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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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ENORMS Champion Author Colorado Posts:3,014 Points:1,175,810 Joined:Sep 2006	Message Posted: Mar 12, 2010 6:08:31 AM Ignore ENORMS Report Abuse The speculators keep pushing up the price of oil until it kills the economy and puts more people out of work.
hank1326 Champion Author Los Angeles Posts:6,711 Points:1,284,165 Joined:Jun 2008	Message Posted: Mar 11, 2010 8:59:48 PM Ignore hank1326 Report Abuse We need to explore all possible domestic energy options before it is too late!
Pete12 Champion Author Albany Posts:3,608 Points:1,247,300 Joined:Nov 2005	Message Posted: Mar 11, 2010 8:18:33 PM Ignore Pete12 Report Abuse I agree withall of you this situation needs to be fixed. Take the speculators out of the equation.
brbaritone Champion Author Virginia Posts:1,082 Points:1,274,365 Joined:Jan 2007	Message Posted: Mar 11, 2010 7:59:02 PM Ignore brbaritone Report Abuse The oil market has been manipulated for months. Prices are increasing now because it's spring, and gasoline prices are supposed to go up this time of year. The excuse is that refiners are 'switching to more expensive pollution-reducing formulations.' The real reason is, of course, that demand for gasoline is expected to increase for the summer driving season, and so prices are increased to take advantage of that expected increase in demand. The supply situation really shows a substantial glut of oil in storage. Demand is still weaker than it's been in at least 10 years, maybe more. The only solution I can see is to regulate the participants in the oil market to those entities who are actually in the energy business. I don't like regulation, but it may be the only way to stop such massive abuse of the system.
ENORMS Champion Author Colorado Posts:3,014 Points:1,175,810 Joined:Sep 2006	Message Posted: Mar 11, 2010 6:05:42 PM Ignore ENORMS Report Abuse The speculators keep pushing up the price of oil until it kills the economy and puts more people out of work.
jbcol1 Champion Author Virginia Beach Posts:1,442 Points:296,015 Joined:Sep 2005	Message Posted: Mar 11, 2010 3:55:42 PM Ignore jbcol1 Report Abuse Sorry folks, but I am on my soapbox....... I don't know about all of you but, the more I read the news stories about gas prices and oil "futures", the madder I get. Come on America, it's time we put a stop to being used and abused. Let your legislators know that you are not going to stand for it anymore. Let them know that THEIR job is at stake. They put us in the position that OUR jobs are at stake... We CAN do the same to them. They work for us, remember??? Time we remind them of that. Darn it. I am MAD!!!!
mmene Champion Author Houston Posts:4,347 Points:938,970 Joined:May 2008	Message Posted: Mar 11, 2010 2:22:05 PM Ignore mmene Report Abuse Yes, oil is oversupplied right now.
Night Owl Champion Author Toronto Posts:5,290 Points:1,337,625 Joined:Jul 2004	Message Posted: Mar 11, 2010 12:44:47 PM Ignore Night Owl Report Abuse Oil prices should be much lower. How can greedy oil speculators get away with severely overpricing oil when there is a large oversupply of oil?
kbierley Champion Author Dayton Posts:9,934 Points:1,271,545 Joined:Nov 2003	Message Posted: Mar 11, 2010 12:44:04 PM Ignore kbierley Report Abuse Drill for MORE U.S. Oil, NOW!
PithyOpiner Champion Author Stockton Posts:12,361 Points:1,175,750 Joined:Jun 2008	Message Posted: Mar 11, 2010 12:09:41 PM Ignore PithyOpiner Report Abuse They know they are overproducing. Don't fall for their surprise. They don't need a meeting to find this out. But, don't expect them to turn the spigots down a notch. The OPEC countries and all the other oil producing countries can not do that without affecting their gross income negatively. So, they'll talk a good game but move product out the back door to anyone who will buy.
Rick52 Champion Author Milwaukee Posts:9,443 Points:742,235 Joined:Mar 2005	Message Posted: Mar 11, 2010 11:59:42 AM Ignore Rick52 Report Abuse Talk about a double dip recession....It could happen...I think we are very,very close to it ....
Rick52 Champion Author Milwaukee Posts:9,443 Points:742,235 Joined:Mar 2005	Message Posted: Mar 11, 2010 11:58:09 AM Ignore Rick52 Report Abuse OPEC tells it's neighbors to cut back... So OPEC can step up production ... Making $$$$$$..For them...
Jeff4U Champion Author Atlanta Posts:5,990 Points:1,389,570 Joined:Nov 2004	Message Posted: Mar 11, 2010 11:52:33 AM Ignore Jeff4U Report Abuse About the only thing that would reduce crude oil prices: a double-dip recession.
mazdaboy Champion Author Portland Posts:5,568 Points:1,639,155 Joined:Aug 2003	Message Posted: Mar 11, 2010 11:50:09 AM Ignore mazdaboy Report Abuse Sung to the tone of "Five feet high and rising" Johnny Cash. How highs the oil Mama? "It's $80 and rising" How highs the oil Papa? "It's $80 and rising"
panama303 All-Star Author Denver Posts:790 Points:267,245 Joined:Jan 2005	Message Posted: Mar 11, 2010 11:40:00 AM Ignore panama303 Report Abuse speculators rule the cost of oil and gas in this country. nobody is willing to curb their fiendish ways.
alanhan Veteran Author Atlanta Posts:311 Points:763,215 Joined:Aug 2008	Message Posted: Mar 11, 2010 11:39:43 AM Ignore alanhan Report Abuse Speculators again!!!
FPLREP Champion Author Virginia Posts:5,762 Points:1,989,085 Joined:Oct 2005	Message Posted: Mar 11, 2010 11:34:51 AM Ignore FPLREP Report Abuse With the world economy teetering, the last thing OPEC wants to do is cut production. Cutting production will raise the price and further erode weak demand!
Kimmunicate Champion Author San Francisco Posts:1,068 Points:371,420 Joined:Jan 2010	Message Posted: Mar 11, 2010 11:34:10 AM Ignore Kimmunicate Report Abuse If OPEC is making too much oil and demand is decreasing, then why oh why are gas prices going up at the pump!?!?!
Lengas Champion Author Gary Posts:11,100 Points:2,255,525 Joined:Nov 2004	Message Posted: Mar 11, 2010 11:33:58 AM Ignore Lengas Report Abuse Driving the price of gas up
ChuckGVT Champion Author Vermont Posts:4,388 Points:1,231,670 Joined:Apr 2008	Message Posted: Mar 11, 2010 11:32:30 AM Ignore ChuckGVT Report Abuse The oil business sucks.
myambro Champion Author Sacramento Posts:2,111 Points:663,565 Joined:Mar 2005	Message Posted: Mar 11, 2010 11:32:16 AM Ignore myambro Report Abuse Let's just nationalize the oil industry. That's the ticket. It did wonders for the auto industry.
GoBlazers Champion Author Washington Posts:5,197 Points:656,575 Joined:Dec 2008	Message Posted: Mar 11, 2010 11:30:21 AM Ignore GoBlazers Report Abuse Not exactly news.
bikechuck Champion Author Indianapolis Posts:4,657 Points:1,601,155 Joined:Apr 2006	Message Posted: Mar 11, 2010 11:29:46 AM Ignore bikechuck Report Abuse Too much oil? No problem, the oil companies will just squeeze down on the refineries and squeeze us for as much as they can get by with.
abcdMA Champion Author Worcester Posts:5,639 Points:1,119,000 Joined:Nov 2008	Message Posted: Mar 11, 2010 11:29:05 AM Ignore abcdMA Report Abuse speculators at work
VWC Veteran Author Maryland Posts:450 Points:730,840 Joined:Oct 2004	Message Posted: Mar 11, 2010 11:25:58 AM Ignore VWC Report Abuse The speculators again? Make them take delivery and it should help solve the problem of ever increasing oil/gas price.
alanhan Veteran Author Atlanta Posts:311 Points:763,215 Joined:Aug 2008	Message Posted: Mar 11, 2010 11:25:46 AM Ignore alanhan Report Abuse I agree with JoeKR. How can we have an oversupply, yet prices continue to soar?
Bud122CA Champion Author California Posts:5,238 Points:1,150,835 Joined:Jul 2008	Message Posted: Mar 11, 2010 11:25:25 AM Ignore Bud122CA Report Abuse Let Russia and China have OPEC's oil. Drill here and now for our own. We won't pay for shipping and prices will be back under $1.00 a gallon with BILLIONS of barrels in reserve.
Ticoman54 Champion Author Miami Posts:4,965 Points:1,061,000 Joined:Oct 2008	Message Posted: Mar 11, 2010 11:24:55 AM Ignore Ticoman54 Report Abuse Well said JoeKR.
nehemiah Champion Author Portland Posts:3,041 Points:554,040 Joined:Jul 2007	Message Posted: Mar 11, 2010 11:24:04 AM Ignore nehemiah Report Abuse I guess it is more than just supply and demand that affects the oil prices; yet another reason we need to invest in alternatives now
JoeKR Champion Author New Jersey Posts:7,264 Points:1,418,035 Joined:Feb 2006	Message Posted: Mar 11, 2010 11:20:09 AM Ignore JoeKR Report Abuse How can there be an oversupply of crude and the price keeps going up? Does the thought of manipulation occur to anyone?
threewheeler Champion Author Seattle Posts:2,377 Points:318,330 Joined:Jun 2008	Message Posted: Mar 11, 2010 11:15:56 AM Ignore threewheeler Report Abuse Conserve everyone
PhilMils Champion Author Virginia Posts:4,879 Points:952,685 Joined:Dec 2008	Message Posted: Mar 11, 2010 11:15:20 AM Ignore PhilMils Report Abuse Let's work together to find alternative ways of producing the energy we need and leave the oil b@st@rds to their own demise.
RAC110 Champion Author Massachusetts Posts:4,005 Points:1,476,525 Joined:Mar 2003	Message Posted: Mar 11, 2010 11:14:28 AM Ignore RAC110 Report Abuse they raise the prices for holidays and vacation times every year so none of us should be surprised for the gas going up in price as spring weather is coming now
eddmac Champion Author Washington Posts:5,526 Points:1,234,975 Joined:May 2006	Message Posted: Mar 11, 2010 11:12:25 AM Ignore eddmac Report Abuse Call me paranoid, but I see something more complex coming out of Russia and China. They both have vowed to destroy us. [Edited by: eddmac at 3/11/2010 12:14:18 PM EST]
impala2008 All-Star Author Ontario Posts:594 Points:214,030 Joined:Sep 2009	Message Posted: Mar 11, 2010 11:07:58 AM Ignore impala2008 Report Abuse Get the refineries to take their finger out
Standin Veteran Author Los Angeles Posts:266 Points:513,565 Joined:Jul 2009	Message Posted: Mar 11, 2010 11:05:33 AM Ignore Standin Report Abuse OPEC are very bullish??? How about they are just full of BULL!
scoop2008 Veteran Author Ontario Posts:259 Points:299,015 Joined:Mar 2008	Message Posted: Mar 11, 2010 11:05:09 AM Ignore scoop2008 Report Abuse Well, the only thing that matters to oil companies that summer is coming and so does the high gas prices, they go hand in hand..........
CLM06 Champion Author Tampa Posts:6,841 Points:1,496,065 Joined:Sep 2006	Message Posted: Mar 11, 2010 11:04:43 AM Ignore CLM06 Report Abuse We have an ample supply, but why are we paying so much
VTROCK Champion Author Detroit Posts:2,582 Points:646,305 Joined:Sep 2008	Message Posted: Mar 11, 2010 11:03:29 AM Ignore VTROCK Report Abuse Sure there's plenty of oil available. Any idea of a shortage would just be speculators trying to enhance their profits.
klatu2u All-Star Author New Jersey Posts:831 Points:197,500 Joined:Jun 2009	Message Posted: Mar 11, 2010 11:02:55 AM Ignore klatu2u Report Abuse down one day, up the next, then a reversal.
pricechecker08 Champion Author Ohio Posts:5,550 Points:1,241,825 Joined:Jan 2008	Message Posted: Mar 11, 2010 11:00:04 AM Ignore pricechecker08 Report Abuse Spectators at there fineist.
MiniFan Champion Author California Posts:2,223 Points:749,050 Joined:Nov 2008	Message Posted: Mar 11, 2010 10:59:23 AM Ignore MiniFan Report Abuse supply and demand, supply and demand WE need to control the demand
FBI2991 Champion Author Michigan Posts:2,176 Points:692,840 Joined:Nov 2008	Message Posted: Mar 11, 2010 10:55:10 AM Ignore FBI2991 Report Abuse Here we go again
baitmn Champion Author New Orleans Posts:6,647 Points:1,643,625 Joined:Sep 2006	Message Posted: Mar 11, 2010 10:53:17 AM Ignore baitmn Report Abuse The GREED in this market is soreal, but after working in this market there is nothing but bull comning from these people, there is so much oil out there, you people would not believe all the crap they are telling us.
JMJarvis1952 Champion Author Houston Posts:1,535 Points:409,405 Joined:Jan 2008	Message Posted: Mar 11, 2010 10:52:19 AM Ignore JMJarvis1952 Report Abuse I agree with SuperQuak
pnd1 Champion Author Tallahassee Posts:4,278 Points:860,070 Joined:Jul 2009	Message Posted: Mar 11, 2010 10:50:10 AM Ignore pnd1 Report Abuse The US should not care what OPEC does. We have more energy resources in this country than anywhere in the world. The government just refuses to allow the use of them. We have more coal and natural gas than anyone and yet China is using three times as much coal as we are. We have nuclear plants built and ready to go, but the government refuses to give them a permit to start. We already have the ability to be energy independent, but the government refuses to allow it. The Department of Energy was started in 1978 to help us get energy independance and yet all they seem to be able to do is go provide us weekly forecasts of how much gasoline is going to rise this week. It is time we took back our freedom!
paoli8 Champion Author Philadelphia Posts:4,920 Points:1,381,410 Joined:Jul 2007	Message Posted: Mar 11, 2010 10:49:21 AM Ignore paoli8 Report Abuse What a mess they have created.
Rt118E Champion Author Pennsylvania Posts:6,729 Points:909,660 Joined:Jun 2009	Message Posted: Mar 11, 2010 10:49:05 AM Ignore Rt118E Report Abuse Watch out for $4 a gallon at the pump this Summer.
ricker8 Champion Author Ontario Posts:3,128 Points:675,325 Joined:Oct 2008	Message Posted: Mar 11, 2010 10:48:00 AM Ignore ricker8 Report Abuse there gas been a hugh surplus for years, they can just set prices at what ever they want- they have us over the barrel.
uglytom Champion Author Florida Posts:5,698 Points:1,192,860 Joined:Jul 2007	Message Posted: Mar 11, 2010 10:46:29 AM Ignore uglytom Report Abuse Don't use oil products..or at least minimize there use. The Arabs need to start drinking their oil or swim in it!