Crude Oil Little Changed After IEA Cuts 2008 Demand Forecast

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Tuesday, October 14, 2008 1:00:08 PM

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Crude Oil Little Changed After IEA Cuts 2008 Demand Forecast Tuesday, May 13, 2008
Bloomberg -- May 13 (Bloomberg) -- Crude oil was little changed in New York after the International Energy Agency lowered its demand forecast because higher prices are curbing consumption. The energy adviser to 27 nations cut its estimate for 2008 global oil demand by about 390,000 barrels a day to 86.84 million barrels. The U.S. Energy Department will probably say tomorrow crude supplies advanced a fourth week, according to a Bloomberg survey. ``The IEA's report again confirms the global extent of this slowdown and may be bearish in the short-term,'' said Christopher Bellew, a senior broker at Bache Commodities Ltd. in London.
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	Tuesday, May 13, 2008 Bloomberg -- May 13 (Bloomberg) -- Crude oil was little changed in New York after the International Energy Agency lowered its demand forecast because higher prices are curbing consumption. The energy adviser to 27 nations cut its estimate for 2008 global oil demand by about 390,000 barrels a day to 86.84 million barrels. The U.S. Energy Department will probably say tomorrow crude supplies advanced a fourth week, according to a Bloomberg survey. ``The IEA's report again confirms the global extent of this slowdown and may be bearish in the short-term,'' said Christopher Bellew, a senior broker at Bache Commodities Ltd. in London. Visit Bloomberg for full article

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PenDoctrJD Champion Author Orange County Posts:3,224 Points:1,339,565 Joined:Aug 2001	Message Posted: 5/14/2008 11:53:44 AM	Ignore PenDoctrJD Report Abuse
	Speculators are the culprits!
RML1 Champion Author Chicago Posts:1,000 Points:142,925 Joined:May 2007	Message Posted: 5/14/2008 11:08:13 AM	Ignore RML1 Report Abuse
	Demand no longer means any thing we have shown the oil companies that we will pay what they demand. We use less they produce less price remains the same.
EarlyMoose Champion Author Seattle Posts:1,722 Points:666,715 Joined:Dec 2005	Message Posted: 5/14/2008 11:05:01 AM	Ignore EarlyMoose Report Abuse
	We're at the mercy of oil companies.
blairsgrove All-Star Author Toronto Posts:818 Points:206,285 Joined:May 2003	Message Posted: 5/14/2008 10:54:37 AM	Ignore blairsgrove Report Abuse
	of course it does
Blackice Champion Author Twin Cities Posts:1,627 Points:471,435 Joined:Oct 2003	Message Posted: 5/14/2008 10:53:22 AM	Ignore Blackice Report Abuse
	NOTE: Higher gas prices today are a matter of simple economics. American refiners have the ability to put out 17 million barrels of gasoline per day. Our demand for oil is around 22 million barrels per day. To make up the difference, we need to bring in gasoline from foreign refiners, which means that, at the margins, pump prices are set by import prices.
boniface4jesus Rookie Author Gary Posts:40 Points:10,275 Joined:Mar 2006	Message Posted: 5/14/2008 10:53:18 AM	Ignore boniface4jesus Report Abuse
	Most of the time it seems like a yo-yo. We need this amount of oil. We could get by with less now. No, wait, we need more again. I figure, down the road, they will request more.
colrhino Veteran Author Atlanta Posts:344 Points:105,170 Joined:Nov 2007	Message Posted: 5/14/2008 10:51:47 AM	Ignore colrhino Report Abuse
	the increased demand for oil from developing countries like china and india will trigger tightness in the supply chain and further strain availability and drive prices upward.
Sukiebaby Champion Author New York Posts:8,210 Points:1,193,880 Joined:Apr 2005	Message Posted: 5/14/2008 10:47:07 AM	Ignore Sukiebaby Report Abuse
	America needs to tap into the oil reserves.
Gerund1 Champion Author Toronto Posts:1,007 Points:810,825 Joined:Apr 2003	Message Posted: 5/14/2008 10:45:41 AM	Ignore Gerund1 Report Abuse
	I fear that if demand is decreased by a substantial amount, it will only give the greedy guts controling oil & gas a further excuse to raise prices.
hangupanddrive All-Star Author Michigan Posts:640 Points:902,010 Joined:Aug 2005	Message Posted: 5/14/2008 10:43:15 AM	Ignore hangupanddrive Report Abuse
	China maybe demanding more oil, but my question is with their slave wages and long work hours, who in China can afford to drive????
kingdick Champion Author Minnesota Posts:18,754 Points:1,491,320 Joined:Aug 2004	Message Posted: 5/14/2008 10:41:44 AM	Ignore kingdick Report Abuse
	If you are one of walmarts customers YOU are part of the cause of the increase in Crude Oil PRICE. THE Big increase.
jmonchie Rookie Author New Orleans Posts:36 Points:14,035 Joined:Apr 2008	Message Posted: 5/14/2008 10:41:19 AM	Ignore jmonchie Report Abuse
	Would love to see the price drop like a rock, but I don't think that is the going to happen. There is too much money to be made with high prices. So if demand drops, they will reduce production to to keep the pricing where it is. Gas is like tax, it starts out small, but rarely ever goes down.
RPetty Champion Author Maryland Posts:4,212 Points:947,090 Joined:Jul 2004	Message Posted: 5/14/2008 10:41:01 AM	Ignore RPetty Report Abuse
	Yeah, but won't make a diff @ the pumps!
ladyjj Champion Author Tennessee Posts:1,126 Points:124,240 Joined:Apr 2008	Message Posted: 5/14/2008 10:40:39 AM	Ignore ladyjj Report Abuse
	Amen to what ariccougar said!
esquared Champion Author Oklahoma City Posts:1,306 Points:610,075 Joined:Jan 2006	Message Posted: 5/14/2008 10:36:31 AM	Ignore esquared Report Abuse
	Don't forget the burgeoning energy demands of China and India!
rockinrog All-Star Author Ontario Posts:669 Points:647,075 Joined:May 2006	Message Posted: 5/14/2008 10:33:49 AM	Ignore rockinrog Report Abuse
	You can't win over BIG OIL!
kevski Champion Author Oregon Posts:1,177 Points:160,995 Joined:Feb 2008	Message Posted: 5/14/2008 10:30:34 AM	Ignore kevski Report Abuse
	we conserve and the price continues to rise. fantastic.
Japsmith All-Star Author Tacoma Posts:886 Points:166,315 Joined:Sep 2007	Message Posted: 5/14/2008 10:28:30 AM	Ignore Japsmith Report Abuse
	And the price of the barrel does not even flinch.
kingdick Champion Author Minnesota Posts:18,754 Points:1,491,320 Joined:Aug 2004	Message Posted: 5/14/2008 10:26:27 AM	Ignore kingdick Report Abuse
	If you are one of walmarts customers YOU are part of the cause of the increase in Crude Oil PRICE. THE Big increase.
The_WB Champion Author Detroit Posts:4,149 Points:447,275 Joined:Apr 2007	Message Posted: 5/14/2008 10:24:19 AM	Ignore The_WB Report Abuse
	They can only reduce soo much.
ariccougar Sophomore Author Utah Posts:106 Points:12,720 Joined:Jun 2007	Message Posted: 5/14/2008 10:23:13 AM	Ignore ariccougar Report Abuse
	Everyone talks about Reducing Demand to reduce price, but when there is less demand, the oil people and countries reduce supply to keep choking us and stealing our money.
MacGyver_1701 Champion Author Indiana Posts:5,054 Points:1,109,575 Joined:Feb 2005	Message Posted: 5/14/2008 10:23:05 AM	Ignore MacGyver_1701 Report Abuse
	If Demand is cut, then refiners will cut as well. Big OIL has finally figured out how to control the market price, so they will not let of any time soon. Once they have the nations money, maybe they will reduce cost in order to let the country recover.
eaglev All-Star Author Oklahoma City Posts:793 Points:295,570 Joined:Jul 2005	Message Posted: 5/14/2008 10:19:19 AM	Ignore eaglev Report Abuse
	I wonder what the speculators are doing now???
normcrocker All-Star Author Nashville Posts:586 Points:600,045 Joined:Sep 2006	Message Posted: 5/14/2008 10:16:41 AM	Ignore normcrocker Report Abuse
	And what percent cut was that?
Wolfwings All-Star Author Delaware Posts:727 Points:230,635 Joined:May 2004	Message Posted: 5/14/2008 10:15:14 AM	Ignore Wolfwings Report Abuse
	Note to big oil: If you lower prices at the pump, the people who use gas may just go back and buy some!
eaglev All-Star Author Oklahoma City Posts:793 Points:295,570 Joined:Jul 2005	Message Posted: 5/14/2008 10:14:41 AM	Ignore eaglev Report Abuse
	Let's see if the price comes down, or will they just cut production to keep it high
AC-302 Champion Author Los Angeles Posts:7,939 Points:1,279,805 Joined:Aug 2004	Message Posted: 5/14/2008 10:13:57 AM	Ignore AC-302 Report Abuse
	So invest in oil STOCKS. They pay dividends.
glazarides All-Star Author Akron Posts:506 Points:355,640 Joined:Jul 2006	Message Posted: 5/14/2008 10:13:49 AM	Ignore glazarides Report Abuse
	Time to put in a hydroxy injector in my car, that should cut my consumption by 20%-40%.
NeilPage Champion Author Baltimore Posts:1,413 Points:355,565 Joined:Nov 2005	Message Posted: 5/14/2008 10:13:23 AM	Ignore NeilPage Report Abuse
	surprise, surprise
Egor Champion Author Regina Posts:1,196 Points:545,125 Joined:Aug 2005	Message Posted: 5/14/2008 10:10:47 AM	Ignore Egor Report Abuse
	I told you all, I have just invested in oil and I always lose. Oils going for a big fall. Get out while you can!
laddyboy62 Champion Author Riverside Posts:1,395 Points:957,760 Joined:Mar 2005	Message Posted: 5/14/2008 10:08:38 AM	Ignore laddyboy62 Report Abuse
	hey ..i like that song
kwilson08 Rookie Author Indianapolis Posts:47 Points:2,705 Joined:Apr 2008	Message Posted: 5/14/2008 10:06:57 AM	Ignore kwilson08 Report Abuse
	these prices are highway robbery...robbery is a crime...i agree with willy nelson... "Grand pappy told my pappy back in my day, son A man had to answer for the wicked that he'd done Take all the rope in Texas Find a tall oak tree, round up all of them bad boys Hang them high in the street For all the people to see"
RochBear Champion Author Minnesota Posts:1,577 Points:473,230 Joined:May 2006	Message Posted: 5/14/2008 10:06:23 AM	Ignore RochBear Report Abuse
	down .39 million out of 86.84 million barrels, Talk about a drop in a very large can. It's no wonder the price didn't drop. And this is on the crude oil side, gas went up, since the supply of gasoline and Diesel went down to to "refinery maintance". This country needs to have two formulas, one for gas, one for diesel, year round, every state!!!! That would eliminate the refineries changing things, and if one goes down, the others have the same product. The problem now is Gas is not gas.
DST43 Champion Author Oklahoma Posts:2,095 Points:362,020 Joined:Jul 2007	Message Posted: 5/14/2008 10:04:27 AM	Ignore DST43 Report Abuse
	ok
McNasties Champion Author Wisconsin Posts:3,920 Points:749,625 Joined:May 2006	Message Posted: 5/14/2008 10:04:01 AM	Ignore McNasties Report Abuse
	Too bad uric acid can't power batteries.
cbpilot Sophomore Author Riverside Posts:174 Points:364,760 Joined:Dec 2006	Message Posted: 5/14/2008 10:02:01 AM	Ignore cbpilot Report Abuse
	I want one of those 80 mpg carburetors the oil companies bought up years ago.
phatride92 Champion Author Kansas Posts:3,563 Points:902,850 Joined:Oct 2005	Message Posted: 5/14/2008 9:58:56 AM	Ignore phatride92 Report Abuse
	ok - patchdogMI
kaaato Rookie Author Boston Posts:66 Points:83,645 Joined:May 2007	Message Posted: 5/14/2008 9:53:50 AM	Ignore kaaato Report Abuse
	Nicely put patchdogMI
radrunner All-Star Author Toronto Posts:689 Points:1,017,780 Joined:Apr 2004	Message Posted: 5/14/2008 9:51:28 AM	Ignore radrunner Report Abuse
	big deal.
brian77nc Rookie Author Durham Posts:37 Points:29,305 Joined:May 2008	Message Posted: 5/14/2008 9:47:44 AM	Ignore brian77nc Report Abuse
	The oil companies are making TONS of money and people are still buying. Why whould they lower prices? It makes good business sense. However, I hate that we are hurting.
kanmandoo All-Star Author Detroit Posts:949 Points:869,510 Joined:Jun 2005	Message Posted: 5/14/2008 9:46:12 AM	Ignore kanmandoo Report Abuse
	It's not going down for a long time to come.
scrounger Champion Author Vancouver Posts:6,104 Points:1,651,220 Joined:Mar 2003	Message Posted: 5/14/2008 9:44:02 AM	Ignore scrounger Report Abuse
	same old, same old
C5vette2004 All-Star Author Little Rock Posts:772 Points:193,295 Joined:Dec 2007	Message Posted: 5/14/2008 9:43:58 AM	Ignore C5vette2004 Report Abuse
	It is a racket
patchdogMI Sophomore Author Michigan Posts:211 Points:11,265 Joined:May 2008	Message Posted: 5/14/2008 9:43:11 AM	Ignore patchdogMI Report Abuse
	I know, we'll cut supply so that it equals demand for the most profit. They'd do better with 1000 units at $3.00 than 100 units at $5.00.
spunky4443 All-Star Author Washington Posts:971 Points:420,280 Joined:May 2005	Message Posted: 5/14/2008 9:42:48 AM	Ignore spunky4443 Report Abuse
	What a bunch of Bull, Oil Co's are loving it, they just get richer everyday.
pcon34 Sophomore Author Indiana Posts:215 Points:251,150 Joined:Dec 2005	Message Posted: 5/14/2008 9:42:37 AM	Ignore pcon34 Report Abuse
	The reason that gas prices went up is the reason why Exxon, BP, etc are making huge profits, there is little to no relationship any more between the price of gas and the price of oil. Last spring, price at the pump reach $ 3.50 and the price of oil was 1/2 what it is today.
rod1965 All-Star Author Portland Posts:501 Points:72,200 Joined:Jul 2007	Message Posted: 5/14/2008 9:42:07 AM	Ignore rod1965 Report Abuse
	Of course gas went up,the oil companies have to get that lost revenue. They are greedy and self-serving. someone get a rope and find a tall tree.
Mickie08 Sophomore Author Jackson Posts:162 Points:64,170 Joined:Mar 2008	Message Posted: 5/14/2008 9:42:06 AM	Ignore Mickie08 Report Abuse
	My questions: Is anyone putting any pressure for them to lower prices? Why don't we hear something out of DC?
rjb21760 All-Star Author Chicago Posts:798 Points:407,610 Joined:Oct 2006	Message Posted: 5/14/2008 9:39:22 AM	Ignore rjb21760 Report Abuse
	If little changed why did gas go up 20 cents? All these news report are packed full of lies.
bug27 Champion Author Kentucky Posts:1,778 Points:1,136,850 Joined:Apr 2005	Message Posted: 5/14/2008 9:37:40 AM	Ignore bug27 Report Abuse
	Up 6¢ here today.