Oil Prices Fall Below $66/Barrell; Natural Gas Prices Near $3/1,000 Cubic Feet at Mid-AUG. '09 As Economic Fears Flare

Oil prices fell below $66/barrell on Aug. 17 despite three (3) tropical weather systems brewing (one done, two cooking... "Claudette", "Ana" & Hurcn. "Bill"). The appearance of hurricanes and tropical storms, which can damage oil and natural gas operations in the Gulf of Mexico, were outweighed by new reports today showing that nervous consumers are holding on to their money as the economic recession drags on.
In morning trading on Aug. 17, benchmark crude for September delivery tumbled nearly 3 percent, or $1.80, to $65.71 a barrel on the New York Mercantile Exchange. Prices have fallen nearly 7 percent in two trading sessions. Consumer sentiment (consumers saving more....) is partly to blame and a glut supply of oil exists. Natural gas prices (for September delivery) hoover around the $3.00 on Aug. 17th with the natural gas price for September delivery falling around 10 cents to $3.139 per 1,000 cubic feet in morning energy trading. Some improvement on the horizon for the economic recession? Some economists are now predicting late September 2009 as a possible date of the current recession ending.

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Comment by FRAC on August 27, 2009 at 5:23pm
Natural Gas went below $3.00 today!
Comment by Parkdota on August 21, 2009 at 8:22pm
I really don't see the recession ending any time soon. Sure things look better, but the clunker car program is about over, the 8k tax credit for new home buyers is over Dec. 1st, interest rates are being artificually held down which won't/can't last forever, inflation is going to happen yet to what degree I don't know, and a major storm is on the horizon in the form of the commercial bubble. You think the residential bubble was bad? Just wait....you haven't seen anything yet. Many commercial lending notes are coming due 2010 and the default rate/amounts are going to be astronomical. We haven't even hit the bottom of the residential bust yet and you can forget recovery any time soon due to national lending restrictions. Unemployment claims are still rising, energy prices are down but we won't see consumer relief until 2011 due to hedging, 4 million homes are currently behind or in default on their mortgages, the HVCC code is KILLING home sales/refinances, and the new energy bill will raise utility costs. Lots of doom and gloom.

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