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Oil Heads for Longest Run of Weekly Gains Since 2009 on Economy

Bloomberg.com -- Oil headed for a seventh weekly advance in New York, the longest run of gains in almost four years, amid signs of global economic growth and a drop in crude stockpiles at Cushing, the U.S. storage hub. Futures were little changed after yesterday’s advance, the biggest in a week. U.S. jobless claims fell to a five-year low, data from the Labor Department show. A report from China, the biggest crude consumer after the U.S., indicated manufacturing is expanding. Inventories at Cushing, Oklahoma, the delivery point for West Texas Intermediate oil, slid for the first time since November, according to the Energy Department.

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Submitted Jan 25, 2013 By: Teslukbla

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honda0105 Champion Author Tallahassee Posts:18,580 Points:1,605,520 Joined:Nov 2008	Message Posted: Jan 28, 2013 5:51:07 AM Ignore honda0105 Report Abuse fedupMN: I agree... another round of BOHICA on the way. And it's not helping the economy one lousy bit.
fedupMN Champion Author Twin Cities Posts:2,933 Points:569,455 Joined:Mar 2011	Message Posted: Jan 25, 2013 5:51:10 PM Ignore fedupMN Report Abuse Here it comes..... bend over.....
oilfreak All-Star Author Houston Posts:682 Points:36,560 Joined:Oct 2012	Message Posted: Jan 25, 2013 2:18:03 PM Ignore oilfreak Report Abuse Gotta blame speculators and big oil execs for high prices.
ClassicWheeler All-Star Author Montgomery Posts:635 Points:304,875 Joined:Apr 2012	Message Posted: Jan 25, 2013 1:14:13 PM Ignore ClassicWheeler Report Abuse What do you expect? We are the losers in the long run. And no one represents us, the people.
bobcatfan Champion Author Kentucky Posts:1,577 Points:613,545 Joined:Apr 2011	Message Posted: Jan 25, 2013 1:12:06 PM Ignore bobcatfan Report Abuse Fake rise in price. Eliminate all speculators.
CAD69 Champion Author Milwaukee Posts:3,186 Points:842,240 Joined:Nov 2010	Message Posted: Jan 25, 2013 1:11:17 PM Ignore CAD69 Report Abuse Well that didn't last long!
dan30thz28 Champion Author New Jersey Posts:5,898 Points:1,978,990 Joined:Feb 2006	Message Posted: Jan 25, 2013 1:01:43 PM Ignore dan30thz28 Report Abuse Great! This is not cool!
Kent54 Sophomore Author Albuquerque Posts:138 Points:78,130 Joined:Aug 2005	Message Posted: Jan 25, 2013 12:59:39 PM Ignore Kent54 Report Abuse We will see an increase at the pump, it's under $3.00 in my market now, I think we see $4.00 before we see $2.00 (if ever)!
IMLURCH Champion Author Minnesota Posts:2,164 Points:1,099,180 Joined:Mar 2009	Message Posted: Jan 25, 2013 12:57:24 PM Ignore IMLURCH Report Abuse The speculators and oil companies want more profits to pad their wallets at our expense.
gsayeg1 All-Star Author Milwaukee Posts:769 Points:138,815 Joined:Jun 2008	Message Posted: Jan 25, 2013 12:57:00 PM Ignore gsayeg1 Report Abuse lets all pee in our gas tanks and see if that helps
PangON Sophomore Author London Posts:201 Points:69,725 Joined:Feb 2011	Message Posted: Jan 25, 2013 12:53:01 PM Ignore PangON Report Abuse Will it matter at the pumps?
alp Champion Author Portland Posts:17,872 Points:3,481,945 Joined:Feb 2003	Message Posted: Jan 25, 2013 12:52:19 PM Ignore alp Report Abuse Good news for some of us..
sjf238 Champion Author Philadelphia Posts:1,215 Points:647,205 Joined:Mar 2011	Message Posted: Jan 25, 2013 12:50:56 PM Ignore sjf238 Report Abuse Bad news.
Bobmilan Champion Author Louisville Posts:1,180 Points:471,575 Joined:Sep 2011	Message Posted: Jan 25, 2013 12:49:59 PM Ignore Bobmilan Report Abuse Value of the dollar/inflation may be cause? Solution:Feds must close the deficit.
hank1326 Champion Author Los Angeles Posts:8,898 Points:1,730,035 Joined:Jun 2008	Message Posted: Jan 25, 2013 12:49:03 PM Ignore hank1326 Report Abuse Pump prices are climbing here since midweek.
MightyDude Champion Author Minnesota Posts:10,329 Points:2,644,745 Joined:Mar 2003	Message Posted: Jan 25, 2013 12:47:54 PM Ignore MightyDude Report Abuse me sad
MotoDad Champion Author Phoenix Posts:1,106 Points:811,565 Joined:Sep 2006	Message Posted: Jan 25, 2013 12:45:46 PM Ignore MotoDad Report Abuse don't like
PithyOpiner Champion Author Stockton Posts:16,175 Points:1,592,570 Joined:Jun 2008	Message Posted: Jan 25, 2013 12:41:20 PM Ignore PithyOpiner Report Abuse How do they do that? They are financial wizards there on Wall Street. They can force the market to make money for them no matter what is happening in the world. The world could be coming to an end and they would find a way to make a profit on it.
Night Owl Champion Author Toronto Posts:7,535 Points:1,783,575 Joined:Jul 2004	Message Posted: Jan 25, 2013 12:15:45 PM Ignore Night Owl Report Abuse Greedy Wall Street oil speculators are simply too greedy. Why do they get to set oil prices to whatever they feel like? CFTC, where are you and why aren't you doing your job?
steven_flies Veteran Author Oregon Posts:419 Points:89,160 Joined:Apr 2008	Message Posted: Jan 25, 2013 12:15:10 PM Ignore steven_flies Report Abuse Gas prices will be going up again now...
doctorindyj Champion Author Santa Fe Posts:3,438 Points:836,035 Joined:Nov 2009	Message Posted: Jan 25, 2013 11:50:12 AM Ignore doctorindyj Report Abuse More damned if you do and damned if you don't.
tomok Champion Author Portland Posts:32,917 Points:2,341,510 Joined:Aug 2006	Message Posted: Jan 25, 2013 11:38:10 AM Ignore tomok Report Abuse Oil Heads for Longest Run of Weekly Gains Since 2009 on Economy? A drop in crude oil stockpiles, higher fuel prices and Sneeky's lously economy is supposed to be recovering. One article says one thing, another article says something else. Whom do you believe? Vehicle manufactures Produce and the population ‘Drives’ vehicles with high MPG, are very safe, reliable, have a ‘reasonable’ cost and a good ‘value’ for the money. The price of fuel at the pump is too high! XII/XXII/MMXII! - The Day After......
smokinjoe54 Champion Author Ohio Posts:4,702 Points:908,615 Joined:Feb 2010	Message Posted: Jan 25, 2013 11:21:33 AM Ignore smokinjoe54 Report Abuse Don't understand this.
Ticobird Champion Author Huntsville Posts:3,210 Points:1,112,015 Joined:Oct 2009	Message Posted: Jan 25, 2013 11:10:27 AM Ignore Ticobird Report Abuse Another article predicting the movement of oil out of the Cushing, Oklahoma will raise the price of oil seems to be correct for the reason stated, which is global demand.
FuelBarge Champion Author Long Island Posts:9,180 Points:2,072,290 Joined:Aug 2005	Message Posted: Jan 25, 2013 11:00:00 AM Ignore FuelBarge Report Abuse Gasoline prices to follow shortly...
Tekkersmom57 Champion Author Syracuse Posts:1,854 Points:696,665 Joined:May 2010	Message Posted: Jan 25, 2013 10:53:03 AM Ignore Tekkersmom57 Report Abuse Just the printing of this article.....from Bloomberg, no less, will make the speculators hurry to buy more oil on paper to raise the price even higher. How convenient for Bloomberg and the speculators....a win/win situation for both of them...... a lose/lose situation for ALL of us! LOVED your comment, craigsf38! [Edited by: Tekkersmom57 at 1/25/2013 10:54:31 AM EST]
treehood Champion Author San Diego Posts:2,024 Points:392,760 Joined:May 2011	Message Posted: Jan 25, 2013 10:16:10 AM Ignore treehood Report Abuse Once I used to get 12 MPG now if i am lucky i get 24 MPG. Gas cost $1.50 now it is around $3.50 If i got a Prius or similar i might get 40 MPG or better. So is gas more or less expensive than in the past? Peugeot says they can get me over 100 MPG.
Lologogo Champion Author Twin Cities Posts:1,294 Points:352,390 Joined:Sep 2011	Message Posted: Jan 25, 2013 10:14:54 AM Ignore Lologogo Report Abuse It couldn't be because it's so much colder?
w4kh Champion Author Tennessee Posts:11,650 Points:2,224,990 Joined:May 2004	Message Posted: Jan 25, 2013 10:13:16 AM Ignore w4kh Report Abuse Even as the seven consecutive weekly "gains" have been small each week, so far the pump price has remained rather steady (here locally)... it doesn't seem like it would take much (and with refinery maintenance "season" nearly ready to kick off, there is one solid push coming) to see pump prices start their inevitable climb.
ruca2012 Champion Author San Diego Posts:1,044 Points:209,190 Joined:Oct 2012	Message Posted: Jan 25, 2013 10:13:08 AM Ignore ruca2012 Report Abuse longest run gains? then why don't they pass the buck? GREED
techque Champion Author St. Louis Posts:8,635 Points:2,417,130 Joined:Apr 2005	Message Posted: Jan 25, 2013 10:03:11 AM Ignore techque Report Abuse harbingers of price increases to come.
Don20 Champion Author Oklahoma City Posts:9,652 Points:2,615,630 Joined:Mar 2005	Message Posted: Jan 25, 2013 9:57:04 AM Ignore Don20 Report Abuse Oil Heads for Longest Run of Weekly Gains Since 2009 on Economy .. That is good, lets keep in going in that direction...
GoLancer4 Champion Author Ohio Posts:1,787 Points:438,515 Joined:Sep 2011	Message Posted: Jan 25, 2013 9:54:03 AM Ignore GoLancer4 Report Abuse mm hmm
bloonfoot Sophomore Author Cleveland Posts:132 Points:876,915 Joined:Nov 2009	Message Posted: Jan 25, 2013 9:52:56 AM Ignore bloonfoot Report Abuse Sorry to say it, but this is what we have to expect as the economy improves, however slowly. With the ever-widening income and wealth gaps between those in the executive suite and the working poor, the increases in gas prices exacerbate the problem of just scraping by for the working poor and the un- and under-employed. Gas price increases lower the standard of living for all of us who don't own oil company stocks or work in management for an oil company. Think about when that drop in the standard of living began. If you were at least a young teen at the time of the Arab Oil Embargo in 1973, you've seen average families' position eroded, with higher energy prices and slowly-rising or flat wages. In the meantime, in the period between 1979-2007, the top 1% saw an increase in before tax income of 266% and 304% after tax, while the bottom 20% saw increases of 37-41%. http://www.cbpp.org/cms/index.cfm?fa=view&id=3629 So you see, there REALLY IS class warfare...but WE didn't start it, and WE are losing. Just so you know, what cost $100 in 1979 would cost $282.14 in 2007. There was a huge disparity between the rate of inflation for wages and for consumer products. Check it with this inflation calculator: http://www.westegg.com/inflation/ Exporting energy, whether oil or gas, will keep the money flowing out of OUR pockets and into those of the oil CEOs. It won't make us energy independent. Pardon the length of this. It's a forum, and we all benefit by informing ourselves, as I had to do to write this. What can we do about all this? Don't hesitate to write and email or letter to your Senators and member of the House, or, better yet, call them. Let them know what you think. Move them to work for the people...not special interests. Be your own lobby.
infinititom All-Star Author Dallas Posts:974 Points:513,380 Joined:Oct 2011	Message Posted: Jan 25, 2013 9:51:19 AM Ignore infinititom Report Abuse Gee, oil prices behaving just like at the start of Obama's first term. Coincidence?? No it must be Bush's fault!
LJGP_MO95 Champion Author Missouri Posts:1,748 Points:478,005 Joined:Jun 2005	Message Posted: Jan 25, 2013 9:50:32 AM Ignore LJGP_MO95 Report Abuse Boo!
craigsf38 Champion Author Rochester Posts:5,688 Points:1,506,030 Joined:Jun 2008	Message Posted: Jan 25, 2013 9:49:39 AM Ignore craigsf38 Report Abuse Whatever the speculators will run with the small hint of growth. At times it reminds me of sharks getting ready for a feeding frenzy
MikLamb Champion Author Texas Posts:7,965 Points:2,171,120 Joined:Jun 2006	Message Posted: Jan 25, 2013 9:47:36 AM Ignore MikLamb Report Abuse More records are coming, unfortunately.
LuckyD43 Champion Author Long Island Posts:31,950 Points:2,163,095 Joined:Apr 2005	Message Posted: Jan 25, 2013 9:47:27 AM Ignore LuckyD43 Report Abuse It's gotten to the point where they'll use ANY excuse to raise prices. According to an earlier article here, that drop in crude stockpiles in Cushing is due to the reopening of the Seaway Pipeline.
BillHeatherL Champion Author Alberta Posts:7,622 Points:1,920,630 Joined:Apr 2007	Message Posted: Jan 25, 2013 9:47:04 AM Ignore BillHeatherL Report Abuse greed rules
DerTaubman Champion Author Detroit Posts:7,292 Points:1,526,020 Joined:Jun 2007	Message Posted: Jan 25, 2013 9:46:01 AM Ignore DerTaubman Report Abuse And up go gas prices again.
theWizK All-Star Author Columbus Posts:746 Points:382,130 Joined:May 2007	Message Posted: Jan 25, 2013 9:45:51 AM Ignore theWizK Report Abuse Go figure
niceguytx Champion Author Houston Posts:13,680 Points:2,709,735 Joined:Sep 2005	Message Posted: Jan 25, 2013 9:45:03 AM Ignore niceguytx Report Abuse Bad news for the economy.
2962 Champion Author Omaha Posts:1,042 Points:393,685 Joined:Feb 2006	Message Posted: Jan 25, 2013 9:44:19 AM Ignore 2962 Report Abuse Stock market up all week oil up all week........
dopster Champion Author Toledo Posts:7,251 Points:2,288,250 Joined:Aug 2004	Message Posted: Jan 25, 2013 9:44:16 AM Ignore dopster Report Abuse Well, of COURSE it is!
gasrat6083 Champion Author Long Island Posts:3,451 Points:1,159,105 Joined:Sep 2005	Message Posted: Jan 25, 2013 9:43:51 AM Ignore gasrat6083 Report Abuse Why do I not find this heartwarming?
albert2008 Champion Author Winnipeg Posts:7,332 Points:1,477,010 Joined:Sep 2008	Message Posted: Jan 25, 2013 9:43:50 AM Ignore albert2008 Report Abuse not nice
gaspumpin Champion Author Indiana Posts:1,650 Points:384,480 Joined:Apr 2012	Message Posted: Jan 25, 2013 9:42:58 AM Ignore gaspumpin Report Abuse Amidist what economic gains?--I haven't seen any.
Mariuxus Champion Author Chicago Posts:3,740 Points:1,867,065 Joined:May 2007	Message Posted: Jan 25, 2013 9:42:30 AM Ignore Mariuxus Report Abuse wow...what a surprise...
ironbox_sara Champion Author Albany Posts:9,570 Points:2,234,755 Joined:Mar 2006	Message Posted: Jan 25, 2013 9:42:20 AM Ignore ironbox_sara Report Abuse Imagine that.