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As oil rallies, physical market suggests ample supply

Reuters -- Oil has rallied to within sight of its 2010 high this week, but the physical crude markets in Asia and Europe are telling a more bearish story about oversupply and sluggish demand.

The contrast between the oil price, which topped $83 a barrel on Wednesday, and signs of weak physical markets might preoccupy OPEC when it meets on March 17 and raise the issue of whether markets have too much oil.

"If you get on the ground and look at the fundamentals, you see too much crude oil production by OPEC," said Paul Tossetti, senior energy adviser at PFC Energy.

Russian crude prices have weakened and top oil exporter Saudi Arabia cut Asian oil prices to 14-month lows for April, while the Organization of the Petroleum Exporting Countries pumped the most oil in over a year in February.

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Submitted Mar 11, 2010 By: Mudsprings

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Chummy37 All-Star Author Calgary Posts:853 Points:457,535 Joined:Jan 2008	Message Posted: Mar 11, 2010 9:28:39 AM Ignore Chummy37 Report Abuse We will be paying more come spring.
davidel57 Champion Author Houston Posts:2,239 Points:440,990 Joined:Apr 2008	Message Posted: Mar 11, 2010 9:28:10 AM Ignore davidel57 Report Abuse the market is driven by speculators. No speculation about that!
sleepyt Champion Author Chicago Posts:1,405 Points:420,265 Joined:Mar 2008	Message Posted: Mar 11, 2010 9:27:25 AM Ignore sleepyt Report Abuse I just don't believe the worldwide market is paying what it pays for oil. The global demand just doesn't justify these prices. Oligarchy is just a fancy way of saying multi-corporation monopoly.
nozzle46 Champion Author Little Rock Posts:2,493 Points:629,180 Joined:Jul 2006	Message Posted: Mar 11, 2010 9:27:03 AM Ignore nozzle46 Report Abuse Hording.
civicdutie Champion Author Rochester Posts:2,687 Points:543,390 Joined:Nov 2008	Message Posted: Mar 11, 2010 9:25:28 AM Ignore civicdutie Report Abuse If oil prices make a move higher from this point, we definately know it is market driven by speculators.
DirtDauber Champion Author San Antonio Posts:1,840 Points:654,695 Joined:Nov 2005	Message Posted: Mar 11, 2010 9:24:23 AM Ignore DirtDauber Report Abuse Up and down. Mostly up.
DarthDadJr Champion Author Virginia Posts:3,343 Points:646,885 Joined:Jul 2008	Message Posted: Mar 11, 2010 9:22:28 AM Ignore DarthDadJr Report Abuse Oil prices must be nearing a short term top with market info like this...hopefully we will get some relief before it rises for the summer driving season.
RocketmanC99 Champion Author Missouri Posts:1,264 Points:442,800 Joined:Jan 2007	Message Posted: Mar 11, 2010 9:18:53 AM Ignore RocketmanC99 Report Abuse In central Missouri, gas prices went up 10 cents, the next day, down 10 cents, then two days later back up 10 cents. It's almost like the gas stations misread a mass e-mail stating to increase prices on a certain day. It's very fishy!
CptnCanada Champion Author Saskatoon Posts:2,764 Points:414,050 Joined:Jun 2008	Message Posted: Mar 11, 2010 9:18:46 AM Ignore CptnCanada Report Abuse Saudi Arabia cut Asian oil prices!!!! Who bailed them out when they were invaded?????
NorthglennBill Champion Author Denver Posts:3,038 Points:577,980 Joined:Oct 2008	Message Posted: Mar 11, 2010 9:18:46 AM Ignore NorthglennBill Report Abuse It doesn't take a rocket scientist to figure out that oil prices are speculation driven and are currently way to high.
Bleeder Champion Author Virginia Posts:3,931 Points:818,705 Joined:Jan 2008	Message Posted: Mar 11, 2010 9:16:28 AM Ignore Bleeder Report Abuse Like it or now, OPEC control he oil prices (at least the bottom end). They won't let it get belolw $70 bu higher, they don't care.
FuelBarge Champion Author Long Island Posts:4,164 Points:1,099,990 Joined:Aug 2005	Message Posted: Mar 11, 2010 9:15:53 AM Ignore FuelBarge Report Abuse Still at $82. I have no doubt that we are on an upward swing toward $100 (again).
doncNJ Champion Author New Jersey Posts:2,780 Points:565,920 Joined:Oct 2008	Message Posted: Mar 11, 2010 9:15:03 AM Ignore doncNJ Report Abuse So, then why is the price up so high. Greed...
EXTREMESNOW Champion Author Medford Posts:4,527 Points:952,760 Joined:Jul 2006	Message Posted: Mar 11, 2010 9:12:41 AM Ignore EXTREMESNOW Report Abuse Too bad the bubble on oil wont burst this week. OPEC said they would be happy keeping oil around $70 a barrel and they have managed that for some time.
humblepie Champion Author Toledo Posts:7,995 Points:1,397,965 Joined:Mar 2006	Message Posted: Mar 11, 2010 9:12:01 AM Ignore humblepie Report Abuse with no us competition in the oil market (new drilling) the tail wags the dog
jdbgn Champion Author Los Angeles Posts:7,131 Points:1,172,885 Joined:Apr 2007	Message Posted: Mar 11, 2010 9:10:20 AM Ignore jdbgn Report Abuse It's called greed and you can throw in the fact that the government has allowed the dollar to become worthless. Plain and simple.
Helms Champion Author Fort Worth Posts:4,254 Points:1,227,750 Joined:Jun 2005	Message Posted: Mar 11, 2010 9:09:52 AM Ignore Helms Report Abuse actually we will look back at this as a relative low (SPECULATORS!!)
suportoffroad30 Veteran Author Wisconsin Posts:290 Points:598,955 Joined:Aug 2007	Message Posted: Mar 11, 2010 9:05:54 AM Ignore suportoffroad30 Report Abuse Then it begs to ask why is the price so high.?