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Oil Struggles For Clear Direction From $81.50

Reuters -- Oil failed to find momentum in either direction for a clear move away from $81.50 on Wednesday as investors waited for data on U.S. stocks or OPEC's monthly report ahead of next week's meeting to provide impetus.

U.S. crude for April delivery was flat at $81.49 by 1028 GMT (5:28 a.m. ET). It had earlier risen to within 80 cents of Monday's peak of $82.41, the highest level since prices jumped to a 15-month high of $83.95 on January 11. London ICE Brent for April edged up 7 cents to $79.98.

"There's a little bit of reticence about striking out one way or the other ... there's not enough information to herald decisively a bull run," said Paul Harris, head of energy and emissions at Bank of Ireland.

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Submitted Mar 10, 2010 By: stpetebp

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WCCurtis Champion Author San Bernardino Posts:3,304 Points:1,360,720 Joined:Oct 2005	Message Posted: Mar 10, 2010 2:15:17 PM Ignore WCCurtis Report Abuse Today, a barrel of Crude Oil closed up $.60 to $82.09.
FuelBarge Champion Author Long Island Posts:6,796 Points:1,608,315 Joined:Aug 2005	Message Posted: Mar 10, 2010 9:35:09 AM Ignore FuelBarge Report Abuse The only direction I see is up. China is consuming 5% more every year and our economy, though sputtering, will still continue to consume enough to keep prices rising.
MUSTANGSRUS Champion Author Ontario Posts:7,373 Points:1,506,795 Joined:Sep 2006	Message Posted: Mar 10, 2010 7:25:12 AM Ignore MUSTANGSRUS Report Abuse No one really knows where oil will go until it gets there.
Buffalo Joe Champion Author Alberta Posts:7,443 Points:2,073,175 Joined:Feb 2003	Message Posted: Mar 10, 2010 7:18:04 AM Ignore Buffalo Joe Report Abuse Seems to go one way, UP!!!!!
JimL1 Champion Author Phoenix Posts:5,739 Points:806,475 Joined:Jul 2003	Message Posted: Mar 10, 2010 7:10:11 AM Ignore JimL1 Report Abuse Speculators are manipulators, not the only manipulators, but manipulators just the same.
JimL1 Champion Author Phoenix Posts:5,739 Points:806,475 Joined:Jul 2003	Message Posted: Mar 10, 2010 7:04:19 AM Ignore JimL1 Report Abuse Yes, I have been tracking speculator postings on this site for weeks. The least number of articles designed to increase speculation on any one day has been two. Today it is the highest ever with five out of five. Speculators tend to win more profits as more of those not deeply experienced in commodity speculation get into the game. It is very similar to a poker game in that respect. The new players/speculators normally get their clocks cleaned and the experienced players/speculators increase their winnings. Stirring up the frenzy of speculators increases the cost of fuel. Is this what we need on a site that is supposed to be dedicated to helping people find less expensive fuel?
woodeye55 Champion Author Gary Posts:4,646 Points:1,390,655 Joined:Mar 2006	Message Posted: Mar 10, 2010 7:02:58 AM Ignore woodeye55 Report Abuse The only exact way to predict the direction is to ask the "Magic 8 Ball".
Grismer Champion Author Kitchener-Waterloo Posts:6,258 Points:1,271,445 Joined:Apr 2008	Message Posted: Mar 10, 2010 7:00:18 AM Ignore Grismer Report Abuse Speculators not very brave when it comes to lower profits with greater risk attached.
Valricoslash Champion Author Tampa Posts:4,285 Points:885,395 Joined:Nov 2008	Message Posted: Mar 10, 2010 6:56:53 AM Ignore Valricoslash Report Abuse These articles are only valid at the exact moment they are printed. I guarantee you that sometime today there wil be at least two or three articles forecasting prices up or down.
ky_commuter75 Champion Author Cincinnati Posts:5,206 Points:1,485,565 Joined:Jul 2005	Message Posted: Mar 10, 2010 6:53:27 AM Ignore ky_commuter75 Report Abuse Look like JimL1 did some research.
Jamer Champion Author Orange County Posts:6,387 Points:1,176,310 Joined:Jul 2002	Message Posted: Mar 10, 2010 6:51:42 AM Ignore Jamer Report Abuse Back on the speculation roller coaster ride again.
JimL1 Champion Author Phoenix Posts:5,739 Points:806,475 Joined:Jul 2003	Message Posted: Mar 10, 2010 6:51:37 AM Ignore JimL1 Report Abuse All five articles were put up by the same person, stpetebp . Is stpetebp a speculator? This question is valid since all articles on the Gas Buddy Blog/Recent News site today are designed to feed the speculator frenzy. 1)" Higher gasoline prices coming”, 2)“ Queensland picks banks for A$7bn rail IPO,” 3)“ Oil Struggles For Clear Direction From $81.50,” 4)" Tullow says profits have been hit by falling oil prices,” and 5)” OPEC President Vows to Reduce Oil-Price Speculation, Volatility.” The fifth article may be good news in the long run, but in the short, probably not. These articles are simply more attempts to stir up the frenzy of speculators. Stirring up the frenzy of speculators increases the cost of fuel. Is this what we need on a site that is supposed to be dedicated to helping people find less expensive fuel?
Chitowner Champion Author Omaha Posts:3,145 Points:872,705 Joined:Jul 2007	Message Posted: Mar 10, 2010 6:50:02 AM Ignore Chitowner Report Abuse Or in other words no one is buying futures at 81.50
REKEY Champion Author South Carolina Posts:6,206 Points:1,233,480 Joined:May 2008	Message Posted: Mar 10, 2010 6:48:52 AM Ignore REKEY Report Abuse Does anyone think it's going down?
foxups Champion Author Toledo Posts:3,252 Points:645,060 Joined:Feb 2004	Message Posted: Mar 10, 2010 6:47:55 AM Ignore foxups Report Abuse getting out of hand again
sdhuper Sophomore Author Toronto Posts:174 Points:68,715 Joined:Dec 2009	Message Posted: Mar 10, 2010 6:47:47 AM Ignore sdhuper Report Abuse its going up without doubt
matman01 Champion Author Detroit Posts:12,210 Points:1,511,405 Joined:May 2007	Message Posted: Mar 10, 2010 6:47:40 AM Ignore matman01 Report Abuse Garbage
MightyDude Champion Author Minnesota Posts:7,954 Points:2,180,770 Joined:Mar 2003	Message Posted: Mar 10, 2010 6:47:37 AM Ignore MightyDude Report Abuse Hang-Loose ;)
Zuman Champion Author New York Posts:3,883 Points:1,441,655 Joined:May 2005	Message Posted: Mar 10, 2010 6:46:36 AM Ignore Zuman Report Abuse More crap.
Tnerbeel Champion Author Houston Posts:6,350 Points:1,283,885 Joined:Mar 2007	Message Posted: Mar 10, 2010 6:46:36 AM Ignore Tnerbeel Report Abuse Seems it is going to stick around $80 for quite some time.
rippinusoff Champion Author Lexington Posts:5,049 Points:1,020,925 Joined:May 2007	Message Posted: Mar 10, 2010 6:46:34 AM Ignore rippinusoff Report Abuse should be $30 a bbl.
braves89 Champion Author Chicago Posts:5,320 Points:1,164,895 Joined:Apr 2008	Message Posted: Mar 10, 2010 6:46:28 AM Ignore braves89 Report Abuse oil needs to stay down
QueenMother Champion Author New Hampshire Posts:5,179 Points:1,702,190 Joined:May 2006	Message Posted: Mar 10, 2010 6:45:41 AM Ignore QueenMother Report Abuse Yes, and we're struggling as well.
goldilox88 Champion Author Montreal Posts:4,059 Points:1,000,000 Joined:Jun 2008	Message Posted: Mar 10, 2010 6:45:38 AM Ignore goldilox88 Report Abuse Struggle no more. It's going up.
smoketown Champion Author Cincinnati Posts:3,984 Points:932,440 Joined:Feb 2008	Message Posted: Mar 10, 2010 6:44:47 AM Ignore smoketown Report Abuse Now they have lied about inventories, Sure they have.............
GasholeMI Champion Author Lansing Posts:7,768 Points:1,250,615 Joined:Jul 2008	Message Posted: Mar 10, 2010 6:41:44 AM Ignore GasholeMI Report Abuse Give it a few days. It will go up.
civicdutie Champion Author Rochester Posts:3,010 Points:611,275 Joined:Nov 2008	Message Posted: Mar 10, 2010 6:41:25 AM Ignore civicdutie Report Abuse Good, speculators beware of putting all your eggs in one basket, unless your name is Bernie Madoff.
RANGERKY Rookie Author Lexington Posts:18 Points:2,340 Joined:Mar 2010	Message Posted: Mar 10, 2010 6:41:19 AM Ignore RANGERKY Report Abuse SHOULD WE EVEN QUESTION WHAT DIRECTION IT IS GOING TO GO?
unicornpmb Champion Author Buffalo Posts:6,117 Points:1,161,725 Joined:Sep 2005	Message Posted: Mar 10, 2010 6:40:58 AM Ignore unicornpmb Report Abuse All those who want the down direction type yea.
rvn4me Champion Author Texas Posts:3,259 Points:1,029,740 Joined:Jan 2009	Message Posted: Mar 10, 2010 6:40:48 AM Ignore rvn4me Report Abuse The inventories will probally show an increase but the price will still climb. Refineries are only operating at 80% because of inventory and demand yet experts say gas is still going over $3 soon.
TomT2Lee Champion Author Cincinnati Posts:3,807 Points:1,167,120 Joined:Sep 2005	Message Posted: Mar 10, 2010 6:37:23 AM Ignore TomT2Lee Report Abuse It could be hitting the top of the current defined range or it is building a base that will push it much higher. It is worth noting that the US influence over oil prices has been taking a hefty hit over the past few months. It is really going to shock most American's when oil prices break the $100 mark and the fake US economic recovery has died.
Rick01 Champion Author Utah Posts:6,634 Points:1,908,215 Joined:Sep 2005	Message Posted: Mar 10, 2010 6:34:23 AM Ignore Rick01 Report Abuse Oil needs to fall fast and hard so we can get this country's recovery moving!
olcowboy14 Champion Author Spokane Posts:7,175 Points:1,027,995 Joined:Jul 2007	Message Posted: Mar 10, 2010 6:32:59 AM Ignore olcowboy14 Report Abuse OK, so it didn't go up or down for a whole day. It isn't the end of the world. It shouldn't move up or down for weeks at a time. I read somewhere a long time ago that oil would be sold to 4 or 5 different companies and never leave its original container. I think that if they buy the oil they should take physical possession of it. That should cut down on so many middle men, and hopefully the prices. [Edited by: olcowboy14 at 3/10/2010 7:37:40 AM EST]
WonderfulMI Champion Author Michigan Posts:9,019 Points:1,319,805 Joined:Jun 2008	Message Posted: Mar 10, 2010 6:32:02 AM Ignore WonderfulMI Report Abuse The only reason for rapid price change is speculation. supply and demand gradually change, but speculation fluctuates rapidly.
jppezz Champion Author New Mexico Posts:6,225 Points:1,224,605 Joined:Jun 2008	Message Posted: Mar 10, 2010 6:30:06 AM Ignore jppezz Report Abuse We want it to go down but speculators and greed will make it go up.
TeachR06 Champion Author Raleigh Posts:3,535 Points:1,018,660 Joined:Sep 2006	Message Posted: Mar 10, 2010 6:28:57 AM Ignore TeachR06 Report Abuse Clear direction. Sounds like the direction is profit, profit,profit.
THEDodgeman Champion Author Denver Posts:5,626 Points:1,479,580 Joined:Apr 2005	Message Posted: Mar 10, 2010 6:28:11 AM Ignore THEDodgeman Report Abuse NEEDS TO GO DOWN
MertieMan Champion Author Lexington Posts:12,404 Points:2,427,635 Joined:May 2005	Message Posted: Mar 10, 2010 6:24:29 AM Ignore MertieMan Report Abuse Well the oil industry sure found new ways to elevate the prices at the pumps yesterday.
jimraehl Champion Author Utah Posts:4,755 Points:1,175,435 Joined:Sep 2008	Message Posted: Mar 10, 2010 6:23:29 AM Ignore jimraehl Report Abuse A little more time for the current stock market correction, then watch out below.
Hangnail309 Champion Author Manitoba Posts:3,792 Points:1,230,555 Joined:Aug 2006	Message Posted: Mar 10, 2010 6:23:27 AM Ignore Hangnail309 Report Abuse Greed wrote this story. Market fundamentals mean nothing ...
biza4u Champion Author New Haven Posts:6,172 Points:1,163,885 Joined:Jan 2007	Message Posted: Mar 10, 2010 6:21:53 AM Ignore biza4u Report Abuse The greed mongers are aware of what direction they want
DerHahn Champion Author Illinois Posts:11,145 Points:1,653,000 Joined:May 2004	Message Posted: Mar 10, 2010 6:21:23 AM Ignore DerHahn Report Abuse looking for a clear direction. just ask us, we clearly want it to go down.
turbosaab Champion Author Cleveland Posts:14,937 Points:1,945,015 Joined:Sep 2006	Message Posted: Mar 10, 2010 6:20:41 AM Ignore turbosaab Report Abuse Who cares? Since when is there any relationship between the price of oil and the cost of gasoline?
afghaned Champion Author Hamilton Posts:8,493 Points:820,625 Joined:May 2004	Message Posted: Mar 10, 2010 6:19:10 AM Ignore afghaned Report Abuse It's obvious the direction will be up, especially with the shift to summer gas as others have said.
BobD2009 Champion Author Long Island Posts:4,577 Points:773,760 Joined:Apr 2009	Message Posted: Mar 10, 2010 6:18:00 AM Ignore BobD2009 Report Abuse I'm sure they have a clear direction all right. Up,Up and Up.
TerryLee Champion Author Ohio Posts:13,855 Points:2,632,895 Joined:Mar 2004	Message Posted: Mar 10, 2010 6:16:36 AM Ignore TerryLee Report Abuse Greed is what drives the pump prices
TheSnowstorm Champion Author Montreal Posts:6,817 Points:1,473,500 Joined:June 2005	Message Posted: Mar 10, 2010 6:16:31 AM Ignore TheSnowstorm Report Abuse Baron62nd: You hit the nail right on the head!!
Beau2140 Champion Author New York Posts:5,931 Points:1,189,185 Joined:Oct 2008	Message Posted: Mar 10, 2010 6:16:07 AM Ignore Beau2140 Report Abuse Speculators control the prices.
Fitwit Champion Author Stockton Posts:4,360 Points:942,500 Joined:May 2009	Message Posted: Mar 10, 2010 6:14:23 AM Ignore Fitwit Report Abuse Go west young man, go west, just don't park in California.
9C1 Champion Author Chicago Posts:20,397 Points:3,787,835 Joined:Jul 2001	Message Posted: Mar 10, 2010 6:12:37 AM Ignore 9C1 Report Abuse Gasoline has climbed 20 cents in the last week, just because. The price of crude has nothing to do with it.