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Crude Oil to Decline, Natural Gas to Gain

The Street -- Oil prices may trade lower this week on rising inventories. Last week, U.S. Energy Information Administration reported that crude oil stockpiles rose. Meanwhile, Baker Hughes(BHI) rig count stands at 977, up 4 from the penultimate week. Rising rig counts and higher refinery utilization shows an increase in production, leading to a decline in oil prices.

However, major economic releases are expected to be positive for the economy, which may improve oil prices to some extent later. Overall, oil prices are expected to end the week on a negative note.

Crude futures for October delivery declined 0.75% after hitting a low of $71.53 per barrel, and ended the week on a bearish note at $74.60. Crude is trading below the major trend line resistance and has a potential to fall further. Momentum ind

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Submitted Sep 08, 2010 By: OnTheWater

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honda0105 Champion Author Tallahassee Posts:15,259 Points:1,141,225 Joined:Nov 2008	Message Posted: Sep 10, 2010 5:02:59 AM Ignore honda0105 Report Abuse crude is not staying down for long... the rollercoaster just needs to regain some momentum.
dabuzman Champion Author Seattle Posts:4,399 Points:1,427,200 Joined:Apr 2006	Message Posted: Sep 9, 2010 12:37:44 AM Ignore dabuzman Report Abuse Sound like 30 years ago an it did till they price then selfs out of the market. Sounds like round 2.
250FORD Champion Author Minnesota Posts:8,265 Points:1,303,335 Joined:Feb 2007	Message Posted: Sep 9, 2010 12:14:01 AM Ignore 250FORD Report Abuse Te only way oil heads down is if the manipulators allow it to.
Quick68 Champion Author Columbus Posts:4,837 Points:758,900 Joined:Dec 2009	Message Posted: Sep 9, 2010 12:12:58 AM Ignore Quick68 Report Abuse Don't worry about the price of oil because big oil will not lose any money. It will go up again.
panama303 All-Star Author Denver Posts:790 Points:267,020 Joined:Jan 2005	Message Posted: Sep 9, 2010 12:09:43 AM Ignore panama303 Report Abuse It will rebound. Price up here in Colorado a nickel since yesterday.
comprof Champion Author Houston Posts:4,378 Points:896,175 Joined:Jul 2009	Message Posted: Sep 9, 2010 12:09:00 AM Ignore comprof Report Abuse Replacing coal with natural gas for electric production is going to cost us a lot more in winter heating bills.
judgemobile Champion Author Ohio Posts:5,245 Points:1,983,145 Joined:Nov 2005	Message Posted: Sep 9, 2010 12:08:12 AM Ignore judgemobile Report Abuse Nat Gas is also WAY down in price from 5 months ago-----$ 3.85 from $ 5.15, just as the winter heating season is about to begin.
WhiteTreeIndian Champion Author New Jersey Posts:3,378 Points:667,470 Joined:Dec 2009	Message Posted: Sep 9, 2010 12:08:00 AM Ignore WhiteTreeIndian Report Abuse Give it away.
PetroScopper Champion Author Houston Posts:4,364 Points:1,090,660 Joined:Aug 2008	Message Posted: Sep 9, 2010 12:07:58 AM Ignore PetroScopper Report Abuse That's usually the way it works... at the end of the Summer Driving Season, the natural gas price increases, and the crude oil price decreases.
ItsMorph Champion Author Grand Rapids Posts:30,084 Points:2,721,175 Joined:Mar 2004	Message Posted: Sep 9, 2010 12:05:17 AM Ignore ItsMorph Report Abuse Figures. I heat with natural gas, not crude.
Geo4564 Champion Author Nevada Posts:3,299 Points:1,101,945 Joined:Aug 2007	Message Posted: Sep 9, 2010 12:03:46 AM Ignore Geo4564 Report Abuse We shall see...
Z51Corvette Champion Author Austin Posts:6,156 Points:1,224,540 Joined:Jan 2008	Message Posted: Sep 9, 2010 12:03:45 AM Ignore Z51Corvette Report Abuse Ugh... prices have been dropping in Austin for almost 3 weeks... Rise... now that's funny!
SBlouch Champion Author San Antonio Posts:6,891 Points:1,471,855 Joined:Apr 2007	Message Posted: Sep 9, 2010 12:01:00 AM Ignore SBlouch Report Abuse Well, we still have increasing stockpiles of crude and prices still are raising. But there are many problems with how we get natural gas which must be addressed.
lindact Champion Author New Haven Posts:6,484 Points:1,269,475 Joined:May 2008	Message Posted: Sep 8, 2010 11:59:50 PM Ignore lindact Report Abuse Watch home heating costs increase this winter.
Jeff1944 Champion Author South Dakota Posts:3,088 Points:677,810 Joined:Jan 2010	Message Posted: Sep 8, 2010 11:59:50 PM Ignore Jeff1944 Report Abuse In Western SD, the majors are ripping us off. GREED.
danreino Champion Author Twin Cities Posts:6,275 Points:1,143,170 Joined:Mar 2008	Message Posted: Sep 8, 2010 11:56:56 PM Ignore danreino Report Abuse Sure they will....
ferd41 Sophomore Author Buffalo Posts:150 Points:242,625 Joined:Mar 2008	Message Posted: Sep 8, 2010 11:56:13 PM Ignore ferd41 Report Abuse And how many places can you fill a car with natural gas? On a trip? Hand on your ass when you hit empty!!
joel27nc Champion Author Raleigh Posts:8,157 Points:1,392,445 Joined:Mar 2008	Message Posted: Sep 8, 2010 11:49:09 PM Ignore joel27nc Report Abuse Yeah
DosEquis26 Champion Author Chicago Posts:3,758 Points:1,542,440 Joined:Jun 2006	Message Posted: Sep 8, 2010 11:41:30 PM Ignore DosEquis26 Report Abuse Jeff4U: is that a recent photo?
Jeannemarie Champion Author Las Vegas Posts:26,922 Points:1,944,585 Joined:Aug 2005	Message Posted: Sep 8, 2010 11:40:13 PM Ignore Jeannemarie Report Abuse Jeff4U, it is all paper and smoke and mirrors. Those people create their own world and live in it. Good for them. Bah Humbug.
Jeff4U Champion Author Atlanta Posts:5,960 Points:1,385,345 Joined:Nov 2004	Message Posted: Sep 8, 2010 11:38:32 PM Ignore Jeff4U Report Abuse How crude increased by $3 per barrel within this weekly time period is astonishing.
Scotty99QC Veteran Author Montreal Posts:275 Points:74,950 Joined:Jul 2010	Message Posted: Sep 8, 2010 11:37:48 PM Ignore Scotty99QC Report Abuse And i supposed it's better.
runout9 Champion Author New Jersey Posts:3,144 Points:958,700 Joined:Dec 2008	Message Posted: Sep 8, 2010 11:30:37 PM Ignore runout9 Report Abuse Paying 2.35-2.37 @ the pump here in Toms River. Bring on the 2.20's!
paulg72 Champion Author Boston Posts:1,558 Points:543,375 Joined:Apr 2010	Message Posted: Sep 8, 2010 11:26:44 PM Ignore paulg72 Report Abuse If oil was not traded it would be 10-20 a barrel
DEG Champion Author Las Vegas Posts:15,397 Points:3,054,380 Joined:Jul 2003	Message Posted: Sep 8, 2010 11:25:59 PM Ignore DEG Report Abuse It is not a good idea to switch vehicles to natural gas. At least in the western US we use natural gas to cook, heat our homes, and to generate electricity. Oil/gasoline/diesel are still the most economical fuel source for our vehicles for at least the next decade or more.
Buddy2264 Champion Author Tampa Posts:9,258 Points:1,893,540 Joined:Oct 2005	Message Posted: Sep 8, 2010 11:18:56 PM Ignore Buddy2264 Report Abuse They get us to switch over to gas for power generation and then the price goes up. More wind and solar here in Florida. Conservation keeps your money in your pocket.
CobraLeader Champion Author New Jersey Posts:267,902 Points:1,200,750 Joined:Apr 2007	Message Posted: Sep 8, 2010 11:18:45 PM Ignore CobraLeader Report Abuse ... Anything to rip off the consumer!!! ...
REKEY Champion Author South Carolina Posts:6,206 Points:1,233,480 Joined:May 2008	Message Posted: Sep 8, 2010 11:18:35 PM Ignore REKEY Report Abuse Just in time for winter!
TBONE3 Champion Author Pennsylvania Posts:6,388 Points:1,510,745 Joined:Mar 2005	Message Posted: Sep 8, 2010 11:16:36 PM Ignore TBONE3 Report Abuse It is anyone's guess what will happen next week. Just wait and see.
Blue_Cruzer Champion Author Lexington Posts:5,152 Points:1,202,725 Joined:Mar 2007	Message Posted: Sep 8, 2010 11:15:25 PM Ignore Blue_Cruzer Report Abuse So what effect will this have on pump prices?
rxman1 Champion Author Toledo Posts:6,996 Points:1,396,195 Joined:Nov 2007	Message Posted: Sep 8, 2010 11:14:58 PM Ignore rxman1 Report Abuse Prices should come down.
JohnofGB Champion Author Flint Posts:3,075 Points:631,320 Joined:Feb 2010	Message Posted: Sep 8, 2010 11:13:51 PM Ignore JohnofGB Report Abuse At least , that is one fuel source we have an abundance of.
janctx Champion Author Lubbock Posts:2,715 Points:882,880 Joined:Nov 2007	Message Posted: Sep 8, 2010 11:12:39 PM Ignore janctx Report Abuse BLAH BLAH BLAH
altonb1 Champion Author Pennsylvania Posts:6,895 Points:1,053,895 Joined:Jul 2005	Message Posted: Sep 8, 2010 11:11:14 PM Ignore altonb1 Report Abuse Gas jumped 6-cents between mon & Tues, but have remained stable since. With the supply in reserve, gas should be well under $2.
tedjm1 Champion Author New York Posts:3,540 Points:389,685 Joined:Dec 2006	Message Posted: Sep 8, 2010 11:10:34 PM Ignore tedjm1 Report Abuse OPEC just waits. Patience has its virtue.
Number43 Champion Author Lexington Posts:6,292 Points:1,189,880 Joined:Oct 2008	Message Posted: Sep 8, 2010 11:09:43 PM Ignore Number43 Report Abuse I will believe it when I see it here.
Number43 Champion Author Lexington Posts:6,292 Points:1,189,880 Joined:Oct 2008	Message Posted: Sep 8, 2010 11:08:36 PM Ignore Number43 Report Abuse If gas prices were going to decline on the basis of higher inventories, then gas prices would have already declined.
HEBster Champion Author Kentucky Posts:6,474 Points:1,915,715 Joined:May 2006	Message Posted: Sep 8, 2010 11:07:54 PM Ignore HEBster Report Abuse Stayin' the same in KY!
Toppers Champion Author Atlanta Posts:6,673 Points:2,006,475 Joined:Mar 2005	Message Posted: Sep 8, 2010 11:04:14 PM Ignore Toppers Report Abuse Maintainin' N the ATL...
hank1326 Champion Author Los Angeles Posts:6,691 Points:1,279,415 Joined:Jun 2008	Message Posted: Sep 8, 2010 10:59:42 PM Ignore hank1326 Report Abuse Pump prices holding steady here.
PetroPedro All-Star Author Florida Posts:753 Points:163,590 Joined:May 2007	Message Posted: Sep 8, 2010 10:42:40 PM Ignore PetroPedro Report Abuse oh yeah?
mstearno Champion Author Dayton Posts:5,867 Points:1,286,185 Joined:Jan 2008	Message Posted: Sep 8, 2010 10:28:19 PM Ignore mstearno Report Abuse Go ALASKA
sammynorge Champion Author Columbus Posts:1,259 Points:326,340 Joined:Jan 2006	Message Posted: Sep 8, 2010 10:23:28 PM Ignore sammynorge Report Abuse I'd say there's plenty of natural gas emanating from wrong-wing pundits and wing-nut candidates!
OGW Champion Author London Posts:3,342 Points:1,112,955 Joined:Sep 2005	Message Posted: Sep 8, 2010 10:22:56 PM Ignore OGW Report Abuse Crude should be at $49.00 a barrel but it has been artifically inflated.
Lukus Champion Author Halifax Posts:6,021 Points:1,216,385 Joined:Nov 2007	Message Posted: Sep 8, 2010 10:16:17 PM Ignore Lukus Report Abuse Natural gas is going to get more expensive as stocks decline.
Minutefan Champion Author Springfield Posts:1,930 Points:832,920 Joined:Aug 2004	Message Posted: Sep 8, 2010 10:09:53 PM Ignore Minutefan Report Abuse like to see true supply/demand dtermine price...speculation
ICUUCME Sophomore Author Ohio Posts:245 Points:1,509,425 Joined:Sep 2005	Message Posted: Sep 8, 2010 10:07:31 PM Ignore ICUUCME Report Abuse Won't matter anyhow.
abcdMA Champion Author Worcester Posts:5,619 Points:1,114,250 Joined:Nov 2008	Message Posted: Sep 8, 2010 10:07:15 PM Ignore abcdMA Report Abuse keep demand down--spoil a speculators day!
troy272 Rookie Author South Carolina Posts:6 Points:8,370 Joined:Jul 2008	Message Posted: Sep 8, 2010 10:01:46 PM Ignore troy272 Report Abuse The oil market is all speculation. If it were based on pure fundamentals such as supply and demand we'd be at a much lower price. Unfortunately, nothing seems to be done about speculators and some news sources (CNBC) seem to cheer every time oil gains. I say let oil keep falling, lower is better!
civicdutie Champion Author Rochester Posts:3,010 Points:611,275 Joined:Nov 2008	Message Posted: Sep 8, 2010 9:53:48 PM Ignore civicdutie Report Abuse Too hard to predict. As we all know, oil does not follow consumption patterns these days, but future market predictions and pure speculation.