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Oil May Extend Gains as Supply Threats Build: Survey

CNBC -- Benchmark crude oil prices will likely rise this week as global supply threats build and markets price in a positive outcome to Greek debt talks, CNBC's weekly survey showed.

Seven of this week's sample group of eight respondents expect oil prices to climb, while one forecasts prices to remain unchanged.

Compass Global Markets' Peter Turville-Ince has a bullish call on oil this week and expects $120 "very soon in the WTI space" though momentum in Brent crude should "start to slow and should be limited towards $125/$127 for now."

Asian stocks markets rose on Monday reflecting optimism that Greece will seal a deal on a second bailout at a meeting with Euro zone officials later today.

Senior officials from euro zone finance ministries and the European Central Bank held a conference call o

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Submitted Feb 20, 2012 By: jem069

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jorobins538 Champion Author Chicago Posts:4,727 Points:637,345 Joined:Sep 2009	Message Posted: Feb 20, 2012 7:12:52 PM Ignore jorobins538 Report Abuse greedy greedy piggies
spiderjay Champion Author Little Rock Posts:4,773 Points:1,282,235 Joined:Oct 2005	Message Posted: Feb 20, 2012 7:12:08 PM Ignore spiderjay Report Abuse we got a ton of oil
spedygonzales All-Star Author Toronto Posts:923 Points:463,195 Joined:May 2011	Message Posted: Feb 20, 2012 7:07:35 PM Ignore spedygonzales Report Abuse we gonna pay the price
TheSnowstorm Champion Author Montreal Posts:8,609 Points:1,910,980 Joined:June 2005	Message Posted: Feb 20, 2012 7:06:01 PM Ignore TheSnowstorm Report Abuse Hang on to your hats......
gasaholicMO Champion Author Missouri Posts:2,621 Points:510,940 Joined:Apr 2010	Message Posted: Feb 20, 2012 7:04:53 PM Ignore gasaholicMO Report Abuse Speculators are starting early this year.
gasokie Champion Author Oklahoma Posts:3,442 Points:1,323,805 Joined:May 2007	Message Posted: Feb 20, 2012 7:03:19 PM Ignore gasokie Report Abuse We're in for a long unpleasant summer if people think these high prices are a result of Obama or Bush's evil. Less supply with a hint of war not of our doing is causing oil to rise. It makes it very hard to solve a problem if we don't bother to understand it.
jimbo1867 Champion Author Arizona Posts:5,362 Points:2,052,600 Joined:Apr 2005	Message Posted: Feb 20, 2012 7:02:13 PM Ignore jimbo1867 Report Abuse oh joy
reidlej Veteran Author Columbus Posts:402 Points:604,330 Joined:Jul 2011	Message Posted: Feb 20, 2012 7:01:51 PM Ignore reidlej Report Abuse Bad news for consumers again.
vtroger Veteran Author Vermont Posts:284 Points:558,970 Joined:Mar 2011	Message Posted: Feb 20, 2012 7:01:12 PM Ignore vtroger Report Abuse Boy it's a good thing I was sitting down when I read about another reason why gas prices will increase...
windows7isfast Champion Author Winnipeg Posts:2,398 Points:489,280 Joined:Nov 2011	Message Posted: Feb 20, 2012 6:59:43 PM Ignore windows7isfast Report Abuse crazzy
DrCashFlow Champion Author Massachusetts Posts:7,059 Points:1,624,400 Joined:Jun 2008	Message Posted: Feb 20, 2012 6:58:20 PM Ignore DrCashFlow Report Abuse lots of noise
Z06KY Champion Author Louisville Posts:5,134 Points:903,765 Joined:Nov 2010	Message Posted: Feb 20, 2012 6:58:17 PM Ignore Z06KY Report Abuse Bull!
race2IT Champion Author Fort Worth Posts:1,767 Points:722,465 Joined:Oct 2008	Message Posted: Feb 20, 2012 6:58:01 PM Ignore race2IT Report Abuse One day every consumer who uses gas in their cars will stop gas buying to support these Czars of the oil companies. I would love to see them face that threat.
mediccoy Champion Author North Carolina Posts:11,902 Points:2,310,130 Joined:May 2006	Message Posted: Feb 20, 2012 6:56:24 PM Ignore mediccoy Report Abuse Same old story, anything to get more $$$$.
Caduceus26 Champion Author Jacksonville Posts:3,886 Points:760,435 Joined:May 2009	Message Posted: Feb 20, 2012 6:53:54 PM Ignore Caduceus26 Report Abuse International threats to oil supply, speculators in the market, and closed refineries are the causes behind the spiraling oil (and gasoline) prices. A better understanding of the cause/effect of energy prices might lead to less finger pointing and misplaced blame. I doubt it, but it would be refreshing if it came to pass.
bababooey2 Champion Author Hartford Posts:6,342 Points:1,300,890 Joined:Sep 2009	Message Posted: Feb 20, 2012 6:52:49 PM Ignore bababooey2 Report Abuse We are at 3.90 here in CT.
wilbur_gas Champion Author Los Angeles Posts:1,702 Points:644,860 Joined:Mar 2011	Message Posted: Feb 20, 2012 6:50:28 PM Ignore wilbur_gas Report Abuse OK
2granny Champion Author Michigan Posts:9,565 Points:1,464,305 Joined:Apr 2009	Message Posted: Feb 20, 2012 6:50:21 PM Ignore 2granny Report Abuse Our gas went up to $3.53 a gallon for regular.
chyguy3 Champion Author Wyoming Posts:2,855 Points:859,540 Joined:Sep 2006	Message Posted: Feb 20, 2012 6:49:32 PM Ignore chyguy3 Report Abuse Just excuses, but somehow they work.
Enstein Champion Author Lansing Posts:1,131 Points:56,140 Joined:May 2011	Message Posted: Feb 20, 2012 6:40:36 PM Ignore Enstein Report Abuse Get over it and accept the reality. Bush and his nazi loving buddies screwed us. It was Bush, Cheney and all their comrades that pulled the oil and gas scam, open and shut. The democrats are pulling other scams, but Bush and his pals screwed America on oil and gas. It will never come down again. CONSERVATIVES AND LIBERALS SUCK.
WalkingWV Champion Author West Virginia Posts:3,696 Points:777,870 Joined:May 2008	Message Posted: Feb 20, 2012 6:37:44 PM Ignore WalkingWV Report Abuse Gas jumped 14 cents here today.
feistyfella All-Star Author Georgia Posts:881 Points:192,345 Joined:Jun 2010	Message Posted: Feb 20, 2012 6:36:41 PM Ignore feistyfella Report Abuse Car pool.
hoosierdaddyno1 Champion Author Indiana Posts:1,539 Points:1,254,930 Joined:Oct 2008	Message Posted: Feb 20, 2012 6:35:06 PM Ignore hoosierdaddyno1 Report Abuse Sammy Adams, Ron Paul and Glenn Beck WAY TO FAR left!!!!
BigBob12345 Champion Author Gasbuddy Posts:1,521 Points:304,730 Joined:Aug 2011	Message Posted: Feb 20, 2012 6:34:43 PM Ignore BigBob12345 Report Abuse I believe I will go with the one.
greenfog Champion Author Illinois Posts:6,475 Points:1,636,095 Joined:Feb 2008	Message Posted: Feb 20, 2012 6:33:50 PM Ignore greenfog Report Abuse gas just shot up to 3.49 for regular here.
hoosierdaddyno1 Champion Author Indiana Posts:1,539 Points:1,254,930 Joined:Oct 2008	Message Posted: Feb 20, 2012 6:32:52 PM Ignore hoosierdaddyno1 Report Abuse Supply threats ?? Who is jacking who ? Quit exporting and keep it AT home and their will be NO supply threat, or it even happening !! I SMELL BIG SPECULATION AND BIG OIL WANTING BIG PROFITS!
SammyAdams Champion Author Tallahassee Posts:3,043 Points:790,775 Joined:Nov 2010	Message Posted: Feb 20, 2012 6:30:29 PM Ignore SammyAdams Report Abuse Prices are not going up because 7 out of 8 people surveyed believe that prices are going up. I am surprised that prices have remained as LOW as they have for as LONG as they have. One of the biggest factors that determines consumer prices is the Federal Reserve. In fact, it would be more appropriate to say that the dollar is LOSING its value than to say that prices are going up. When the $1.5 Trillion now sitting in U.S. banks from "Quantitative Easing" (QE2), you will likely see prices go up like a Saturn rocket. Hyper inflation is soon upon US. And because nobody seems to want to listen to the advice (much less take it) of Congressman Ron Paul, we can now go through an economic period that will make this recession appear like a Sunday school picnic. So brace yourselves and if you are listening, prepare yourselves. You might consider investing in gold (expensive, I know) and silver. A more modest hedge against the coming hyper inflation would be ammunition for your guns. Most folks forget to restock, but think about it: a gun without ammunition is merely a paper weight. You will need the ammo that you don't use for trading for "beans" for protecting your goods from those who didn't see this period coming and/or didn't consequently prepare for it Bush did his part and BO is certainly doing his bidding. So if you cannot seem to get motivated enough to defeat the Establishment candidates (Obama, Gingrich, Santorum, and Romney), at least prepare for what the next 4 years will be living under their rule.
crashintuc34 Champion Author Tucson Posts:4,037 Points:808,965 Joined:May 2010	Message Posted: Feb 20, 2012 6:29:50 PM Ignore crashintuc34 Report Abuse Screw the rest of the world we need to take care of our.
paulydel Champion Author Delaware Posts:8,774 Points:847,125 Joined:Jan 2008	Message Posted: Feb 20, 2012 6:26:39 PM Ignore paulydel Report Abuse We don't eed more bailouts just common sense by our representatives.
armey Champion Author Oregon Posts:1,296 Points:310,255 Joined:Aug 2008	Message Posted: Feb 20, 2012 6:25:32 PM Ignore armey Report Abuse Yeah our gas went up here too! :( $3.47
bcok Champion Author Los Angeles Posts:2,111 Points:1,541,470 Joined:Oct 2005	Message Posted: Feb 20, 2012 6:25:26 PM Ignore bcok Report Abuse More bailouts at what ever the cost-bring the price down.
gknee09 All-Star Author Philadelphia Posts:980 Points:821,040 Joined:Jul 2009	Message Posted: Feb 20, 2012 6:24:22 PM Ignore gknee09 Report Abuse for fear of, threats build . . . enough speculation!
Beaveronparade Champion Author Hartford Posts:2,099 Points:632,880 Joined:Mar 2011	Message Posted: Feb 20, 2012 6:17:56 PM Ignore Beaveronparade Report Abuse Gas prices just continue to rise here.
marinedad1949 Champion Author Lancaster Posts:2,476 Points:501,620 Joined:Nov 2011	Message Posted: Feb 20, 2012 6:13:37 PM Ignore marinedad1949 Report Abuse Just another thought about lack of vision: A senior advisor to the Democrats on the Senate Energy Committee was quoted as saying, "there won't be a thimble of oil for 7-10 years" referring to why the Democrats opposed drilling in the ANWR. That was EIGHT years ago. Which means if we had started drilling, and building the infrastructure to support oil delivery, ie, pipelines, (and refineries), we would now be reaping the benefits of that drilling! We desperately need to find and elect a leader who will do the right things for the right reasons without thought of being re-elected and for the good of America!
ItisAJeepThing Champion Author Tucson Posts:19,735 Points:2,148,655 Joined:Oct 2006	Message Posted: Feb 20, 2012 6:12:01 PM Ignore ItisAJeepThing Report Abuse Build the Keystone XL pipeline. it will provide a few thousand jobs during the two years that it will take to build it. It will provide a few hundred jobs as inspectors and pumping plant operators when it is running. Some of the oil will be refined in Texas, but most will be shipped to China as crude oil. A few more refinery jobs, a few tanker loader jobs and some sailors. Besides, we can buy the oil to be refined from our friends in Canada instead of our enemies in Iran, Venezuela and a few other OPEC countries. MAKE NORTH AMERICA ENERGY SELF SUFFICIENT!!! Canada, the U.S. and Mexico!!!
Goofoff Champion Author Virginia Posts:11,882 Points:2,177,200 Joined:Aug 2006	Message Posted: Feb 20, 2012 6:11:05 PM Ignore Goofoff Report Abuse Read
Goofoff Champion Author Virginia Posts:11,882 Points:2,177,200 Joined:Aug 2006	Message Posted: Feb 20, 2012 6:10:37 PM Ignore Goofoff Report Abuse Read
ljmh Champion Author Akron Posts:3,047 Points:551,060 Joined:Feb 2011	Message Posted: Feb 20, 2012 6:09:40 PM Ignore ljmh Report Abuse Setting us up for increases at the pump.
thirty8paces Champion Author Baltimore Posts:4,511 Points:1,104,555 Joined:Sep 2008	Message Posted: Feb 20, 2012 6:06:50 PM Ignore thirty8paces Report Abuse More nonsense.
Crumbfel Champion Author Virginia Posts:11,554 Points:2,160,585 Joined:Aug 2006	Message Posted: Feb 20, 2012 6:06:05 PM Ignore Crumbfel Report Abuse Read
REKEY Champion Author South Carolina Posts:8,564 Points:1,696,490 Joined:May 2008	Message Posted: Feb 20, 2012 6:02:54 PM Ignore REKEY Report Abuse Iran & Greece!
dale243 All-Star Author Dallas Posts:972 Points:676,000 Joined:Jan 2011	Message Posted: Feb 20, 2012 6:01:11 PM Ignore dale243 Report Abuse Here they go up again.
spotterFL Champion Author Florida Posts:4,098 Points:521,090 Joined:Aug 2009	Message Posted: Feb 20, 2012 6:00:58 PM Ignore spotterFL Report Abuse Wake me up when gas is at $1.25/gallon......zzzzzz.......zzzzz......zzzzz....
slowtrain Champion Author Georgia Posts:3,657 Points:946,950 Joined:Aug 2008	Message Posted: Feb 20, 2012 6:00:15 PM Ignore slowtrain Report Abuse Another excuse to raise gas prices.
ItisAJeepThing Champion Author Tucson Posts:19,735 Points:2,148,655 Joined:Oct 2006	Message Posted: Feb 20, 2012 5:57:36 PM Ignore ItisAJeepThing Report Abuse The U.S. only needs a few refineries to make all of the non-fuel products that we have to make from oil. The U.S. has a 100 year supply of natural gas that can be easily compressed into Liquified Natural Gas (LNG). Diesel engines can be easily converted to run on LNG. If all 18 wheelers were converted for about $2,000 to run on LNG and large high pressure (like propane) tanks were installed at all truck stops it would be cheaper to drive a big truck. American automobile manufacturers should start making cars and light trucks that run on LNG. They can go as far as a gasoline engine can on one tank of gasoline instead of 100 miles before recharging like EVs. THE U.S. COULD EASILY BECOME ENERGY INDEPENDENT!!!
dieselfiendSC Champion Author South Carolina Posts:2,170 Points:844,555 Joined:Nov 2008	Message Posted: Feb 20, 2012 5:56:00 PM Ignore dieselfiendSC Report Abuse OK
bra0712 Champion Author Arizona Posts:3,655 Points:766,620 Joined:Nov 2008	Message Posted: Feb 20, 2012 5:52:13 PM Ignore bra0712 Report Abuse Awesome
fire@53 Champion Author Philadelphia Posts:11,818 Points:2,767,125 Joined:May 2003	Message Posted: Feb 20, 2012 5:51:14 PM Ignore fire@53 Report Abuse Speculation and greed are controlling our crude oil prices.
mugrb Champion Author Michigan Posts:5,038 Points:928,650 Joined:Sep 2007	Message Posted: Feb 20, 2012 5:51:09 PM Ignore mugrb Report Abuse Will be seeing gas above $4.25/gallon again - just like it was in the summer of 2008.
slowpoke63 Champion Author Louisiana Posts:2,727 Points:885,040 Joined:Jul 2009	Message Posted: Feb 20, 2012 5:50:13 PM Ignore slowpoke63 Report Abuse ok
Suzzoom Champion Author Nevada Posts:2,353 Points:503,215 Joined:Jan 2011	Message Posted: Feb 20, 2012 5:49:13 PM Ignore Suzzoom Report Abuse It's a global economy--everything is interconnected.