZE][SIZE=2][SIZE=2]NEW YORK - Oil fell to a three-month low on Monday, pressured by evidence of rising OPEC output in the midst of declining demand in the United States and Europe.[/SIZE][/SIZE]

[SIZE=2][SIZE=2]The losses extended a steep slide from the mid-July peak above $147 a barrel and came despite a storm in the Gulf of Mexico that was curbing oil output, shipping and refining.[/SIZE][/SIZE]

[SIZE=2][SIZE=2]"Crude futures are down despite a brewing storm and that shows you how momentum has shifted in this market," said Phil Flynn, analyst at Alaron Trading in Chicago.[/SIZE][/SIZE]
[SIZE=2][SIZE=2]
[/SIZE][/SIZE][SIZE=2][SIZE=2]U.S. light crude fell $3.69 to settle at $121.41 a barrel on the New York Mercantile Exchange, after falling as low as $119.50, the lowest level since early May. London Brent fell $3.50 to $120.68.[/SIZE][/SIZE]

[SIZE=2][SIZE=2]The losses came after a Reuters survey showed OPEC supply rose for a third consecutive month in July mainly because of increased output from the world's top exporter Saudi Arabia. [/SIZE][/SIZE]

[SIZE=2][SIZE=2]The boost in production from OPEC comes as soaring energy prices and an economic slowdown cut into energy consumption in the United States and Europe.[/SIZE][/SIZE]

[SIZE=2][SIZE=2]The bearish impact was countered by Tropical Storm Edouard, which was barreling across a major oil and gas producing area of the northern Gulf of Mexico.[/SIZE][/SIZE]
[SIZE=2][SIZE=2]
[/SIZE][/SIZE][SIZE=2][SIZE=2]The storm affected shipping and port operations, triggered evacuations and minor production outages offshore, and forced at least one refinery along the coast to shut. [/SIZE][/SIZE]

[SIZE=2][SIZE=2]The storm was expected to come ashore at close to hurricane strength Tuesday on the Texas-Louisiana coast.[/SIZE][/SIZE]

[SIZE=2][SIZE=2]Traders also were nervous that supplies could be disrupted as a result of tension between the West and the world's fourth-largest oil producer, Iran.[/SIZE][/SIZE]

[SIZE=2][SIZE=2]"Despite all these bullish inferences a lower market must mean that participants have an infinitely greater concern about a deteriorating global economy," Mike Fitzpatrick, vice president at MF Global, said in a note.[/SIZE][/SIZE]

[SIZE=2][SIZE=2]The head of Iran's revolutionary guard was quoted as saying Iran could close the Straits of Hormuz, a key Gulf shipping route, if it were attacked over its nuclear program. [/SIZE][/SIZE]

[SIZE=2][SIZE=2]Mohammad Ali Jafari's comments followed a telephone meeting between Iran and representatives of six world powers about Tehran's nuclear program in which the Islamic Republic said it would press ahead in spite of a demand to halt the work.[/SIZE][/SIZE]
[SIZE=2][SIZE=2]
[/SIZE][/SIZE][SIZE=2][SIZE=2]Oil supplies already have been disrupted from Nigeria, the world's No. 8 oil exporter, as a result of militant attacks that have cut about a fifth of its production. [/SIZE][/SIZE]
[SIZE=2][SIZE=2]
[/SIZE][/SIZE][SIZE=2][SIZE=2]Gunmen kidnapped two French expatriates near the country's oil industry hub of Port Harcourt in the restive Niger delta, military and security sources said on Sunday.[/SIZE][/SIZE]
[SIZE=2][SIZE=2]
[/SIZE][/SIZE][SIZE=2][SIZE=2]High energy prices have been of concern in the United States, the world largest consumer of oil already battered by a housing and credit crisis.[/SIZE][/SIZE]
[SIZE=2][SIZE=2]
[/SIZE][/SIZE][SIZE=2][SIZE=2]U.S. presidential candidate Barack Obama called on Monday for swapping some of the oil in the country's Strategic Petroleum Reserve, a move his campaign said was aimed at lowering the price of gasoline. [/SIZE][/SIZE]

[uls]

but the mass media doesnt report things like...

There are financial players in the oil futures market getting squeezed by their >$20 loss in current crude oil contracts. If the margin calls start coming, we may see further sell-offs...

There are other big players out there feeling the squeeze... similar to what Semgroup experienced. Some big players have probably chickened out after seeing what happened to Semgroup.

When crude oil kept rising, SemGroup's cash requirements got increasingly larger. That brought on the "squeeze" until SemGroup had racked up $2.4 billion in debt.

The high volume of buying — at ever-higher prices — by SemGroup could have helped fuel the market. Then, when that activity disappeared, it wasn't surprising that crude oil prices fell

There's a tremendous herd mentality in the commodities market

[alainroyce]

Price of crude oil down to [SIZE=5]$120.48[SIZE=2] [/SIZE][SIZE=2]per barrel. Hope it will continue up to $100.00/barrel..


[/SIZE][/SIZE] According to Big 3 , this will happen to us before the year end.. Diesel are more expensive than premium gasoline. Public transport will be so much affected if this happen..

[Monseratto]

Shell and Petron will rollback gasoline price by P1.00. Also diesel and kerosene by P0.50. Effective 12:01 am Friday. All the minor players already reduced gasoline prices by P1.00 at 2 PM earlier and will follow the rollback of diesel and kerosene by P0.50. THis would mean that diesel and unleaded gasoline would have a difference of only P1.00 from a gap of P5.00 earlier in the year...

(UPDATE) Oil companies announce new price rollbacks

MANILA, Philippines -- As world oil prices continue to decline, oil companies will implement another round of oil price rollbacks on crude products, officials said on Thursday.

SeaOil will be reducing its price by P1 per liter effective 2 p.m. Thursday, according to Glenn Yu, SeaOil president, while Eastern Petroleum president Fernando Martinez said that the company would implement a P1 per liter cutback starting 6 a.m. Friday.

In a text message to INQUIRER.net, Roberto Kanapi, Shell Philippines vice president for communications, said the oil firm would be implementing another round of rollbacks, which he would announce on Friday.

Current oil prices are pegged at below $120 per barrel. It hit a record high of $147 per barrel last July, making crude price here spike up to more than P60 per liter and prompting a round of fare increases from public transport groups.

http://newsinfo.inquirer.net/breakin...rice-rollbacks

[tidus1203]

The reality is starting to hit the gas pumps albeit slowly... Diesel prices > Gas prices is now a reality that wasn't even thinkable 2-3 years ago.

[uls]

yehey rollback rollback rollback rollback

yan ang benefit ng deregulation

pag may nagbaba, mapipilitan sumunod ang iba.

[Monseratto]

Oil companies cut gasoline, diesel prices

MANILA, Philippines - Following up on last week’s price slash, oil companies on Thursday announced another rollback for gasoline and diesel given a continued decline in world crude oil prices.

The adjustments involve a P1/liter cut in gasoline prices and a 50-centavo/liter rollback for diesel, and were led by the smaller players.

Flying V was the first to implement the rollback, at 12 noon, for gasoline.

Unioil Petroleum Philippines, Inc. cut both gasoline and diesel prices at 2:00 p.m., while Seaoil Philippines, Inc. implemented its diesel price cut two hours later.

Eastern Petroleum Corp. rolled back gasoline prices at 6:00 p.m. Thursday and diesel at 12:01 a.m. this morning.

Oil majors Pilipinas Shell Petroleum Corp., Chevron Corp., and Petron Corp. implemented the rollback for both gasoline and diesel at 12:01 a.m.

Total Philippines, Inc., which has said it still had to claim some P5 in under-recoveries for diesel, adjusted prices at 6:00 a.m.

Energy department data showed Dubai crude at $119.12 per barrel as of Thursday, a huge drop from the July average of $131.27 per barrel.

The price of imported gasoline also dropped to $120.05 per barrel compared to $135.27 last month. Imported diesel also dropped to $144.41 per barrel from July’s $168.01 average.

Pump prices prior to the latest rollback were P58.45-60.26/liter for unleaded gasoline and P55.80-58.50 for diesel.

Last Thursday, oil companies cut gasoline prices by P1.50/liter, also citing cheaper world oil prices.

Shell and Total expanded that rollback by taking back a P1.50/liter increase for diesel implemented the prior weekend. The other oil firms had held back from hiking prices.

The latest rollback, said Philippine Bus Operators Association president Homero A. Mercado, does not mean that transport fares have to be reduced.

"Our basis for fares to be stable is a P42 per liter diesel price, diesel is still at P57 or P56 so we will still pursue a [fare hike]," he claimed.

http://www.gmanews.tv/story/112287/O...-diesel-prices

[Djerms]

Wow Crude oil is now down $115.15 per barrel....

[uls]

dollar down = oil up

dollar up = oil down





hedging, unhedging

[Djerms]

uls,

can you post the link/source of the us dollar index? Interesting....

I monitor oil price here....

http://www.oil-price.net/

[Djerms]

uls,

can you post the link/source of the us dollar index? Interesting....

I monitor oil price here....

http://www.oil-price.net/

[uls]

US dollar index

http://quotes.ino.com/chart/?s=NYBOT_DX

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that trend has been going on for more than a year.

When the Fed started to cut rates last year, the dollar kept falling.

Then oil kept rising. It's no coincidence.

I followed that since last year.

Investors/speculators used oil and other commodities as a hedge against the falling dollar.

Billions and billions of dollars flowed into the commodities markets, buying up futures contracts and selling them, buying low, selling high... buying low, selling high... never taking deliver of the actual commodities.

A lot of people who got in early and got out early made billions.

Those who went in late are now hurting.

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I also monitor the CRB index. (Commodity Research Bureau commodity price index)

The CRB index is made up of around 19 different commodities.

Notice the trend, and compare to the US dollar index.

[Djerms]

Thanks for the link uls,

OT: What does 50day MA mean?

[Djerms]

Oh nevermind. Trend line pala yun. Thanks again.

BTT: sana nga magstrengthen pa ang dollar.

Anyway, I was just thinking, what if we get our own asian currency, like that of china para hindi tayo dependent sa US dollar?

[boybi]

Oh nevermind. Trend line pala yun. Thanks again.

BTT: sana nga magstrengthen pa ang dollar.

Anyway, I was just thinking, what if we get our own asian currency, like that of china para hindi tayo dependent sa US dollar?

Like China or like Europe?

Mahirap mag implement ng regional currency dito sa Asia. Too many poor countries.

[uls]

50 day moving average

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hindi siguro magkaroon ng single currency for Asia... matagal tagal pa yan

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the dollar is strengthening...

but it's more like the Euro, Yen, and other major currencies are weakening...

Coz economies around the world are slowing down.

[tidus1203]

http://www.abs-cbnnews.com/storypage...StoryID=128237

Bale instead of weekly rise naging weekly rollback. Pero hey mataas pa din sya compared to earlier this year so I don't know why we are so happy...