Oil down nearly 9% (under $100/bbl) on demand fears, metals selloff

[Roland99]

Source: MarketWatch

Crude-oil futures fell nearly 9% on Thursday, trading under $100 a barrel as traders feared diminished demand after a report showed a poor job market and a selloff in precious metals brought down commodities.

Light, sweet crude for June delivery dropped $9.62, or 8.6%, to $99.82 a barrel on the New York Mercantile Exchange.

The losses came on top of a decline of $1.81, or 1.6%, in floor trading Wednesday.

Natural-gas futures also added to losses after a weekly inventories report showed a higher-than-expected increase in supplies.

Read more: http://www.marketwatch.com/story/crude-oil-extends-fall-in-asia-trading-hours-2011-05-05

[tridim]

1. I see no change in pump prices today.

FUCK!!!!!

[Andy823]

2. And you won't!

I was out of town from last Sunday till yesterday and price had gone UP 5 cents a gallon when I had gotten home. When oil goes down, and stays down, it takes months to see the drop at the pump, even though when oil goes "up" it also goes up at the pump at least once a week sometimes twice! Also we have memorial day coming up and prices will not drop until "after" they can gouge every penny they can during the holiday weekend!

[tridim]

4. That would make sense if demand was up.

But it's not, it's WAY down.

Oil needs to be removed from the private market immediately. They are using their monopoly to destroy us.

[Roland99]

3. Takes time...gas prices usually drop more slowly than they rise

but, that also depends upon where one lives.

When I lived in KY, if oil went up a few $ per bbl, gas could rise as much as $0.20 at once, all over the city.

Now that I'm in FL, I see rises of a couple pennies for a few days in a row. Will probably see a slight drop over this weekend.

[ixion]

14. Ask yourself: Why does it go up fast and down slow... the answer:

Profit.

[Drale]

5. You won't generally it takes a week for prices to start falling

Although they take the opportunity to raise prices when ever they possibly can.

[quaker bill]

6. Margin calls and panic selling

just now really starting to hit the metals market. At this rate I think we might find the floor in about a week or so.

[tridim]

7. Where do you think the floor is?

Could we be looking at $75? $50?

[orwell]

8. But...but...

...I thought these prices had NOTHING to do with speculation. The smart pretty women on CNBC have been telling me that for months.

I'm so confused...

[Staph]

9. I'm starting to see the price drop.

In a couple of local stations here in West Virginia, the price has dropped 10 cents a gallon since the weekend -- from 4.29 to 4.19 a gallon.

[tridim]

10. It should be dropping to below $3.00

Any speculator doing actual for-reals speculation should be selling their portfolios in a panic right now.

[Lucky Luciano]

11. This must really annoy Glencore as they prepare their IPO. nt

[tridim]

12. Down 10% now..

http://finance.yahoo.com/q?s=CLM11.NYM

[Stuart G]

13. May go down and stay down for a while...nt,, k and R

[notadmblnd]

15. Yet the price of gas is still increasing.

These poor oil companies, they suffer so. :sarcasm:

[safeinOhio]

16. I'm willing to bet that

if we had a windfall profit tax on all oil companies any time the price at the pump went over $3.20, that the price would drop to $3.19 and stay there.