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Oil sees choppy trade ahead of inventory data

MarketWatch -- U.S. oil futures edged higher in choppy electronic trade Wednesday as investors looked ahead to weekly inventory reports.

Crude oil for March delivery were little changed, gaining 2 cents to trade at $96.68 a barrel, ahead of the contract’s expiration at the end of the global day.

The moves follow March crude’s 80-cent advance in Tuesday’s floor session on the New York Mercantile Exchange. Those gains came in the wake of upbeat German data, and as the S&P 500 rallied to a new five-year high. Read: Oil futures end higher, back above $96 a barrel.

But analysts at Citi Futures said that the market could be ignoring bearish supply fundamentals.

“Focus on the S&P rally and the intermediate-term rally in crude-oil prices, for example, and one might miss that U.S. crude-oil production has ...

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Submitted Feb 20, 2013 By: brbaritone

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clermont40miles Champion Author Cincinnati Posts:10,759 Points:1,800,570 Joined:Apr 2008	Message Posted: Feb 20, 2013 10:39:14 PM Ignore clermont40miles Report Abuse Good to see price of oil and gasoline drop today. Needs to keep dropping.
toadNY Champion Author Albany Posts:7,193 Points:1,541,825 Joined:Apr 2008	Message Posted: Feb 20, 2013 10:34:21 PM Ignore toadNY Report Abuse Gas up here .35 cents last 24 days. This recession under obamas watch, will it still be Bush's fault?
edamp04 Champion Author Fort Worth Posts:4,709 Points:864,930 Joined:Nov 2010	Message Posted: Feb 20, 2013 10:25:29 PM Ignore edamp04 Report Abuse Way too high
monarch57 Champion Author British Columbia Posts:1,657 Points:138,790 Joined:Nov 2008	Message Posted: Feb 20, 2013 10:25:13 PM Ignore monarch57 Report Abuse Unless oil goes down we will be heading into a serious recession. Gas went up 21 cents a liter in the last 10 days.
wayoung56 Champion Author Alabama Posts:2,925 Points:845,985 Joined:Oct 2006	Message Posted: Feb 20, 2013 10:21:35 PM Ignore wayoung56 Report Abuse Sounds more like a deepening recession instead of a faux economic recovery is in store for us...
milespergallon Champion Author Illinois Posts:9,890 Points:1,937,035 Joined:Feb 2007	Message Posted: Feb 20, 2013 10:20:39 PM Ignore milespergallon Report Abuse Make it easy for everyone. Eliminate the specu-traitors and prices will return the the economic phase of supply and demand. As in really drop!
mstearno Champion Author Dayton Posts:8,174 Points:1,755,920 Joined:Jan 2008	Message Posted: Feb 20, 2013 10:19:53 PM Ignore mstearno Report Abuse recession again
MadDogUSMC Champion Author Jacksonville Posts:20,487 Points:2,900,365 Joined:Apr 2005	Message Posted: Feb 20, 2013 10:17:39 PM Ignore MadDogUSMC Report Abuse Meanwhile, the greedy bunch of aholes is driving the pump prices up! It's gone up $0.40 here since Friday!
geoutpb Champion Author Midland Odessa Posts:4,718 Points:1,085,135 Joined:Dec 2006	Message Posted: Feb 20, 2013 10:17:15 PM Ignore geoutpb Report Abuse This can not be good.
Robert44 Champion Author Columbus Posts:3,668 Points:1,244,955 Joined:Mar 2004	Message Posted: Feb 20, 2013 10:13:49 PM Ignore Robert44 Report Abuse Lukus : we need speculators to help drive price back down!!!!
bvrbill Champion Author Eugene Posts:3,445 Points:546,325 Joined:Jul 2011	Message Posted: Feb 20, 2013 10:08:05 PM Ignore bvrbill Report Abuse Prices still rising at the pump.
FlyNFool Champion Author South Carolina Posts:8,384 Points:1,712,900 Joined:Aug 2008	Message Posted: Feb 20, 2013 10:05:34 PM Ignore FlyNFool Report Abuse Won't make a difference.
Lukus Champion Author Halifax Posts:8,424 Points:1,702,230 Joined:Nov 2007	Message Posted: Feb 20, 2013 10:03:21 PM Ignore Lukus Report Abuse Obama should be shutting down Wall Street's access to the Futures Market in oil. Maybe it will slow the up prices of the spectulators.
30mpg80 Champion Author Lexington Posts:10,271 Points:1,515,555 Joined:Nov 2008	Message Posted: Feb 20, 2013 9:59:30 PM Ignore 30mpg80 Report Abuse Whatever the speculators want, they will make it happen.
MG_Sputnik Champion Author Philadelphia Posts:7,439 Points:1,987,820 Joined:Apr 2006	Message Posted: Feb 20, 2013 9:56:55 PM Ignore MG_Sputnik Report Abuse Inventory data. What a bunch of major league BS!
GNo1 Champion Author Nashville Posts:1,060 Points:410,155 Joined:May 2011	Message Posted: Feb 20, 2013 9:50:02 PM Ignore GNo1 Report Abuse frack and pump. The answer.
txkrb Champion Author Texas Posts:1,597 Points:661,520 Joined:May 2011	Message Posted: Feb 20, 2013 9:42:29 PM Ignore txkrb Report Abuse Actually oil was down over $2 today Article was posted before afternoon trading session Full article has been corrected
mikaye Champion Author Cleveland Posts:3,964 Points:891,160 Joined:Jun 2010	Message Posted: Feb 20, 2013 9:37:41 PM Ignore mikaye Report Abuse inventory means nothing gas prices rise when inventory is high or low it depends on how much they are gouging
abcdMA Champion Author Worcester Posts:8,057 Points:1,601,705 Joined:Nov 2008	Message Posted: Feb 20, 2013 9:36:47 PM Ignore abcdMA Report Abuse Oh well, tomorrow will tell
Quick68 Champion Author Columbus Posts:8,453 Points:1,254,475 Joined:Dec 2009	Message Posted: Feb 20, 2013 9:31:37 PM Ignore Quick68 Report Abuse Inventory on oil is BS. As long as we have lawmakers in Washington that is trying their best to turn our country into capitalist country the price of gas will keep going up.
N4PIP Champion Author Miami Posts:1,014 Points:446,010 Joined:Jan 2012	Message Posted: Feb 20, 2013 9:29:21 PM Ignore N4PIP Report Abuse "bearish supply"? That's a joke. The trading prices have little to do with supply and demand. Prices should be significantly lower because of reduced demand.
walkingtall Champion Author Toronto Posts:4,139 Points:1,149,380 Joined:Nov 2004	Message Posted: Feb 20, 2013 9:28:58 PM Ignore walkingtall Report Abuse It doesn't seem to matter what occurs prices just go up.
drz614 Champion Author Harrisburg Posts:2,444 Points:626,295 Joined:Aug 2011	Message Posted: Feb 20, 2013 9:28:44 PM Ignore drz614 Report Abuse the current resident in the wh will not be happy until gas hits 5+ per gallon. thank those u voted 4 him
fullauto Champion Author Reading Posts:5,430 Points:1,493,915 Joined:Apr 2008	Message Posted: Feb 20, 2013 9:19:52 PM Ignore fullauto Report Abuse yep
grt197 All-Star Author Illinois Posts:712 Points:153,265 Joined:Jan 2013	Message Posted: Feb 20, 2013 9:12:08 PM Ignore grt197 Report Abuse ok got it
iamforiu Champion Author Indiana Posts:3,715 Points:739,440 Joined:May 2011	Message Posted: Feb 20, 2013 9:11:40 PM Ignore iamforiu Report Abuse ok
ericbcire Champion Author Nevada Posts:4,665 Points:1,295,410 Joined:Aug 2009	Message Posted: Feb 20, 2013 9:10:20 PM Ignore ericbcire Report Abuse Prices must drop or the economy will worsen.
prassu2012 All-Star Author Illinois Posts:815 Points:176,375 Joined:Dec 2012	Message Posted: Feb 20, 2013 9:05:06 PM Ignore prassu2012 Report Abuse may be effects current data
theschmuck Champion Author Michigan Posts:3,035 Points:1,533,785 Joined:Mar 2007	Message Posted: Feb 20, 2013 9:04:47 PM Ignore theschmuck Report Abuse If it continues to be choppy, wear your seatbelts.
satrn38mpg Champion Author Raleigh Posts:5,207 Points:1,080,640 Joined:Sep 2009	Message Posted: Feb 20, 2013 9:03:01 PM Ignore satrn38mpg Report Abuse just more of the same old bs >>
AliasBob Rookie Author California Posts:15 Points:10,055 Joined:Mar 2012	Message Posted: Feb 20, 2013 9:02:59 PM Ignore AliasBob Report Abuse This does not surprise me at all. I watched the prices at two stations here today go up .10 cents in 2 hours.
Darwin00 All-Star Author Mississippi Posts:849 Points:292,985 Joined:Dec 2010	Message Posted: Feb 20, 2013 9:01:55 PM Ignore Darwin00 Report Abuse Ok
HailstormCA Champion Author San Diego Posts:7,955 Points:1,491,945 Joined:Nov 2008	Message Posted: Feb 20, 2013 9:01:09 PM Ignore HailstormCA Report Abuse Ho ho ho. There's mice in the bread box.
KhelbenArunson Champion Author Michigan Posts:4,586 Points:745,565 Joined:Apr 2008	Message Posted: Feb 20, 2013 9:00:26 PM Ignore KhelbenArunson Report Abuse It is going to be real choppy once we find a viable alternative.
GManCo Champion Author Colorado Springs Posts:5,131 Points:978,315 Joined:Sep 2010	Message Posted: Feb 20, 2013 9:00:23 PM Ignore GManCo Report Abuse It is making me money!!!
SandeeC Champion Author Ontario Posts:3,129 Points:477,510 Joined:Apr 2011	Message Posted: Feb 20, 2013 8:57:58 PM Ignore SandeeC Report Abuse Nothing new.
IUVidiot Champion Author Indiana Posts:3,730 Points:737,135 Joined:Jun 2011	Message Posted: Feb 20, 2013 8:54:46 PM Ignore IUVidiot Report Abuse politics
mrbee Champion Author Little Rock Posts:3,898 Points:2,494,285 Joined:Oct 2005	Message Posted: Feb 20, 2013 8:51:11 PM Ignore mrbee Report Abuse More like, up, up, up.
Blue48 Champion Author Illinois Posts:7,450 Points:1,666,620 Joined:Feb 2007	Message Posted: Feb 20, 2013 8:49:53 PM Ignore Blue48 Report Abuse UP..DOWN..UP..DOWN!
esquared Champion Author Oklahoma City Posts:8,207 Points:1,997,810 Joined:Jan 2006	Message Posted: Feb 20, 2013 8:49:52 PM Ignore esquared Report Abuse Require speculators to take delivery -- now!
PoohMcGoo Champion Author Alabama Posts:3,127 Points:823,335 Joined:Dec 2010	Message Posted: Feb 20, 2013 8:49:48 PM Ignore PoohMcGoo Report Abuse Ok
AKmailman Champion Author Alaska Posts:5,763 Points:1,585,565 Joined:Jul 2004	Message Posted: Feb 20, 2013 8:49:18 PM Ignore AKmailman Report Abuse When will we learn that the price of oil and the price of ga are not related ?
mrsclaus2013 Rookie Author Birmingham Posts:15 Points:33,370 Joined:Jan 2013	Message Posted: Feb 20, 2013 8:47:08 PM Ignore mrsclaus2013 Report Abuse dang
RBob Champion Author Portland Posts:3,470 Points:2,373,655 Joined:May 2004	Message Posted: Feb 20, 2013 8:43:44 PM Ignore RBob Report Abuse Speculators on exploration, speculators on drilling, speculators on crude supplies, speculators on pipelines, speculators on storage of crude, speculators on the refined product... And we wonder why the price is so high..??
lowspeed All-Star Author Akron Posts:856 Points:227,030 Joined:Aug 2008	Message Posted: Feb 20, 2013 8:41:55 PM Ignore lowspeed Report Abuse It seems as if everything makes fuel prices rise
dollarwatcher Champion Author Wisconsin Posts:8,085 Points:1,562,920 Joined:Mar 2007	Message Posted: Feb 20, 2013 8:41:15 PM Ignore dollarwatcher Report Abuse Just makes ya wanna puke don't it.
hcivic Champion Author Virginia Posts:3,994 Points:2,293,415 Joined:Aug 2005	Message Posted: Feb 20, 2013 8:40:40 PM Ignore hcivic Report Abuse lookin to go up more in March
scubadaniel Champion Author Dayton Posts:1,556 Points:719,525 Joined:Jan 2011	Message Posted: Feb 20, 2013 8:40:28 PM Ignore scubadaniel Report Abuse This administration has screwed this economy in so many way, it doesn't seem to matter what we do.
knifeman9 Champion Author North Carolina Posts:5,820 Points:1,515,090 Joined:Oct 2008	Message Posted: Feb 20, 2013 8:39:39 PM Ignore knifeman9 Report Abuse Something needs to be done to end this ...trade? How about price manipulation
bonzoonfmb Champion Author Florida Posts:1,817 Points:664,910 Joined:Feb 2010	Message Posted: Feb 20, 2013 8:34:07 PM Ignore bonzoonfmb Report Abuse Gas prices are too high.