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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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cpl11787 All-Star Author Minnesota Posts:630 Points:123,275 Joined:Jan 2010	Message Posted: Mar 21, 2010 6:46:41 PM Ignore cpl11787 Report Abuse good, now some more.
ronsimonil All-Star Author Texas Posts:734 Points:157,975 Joined:Mar 2009	Message Posted: Mar 20, 2010 6:25:29 AM Ignore ronsimonil Report Abuse Time for it to get down where it really should be by the law of supply and demand.
FastAndy Champion Author Indianapolis Posts:4,406 Points:1,577,575 Joined:Jun 2007	Message Posted: Mar 19, 2010 10:10:59 PM Ignore FastAndy Report Abuse All I want to know is when will the price of gasoline test the waters below $2.00 a gallon again.
alterman156 Champion Author New York Posts:5,090 Points:1,091,850 Joined:Dec 2008	Message Posted: Mar 19, 2010 8:25:02 PM Ignore alterman156 Report Abuse The price of oil drop while the price of gasoline rises.
phurburger Champion Author Atlanta Posts:2,555 Points:530,670 Joined:Oct 2005	Message Posted: Mar 19, 2010 6:59:36 PM Ignore phurburger Report Abuse Don't ya just love it. The price drops and everyone tries to yawn at it as if it is an anomaly!
EVH_1984 Champion Author Massachusetts Posts:1,013 Points:337,685 Joined:May 2008	Message Posted: Mar 19, 2010 6:52:34 PM Ignore EVH_1984 Report Abuse i can view the article just fine and i don't have a paid subscription. i don't know what you guys are talking about, but I'll stop posting wall street journal stories.
djgunrunner Champion Author Salt Lake City Posts:7,596 Points:1,888,895 Joined:Apr 2005	Message Posted: Mar 19, 2010 6:48:17 PM Ignore djgunrunner Report Abuse As long as we have no alternative opec will price crude where they want and tell us how much we can have. We need to have factory built Natural Gas vehicles now and Hydrogen in the future. Accolades to Government Motors for their development of Hydrogen vehicles. What is the matter with the other two companies, are they waiting for Mama to hold their hand or are the not as competent as GM?
SpaceAce5 Veteran Author South Dakota Posts:300 Points:68,195 Joined:Feb 2010	Message Posted: Mar 19, 2010 6:45:11 PM Ignore SpaceAce5 Report Abuse its a Yo Yo
NavyStore Champion Author Seattle Posts:3,769 Points:1,660,560 Joined:Aug 2005	Message Posted: Mar 19, 2010 5:52:22 PM Ignore NavyStore Report Abuse Up & down, up & down...
knot2swift Champion Author Calgary Posts:2,438 Points:413,660 Joined:Nov 2009	Message Posted: Mar 19, 2010 5:11:45 PM Ignore knot2swift Report Abuse Translation: They don't where prices are heading. Oil needs to be priced by a basket of currencies to get the true picture. Priced in US dollars, one knows when the buck goes up, oil goes down and vice versa but what is it really worth compared to yesterday or the rest of the world for that matter without having a rocket scientist to need to figure it out?
texasvet Champion Author Texas Posts:2,315 Points:261,900 Joined:Jul 2009	Message Posted: Mar 19, 2010 5:09:00 PM Ignore texasvet Report Abuse Don't post subscription only content!!
Rick52 Champion Author Milwaukee Posts:9,428 Points:739,310 Joined:Mar 2005	Message Posted: Mar 19, 2010 5:05:32 PM Ignore Rick52 Report Abuse Time to get rid of this Subscribe only article !!!!
AtascaderoHound All-Star Author California Posts:558 Points:588,935 Joined:Oct 2006	Message Posted: Mar 19, 2010 5:02:38 PM Ignore AtascaderoHound Report Abuse When we get off oil, we will be able to quot whining about gas prices!
sivart Champion Author Arkansas Posts:15,145 Points:2,613,830 Joined:May 2004	Message Posted: Mar 19, 2010 4:57:27 PM Ignore sivart Report Abuse Bad news, pump price up...good news, pump price up! [Edited by: sivart at 3/19/2010 7:58:39 PM EST]
swlincdrv Veteran Author Lincoln Posts:375 Points:219,115 Joined:Oct 2008	Message Posted: Mar 19, 2010 4:56:49 PM Ignore swlincdrv Report Abuse Whatever.
snewwee Champion Author Detroit Posts:6,181 Points:1,250,000 Joined:Sep 2007	Message Posted: Mar 19, 2010 4:50:55 PM Ignore snewwee Report Abuse Never happen. The price will be right up there with the East.
PDQBlues Champion Author San Diego Posts:4,716 Points:982,400 Joined:Jan 2009	Message Posted: Mar 19, 2010 4:49:10 PM Ignore PDQBlues Report Abuse Keep testing those below $80/Bbl waters more often!
Ken2OD Champion Author Grand Rapids Posts:6,681 Points:1,508,010 Joined:Dec 2005	Message Posted: Mar 19, 2010 4:48:16 PM Ignore Ken2OD Report Abuse Alaska North Slope Crude closed today at $78.93. That is 57 cents less than the close last week Friday. During the week, it went as high as $81.18 on Wednesday.
ACTown Champion Author Oregon Posts:1,856 Points:1,120,605 Joined:Jun 2007	Message Posted: Mar 19, 2010 4:45:37 PM Ignore ACTown Report Abuse Keep hoping, but I know it will not happen.
mark1962 Champion Author Albany Posts:3,395 Points:802,815 Joined:Sep 2009	Message Posted: Mar 19, 2010 4:37:28 PM Ignore mark1962 Report Abuse I hope it goes lower!
thunderstruck All-Star Author Chicago Posts:511 Points:522,220 Joined:Apr 2005	Message Posted: Mar 19, 2010 4:31:17 PM Ignore thunderstruck Report Abuse Would you PLEASE quit posting links to articles that require paid subscriptions?
nightworker998 Champion Author Maryland Posts:1,184 Points:508,290 Joined:Mar 2009	Message Posted: Mar 19, 2010 4:30:15 PM Ignore nightworker998 Report Abuse It dropped below 80 and the speculators panicked
TheDix Champion Author Ontario Posts:2,000 Points:359,270 Joined:Dec 2009	Message Posted: Mar 19, 2010 4:29:30 PM Ignore TheDix Report Abuse Don't forget hurricane prices are coming soon.
aarrrt Champion Author San Diego Posts:5,427 Points:1,212,265 Joined:May 2008	Message Posted: Mar 19, 2010 4:26:31 PM Ignore aarrrt Report Abuse Articles you can't read unless you subscribe shouldn't be posted on this site. What's the use?
Italianman Champion Author Twin Cities Posts:1,736 Points:776,875 Joined:Feb 2008	Message Posted: Mar 19, 2010 4:24:22 PM Ignore Italianman Report Abuse I don't see any difference here.
Rick52 Champion Author Milwaukee Posts:9,428 Points:739,310 Joined:Mar 2005	Message Posted: Mar 19, 2010 4:23:59 PM Ignore Rick52 Report Abuse Test ?????? Were we suppose to study ??????
Rick52 Champion Author Milwaukee Posts:9,428 Points:739,310 Joined:Mar 2005	Message Posted: Mar 19, 2010 4:21:28 PM Ignore Rick52 Report Abuse $80.+ and no Economic Recovery !!!!!
lembs All-Star Author San Francisco Posts:905 Points:861,350 Joined:May 2005	Message Posted: Mar 19, 2010 4:19:14 PM Ignore lembs Report Abuse thanks to those traders at NYMEX.
CatMan623 Champion Author Houston Posts:12,473 Points:1,883,705 Joined:Aug 2006	Message Posted: Mar 19, 2010 4:18:58 PM Ignore CatMan623 Report Abuse Gotta stay below $80/bbl. Real economic value is closer to $60/bbl.
I10Express Champion Author San Antonio Posts:6,316 Points:1,175,995 Joined:Nov 2008	Message Posted: Mar 19, 2010 4:18:30 PM Ignore I10Express Report Abuse I guess the speculators need to manipulate the price down as well as up to make money.
amearly Champion Author Michigan Posts:9,755 Points:2,004,630 Joined:Jan 2006	Message Posted: Mar 19, 2010 4:09:45 PM Ignore amearly Report Abuse The same people that jumped started this recession is going to send us right back into another one .
paulydel Champion Author Delaware Posts:6,789 Points:688,170 Joined:Jan 2008	Message Posted: Mar 19, 2010 4:01:21 PM Ignore paulydel Report Abuse Its a wonder the dollar shows any strength with Obuma printing money forty-eight hours a day.
LilRedWagonIN Champion Author Indiana Posts:5,416 Points:1,104,850 Joined:Oct 2008	Message Posted: Mar 19, 2010 3:59:33 PM Ignore LilRedWagonIN Report Abuse Kick it off its "precarious perch" for a swan dive.
Rick01 Champion Author Utah Posts:6,644 Points:1,909,515 Joined:Sep 2005	Message Posted: Mar 19, 2010 3:58:50 PM Ignore Rick01 Report Abuse The Speculators are going to stall any recovery!
DancingDee Champion Author Gary Posts:3,643 Points:907,920 Joined:Jul 2005	Message Posted: Mar 19, 2010 3:55:14 PM Ignore DancingDee Report Abuse IT WAS REAL BRIEF, WASN'T IT?!!!
emptytank08 All-Star Author Pennsylvania Posts:662 Points:1,056,405 Joined:Aug 2008	Message Posted: Mar 19, 2010 3:55:02 PM Ignore emptytank08 Report Abuse I'm Confused
bar1035 Champion Author Charlotte Posts:5,826 Points:834,045 Joined:Aug 2006	Message Posted: Mar 19, 2010 3:53:46 PM Ignore bar1035 Report Abuse my thought exactly ILVET
ItisAJeepThing Champion Author Tucson Posts:15,385 Points:1,684,680 Joined:Oct 2006	Message Posted: Mar 19, 2010 3:51:40 PM Ignore ItisAJeepThing Report Abuse ... / \ / \ /\ / \ /\| / \/ \/ \| / \/ [Edited by: ItisAJeepThing at 3/19/2010 6:56:36 PM EST]
sjl08203 Champion Author New Jersey Posts:5,875 Points:1,331,400 Joined:Aug 2005	Message Posted: Mar 19, 2010 3:51:15 PM Ignore sjl08203 Report Abuse Oil down, inventories up, gas prices rising???
jwduke1 Champion Author Iowa Posts:13,855 Points:2,723,765 Joined:Apr 2004	Message Posted: Mar 19, 2010 3:50:08 PM Ignore jwduke1 Report Abuse It isn't going down at the pump!
Bud122CA Champion Author California Posts:5,223 Points:1,147,910 Joined:Jul 2008	Message Posted: Mar 19, 2010 3:44:03 PM Ignore Bud122CA Report Abuse Up / down?? Follow the bouncing ball......
MidNJ Champion Author New Jersey Posts:4,628 Points:739,645 Joined:Sep 2009	Message Posted: Mar 19, 2010 3:39:33 PM Ignore MidNJ Report Abuse It seems like the movie "Ground Hog Day". Same story different day.
TheSnowstorm Champion Author Montreal Posts:6,817 Points:1,475,000 Joined:June 2005	Message Posted: Mar 19, 2010 3:36:19 PM Ignore TheSnowstorm Report Abuse If it keeps up, it will be trading at margin difference of one cent.
pnd1 Champion Author Tallahassee Posts:4,268 Points:858,120 Joined:Jul 2009	Message Posted: Mar 19, 2010 3:34:00 PM Ignore pnd1 Report Abuse So what? It goes up it goes down it goes up.
ModelWarships Champion Author Missouri Posts:4,225 Points:919,255 Joined:Jul 2008	Message Posted: Mar 19, 2010 3:33:10 PM Ignore ModelWarships Report Abuse up up up.
Mr.Dirt Champion Author Albany Posts:6,767 Points:2,166,410 Joined:Mar 2004	Message Posted: Mar 19, 2010 3:08:01 PM Ignore Mr.Dirt Report Abuse lets hope it keeps dropping but we all know it will not
zimowski Champion Author San Jose Posts:4,325 Points:1,120,735 Joined:Nov 2007	Message Posted: Mar 19, 2010 3:04:21 PM Ignore zimowski Report Abuse Hopefully the decline is not yet over.
garman87 Champion Author Austin Posts:2,357 Points:1,943,150 Joined:Aug 2005	Message Posted: Mar 19, 2010 3:03:39 PM Ignore garman87 Report Abuse Start going down
srchr Champion Author San Jose Posts:4,874 Points:1,161,900 Joined:Apr 2008	Message Posted: Mar 19, 2010 3:03:28 PM Ignore srchr Report Abuse supply and demand
Romey08 Champion Author Virginia Posts:4,237 Points:1,025,325 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