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Energy prices retreat before world economy woes

Oil & Gas Journal -- Energy prices declined across the board June 7 with the front-month crude contract dropping fractionally to just under $85/bbl in the New York futures market while natural gas fell 6% following a bearish government report on US inventory.

“The broader markets rallied after China's central bank lowered its benchmark lending rate but failed to sustain momentum as they considered the low likelihood of any useful legislation passing through Congress with lawmakers engaged in daily fistfights (metaphorically, at least for now),” said analysts in the Houston office of Raymond James & Associates Inc.

James Zhang at Standard New York Securities Inc., the Standard Bank Group, said, “Oil staged a strong rally during intraday trading but settled at a small loss.

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Submitted Jun 12, 2012 By: GasPasserAB

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honda0105 Champion Author Tallahassee Posts:18,818 Points:1,636,245 Joined:Nov 2008	Message Posted: Jun 16, 2012 6:26:39 AM Ignore honda0105 Report Abuse I guess Pig Oil's mouthpiece says, more trouble ahead?
honda0105 Champion Author Tallahassee Posts:18,818 Points:1,636,245 Joined:Nov 2008	Message Posted: Jun 15, 2012 3:02:45 AM Ignore honda0105 Report Abuse too many fires around the globe for specutraitors to feel confident.
sparky808 Champion Author Honolulu Posts:3,139 Points:624,685 Joined:Sep 2011	Message Posted: Jun 13, 2012 10:20:51 AM Ignore sparky808 Report Abuse Thank you for posting.
kgbellman Champion Author Ann Arbor Posts:2,849 Points:758,565 Joined:Mar 2011	Message Posted: Jun 12, 2012 10:55:04 PM Ignore kgbellman Report Abuse Hmm - it's rising here. That would at least be somewhat bearable if economy was getting better
Tomeboy Champion Author Twin Cities Posts:3,905 Points:586,390 Joined:Apr 2009	Message Posted: Jun 12, 2012 10:19:06 PM Ignore Tomeboy Report Abuse Presumably, no one would call President George W. Bush unfriendly to the oil industry. Yet the price of gasoline rose steadily during most of his administration. In February 2001, just after Mr. Bush took office, the average price of regular gasoline was $1.45 a gallon. By June 2008, that price had risen to $4.05. Still think presidents and oil-friendly policies can determine oil prices? It’s true that by the end of the Bush presidency, prices had fallen back to $1.69, as oil prices plummeted with the rest of the global economy. But I think we can all agree that a global financial crisis is too high a price to pay for cheap gasoline.
carloco75 Champion Author Richmond Posts:3,846 Points:627,405 Joined:Oct 2010	Message Posted: Jun 12, 2012 9:51:57 PM Ignore carloco75 Report Abuse http://pure-gas.org/
wiwhite87 Champion Author Milwaukee Posts:2,554 Points:675,170 Joined:May 2009	Message Posted: Jun 12, 2012 9:28:01 PM Ignore wiwhite87 Report Abuse Why would people cheer for the economy to keep dropping.
pgerassi Champion Author Milwaukee Posts:11,036 Points:2,159,245 Joined:Apr 2007	Message Posted: Jun 12, 2012 9:08:17 PM Ignore pgerassi Report Abuse Keep dropping!
us4usa Champion Author Missouri Posts:6,120 Points:1,137,585 Joined:May 2008	Message Posted: Jun 12, 2012 9:04:33 PM Ignore us4usa Report Abuse Gas prices up 4 cents in town today, $3.21 a gallon now...
Harry813 Champion Author Iowa Posts:3,135 Points:688,365 Joined:Jul 2011	Message Posted: Jun 12, 2012 9:03:33 PM Ignore Harry813 Report Abuse I just don't get it ?
jrschl Champion Author Louisville Posts:3,102 Points:707,790 Joined:Jun 2011	Message Posted: Jun 12, 2012 9:01:36 PM Ignore jrschl Report Abuse Well said wz.
carloco75 Champion Author Richmond Posts:3,846 Points:627,405 Joined:Oct 2010	Message Posted: Jun 12, 2012 8:59:39 PM Ignore carloco75 Report Abuse Just in the "nick of time"...
Beaveronparade Champion Author Hartford Posts:2,164 Points:660,255 Joined:Mar 2011	Message Posted: Jun 12, 2012 8:50:13 PM Ignore Beaveronparade Report Abuse I'm not seeing that here in CT!
wz Champion Author Twin Cities Posts:2,620 Points:1,303,960 Joined:Feb 2009	Message Posted: Jun 12, 2012 8:48:38 PM Ignore wz Report Abuse If the economy is in the tank, oil prices remain low. When the economy shows signs of recovery, oil prices jump and put a damper on it. There is no easy way out.
mstearno Champion Author Dayton Posts:8,174 Points:1,755,920 Joined:Jan 2008	Message Posted: Jun 12, 2012 8:48:30 PM Ignore mstearno Report Abuse too late
khrisplex Rookie Author Fort Worth Posts:46 Points:10,195 Joined:Jan 2009	Message Posted: Jun 12, 2012 8:46:22 PM Ignore khrisplex Report Abuse the more we can save, the better
Wierbe Champion Author Cincinnati Posts:3,887 Points:1,145,840 Joined:Apr 2006	Message Posted: Jun 12, 2012 8:45:30 PM Ignore Wierbe Report Abuse My salary has increased for the past 40 years and I'm still just keeping up.
bbreff Champion Author Atlanta Posts:9,983 Points:2,595,140 Joined:Jun 2005	Message Posted: Jun 12, 2012 8:32:57 PM Ignore bbreff Report Abuse As long as they retreat, I am for it.
kcboy Champion Author Utah Posts:4,089 Points:1,533,170 Joined:Jun 2005	Message Posted: Jun 12, 2012 8:32:51 PM Ignore kcboy Report Abuse ok
big_mac64 Champion Author Tennessee Posts:10,600 Points:1,490,130 Joined:May 2005	Message Posted: Jun 12, 2012 8:31:42 PM Ignore big_mac64 Report Abuse declined across the board June 7???? Old news!
2khawk Champion Author Iowa Posts:5,412 Points:954,730 Joined:Oct 2010	Message Posted: Jun 12, 2012 8:30:34 PM Ignore 2khawk Report Abuse Not around here.
abcdMA Champion Author Worcester Posts:8,052 Points:1,600,730 Joined:Nov 2008	Message Posted: Jun 12, 2012 8:29:17 PM Ignore abcdMA Report Abuse notice that prices are coming down because of the world-- NOT any action by the administration
IUVidiot Champion Author Indiana Posts:3,725 Points:736,160 Joined:Jun 2011	Message Posted: Jun 12, 2012 8:27:51 PM Ignore IUVidiot Report Abuse ok
rpr77 Champion Author Philadelphia Posts:4,044 Points:794,985 Joined:Mar 2011	Message Posted: Jun 12, 2012 8:27:12 PM Ignore rpr77 Report Abuse Ok
SparkieMi Champion Author Kalamazoo Posts:3,397 Points:615,110 Joined:Sep 2011	Message Posted: Jun 12, 2012 8:25:36 PM Ignore SparkieMi Report Abuse Pump prices still too high!!!!!
iamforiu Champion Author Indiana Posts:3,710 Points:738,465 Joined:May 2011	Message Posted: Jun 12, 2012 8:24:44 PM Ignore iamforiu Report Abuse ok
LeeFree Champion Author Pittsburgh Posts:9,286 Points:2,270,175 Joined:Jun 2005	Message Posted: Jun 12, 2012 8:24:18 PM Ignore LeeFree Report Abuse The usual analyst blathering.
TekWare Champion Author Toronto Posts:3,302 Points:700,310 Joined:May 2011	Message Posted: Jun 12, 2012 8:21:43 PM Ignore TekWare Report Abuse I'm not seeing a break, but not to worry, if the figure out we're not completely bankrupt, they'll raise the prices fast enough.
bif65 Champion Author Virginia Posts:1,024 Points:200,525 Joined:Jan 2011	Message Posted: Jun 12, 2012 8:18:42 PM Ignore bif65 Report Abuse ok
GRUMPY55 Champion Author California Posts:1,666 Points:433,140 Joined:Oct 2011	Message Posted: Jun 12, 2012 8:16:18 PM Ignore GRUMPY55 Report Abuse ok
3mta3 All-Star Author Michigan Posts:867 Points:1,022,290 Joined:Jul 2004	Message Posted: Jun 12, 2012 8:15:18 PM Ignore 3mta3 Report Abuse Going lower... Where? Not here. We're all getting screwed, and without a reach around.
suzmar Champion Author Texas Posts:2,223 Points:896,185 Joined:Jun 2006	Message Posted: Jun 12, 2012 8:13:51 PM Ignore suzmar Report Abuse Of course I can blame Mr. Obama for both high prices and a bad economy. Energy prices are much higher than the bad economy warrants because of the administrations policies and regulations.
Hewy67 Sophomore Author Grand Rapids Posts:161 Points:443,970 Joined:Apr 2008	Message Posted: Jun 12, 2012 8:13:45 PM Ignore Hewy67 Report Abuse my boss is so full of it
OGW Champion Author London Posts:5,446 Points:1,558,085 Joined:Sep 2005	Message Posted: Jun 12, 2012 8:12:28 PM Ignore OGW Report Abuse Should be going lower still but the economy will not improve if the republicans have their way!
97beater Sophomore Author Madison Posts:249 Points:296,005 Joined:May 2011	Message Posted: Jun 12, 2012 8:09:44 PM Ignore 97beater Report Abuse but what about the profits for those poor oil companies? they might need a government bailout.
wayoung56 Champion Author Alabama Posts:2,920 Points:845,010 Joined:Oct 2006	Message Posted: Jun 12, 2012 8:08:35 PM Ignore wayoung56 Report Abuse I hope it keeps coming down...
mwo Champion Author Twin Cities Posts:1,653 Points:1,349,035 Joined:Aug 2004	Message Posted: Jun 12, 2012 8:08:06 PM Ignore mwo Report Abuse Nice job Aviator Rob
Taurus1 Champion Author Ohio Posts:3,214 Points:1,693,005 Joined:Apr 2006	Message Posted: Jun 12, 2012 8:07:37 PM Ignore Taurus1 Report Abuse ok
charladan All-Star Author Virginia Posts:564 Points:466,440 Joined:Jun 2011	Message Posted: Jun 12, 2012 8:04:07 PM Ignore charladan Report Abuse Prices are still decreasing in Virginia. Yahoooooo!!
Aviator_Rob Champion Author New York Posts:3,985 Points:440,290 Joined:Mar 2012	Message Posted: Jun 12, 2012 8:03:09 PM Ignore Aviator_Rob Report Abuse Just so you understand basic economics, waynemustang. You can't blame Obama for BOTH high gas prices AND the recession. Recessions cause gas prices to fall as demand falls, therefore it's impossible for the President to be responsible for both.
Aviator_Rob Champion Author New York Posts:3,985 Points:440,290 Joined:Mar 2012	Message Posted: Jun 12, 2012 8:00:11 PM Ignore Aviator_Rob Report Abuse Mind telling us exactly what our government is doing to the American people, buzzieNY? Just so we're all on the same page.
WIPACKERFAN Champion Author Chicago Posts:8,939 Points:1,870,175 Joined:Aug 2005	Message Posted: Jun 12, 2012 7:59:01 PM Ignore WIPACKERFAN Report Abuse Keep 'r running down.
TedNC Champion Author North Carolina Posts:1,056 Points:239,925 Joined:May 2011	Message Posted: Jun 12, 2012 7:54:59 PM Ignore TedNC Report Abuse Let it keep on dropping.
itsjustme719 All-Star Author Hamilton Posts:612 Points:617,470 Joined:Dec 2010	Message Posted: Jun 12, 2012 7:54:29 PM Ignore itsjustme719 Report Abuse Agree with adr47. Speculators will find a way, because greed rules.
adr47 Champion Author Saskatchewan Posts:5,667 Points:1,178,750 Joined:Nov 2008	Message Posted: Jun 12, 2012 7:50:14 PM Ignore adr47 Report Abuse Speculators will adapt. Greed Rules
jackster111 Champion Author North Carolina Posts:3,529 Points:452,060 Joined:Feb 2012	Message Posted: Jun 12, 2012 7:49:18 PM Ignore jackster111 Report Abuse Some pumps rose here in NC today. and then some stayed the same.
js0743 All-Star Author Georgia Posts:981 Points:476,330 Joined:Nov 2011	Message Posted: Jun 12, 2012 7:49:16 PM Ignore js0743 Report Abuse The decline in prices has slowed to a crawl here.
commins Champion Author Riverside Posts:2,114 Points:1,078,195 Joined:Feb 2009	Message Posted: Jun 12, 2012 7:48:52 PM Ignore commins Report Abuse steady here
skyking19 Champion Author Little Rock Posts:2,021 Points:1,722,615 Joined:Jan 2007	Message Posted: Jun 12, 2012 7:46:26 PM Ignore skyking19 Report Abuse Still holding steady in our area.
weenerdog Champion Author Detroit Posts:9,591 Points:1,910,640 Joined:Jan 2008	Message Posted: Jun 12, 2012 7:44:55 PM Ignore weenerdog Report Abuse gas went up 20 cents today, really?