by Calculated Risk on 2/10/2013 09:39:00 PM

On oil prices from Jim Hamilton: Dude, where's my cheap gas?

Those who have been told that oil production is booming may be wondering why the prices of oil and gasoline are climbing again.

...[Several graphs]

It's obvious from the above price charts that it makes no economic sense to add gallons of ethane or propane to gallons of crude oil to try to summarize global oil supply. But growth of natural gas liquids has been a key factor in the reported increases in "world oil supply" over the last few years and is also a key component of recent optimistic assessments of future oil production by Leonardo Maugeri and the IEA.

There is no question that the boom in production of natural gas liquids is providing a great benefit to industrial users of ethylene. But if you're waiting for it to lower the price you pay for gasoline at the pump, you may have to wait a while longer.

Monday:
• At 1:00 PM ET: Speech by Fed Vice Chair Janet Yellen, "A Painfully Slow Recovery for America's Workers: Causes, Implications, and the Federal Reserve's Response"

Weekend:
• Summary for Week Ending Feb 8th
• Schedule for Week of Feb 10th

The Nikkei is closed for National Foundation Day, and the Hang Seng and Shanghai are closed for New Year.

From CNBC: Pre-Market Data and Bloomberg futures: the S&P futures and DOW futures are up slightly.

Oil prices have been mixed recently with WTI futures down to $95.76 per barrel and Brent up to $118.88 per barrel. Gasoline prices are up almost 30 cents over the last few weeks.