Instead of screwing around with that socialist insurance reform that the people DON’T want, why doesn’t someone do something about these idiots in oil trading? Prices going up because of less unemployment, no matter what the fundamentals are doing? Tell me this isn’t economical rape? Why can’t people see what is causing our economic structure to collapse? Why keep trying to blame someone, and just do something about it? This one makes me mad as hell, and I’m sending this to Senators Corker and Alexander and demanding they do something about it. My highlights in red.
Gasoline Surges After U.S. Payrolls Drop Less Than Expected
By Paul Burkhardt
March 5 (Bloomberg) — Gasoline futures gained after the government reported that U.S. employment fell less than forecast, a sign that the economy may recover sooner and improve demand for the fuel.
Prices rose as payrolls dropped 36,000 last month after a revised 26,000 decrease in January, according to the Labor Department. The number of jobs was forecast to decrease by 68,000, according to the median estimate of 82 economists surveyed by Bloomberg News.
“This is more of a macroeconomic move than anything, with the jobless number giving prices a boost,” said Tom Knight, vice president of trading and supply at Truman Arnold Cos. in Texarkana, Texas.
Gasoline for April delivery rose 2.95 cents, or 1.3 percent, to $2.2632 a gallon at 9:07 a.m. on the New York Mercantile Exchange. Prices on March 3 settled at the highest level since Oct. 2, 2008.
The gasoline crack spread, or the difference between the fuel and crude oil, based on April contracts, widened about 6 cents to $13.67 a barrel.
“The oil markets are ignoring fundamentals and paying more attention to what’s going on in the larger picture,” Knight said.
Gasoline demand, based on what blenders and refiners supply to the wholesale market, fell 2 percent to 8.88 million barrels a day last week, the Energy Department reported March 3. Averaged over the past four weeks, it was 0.1 percent above a year earlier.
Heating oil for April delivery rose 1.95 cents, or 0.9 percent, to $2.0882 a gallon on the exchange. The heating oil crack spread, based on April contracts, narrowed about 29 cents to $6.39 a barrel.
Regular gasoline at the pump, averaged nationwide, rose 1.4 cents to $2.72 a gallon, AAA, the nation’s biggest motoring organization, said today on its Web site.