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Crude Oil Rises a Second Day on U.S. Gasoline Supply Forecas

Bloomberg -- Aug. 20 (Bloomberg) -- Crude oil rose for a second day before a weekly U.S. government report on stockpiles that may show gasoline supplies shrank for a fourth week in the world's largest energy user.

U.S. supplies of gasoline probably fell by 3 million barrels last week from 202.8 million barrels the previous week, according to a Bloomberg survey. Goldman Sachs Group Inc. repeated its forecast that prices will top last month's $147.27 record this year as emerging market demand strains global supplies.

``The forecasts are pointing to a decline of as much as 3 million barrels in gasoline supplies while we remain in the peak driving season,'' said Robert Montefusco, a broker at Sucden (U.K.) Ltd. in London. ``On top of that, Goldman are still bullish and some OPEC members are calling for cuts at the next meeting.''

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Submitted Aug 20, 2008 By: JT

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SeerLV Champion Author Las Vegas Posts:2,165 Points:455,085 Joined:Jun 2008	Message Posted: Aug 21, 2008 10:13:11 AM Ignore SeerLV Report Abuse High prices could come right back if OPEC cuts production.
radicale All-Star Author Calgary Posts:971 Points:240,500 Joined:Aug 2006	Message Posted: Aug 21, 2008 10:11:57 AM Ignore radicale Report Abuse Hmm, didn't I see this yesterday?
mrsports007 Champion Author Raleigh Posts:2,490 Points:374,710 Joined:Jun 2008	Message Posted: Aug 21, 2008 10:08:43 AM Ignore mrsports007 Report Abuse cut back on supply and demand will make the prices rise again. right now everyone feeling good because the prices have come down a few cents.
ww2gas Champion Author Virginia Posts:2,299 Points:573,800 Joined:May 2007	Message Posted: Aug 21, 2008 10:08:17 AM Ignore ww2gas Report Abuse Booooooooooooooooooooo. More down, less up.
mfeldstein Champion Author Ottawa Posts:2,289 Points:771,005 Joined:Feb 2007	Message Posted: Aug 21, 2008 10:00:00 AM Ignore mfeldstein Report Abuse Prices will have their ups and downs from day to day, but it's been one step up and two steps down lately trending in the right direction.
tbybee All-Star Author Omaha Posts:670 Points:281,195 Joined:Apr 2008	Message Posted: Aug 21, 2008 9:57:05 AM Ignore tbybee Report Abuse An article a couple weeks ago said they planned to cut production a refineries -- thus the lower stockpiles and an attempt to increase price.
techque Champion Author St. Louis Posts:2,458 Points:1,256,510 Joined:Apr 2005	Message Posted: Aug 21, 2008 9:54:25 AM Ignore techque Report Abuse supply forcast to be down because suppliers and producer cutting production in response to demand decline. this is NOT an excuse to raise prices . . . DAH , we're being led by morons.
Gassie1 Champion Author Akron Posts:6,296 Points:915,340 Joined:Apr 2007	Message Posted: Aug 21, 2008 9:52:07 AM Ignore Gassie1 Report Abuse How rude!
hblee Champion Author Ontario Posts:1,283 Points:453,745 Joined:May 2004	Message Posted: Aug 21, 2008 9:50:06 AM Ignore hblee Report Abuse There are still a lot of demand around the world so the prices will inevitably go back up.
jrobbie Sophomore Author St. Louis Posts:221 Points:100,010 Joined:Jan 2008	Message Posted: Aug 21, 2008 9:49:20 AM Ignore jrobbie Report Abuse Hmm... So oil inventories are up over 9 million when they were only expected to be up 1.7 million... yet gasoline inventories are down... Sounds like the refineries are playing the shortened supply game when they have more than enough oil for gasoline output.
Brockvillian Veteran Author Ontario Posts:437 Points:277,245 Joined:May 2007	Message Posted: Aug 21, 2008 9:49:13 AM Ignore Brockvillian Report Abuse But didn't they also lower the production of fuel. If they produce the same amount of fuel, I think the stockpile would remain the same. You can't have that happen. Where's the profit in that? ;)
Kana Veteran Author New York Posts:493 Points:156,695 Joined:Aug 2005	Message Posted: Aug 21, 2008 9:48:51 AM Ignore Kana Report Abuse So if the price of crude rose and supply shrank, why are pices dropping? in the past we would have seen more price increases....
mattf373 All-Star Author Atlanta Posts:906 Points:186,650 Joined:Mar 2003	Message Posted: Aug 21, 2008 9:48:25 AM Ignore mattf373 Report Abuse This will hopefully be short lived.
sailormon Champion Author Michigan Posts:1,406 Points:363,875 Joined:Jul 2007	Message Posted: Aug 21, 2008 9:48:00 AM Ignore sailormon Report Abuse I got an idea! How about a fall season on SPECULATORS!!
Pede Champion Author New Jersey Posts:2,074 Points:273,800 Joined:Apr 2007	Message Posted: Aug 21, 2008 9:45:35 AM Ignore Pede Report Abuse Forecasting is another word for speculator
acknot Champion Author Seattle Posts:1,487 Points:768,300 Joined:Sep 2003	Message Posted: Aug 21, 2008 9:43:51 AM Ignore acknot Report Abuse Quit forcasting!
rod1965 Champion Author Portland Posts:1,741 Points:322,985 Joined:Jul 2007	Message Posted: Aug 21, 2008 9:42:16 AM Ignore rod1965 Report Abuse Yes, here we go again. Keep telling your neighbors, relatives, and friends to stop thinking this is over and have them do the same. If we don't, it will only get worse.
dls_txxs_grl All-Star Author Dallas Posts:869 Points:59,850 Joined:May 2008	Message Posted: Aug 21, 2008 9:39:51 AM Ignore dls_txxs_grl Report Abuse YUP...HERE WE GO AGAIN!!!
KopterDoctor Veteran Author Alabama Posts:318 Points:54,045 Joined:May 2008	Message Posted: Aug 21, 2008 9:39:05 AM Ignore KopterDoctor Report Abuse Here we go again.
Egaser Veteran Author Atlanta Posts:470 Points:367,310 Joined:Apr 2006	Message Posted: Aug 21, 2008 9:38:25 AM Ignore Egaser Report Abuse We had better hope the dollar stays strong.
markmoore80 All-Star Author North Carolina Posts:907 Points:302,775 Joined:Apr 2004	Message Posted: Aug 21, 2008 9:35:35 AM Ignore markmoore80 Report Abuse Blah
Bruno44 Champion Author Texas Posts:1,963 Points:623,880 Joined:Sep 2007	Message Posted: Aug 21, 2008 9:33:29 AM Ignore Bruno44 Report Abuse Supplies are falling because fools in congress are blocking drilling in US, thus putting us at the wills and whims of opec, chavez etc. Until good alternatives are developed, we had better drill in US before the socialists destroy our economy.
WillyG Champion Author Cincinnati Posts:1,891 Points:567,710 Joined:Aug 2005	Message Posted: Aug 21, 2008 9:33:26 AM Ignore WillyG Report Abuse Supplies are falling because Big Oil wants the price of barrel to keep going up, and not down. That's a very good and efficient way of making sure that that happens.
Chiefsfan1985 Sophomore Author Des Moines Posts:121 Points:51,010 Joined:Apr 2008	Message Posted: Aug 21, 2008 9:33:03 AM Ignore Chiefsfan1985 Report Abuse Hooky, Are you saying you aren't driving?
eaglev Champion Author Oklahoma City Posts:2,223 Points:577,890 Joined:Jul 2005	Message Posted: Aug 21, 2008 9:32:44 AM Ignore eaglev Report Abuse the holiday is comming up so they have to have a reason to push it up so they can justify the increase.
cardjcsk Champion Author Toronto Posts:1,852 Points:770,255 Joined:Feb 2007	Message Posted: Aug 21, 2008 9:32:42 AM Ignore cardjcsk Report Abuse WOW
hooky Champion Author Michigan Posts:12,254 Points:1,173,070 Joined:Sep 2005	Message Posted: Aug 21, 2008 9:30:10 AM Ignore hooky Report Abuse Supplies are falling because fools are on the road again!
AC-302 Champion Author Los Angeles Posts:12,279 Points:1,671,415 Joined:Aug 2004	Message Posted: Aug 21, 2008 9:30:06 AM Ignore AC-302 Report Abuse Ouch! Let's hope it's an anomalie
mrpc90 Champion Author Illinois Posts:1,719 Points:675,845 Joined:Dec 2004	Message Posted: Aug 21, 2008 9:29:42 AM Ignore mrpc90 Report Abuse Yesterday's news.
rnb1954 Rookie Author Illinois Posts:52 Points:112,690 Joined:Jun 2008	Message Posted: Aug 21, 2008 9:28:06 AM Ignore rnb1954 Report Abuse Big business putting the screws to the American People again.
archetypical Champion Author St. Louis Posts:3,379 Points:574,825 Joined:May 2007	Message Posted: Aug 21, 2008 9:22:50 AM Ignore archetypical Report Abuse If only the refiners weren't manipulating the supply by cutting gasoline production...
bruinsfanON Champion Author London Posts:1,657 Points:105,205 Joined:Aug 2008	Message Posted: Aug 21, 2008 9:22:14 AM Ignore bruinsfanON Report Abuse not around here if oil goes down $3 a barrel gas goes down 1c a litre, but if gas goes up $2 a barrel gas goes up 5c a litre last week oil was around 113.00 and gas was $1.22 a litre today oil started at 115.00 and is increasing and surprise now gas is around that $1.28 mark.
rogerparry Champion Author Florida Posts:3,158 Points:651,630 Joined:Jan 2008	Message Posted: Aug 21, 2008 9:21:00 AM Ignore rogerparry Report Abuse They're trying to stir the pot again and get prices to rise. Keep demand low so we can show them otherwise.
kanmandoo Champion Author Detroit Posts:1,349 Points:1,132,875 Joined:Jun 2005	Message Posted: Aug 21, 2008 9:19:43 AM Ignore kanmandoo Report Abuse "PEAK DRIVING SEASON" people are just not driving as much.
mooneagle Champion Author Oklahoma City Posts:2,340 Points:496,265 Joined:Jun 2008	Message Posted: Aug 21, 2008 9:19:33 AM Ignore mooneagle Report Abuse Gas at the pump will probably sky rocket again. Hope not
Retowered Champion Author Colorado Posts:2,831 Points:1,442,990 Joined:May 2004	Message Posted: Aug 21, 2008 9:18:17 AM Ignore Retowered Report Abuse This is good, we may get a brake yet.
star_deceiver Champion Author British Columbia Posts:2,302 Points:468,390 Joined:Jun 2008	Message Posted: Aug 21, 2008 9:18:10 AM Ignore star_deceiver Report Abuse supplies are over 200 million, thats what the gov't wants
bell05 Champion Author Atlanta Posts:2,927 Points:617,405 Joined:Jun 2005	Message Posted: Aug 21, 2008 9:17:52 AM Ignore bell05 Report Abuse It always go up and down, like a yoyo
bowler48226 Champion Author Detroit Posts:1,721 Points:459,410 Joined:Sep 2007	Message Posted: Aug 21, 2008 9:15:06 AM Ignore bowler48226 Report Abuse Crude oil rose and pump prices in the area went down. Go figure.
RC_RACER Champion Author Tacoma Posts:2,924 Points:566,530 Joined:Jun 2004	Message Posted: Aug 21, 2008 9:10:20 AM Ignore RC_RACER Report Abuse slow news day, everything has small changes. This just is not normal for oil.
owatonnajeep Champion Author Minnesota Posts:3,125 Points:625,195 Joined:Nov 2007	Message Posted: Aug 21, 2008 9:09:41 AM Ignore owatonnajeep Report Abuse gasoline supplies are down but oil supplies are up, sounds like there's a bottle neck at the refinery...
china211 Veteran Author Long Island Posts:497 Points:84,400 Joined:May 2008	Message Posted: Aug 21, 2008 9:09:32 AM Ignore china211 Report Abuse This is good for us!!!!
Chitowner Champion Author Omaha Posts:1,376 Points:406,565 Joined:Jul 2007	Message Posted: Aug 21, 2008 9:08:58 AM Ignore Chitowner Report Abuse supplies have shrunk because the refineries have cut back production. There is not one refinier running at 100% in the US.
unclebobMO Veteran Author Missouri Posts:266 Points:188,355 Joined:Mar 2008	Message Posted: Aug 21, 2008 9:08:54 AM Ignore unclebobMO Report Abuse This is an excuse for the speculators and future traders to continue the run as long as possible.
lucky69 Champion Author Austin Posts:1,240 Points:418,285 Joined:May 2008	Message Posted: Aug 21, 2008 9:08:11 AM Ignore lucky69 Report Abuse It's going to go up some days its whether is will continue to go up and raise prices back to where it was in June/July.
Matts_Pap Champion Author Pennsylvania Posts:3,136 Points:546,815 Joined:Feb 2008	Message Posted: Aug 21, 2008 9:05:27 AM Ignore Matts_Pap Report Abuse Anything can happen and it probably will.
RochBear Champion Author Minnesota Posts:3,733 Points:802,745 Joined:May 2006	Message Posted: Aug 21, 2008 9:05:03 AM Ignore RochBear Report Abuse 3 out of 202, is hardly a spike, that much is normal fluctuation. So hopefully people will realize this and not panic.
FawltyPawl Champion Author North Carolina Posts:1,235 Points:202,480 Joined:Jul 2008	Message Posted: Aug 21, 2008 9:04:23 AM Ignore FawltyPawl Report Abuse Normal for oil is 15 to 147 dollars a barrel; take it or leave it, we are slaves to crude.
jeep2003 Veteran Author New York Posts:251 Points:245,250 Joined:May 2008	Message Posted: Aug 21, 2008 9:02:55 AM Ignore jeep2003 Report Abuse I don't think we will every see normal again. I am glad but it will rebound.
njteech Champion Author New Jersey Posts:6,365 Points:1,512,380 Joined:Aug 2004	Message Posted: Aug 21, 2008 9:01:39 AM Ignore njteech Report Abuse Conserve conserve conserve
chas_commuter All-Star Author South Carolina Posts:830 Points:226,085 Joined:Mar 2008	Message Posted: Aug 21, 2008 9:01:00 AM Ignore chas_commuter Report Abuse Fill up now :)
DFleming Veteran Author Alberta Posts:430 Points:89,735 Joined:May 2008	Message Posted: Aug 21, 2008 8:59:56 AM Ignore DFleming Report Abuse Maybe things will smooth out soon