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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 Posts:2,386 Points:760,020 Joined:Feb 2011	Message Posted: Feb 29, 2012 4:01:52 AM Ignore 335d1 Report Abuse Too bad gas prices won't reflect it.
fishnhuntWV Sophomore Author West Virginia Posts:231 Points:65,870 Joined:Aug 2011	Message Posted: Feb 28, 2012 11:04:59 AM Ignore fishnhuntWV Report Abuse Non corn ethanol, more drilling here, coal to gas, turn waste like animal fat into biodiesel, grow algae from exhaust of power plants
clpassenubye Champion Author Los Angeles Posts:3,359 Points:754,355 Joined:Mar 2011	Message Posted: Feb 28, 2012 10:36:58 AM Ignore clpassenubye Report Abuse Considered demand and some peoples cars curbed.
doctorindyj Champion Author Santa Fe Posts:3,458 Points:840,785 Joined:Nov 2009	Message Posted: Feb 28, 2012 8:07:32 AM Ignore doctorindyj Report Abuse May curb demand? Demand has been curbed and then some.
investmentdr Champion Author Cleveland Posts:4,034 Points:1,456,025 Joined:Sep 2008	Message Posted: Feb 28, 2012 6:26:06 AM Ignore investmentdr Report Abuse two days in a row
lcleveland Champion Author San Antonio Posts:2,666 Points:652,025 Joined:May 2011	Message Posted: Feb 28, 2012 6:01:19 AM Ignore lcleveland Report Abuse demand has dropped but the prices are still going up
Joeski1 Champion Author New Jersey Posts:10,007 Points:1,742,810 Joined:Dec 2004	Message Posted: Feb 28, 2012 5:53:45 AM Ignore Joeski1 Report Abuse 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...
DerHahn Champion Author Illinois Posts:13,715 Points:2,115,110 Joined:May 2004	Message Posted: Feb 28, 2012 5:37:05 AM Ignore DerHahn Report Abuse demand has been dropping for several years already. these prices just drop usage even further.
Goatroper Champion Author Dallas Posts:6,604 Points:1,295,435 Joined:Apr 2004	Message Posted: Feb 28, 2012 5:36:28 AM Ignore Goatroper Report Abuse "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.
Nicoalbum Champion Author Ottawa Posts:6,021 Points:1,189,625 Joined:Jan 2010	Message Posted: Feb 28, 2012 5:20:56 AM Ignore Nicoalbum Report Abuse It's another trick - gas prices stay outrageously high ang going up more.
dgerst Champion Author South Carolina Posts:2,715 Points:557,000 Joined:Aug 2008	Message Posted: Feb 28, 2012 5:11:23 AM Ignore dgerst Report Abuse Yeah! Keep falling.
alwaysridin88 Champion Author Ohio Posts:1,451 Points:566,700 Joined:Jul 2011	Message Posted: Feb 28, 2012 5:06:25 AM Ignore alwaysridin88 Report Abuse What do they expect? Raise the prices and demand drops- does this take a genius?
brbaritone Champion Author Virginia Posts:2,068 Points:1,698,810 Joined:Jan 2007	Message Posted: Feb 28, 2012 5:02:03 AM Ignore brbaritone Report Abuse 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?
Evilmaddog Champion Author British Columbia Posts:3,327 Points:958,525 Joined:Aug 2010	Message Posted: Feb 28, 2012 5:01:44 AM Ignore Evilmaddog Report Abuse really...go figure
doeslayersr Champion Author Illinois Posts:9,121 Points:872,980 Joined:Dec 2010	Message Posted: Feb 28, 2012 5:01:22 AM Ignore doeslayersr Report Abuse 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]
bills299 Champion Author Atlanta Posts:3,371 Points:905,465 Joined:May 2005	Message Posted: Feb 28, 2012 4:56:15 AM Ignore bills299 Report Abuse Now they worry about demand!!
wrunner Champion Author Virginia Posts:4,450 Points:1,137,560 Joined:Dec 2009	Message Posted: Feb 28, 2012 4:56:10 AM Ignore wrunner Report Abuse Drop, really? Or just a pause. The calm before the storm.
qwerty17 Champion Author New Jersey Posts:3,655 Points:1,118,650 Joined:Oct 2009	Message Posted: Feb 28, 2012 4:52:24 AM Ignore qwerty17 Report Abuse use less to thwart the evil-doers.
Rockyguitar Champion Author Tampa Posts:2,567 Points:1,203,545 Joined:Sep 2008	Message Posted: Feb 28, 2012 4:40:30 AM Ignore Rockyguitar Report Abuse Do they post the same story with different headlines?
kenji554 Champion Author Charlotte Posts:1,217 Points:513,345 Joined:Jun 2011	Message Posted: Feb 28, 2012 4:35:08 AM Ignore kenji554 Report Abuse I hope the price crashes and many of these speculators loose lots of money.
OTISFL Champion Author Pensacola Posts:4,615 Points:866,790 Joined:Apr 2009	Message Posted: Feb 28, 2012 4:32:31 AM Ignore OTISFL Report Abuse More speculation, just the word itself is disgusting!
matman01 Champion Author Detroit Posts:14,844 Points:1,961,810 Joined:May 2007	Message Posted: Feb 28, 2012 4:29:02 AM Ignore matman01 Report Abuse Gasoline prices are a joke right now!