April 12, 2011, 12:34 p.m. EDT EIA sees more demand, higher prices for gasoline SAN FRANCISCO (MarketWatch) -- U.S. drivers will consume more gasoline this summer, but they will also pay $1.10 a gallon more for the privilege, the Energy Information Administration said Tuesday in its short-term outlook report. Retail prices are forecast to peak at $3.91 a gallon in early summer, and average $3.86 a gallon during the driving season, which started April 1 and will end Sept. 30. Prices averaged $2.76 a gallon last summer. The agency also projected a 0.5% increase in gasoline consumption compared to the previous summer. With the projected increase in gasoline prices, vehicle fueling costs for the average U.S. household will be $825 higher this year than in 2010.
April 12, 2011, 12:46 p.m. EDT OPEC sees higher demand for its oil SAN FRANCISCO (MarketWatch) -- The Organization of Petroleum Exporting Countries estimated increased demand for its oil this year and last, according to its monthly outlook released Tuesday. OPEC estimated demand for its crude in 2010 at 29.5 millions per barrel, 200,000 barrels higher than in the previous report and about 400,00 barrels higher than 2009. In 2011, demand for OPEC crude is expected to average 29.9 million barrels per day, about 400,000 higher than a year ago and 100,000 over OPEC's previous report. OPEC also forecast global oil demand to grow by 1.4 million barrels a day in 2011, following an increase of 2 million barrels a day in 2010. "Japan's disaster led to a sudden decline in the country's use of oil. However, this should be offset by fuel substitution from nuclear to crude-burning and rebuilding operations later in the year," OPEC said.
Thanks. I seem to be doing better on the downside than on the upside. I guess they call me a permabear for a reason. But I need to work on that. Hopefully I can earn the much coveted title in the near future: perma-vulture. Last month was a crushing one for me. I had two monster D/D so I'm focusing more on money-management than making money. Smaller bets and more flexible stops.
Happy for you bro. Always nice to see the brothers do well, especially after some tough losses. ADD I had no doubts whatsoever you'd bounce back strong.
http://www.marketwatch.com/story/brent-crude-poised-for-17-pullback-analysts-2011-04-12 April 12, 2011, 11:44 a.m. EDT Brent crude poised for 17% pullback: analysts Goldman recommends closing out of CCCP basket trade SAN FRANCISCO (MarketWatch) â Brent crude futures may be poised for a 17% pullback in the coming months, after closing last week above $126 a barrel, because of ample supplies and spare capacity from major oil producers, analysts at Goldman Sachs said Tuesday. Brent crude-oil prices rallied Friday to finish at $126.12 per barrel on ICE Futures in London. Thatâs well above Fridayâs close at $112.79 a barrel for May crude on the New York Mercantile Exchange. Read Fridayâs oil story. <b>Broader call In a broader call Monday, the Goldman analysts told clients that the near-term risk-reward for the CCCP [crude oil, copper, cotton, soybeans and platinum] trade âno longer favors being long the basketâ and recommended closing the position for a 25% return versus a 28% target. </b> The analysts said the CCCP basket still has upside potential on a 12-month horizon and thereâs still âsignificant upsideâ in soybean prices, but copper and platinum will face ânear-term headwinds as higher oil prices potentially translate into a negative demand shock for the metals as these commodities are exposed to supply chain problems resulting from the earthquakes in Japan.â Copper, as well, remains âvulnerable to slowingâ demand as high prices and tight credit motivate tight inventory management from China, a key consumer, they said. âWe are closing our long copper and platinum trades, but even in these commodities the structural supply-side story remains intact and we would look for new entry points to establish new longs,â they said.