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Nymex Crude Briefly Tests Waters Below $80/Bbl

Wall Street Journal -- Crude futures briefly dipped below $80 a barrel Friday, as the week's gains evaporated on a stronger dollar and a decline in equities.

Oil prices have this month begun to sound out a new, extremely narrow trading range between $80 and $83 a barrel. Expectations that global oil demand will continue to improve have kept prices from falling. But concern about the pace of recovery, and high supply levels, are limiting gains.

Futures traded below $80 a barrel for only a few seconds before returning to a precarious perch just above that psychologically important price.

Light, sweet crude for April delivery recently traded $1.85, or 2.3%, lower at $80.35 a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange traded $1.75 lower at $79.73 a barrel.

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Submitted Mar 19, 2010 By: EVH_1984

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srchr Champion Author San Jose Posts:2,508 Points:696,520 Joined:Apr 2008	Message Posted: Mar 19, 2010 3:03:28 PM Ignore srchr Report Abuse supply and demand
Romey08 Champion Author Virginia Posts:1,954 Points:573,275 Joined:Apr 2008	Message Posted: Mar 19, 2010 3:03:23 PM Ignore Romey08 Report Abuse in the meantime, gas prices continue to rise and getting close to $3.00 mark
WIPACKERFAN Champion Author Chicago Posts:3,957 Points:881,740 Joined:Aug 2005	Message Posted: Mar 19, 2010 3:03:02 PM Ignore WIPACKERFAN Report Abuse I agree with you swrestler. Stop the speculation NOW!!!!!!!!!!!!!!!!!!!!
swrestler Champion Author Grand Rapids Posts:1,215 Points:597,210 Joined:Oct 2008	Message Posted: Mar 19, 2010 2:59:47 PM Ignore swrestler Report Abuse Stop the SPECULATION alrerady......
julius1st4 Champion Author Ontario Posts:1,733 Points:813,565 Joined:Jul 2003	Message Posted: Mar 19, 2010 2:51:54 PM Ignore julius1st4 Report Abuse The speculators will have the week-end off & then resume "Playing Games" again on Monday [just in time for SPRING] NEW SEASON----NEW PRICING
rfe330 All-Star Author Winston-Salem Posts:700 Points:229,275 Joined:Nov 2008	Message Posted: Mar 19, 2010 2:51:54 PM Ignore rfe330 Report Abuse It doesn't matter - or haven't you noticed?
sdbaroon Sophomore Author Scranton Posts:108 Points:540,685 Joined:May 2004	Message Posted: Mar 19, 2010 2:51:00 PM Ignore sdbaroon Report Abuse Up and Down is good, as long Down always follows Up. It would be so nice to keep it steady for a while!
doncNJ Champion Author New Jersey Posts:2,780 Points:565,920 Joined:Oct 2008	Message Posted: Mar 19, 2010 2:49:47 PM Ignore doncNJ Report Abuse Down 2 per cent today and it will probably be up 2 on Monday.
mickealo Champion Author Spokane Posts:1,471 Points:1,213,370 Joined:Oct 2006	Message Posted: Mar 19, 2010 2:48:42 PM Ignore mickealo Report Abuse it is going to be high by summer sounds normal to me
suportoffroad30 Veteran Author Wisconsin Posts:290 Points:600,605 Joined:Aug 2007	Message Posted: Mar 19, 2010 2:45:15 PM Ignore suportoffroad30 Report Abuse Prices will still be going up at the pump as the summer driving time gets closer. Too bad that they don't go down in price, what a novel idea.
nojsts Champion Author St. Louis Posts:14,048 Points:2,829,905 Joined:May 2002	Message Posted: Mar 19, 2010 2:38:55 PM Ignore nojsts Report Abuse Same story different day.
BobbyVA Champion Author Virginia Beach Posts:1,482 Points:317,760 Joined:Jul 2009	Message Posted: Mar 19, 2010 2:38:18 PM Ignore BobbyVA Report Abuse Roller coaster ride continues.........................
scoop2008 Veteran Author Ontario Posts:251 Points:179,005 Joined:Mar 2008	Message Posted: Mar 19, 2010 2:37:04 PM Ignore scoop2008 Report Abuse prices keep rising
nimpy Champion Author Indianapolis Posts:4,128 Points:894,840 Joined:Oct 2007	Message Posted: Mar 19, 2010 2:33:44 PM Ignore nimpy Report Abuse doesn't matter the price is still gonna go up
Daveyfudd All-Star Author Jackson Posts:868 Points:211,500 Joined:May 2008	Message Posted: Mar 19, 2010 2:33:44 PM Ignore Daveyfudd Report Abuse Prices still going up here.
pgerassi Champion Author Milwaukee Posts:5,969 Points:1,171,220 Joined:Apr 2007	Message Posted: Mar 19, 2010 2:30:27 PM Ignore pgerassi Report Abuse There will be a drop in the pump price once the spring switchover is done. You can tell by the diesel prices which have been nearly unchanged.
djtdi Champion Author San Jose Posts:1,236 Points:296,755 Joined:Aug 2005	Message Posted: Mar 19, 2010 2:28:18 PM Ignore djtdi Report Abuse I don't expect any drop at the pump for us.
jjw0608 Champion Author Milwaukee Posts:3,387 Points:1,003,345 Joined:Nov 2005	Message Posted: Mar 19, 2010 2:27:23 PM Ignore jjw0608 Report Abuse Give me a break; this is just B.S.
MRED3 Champion Author Jacksonville Posts:2,270 Points:444,220 Joined:May 2009	Message Posted: Mar 19, 2010 2:25:24 PM Ignore MRED3 Report Abuse If it was 70 dollars a barrel I think the prices at the pump would still be like they are.
caddilac Champion Author Ontario Posts:10,690 Points:1,165,005 Joined:Apr 2007	Message Posted: Mar 19, 2010 2:16:41 PM Ignore caddilac Report Abuse Oil prices dropped but gas prices haven't dropped.
spiderjay Champion Author Little Rock Posts:2,250 Points:582,555 Joined:Oct 2005	Message Posted: Mar 19, 2010 2:13:49 PM Ignore spiderjay Report Abuse Come on in the waters @ $40 a barrel are fine
ILVET Champion Author Illinois Posts:9,915 Points:1,965,820 Joined:Jan 2005	Message Posted: Mar 19, 2010 2:06:03 PM Ignore ILVET Report Abuse Same ole, Same ole
brus282 Champion Author North Carolina Posts:4,626 Points:943,225 Joined:Aug 2007	Message Posted: Mar 19, 2010 2:03:01 PM Ignore brus282 Report Abuse needs to keep going down, but next posting will be announcement of it going up, same story day after day
ChuckGVT Champion Author Vermont Posts:2,121 Points:736,420 Joined:Apr 2008	Message Posted: Mar 19, 2010 2:00:28 PM Ignore ChuckGVT Report Abuse Boring.
computernut2008 Champion Author Ohio Posts:1,676 Points:404,140 Joined:Oct 2008	Message Posted: Mar 19, 2010 1:57:33 PM Ignore computernut2008 Report Abuse I am sick of these thieves being so prob of themselves
Eichhornchen Champion Author Detroit Posts:2,739 Points:535,030 Joined:Feb 2009	Message Posted: Mar 19, 2010 1:55:40 PM Ignore Eichhornchen Report Abuse Why the spike in pump prices?
goldilox88 Champion Author Montreal Posts:2,268 Points:627,505 Joined:Jun 2008	Message Posted: Mar 19, 2010 1:55:26 PM Ignore goldilox88 Report Abuse let's hope oil drops.
camel1 Champion Author Minnesota Posts:3,805 Points:1,333,000 Joined:Jul 2006	Message Posted: Mar 19, 2010 1:53:31 PM Ignore camel1 Report Abuse These expectations are keeping oil way higher than what fundamentals say it should be. Prices should not increase with excess supplies.
bbreff Champion Author Atlanta Posts:5,189 Points:1,642,045 Joined:Jun 2005	Message Posted: Mar 19, 2010 1:49:17 PM Ignore bbreff Report Abuse Hoe about below $50.00 a barrel?
DellDude2 Champion Author Nashville Posts:4,011 Points:1,155,385 Joined:Aug 2005	Message Posted: Mar 19, 2010 1:44:52 PM Ignore DellDude2 Report Abuse This would have more meaning if I was buying barrels of oil. :-)
dollarwatcher Champion Author Wisconsin Posts:3,017 Points:565,700 Joined:Mar 2007	Message Posted: Mar 19, 2010 1:43:04 PM Ignore dollarwatcher Report Abuse Ya, and our pump prices jumped to 2.83 from 2.77 overnight. JERKS.
virginia52 Champion Author Alaska Posts:4,018 Points:794,635 Joined:May 2007	Message Posted: Mar 19, 2010 1:42:05 PM Ignore virginia52 Report Abuse Gosh one day the news says oil is up and the next day it's down. Meanwhile our gas prices have continued to go up and not come down at all. We've been paying over $3.00 a gallon for a couple of years now and today we are paying $3.69 per gallon.
TAT36 Champion Author Florida Posts:1,825 Points:348,410 Joined:Sep 2009	Message Posted: Mar 19, 2010 1:30:53 PM Ignore TAT36 Report Abuse Strong dollar, slow recovery, high supply levels. Doesn't look good for speculators. Having said that it probably won't make much difference in the price we see at the pumps.
WCCurtis Champion Author San Bernardino Posts:3,022 Points:923,305 Joined:Oct 2005	Message Posted: Mar 19, 2010 1:29:48 PM Ignore WCCurtis Report Abuse Today, a barrel of Crude Oil closed down $1.52 to $80.68.
nigelb Champion Author Virginia Posts:3,513 Points:529,665 Joined:Feb 2008	Message Posted: Mar 19, 2010 1:27:16 PM Ignore nigelb Report Abuse Wow! Futures traded below $80 for a few seconds. I am so excited!!! Yawn.
oldiesman Champion Author New York Posts:1,672 Points:1,265,160 Joined:May 2006	Message Posted: Mar 19, 2010 1:25:23 PM Ignore oldiesman Report Abuse same old story up and down.
TRAIN RIDER Champion Author San Bernardino Posts:4,280 Points:1,798,045 Joined:Oct 2004	Message Posted: Mar 19, 2010 1:24:22 PM Ignore TRAIN RIDER Report Abuse GOOD. I HOPE THE EXTRA CRUDE PUMPED WILL DO THIS.
TFowler513 Champion Author Memphis Posts:2,387 Points:591,485 Joined:Mar 2008	Message Posted: Mar 19, 2010 1:07:53 PM Ignore TFowler513 Report Abuse More market manipulation and speculation.
njerald Champion Author Seattle Posts:2,912 Points:670,380 Joined:Oct 2007	Message Posted: Mar 19, 2010 1:05:01 PM Ignore njerald Report Abuse Ho hum....
Long_gone Champion Author Chicago Posts:1,083 Points:170,750 Joined:Jan 2010	Message Posted: Mar 19, 2010 1:04:11 PM Ignore Long_gone Report Abuse Briefly, huh? Lucky us.
georgeo Champion Author California Posts:2,526 Points:103,060 Joined:May 2009	Message Posted: Mar 19, 2010 12:56:57 PM Ignore georgeo Report Abuse Come on in, the water is fine. Just drop your oil prices.
rasprout Champion Author Tacoma Posts:1,531 Points:391,445 Joined:Jun 2009	Message Posted: Mar 19, 2010 12:47:16 PM Ignore rasprout Report Abuse keep dropping, I like messing with speculators Phyche...
Jun2 Veteran Author Virginia Posts:499 Points:398,950 Joined:Aug 2008	Message Posted: Mar 19, 2010 12:41:56 PM Ignore Jun2 Report Abuse Down, down, down!
VWC Veteran Author Maryland Posts:378 Points:648,940 Joined:Oct 2004	Message Posted: Mar 19, 2010 12:41:42 PM Ignore VWC Report Abuse As long as speculators aren't required to take delivery, the price won't go down much. They always find a way to jack it up.
murphy50 Champion Author Colorado Posts:2,613 Points:1,609,165 Joined:May 2004	Message Posted: Mar 19, 2010 12:41:03 PM Ignore murphy50 Report Abuse Little demand, copius supply and still the prices rise.
threewheeler Champion Author Seattle Posts:2,316 Points:288,380 Joined:Jun 2008	Message Posted: Mar 19, 2010 12:39:20 PM Ignore threewheeler Report Abuse all stations keep raising their prices
eddmac Champion Author Washington Posts:4,538 Points:1,000,015 Joined:May 2006	Message Posted: Mar 19, 2010 12:36:35 PM Ignore eddmac Report Abuse What is going on? Monday gas was 2.99 Tuesday 2.95 Wednesday 2.97 Thursday 2.97 and on Friday it was back to 2.99. This was all the station in town, but one who just stayed at 2.99. [Edited by: eddmac at 3/19/2010 3:38:14 PM EST]
Dennisjk Champion Author Detroit Posts:2,614 Points:1,038,565 Joined:Apr 2006	Message Posted: Mar 19, 2010 12:34:36 PM Ignore Dennisjk Report Abuse How about testing it at $50 a barrel.
neemund Champion Author Seattle Posts:1,478 Points:580,525 Joined:Jan 2007	Message Posted: Mar 19, 2010 12:32:40 PM Ignore neemund Report Abuse If they announced that a dozen known oil fields in the US were available for pumping AND that work was about to start developing those fields, the price of oil would fall considerably.
POLELANE Champion Author Ohio Posts:6,351 Points:723,220 Joined:Mar 2008	Message Posted: Mar 19, 2010 12:32:04 PM Ignore POLELANE Report Abuse all this trading for a few seconds means computers control buy/sell decisions
jeromehasbargen Champion Author Minnesota Posts:1,925 Points:382,805 Joined:Jan 2009	Message Posted: Mar 19, 2010 12:30:15 PM Ignore jeromehasbargen Report Abuse Im still waiting for the price of gas to get under $2 a gallon at the pump.
suzyq2007 Champion Author Dallas Posts:2,824 Points:782,000 Joined:Oct 2007	Message Posted: Mar 19, 2010 12:29:39 PM Ignore suzyq2007 Report Abuse all stations keep raising their prices