Lugnut Posted November 29, 2011 Report Posted November 29, 2011 Oil demand falls. Again. By David Bird Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)-- U.S. oil demand in September fell by 3.3%, or 643,000 barrels a day from a year ago to 18.795 million barrels a day, revised government data released Tuesday show. Demand was the lowest since July and the weakest for September since 2008, data from the Energy Information Administration show. September marked the sixth-straight month of year-on-year demand declines, that have averaged more than 500,000 barrels a day. Demand down 0.9%, or 177,000 barrels a day, from preliminary data. Oil use in September was 1.9%, or 358,000 barrels a day, below the August level. The declines came as demand for gasoline--the most widely used petroleum product in the world's biggest oil consumer--dropped to its lowest level since March. At 8.753 million barrels a day, gasoline demand was the lowest in September since 2008, when the economy was sliding into recession. Demand was 3.9%, or 359,000 barrels a day, below a year ago. September gasoline use was 1.8% below the earlier estimate. Gasoline use fell to a 10-year low in the third quarter and for the peak driving season - measured by EIA as April through September. Demand in the July-September quarter averaged 8.873 million barrels a day, down about 350,000 barrels a day from a year ago, while April-September demand averaged 8.869 million barrels a day, off 340,000 barrels a day from a year earlier. Came up on my wire feed. No link but you can Google for it.
MrHanky Posted November 29, 2011 Author Report Posted November 29, 2011 Amazing how i get screwed each time,I sold for a small loss at $12.84,then into a crappy market is goes parabolic at the close.I hate trading,trading sucks ass! Son of a bitch
Lugnut Posted November 29, 2011 Report Posted November 29, 2011 BTW - the oil spike a couple of weeks ago was due to "higher demand" which, if one read the numbers, didn't exist. It also accompanied new supply entering the world market. Oil will crash. Then the market. It is called "demand destruction" and is one of the many happy consequences of "QE in the context of price stability"
Lugnut Posted November 29, 2011 Report Posted November 29, 2011 Also, Japanese unemployment spiking to higher levels is also certainly a reason for Oil to climb. Unemployed people must use more energy than the shuttered factories they once worked in.
Lugnut Posted November 29, 2011 Report Posted November 29, 2011 Oil demand falls year over year for 6 straight months as new supply comes on line. So this chart makes perfect sense: Boooooyahhhhh! Oh ... and "easing in the context of price stability"
I_Am_Madness Posted November 29, 2011 Report Posted November 29, 2011 Dong ES at 1189.25. Stop below 1183. Looking for a retest of the 1202-1206 area overnight. Trade Safe.
DrStool Posted November 29, 2011 Report Posted November 29, 2011 Also, Japanese unemployment spiking to higher levels is also certainly a reason for Oil to climb. Unemployed people must use more energy than the shuttered factories they once worked in. Not true at all. Japanese homes now heated by radioactivity. This results in major savings and is reason for decline in demand. Also, fewer people working not because of unemployment. Because they are off sick. Vomiting, diarrhea, hair loss, death, that kind of thing. No biggie. Demand for radiation cleanup workers growing, increasing employment, boosting Japan economy. More workers needed all the time to replace those retiring or dying after 2 weeks on the job. When was the last time we have a 300 point down day 2 days before the government cooked jobs report? The jobs report will stink. Major negative shock. Consensus is for +116k. Withholding data suggests that not only will the number be a big miss, it should be negative. Covered in the Wall Street Examiner Professional Edition Treasury update. Wait a minute. You are NOT suggesting that the government would LIE, are you! I'm shocked. Stay up to date with the machinations of the Fed, Treasury, Primary Dealers and foreign central banks in the US market, along with regular updates of the US housing market, in the Fed Report in the Professional Edition, Money Liquidity, and Real Estate Package. Try it risk free for 30 days. Don't miss another day. Get the research and analysis you need to understand these critical forces. Be prepared. Stay ahead of the herd. Click this link and begin your risk free trial NOW!
I_Am_Madness Posted November 29, 2011 Report Posted November 29, 2011 Wait a minute. You are NOT suggesting that the government would LIE, are you! I'm shocked. Without a doubt...YES.
Lugnut Posted November 29, 2011 Report Posted November 29, 2011 Doc - I have a rage post coming. Will email you when I submit it on the WSE platform. In a few hours. Need to read it calmly first
Jetlag Posted November 29, 2011 Report Posted November 29, 2011 Why BAC was soft: "Bank of America Corp. (BAC), Goldman Sachs Group Inc. and Citigroup Inc. © had long-term credit grades downgraded to A- from A by Standard & Poor’s after the ratings firm revised its criteria for the banking industry. Standard & Poor’s also made the same cut to Bank of America’s Merrill Lynch unit. S&P listed its ratings for 37 of the largest financial institutions in a statement today. " http://www.bloomberg.com/news/2011-11-29/s-p-cuts-bank-of-america-citigroup-goldman-ratings-in-industry-revision.html
DrStool Posted November 29, 2011 Report Posted November 29, 2011 Doc - I have a rage post coming. Will email you when I submit it on the WSE platform. In a few hours. Need to read it calmly first Rage, for lack of a better word, is good. Rage is right. Rage works. Rage clarifies, cuts through, and captures, the essence of the revolutionary spirit.
Jetlag Posted November 29, 2011 Report Posted November 29, 2011 Oil demand falls. Again. Came up on my wire feed. No link but you can Google for it. Oil demand didn't fall. US Oil demand fell. This black friday Mericans bought more chinese trinkets that are hauled all the way from Asia and produced in energy inefficient factories. And on cyber monday Online sales were also up in the high double digits... how fuel efficient is it to fedex those chinese trinkets over to your door step? Oil will either stay up or go up until things change.
Plantagenet Posted November 29, 2011 Report Posted November 29, 2011 Why BAC was soft: "Bank of America Corp. (BAC)© had long-term credit grades downgraded to DD--- from A by Standard & Poor’s after Plantagenet finally got his check for closing his account. BAC had been stalling since 1 November, to avoid the drastic unwind of their 100,000:1 leverage on the sequestered $14k. Further aggravating BAC's loss was Plantagenet's successful refinance of his home loan, formerly with Countrywide. A bankruptcy filing is imminent.
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