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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:10,754 Points:1,799,595 Joined:Apr 2008	Message Posted: Feb 20, 2013 8:39:14 PM Ignore clermont40miles Report Abuse Good to see price of oil and gasoline drop today. Needs to keep dropping.
toadNY Champion Author Albany Posts:7,188 Points:1,540,850 Joined:Apr 2008	Message Posted: Feb 20, 2013 8:34:21 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:4,704 Points:863,955 Joined:Nov 2010	Message Posted: Feb 20, 2013 8:25:29 PM Ignore edamp04 Report Abuse Way too high
monarch57 Champion Author British Columbia Posts:1,656 Points:138,720 Joined:Nov 2008	Message Posted: Feb 20, 2013 8:25:13 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:2,920 Points:845,010 Joined:Oct 2006	Message Posted: Feb 20, 2013 8:21:35 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:9,885 Points:1,936,060 Joined:Feb 2007	Message Posted: Feb 20, 2013 8:20:39 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 8:19:53 PM Ignore mstearno Report Abuse recession again
MadDogUSMC Champion Author Jacksonville Posts:20,482 Points:2,899,390 Joined:Apr 2005	Message Posted: Feb 20, 2013 8:17:39 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:4,713 Points:1,084,160 Joined:Dec 2006	Message Posted: Feb 20, 2013 8:17:15 PM Ignore geoutpb Report Abuse This can not be good.
Robert44 Champion Author Columbus Posts:3,668 Points:1,243,430 Joined:Mar 2004	Message Posted: Feb 20, 2013 8:13:49 PM Ignore Robert44 Report Abuse Lukus : we need speculators to help drive price back down!!!!
bvrbill Champion Author Eugene Posts:3,440 Points:545,250 Joined:Jul 2011	Message Posted: Feb 20, 2013 8:08:05 PM Ignore bvrbill Report Abuse Prices still rising at the pump.
FlyNFool Champion Author South Carolina Posts:8,379 Points:1,712,675 Joined:Aug 2008	Message Posted: Feb 20, 2013 8:05:34 PM Ignore FlyNFool Report Abuse Won't make a difference.
Lukus Champion Author Halifax Posts:8,419 Points:1,701,255 Joined:Nov 2007	Message Posted: Feb 20, 2013 8:03:21 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:10,265 Points:1,514,580 Joined:Nov 2008	Message Posted: Feb 20, 2013 7:59:30 PM Ignore 30mpg80 Report Abuse Whatever the speculators want, they will make it happen.
MG_Sputnik Champion Author Philadelphia Posts:7,434 Points:1,986,845 Joined:Apr 2006	Message Posted: Feb 20, 2013 7:56:55 PM Ignore MG_Sputnik Report Abuse Inventory data. What a bunch of major league BS!
GNo1 Champion Author Nashville Posts:1,055 Points:409,180 Joined:May 2011	Message Posted: Feb 20, 2013 7:50:02 PM Ignore GNo1 Report Abuse frack and pump. The answer.
txkrb Champion Author Texas Posts:1,597 Points:660,645 Joined:May 2011	Message Posted: Feb 20, 2013 7:42:29 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:3,959 Points:890,185 Joined:Jun 2010	Message Posted: Feb 20, 2013 7:37:41 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:8,052 Points:1,600,730 Joined:Nov 2008	Message Posted: Feb 20, 2013 7:36:47 PM Ignore abcdMA Report Abuse Oh well, tomorrow will tell
Quick68 Champion Author Columbus Posts:8,443 Points:1,252,525 Joined:Dec 2009	Message Posted: Feb 20, 2013 7:31:37 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:1,010 Points:445,055 Joined:Jan 2012	Message Posted: Feb 20, 2013 7:29:21 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:4,134 Points:1,148,405 Joined:Nov 2004	Message Posted: Feb 20, 2013 7:28:58 PM Ignore walkingtall Report Abuse It doesn't seem to matter what occurs prices just go up.
drz614 Champion Author Harrisburg Posts:2,439 Points:625,320 Joined:Aug 2011	Message Posted: Feb 20, 2013 7:28:44 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:5,425 Points:1,492,940 Joined:Apr 2008	Message Posted: Feb 20, 2013 7:19:52 PM Ignore fullauto Report Abuse yep
grt197 All-Star Author Illinois Posts:707 Points:152,290 Joined:Jan 2013	Message Posted: Feb 20, 2013 7:12:08 PM Ignore grt197 Report Abuse ok got it
iamforiu Champion Author Indiana Posts:3,710 Points:738,465 Joined:May 2011	Message Posted: Feb 20, 2013 7:11:40 PM Ignore iamforiu Report Abuse ok
ericbcire Champion Author Nevada Posts:4,660 Points:1,294,435 Joined:Aug 2009	Message Posted: Feb 20, 2013 7:10:20 PM Ignore ericbcire Report Abuse Prices must drop or the economy will worsen.
prassu2012 All-Star Author Illinois Posts:810 Points:175,400 Joined:Dec 2012	Message Posted: Feb 20, 2013 7:05:06 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 7:04:47 PM Ignore theschmuck Report Abuse If it continues to be choppy, wear your seatbelts.
satrn38mpg Champion Author Raleigh Posts:5,202 Points:1,079,665 Joined:Sep 2009	Message Posted: Feb 20, 2013 7:03:01 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 7:02:59 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:848 Points:292,140 Joined:Dec 2010	Message Posted: Feb 20, 2013 7:01:55 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 7:01:09 PM Ignore HailstormCA Report Abuse Ho ho ho. There's mice in the bread box.
KhelbenArunson Champion Author Michigan Posts:4,581 Points:744,590 Joined:Apr 2008	Message Posted: Feb 20, 2013 7:00:26 PM Ignore KhelbenArunson Report Abuse It is going to be real choppy once we find a viable alternative.
GManCo Champion Author Colorado Springs Posts:5,126 Points:977,340 Joined:Sep 2010	Message Posted: Feb 20, 2013 7:00:23 PM Ignore GManCo Report Abuse It is making me money!!!
SandeeC Champion Author Ontario Posts:3,124 Points:476,535 Joined:Apr 2011	Message Posted: Feb 20, 2013 6:57:58 PM Ignore SandeeC Report Abuse Nothing new.
IUVidiot Champion Author Indiana Posts:3,725 Points:736,160 Joined:Jun 2011	Message Posted: Feb 20, 2013 6:54:46 PM Ignore IUVidiot Report Abuse politics
mrbee Champion Author Little Rock Posts:3,893 Points:2,493,310 Joined:Oct 2005	Message Posted: Feb 20, 2013 6:51:11 PM Ignore mrbee Report Abuse More like, up, up, up.
Blue48 Champion Author Illinois Posts:7,445 Points:1,665,645 Joined:Feb 2007	Message Posted: Feb 20, 2013 6:49:53 PM Ignore Blue48 Report Abuse UP..DOWN..UP..DOWN!
esquared Champion Author Oklahoma City Posts:8,202 Points:1,996,835 Joined:Jan 2006	Message Posted: Feb 20, 2013 6:49:52 PM Ignore esquared Report Abuse Require speculators to take delivery -- now!
PoohMcGoo Champion Author Alabama Posts:3,122 Points:822,360 Joined:Dec 2010	Message Posted: Feb 20, 2013 6:49:48 PM Ignore PoohMcGoo Report Abuse Ok
AKmailman Champion Author Alaska Posts:5,758 Points:1,584,590 Joined:Jul 2004	Message Posted: Feb 20, 2013 6:49:18 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 6:47:08 PM Ignore mrsclaus2013 Report Abuse dang
RBob Champion Author Portland Posts:3,465 Points:2,372,680 Joined:May 2004	Message Posted: Feb 20, 2013 6:43:44 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:851 Points:226,055 Joined:Aug 2008	Message Posted: Feb 20, 2013 6:41:55 PM Ignore lowspeed Report Abuse It seems as if everything makes fuel prices rise
dollarwatcher Champion Author Wisconsin Posts:8,080 Points:1,561,945 Joined:Mar 2007	Message Posted: Feb 20, 2013 6:41:15 PM Ignore dollarwatcher Report Abuse Just makes ya wanna puke don't it.
hcivic Champion Author Virginia Posts:3,989 Points:2,292,440 Joined:Aug 2005	Message Posted: Feb 20, 2013 6:40:40 PM Ignore hcivic Report Abuse lookin to go up more in March
scubadaniel Champion Author Dayton Posts:1,551 Points:718,550 Joined:Jan 2011	Message Posted: Feb 20, 2013 6:40:28 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:5,815 Points:1,514,115 Joined:Oct 2008	Message Posted: Feb 20, 2013 6:39:39 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:664,160 Joined:Feb 2010	Message Posted: Feb 20, 2013 6:34:07 PM Ignore bonzoonfmb Report Abuse Gas prices are too high.