GasBuddy News Article

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Oil falls below $66 after bleak U.S. jobs data

reuters -- LONDON (Reuters) - Oil dropped a dollar to below $66 a barrel on Friday after unemployment data hardened views economic weakness would sap energy demand and that last month's rally was overdone.

In the latest sign the economy of the world's top consumer was still struggling, data on Thursday showed U.S. employers cut 467,000 jobs in June and the jobless rate rose to a 26-year high. Euro zone unemployment climbed to a 10-year high.

"All the data was bad yesterday," said Rob Montefusco, a trader at Sucden Financial. "Technically, it looks pretty weak at the moment."

U.S. crude fell by $1.22 to $65.51 a barrel by 1:18 p.m. EDT, extending the previous session's nearly 4 percent drop. London Brent crude fell $1.35 to $65.30.

Friday's trading volumes were thin as NYMEX floor trading was clos

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Submitted Jul 04, 2009 By: liltruckman

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Number43 Champion Author Lexington Posts:2,030 Points:395,435 Joined:Oct 2008	Message Posted: Jul 4, 2009 8:41:52 AM Ignore Number43 Report Abuse Gas prices are still too high.
Lonewolftx Champion Author Houston Posts:7,324 Points:1,447,015 Joined:Sep 2005	Message Posted: Jul 4, 2009 8:41:48 AM Ignore Lonewolftx Report Abuse Last driving holiday before school starts up in August so we will see what happens on the next one after that, Labor Day.
TeachR06 Champion Author Raleigh Posts:2,663 Points:812,695 Joined:Sep 2006	Message Posted: Jul 4, 2009 8:41:46 AM Ignore TeachR06 Report Abuse So now they will justify raising gas prices because they are hurting economically. It's alway a lose-lose for the consumer. How about lowering gas prices to stimulate the economy.
VetteBlue Champion Author San Jose Posts:4,359 Points:902,245 Joined:Jan 2007	Message Posted: Jul 4, 2009 8:41:39 AM Ignore VetteBlue Report Abuse Speculators are keeping oil and gas up.
CallJeffCa Champion Author Oakland Posts:2,004 Points:477,035 Joined:Oct 2007	Message Posted: Jul 4, 2009 8:41:26 AM Ignore CallJeffCa Report Abuse Crude should be around $30/barrel given the excessive supply and reduced demand.
tazdriver Champion Author Huntsville Posts:4,120 Points:929,430 Joined:Jan 2007	Message Posted: Jul 4, 2009 8:40:37 AM Ignore tazdriver Report Abuse Big woop, it should be dropping below $25.
Jamer Champion Author Orange County Posts:2,538 Points:422,350 Joined:Jul 2002	Message Posted: Jul 4, 2009 8:40:10 AM Ignore Jamer Report Abuse Try to conserve fuel any way you can people.
OilHo Champion Author Ontario Posts:4,793 Points:944,340 Joined:Jul 2006	Message Posted: Jul 4, 2009 8:40:06 AM Ignore OilHo Report Abuse Short oil
SgtWalleye Veteran Author Iowa Posts:331 Points:134,480 Joined:Mar 2007	Message Posted: Jul 4, 2009 8:38:53 AM Ignore SgtWalleye Report Abuse With all the crude on hand it should keep falling
goldilox88 All-Star Author Montreal Posts:817 Points:342,155 Joined:Jun 2008	Message Posted: Jul 4, 2009 8:37:03 AM Ignore goldilox88 Report Abuse markets versus demand. Gas will only go up in the long run.
cathevan Champion Author Manitoba Posts:1,328 Points:358,450 Joined:May 2007	Message Posted: Jul 4, 2009 8:36:21 AM Ignore cathevan Report Abuse why then are prices way up
mk9999 Champion Author Rochester Posts:1,572 Points:417,290 Joined:Aug 2008	Message Posted: Jul 4, 2009 8:35:54 AM Ignore mk9999 Report Abuse Keep conserving and maybe it will keep falling.
Grismer Champion Author Kitchener-Waterloo Posts:2,342 Points:499,450 Joined:Apr 2008	Message Posted: Jul 4, 2009 8:34:06 AM Ignore Grismer Report Abuse Until the economic infrastructure that caused the recession is improved, do not expect to see any stability in the stock markets or pump prices.
saveongasNC Champion Author North Carolina Posts:2,034 Points:446,775 Joined:Aug 2008	Message Posted: Jul 4, 2009 8:33:19 AM Ignore saveongasNC Report Abuse Sounds good to me.
DABEE1073 Champion Author San Diego Posts:1,528 Points:311,535 Joined:Jun 2008	Message Posted: Jul 4, 2009 8:30:28 AM Ignore DABEE1073 Report Abuse GREAT, OIL PRICES FALLING. JOB MARKET SUCKS. 6 MILLION OUT OF WORK. WHERE ARE TO 3 MILLION JOBS HIS MAJESTY PROMISED. ANOTHER LIE. HE HAS BROKEN ALL HIS PROMISES. TIME TO SACK HIS MAJESTY.
throttle Champion Author Maryland Posts:6,416 Points:1,377,010 Joined:Jul 2004	Message Posted: Jul 4, 2009 8:29:45 AM Ignore throttle Report Abuse Is this good news or bad news? :-)
BHSJackson Veteran Author Indiana Posts:365 Points:127,480 Joined:Mar 2008	Message Posted: Jul 4, 2009 8:28:52 AM Ignore BHSJackson Report Abuse It'll go up next week when they say that this week's damand was up.
TXGasPriceSpy Champion Author Fort Worth Posts:1,256 Points:222,445 Joined:Sep 2008	Message Posted: Jul 4, 2009 8:28:28 AM Ignore TXGasPriceSpy Report Abuse Oil prices are down pretty good, but gas prices are not down as much. Maybe this will change soon. I hope so.
Theczecho Champion Author Long Island Posts:1,028 Points:346,090 Joined:Aug 2008	Message Posted: Jul 4, 2009 8:28:12 AM Ignore Theczecho Report Abuse They'll find another way to jack prices.
AvantiMick Champion Author Indiana Posts:6,690 Points:1,331,950 Joined:Dec 2005	Message Posted: Jul 4, 2009 8:27:53 AM Ignore AvantiMick Report Abuse Should never be over $40/bbl anyway.
Fataugie Veteran Author Rochester Posts:426 Points:229,100 Joined:Oct 2006	Message Posted: Jul 4, 2009 8:27:41 AM Ignore Fataugie Report Abuse It spiked in part to one dink manipulating it with futures and everyone following thinking he had the inside line. There was a story in the Financial Times yesterday.
tankneverfull Champion Author Charlotte Posts:2,766 Points:541,570 Joined:Apr 2008	Message Posted: Jul 4, 2009 8:26:10 AM Ignore tankneverfull Report Abuse It should never be this high anyway!
jmg144 Champion Author Maryland Posts:6,394 Points:1,757,280 Joined:Jul 2004	Message Posted: Jul 4, 2009 8:25:28 AM Ignore jmg144 Report Abuse Let's see what happens by mid-July
armstrmb Champion Author Houston Posts:3,889 Points:829,680 Joined:Jun 2007	Message Posted: Jul 4, 2009 8:22:46 AM Ignore armstrmb Report Abuse Hopefully gas will follow suit.
Lengas Champion Author Gary Posts:6,760 Points:1,453,610 Joined:Nov 2004	Message Posted: Jul 4, 2009 8:22:16 AM Ignore Lengas Report Abuse "last month's rally was overdone" 5 years ago.
thwadi Champion Author Cleveland Posts:2,006 Points:425,640 Joined:Mar 2008	Message Posted: Jul 4, 2009 8:20:17 AM Ignore thwadi Report Abuse Economy will recover when the fundamentals adjust. Not by giveaways of future tax dollars to the wealthy or poor. Wealth not debt needs to return to the working class. Gas prices need to be lower. Happy 4th of July.
greatscot08 All-Star Author Columbus Posts:749 Points:152,755 Joined:Jun 2008	Message Posted: Jul 4, 2009 8:20:00 AM Ignore greatscot08 Report Abuse This is (short term )good news.....but based on past performance I feel like I'm waiting for the other shoe to hit the floor......
jd2009 Champion Author Honolulu Posts:1,105 Points:288,740 Joined:Jan 2009	Message Posted: Jul 4, 2009 8:19:50 AM Ignore jd2009 Report Abuse Unemployment up, crude oil prices down, and still gas prices are going up ... keep conserving
gasie1 Champion Author Maine Posts:3,910 Points:1,288,895 Joined:Nov 2005	Message Posted: Jul 4, 2009 8:19:32 AM Ignore gasie1 Report Abuse Keep falling!
BumbleBeeOK Champion Author Oklahoma City Posts:1,377 Points:224,260 Joined:Sep 2008	Message Posted: Jul 4, 2009 8:19:26 AM Ignore BumbleBeeOK Report Abuse Like the Price is Right----Come on down============
gasman50 Champion Author Portland Posts:2,489 Points:1,151,630 Joined:Nov 2005	Message Posted: Jul 4, 2009 8:18:01 AM Ignore gasman50 Report Abuse Down baby, down
6642337 Champion Author Illinois Posts:16,637 Points:654,250 Joined:Jun 2006	Message Posted: Jul 4, 2009 8:17:43 AM Ignore 6642337 Report Abuse Oil droped and gas prices droped I like that.
ironbox_sara Champion Author Albany Posts:3,291 Points:1,027,160 Joined:Mar 2006	Message Posted: Jul 4, 2009 8:17:00 AM Ignore ironbox_sara Report Abuse What is this "rally" crap? Does that make this a game???
jerick Champion Author New Mexico Posts:3,169 Points:608,255 Joined:Aug 2006	Message Posted: Jul 4, 2009 8:15:23 AM Ignore jerick Report Abuse It's very clear that if and when the world (and our) economy recovers, oil will go through the roof again. Now's the time to redirect our efforts to develop alternative energies. Simply being happy with falling oil prices right now is very short-sighted.
techque Champion Author St. Louis Posts:2,458 Points:1,256,510 Joined:Apr 2005	Message Posted: Jul 4, 2009 8:13:54 AM Ignore techque Report Abuse "Excessive speculation and a weak dollar have lifted oil prices to levels not sustainable by market fundamentals,"
Pozole Champion Author Portland Posts:2,420 Points:471,190 Joined:Mar 2005	Message Posted: Jul 4, 2009 8:13:08 AM Ignore Pozole Report Abuse ...come on down...
psuray All-Star Author Hartford Posts:889 Points:213,075 Joined:Feb 2009	Message Posted: Jul 4, 2009 8:10:07 AM Ignore psuray Report Abuse More good news -bad news. Gas prices drop and we don't have jobs to buy it.
CharlieC08 Champion Author Colorado Posts:2,352 Points:363,320 Joined:Oct 2008	Message Posted: Jul 4, 2009 8:09:04 AM Ignore CharlieC08 Report Abuse Well thats what the market does.
Marson Champion Author Scranton Posts:2,943 Points:860,795 Joined:Oct 2006	Message Posted: Jul 4, 2009 8:07:51 AM Ignore Marson Report Abuse Sounds like a little reality in the marketes.
marinasgrandpa All-Star Author Atlanta Posts:757 Points:236,195 Joined:Oct 2008	Message Posted: Jul 4, 2009 8:07:24 AM Ignore marinasgrandpa Report Abuse and GM still has plants that they will shut down and add even more to the unemployment roles
arnerator Champion Author Seattle Posts:1,784 Points:370,260 Joined:Sep 2008	Message Posted: Jul 4, 2009 8:05:20 AM Ignore arnerator Report Abuse Another yo yo day.
abuck Champion Author Pittsburgh Posts:1,577 Points:318,110 Joined:Jul 2008	Message Posted: Jul 4, 2009 8:04:54 AM Ignore abuck Report Abuse Would be nice if it continued to drop and if the economy could recover, however, I don't see that happening.
lightbulbman2008 Champion Author Worcester Posts:10,600 Points:366,460 Joined:Oct 2008	Message Posted: Jul 4, 2009 8:03:48 AM Ignore lightbulbman2008 Report Abuse ...but at the oil well fell in price,will we really see a big drop in gasoline prices at the retail or consumer level soon?
cincindie Champion Author Cincinnati Posts:9,784 Points:1,936,545 Joined:Mar 2004	Message Posted: Jul 4, 2009 8:02:28 AM Ignore cincindie Report Abuse The oil market was overpriced since late last year when prices inexplicably started rising.
Yonkers111 Champion Author Scranton Posts:5,432 Points:417,490 Joined:Apr 2007	Message Posted: Jul 4, 2009 7:59:29 AM Ignore Yonkers111 Report Abuse Oil is currently cheap. Try to adapt.
cableman31 Champion Author New York Posts:2,616 Points:788,765 Joined:May 2004	Message Posted: Jul 4, 2009 7:58:23 AM Ignore cableman31 Report Abuse Oil is bitting into the economy the same as it did last year and no polititions seem to care.
winggnutt Champion Author Detroit Posts:6,332 Points:1,425,425 Joined:Aug 2005	Message Posted: Jul 4, 2009 7:56:03 AM Ignore winggnutt Report Abuse make it 467001---mine ended this week....
almoose2558 Veteran Author New Jersey Posts:389 Points:119,495 Joined:Nov 2008	Message Posted: Jul 4, 2009 7:54:55 AM Ignore almoose2558 Report Abuse hope this weeks trend continues for a while. we can use a break from these greedy creeps. but of course it will take weeks for gas prices to receed and catch up to crude.
PrepHermit Champion Author New Jersey Posts:1,829 Points:391,295 Joined:Aug 2008	Message Posted: Jul 4, 2009 7:53:49 AM Ignore PrepHermit Report Abuse Good news - but the speculators will see this as a "bargain" and drive the price back up again as soon as there is a piece of news that they can try to justify it with.
DerHahn Champion Author Illinois Posts:6,214 Points:861,995 Joined:May 2004	Message Posted: Jul 4, 2009 7:53:02 AM Ignore DerHahn Report Abuse have to see what happens on monday
stangs Veteran Author Washington Posts:253 Points:257,580 Joined:Oct 2008	Message Posted: Jul 4, 2009 7:51:58 AM Ignore stangs Report Abuse good to see it drop. the price of gas has stareted to drop here down to $3,01 a gal
bumpygas Champion Author Nebraska Posts:2,164 Points:678,815 Joined:Oct 2007	Message Posted: Jul 4, 2009 7:49:07 AM Ignore bumpygas Report Abuse The price at the pump hasen't dropped a penny here.