Oil below $70 (UPDATE: below $67); E85 below $2.25

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Thread: Oil below $70 (UPDATE: below $67); E85 below $2.25

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    Oil below $70 (UPDATE: below $67); E85 below $2.25

    Oil falls below $70 on US recession fears

    Oct 22, 6:35 AM (ET)

    By LOUISE WATT

    LONDON (AP) - Oil prices fell below $70 a barrel Wednesday as investors shrugged off a looming OPEC production cut after company forecasts suggested the U.S. may be headed for a severe economic slowdown that would crimp demand for crude.

    Light, sweet crude for December delivery dropped $2.63 to $69.55 a barrel in electronic trading on the New York Mercantile Exchange by noon in Europe.

    The November contract expired Tuesday and fell $3.36 to settle at $70.89. Last Thursday, that contract had declined as low as $68.57 a barrel, the lowest since June 2007.

    Continued here.
    E85 selling for $2.249.
    Last edited by HoosierRon; 10-22-2008 at 04:08 PM.

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    Oil Falls Below $70

    Oil Falls a Second Day on Weakening Fuel Demand, Rising Dollar



    Oct. 22 (Bloomberg) -- Crude oil fell for a second day as weakening global fuel demand outweighed prospects of a production cut by OPEC at a meeting this week and the dollar's rally cut the appeal of commodities.

    U.S. gasoline consumption has declined for the past six months and China's economy has slowed amid the financial crisis that's spilling into emerging markets. OPEC, supplier of more than 40 percent of the world's oil, will decide on Oct. 24 to lower output by 1 million barrels a day, according to a Bloomberg survey. The dollar rose to the highest since November 2006 against the euro.

    ``Demand for oil is the focus of people's minds at present and it doesn't get better,'' said Robert Laughlin, senior broker at MF Global Ltd. in London. ``A lot of eyes remain focused on China, which is currently experiencing a very public economic slowdown.''

    Crude oil for December delivery slid as much as $3.70, or 5.1 percent, to $68.48 a barrel on the New York Mercantile Exchange. It was at $68.96 as of 9:04 a.m. local time.

    The November contract expired yesterday, after declining $3.36 to settle at $70.89 a barrel. Oil futures, which have tumbled 53 percent from July's record of $147.27, are down 21 percent from a year ago.

    U.S. gasoline demand dropped 6.4 percent last week from a year earlier, the 26th consecutive weekly decline, a MasterCard Inc. report showed yesterday.

    http://www.bloomberg.com/apps/news?p...d=apTA2W5Qk10c

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    Re: Oil Falls Below $70

    I just filled up last night for $2.49.

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    Re: Oil Falls Below $70

    Are baldness and funny shirts the staples of floor traders?

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    Re: Oil Falls Below $70

    Quote Originally Posted by K-1 View Post
    Are baldness and funny shirts the staples of floor traders?
    I believe the shirts are for identification purposes.

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    Re: Oil Falls Below $70

    Look at the gent raising his hand, willing the prices up. Look at the sheer deperation in his face.

    Beside him, the man in blue contemplates how he got where he is today. he wishes he'd listened to his dad and become a computer programmer, a plumber, anything but this.

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    Re: Oil below $70; E85 below $2.25

    Right or wrong, this is going to suck the life out of more than a few alternative energy projects.

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    Re: Oil below $70; E85 below $2.25

    Quote Originally Posted by minnfang View Post
    Right or wrong, this is going to suck the life out of more than a few alternative energy projects.
    It might slow it down a little, but it won't suck the life out of them until gas prices are low for a long time. Which they won't be.

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    Re: Oil Falls Below $70

    I dont know about you all but im still paying $3.20 average in the DC MD VA area

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    Re: Oil Falls Below $70

    $2.28 today in West Chester!!!
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    Re: Oil Falls Below $70

    Still $3.17 here.
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    Re: Oil Falls Below $70

    Yesterday it was $3.22 here.

    It is so annoying. Everyplace else in the state is below $3.00............. and here we are. It is like serious price fixing, since all 10 stations (different brands), are all the same.

    We get our gasoline from the same place as all the other cities/towns, that are below $3.00. Grrrr.............

    I refuse to buy gas, till it goes down.

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    Re: Oil below $70 (UPDATE: below $67); E85 below $2.25

    and oil was at 147$ before why exactly?..... s p e c u l a t i o n

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    Re: Oil below $70 (UPDATE: below $67); E85 below $2.25

    Quote Originally Posted by Odin View Post
    and oil was at 147$ before why exactly?..... s p e c u l a t i o n
    OK what about this?

    If it peaked at $147 and the price of gas around here was ~$4.40 then....
    $147/$4.40=33.40
    now when the current price of a barrel gets to us it SHOULD be
    $67/33.40=$2.00 a gallon right?

    So using this theory, if it drops below $67 then we COULD see gas in the $1.XX range

    I still do want to see ethanol replace gasoline though, but that would be a nice price for gas.

    By the way E85 is selling for $1.97 at a pump a county away from me.
    Last edited by brandonppr; 10-24-2008 at 12:11 AM.

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    Re: Oil Falls Below $70

    Quote Originally Posted by 96_impala_ss View Post
    I dont know about you all but im still paying $3.20 average in the DC MD VA area
    Sam's Club in Woodbridge was $2.49 the other night. They're always cheaper than everyone else though.

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