Crude oil futures may decline as refineries slow operations and demand decreases before the North American heating season begins, a Bloomberg News survey showed. Fifteen of 31 analysts, or 48 percent, said futures will drop through Oct. 9. Six respondents, or 19 percent,

forecast that the market will rise and 10 said prices will be little
changed. Last week, 55 percent of analysts said oil would fall.

“It’s now or never for the correction,” said Stephen Schork, president
of consultant Schork Group Inc. in Villanova, Pennsylvania. “The
gasoline season is over, we’re still a month away from significant
heating demand, refineries are going into turnaround.”

U.S. refinery utilization fell 1 percentage point last week to 84.6
percent of capacity, the Energy Department reported on Sept. 30.
Gasoline demand, averaged over the past four weeks, dropped to 9.05
million barrels a day from 9.14 million. Total fuel consumption
averaged over the four-week period fell to 19 million barrels a day
from 19.2 million.

Crude oil for November delivery rose $4.80, or 7.3 percent, to $70.82 a
barrel so far this week on the New York Mercantile Exchange. Oil closed
yesterday at the highest level since Sept. 22 and was heading for its
biggest increase in six weeks. Futures are up 59 percent this year.

The oil survey has correctly predicted the direction of futures 47 percent of the time since its start in April 2004.

Source: Bloomberg

Search to find what you want

• Crude oil may decline as fuel supplies improve, Survey Shows

    Crude oil futures may decline as U.S. fuel inventories climb and consumption decreases, a Bloomberg News survey showed. Eleven of 29 analysts, or 38 percent, said futures will drop through Oct. 16. Ten respondents, or 34 percent, forecast that the market will rise and eight said prices will be little changed.

• Analysts about the direction of oil prices, Survey Shows Split

    Analysts surveyed by Bloomberg News were split over whether crude oil prices will rise or fall next week amid above-average inventories and prices that are the highest in a year. Twelve of 31 analysts, or 39 percent, said futures will drop through Oct. 23. Another 12 respondents predicted that oil will

• Crude oil, the U.S. stocks on Ample, survey shows

    Crude oil futures may fall on speculation that U.S. fuel inventories will be sufficient to meet demand that’s been cut by the recession. Twenty-one of 36 analysts surveyed by Bloomberg News, or 58 percent, said futures will decline through Aug. 14. Eight respondets, or 22 percent, forecast that the market

• Crude Oil May decline to increase in U.S. supplies, Survey Shows

    Crude oil may fall next week as U.S.

• Crude Oil May decline in the face of rising fuel supply, survey shows

    Crude oil futures may decline in anticipation of extended increases in U.S. fuel supplies as demand drops. Twenty-four of 44 analysts surveyed by Bloomberg News, or 55 percent, said futures will drop through Oct. 2. Seven respondents, or 16 percent, forecast that the market will rise and 13 said prices

• Crude Oil May decline shows, as refiners shut units, Survey

    Crude oil futures may fall on speculation that demand from U.S. refineries will decline this month as units are shut for seasonal maintenance. Seventeen of 34 analysts surveyed by Bloomberg News, or 50 percent, said futures will drop through Sept. 11. Eight respondents, or 24 percent, forecast that the market

• Oil May Rise as U.S. Supplies Drop, Survey Shows

    Crude oil may increase next week on speculation that inventories will decline as imports drop and fuel demand strengthens, a Bloomberg News survey showed.

• Analysts split on the direction of oil prices, survey shows

    Analysts surveyed by Bloomberg News were split over whether crude oil prices will fall or be little changed next week amid a weak dollar and ample fuel supplies. Ten of 27 analysts, or 37 percent, said futures will drop through Nov. 27.

• Oil may Supplies Climb Amid weak demand, poll shows

    Crude oil futures may fall on speculation that U.S. fuel inventories will extend gains as the recession saps demand, a survey of analysts showed. Twenty of 40 analysts surveyed by Bloomberg News, or 50 percent, said futures will decline through Aug. 21. Ten respondents, or 25 percent, forecast that the

• Crude oil futures fall to May Ample Stocks, Survey Shows

    Crude oil may decline next week as U.S.

• Crude oil may extend gains as accessories, poll shows

     Crude oil may decline on speculation that U.S. inventories will extend gains as demand lags because of the recession, a survey of analysts showed. Twenty-four of 35 analysts surveyed by Bloomberg News, or 69 percent, said futures will fall through August 7. It’s the most bearish response since March 2008. Six respondents, or

• Gasoline Margins case as U.S. stocks Rise, DEMAND

    Gasoline refining margins slipped after a government report that showed motor fuel demand fell a second straight week and inventories increased. Motor-fuel inventories in the week ended Sept. 11 rose 547,000 barrels, or 0.3 percent, to 207.7 million, the Energy Department reported. Demand, based on what blenders and refiners supply to the

• U.S. burn coal by 2 percent per week – Genscape

    U.S.

• U.S. coal-burning drops 8 percent for the week – Genscape

    U.S. coal use fell 8 percent last week as winter eased its grip on the North and East and power demand remains economically challenged, Genscape said

• Crude Oil poised for a fourth week of gains from economic recovery plan

    Crude oil headed for a fourth straight week of gains as the dollar weakened and rising global equity markets spurred investor confidence. Oil has advanced 3.5 percent this week as the dollar index, a measure of the U.S. currency against six peers, fell to its lowest level since August 2008. The MSCI