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Oil Trades Near Three-Day High as Refineries Resume After Sandy

Bloomberg -- Oil traded near the highest level in three days as refineries resumed operations after Atlantic superstorm Sandy, increasing demand for crude.

Futures were little changed after rising 0.7 percent yesterday. U.S. East Coast refineries accounting for 76 percent of the 1.29 million barrels a day of capacity in Sandy’s path have restored operations or are in the process of doing so. Price gains stalled before an Energy Department report today that may show U.S. crude stockpiles rose to the highest level in three months ahead of the storm.

“Refineries are getting back online quickly so clearly that is going to remove some of that concern about a temporary oversupply of crude,” said Michael McCarthy, a chief market strategist at CMC Markets in Sydney. “I am expecting further pressure on prices

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Submitted Nov 01, 2012 By: angel4me

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WalkingWV Champion Author West Virginia Posts:3,754 Points:788,060 Joined:May 2008	Message Posted: Nov 1, 2012 10:53:55 PM Ignore WalkingWV Report Abuse Gas is still overpriced by $1.50.
scu227 Champion Author New Haven Posts:4,303 Points:798,605 Joined:Feb 2011	Message Posted: Nov 1, 2012 8:17:38 AM Ignore scu227 Report Abuse Speculators hard at work to raise prices. The demand would actually be down after Sandy which in turn should lower prices. I think it is a shame that someone tries to capitalize on such a catastrophe.
ClarkSC Champion Author South Carolina Posts:3,214 Points:1,038,880 Joined:May 2010	Message Posted: Nov 1, 2012 7:56:56 AM Ignore ClarkSC Report Abuse Up, up and away.
brbaritone Champion Author Virginia Posts:2,145 Points:1,723,350 Joined:Jan 2007	Message Posted: Nov 1, 2012 7:13:53 AM Ignore brbaritone Report Abuse No one wants to mention the fact that the hurricane caused a substantial decrease in demand. That causes crude oil supplies to go UP. The combination of decreased supply and increased supply is supposed to cause prices to go DOWN.
BBopp Champion Author Dayton Posts:6,944 Points:1,956,930 Joined:Dec 2006	Message Posted: Nov 1, 2012 5:35:06 AM Ignore BBopp Report Abuse Sad to say this is a pretty normal event.
grandamgt1 Champion Author Illinois Posts:2,491 Points:1,267,905 Joined:Apr 2008	Message Posted: Nov 1, 2012 5:09:02 AM Ignore grandamgt1 Report Abuse Its seems there's an "issue" after every 50c drop.
eomc17 Champion Author Tucson Posts:1,843 Points:135,615 Joined:Mar 2007	Message Posted: Nov 1, 2012 4:15:12 AM Ignore eomc17 Report Abuse Not surprised.
WalRus49 Champion Author Boston Posts:4,210 Points:895,590 Joined:Nov 2010	Message Posted: Nov 1, 2012 12:45:26 AM Ignore WalRus49 Report Abuse More organized mayhem and pillage........................
Number43 Champion Author Lexington Posts:8,844 Points:1,664,895 Joined:Oct 2008	Message Posted: Nov 1, 2012 12:31:14 AM Ignore Number43 Report Abuse Plenty of supply but driving reduced should equal lower gas prices. Instead we have seen a big jump in retail gas prices as speculators try to profit off the misery. BAD PEOPLE. Who ever wins the election should tax these people til they are reduced to foodstamps. Take it from them 'cause they stole it from us.
SparkieMi Champion Author Kalamazoo Posts:3,397 Points:615,110 Joined:Sep 2011	Message Posted: Nov 1, 2012 12:27:56 AM Ignore SparkieMi Report Abuse Pump prices need to go a lot lower!!!!!
dudleydolittle Champion Author Cleveland Posts:4,573 Points:617,395 Joined:Sep 2011	Message Posted: Nov 1, 2012 12:25:45 AM Ignore dudleydolittle Report Abuse wait until new jersey gets their vehicles replaced
SSwathwood All-Star Author Denver Posts:549 Points:801,020 Joined:Nov 2009	Message Posted: Nov 1, 2012 12:25:12 AM Ignore SSwathwood Report Abuse Sad!
jetskijerry Champion Author North Carolina Posts:4,036 Points:799,970 Joined:Mar 2011	Message Posted: Nov 1, 2012 12:18:26 AM Ignore jetskijerry Report Abuse vultures
jetskijerry Champion Author North Carolina Posts:4,036 Points:799,970 Joined:Mar 2011	Message Posted: Nov 1, 2012 12:18:17 AM Ignore jetskijerry Report Abuse crooks
crreed1 Champion Author West Virginia Posts:2,100 Points:2,550,715 Joined:May 2005	Message Posted: Nov 1, 2012 12:16:37 AM Ignore crreed1 Report Abuse higher prices
speedraider Champion Author Orlando Posts:3,808 Points:1,671,620 Joined:Nov 2005	Message Posted: Nov 1, 2012 12:15:25 AM Ignore speedraider Report Abuse obumas fault
pastorpaulcg Champion Author Virginia Posts:3,615 Points:775,785 Joined:Dec 2010	Message Posted: Nov 1, 2012 12:14:35 AM Ignore pastorpaulcg Report Abuse One would think that smaller than expected disruption would create downward pressure on prices
roadrunnerMO Champion Author Kansas Posts:8,547 Points:1,727,165 Joined:Jul 2008	Message Posted: Nov 1, 2012 12:13:57 AM Ignore roadrunnerMO Report Abuse We have insufficient refineries and no new ones for 35 or so years as I recall.
Dailyrun Champion Author Kentucky Posts:2,117 Points:415,115 Joined:Apr 2012	Message Posted: Nov 1, 2012 12:13:00 AM Ignore Dailyrun Report Abuse Things may be getting better.
jdevlin All-Star Author Ontario Posts:800 Points:1,403,785 Joined:Sep 2008	Message Posted: Nov 1, 2012 12:12:34 AM Ignore jdevlin Report Abuse Prices headed up again
MN1 Champion Author Twin Cities Posts:3,494 Points:677,915 Joined:Jun 2011	Message Posted: Nov 1, 2012 12:11:16 AM Ignore MN1 Report Abuse Still a rip-off.
zantor Veteran Author San Bernardino Posts:258 Points:53,025 Joined:Jul 2012	Message Posted: Nov 1, 2012 12:11:14 AM Ignore zantor Report Abuse yes more refineries
RAE344 Champion Author Virginia Beach Posts:3,207 Points:688,245 Joined:Jun 2011	Message Posted: Nov 1, 2012 12:08:47 AM Ignore RAE344 Report Abuse It wouldn't be so bad if we had more refineries.
dylan126 Champion Author Cleveland Posts:4,573 Points:621,320 Joined:Sep 2011	Message Posted: Nov 1, 2012 12:08:24 AM Ignore dylan126 Report Abuse Maybe the stock exchange should have stayed closed indefinitely.
Matt G Champion Author Boston Posts:4,668 Points:2,799,765 Joined:Jun 2004	Message Posted: Nov 1, 2012 12:08:01 AM Ignore Matt G Report Abuse And they rip us off
HelenT Champion Author Buffalo Posts:3,089 Points:623,375 Joined:Apr 2004	Message Posted: Nov 1, 2012 12:06:47 AM Ignore HelenT Report Abuse ....
1fulltank Champion Author Buffalo Posts:8,041 Points:1,571,970 Joined:Nov 2008	Message Posted: Nov 1, 2012 12:06:32 AM Ignore 1fulltank Report Abuse Will watch for the price to return to pre-storm levels.
Blue_Cruzer Champion Author Lexington Posts:7,660 Points:1,697,285 Joined:Mar 2007	Message Posted: Nov 1, 2012 12:06:20 AM Ignore Blue_Cruzer Report Abuse Some stations around town raised prices .30 cents a gallon.
gocatgo Champion Author South Carolina Posts:15,821 Points:2,556,305 Joined:Apr 2006	Message Posted: Nov 1, 2012 12:05:46 AM Ignore gocatgo Report Abuse And guess who the loser is, We The People.
cheapchickKY Champion Author Lexington Posts:4,159 Points:823,990 Joined:Jan 2011	Message Posted: Nov 1, 2012 12:03:49 AM Ignore cheapchickKY Report Abuse Follow the bouncing gas prices.
boatfloyd Champion Author Jacksonville Posts:1,858 Points:415,675 Joined:Mar 2012	Message Posted: Nov 1, 2012 12:03:23 AM Ignore boatfloyd Report Abuse Oil is falling :).
humblepie Champion Author Toledo Posts:35,318 Points:2,399,070 Joined:Mar 2006	Message Posted: Nov 1, 2012 12:03:12 AM Ignore humblepie Report Abuse imagine that
rahcat Champion Author Grand Rapids Posts:2,681 Points:689,900 Joined:Jan 2010	Message Posted: Nov 1, 2012 12:02:29 AM Ignore rahcat Report Abuse First post?