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Crude drops after Obama victory, ahead of supply

MarketWatch -- Crude-oil futures fell in volatile trading on Wednesday, failing to join in some renewed risk appetite after news of a second term for U.S. President Barack Obama, as investors awaited key supply data.

Futures for December crude fell 31 cents to $88.39 a barrel on the New York Mercantile Exchange, erasing strong gains seen the prior day. Crude gained 3.6% on Tuesday, helped by a pullback in the greenback.
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“His re-election should be viewed as rather bullish for oil, as in addition to a tougher stance on energy regulations and licensing in the U.S., he is friendlier toward expansionary monetary policies than his opponent in the presidential race, [Mitt] Romney,” said analysts at JBC Energy in emailed comments.

However, oil was on the decline as the market awaited some key supply data.

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Submitted Nov 07, 2012 By: brbaritone

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honda0105 Champion Author Tallahassee Posts:18,632 Points:1,610,495 Joined:Nov 2008	Message Posted: Nov 11, 2012 4:41:37 AM Ignore honda0105 Report Abuse gas and crude may drop but economically speaking, unless diesel drops significantly, we won't see much economical improvement.
honda0105 Champion Author Tallahassee Posts:18,632 Points:1,610,495 Joined:Nov 2008	Message Posted: Nov 10, 2012 5:34:12 AM Ignore honda0105 Report Abuse supply and demand certainly are not connected in this industry.
rbrk02 Champion Author Rhode Island Posts:5,748 Points:818,205 Joined:Jan 2011	Message Posted: Nov 8, 2012 6:13:52 AM Ignore rbrk02 Report Abuse ExitRamp, again, well said. Like a light at the end of a dark tunnel. Alaydown, also, very well reasoned and well said.
Alaydown Champion Author Los Angeles Posts:5,121 Points:824,370 Joined:May 2007	Message Posted: Nov 7, 2012 11:48:03 PM Ignore Alaydown Report Abuse jrsva, 2.3 percent margin in the popular vote is not a "wide margin." As it stands in the current vote total, McCain got more popular votes in 2008 than Obama did in 2012. While I respect the office of the President of the USA, I don't respect the man occupying the office at all for many reasons. Half the country feels the same way. Get over it! To date, I have never called Obama any names on this website. I did however, pretty much trash a machine-signed form letter from him thanking me for my 30 years of service when I retired from the Navy. He has been my worst Commander-in-Chief in my 30 years, and that includes even Carter. Obama said many things in 2008 about trying to unite the country, but for the 4 years he has been in office, he has done more to polarize this country than any person in at least 50 years. It is rare when the guy is truthful about anything. So now we are stuck with this guy for another 4 years. More than likely, he will continue to vote "Present" like he has for the past 4 years instead of leading us through the many problems this country has. He will continue to blame Bush and Republicans for everything bad, and he will take credit for everything good even when he had nothing to do with it. He has not even managed to get a single budget passed during his 4 years, even when his party had control of a filibuster-proof Congress for his first 2 years. I know of no other president in history who was so derelict. There are still many left-wingers on GB who play "childish, disparaging word games" (as you call it) with President G.W. Bush's name. I was no huge fan of the man, but he was the right man for the job at the time he was there. You lefties love to dish out the insults, but you cannot handle any criticism especially when it is factual.
Vette1967 Champion Author Albany Posts:5,972 Points:1,276,975 Joined:Jun 2009	Message Posted: Nov 7, 2012 10:32:17 PM Ignore Vette1967 Report Abuse Gas prices didn't go down like it should.
ExitRamp Champion Author Orlando Posts:34,126 Points:3,205,735 Joined:Apr 2004	Message Posted: Nov 7, 2012 10:23:35 PM Ignore ExitRamp Report Abuse Republicans brought this defeat on themselves. Whether you are gloating or sulking, facts are facts. Yes, this was another Hobson's choice in a melting pot of people with 350 million individual agendas trying to decipher whom to vote for, from city dogcatcher to POTUS. The biggest fact is this: In spite of the talk about heavy voting, John McCain received about 3 million MORE votes in 2008 than Romney did in 2012... that's a lot of people sitting on their vote and pouting because some trifle about the candidate didn't perfectly match their moral compass. Obama received about 10 million LESS votes in 2012 than in 2008. He could have been defeated handily. You have been brainwashed by both the right and the left, while the so-called leaders indulge in crony capitalism and line their pockets at your expense; self-dealing, both (D) and (R.) "Big Oil" is a lot of separate business entities. The politicians scream "TAX BIG OIL" to make you feel happy. Businesses don't pay taxes, they pass it along to the consumer. And "big oil's" profit (wait, the "obscene profit") on a gallon of gasoline is about ten¢ while various government entities collect about 42¢ in taxes on that same gallon. So the "guvammint" takes far more from the "big oil" business than "big oil." Roe vs Wade goes back to 1974. Get used to it. Sulking at home on election day won't stop somebody from having their uterus scraped. If you insist on sex for procreation instead of recreation, keep your pants zipped and your knees together like you were taught in your youth. You may not like the Book of Mormon, but many Christian churches of all denominations have turned into social clubs that bring covered dishes on Sunday and pay scant attention to their version of the Scriptures. Mormons tithe; they don't hire pastors, ministers or priests. Their leaders are volunteers. I could recount personal stories about pastors who weren't fit to tend to their flock but you probably have more frightening ones from your own experience. So let's try to pull together and do the best we can during the ensuing 4 years. Most likely they will be worse than the last 4 years, with unrestrained social spending to keep the subjects happy. Grit your teeth and quietly endure at least 2 years of gridlock in the House and Senate; just make the best of it. Go on a diet of less talk shows that regurgitate what you want to hear, but whose focus is selling radio advertising. Preaching to their choir is secondary. And consider becoming a candidate for office instead of grousing about the non-existing leadership. Me run for office? I'm sure the research firms could find too many skeletons in my closet, so I'll champion my candidates and go into those voting booths in the even-numbered years and hope I don't have to hold my nose. Godspeed until 2014. "ER."
Mousebluff Sophomore Author Washington Posts:150 Points:842,530 Joined:Nov 2008	Message Posted: Nov 7, 2012 9:44:30 PM Ignore Mousebluff Report Abuse "President Barack Obama won re-election by a relatively wide margin yesterday..." Not sure I'd call 51.2% of the vote a "relatively wide margin".
bston Champion Author Oklahoma City Posts:1,823 Points:643,210 Joined:Mar 2011	Message Posted: Nov 7, 2012 9:14:15 PM Ignore bston Report Abuse Gas prices will most likely increase.
Dodge_Me Champion Author Atlanta Posts:2,214 Points:556,980 Joined:Mar 2006	Message Posted: Nov 7, 2012 9:12:37 PM Ignore Dodge_Me Report Abuse Well said, "jrsva"
Dodge_Me Champion Author Atlanta Posts:2,214 Points:556,980 Joined:Mar 2006	Message Posted: Nov 7, 2012 9:11:13 PM Ignore Dodge_Me Report Abuse Yep
jrsva Champion Author Virginia Posts:9,857 Points:1,613,225 Joined:Jan 2006	Message Posted: Nov 7, 2012 9:10:41 PM Ignore jrsva Report Abuse “Did Obummer really win?” “. . . the re-election of NoBama.” “. . . as Bozama's electoral votes!” Wayoung, Mudsprings, N5exyand the rest of the right-wingers in GB land. President Barack Obama won re-election by a relatively wide margin yesterday. He is your president as well as mine and will be for the next 4 years. Now is the time to stop the childish, disparaging word games with his name and pay respect to the Office of the President, even if you do not like its current occupant. The time will come when someone you approve of will hold this office, at which time you will not appreciate this sort of trash talk.
SteelPenny Champion Author Dallas Posts:30,970 Points:2,607,715 Joined:Sep 2005	Message Posted: Nov 7, 2012 9:04:17 PM Ignore SteelPenny Report Abuse Stock market dropped like a rock too.
Alaydown Champion Author Los Angeles Posts:5,121 Points:824,370 Joined:May 2007	Message Posted: Nov 7, 2012 9:03:46 PM Ignore Alaydown Report Abuse fuelsaverMN, it was a bad night for the USA.
Matt G Champion Author Boston Posts:4,538 Points:2,774,015 Joined:Jun 2004	Message Posted: Nov 7, 2012 9:03:41 PM Ignore Matt G Report Abuse Not for long
PrinceLH Champion Author Ontario Posts:2,697 Points:539,020 Joined:Jun 2011	Message Posted: Nov 7, 2012 9:03:03 PM Ignore PrinceLH Report Abuse Don't worry, he'll just not issue more drilling contracts on public land.
N5EXY Champion Author Austin Posts:5,497 Points:1,511,355 Joined:Jul 2004	Message Posted: Nov 7, 2012 9:02:47 PM Ignore N5EXY Report Abuse And the Dow dropped about the same number of points as Bozama's electoral votes!
GigHarborHound Champion Author Tacoma Posts:2,537 Points:488,490 Joined:Sep 2011	Message Posted: Nov 7, 2012 9:02:40 PM Ignore GigHarborHound Report Abuse ItsMorph has nailed it!!!!
rahcat Champion Author Grand Rapids Posts:2,473 Points:663,925 Joined:Jan 2010	Message Posted: Nov 7, 2012 9:02:23 PM Ignore rahcat Report Abuse Won't last.
menagerie1013 Champion Author San Diego Posts:2,365 Points:690,740 Joined:Apr 2011	Message Posted: Nov 7, 2012 9:02:02 PM Ignore menagerie1013 Report Abuse Needs to go down much more.
ItsMorph Champion Author Grand Rapids Posts:33,441 Points:3,187,130 Joined:Mar 2004	Message Posted: Nov 7, 2012 9:01:09 PM Ignore ItsMorph Report Abuse Loadahooey.
letterchunker Champion Author Texas Posts:2,245 Points:667,675 Joined:Aug 2008	Message Posted: Nov 7, 2012 9:00:48 PM Ignore letterchunker Report Abuse It will go for holidays.
kbierley Champion Author Dayton Posts:10,730 Points:1,415,690 Joined:Nov 2003	Message Posted: Nov 7, 2012 8:58:56 PM Ignore kbierley Report Abuse Then why is the price of Gas going up?
tco9436 Champion Author Connecticut Posts:1,777 Points:723,250 Joined:Mar 2010	Message Posted: Nov 7, 2012 8:56:25 PM Ignore tco9436 Report Abuse Ok
Dodge_Me Champion Author Atlanta Posts:2,214 Points:556,980 Joined:Mar 2006	Message Posted: Nov 7, 2012 8:55:14 PM Ignore Dodge_Me Report Abuse Yes, Keep going down
preacherjohn Champion Author Modesto Posts:3,990 Points:1,919,760 Joined:May 2006	Message Posted: Nov 7, 2012 8:54:04 PM Ignore preacherjohn Report Abuse It was going down slowly --just before--big deal.
Mowerman08 Champion Author Milwaukee Posts:4,760 Points:1,217,995 Joined:Aug 2008	Message Posted: Nov 7, 2012 8:53:33 PM Ignore Mowerman08 Report Abuse a small bump in the road at the beginning of along up hill climb.
goodbuy Champion Author Michigan Posts:7,673 Points:1,422,805 Joined:May 2005	Message Posted: Nov 7, 2012 8:51:28 PM Ignore goodbuy Report Abuse Keep going down to about $30.00 a barrel.
Vitobug Champion Author El Paso Posts:1,955 Points:640,685 Joined:May 2011	Message Posted: Nov 7, 2012 8:50:37 PM Ignore Vitobug Report Abuse ok
fuelsaverMN Champion Author Twin Cities Posts:2,282 Points:559,080 Joined:Mar 2011	Message Posted: Nov 7, 2012 8:50:27 PM Ignore fuelsaverMN Report Abuse It was a baD NIGHT FOR CONSERVATIVES.
96sc1 Champion Author El Paso Posts:8,517 Points:1,367,440 Joined:Mar 2008	Message Posted: Nov 7, 2012 8:50:15 PM Ignore 96sc1 Report Abuse expansionary monetary policies is the code word for redistribution through inflation
fuelsaverMN Champion Author Twin Cities Posts:2,282 Points:559,080 Joined:Mar 2011	Message Posted: Nov 7, 2012 8:49:26 PM Ignore fuelsaverMN Report Abuse That will be short lived.
fuelsaverMN Champion Author Twin Cities Posts:2,282 Points:559,080 Joined:Mar 2011	Message Posted: Nov 7, 2012 8:47:10 PM Ignore fuelsaverMN Report Abuse Yes and prices will go up because of winter fuel prices
sehonda Champion Author Honolulu Posts:2,043 Points:916,985 Joined:May 2009	Message Posted: Nov 7, 2012 8:38:34 PM Ignore sehonda Report Abuse lost cause
crmedic Champion Author Arkansas Posts:2,678 Points:224,675 Joined:Jul 2011	Message Posted: Nov 7, 2012 8:36:24 PM Ignore crmedic Report Abuse And Prices will Rise!
dacofa Champion Author Nevada Posts:5,374 Points:1,149,715 Joined:Jan 2010	Message Posted: Nov 7, 2012 8:36:20 PM Ignore dacofa Report Abuse 31 cents? WOOOOOOOOOOOOOOOW
jorod55 Champion Author California Posts:1,480 Points:432,700 Joined:Dec 2011	Message Posted: Nov 7, 2012 8:34:32 PM Ignore jorod55 Report Abuse Yeah, the crude is dropping but the gas prices around here won't budge until next Feb. or Mar. and only a maybe at best. Seems they always find that "EXCUSE" to keep it hanging up there.
DEG Champion Author Las Vegas Posts:17,625 Points:3,495,680 Joined:Jul 2003	Message Posted: Nov 7, 2012 8:34:30 PM Ignore DEG Report Abuse By 2016 it will probably double.
mstearno Champion Author Dayton Posts:8,071 Points:1,732,210 Joined:Jan 2008	Message Posted: Nov 7, 2012 8:34:07 PM Ignore mstearno Report Abuse the point is no pipeline no new oil jobs we're hosed
Lizzylou Champion Author Stockton Posts:8,818 Points:2,357,285 Joined:Oct 2005	Message Posted: Nov 7, 2012 8:33:15 PM Ignore Lizzylou Report Abuse And the point is???
KhelbenArunson Champion Author Michigan Posts:4,446 Points:718,615 Joined:Apr 2008	Message Posted: Nov 7, 2012 8:31:06 PM Ignore KhelbenArunson Report Abuse Imagine that.
JCS319 Champion Author Tacoma Posts:20,445 Points:2,542,610 Joined:Dec 2005	Message Posted: Nov 7, 2012 8:29:05 PM Ignore JCS319 Report Abuse Oh don't worry, the GOP will screw this up too - just like they screwed up last night's election. They had it - they so had it and they BLEW it!
fredtheturd Sophomore Author Kansas Posts:201 Points:429,325 Joined:May 2011	Message Posted: Nov 7, 2012 8:24:17 PM Ignore fredtheturd Report Abuse Everything dropped after last nights events
dave1745 Champion Author Gary Posts:1,262 Points:739,000 Joined:Dec 2010	Message Posted: Nov 7, 2012 8:23:12 PM Ignore dave1745 Report Abuse C
nigelb Champion Author Virginia Posts:8,460 Points:1,391,755 Joined:Feb 2008	Message Posted: Nov 7, 2012 8:22:04 PM Ignore nigelb Report Abuse Mudsprings, Yes Obama won with a huge lead in the electoral vote. Get used to four more years. If Flippy Mitty had not lied about GM and Chrysler exporting US jobs to China, he might have won Ohio. Instead he doubled down on his lie and the CEO's of both companies (probably NOT Democrats) called him on his lie!
mcmonsta Champion Author Honolulu Posts:3,232 Points:819,520 Joined:Sep 2009	Message Posted: Nov 7, 2012 8:20:45 PM Ignore mcmonsta Report Abuse keep it dropping
wayoung56 Champion Author Alabama Posts:2,805 Points:819,310 Joined:Oct 2006	Message Posted: Nov 7, 2012 8:19:54 PM Ignore wayoung56 Report Abuse Sounds like everyone in the market sector is worried about the future of the economy thanks to the re-election of NoBama...
Mudsprings Champion Author Fresno Posts:52,928 Points:3,075,275 Joined:Oct 2004	Message Posted: Nov 7, 2012 8:10:02 PM Ignore Mudsprings Report Abuse Did Obummer really win? I just got home and didn't see any news yet.
serrog Champion Author Nova Scotia Posts:5,569 Points:1,513,105 Joined:Oct 2008	Message Posted: Nov 7, 2012 8:09:27 PM Ignore serrog Report Abuse wow
ramshot412 Champion Author Riverside Posts:20,160 Points:2,467,440 Joined:Apr 2004	Message Posted: Nov 7, 2012 8:08:19 PM Ignore ramshot412 Report Abuse I voted for America I voted for a real energy policy that doesn't wait for big profits I voted for my children's and grandchildren's future and yours as well I voted for Americans to go back to work I voted to support drilling for oil and gas, manufacturing and anything else America has left. I voted for a man that puts America first, not profits. I voted against a man who makes excuses for Big Oil and bows before the Almighty dollar. The odds were stacked against me. I'm in the 47% group of families who pay taxes, and take the government dole (SSA), who worked hard and believe in God. I delayed my gratification; instead I saved and invested for the future. Now I've retired. Good Night America.
Is246 Champion Author Albuquerque Posts:1,014 Points:427,610 Joined:Apr 2011	Message Posted: Nov 7, 2012 8:07:09 PM Ignore Is246 Report Abuse Great, but it needs to keep dropping.