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Oil Pulls Off Lows, Ends Near $74 After Mexico Explosion

CNBC -- U.S. crude oil pared losses and Brent crude turned positive after a deadly explosion ripped through a Mexican oil refinery, raising concerns that Mexico, a top U.S. crude supplier, would have to import more fuel.

AP
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U.S. product futures surged after news of the blast at the 275,000 barrel-per-day Cadereyta plant, Mexico's third biggest and most sophisticated refinery.

Mexico, which already relies on imports for more than 40 percent of domestic gasoline demand, could now be forced to boost fuel imports significantly.

"This should increase Mexico's demand for imports from the United States - one of the key things that will eventually drag down record U.S. oil product stocks is export demand

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Submitted Sep 08, 2010 By: DoctorOH

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honda0105 Champion Author Tallahassee Posts:15,259 Points:1,141,225 Joined:Nov 2008	Message Posted: Sep 10, 2010 5:02:10 AM Ignore honda0105 Report Abuse msgtUS: that would be a novel thing, wouldn't it?
madison8359 Champion Author Cleveland Posts:5,731 Points:1,126,665 Joined:Apr 2008	Message Posted: Sep 8, 2010 5:42:23 PM Ignore madison8359 Report Abuse More arguments to kick the oil addiction sooner rather than later.
milespergallon Champion Author Illinois Posts:7,493 Points:1,479,290 Joined:Feb 2007	Message Posted: Sep 8, 2010 1:51:31 PM Ignore milespergallon Report Abuse I will start with the fact that 'recautionary', used in this article is NOT in the dictionary! Are they trying to invent words, like they invent 'facts'? Reading the whole article it does not appear that the refinery will be out for long. Let's see how much 'scare' they can bring in. I ain't fallen for this garbage!
t_flor Champion Author Illinois Posts:2,195 Points:720,890 Joined:Jul 2008	Message Posted: Sep 8, 2010 1:40:03 PM Ignore t_flor Report Abuse up...down...up...down...up...up...up and that's oil prices. I have yet to see gas prices go down.
WCCurtis Champion Author San Bernardino Posts:3,304 Points:1,360,820 Joined:Oct 2005	Message Posted: Sep 8, 2010 1:21:37 PM Ignore WCCurtis Report Abuse Today, at this moment, a barrel of Crude Oil is trading up $.49 to $74.58.
Blue48 Champion Author Illinois Posts:4,960 Points:1,172,120 Joined:Feb 2007	Message Posted: Sep 8, 2010 12:21:29 PM Ignore Blue48 Report Abuse UP..DOWN..UP..DOWN!
us412 Champion Author Arkansas Posts:18,293 Points:1,955,390 Joined:Apr 2006	Message Posted: Sep 8, 2010 12:12:48 PM Ignore us412 Report Abuse Mexico importing refined petroleum products is just stupid.
msgt_usa Champion Author Virginia Posts:2,107 Points:537,515 Joined:Sep 2008	Message Posted: Sep 8, 2010 10:18:00 AM Ignore msgt_usa Report Abuse Excuses, excuses, excuses. Since when does a refinery explosion in Mexico affect our prices. Tell them when they stop shipping drugs into this country we will supply them with oil. Until then, tough tacos.
us4usa Champion Author Missouri Posts:3,820 Points:680,225 Joined:May 2008	Message Posted: Sep 8, 2010 9:28:19 AM Ignore us4usa Report Abuse So don't fill your gas tank today or this week.
gasforus Champion Author Michigan Posts:6,776 Points:1,727,615 Joined:Dec 2005	Message Posted: Sep 8, 2010 9:26:50 AM Ignore gasforus Report Abuse The oil industry LOVES dirty laundry!!!!!!!!
goalie1950 Champion Author Phoenix Posts:4,044 Points:829,270 Joined:Oct 2009	Message Posted: Sep 8, 2010 9:26:25 AM Ignore goalie1950 Report Abuse A short term setback that should not affect inventories if you take into account the surplus levels that continue to increase because of conservation efforts.
MUSTANGSRUS Champion Author Ontario Posts:7,373 Points:1,506,795 Joined:Sep 2006	Message Posted: Sep 8, 2010 9:24:23 AM Ignore MUSTANGSRUS Report Abuse And there go the prices for oil and gas.
Cuzilla Champion Author Indianapolis Posts:10,638 Points:1,967,610 Joined:Sep 2005	Message Posted: Sep 8, 2010 9:20:45 AM Ignore Cuzilla Report Abuse What's the matter? Did all the competent workers head "Norte?"
sit Champion Author Cleveland Posts:2,891 Points:1,469,940 Joined:Feb 2006	Message Posted: Sep 8, 2010 9:11:43 AM Ignore sit Report Abuse Hope no one was hurt.
DirtDauber Champion Author San Antonio Posts:4,410 Points:1,161,275 Joined:Nov 2005	Message Posted: Sep 8, 2010 9:11:42 AM Ignore DirtDauber Report Abuse A different viewpoint.
ILVET Champion Author Illinois Posts:12,489 Points:2,472,095 Joined:Jan 2005	Message Posted: Sep 8, 2010 9:10:44 AM Ignore ILVET Report Abuse Yep, this brought a smile to speculators faces
2gjh Champion Author North Dakota Posts:2,324 Points:2,188,125 Joined:Nov 2003	Message Posted: Sep 8, 2010 9:07:44 AM Ignore 2gjh Report Abuse Speculation should be raising gas prices soon.
orcar Champion Author Boise Posts:1,393 Points:420,860 Joined:Jun 2010	Message Posted: Sep 8, 2010 9:06:52 AM Ignore orcar Report Abuse How about we export some illegals to go fix the place.
warlord1 Champion Author Georgia Posts:3,109 Points:603,950 Joined:May 2010	Message Posted: Sep 8, 2010 9:06:39 AM Ignore warlord1 Report Abuse I am sure that Oil companies are still making record profits
rasprout Champion Author Tacoma Posts:2,610 Points:832,980 Joined:Jun 2009	Message Posted: Sep 8, 2010 9:03:52 AM Ignore rasprout Report Abuse Not another reason, but another excuse!
2granny Champion Author Michigan Posts:7,145 Points:998,425 Joined:Apr 2009	Message Posted: Sep 8, 2010 8:57:49 AM Ignore 2granny Report Abuse Another reason to raise prices.
NashGas Champion Author Nashville Posts:2,136 Points:444,520 Joined:Dec 2009	Message Posted: Sep 8, 2010 8:57:08 AM Ignore NashGas Report Abuse Stop exploding.
FlyNFool Champion Author South Carolina Posts:5,955 Points:1,221,530 Joined:Aug 2008	Message Posted: Sep 8, 2010 8:56:45 AM Ignore FlyNFool Report Abuse Can we mess with the Mexicans?
52MPG Champion Author Dayton Posts:4,909 Points:1,277,505 Joined:Apr 2006	Message Posted: Sep 8, 2010 8:55:11 AM Ignore 52MPG Report Abuse Another reason to up prices.
Doubleeez Champion Author Connecticut Posts:5,080 Points:908,695 Joined:Sep 2005	Message Posted: Sep 8, 2010 8:53:15 AM Ignore Doubleeez Report Abuse The speculators will stop at nothing to raise prices. PLACE A FEDERAL BAN ON SPECULATION INN THE OIL INDUSTRY.
Bajabugster Veteran Author New Mexico Posts:307 Points:107,490 Joined:Jun 2007	Message Posted: Sep 8, 2010 8:53:05 AM Ignore Bajabugster Report Abuse Another blown out of proportion story just to rally the traders, the price is getting to low so BS stories generally get the price moving up, well until they realize that the story was just BS.
DustyHorse Champion Author Virginia Posts:4,016 Points:978,340 Joined:Oct 2008	Message Posted: Sep 8, 2010 8:49:53 AM Ignore DustyHorse Report Abuse Any excuse will do.
Bajabugster Veteran Author New Mexico Posts:307 Points:107,490 Joined:Jun 2007	Message Posted: Sep 8, 2010 8:49:02 AM Ignore Bajabugster Report Abuse 30mpg80,wrote; One killed, two severely burned. Now complain some more about gas prices. ============================================================= So if a logger gets killed or hurt on the job we should raise the price of wood? Farmer gets hurt, raise the price of wheat? We already have enough excuses for these greedy traders, don't give them anymore ideas.
Ticoman54 Champion Author Miami Posts:4,940 Points:1,056,025 Joined:Oct 2008	Message Posted: Sep 8, 2010 8:46:02 AM Ignore Ticoman54 Report Abuse Well said QueenMother.
Bajabugster Veteran Author New Mexico Posts:307 Points:107,490 Joined:Jun 2007	Message Posted: Sep 8, 2010 8:45:34 AM Ignore Bajabugster Report Abuse These greedy idiots will use anything as an excuse to raise prices, they didn't have any hurricanes to disrupt our already historic oversupply so now they use a drop in the bucket accident to try to justify a rally, right now oil isn't in short supply and it won't be for some time to come, and all the stupid reports designed to ease market jitters won't change the fact that at this point in time we just aren't using much oil and raising the price just makes us use even less.
30mpg80 Champion Author Lexington Posts:4,486 Points:1,021,970 Joined:Nov 2008	Message Posted: Sep 8, 2010 8:44:22 AM Ignore 30mpg80 Report Abuse One killed, two severely burned. Now complain some more about gas prices.
QueenMother Champion Author New Hampshire Posts:5,179 Points:1,702,190 Joined:May 2006	Message Posted: Sep 8, 2010 8:44:07 AM Ignore QueenMother Report Abuse Just another excuse to jack up the prices.
spunky4443 Champion Author Washington Posts:4,756 Points:1,215,915 Joined:May 2005	Message Posted: Sep 8, 2010 8:43:33 AM Ignore spunky4443 Report Abuse Who cares about Mexico, Alaska has all the Oil we will ever need.
Somis1 Champion Author Ventura Posts:11,135 Points:2,162,165 Joined:Jul 2005	Message Posted: Sep 8, 2010 8:43:24 AM Ignore Somis1 Report Abuse Something is happening somewhere every minute of the day to affect the price of oil.
AC-302 Champion Author Los Angeles Posts:21,253 Points:2,450,715 Joined:Aug 2004	Message Posted: Sep 8, 2010 8:42:35 AM Ignore AC-302 Report Abuse I'm surprised as an oil exporting country that Mexico doesn't build more refineries.
techque Champion Author St. Louis Posts:6,368 Points:1,990,735 Joined:Apr 2005	Message Posted: Sep 8, 2010 8:41:13 AM Ignore techque Report Abuse petroterrorist speculators awash with inventory scrounge for any excuse.
Joeski1 Champion Author New Jersey Posts:6,764 Points:1,273,860 Joined:Dec 2004	Message Posted: Sep 8, 2010 8:41:01 AM Ignore Joeski1 Report Abuse more disasters from the oil folks
Wolfwings Champion Author Delaware Posts:6,398 Points:1,312,115 Joined:May 2004	Message Posted: Sep 8, 2010 8:39:17 AM Ignore Wolfwings Report Abuse STUPID! Within our own country, we have enough crude oil to service our needs for generations to come, yet for some STUPID REASON, we insist on importing more expensive crude from HALF-WAY around the world.
Rajah Champion Author Illinois Posts:6,590 Points:1,958,310 Joined:Jul 2005	Message Posted: Sep 8, 2010 8:38:56 AM Ignore Rajah Report Abuse The only thing constant is change.. One story talks about oil prices dropping and the next one about it rising.
lexusmark All-Star Author Houston Posts:793 Points:315,005 Joined:Apr 2010	Message Posted: Sep 8, 2010 8:38:34 AM Ignore lexusmark Report Abuse keep us updated, post this everyday please
4warned Champion Author Michigan Posts:5,512 Points:1,739,140 Joined:Nov 2006	Message Posted: Sep 8, 2010 8:36:59 AM Ignore 4warned Report Abuse Why the increase of oil related accidents now? Are they really accidents? One has to really wounder if we are hearing the whole story.
ByGuy Champion Author Dallas Posts:5,649 Points:1,268,330 Joined:Nov 2005	Message Posted: Sep 8, 2010 8:36:52 AM Ignore ByGuy Report Abuse Anything will set off the price to increase!
bkplenge All-Star Author Tallahassee Posts:941 Points:64,465 Joined:Sep 2005	Message Posted: Sep 8, 2010 8:35:52 AM Ignore bkplenge Report Abuse I knew it was about time to have a fire or explosion to jack up the prices with. It makes me wonder if the fires and explosions are on purpose, since they are now able to make money off of them.
dopster Champion Author Toledo Posts:4,779 Points:1,824,575 Joined:Aug 2004	Message Posted: Sep 8, 2010 8:35:22 AM Ignore dopster Report Abuse 'Chister' says, "Speculators, Greenpeace, Democrats, the Green Party movement... which ones would be most likely to benefit from the bombing of an oil refinery?" Funny, I hadn't see any news of a BOMBING! Where do you get your news; or do you just make it up??
albert2008 Champion Author Winnipeg Posts:5,000 Points:1,018,135 Joined:Sep 2008	Message Posted: Sep 8, 2010 8:35:20 AM Ignore albert2008 Report Abuse the ups and downs of oil business
BillHeatherL Champion Author Alberta Posts:5,324 Points:1,477,330 Joined:Apr 2007	Message Posted: Sep 8, 2010 8:34:37 AM Ignore BillHeatherL Report Abuse another excuse to keep prices high
bicycler Champion Author Ontario Posts:12,685 Points:2,206,320 Joined:May 2005	Message Posted: Sep 8, 2010 8:31:58 AM Ignore bicycler Report Abuse This is not good news going along with the Gulf problem!
BWD Champion Author Charleston Posts:3,116 Points:1,760,940 Joined:May 2004	Message Posted: Sep 8, 2010 8:31:42 AM Ignore BWD Report Abuse Just another excuse for high oil/gas.
Sam195 Champion Author San Bernardino Posts:5,750 Points:1,113,925 Joined:Oct 2008	Message Posted: Sep 8, 2010 8:30:27 AM Ignore Sam195 Report Abuse What a mess.
wizzard1222 Champion Author St. Louis Posts:6,209 Points:1,832,040 Joined:Mar 2006	Message Posted: Sep 8, 2010 8:29:06 AM Ignore wizzard1222 Report Abuse ...commodity report site ?????