Crude Oil Surges, Gasoline Rises to 17-Month High on U.S. Payrolls Report

[Purveyor]

Source: Bloomberg

March 5 (Bloomberg) -- Crude oil surged and gasoline rose to a 17-month high after U.S. employment declined less than forecast in February, bolstering optimism that fuel demand will climb in the world’s biggest energy-consuming country.

Oil rose as much as 2.3 percent after the Labor Department reported that payrolls dropped 36,000 last month. The total was forecast to fall by 68,000, according to economists surveyed by Bloomberg News. U.S. fuel use, averaged over the past four weeks, was 19.3 million barrels, up 3 percent from a year earlier, an Energy Department report on March 3 showed.

“The employment numbers were quite good relative to expectations, so I’m surprised the market isn’t responding more,” said Michael Fitzpatrick, vice president of energy at MF Global in New York.

Crude oil for April delivery rose $1.52, or 1.9 percent, to $81.73 a barrel at 10:41 a.m. on the New York Mercantile Exchange. Futures reached $82.07, the highest level since Jan. 12. The contract is up 2.6 percent this week.

Gasoline for April delivery increased 4.09 cents, or 1.8 percent, to $2.2746 a gallon in New York. The fuel touched $2.2831, the highest since Oct. 3, 2008.

Read more: http://www.bloomberg.com/apps/news?pid=20601087&sid=aTQrEjH.7XQQ&pos=6

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Our local mid-michigan prices went up yesterday to $2.75 unl/reg and I don't expect it to stay there long.

Usually the stations around here price their gas .65-.70 cents above the wholesale price.

[SpiralHawk]

1. "Smirk." - Republicon Oil Cronies

[Subdivisions]

6. Please elaborate. n/t

[CatholicEdHead]

2. Traders are waiting on pins and needles for any reason to bid prices up

and any sign of a recovery, real or imagined (usually the latter).

[Subdivisions]

7. Jesus Fucking Christ.

:eyes:

[DemocratSinceBirth]

3. If There Is A Nascent Recovery Won't High Commodity Prices Kill It

~

[Purveyor]

4. I certainly believe it will but that might be the oil companies plan all along.

They need the repukes back in power and know that the best way to see that happen is to tank the economy even more.

[Subdivisions]

8. Oh FFS!

Please explain the oil companies' plan. Specifically, how do oil companies control the economy to the point of being able to "tank" it "even more".

[Chemical Bill]

9. .

When gasoline prices were $4/gallon before the 2008 election, 81% of the oil futures were held by five companies, none of which actually produced any oil. So, while "oil companies" driving prices up was not technically correct, it is correct that a few companies are acting to the detriment of the country and it's citizens. For an overview of the plan, see http://www.google.com/webhp?tab=mw#hl=en&q=grover+norquist+drown+in+a+bathtub&aq=0&aqi=g1&aql=&oq=grover+norquist+d&fp=37cc007d907fcf6c">Grover Norquist.

Bill

[Subdivisions]

10. Which five companies? Please provide links. Thanks. n/t

[Chemical Bill]

11. .

Here's a start:

http://online.wsj.com/article/SB124874574251485689.html

This piece is specifically about Goldman-Sachs:

http://www.rollingstone.com/politics/story/29127316/the_great_american_bubble_machine/5

Something else interesting:

http://www.marketwatch.com/story/gas-could-fall-to-2-if-congress-acts-analysts-say

Plus this:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x3506834

I'm sorry, I can't find the original piece I read with the numbers I used. So two names are missing, and the exact percentage of oil futures that I claimed is under question. I do stand by the greater point of my post.


Bill

[Subdivisions]

12. Tell me about oil production. n/t

[RantinRavin]

5. This is what happens when you have an oilman in the White House

Oh, wait just a minute....