Oil Near $106 as US Denies Plan to Release Crude

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Oil nears $106 as US denies plan to release crudeSINGAPORE (AP) - Oil prices rose slightly to near $106 a barrel Friday in Asia after the U.S. denied reports it and Britain plan to release some their strategic crude reserves.

Benchmark oil for April delivery was up 40 cents to $105.51 at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 32 cents to settle at $105.11 per barrel in New York on Thursday.

Brent crude for May delivery was up 55 cents at $123.15 per barrel in London.

Oil briefly dropped near $104 per barrel Thursday after reports said the U.S. and Britain had agreed to release spare supplies of oil in an effort to drive fuel prices lower. However, White House press secretary Jay Carney said there was no plan to release supplies.

Some analysts downplayed how much a possible release of supplies would lower prices.

"The price impact should a release actually develop would be largely psychological," energy analyst Ritterbusch and Associates said in a report. "A shortage of crude or products does not currently exist within the U.S. and European product markets appear adequately supplied."

Oil prices have risen from $75 in October amid investor optimism an improving U.S. economy will boost crude demand. However, the Energy Department's Energy Information Administration said Wednesday that gasoline demand was down 7.2 percent from a year ago.

"Despite an array of pleasing economic data in recent weeks, the latest surge in the price of oil can hardly be justified from a fundamental standpoint," said Joerg Zeuner, chief economist at VP Bank. "The demand for crude remains relatively weak."

In other energy trading, heating oil was up 1 cent at $3.23 per gallon and gasoline futures gained 0.2 cent at $3.29 per gallon. Natural gas slid 1.4 cents at $2.27 per 1,000 cubic feet.

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Wayne Bradshaw

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May 05 2012 at 11:59 PM Report abuse rate up rate down Reply
bkable

Sorry to rain on some folks parade but the PRES. can and will make moves that will dramtically alter the price of gas. Can even tell you when he will do it. Presidential action will take place the week of May 20th to May 26th.

His actions will result in price of barrell of gas going from over $106 to less than $75 per barrel for west texas crude in less than 3 months.

Key words to remember are 727 MILLION barrels in SPR (only about 10 million per week thru end of year does the trick) and on spec side key words will be "essential commodities" matched up with words of UNMARGINABLE along with a major change of wording so that "essential" commodities (ie food and gas) can not be traded unless "physical delivery" takes place. Specs will be like lemmings over the cliff once the OTHER side of the trade has a champion.

Watch and learn grasshoppers.....

March 19 2012 at 9:18 PM Report abuse +1 rate up rate down Reply
jkcow

Where is the outcry from the left. They blamed Bush as an Oilman. Nothing on Obama. No Fairness with the left.

March 19 2012 at 1:20 PM Report abuse +1 rate up rate down Reply
pemfred

Looks like it's time to set up a small business on Ebid.net.

Screw the Government, Screw Obama, Screw Big Oil.

Lets start making our own money. ( and saving our own money). Cash is King Baby.

Ebid.net

March 18 2012 at 11:39 AM Report abuse +2 rate up rate down Reply
pemfred

Looks like it's time to set up a small business on Ebid.net.

Screw the Government, Screw Obama, Screw Big Oil.

Lets start making our own money. ( and saving our own money). Cash is King Baby.

Ebid.net

March 18 2012 at 11:38 AM Report abuse +1 rate up rate down Reply
pemfred

Looks like it's time to set up a small business on Ebid.net.

Screw the Government, Screw Ebay, Screw Obama, Screw Big Oil.

Lets start making our own money. ( and saving our own money). Cash is King Baby.

Ebid.net

March 18 2012 at 11:38 AM Report abuse +1 rate up rate down Reply
.kowalski440mag

itacurabi......We live in a society. Cooperation is essential for the system to work. If all @275 million adults in this country were to think like you....selfishly.....this country would quickly fall apart. If you think greed and corruption are only moral words check them in an unbiased dictionary. When living in an organized society it is illogical(not Immoral) for it's members to take as much as they possibly can and screw the others. Don't know where you got your business education but obviously they never taught you this ideal. Besides, if you think the oil market if a free market place you are living on Mars. Ever heard of OPEC (same as Debeers in the diamond industry).

March 17 2012 at 10:11 AM Report abuse -1 rate up rate down Reply
jhooks44

lets see,,obama says this country is pumping more oil today than 8 years ago. demand is down. not a very cold winter for heating oil use. is it just plain greed from speculators thats doing this to us? i'm in the transportation business and these prices are killing small business like mine. not to mention higher food prices and anything petroleum related. delivery charges are a killer, fuel surcharges are out of hand. what the hell is going on?

March 16 2012 at 5:40 PM Report abuse rate up rate down Reply
jhooks44

lets see,,obama says this country is pumping more oil today than 8 years ago. demand is down. not a very cold winter for heating oil use. is it just plain greed from speculators thats doing this to us? i'm in the transportation business and these prices are killing small business like mine. not to mention higher food prices and anything petroleum related. delivery charges are a killer, fuel surcharges are out of hand. what the hell is going on?

March 16 2012 at 5:40 PM Report abuse +1 rate up rate down Reply
joseph evelina

We need to ration ourselves and let the politicians know we are not coming out to vote we don't want to waste gas It doesn't seem to matter want party is in They all become selfish selfcentered politicans after election

March 16 2012 at 4:20 PM Report abuse rate up rate down Reply
1 reply to joseph evelina's comment
cpo1514

NOT COMING OUT TO VOTE ???? That will guarantee a win for this incompetent idiot occupying the White House that wont resign and will not learn how to lead !!!!!

March 19 2012 at 10:58 AM Report abuse rate up rate down Reply