Gas & Oil News Daily

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> Many Still Can't Get Home After Rita

Crude oil is back at what I feel is an equilibrium price. Resent history has exposed a price pattern. Crude Oil has been hovering at $65 a barrel for weeks! Total Global Demand is ever increasing, but doesn't have erratic daily swings, it's more of a given. On the supply side, there are some tangible and intangible elements that affect the price. The outcome of natural and human induced events whether real or imagined trigger price movements. When there was good news for oil the price dropped $2, on the bad news it jumped $2, then it gravitated back to $65 a barrel. Now with the "Bottle Neck" I spoke of last week now being realized by OPEC, the Cartel has decided to reduce production! Holding fast to there claim, "The high price of distillates (Gasoline, Heating Oil, Jet Fuel) is due to the lack of Refinery Capacity not lack of Crude Oil". And they are right!
Barring any unforeseen negative news, Light Crude Oil should move into the lower 60's for the near term or until that "Crude Oil Bottle Neck" dissipates.

Light Crude Oil sold at a high of $65.85 and a low of $64.60, settling in the middle at $65.07 a barrel, down 75 Cents from yesterday.

After yesterday's 5.2 Cent price jump, The National Average Price for Regular
Unleaded Gasoline only increased 1.3 cents today selling for $2.813. That's not too bad of an increase, considering what's to come when the gasoline inventory reports are posted.

Davitte’ Lanier
Petroleum Industry Analyst

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