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US Crude to Test $100, Building Case for SPR Oil

CNBC -- Benchmark oil prices will likely extend gains this week after Fed Chief Ben Bernanke kept stimulus in play at his speech in Jackson Hole and as the industry assesses the damage in the Gulf of Mexico after tropical storm Isaac forced the closure of almost all offshore oil production.

Cyclical commodity markets, including crude oil, will also be keenly awaiting Friday's August U.S. jobs report for direction and a significantly sub-par number this week could build the case for further action by the central bank. Thursday's decision by the European Central Bank and HSBC's final reading on China manufacturing will also be critical.

Four out of six, or two-thirds of respondents in CNBC's oil sentiment survey, expect prices to rise this week, one expects a decline while another forecasts pri

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Submitted Sep 03, 2012 By: mastermariner

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honda0105 Champion Author Tallahassee Posts:18,643 Points:1,611,470 Joined:Nov 2008	Message Posted: Sep 4, 2012 10:09:22 PM Ignore honda0105 Report Abuse no surprise here...
DanMtz Champion Author Oakland Posts:3,365 Points:1,245,375 Joined:Oct 2009	Message Posted: Sep 4, 2012 9:17:46 AM Ignore DanMtz Report Abuse I'd say the only entity building a case for SPR Oil is CNBC.
Jeff4U Champion Author Atlanta Posts:8,767 Points:1,854,320 Joined:Nov 2004	Message Posted: Sep 4, 2012 8:47:46 AM Ignore Jeff4U Report Abuse $100 oil? Not gonna happen. In fact crude fell to $95.61 so far today, down by 86¢
Digger52 Champion Author Chicago Posts:2,417 Points:850,885 Joined:Aug 2008	Message Posted: Sep 3, 2012 8:06:11 PM Ignore Digger52 Report Abuse Hhhmmm. . . .
DeeLA Champion Author Los Angeles Posts:4,828 Points:1,367,280 Joined:Nov 2008	Message Posted: Sep 3, 2012 4:45:00 PM Ignore DeeLA Report Abuse This should not be a reason to tap the SPR.
ktbaeohana Champion Author Las Vegas Posts:2,311 Points:422,975 Joined:Mar 2010	Message Posted: Sep 3, 2012 4:21:25 PM Ignore ktbaeohana Report Abuse watch and see.
chuckhermann All-Star Author New York Posts:967 Points:500,925 Joined:Jun 2011	Message Posted: Sep 3, 2012 2:08:50 PM Ignore chuckhermann Report Abuse SPR should be never be tapped unless for strategic military reasons only.
Jeeputtputt Champion Author Ohio Posts:3,002 Points:677,465 Joined:Aug 2009	Message Posted: Sep 3, 2012 2:07:15 PM Ignore Jeeputtputt Report Abuse omG
torch347 Champion Author Indianapolis Posts:1,065 Points:1,033,625 Joined:Jul 2007	Message Posted: Sep 3, 2012 2:03:31 PM Ignore torch347 Report Abuse ok
LuckyD43 Champion Author Long Island Posts:32,050 Points:2,170,020 Joined:Apr 2005	Message Posted: Sep 3, 2012 2:02:49 PM Ignore LuckyD43 Report Abuse High prices for crude oil should NOT be an excuse to release oil fron the SPR. Only a critical shortage of available oil should the cause of a release.
Tnerbeel Champion Author Houston Posts:8,835 Points:1,750,785 Joined:Mar 2007	Message Posted: Sep 3, 2012 2:02:29 PM Ignore Tnerbeel Report Abuse The only folks that Think $100 oil is a reason to use SPR oil is CNBC and Obama. Any affect is short term, if at all, so what's the point?
Hemi3tc Veteran Author Vancouver Posts:283 Points:285,460 Joined:Feb 2012	Message Posted: Sep 3, 2012 2:01:07 PM Ignore Hemi3tc Report Abuse The stock market is a rigged ponzi scheme. This oil news and waiting for Fri job report means BAD news is Good news since the badder the news means QE3. When there is good news it is bad because then no QE3.
Lizzylou Champion Author Stockton Posts:8,818 Points:2,357,285 Joined:Oct 2005	Message Posted: Sep 3, 2012 2:00:14 PM Ignore Lizzylou Report Abuse Bad news
southrob Champion Author Tucson Posts:3,605 Points:689,150 Joined:Mar 2011	Message Posted: Sep 3, 2012 1:59:31 PM Ignore southrob Report Abuse dhan before its too late
erfstruck Veteran Author Grand Rapids Posts:298 Points:1,658,785 Joined:Jul 2006	Message Posted: Sep 3, 2012 1:53:45 PM Ignore erfstruck Report Abuse why is it when trouble hits oil companys they raise the price to compensate there losses other companys cain't do that WHY
iamforiu Champion Author Indiana Posts:3,585 Points:713,690 Joined:May 2011	Message Posted: Sep 3, 2012 1:53:34 PM Ignore iamforiu Report Abuse Same old think
scottydoesnt Champion Author Chicago Posts:3,792 Points:529,770 Joined:Apr 2011	Message Posted: Sep 3, 2012 1:52:48 PM Ignore scottydoesnt Report Abuse No one knows where we are heading. That's the scary part.
CheapDiesel All-Star Author Indianapolis Posts:801 Points:177,415 Joined:Nov 2005	Message Posted: Sep 3, 2012 1:51:07 PM Ignore CheapDiesel Report Abuse High crude prices alone is not a valid reason to release oil from the SPR. Sure, release reserves for political gain and then replace it for a much higher price. As usual, the taxpayer pays for the foolishness of politicians.
NoGas714 All-Star Author Indiana Posts:740 Points:752,750 Joined:May 2005	Message Posted: Sep 3, 2012 1:48:21 PM Ignore NoGas714 Report Abuse Didn't the article right before this one say that crude prices are dropping? Make up your mind.
waynemustang Champion Author Indiana Posts:6,387 Points:1,667,735 Joined:Nov 2006	Message Posted: Sep 3, 2012 1:48:15 PM Ignore waynemustang Report Abuse Drill and refine domestic oil to keep prices down and employment up.
marlita Champion Author Dayton Posts:3,312 Points:785,130 Joined:Mar 2010	Message Posted: Sep 3, 2012 1:45:21 PM Ignore marlita Report Abuse ok
ScottTee Champion Author Detroit Posts:4,401 Points:1,065,645 Joined:Mar 2010	Message Posted: Sep 3, 2012 1:45:12 PM Ignore ScottTee Report Abuse even the experts can not agree
silverfoxv65 Champion Author Michigan Posts:4,490 Points:1,232,000 Joined:Sep 2009	Message Posted: Sep 3, 2012 1:43:21 PM Ignore silverfoxv65 Report Abuse I dont think they know which way is up!
trytogetby All-Star Author Cincinnati Posts:864 Points:214,000 Joined:Apr 2012	Message Posted: Sep 3, 2012 1:42:34 PM Ignore trytogetby Report Abuse Sock it to the common man.
braves89 Champion Author Chicago Posts:7,658 Points:1,632,435 Joined:Apr 2008	Message Posted: Sep 3, 2012 1:41:55 PM Ignore braves89 Report Abuse damn specualtors!
Sam195 Champion Author San Bernardino Posts:8,100 Points:1,577,025 Joined:Oct 2008	Message Posted: Sep 3, 2012 1:39:37 PM Ignore Sam195 Report Abuse Predictions like this, especially from the hacks at CNBC, are worthless.
muquee Champion Author Harrisburg Posts:2,436 Points:524,070 Joined:Nov 2011	Message Posted: Sep 3, 2012 1:35:43 PM Ignore muquee Report Abuse Let them not waste an excuse.
tdmedan All-Star Author Colorado Posts:580 Points:148,945 Joined:May 2012	Message Posted: Sep 3, 2012 1:35:19 PM Ignore tdmedan Report Abuse ok
HA4CNN Champion Author Toronto Posts:5,634 Points:1,545,440 Joined:Dec 2006	Message Posted: Sep 3, 2012 1:33:39 PM Ignore HA4CNN Report Abuse Never waste a good disaster profit from it.
camaro_man Champion Author Kitchener-Waterloo Posts:2,242 Points:612,995 Joined:Jun 2010	Message Posted: Sep 3, 2012 1:27:12 PM Ignore camaro_man Report Abuse wow
red5529 Champion Author Alabama Posts:4,269 Points:1,460,860 Joined:Mar 2008	Message Posted: Sep 3, 2012 1:27:01 PM Ignore red5529 Report Abuse ok
Bud122CA Champion Author California Posts:7,481 Points:1,608,025 Joined:Jul 2008	Message Posted: Sep 3, 2012 1:26:14 PM Ignore Bud122CA Report Abuse Bernanke is another exapmle of why Government is so waste full.
snarkysmarko Champion Author Baltimore Posts:3,073 Points:690,000 Joined:Nov 2010	Message Posted: Sep 3, 2012 1:26:08 PM Ignore snarkysmarko Report Abuse me too
ESCORT6768 Champion Author Iowa Posts:1,077 Points:611,815 Joined:Sep 2005	Message Posted: Sep 3, 2012 1:22:39 PM Ignore ESCORT6768 Report Abuse Wish Bernanke would just go away.
NavyEOD Champion Author Los Angeles Posts:10,016 Points:2,023,100 Joined:Jul 2007	Message Posted: Sep 3, 2012 1:21:47 PM Ignore NavyEOD Report Abuse Boring.
gr649 Veteran Author Chicago Posts:316 Points:101,370 Joined:Mar 2012	Message Posted: Sep 3, 2012 1:17:34 PM Ignore gr649 Report Abuse my well is going dry
sdchris Champion Author San Diego Posts:2,551 Points:738,375 Joined:Jun 2008	Message Posted: Sep 3, 2012 1:13:25 PM Ignore sdchris Report Abuse ok
pilotmass Champion Author Boston Posts:1,836 Points:504,560 Joined:Jul 2011	Message Posted: Sep 3, 2012 1:12:18 PM Ignore pilotmass Report Abuse Are oil companies the best highway robbers in history?
number4 Sophomore Author Tallahassee Posts:189 Points:40,425 Joined:Jun 2012	Message Posted: Sep 3, 2012 1:11:06 PM Ignore number4 Report Abuse No release from the strategic oil reserve is justified at this time.
madison8359 Champion Author Cleveland Posts:9,039 Points:1,595,245 Joined:Apr 2008	Message Posted: Sep 3, 2012 1:10:53 PM Ignore madison8359 Report Abuse We know it will hit $100 and go higher.
BeaconLite Champion Author Ottawa Posts:1,953 Points:372,200 Joined:Sep 2009	Message Posted: Sep 3, 2012 1:10:38 PM Ignore BeaconLite Report Abuse I don't understand why these oil companies can't absorb a bump in the road.
Martillo Champion Author Dallas Posts:1,609 Points:732,085 Joined:Nov 2008	Message Posted: Sep 3, 2012 1:08:53 PM Ignore Martillo Report Abuse ok
PizzaMon Champion Author Philadelphia Posts:5,134 Points:1,863,405 Joined:Jun 2006	Message Posted: Sep 3, 2012 1:04:54 PM Ignore PizzaMon Report Abuse No release from the strategic oil reserve is justified at this time.
hrjjml All-Star Author Florida Posts:586 Points:380,920 Joined:Feb 2012	Message Posted: Sep 3, 2012 1:04:26 PM Ignore hrjjml Report Abuse Ok
1Casey Champion Author Albany Posts:6,538 Points:1,793,685 Joined:Jun 2004	Message Posted: Sep 3, 2012 1:02:04 PM Ignore 1Casey Report Abuse ?
gmcgas Champion Author Atlanta Posts:5,963 Points:1,716,120 Joined:Mar 2004	Message Posted: Sep 3, 2012 1:00:59 PM Ignore gmcgas Report Abuse naaaah
BeanoLI All-Star Author Long Island Posts:546 Points:734,985 Joined:Sep 2010	Message Posted: Sep 3, 2012 1:00:03 PM Ignore BeanoLI Report Abuse Speculators find any little piece of news as a reason to run up prices. We'll never win this battle if our elected officials continue to let them.
ItisAJeepThing Champion Author Tucson Posts:19,765 Points:2,153,530 Joined:Oct 2006	Message Posted: Sep 3, 2012 12:56:10 PM Ignore ItisAJeepThing Report Abuse Abundant, cheap and clean American natural gas could make the United States energy independent if we seriously pursue CNG as our primary alternative to oil based fuels. Oil prices are WAY TOO HIGH. They are crippling our whole economy. We need to use our oil to make so many products like plastics, paints, pesticides, fertilizers and almost anything else that isn't made from metals or plants.
bradley1969 Champion Author Wisconsin Posts:1,543 Points:332,305 Joined:Mar 2012	Message Posted: Sep 3, 2012 12:55:31 PM Ignore bradley1969 Report Abuse WHATEVER!!!
hauler43 Champion Author Oakland Posts:8,158 Points:2,597,750 Joined:Sep 2003	Message Posted: Sep 3, 2012 12:55:12 PM Ignore hauler43 Report Abuse Too bad we can't have an election for oil executives,like when we for our president, or Mr. Trump saying "Your Fired"