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Breaking Down the Past 9 Months of Crude Oil
Crude oil prices have risen from $44.76 to $77.28 ($32.52, 72.65%) between March and November.
March – November Graph:
Daily Breakdown:
Weekly Breakdown:
| Week | Start Price | End Price | Difference (%) |
| November 23rd -November 27th | $77.47 | $76.05 | $1.42 (1.83%) |
| November 16th -November 20th | $76.35 | $77.47 | $1.12 (1.47%) |
| November 9th -November 13th | $77.43 | $76.35 | $1.08 (1.39%) |
| November 2nd -November 6th | $77.00 | $77.43 | $0.43 (0.56%) |
| October 26th -October 30th | $80.50 | $77.00 | $3.50 (4.35%) |
| October 19th -October 23rd | $78.53 | $80.50 | $1.97 (2.51%) |
| October 12th -October 16th | $71.77 | $78.53 | $6.76 (9.42%) |
| October 5th - October 9th | $69.95 | $71.77 | $1.82 (2.60%) |
| September 28th -October 2nd | $66.02 | $69.95 | $3.93 (5.95%) |
| September 21st -September 25th | $72.04 | $66.02 | $6.02 (8.36%) |
| September 14th -September 18th | $69.29 | $72.04 | $2.75 (3.97%) |
| September 8th -September 11th | $68.02 | $69.29 | $1.27 (1.87%) |
| August 31st -September 4th | $72.74 | $68.02 | $4.72 (6.49%) |
| August 24th - August 28th | $73.89 | $72.74 | $1.15 (1.56%) |
| August 17th - August 21st | $67.51 | $73.89 | $6.38 (9.45%) |
| August 10th - August 14th | $70.93 | $67.51 | $3.42 (4.82%) |
| August 3rd - August 7th | $69.45 | $70.93 | $1.48 (2.13%) |
| July 27th - July 31st | $68.05 | $69.45 | $1.40 (2.06%) |
| July 20th - July 24th | $63.56 | $68.05 | $4.49 (7.06%) |
| July 13th - July 17th | $59.89 | $63.56 | $3.67 (6.13%) |
| July 6th - July 10th | $66.73 | $59.89 | $6.84 (10.25%) |
| June 29th - July 2nd | $69.16 | $66.73 | $2.43 (3.51%) |
| June 22nd - June 26th | $69.55 | $69.16 | $0.39 (0.56%) |
| June 15th - June 19th | $72.04 | $69.55 | $2.49 (3.46%) |
| June 8th - June 12th | $68.44 | $72.04 | $3.60 (5.26%) |
| June 1st - June 5th | $66.31 | $68.44 | $2.13 (3.21%) |
| May 26th - May 29th | $61.67 | $66.31 | $4.64 (7.52%) |
| May 18th - May 22nd | $56.34 | $61.67 | $5.33 (9.46%) |
| May 11th - May 15th | $58.63 | $56.34 | $2.29 (3.91%) |
| May 4th - May 8th | $53.20 | $58.63 | $5.43 (10.21%) |
| April 27th - May 1st | $51.55 | $53.20 | $1.65 (3.20%) |
| April 20th - April 24th | $50.33 | $51.55 | $1.22 (2.42%) |
| April 13th - April 17th | $52.24 | $50.33 | $1.91 (3.66%) |
| April 6th - April 9th | $52.51 | $52.24 | $0.27 (0.51%) |
| March 30th - April 3rd | $52.38 | $52.51 | $0.13 (0.25%) |
| March 23rd - March 27th: | $51.06 | $52.38 | $1.32 (2.59%) |
| March 16th - March 20th | $46.25 | $51.06 | $4.81 (10.40%) |
| March 9th - March 13th | $45.52 | $46.25 | $0.73 (1.60%) |
| March 2nd-March 6th | $44.76 | $45.52 | $0.76 (1.70%) |
Oil Prices from September to November
Oil prices have risen from $69.96 to $77.28 ($7.32, 10.46%) between September and November.
Weekly Breakdown:
Week | Start Price | End Price | Difference (%) |
November 23rd -November 27th | $77.47 | $76.05 | $1.42 (1.83%) |
November 16th -November 20th | $76.35 | $77.47 | $1.12 (1.47%) |
November 9th -November 13th | $77.43 | $76.35 | $1.08 (1.39%) |
November 2nd -November 6th | $77.00 | $77.43 | $0.43 (0.56%) |
October 26th -October 30th | $80.50 | $77.00 | $3.50 (4.35%) |
October 19th -October 23rd | $78.53 | $80.50 | $1.97 (2.51%) |
October 12th -October 16th | $71.77 | $78.53 | $6.76 (9.42%) |
October 5th - October 9th | $69.95 | $71.77 | $1.82 (2.60%) |
September 28th -October 2nd | $66.02 | $69.95 | $3.93 (5.95%) |
September 21st -September 25th | $72.04 | $66.02 | $6.02 (8.36%) |
September 14th -September 18th | $69.29 | $72.04 | $2.75 (3.97%) |
September 8th -September 11th | $68.02 | $69.29 | $1.27 (1.87%) |
August 31st -September 4th | $72.74 | $68.02 | $4.72 (6.49%) |
Daily Breakdown:
November 30th (Monday) - Oil rises $1.23 to $77.28: Tensions with Iran escalated after the country seized a racing yacht containing five British sailors. This comes a day after Iran announced its intention to build 10 uranium-enrichment plants. In addition, the U.S. dollar fell as worries about a big Dubai debt default eased.
November 27th (Friday) - Oil falls $1.91 to $76.05: Debt default fears in Dubai pushed oil lower as global markets sunk and the U.S. dollar rose.
November 25th (Wednesday) - Oil rises $1.94 to $77.96: U.S. consumer spending and new-home sales rose in October while initial jobless claims fell to a year low in the week ended November 21st. As a result, the U.S. dollar fell to a 15-month low. In addition, U.S. crude inventories rose a less-than-expected 1 million barrels in the week ended November 20th.
November 24th (Tuesday) - Oil falls $1.54 to $76.02: The Commerce Department revised its third-quarter GDP growth figure to 2.8% from an earlier estimate of 3.5%.
November 23rd (Monday) - Oil rises 9 cents to $77.56: The U.S. dollar weakened while global tensions with Iran escalated.
November 20th (Friday) - Oil falls 58 cents to $77.47: The U.S. dollar rose for a second straight session versus the euro.
November 19th (Thursday) - Oil falls $2.12 to $77.46: The U.S. dollar strengthened while equities fell. The index of leading economic indicators rose below expectations.
November 18th (Wednesday) - Oil rises 44 cents to $79.58: The EIA reported that U.S. crude inventories declined 887,000 barrels in the week ended November 13th.
November 17th (Tuesday) - Oil rises 24 cents to $79.14: Speculation that demand will improve overshadowed a stronger dollar.
November 16th (Monday) - Oil rises $2.55 to $78.90: U.S. retail sales rose a better-than-expected 1.4% in October. As a result, the U.S. dollar slid to a 15-month low while the Dow jumped 136 points.
November 13th (Friday) - Oil falls 59 cents to $76.35: Demand concerns carried over from yesterday.
November 12th (Thursday) - Oil falls $2.34 to $76.94: The EIA reported that U.S. crude inventories rose 1.8 million barrels and gasoline inventories surged 2.56 million barrels in the week ended November 6th.
November 11th (Wednesday) - Oil rises 23 cents to $79.28: Chinese crude imports climbed in October to the second-highest level ever.
November 10th (Tuesday) - Oil falls 38 cents to $79.05: Fear over tropical storm Ida subsided as it made landfall in Alabama this morning.
November 9th (Monday) - Oil rises $2.00 to $79.43: 30 percent of U.S. offshore oil production was shut down due to tropical storm Ida. In addition, the Dow rallied 2% while the dollar dropped to a two-week low against the euro.
November 6th (Friday) - Oil falls $2.19 to $77.43: The U.S. unemployment rate rose to a new 26-year high of 10.2%.
November 5th (Thursday) - Oil falls 78 cents to $79.62: Demand worries loomed as U.S. net crude imports slumped 8.6% in the week ended October 30th.
November 4th (Wednesday) - Oil rises 80 cents to $80.40: The EIA reported that U.S. crude inventories unexpectedly dropped by 3.9 million barrels in the week ended October 30th.
November 3rd (Tuesday) - Oil rises $1.47 to $79.60: The Commerce Department reported that orders for U.S. manufactured goods increased by a seasonally adjusted 0.9% in September. In addition, the price of gold surged to an all-time high.
November 2nd (Monday) - Oil rises $1.13 to $78.13: The U.S. manufacturing sector grew in October for the third straight month. HSBC’s China Purchasing Managers’ Index also rose in October for the seventh straight month.
October 30th (Friday) - Oil falls $2.87 to $77.00: U.S. consumer spending fell 0.5% in September, the first fall in five months. October consumer sentiment also slipped to 70.6 from 73.5 in September.
October 29th (Thursday) - Oil rises $2.41 to $79.87: The U.S. economy returned to growth in the third quarter. GDP grew at a rate of 3.5%, beating analysts’ expectations by 0.3%.
October 28th (Wednesday) - Oil falls $2.09 to $77.46: The EIA reported that U.S. gasoline inventories unexpectedly rose 1.7 million barrels in the week ended October 23rd.
October 27th (Tuesday) - Oil rises 87 cents to $79.55: Gasoline and distillate inventories are expected to decline by approximately 1 million barrels in the week ended October 23rd.
October 26th (Monday) - Oil falls $1.82 to $78.68: Caterpillar announced plans to permanently cut 2,500 jobs. In addition, the U.S. dollar rose while the Dow fell over 100 points.
October 23rd (Friday) - Oil falls 69 cents to $80.50: Industrial companies such as Schlumberger and Broadcom reported disappointing third quarter earnings while the U.S. dollar rose.
October 22nd (Thursday) - Oil falls 18 cents to $81.19: The number of American workers filing new jobless claims rose by 11,000 in the week ended October 17th. In addition, the U.S. dollar rose.
October 21st (Wednesday) - Oil rises $2.25 to $81.37: The EIA reported that U.S. gasoline inventories fell by 2.2 million barrels in the week ended October 16th. In addition, the U.S. dollar fell.
October 20th (Tuesday) - Oil falls 84 cents to $79.12: The U.S. dollar rebounded from its 14th month low against the euro.
October 19th (Monday) - Oil rises $1.08 to $79.61: U.S. stocks jumped ~1% on better than expected earnings results. So far, 79% of companies’ earnings have been above analysts’ expectations.
October 16th (Friday) - Oil rises 95 cents to $78.53: Federal Reserve data showed U.S. industrial production rose in September for a third consecutive month. Production rose 0.7% compared to an average analyst estimate of 0.2%.
October 15th (Thursday) - Oil rises $2.40 to $77.58: The EIA reported a 5.2 million barrel drop in U.S. gasoline inventories in the week ended October 9th. In addition, U.S. crude inventories rose a less than expected 400,000 barrels.
October 14th (Wednesday) - Oil rises $1.03 to $75.18: The Dow broke through the 10,000 point mark for the first time in a year. The US dollar index plunged to a new 14-month low.
October 13th (Tuesday) - Oil rises 88 cents to $74.15: The US dollar index hit a 14-month low.
October 12th (Monday) - Oil rises $1.50 cents to $73.27: Oil rose to a six-week high on speculation that corporate earnings will be strong this coming week. In addition, the US dollar index fell. The US has also been experiencing an early start to the cold weather which may cause oil demand to rise.
October 9th (Friday) - Oil rises 8 cents to $71.77: The IEA said in a monthly report that world oil demand will recover at a quicker pace than previously expected for the rest of 2009 and in 2010 as the economy picks up. However, gains were limited by a rising dollar.
October 8th (Thursday) - Oil rises $2.12 to $71.69: The dollar index fell near its one-year low. In addition, the Labor Department said initial claims for state unemployment benefits fell by a better-than-expected 33,000 to a seasonally adjusted 521,000 in the week ended Oct. 3.
October 7th (Wednesday) - Oil falls $1.31 to $69.57: The EIA reported that gasoline inventories increased by 2.9 million barrels in the week ended Oct. 2nd, more than doubling analysts' expectations of a 1.3 million-barrel increase. In addition, distillates rose 700,000 barrels, above analysts’ expectations of a 400,000 barrel increase.
October 6th (Tuesday) - Oil rises 47 cents to $70.88: The dollar fell after the Reserve Bank of Australia became the first G20 central bank to raise interest rates. The dollar also fell on a media report, later denied, that Gulf Arab states were in talks to abandon the U.S. currency in oil trade.
October 5th (Monday) - Oil rises 46 cents to $70.41: The Institute for Supply Management said its service index rose to 50.9 in September from 48.4 in August. The index hadn’t grown since August 2008. The Dow responded with a 112-point gain.
October 2nd (Friday) - Oil falls 87 cents to $69.95: The Labor Department reported that the unemployment rate rose to a new 26-year high of 9.8%. 263,000 payroll jobs were lost, much more than the 167,000 economists had expected.
October 1st (Thursday) - Oil rises 21 cents to $70.82: A government report said that U.S. consumer spending rose 1.3% in August. However, oil gains were capped by data which showed that the number of U.S. workers seeking jobless benefits climbed last week.
September 30th (Wednesday) - Oil rises $3.90 to $70.61:Gasoline stockpiles fell by 1.6 million barrels in the week ended Sept. 25th, surprising analysts who had forecasted an increase of 1.2 million barrels.
September 29th (Tuesday) - Oil falls 13 cents to $66.71: Oil ended slightly lower in anticipation of more growth in already sky-high U.S. oil and gasoline inventories.
September 28th (Monday) - Oil rises 82 cents to $66.84: Oil followed equities higher on merger activity and on jitters over Iran.
September 25th (Friday) - Oil rises 13 cents to $66.02: President Barrack Obama and the leaders of France and Britain issued a stern warning to Iran, demanding the country come clean on its nuclear program.
September 24th (Thursday) - Oil falls $3.08 to $65.89: Supply worries carried over from yesterday's trading. Also, US existing home sales fell 2.7 percent in August, compared with a 7.2 percent rise in July. Economists were expecting a fifth straight increase.
September 23rd (Wednesday) - Oil falls $2.79 to $68.97. U.S. Crude Oil inventories surprisingly rose 2.855 barrels for the week ended Sept. 18th. Analysts had expected a drop of 1.5 million barrels.
September 22nd (Tuesday) - Oil rises $1.84 to $71.55: The U.S. dollar fell to its lowest level against the euro in more than a year. The euro hit $1.4821, its highest level since August 2008.
September 21st (Monday) - Oil falls $2.33 to $69.71: Oil settled lower ahead of the Federal Reserve’s two-day policy meeting. Market participants were also nervous before this week's G20 meeting.
September 18th (Friday) - Oil falls 43 cents to $72.04: The U.S. dollar index rose from a near one-year low.
September 17th (Thursday) - Oil falls 4 cents to $72.47: Oil prices slipped slightly in seesaw trading as US equities fell.
September 16th (Wednesday) - Oil rises $1.58 to $72.51: U.S. crude oil inventories fell 4.7 million barrels in the week ended Sept. 11. That was nearly double the level expected by analysts.
September 15th (Tuesday) - Oil rises $2.07 to $70.93: Government figures showed US retail sales rose a better than expected 2.7% in August while a separate report showed an improvement in manufacturing in the New York region and an upturn in producer prices. In addition, Ben Bernanke said the country’s recession “is very likely over.”
September 14th (Monday) - Oil falls 43 cents to $68.86: With no fresh economic news out, investor sentiment from Friday carried over.
September 11th (Friday) - Oil falls $2.65 to $69.29: Despite the dollar falling to a fresh low for 2009, oil tumbled on oversupply worries and profit-taking.
September 10th (Thursday) - Oil rises 63 cents to $71.94: U.S. crude inventories dropped an unexpected 5.9 million barrels in the week ended September 4th. In addition, the International Energy Agency raised its global demand forecast for 2009 by 500,000 barrels. Gains were limited, however, by large increases in distillate and gasoline inventories.
September 9th (Wednesday) - Oil rises 21 cents to $71.31: The U.S. dollar weakened while equities rose.
September 8th (Tuesday) - Oil rises $3.08 to $71.10: The U.S. dollar fell to a year-low against the euro.
September 4th (Friday) - Oil rises 6 cents to $68.02: A strong rise in equities and a weaker dollar outweighed U.S. jobs data that showed the unemployment rate at a new 26-year high.
September 3rd (Thursday) - Oil falls 9 cents to $67.96: Volume was light ahead of Friday's US jobs report.
September 2nd (Wednesday) - Oil unchanged at $68.05: A smaller-than-expected drop in U.S. crude stocks offset a larger-than-expected drop in gasoline stocks in the week ended August 28th.
Oil Prices from June to August
Oil prices have risen from $66.31 to $69.96 ($3.65, 5.50%) between June and August.
June – August Graph:
Weekly Breakdown:
Week | Start Price | End Price | Difference (%) |
August 31st -September 4th | $72.74 | $68.02 | $4.72 (6.49%) |
August 24th - August 28th | $73.89 | $72.74 | $1.15 (1.56%) |
August 17th - August 21st | $67.51 | $73.89 | $6.38 (9.45%) |
August 10th - August 14th | $70.93 | $67.51 | $3.42 (4.82%) |
August 3rd - August 7th | $69.45 | $70.93 | $1.48 (2.13%) |
July 27th - July 31st | $68.05 | $69.45 | $1.40 (2.06%) |
July 20th - July 24th | $63.56 | $68.05 | $4.49 (7.06%) |
July 13th - July 17th | $59.89 | $63.56 | $3.67 (6.13%) |
July 6th - July 10th | $66.73 | $59.89 | $6.84 (10.25%) |
June 29th - July 2nd | $69.16 | $66.73 | $2.43 (3.51%) |
June 22nd - June 26th | $69.55 | $69.16 | $0.39 (0.56%) |
June 15th - June 19th | $72.04 | $69.55 | $2.49 (3.46%) |
June 8th - June 12th | $68.44 | $72.04 | $3.60 (5.26%) |
June 1st - June 5th | $66.31 | $68.44 | $2.13 (3.21%) |
Daily Breakdown:
August 31st (Monday) - Oil falls $2.78 to $69.96: The Shanghai Composite share index, China's leading stock market indicator, fell by nearly 7%.
August 28th (Friday) - Oil rises 25 cents to $72.74: The dollar fell against the euro, the pound and the Japanese yen.
August 27th (Thursday) - Oil rises $1.06 to $72.49: The dollar plunged to its lowest level in almost three weeks against the Euro. The Commerce Department left its estimate unchanged that U.S. second quarter GDP contracted by 1.0%. In addition, unemployment benefits claims dropped in the week ended August 22nd .
August 26th (Wednesday) - Oil falls 62 cents to $71.43: U.S. crude inventories rose 200,000 barrels in the week ended August 21st. Analysts had expected a decline of 2.7 million barrels.
August 25th (Tuesday) - Oil falls $2.32 to $72.05: Oil fell on profit-taking after reaching a 10-month peak of $75 earlier in the day.
August 24th (Monday) - Oil rises 48 cents to $74.37: Economic optimism carried over from last week.
August 21st (Friday) - Oil rises 98 cents to $73.89: The Dow rose 158 points after data pointed to a turnaround in the housing market. The National Association of Realtors reported an increase in home resales in July, topping forecasts.
August 20th (Thursday) - Oil rises 12 cents to $72.54: The index of leading economic indicators rose for a fourth month in July.
August 19th (Wednesday) - Oil rises $3.23 to $72.42: Oil inventories plunged a very surprising 8.4 million barrels in the week ended August 14th.
August 18th (Tuesday) - Oil rises $2.44 to $69.19: Stronger-than-expected earnings results lifted equities as Home Depot and Target beat Wall Street expectations. In addition, the dollar weakened.
August 17th (Monday) - Oil falls 76 cents to $66.75: The Dow sank 179 points. In addition, the U.S. dollar rose to a two-week high against the euro.
August 14th (Friday) - Oil falls $3.01 to $67.51: U.S. consumer confidence in early August dropped to the lowest level since March. The preliminary index of confidence decreased to 63.2, down from 66 in July, and well below the average analyst estimate of 69.
August 13th (Thursday) - Oil rises 36 cents to $70.52: The dollar index dropped to 78.429 from 78.771. In addition, the economies of Germany and France unexpectedly returned to growth in the second quarter.
August 12th (Wednesday) - Oil rises 71 cents to $70.16: The U.S. trade deficit edged up slightly in June as imports rose for the first time in 11 months. The Dow rose 126 points.
August 11th (Tuesday) - Oil falls $1.15 to $69.45: The Dow dropped nearly 93 points after the Labor Department reported that consumer spending may be depressed for some time as companies cut back
August 10th (Monday) - Oil falls 33 cents to $70.60: The Dow dipped 30 points while the US dollar gained.
August 7th (Friday) - Oil falls $1.01 to $70.93: Better-than-expected unemployment data boosted the U.S. dollar against the euro and the yen.
August 6th (Thursday) - Oil falls 3 cents to $71.94: Oil was unchanged in anticipation of tomorrow's unemployment data.
August 5th (Wednesday) - Oil rises 55 cents to $71.97: U.S. distillate fuel inventories fell by 1.0 million barrels last week.
August 4th (Tuesday) - Oil falls 16 cents to $71.42: Consumer spending rose 0.4 percent in June, but personal incomes dropped by 1.3 percent.
August 3rd (Monday) - Oil rises $2.13 to $71.58: The US dollar fell to a 10 1/2-month low. The Dow rose 113 points after the U.S. manufacturing index climbed from 44.8 to 48.9 in July, the highest since August 2008.
July 31st (Friday) - Oil rises $2.51 to $69.45: US gross domestic product fell less than expected. GDP fell at a 1 percent annual pace during the April-through-June period. The U.S. economy was forecast to shrink at a 1.5 percent pace. In addition, the dollar weakened against the euro.
July 30th (Thursday) - Oil rises $3.59 to $66.94: Wall Street surged on corporate earnings results while the U.S. dollar fell.
July 29th (Wednesday) - Oil falls $3.88 to $63.35: U.S. crude inventories rose a surprising 5.2 million-barrels in the week ended July 24th. Analysts expected a 1.5 million barrel decrease.
July 28th (Tuesday) - Oil falls $1.15 to $67.23: An index of U.S. consumer confidence dropped to 46.6 in July from 49.3 in June, below analyst expectations of 49.0.
July 27th (Monday) - Oil rises 33 cents to $68.38: New U.S. home sales rose 11 percent in June from May, the biggest month-to-month gain since December 2000.
July 24th (Friday) - Oil rises 89 cents to $68.05: The Dow continued its strong push.
July 23rd (Thursday) - Oil rises $1.76 to $67.16: Existing home sales jumped for the 3rd straight month in June. The Dow rose 187 points and surpassed the 9000 mark for the 1st time since January.
July 22nd (Wednesday) - Oil falls 21 cents to $65.40: U.S. crude oil inventories fell by 1.8 million barrels in the week ended July 17th. Analysts expected a decrease of 2.1 million barrels.
July 21st (Tuesday) - Oil rises 74 cents to $64.72: Markets continued to rise with strong earnings reports across the board.
July 20th (Monday) - Oil rises 42 cents to $63.98: U.S. stocks extended last week's rally as the Dow rose 102 points. The U.S. dollar fell to a six-week low against the euro.
July 17th (Friday) - Oil rises $1.54 to $63.56: U.S. housing starts in June increased 3.6%.
July 16th (Thursday) - Oil rises 48 cents higher to $62.02: A report showing strong economic growth in China boosted equities.
July 15th (Wednesday) - Oil rises $2.02 to $61.54: U.S. crude inventories fell a greater-than-expected 2.8 million barrels in the week ended July 10th. The U.S. dollar fell to a one-month low against a basket of six major currencies.
July 14th (Tuesday) - Oil falls 17 cents to $59.52: Consumer spending was weaker-than-expected in June.
July 13th (Monday) - Oil falls 20 cents to $59.69: Treasury Secretary Timothy Geithner warned that the American economy faces “enormous challenges.”
July 10th (Friday) - Oil falls 52 cents to $59.89: The International Energy Agency kept its prediction unchanged that global oil demand will fall 2.9% from a year ago.
July 9th (Thursday) - Oil rises 27 cents to $60.41: The number of U.S. workers filing new claims for jobless benefits fell to the lowest level since January.
July 8th (Wednesday) - Oil falls $2.79 to $60.14: U.S. gasoline stockpiles rose 1.9 million barrels in the week ended July 3rd, more than twice what analysts expected. U.S. distillate fuel stocks rose 3.74 million barrels, the biggest gain since January.
July 7th (Tuesday) - Oil falls $1.12 to $62.93: Recovery doubts continued to linger as the Dow fell 161 points.
July 6th (Monday) - Oil down $2.68 to $64.05: Doubts of an economic recovery continued to linger due to the sharp rise in June's unemployment numbers.
July 2nd (Thursday) - Oil falls $2.58 to $66.73: U.S. job losses surged to 467,000 in June, pushing the unemployment rate to a new 26-year high of 9.5 percent. The Dow dropped 222 points.
July 1st (Wednesday) - Oil falls 58 cents to $69.31: Gasoline stockpiles grew by a more-than-expected 2.3 million barrels in the week ended June 26th. Distillate fuel stockpiles rose by 2.9 million barrels to 155 million barrels overall, the highest since 1987.
June 30th (Tuesday) - Oil falls $1.60 to $69.89: U.S. economic data showed faltering consumer confidence and falling home prices.
June 29th (Monday) - Oil rises $2.33 to $71.49: Nigerian militants partly shut down an offshore oil platform belonging to Royal Dutch Shell.
June 26th (Friday) - Oil falls $1.07 to $69.16: The U.S. savings rate climbed to the highest level in more than 15 years.
June 25th (Thursday) - Oil rises $1.56 to $70.23: Oil facilities in Nigeria were attacked. US GDP shrank less than previously thought in the first 3 months of 2009. The Dow rose 173 points.
June 24th (Wednesday) - Oil falls 57 cents to $68.67: The U.S. dollar strengthened against the euro and the yen after the FOMC left interest rates unchanged. Gasoline inventories rose by a more than expected 3.9 million barrels last week.
June 23rd (Tuesday) - Oil rises $1.74 to $69.24: The dollar fell the most in a month against the euro.
June 22nd (Monday) - Oil falls $2.62 to $66.93: The World Bank said the global economy will shrink by a more-than-expected -2.9 percent this year. The Dow fell 200 points.
June 19th (Friday) - Oil falls $1.82 to $69.55: RBOB gasoline plunged 5.2% due to increasing U.S. inventories.
June 18th (Thursday) - Oil rises 34 cents to $71.37: The total number of people on the unemployment insurance rolls dropped for the first time since January.
June 17th (Wednesday) - Oil rises 56 cents to $71.03: U.S. crude oil inventories dropped by a larger-than-expected 3.9 million barrels in the week ended June 12th.
June 16th (Tuesday) - Oil falls 15 cents to $70.47: The Dow dropped 108 points after the Fed revealed U.S. industrial production slid a steeper-than-expected 1.1 percent in May from the prior month. In addition, the dollar bounced up from session lows against the Euro.
June 15th (Monday) - Oil falls $1.42 to $70.62: The U.S. dollar strengthened against the Euro. In addition, New York manufacturing slumped more-than-expected in June. The Dow slipped 187 points.
June 12th (Friday) - Oil falls 64 cents to $72.04: The U.S. dollar recovered against the euro after data showed industrial production in the 16 countries using the euro slumped in April.
June 11th (Thursday) - Oil rises $1.35 to $72.68: The International Energy Agency raised its 2009 oil demand forecast for the first time in ten months.
June 10th (Wednesday) - Oil rises $1.32 to $71.33: U.S. crude inventories plunged a more-than-expected 4.4 million barrels in the week ended June 5th.
June 9th (Tuesday) - Oil rises $1.92 to $70.01: The dollar sunk. Also, analysts expect tomorrow's EIA report to show a decline in U.S. oil stockpiles.
June 8th (Monday) - Oil falls 35 cents to $68.09: The dollar continued to strengthen against key currencies.
June 5th (Friday) - Oil falls 37 cents to $68.44: The U.S. dollar rallied strongly against key currencies.
June 4th (Thursday) - Oil rises $2.69 to $68.81: Initial jobless claims fell for the 3rd straight week and continuing claims fell for the first time since January.
June 3rd (Wednesday) - Oil falls $2.43 to $66.12: U.S. crude inventories rose an unexpected 2.9 million barrels in the week ended May 29th. Analysts expected a drop of 1.5 million barrels.
June 2nd (Tuesday) - Oil falls 3 cents to $68.55: Profit taking overshadowed a surprising April surge in U.S. pending home sales.
June 1st (Monday) - Oil rises $2.27 to $68.58: China reported its May manufacturing expanded for a third month. The Dow rose 220 points.
Oil Prices from March to May
Oil prices have risen from $44.76 to $66.31 ($21.55, 48.15%) between March and May.
Weekly Breakdown:
Week | Start Price | End Price | Difference (%) |
May 26th - May 29th | $61.67 | $66.31 | $4.64 (7.52%) |
May 18th - May 22nd | $56.34 | $61.67 | $5.33 (9.46%) |
May 11th - May 15th | $58.63 | $56.34 | $2.29 (3.91%) |
May 4th - May 8th | $53.20 | $58.63 | $5.43 (10.21%) |
April 27th - May 1st | $51.55 | $53.20 | $1.65 (3.20%) |
April 20th - April 24th | $50.33 | $51.55 | $1.22 (2.42%) |
April 13th - April 17th | $52.24 | $50.33 | $1.91 (3.66%) |
April 6th - April 9th | $52.51 | $52.24 | $0.27 (0.51%) |
March 30th - April 3rd | $52.38 | $52.51 | $0.13 (0.25%) |
March 23rd - March 27th: | $51.06 | $52.38 | $1.32 (2.59%) |
March 16th - March 20th | $46.25 | $51.06 | $4.81 (10.40%) |
March 9th - March 13th | $45.52 | $46.25 | $0.73 (1.60%) |
March 2nd-March 6th | $44.76 | $45.52 | $0.76 (1.70%) |
Daily Breakdown:
May 29th (Friday) - Oil rises $1.23 to $66.31: The U.S. dollar weakened against the Euro. U.S. GDP shrank by - 5.7 percent in the first quarter, less than the previous estimate of - 6.1 percent. The Dow rose nearly 100 points.
May 28th (Thursday) - Oil rises $1.63 to $65.08: The EIA reported that U.S. crude inventories declined an unexpected 5.4 million barrels in the week ended May 22nd.
May 27th (Wednesday) - Oil rises $1 to $63.45: Saudi Oil Minister Ali al-Naimi stated that the global economy was capable of managing with oil as high as $75 to $80 a barrel.
May 26th (Tuesday) - Oil rises 78 cents to $62.45: Equities rallied as the US Consumer Confidence Index climbed to 54.9, an 8-month high. The Dow rose 198 points.
May 22nd (Friday) - Oil rises 62 cents to $61.67: The dollar fell to a four-month low against the euro.
May 21st (Thursday) - Oil falls 99 cents to $61.05: All three major U.S. stock indexes fell hard after the Federal Reserve said it expects unemployment to rise to between 9.2% and 9.6% this year. The Dow fell 124 points. In addition, the U.S. dollar strengthened.
May 20th (Wednesday) Oil rises $1.94 to $62.04: U.S. crude inventories fell a more-than-expected 2.1 million barrels in the week ended May 15th.
May 19th (Tuesday) Oil rises 62 cents to $59.65: Oil followed Wall Street higher. Also, U.S. crude inventories are expected to drop in tomorrow's EIA report.
May 18th (Monday) Oil rises $2.69 to $59.03: A pipeline bombing in Nigeria and a U.S. refinery fire renewed supply concerns.
May 15th (Friday) - Oil falls $2.28 to $56.34 a barrel: The IEA announced that global oil demand will fall by 2.56 million bpd to 83.2 million bpd in 2009, the sharpest annual decline since 1981. Also, euro-zone GDP shrank more-than-expected in the first quarter.
May 14th (Thursday) - Oil rises 60 cents to $58.62: The Dow rose 45 points while the dollar weakened.
May 13th (Wednesday) - Oil falls 83 cents to $58.02: An unexpected drop in US retail sales in April overshadowed a 4.7 million barrel decline in U.S. crude inventories. The Dow fell 177 points.
May 12th (Tuesday) - Oil rises 35 cents to $58.85: The dollar index dropped to a four-month low while the Dow rose 50 points.
May 11th (Monday) - Oil falls 13 cents to $58.50: The Dow fell 150 points while the dollar rose.
May 8th (Friday) - Oil rises $1.92 to $58.63: U.S. employers cut fewer-than-expected jobs in April. The Dow rose 164 points.
May 7th (Thursday) - Oil rises 37 cents to $56.71: Initial claims for jobless benefits fell more than expected in the week ended May 2nd.
May 6th (Wednesday) - Oil rises $2.50 to $56.34: The EIA inventory report showed a lower than expected build-up while U.S. stocks advanced.
May 5th (Tuesday) - Oil falls 63 cents to $53.84: Analysts expect tomorrow's EIA report to show a 2.2 million barrel rise in U.S. crude inventories.
May 4th (Monday) - Oil rises $1.27 to $54.47: Reports showed that pending sales of U.S. existing homes and spending on construction projects rose in March. The Dow rose 213 points.
May 1st (Friday) - Oil rises $2.08 to $53.20: US consumer confidence and manufacturing jumped to their highest levels since September 2008.
April 30th (Thursday) - Oil rises 15 cents to $51.12: The Fed stated on Wednesday that the economic outlook has "improved modestly" since last month.
April 29th (Wednesday) - Oil rises $1.05 to $50.97: The Dow rose 167 points and gasoline inventories fell 4.8 million barrels. Crude inventories, though, rose 4.1 million barrels.
April 28th (Tuesday) - Oil falls 22 cents to $49.92: Oil continued to decline on swine-flu fears.
April 27th (Monday) - Oil falls $1.41 to $50.14: Oil fell on fear that the swine-flu outbreak might impact fuel demand.
April 24th (Friday) - Oil rises $1.93 to $51.55: The Dow rose 119 points while the dollar weakened.
April 23rd (Thursday) - Oil rises 77 cents to $49.62: Wall Street gained while the dollar weakened. The Dow rose 70 points.
April 22nd (Wednesday) - Oil rises 30 cents to $48.85: Oil prices followed Wall Street higher despite the EIA reporting a 3.9 million barrel rise in U.S. crude inventories.
April 21st (Tuesday) - Oil rises 63 cents to $46.51: Oil prices followed Wall Street and the euro higher. The Dow rose 128 points. Analysts expect tomorrow's EIA report to show a 2.5 million barrel rise in U.S. crude inventories.
April 20th (Monday) - Oil falls $4.45 to $45.88: The dollar rose to a month-high against the euro while the Dow tumbled ~ 300 points.
April 17th (Friday) - Oil rises 35 cents to $50.33: China's refinery output rose for the first time in five months, a sign that demand in China is possibly recovering.
April 16th (Thursday) - Oil rises 73 cents to $49.98: Oil prices followed Wall Street higher after jobless claims fell more than expected in the week ended April 11th. The Dow rose 96 points.
April 15th (Wednesday) - Oil falls 16 cents to $49.25: Oil prices fell only 16 cents despite U.S. crude inventories rising 5.6 million barrels last week, nearly triple what analysts expected. The highly bearish data was mostly offset by a ~ 100 point rise in the Dow!?
April 14th (Tuesday) - Oil falls 64 cents to $49.41: Retail sales slumped an unexpected 1.1% in March. Analysts expect tomorrow's EIA report to show a 1.9 million barrel rise in U.S. crude inventories in the week ended April 10th.
April 13th (Monday) - Oil falls $2.19 to $50.05: The International Energy Agency lowered its 2009 global oil demand forecast on Friday by 1 million barrels to 83.4 million bpd, the lowest level since 2004.
April 9th (Thursday) - Oil rises $2.86 to $52.24: The Dow rose ~ 250 points after Wells Fargo announced it expects to report a better-than-expected first-quarter profit of $3 billion.
April 8th (Wednesday) - Oil rises 23 cents to $49.38: U.S. crude inventories rose a less-than-expected 1.65 million barrels in the week ended April 3rd.
April 7th (Tuesday) - Oil falls $1.90 to $49.15: Analysts expect tomorrow's EIA report to show a 2 million barrel rise in U.S. crude inventories in the week ended April 3rd. In addition, the Dow fell 180 points while the dollar gained against the euro.
April 6th (Monday) - Oil falls $1.46 to $51.05: The Dow fell 40 points while the U.S. dollar strengthened.
April 3rd (Friday) - Oil falls 13 cents to $52.51: U.S. unemployment in March was in-line with expectations despite rising to a 26-year high of 8.5%.
April 2nd (Thursday) - Oil rises $4.25 to $52.64: World markets shot up after the G20 agreed on a $1.1 trillion dollar stimulus. The euro also gained against the U.S. dollar after the European Central Bank decided on a smaller than expected rate cut.
April 1st (Wednesday) - Oil falls $1.27 to $48.39: Oil prices fell despite the Dow rising 2% after the EIA reported that U.S. crude inventories rose a larger-than-expected 2.8 million barrels last week.
March 31st (Tuesday) - Oil rises $1.25 to $49.66: With the help of a weaker dollar, oil prices followed U.S. and European stocks higher. Analysts expect tomorrow's EIA report to show a 2.5 million barrel rise in U.S. crude inventories in the week ended March 27th.
March 30th (Monday) - Oil falls $3.97 to $48.41: Oil prices followed U.S. stocks lower after Obama gave GM and Chrysler an ultimatum: restructure or face bankruptcy. The Dow fell 251 points. In addition, the U.S. dollar rose against the euro.
March 27th (Friday) - Oil falls $1.96 to $52.38: The U.S. dollar posted its largest one-day gain in more than two months against the euro. The Dow falls 146 points.
March 26th (Thursday) - Oil rises $1.57 to $54.34: The U.S. Commerce Department downwardly-revised GDP for the last quarter of 2008 to -6.3%, less than the -6.6% analysts expected. The Dow rises 172 points.
March 25th (Wednesday) - Oil falls $1.21 to $52.77: The EIA reported that U.S. crude inventories shot up 3.3 million barrels last week, much more than the 1.3 million barrels analysts expected. This brings the total count to 356.6 million barrels, the highest since July 1993! The impact of this rise was partially offset by: U.S. gasoline inventories falling 1.1 million barrels, new home sales rising in February, and a weaker dollar due to Geithner’s remarks.
March 24th (Tuesday) - Oil rises 18 cents to $53.98: Oil rebounded in anticipation of tomorrow's EIA report after being down for most of the day due to a stronger dollar. Analysts expect gasoline stockpiles to drop 500,000 barrels and crude-oil stockpiles to rise 1.3 million barrels in the week ended March 20th.
March 23rd (Monday) - Oil rises $1.73 to $53.80 a barrel: The Dow surged 500 points after the U.S. Treasury unveiled its detailed plan to buy up toxic assets. Also, the National Association of Realtors reported that existing home sales went up an unexpected 5.1% in February as prices plunged.
March 20th (Friday) - Oil falls 55 cents to $51.06: The U.S. Dollar Index rebounded after 8 consecutive days in the red. The Dow fell 124 points.
March 19th (Thursday) - Oil rises $3.47 to $51.61: The dollar fell against major currencies after the Federal Reserve announced its plan to inject around one trillion dollars in the economy.
March 18th (Wednesday) - Oil falls $1.02 to $48.14: The EIA reported that gasoline inventories rose by 3.2 million barrels. Analysts expected a drop of 2.1 million barrels.
March 17th (Tuesday) - Oil rises $1.81 to $49.16: Government data showed that the number of housing starts surprisingly jumped by 22 percent in February, the largest percentage rise since January 1990.
March 16th (Monday) - Oil rises $1.10 to $47.35: In an interview with "60 Minutes", Ben Bernanke said that "we'll see the recession coming to an end probably this year." This optimism overshadowed OPEC's decision to keep output unchanged.
March 13th (Friday) - Oil falls 78 cents to $46.25: An OPEC report released today showed world oil demand contracting faster than expected.
March 12th (Thursday) - Oil rises $4.70 to $47.03: Oil rose on better than expected U.S. retail sales data and in anticipation of OPEC's meeting this Sunday. The Dow rose 238 points.
March 11th (Wednesday) - Oil falls $3.38 to $42.33: U.S. crude inventories surprisingly increased 700,000 barrels in the week ended March 6th. Analysts had expected a drop of 1 million barrels.
March 10th (Tuesday) - Oil falls $1.36 to $45.71: The U.S. Energy Department cut its world oil demand forecast for 2009.
March 9th (Monday) - Oil rises $1.55 to $47.07: Oil hit a two-month high on speculation that OPEC will cut more production when it meets this Sunday.
March 6th (Friday) - Oil rises $1.91 to $45.52: The dollar fell against the euro today, making oil more attractive to foreign investors, as the U.S. unemployment rate jumped to its highest level in 26 years.
March 5th (Thursday) - Oil falls $1.77 to $43.61: Oil prices followed the U.S. stock market lower as the Dow ended at a new 12-year low. Support also came after China announced it would not add to its $586 billion stimulus package.
March 4th (Wednesday) - Oil rises $3.73 to $45.38: The EIA reported a 700,000 barrel drop in U.S. crude inventories in the week ended Feb. 27th. Analysts had expected crude stocks to rise 2.2 million barrels. Additional support came from speculation that China will soon announce a hefty stimulus package. The Dow rose ~150 points.
March 3rd (Tuesday) - Oil rises $1.50 to $41.65: Oil prices rose despite more gloomy U.S. economic data after an oil pipeline operated by Royal Dutch Shell in Nigeria exploded. Analysts expect tomorrow's EIA report to show a 2.2 million barrels rise in crude inventories and a 600,000 barrel drop in gasoline inventories.
Tracking the Price of Oil - February 11th to May 15th
Oil prices have risen $20.40 (57%) within this time frame:
USO vs. ^DJI
USO vs. EURUSD=X
U.S. Crude Oil Inventories
Overview: Oil prices have been propelled higher by speculation that the economy is recovering. However, there has been no clear indication that the recession has even bottomed out yet. The current price of oil is unjustifiably inflated as oil fundamentals have been mostly ignored:
May 15th (Friday) - Oil plunges $2.28 to $56.34 a barrel
The reason: The IEA announced that global oil demand will fall by 2.56 million bpd to 83.2 million bpd in 2009, the sharpest annual decline since 1981. Also, euro-zone GDP shrank more-than-expected in the first quarter.
May 14th (Thursday) - Oil climbs 60 cents to $58.62 a barrel
The reason: Wall Street rose while the dollar weakened.
May 13th (Wednesday) - Oil falls 83 cents to $58.02 a barrel
The reason: An unexpected drop in US retail sales in April overshadowed a 4.7 million barrel decline in U.S. crude inventories.
May 12th (Tuesday) - Oil rises 35 cents to $58.85 a barrel
The reason: The dollar index dropped to a four-month low while Wall Street rose.
May 11th (Monday) - Oil falls 13 cents to $58.50 a barrel
The reason: Wall Street fell while the dollar rose.
May 8th (Friday) - Oil jumps $1.92 to $58.63 a barrel
The reason: U.S. employers cut fewer-than-expected jobs in April.
May 7th (Thursday) - Oil rises 37 cents to $56.71 a barrel
The reason: Initial claims for jobless benefits fell more than expected for the week ended May 2nd.
May 6th (Wednesday) - Oil surges $2.50 to $56.34 a barrel
The reason: The EIA inventory report showed a lower than expected build-up while U.S. stocks advanced.
May 5th (Tuesday) - Oil falls 63 cents to $53.84 a barrel
The reason: Analysts expect tomorrow's EIA report to show a 2.2 million barrel rise in U.S. crude inventories.
May 4th (Monday) - Oil rises $1.27 to $54.47 a barrel
The reason: Reports showed that pending sales of U.S. existing homes and spending on construction projects rose in March.
May 1st (Friday) - Oil rises $2.08 to $53.20 a barrel
The reason: US consumer confidence and manufacturing jumped to their highest levels since September 2008.
April 30th (Thursday) - Oil rises 15 cents to $51.12 a barrel
The reason: The Fed stated on Wednesday that the economic outlook has "improved modestly" since last month.
April 29th (Wednesday) - Oil rises $1.05 to $50.97 a barrel
The reason: The Dow rose and gasoline inventories fell 4.8 million barrels. Crude inventories, though, rose 4.1 million barrels.
April 28th (Tuesday) - Oil falls 22 cents to $49.52 a barrel
The reason: Oil continued to decline on swine-flu fears.
April 27th (Monday) - Oil falls $1.44 to $50.15 a barrel
The reason: Oil fell on fear that the swine-flu outbreak might impact fuel demand.
April 24th (Friday) - Oil rises $1.93 to $51.55 a barrel
The reason: Wall Street gained while the dollar weakened.
April 23rd (Thursday) - Oil jumps 77 cents to $49.62 a barrel
The reason: Wall Street gained while the dollar weakened.
April 22nd (Wednesday) - Oil rises 30 cents to $48.85 a barrel
The reason: Oil prices followed Wall Street higher (NYMEX trading ends at 2:30 p.m.) despite the EIA reporting a 3.9 million barrel rise in U.S. crude inventories.
April 21st (Tuesday) - Oil rises 63 cents to $46.51 a barrel
The reason: Oil prices followed Wall Street and the euro higher. Analysts expect tomorrow's EIA report to show a 2.5 million barrel rise in U.S. crude inventories for the week ended April 17th.
April 20th (Monday) - Oil plunges $4.45 to $45.88 a barrel
The reason: The dollar rose to a month-high against the euro while the Dow tumbled ~ 300 points.
April 17th (Friday) - Oil rises 35 cents to $50.33 a barrel
The reason: China's refinery output rose for the first time in five months, a sign that demand in China is possibly recovering.
April 16th (Thursday) - Oil jumps 73 cents to $49.98 a barrel
The reason: Oil prices followed Wall Street higher after jobless claims fell more than expected for the week ended April 11th.
April 15th (Wednesday) - Oil falls 16 cents to $49.25 a barrel
The reason: Oil prices fell only 16 cents despite U.S. crude inventories rising 5.6 million barrels last week, nearly triple what analysts expected. The highly bearish data was mostly offset by a ~ 100 point rise in the Dow!?
April 14th (Tuesday) - Oil drops 64 cents to $49.41 a barrel
The reason: Retail sales slumped an unexpected 1.1% in March. Analysts expect tomorrow's EIA report to show a 1.9 million barrel rise in U.S. crude inventories for the week ended April 10th.
April 13th (Monday) - Oil falls $1.92 to $50.15 a barrel
The reason: The International Energy Agency lowered its 2009 global oil demand forecast on Friday by 1 million barrels to 83.4 million bpd, the lowest level since 2004.
April 9th (Thursday) - Oil jumps $2.86 to $52.24 a barrel
The reason: The Dow rose ~ 250 points after Wells Fargo announced it expected to report a better-than-expected first-quarter profit of $3 billion.
April 8th (Wednesday) - Oil rises 23 cents to $49.38 a barrel
The reason: U.S. crude inventories rose a less-than-expected 1.65 million barrels last week.
April 7th (Tuesday) - Oil falls $1.90 to $49.15 a barrel
The reason: Analysts expect tomorrow's EIA report to show a 2 million barrel rise in U.S. crude inventories for the week ended April 3rd. In addition, Wall Street dropped nearly 200 points while the dollar gained against the euro.
April 6th (Monday) - Oil falls $1.46 to $51.05 a barrel
The reason: Wall Street slumped while the U.S. dollar strengthened.
April 3rd (Friday) - Oil slips 13 cents to $52.51 a barrel
The reason: U.S. unemployment in March was in-line with expectations despite rising to a 25-year high of 8.5%.
April 2nd (Thursday) - Oil surges $4.25 to $52.64 a barrel
The reason: World markets shot up after the G20 agreed on a $1.1 trillion dollar stimulus. The euro also gained against the U.S. dollar after the European Central Bank decided on a smaller than expected rate cut.
April 1st (Wednesday) - Oil falls $1.27 to $48.39 a barrel
The reason: Oil prices fell despite the Dow rising 2% after the EIA reported U.S. crude inventories rose a larger-than-expected 2.8 million barrels last week.
March 31st (Tuesday) - Oil jumps $1.25 to $49.66 a barrel
The reason: With the help of a weaker dollar, oil prices followed U.S. and European stocks higher. Analysts expect tomorrow's EIA report to show a 2.5 million barrel rise in U.S. crude inventories for the week ended March 27th.
March 30th (Monday) - Oil plunges $3.97 to $48.41 a barrel
The reason: Oil prices followed U.S. stocks lower after Obama gave GM and Chrysler an ultimatum: restructure or face bankruptcy. In addition, the U.S. dollar rose against the euro.
March 27th (Friday) - Oil drops $1.96 to $52.38 a barrel
The reason: The U.S. dollar posted its largest one-day gain in more than two months against the euro.
March 26th (Thursday) - Oil jumps $1.57 to $54.34 a barrel
The reason: The U.S. Commerce Department downwardly-revised GDP for the last quarter of 2008 to -6.3%, less than the -6.6% analysts expected.
March 25th (Wednesday) - Oil falls $1.21 to $52.77 a barrel
The reason: The EIA reported that U.S. crude inventories shot up 3.3 million barrels last week, much more than the 1.3 million barrels analysts expected. This brings the total count to 356.6 million barrels, the highest since July 1993! The impact of this rise was partially offset by U.S. gasoline inventories falling 1.1 million barrels, new home sales rising in February, and a weaker dollar due to Geithner's remarks.
March 24th (Tuesday) - Oil rises 18 cents to $53.98 a barrel
The reason: Oil rebounded in anticipation of tomorrow's EIA report after being down for most of the day due to a stronger dollar. Analysts expect gasoline stockpiles to drop 500,000 barrels and crude-oil stockpiles to rise 1.3 million barrels for the week ended March 20th.
March 23rd (Monday) - Oil rises $1.73 to $53.80 a barrel
The reason: The Dow surged 500 points after the U.S. Treasury unveiled its detailed plan to buy up toxic assets. Also, the National Association of Realtors reported that existing home sales went up an unexpected 5.1% in February as prices plunged.
March 20th (Friday) - Oil drops 55 cents to $51.06 a barrel
The reason: The U.S. Dollar Index rebounded after 8 consecutive days in the red.
March 19th (Thursday) - Oil surges $3.47 to $51.61 a barrel
The reason: The dollar fell against major currencies after the Federal Reserve announced its plan to inject around one trillion dollars in the economy.
March 18th (Wednesday) - Oil falls $1.02 to $48.14 a barrel
The reason: Today's weekly EIA report showed that gasoline inventories rose by 3.2 million barrels. Analysts expected a drop of 2.1 million barrels.
March 17th (Tuesday) - Oil rises $1.81 to $49.16 a barrel
The reason: Government data showed that the number of housing starts surprisingly jumped by 22 percent in February, the largest percentage rise since January 1990.
March 16th (Monday) - Oil jumps $1.10 to $47.35 a barrel
The reason: In an interview with "60 Minutes", Ben Bernanke said that "we'll see the recession coming to an end probably this year." This optimism overshadowed OPEC's decision to keep output unchanged.
March 15th (Friday) - Oil falls 78 cents to $46.25 a barrel
The reason: An OPEC report released today showed world oil demand contracting faster than expected.
March 14th (Thursday) - Oil surges $4.70 to $47.03 a barrel
The reason: Oil rose on better than expected U.S. retail sales data and in anticipation of OPEC's meeting this Sunday.
March 11th (Wednesday) - Oil plunges $3.38 to $42.33 a barrel
The reason: U.S. crude inventories surprisingly increased 700,000 barrels for the week ended March 6th as analysts had expected a drop of 1 million barrels.
March 10th (Tuesday) - Oil drops $1.36 to $45.71 a barrel
The reason: The U.S. Energy Department cut its world oil demand forecast for 2009.
March 9th (Monday) - Oil gains $1.55 to $47.07 a barrel
The reason: Oil hit a two-month high today on speculation that OPEC will cut more production when it meets this Sunday.
March 6th (Friday) - Oil jumps $1.91 to $45.52 a barrel
The reason: The dollar fell against the euro today, making oil more attractive to foreign investors, as the U.S. unemployment rate jumped to its highest level in 26 years.
March 5th (Thursday) - OIl drops $1.77 to $43.61 a barrel
The reason: Oil prices followed the U.S. stock market lower as the Dow ended at a new 12-year low. Support also came after China announce it will not add to its $586 billion stimulus package.
March 4th (Wednesday) - Oil soars $3.73 to $45.38 a barrel
The reason: Today's EIA report revealed a 700,000 barrel drop in crude inventories for the week ended Feb. 27th. Analysts had expected crude stocks to rise 2.2 million barrels. Additional support came from speculation that China will soon announce a hefty stimulus package.
March 3rd (Tuesday) - Oil rises $1.50 to $41.65 a barrel
The reason: Oil prices rose despite more gloomy U.S. economic data after an oil pipeline operated by Royal Dutch Shell in Nigeria exploded. Analysts expected tomorrow's EIA report to show a 2.2 million barrels rise in crude inventories and a 600,000 barrel drop in gasoline inventories.
March 2nd (Monday) - Oil plunges $4.61 to $40.15 a barrel
The reason: Oil prices declined sharply today on demand worries as the Dow dropped below the 7000 mark for the first time since 1997. In addition, the U.S. Commerce Department reported that construction spending in January fell to a four-year low.
February 27th (Friday) - Oil slips 46 cents to $44.76 a barrel
The reason: U.S. GDP for the last quarter of 2008 was downwardly-revised from -3.8% to -6.2%.
February 26th (Thursday) - Oil surges $2.72 to $45.22 a barrel
The reason: The main oil supplier of the United Arab Emirates unexpectedly announced today that it will cut 15%-17% of its April crude supplies to Asia. Support also came from yesterday's EIA report which showed U.S. gasoline demand rising.
February 25th (Wednesday) - Oil rises $2.54 to $42.50 a barrel
The reason: Today's EIA report revealed that gasoline inventories unexpectedly dropped 3.4 million barrels and that crude inventories rose only 700,000 barrels. Analysts had expected gasoline inventories to fall 100,000 barrels and crude inventories to rise 2 million barrels.
February 24th (Tuesday) - Oil jumps $1.52 to $39.96 a barrel
The reason: Oil followed US stocks higher after Ben Bernanke told Congress that the nationalization of banks is unlikely and that the "severe" recession could end this year. Tomorrow will be dictated by the EIA's Weekly Petroleum Status Report as analysts expect crude inventories to rise 2 million barrels for the week ended Feb. 20th.
February 23rd (Monday) - Oil slides $1.59 to $38.44
The reason: Oil followed the tumbling U.S. stock market today despite a warning that OPEC will likely cut output when members meet next month on March 15th.
February 20th (Friday) - Oil falls 54 cents to $38.94 a barrel
The reason: Pessimism in the stock market spilled over into oil.
February 19th (Thursday) - Oil surges $4.86 to $39.48 a barrel
The reason: Today's weekly EIA report revealed a surprising drop in U.S. crude inventories. Inventories fell for the first time this year, declining 138,000 barrels. Analysts expected an increase of 1.8 million barrels.
February 18th (Wednesday) - Oil drops 31 cents to $34.62 a barrel
The reason: Investors expect tomorrow's weekly EIA report to show an increase once again in U.S. crude inventories. Analysts estimate an increase of 1.8 million barrels for the week ended Feb. 13th.
February 17th (Tuesday) - Oil tumbles $2.58 to $34.93 a barrel
The reason: Gloomy data around the globe continues to weigh on investor sentiment. Japan reported Monday that it is suffering its worst economic downturn in 35 years.
February 13th (Friday) - Oil shoots up $3.53 to $37.51 a barrel
The reason: The House approved Obama's economic stimulus package today as investors hope this can revitalize demand.
February 12th (Thursday) - Oil slips $1.96 to $33.98 a barrel
The reason: Investors are worrying that inventories will continue to increase due to the overall lack of demand. This is the fifth consecutive day oil has been down.
February 11th (Wednesday) - Oil falls $1.62 to $35.94 a barrel
The reason: A weekly report from the Energy Information Administration revealed a larger-than-expected rise in crude inventories for the week ended Feb. 6th. Supplies rose 4.7 million barrels which surpassed the average analyst estimate of 3 million. Crude inventories have gained in 18 of the past 20 weeks. Lack of demand much?
Ethanol: Back from the Dead?
White House Steps Up Support for Biofuels - NY Times
"The White House made its first major statement on ethanol on Tuesday, mustering three Cabinet members to outline a plan to shield corn ethanol producers from the credit crisis, work with them to cut their use of natural gas and coal in ethanol production, and nudge the auto industry toward production of vehicles that can use ethanol at concentrations of up to 85 percent.
In pursuing these goals, the Secretaries of Agriculture and Energy, Tom Vilsack, and Steven Chu, along with the administrator of the Environmental Protection Agency, Lisa Jackson, announced during a press conference the formation of a “Biofuels Interagency Working Group,’’ comprised of the three agencies."
Also from today:
-The Environmental Protection Agency proposed a stricter GHG emissions standard aimed at making corn-ethanol production more efficient. However, this has caused somewhat of an uproar in the corn-ethanol community.
-The Energy Department is pumping $786 million into the biofuel sector, and the Agriculture Department will contribute $1.1 billion within 30 days.
Ethanol stocks rose significantly as a result:
- Pacific Ethanol (PEIX) rose 17 cents (40.48%) to 59 cents. (Today's volume - 4,697,917/Avg volume - 336,734)
- Verenium Corporation (VRNM) rose 15 cents (39.97%) to 53 cents. (Today's volume - 6,350,891/Avg volume - 1,325,990)
- Bluefire Ethanol Fuels (BFRE.ob) rose 26 cents (38.24%) to 94 cents.
- Aventine (ABRNQ.PK) rose 2.8 cents (32.18%) to 11.5 cents.
Let's see how long these stocks will ride the Obama wave...
Tracking the Price of Oil - Feb. 11th to April 9th
March 27th (Friday) - Oil drops $1.96 to $52.38 a barrel The reason: The U.S. dollar posted its largest one-day gain in more than two months against the euro.
March 26th (Thursday) - Oil jumps $1.57 to $54.34 a barrel
The reason: The U.S. Commerce Department downwardly-revised GDP for the last quarter of 2008 to -6.3%, less than the -6.6% analysts expected.
March 25th (Wednesday) - Oil falls $1.21 to $52.77 a barrel
The reason: The EIA reported that U.S. crude inventories shot up 3.3 million barrels last week, much more than the 1.3 million barrels analysts expected. This brings the total count to 356.6 million barrels, the highest since July 1993! The impact of this rise was partially offset by U.S. gasoline inventories falling 1.1 million barrels, new home sales rising in February, and a weaker dollar due to Geithner's remarks.
March 24th (Tuesday) - Oil rises 18 cents to $53.98 a barrel
The reason: Oil rebounded in anticipation of tomorrow's EIA report after being down for most of the day due to a stronger dollar. Analysts expect gasoline stockpiles to drop 500,000 barrels and crude-oil stockpiles to rise 1.3 million barrels for the week ended March 20th.
March 23rd (Monday) - Oil rises $1.73 to $53.80 a barrel
The reason: The Dow surged 500 points after the U.S. Treasury unveiled its detailed plan to buy up toxic assets. Also, the National Association of Realtors reported that existing home sales went up an unexpected 5.1% in February as prices plunged.
March 20th (Friday) - Oil drops 55 cents to $51.06 a barrel
The reason: The U.S. Dollar Index rebounded after 8 consecutive days in the red.
March 19th (Thursday) - Oil surges $3.47 to $51.61 a barrel
The reason: The dollar fell against major currencies after the Federal Reserve announced its plan to inject around one trillion dollars into the economy.
March 18th (Wednesday) - Oil falls $1.02 to $48.14 a barrel
The reason: Today's weekly EIA report showed that gasoline inventories rose by 3.2 million barrels. Analysts expected a drop of 2.1 million barrels.
March 17th (Tuesday) - Oil rises $1.81 to $49.16 a barrel
The reason: Government data showed that the number of housing starts surprisingly jumped by 22 percent in February, the largest percentage rise since January 1990.
March 16th (Monday) - Oil jumps $1.10 to $47.35 a barrel
The reason: In an interview with "60 Minutes", Ben Bernanke said that "we'll see the recession coming to an end probably this year." This optimism overshadowed OPEC's decision to keep output unchanged.
March 13th (Friday) - Oil falls 78 cents to $46.25 a barrel
The reason: An OPEC report released today showed world oil demand contracting faster than expected.
March 14th (Thursday) - Oil surges $4.70 to $47.03 a barrel
The reason: Oil rose on better than expected U.S. retail sales data and in anticiaption of OPEC's meeting this Sunday.
March 11th (Wednesday) - Oil plunges $3.38 to $42.33 a barrel
The reason: U.S. crude inventories surprisingly increased 700,000 barrels for the week ended March 6th as analysts had expected a drop of 1 million barrels.
March 10th (Tuesday) - Oil drops $1.36 to $45.71 a barrel
The reason: The U.S. Energy Department cut its world oil demand forecast for 2009.
March 9th (Monday) - Oil gains $1.55 to $47.07 a barrel
The reason: Oil hit a two-month high today on speculation that OPEC will cut more production when it meets this Sunday.
March 6th (Friday) - Oil jumps $1.91 to $45.52 a barrel
The reason: The dollar fell against the euro today, making oil more attractive to foreign investors, as the U.S. unemployment rate jumped to its highest level in 26 years.
March 5th (Thursday) - Oil drops $1.77 to $43.61 a barrel
The reason: Oil prices followed the U.S. stock market lower as the Dow ended at a new 12-year low. Support also came after China announced it will not add to its $586 billion stimulus package.
March 4th (Wednesday) - Oil soars $3.73 to $45.38 a barrel
The reason: Today's EIA report revealed a 700,000 barrel drop in crude inventories for the week ended Feb. 27th. Analysts had expected crude stocks to rise 2.2 million barrels. Additional support came from speculation that China will soon announce a hefty stimulus package.
March 3rd (Tuesday) - Oil rises $1.50 to $41.65 a barrel
The reason: Oil prices rose despite more gloomy U.S. economic data after an oil pipeline operated by Royal Dutch Shell in Nigeriaexploded. Analysts expected tomorrow's EIA report to show a 2.2 million barrel rise in crude inventories and a 600,000 barrel drop in gasoline inventories.
March 2nd (Monday) - Oil plunges $4.61 to $40.15 a barrel
The reason: Oil prices declined sharply today on demand worries as the Dow dropped below the 7000 mark for the first time since 1997. In addition, the US Commerce Department reported that construction spending in January fell to a four-year low.
February 27th (Friday) - Oil slips 46 cents to $44.76 a barrel
The reason: U.S. GDP for the last quarter of 2008 was downwardly-revised from -3.8% to -6.2%
February 26th (Thursday) - Oil surges $2.72 to $45.22 a barrel
The reason: The main oil supplier of the United Arab Emirates unexpectedly announced today that it will cut 15%-17% of its April crude supplies to Asia. Support also came from yesterday's EIA report which showed U.S. gasoline demand rising.
February 25th (Wednesday) - Oil rises $2.54 to $42.50 a barrelThe reason: Today's EIA report revealed that gasoline inventories unexpectedly dropped 3.4 million barrels and that crude inventories only rose 700,000 barrels. Analysts had expected gasoline inventories to fall 100,000 barrels and crude inventories to rise 2 million barrels.
February 24th (Tuesday) - Oil jumps $1.52 to $39.96 a barrel
The reason; Oil followed US stocks higher after Ben Bernanke told Congress that the nationalization of banks is unlikely and that the "severe" recession could end this year. Tomorrow will be dictated by the EIA's Weekly Petroleum Status Report as analysts expect crude inventories to rise 2 million barrels for the week ended Feb. 20.
February 23rd (Monday) - Oil slides $1.59 to $38.44
The reason: Oil followed the tumbling U.S. stock market today despite a warning that OPEC will likely cut ouput when members meet next month on March 15th.
February 20th (Friday) - Oil falls 54 cents to $38.94 a barrel
The reason: Toady's pessimism in the stock market spilled over into oil.
February 19th (Thursday) - Oil surges $4.86 to $39.48 a barrel
The reason: Today's weekly EIA report revealed a surprising drop in U.S. crude inventories, Inventories fell for the first time this year, declining 138,000 barrels. Analysts expected an increase of 1.8 million barrels.
February 18th (Wednesday) - Oil drops 31 cents to $34.62 a barrel
The reason: Investors expect tomorrow's weekly EIA report to show an increase once again in U.S. crude inventories. Analysts estimate an increase of 1.8 million barrels for the week ended Feb. 13th.
February 17th (Tuesday) - Oil tumbles $2.58 to $34.93 a barrel
The reason: Gloomy data around the globe continues to weigh on investor sentiment. Japan reported Monday that it is suffering its worst economic downturn in 35 years.
February 16th (Friday) - Oil shoots up $3.53 to $37.51 a barrel
The reason: The House approved Obama's economic stimulus package today as investors hope this can revitalize demand.
February 12th (Thursday) - Oil slips $1.96 to $33.98 a barrel
The reason: Investors are worrying that inventories will continue to increase due to the overall lack of demand. This is the fifth consecutive day oil has been down.
February 11th (Wednesday) - Oil falls $1.62 to $35.94 a barrel
The reason: A weekly report from the Energy Information Administration revealed a larger-than-expected increase in crude inventories for the week ended Feb. 6th. Supplies rose 4.7 million barrels which surpassed the average analyst estimate of ~ 3 million. Crude inventories have gained in 18 of the past 20 weeks. Lack of demand much?
Tracking the Price of Oil - Feb. 11th to March 27th
March 27th (Friday) - Oil drops $1.96 to $52.38 a barrel
The reason: The U.S. dollar posted its largest one-day gain in more than two months against the euro.
March 26th (Thursday) - Oil jumps $1.57 to $54.34 a barrel
The reason: The U.S. Commerce Department downwardly-revised GDP for the last quarter of 2008 to -6.3%, less than the -6.6% analysts expected.
March 25th (Wednesday) - Oil falls $1.21 to $52.77 a barrel
The reason: The EIA reported that U.S. crude inventories shot up 3.3 million barrels last week, much more than the 1.3 million barrels analysts expected. This brings the total count to 356.6 million barrels, the highest since July 1993! The impact of this rise was partially offset by U.S. gasoline inventories falling 1.1 million barrels, new home sales rising in February, and a weaker dollar due to Geithner's remarks.
March 24th (Tuesday) - Oil rises 18 cents to $53.98 a barrel
The reason: Oil rebounded in anticipation of tomorrow's EIA report after being down for most of the day due to a stronger dollar. Analysts expect gasoline stockpiles to drop 500,000 barrels and crude-oil stockpiles to rise 1.3 million barrels for the week ended March 20th.
March 23rd (Monday) - Oil rises $1.73 to $53.80 a barrel
The reason: The Dow surged 500 points after the U.S. Treasury unveiled its detailed plan to buy up toxic assets. Also, the National Association of Realtors reported that existing home sales went up an unexpected 5.1% in February as prices plunged.
March 20th (Friday) - Oil drops 55 cents to $51.06 a barrel
The reason: The U.S. Dollar Index rebounded after 8 consecutive days in the red.
March 19th (Thursday) - Oil surges $3.47 to $51.61 a barrel
The reason: The dollar fell against major currencies after the Federal Reserve announced its plan to inject around one trillion dollars into the economy.
March 18th (Wednesday) - Oil falls $1.02 to $48.14 a barrel
The reason: Today's weekly EIA report showed that gasoline inventories rose by 3.2 million barrels. Analysts expected a drop of 2.1 million barrels.
March 17th (Tuesday) - Oil rises $1.81 to $49.16 a barrel
The reason: Government data showed that the number of housing starts surprisingly jumped by 22 percent in February, the largest percentage rise since January 1990.
March 16th (Monday) - Oil jumps $1.10 to $47.35 a barrel
The reason: In an interview with "60 Minutes", Ben Bernanke said that "we'll see the recession coming to an end probably this year." This optimism overshadowed OPEC's decision to keep output unchanged.
March 13th (Friday) - Oil falls 78 cents to $46.25 a barrel
The reason: An OPEC report released today showed world oil demand contracting faster than expected.
March 14th (Thursday) - Oil surges $4.70 to $47.03 a barrel
The reason: Oil rose on better than expected U.S. retail sales data and in anticiaption of OPEC's meeting this Sunday.
March 11th (Wednesday) - Oil plunges $3.38 to $42.33 a barrel
The reason: U.S. crude inventories surprisingly increased 700,000 barrels for the week ended March 6th as analysts had expected a drop of 1 million barrels.
March 10th (Tuesday) - Oil drops $1.36 to $45.71 a barrel
The reason: The U.S. Energy Department cut its world oil demand forecast for 2009.
March 9th (Monday) - Oil gains $1.55 to $47.07 a barrel
The reason: Oil hit a two-month high today on speculation that OPEC will cut more production when it meets this Sunday.
March 6th (Friday) - Oil jumps $1.91 to $45.52 a barrel
The reason: The dollar fell against the euro today, making oil more attractive to foreign investors, as the U.S. unemployment rate jumped to its highest level in 26 years.
March 5th (Thursday) - Oil drops $1.77 to $43.61 a barrel
The reason: Oil prices followed the U.S. stock market lower as the Dow ended at a new 12-year low. Support also came after China announced it will not add to its $586 billion stimulus package.
March 4th (Wednesday) - Oil soars $3.73 to $45.38 a barrel
The reason: Today's EIA report revealed a 700,000 barrel drop in crude inventories for the week ended Feb. 27th. Analysts had expected crude stocks to rise 2.2 million barrels. Additional support came from speculation that China will soon announce a hefty stimulus package.
March 3rd (Tuesday) - Oil rises $1.50 to $41.65 a barrel
The reason: Oil prices rose despite more gloomy U.S. economic data after an oil pipeline operated by Royal Dutch Shell in Nigeria exploded. Analysts expected tomorrow's EIA report to show a 2.2 million barrel rise in crude inventories and a 600,000 barrel drop in gasoline inventories.
March 2nd (Monday) - Oil plunges $4.61 to $40.15 a barrel
The reason: Oil prices declined sharply today on demand worries as the Dow dropped below the 7000 mark for the first time since 1997. In addition, the US Commerce Department reported that construction spending in January fell to a four-year low.
February 27th (Friday) - Oil slips 46 cents to $44.76 a barrel
The reason: U.S. GDP for the last quarter of 2008 was downwardly-revised from -3.8% to -6.2%
February 26th (Thursday) - Oil surges $2.72 to $45.22 a barrel
The reason: The main oil supplier of the United Arab Emirates unexpectedly announced today that it will cut 15%-17% of its April crude supplies to Asia. Support also came from yesterday's EIA report which showed U.S. gasoline demand rising.
February 25th (Wednesday) - Oil rises $2.54 to $42.50 a barrel
February 24th (Tuesday) - Oil jumps $1.52 to $39.96 a barrel
The reason; Oil followed US stocks higher after Ben Bernanke told Congress that the nationalization of banks is unlikely and that the "severe" recession could end this year. Tomorrow will be dictated by the EIA's Weekly Petroleum Status Report as analysts expect crude inventories to rise 2 million barrels for the week ended Feb. 20.
February 23rd (Monday) - Oil slides $1.59 to $38.44
The reason: Oil followed the tumbling U.S. stock market today despite a warning that OPEC will likely cut ouput when members meet next month on March 15th.
February 20th (Friday) - Oil falls 54 cents to $38.94 a barrel
The reason: Toady's pessimism in the stock market spilled over into oil.
February 19th (Thursday) - Oil surges $4.86 to $39.48 a barrel
The reason: Today's weekly EIA report revealed a surprising drop in U.S. crude inventories, Inventories fell for the first time this year, declining 138,000 barrels. Analysts expected an increase of 1.8 million barrels.
February 18th (Wednesday) - Oil drops 31 cents to $34.62 a barrel
The reason: Investors expect tomorrow's weekly EIA report to show an increase once again in U.S. crude inventories. Analysts estimate an increase of 1.8 million barrels for the week ended Feb. 13th.
February 17th (Tuesday) - Oil tumbles $2.58 to $34.93 a barrel
The reason: Gloomy data around the globe continues to weigh on investor sentiment. Japan reported Monday that it is suffering its worst economic downturn in 35 years.
February 16th (Friday) - Oil shoots up $3.53 to $37.51 a barrel
The reason: The House approved Obama's economic stimulus package today as investors hope this can revitalize demand.
February 12th (Thursday) - Oil slips $1.96 to $33.98 a barrel
The reason: Investors are worrying that inventories will continue to increase due to the overall lack of demand. This is the fifth consecutive day oil has been down.
February 11th (Wednesday) - Oil falls $1.62 to $35.94 a barrel
The reason: A weekly report from the Energy Information Administration revealed a larger-than-expected increase in crude inventories for the week ended Feb. 6th. Supplies rose 4.7 million barrels which surpassed the average analyst estimate of ~ 3 million. Crude inventories have gained in 18 of the past 20 weeks. Lack of demand much?
Tracking the Price of Oil - Feb. 11th to March 18th
March 18th (Wednesday) - Oil falls $1.02 to $48.14 a barrel
The reason: Today's weekly EIA report showed that gasoline inventories rose by 3.2 million barrels. Analysts expected a drop of 2.1 million barrels.
March 17th (Tuesday) - Oil rises $1.81 to $49.16 a barrel
The reason: Government data showed that the number of housing starts surprisingly jumped by 22 percent in February, the largest percentage rise since January 1990.
March 16th (Monday) - Oil jumps $1.10 to $47.35 a barrel
The reason: In an interview with "60 Minutes", Ben Bernanke said that "we'll see the recession coming to an end probably this year." This optimism overshadowed OPEC's decision to keep output unchanged.
March 13th (Friday) - Oil falls 78 cents to $46.25 a barrel
The reason: An OPEC report released today showed world oil demand contracting faster than expected.
March 14th (Thursday) - Oil surges $4.70 to $47.03 a barrel
The reason: Oil rose on better than expected U.S. retail sales data and in anticiaption of OPEC's meeting this Sunday.
March 11th (Wednesday) - Oil plunges $3.38 to $42.33 a barrel
The reason: U.S. crude inventories surprisingly increased 700,000 barrels for the week ended March 6th as analysts had expected a drop of 1 million barrels.
March 10th (Tuesday) - Oil drops $1.36 to $45.71 a barrel
The reason: The U.S. Energy Department cut its world oil demand forecast for 2009.
March 9th (Monday) - Oil gains $1.55 to $47.07 a barrel
The reason: Oil hit a two-month high today on speculation that OPEC will cut more production when it meets this Sunday.
March 6th (Friday) - Oil jumps $1.91 to $45.52 a barrel
The reason: The dollar fell against the euro today, making oil more attractive to foreign investors, as the U.S. unemployment rate jumped to its highest level in 26 years.
March 5th (Thursday) - Oil drops $1.77 to $43.61 a barrel
The reason: Oil prices followed the U.S. stock market lower as the Dow ended at a new 12-year low. Support also came after China announced it will not add to its $586 billion stimulus package.
March 4th (Wednesday) - Oil soars $3.73 to $45.38 a barrel
The reason: Today's EIA report revealed a 700,000 barrel drop in crude inventories for the week ended Feb. 27th. Analysts had expected crude stocks to rise 2.2 million barrels. Additional support came from speculation that China will soon announce a hefty stimulus package.
March 3rd (Tuesday) - Oil rises $1.50 to $41.65 a barrel
The reason: Oil prices rose despite more gloomy U.S. economic data after an oil pipeline operated by Royal Dutch Shell in Nigeria exploded. Analysts expected tomorrow's EIA report to show a 2.2 million barrel rise in crude inventories and a 600,000 barrel drop in gasoline inventories.
March 2nd (Monday) - Oil plunges $4.61 to $40.15 a barrel
The reason: Oil prices declined sharply today on demand worries as the Dow dropped below the 7000 mark for the first time since 1997. In addition, the US Commerce Department reported that construction spending in January fell to a four-year low.
February 27th (Friday) - Oil slips 46 cents to $44.76 a barrel
The reason: U.S. GDP for the last quarter of 2008 was downwardly-revised from -3.8% to -6.2%
February 26th (Thursday) - Oil surges $2.72 to $45.22 a barrel
The reason: The main oil supplier of the United Arab Emirates unexpectedly announced today that it will cut 15%-17% of its April crude supplies to Asia. Support also came from yesterday's EIA report which showed U.S. gasoline demand rising.
February 25th (Wednesday) - Oil rises $2.54 to $42.50 a barrel
February 24th (Tuesday) - Oil jumps $1.52 to $39.96 a barrel
The reason; Oil followed US stocks higher after Ben Bernanke told Congress that the nationalization of banks is unlikely and that the "severe" recession could end this year. Tomorrow will be dictated by the EIA's Weekly Petroleum Status Report as analysts expect crude inventories to rise 2 million barrels for the week ended Feb. 20.
February 23rd (Monday) - Oil slides $1.59 to $38.44
The reason: Oil followed the tumbling U.S. stock market today despite a warning that OPEC will likely cut ouput when members meet next month on March 15th.
February 20th (Friday) - Oil falls 54 cents to $38.94 a barrel
The reason: Toady's pessimism in the stock market spilled over into oil.
February 19th (Thursday) - Oil surges $4.86 to $39.48 a barrel
The reason: Today's weekly EIA report revealed a surprising drop in U.S. crude inventories, Inventories fell for the first time this year, declining 138,000 barrels. Analysts expected an increase of 1.8 million barrels.
February 18th (Wednesday) - Oil drops 31 cents to $34.62 a barrel
The reason: Investors expect tomorrow's weekly EIA report to show an increase once again in U.S. crude inventories. Analysts estimate an increase of 1.8 million barrels for the week ended Feb. 13th.
February 17th (Tuesday) -