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Price of petrol megathread
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Just look at the shiny shiny and everything will be alright.
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force eleven wrote: »http://www.marketwatch.com/story/oil-tops-110-amid-saudi-pipeline-talk-2012-03-01?link=MW_latest_news
2 euro a litre a virtually certainty by summer, and sooner if Iran is attacked.
Edit: Brent crude @128 - West Texas @110 a barrel.AN FRANCISCO (MarketWatch) — Crude-oil futures sprinted past $110 a barrel Thursday, surging in electronic trading after a report of a pipeline blast in Saudi Arabia.
Prices picked up steam in the last hour of floor trading as traders learned of the report, by Iranian state-run English-language broadcaster Press TV and so far not matched by other news outlets.
Saudi officials have denied the report.
Earlier Thursday, investors cheered news that manufacturing in China expanded and overlooked a manufacturing slowdown in the U.S.
The fears of supply disruptions also kept the other energy commodities well-supported, with gasoline futures ending at a multimonth high.
Natural-gas futures, however, bucked the trend and ended 5.9% lower after a bearish inventories report.
Crude-oil futures for April delivery rose $1.77, or 1.7%, to end the floor trading session at $108.84 a barrel on the New York Mercantile Exchange.
Iran’s Press TV on its website said an explosion had destroyed oil pipelines in the city of Awamiyah in eastern Saudi Arabia. There were no images of the fire or more details.
The headline, however, were enough to fuel the late-hour rally and the jump in after hours. It “triggered buy stops” in an already charged market, said Darin Newsom, an analyst with Telvent DTN in Omaha.
Oil futures recently added 8 cents over the Thursday settlement price to trade at $108.89 a barrel.
Earlier Thursday, investors had parsed out manufacturing reports from China, the U.K., and the U.S., choosing to look at their rosier side to advance.
Prices also got support from a slightly lower dollar and modestly higher equities.
Rival Chinese manufacturing surveys released Thursday indicated mild improvement in February, though underlying data showed surging input prices and deteriorating new orders, suggesting further weakening in the nation’s economy.
Manufacturing data from the U.K showed a decline, but largely within consensus expectations.
Closer to home, U.S. manufacturing expansion slowed in February, the first time in four months. The Institute of Supply Management said its manufacturing gauge declined to 52.4% in February from 54.1% in January. Readings above 50% indicate expansion. See more about U.S. manufacturing data.
Markets seemed to be clinging to that. Even though manufacturing data “was below par, the market is looking at it somewhat positively,” said Matt Smith, an analyst with Summit Energy in Kentucky.
Oil ended higher Wednesday, having spent most of the session seesawing between small gains and losses.
Investors were disappointed U.S. Federal Reserve Chairman Ben Bernanke provided no hint about an additional bond purchasing program. Read more about Bernanke’s testimony.
A higher-than-expected increase in U.S. inventories also added some pressure to oil prices on Wednesday.
Among other energy products, April futures for gasoline RBJ2 -0.66% gained 9 cents, or 2.9%, to finish at $3.35 a gallon.
That was gasoline’s largest one-day percentage gain since early January, and its best settlement since May 10.
The April contract for heating oil rose 7 cents, or 2.2%, to $3.27 a gallon.
Natural-gas futures added to losses after a weekly U.S. government inventories report showed a smaller-than-expected decline in inventories.
Natural gas for April delivery declined 15 cents, or 5.9%, to settle at $2.46 per million British thermal units. That was natural gas’s largest one-day percentage decline since late January.
It had traded at $2.63 per Btu moments before the data.
The Energy Information Administration reported a decline in natural-gas supplies by 82 billion cubic feet in the week ended Feb. 24. Analysts polled by Platts had expected a decrease between 90 bcf and 94 bcf for the week.
For those on mobiles seeing as the OP didn't post it.
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https://www.youtube.com/watch?v=5m7recXsEKo
![[Deleted User]](/applications/dashboard/design/images/defaulticon.png)
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https://www.youtube.com/watch?v=7tCsShFZTLE
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