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Oil Declines as Norway Ends Strike, China Curbs Imports

Bloomberg -- Oil dropped from the highest close in two days after Norway ended an energy strike that threatened to halt production by western Europe’s largest crude exporter and China curbed purchases of the commodity.

Futures slipped as much as 1.6 percent after the Norwegian government ordered compulsory arbitration in the dispute, preventing a lockout of platform workers that was scheduled to start at midnight yesterday. Norway pumped 1.63 million barrels of oil a day in May, or about 1.8 percent of global consumption, data from the Norwegian Petroleum Directorate show. China’s net crude imports fell to the lowest level this year, according to customs data today.

“It was looking like the strike was going to deteriorate further,” said David Lennox, an analyst at Fat Prophets in Sydney. “That risk

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Submitted Jul 10, 2012 By: angel4me

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GOBUTLER Champion Author Indianapolis Posts:1,425 Points:386,235 Joined:Dec 2011	Message Posted: Jul 11, 2012 6:48:05 AM Ignore GOBUTLER Report Abuse This dude works for FAT PROPHETS!!!!!!!
crreed1 Champion Author West Virginia Posts:1,965 Points:2,522,335 Joined:May 2005	Message Posted: Jul 10, 2012 10:16:41 PM Ignore crreed1 Report Abuse starting back up here
Dodge_Me Champion Author Atlanta Posts:2,214 Points:552,480 Joined:Mar 2006	Message Posted: Jul 10, 2012 10:10:15 PM Ignore Dodge_Me Report Abuse hmm, some good news
goldseeker Champion Author West Virginia Posts:19,513 Points:2,714,815 Joined:Sep 2005	Message Posted: Jul 10, 2012 10:08:42 PM Ignore goldseeker Report Abuse Doesn't mean a lot as pump prices are headed up.
Brunduski All-Star Author Missouri Posts:517 Points:186,030 Joined:Jun 2012	Message Posted: Jul 10, 2012 10:00:23 PM Ignore Brunduski Report Abuse That's nice
pgerassi Champion Author Milwaukee Posts:10,876 Points:2,127,605 Joined:Apr 2007	Message Posted: Jul 10, 2012 9:56:59 PM Ignore pgerassi Report Abuse OK
tco9436 Champion Author Connecticut Posts:1,767 Points:718,950 Joined:Mar 2010	Message Posted: Jul 10, 2012 9:56:54 PM Ignore tco9436 Report Abuse Rises here
danreino Champion Author Twin Cities Posts:8,332 Points:1,536,730 Joined:Mar 2008	Message Posted: Jul 10, 2012 9:54:31 PM Ignore danreino Report Abuse So on with the smorGASboard huh...
Jeeputtputt Champion Author Ohio Posts:3,002 Points:677,465 Joined:Aug 2009	Message Posted: Jul 10, 2012 9:52:19 PM Ignore Jeeputtputt Report Abuse sorry u posted this.......
drobbbb Champion Author Maryland Posts:3,455 Points:807,485 Joined:Dec 2010	Message Posted: Jul 10, 2012 9:44:47 PM Ignore drobbbb Report Abuse ok
naiiawah Champion Author Boise Posts:2,370 Points:685,100 Joined:Mar 2011	Message Posted: Jul 10, 2012 9:43:41 PM Ignore naiiawah Report Abuse ok
jessek Champion Author Detroit Posts:2,657 Points:1,280,490 Joined:Sep 2008	Message Posted: Jul 10, 2012 9:41:45 PM Ignore jessek Report Abuse So what happens to the price of gasoline.
satrn38mpg Champion Author Raleigh Posts:5,052 Points:1,050,015 Joined:Sep 2009	Message Posted: Jul 10, 2012 9:41:03 PM Ignore satrn38mpg Report Abuse ok
walkingtall Champion Author Toronto Posts:3,974 Points:1,116,705 Joined:Nov 2004	Message Posted: Jul 10, 2012 9:40:22 PM Ignore walkingtall Report Abuse There's something foreign that drives prices up.
bonzoonfmb Champion Author Florida Posts:1,757 Points:640,250 Joined:Feb 2010	Message Posted: Jul 10, 2012 9:38:28 PM Ignore bonzoonfmb Report Abuse We are supposed to listen to some analyst that works at a company called "Fat Prophets?" Gas prices go up because of a decrease in production from Norway?!
REKEY Champion Author South Carolina Posts:8,554 Points:1,694,440 Joined:May 2008	Message Posted: Jul 10, 2012 9:34:26 PM Ignore REKEY Report Abuse Always something foreign that drives our prices at the pump.
PDQBlues Champion Author San Diego Posts:7,049 Points:1,443,350 Joined:Jan 2009	Message Posted: Jul 10, 2012 9:33:52 PM Ignore PDQBlues Report Abuse Keep those oil & gas prices falling!
WIPACKERFAN Champion Author Chicago Posts:8,779 Points:1,838,475 Joined:Aug 2005	Message Posted: Jul 10, 2012 9:31:01 PM Ignore WIPACKERFAN Report Abuse Make this a long run of down turn.
camel1 Champion Author Minnesota Posts:8,250 Points:2,262,615 Joined:Jul 2006	Message Posted: Jul 10, 2012 9:27:52 PM Ignore camel1 Report Abuse finally
mcmonsta Champion Author Honolulu Posts:3,207 Points:813,795 Joined:Sep 2009	Message Posted: Jul 10, 2012 9:27:17 PM Ignore mcmonsta Report Abuse if china finds oil , forget the rest of the world for them to import from
mstearno Champion Author Dayton Posts:8,043 Points:1,727,235 Joined:Jan 2008	Message Posted: Jul 10, 2012 9:22:09 PM Ignore mstearno Report Abuse China is smart
wayoung56 Champion Author Alabama Posts:2,780 Points:814,335 Joined:Oct 2006	Message Posted: Jul 10, 2012 9:20:25 PM Ignore wayoung56 Report Abuse Interesting article...
bif65 Champion Author Virginia Posts:1,023 Points:194,755 Joined:Jan 2011	Message Posted: Jul 10, 2012 9:18:46 PM Ignore bif65 Report Abuse ok
CAroadrunner101 Champion Author California Posts:1,802 Points:1,311,200 Joined:Mar 2009	Message Posted: Jul 10, 2012 9:16:05 PM Ignore CAroadrunner101 Report Abuse and...
tessnlu Champion Author Missouri Posts:24,172 Points:1,103,240 Joined:Aug 2008	Message Posted: Jul 10, 2012 9:15:50 PM Ignore tessnlu Report Abuse ok
TRAIN RIDER Champion Author San Bernardino Posts:9,057 Points:2,752,845 Joined:Oct 2004	Message Posted: Jul 10, 2012 9:14:15 PM Ignore TRAIN RIDER Report Abuse China was buying lots of oil a short time ago. Did they buy too much?
melvindale Champion Author Michigan Posts:1,438 Points:351,230 Joined:Jun 2011	Message Posted: Jul 10, 2012 9:07:33 PM Ignore melvindale Report Abuse Yes, yes oil is down, oil is down. But, somehow, gasoline is still up (or at least not down nearly as much as oil). How can that be?
abcdMA Champion Author Worcester Posts:7,902 Points:1,570,980 Joined:Nov 2008	Message Posted: Jul 10, 2012 9:05:55 PM Ignore abcdMA Report Abuse signs of a stagnating economy
dicrok9438 Rookie Author Chicago Posts:7 Points:425 Joined:Jul 2012	Message Posted: Jul 10, 2012 9:03:40 PM Ignore dicrok9438 Report Abuse still too high
grandamgt1 Champion Author Illinois Posts:2,326 Points:1,236,325 Joined:Apr 2008	Message Posted: Jul 10, 2012 9:03:00 PM Ignore grandamgt1 Report Abuse Hard to tell. It hasn't impacted local prices yet. If the story was China places more orders, norway set to strike prices would spike overnight.
96sc1 Champion Author El Paso Posts:8,517 Points:1,367,440 Joined:Mar 2008	Message Posted: Jul 10, 2012 9:02:11 PM Ignore 96sc1 Report Abuse I thought everyone in Norway was happy all the time.
clermont40miles Champion Author Cincinnati Posts:10,543 Points:1,767,935 Joined:Apr 2008	Message Posted: Jul 10, 2012 8:58:47 PM Ignore clermont40miles Report Abuse WTI crude and CHICAGO gasoline prices dropped 2.4% today. It will take a week to drift down the same amount. Of course the rascals immediately raise pump price like a rocket upon rising market prices. When market drops, like today, pump price drifts down like a feather. It's all part of the gouging process. We know the drill but can do nothing about it other than minimize our costs. .
lewpuckett Champion Author Georgia Posts:1,150 Points:643,310 Joined:Mar 2011	Message Posted: Jul 10, 2012 8:55:48 PM Ignore lewpuckett Report Abuse still way too high
DustyHorse Champion Author Virginia Posts:6,067 Points:1,387,845 Joined:Oct 2008	Message Posted: Jul 10, 2012 8:54:36 PM Ignore DustyHorse Report Abuse Oil is still way too high. This just demonstrates that the speculators just can't wait to run up prices.
OGW Champion Author London Posts:5,324 Points:1,529,650 Joined:Sep 2005	Message Posted: Jul 10, 2012 8:54:17 PM Ignore OGW Report Abuse Haven't seen any evidence of a drop on the street yet.
Is246 Champion Author Albuquerque Posts:1,005 Points:424,880 Joined:Apr 2011	Message Posted: Jul 10, 2012 8:51:26 PM Ignore Is246 Report Abuse Needs to drop more.
AnObserver Champion Author New Jersey Posts:8,339 Points:2,254,005 Joined:Sep 2005	Message Posted: Jul 10, 2012 8:46:06 PM Ignore AnObserver Report Abuse A few aspects of the Law of Supply and Demand
RUNNINONEMPTYFL Champion Author Florida Posts:1,403 Points:459,625 Joined:May 2011	Message Posted: Jul 10, 2012 8:45:47 PM Ignore RUNNINONEMPTYFL Report Abuse Here we go again...
bojiway1 Champion Author Minnesota Posts:2,024 Points:474,060 Joined:Dec 2011	Message Posted: Jul 10, 2012 8:45:37 PM Ignore bojiway1 Report Abuse ok
indrix All-Star Author Toronto Posts:582 Points:161,790 Joined:Sep 2011	Message Posted: Jul 10, 2012 8:40:47 PM Ignore indrix Report Abuse Ok.
IUVidiot Champion Author Indiana Posts:3,565 Points:704,460 Joined:Jun 2011	Message Posted: Jul 10, 2012 8:36:47 PM Ignore IUVidiot Report Abuse ok
Tucker16 Champion Author Ottawa Posts:1,149 Points:540,680 Joined:Jul 2006	Message Posted: Jul 10, 2012 8:32:35 PM Ignore Tucker16 Report Abuse Good.
kishoreCA Champion Author Ventura Posts:3,089 Points:387,920 Joined:Mar 2012	Message Posted: Jul 10, 2012 8:30:42 PM Ignore kishoreCA Report Abuse ups and downs....always.
rf6480 Champion Author Miami Posts:1,529 Points:544,430 Joined:Mar 2011	Message Posted: Jul 10, 2012 8:30:05 PM Ignore rf6480 Report Abuse Still not where it was within last 2 weeks. I saw $78
crashintuc34 Champion Author Tucson Posts:4,027 Points:806,915 Joined:May 2010	Message Posted: Jul 10, 2012 8:29:38 PM Ignore crashintuc34 Report Abuse Still too high.
Tekkersmom57 Champion Author Syracuse Posts:1,854 Points:696,665 Joined:May 2010	Message Posted: Jul 10, 2012 8:27:50 PM Ignore Tekkersmom57 Report Abuse Oil definitely should not have jumped the over $8/barrel that it did. This is such a game that the speculators play and we are along for the ride whether we like it or not.
AKmailman Champion Author Alaska Posts:5,612 Points:1,553,565 Joined:Jul 2004	Message Posted: Jul 10, 2012 8:25:14 PM Ignore AKmailman Report Abuse Any story to try and justify higher gas prices
suzmar Champion Author Texas Posts:2,208 Points:868,310 Joined:Jun 2006	Message Posted: Jul 10, 2012 8:24:20 PM Ignore suzmar Report Abuse Most new stories don't report news they just speculate on what might happen.
davenles Champion Author Texas Posts:3,176 Points:713,910 Joined:May 2011	Message Posted: Jul 10, 2012 8:24:11 PM Ignore davenles Report Abuse I sure they will be able to find some reason to raise prices.
checkitnow Champion Author Atlanta Posts:2,016 Points:567,570 Joined:Aug 2010	Message Posted: Jul 10, 2012 8:22:05 PM Ignore checkitnow Report Abuse hopefully the recent spike in pump prices will be short lived