In the energy market Tuesday, crude for July delivery eased a bit, closing at $128.84/barrel, down $3.34. July reformulated gasoline lost 2 cents, to $3.38/gallon.
“When sorrows come, they come not single spies, but battalions…”
Hamlet
In the energy market Thursday, crude for June delivery rose to a new closing high, ending at $127.05/barrel, up 76 cents. June reformulated gasoline rose 2 cents, to $3.24/gallon.
As high prices at the pumps and the rise of biofuels cut into demand for gasoline, US oil refiners are switching their attention to diesel.
“The trend that is important behind the story of the future expansions is the downtrend in gasoline,” said Joanne Shore, analyst for the U.S. Energy Information Administration, speaking to Thomson Reuters.
“We feel that demand for distillates is going to be higher than gasoline for the next several years.
In the energy market Thursday, crude for June delivery tumbled early, as far as $120.90, before late buying pushed it nearly all the way back, to close at $124.12/barrel, down just 10 cents.
In the energy market Friday, crude for June delivery capped a week in which it rose 8.3% by smashing its closing record once again at $125.96/barrel, up $2.27. June reformulated gasoline gained 6.22 cents, to $3.20/gallon.
Rental car or train? It’s a question I face every time I head back to England, trying to figure out the best way to travel. And after doing a few sums, there was no contest.
In the energy market Wednesday, crude for June delivery plummeted, closing at $116.06/barrel, down $2.24. June reformulated gasoline lost 3.31 cents, to $3.0093/gallon.
Crude oil yesterday shot past $117 a barrel. Sky-high oil prices are now hitting Americans where it hurts: their wallets. The average price US drivers paid for gasoline has soared to a new high of $3.51 a gallon, rising a hefty 11.9 cents over the last week.
“The rise in the oil price has little to do with supply and demand, says Phil Flynn of Alaron Trading over at Casey Research,” and has everything to do with the value of the dollar … It really is all about the dollar right now and if the dollar shows any sign of strength, you’ll see a lot of money come out of oil very quickly.”
Like a broken record, oil hit new highs today while the dollar reached new lows…
Eric Roseman sees oil prices trending lower. He says, “Oil belongs closer to US$75, not US$113 a barrel.”
Byron King says, “Everyone has to realize that this is something permanent, going forward. “Peak Oil” will not pass if we ignore it long enough. And no one can solve the problem just by bellyaching about the rising price for gasoline.”
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