[PeakOiler]

This year I may keep tabs on who holds the #1 spot the most based on the Wednesday data release.
Daniel Plainview has one of the 52. (1/52)

[PeakOiler]

Cog takes the lead after the 2nd EIA WTI data release of the year.

A new high price will be reported next Wednesday.

[pup55]

$this->bbcode_second_pass_quote('', '*') OPEC may boost output if oil price hits $110 a barrel

* The world's economies can afford $100/bbl oil

KUWAIT, Jan 9 (Reuters) - Speculation could push oil prices to rise to $110 per barrel within a few weeks, which may prompt OPEC to raise production, a member of Kuwait's Supreme Petroleum Council (SPC) said on Sunday.

"Demand will increase slightly, but this increase in price is usually technical, due to analysts' forecasts and speculations," Imad al-Atiqi, a member of the country's highest oil policy body, told Reuters in a telephone interview.

"This (increase) could be a reason to increase production so the oil market does not get worried ... especially if the rise was quick and crossed the $110," he said.

[no_name]

high 114
low 87
close 106

[ColossalContrarian]

I might fair pretty well this year if this guest post from ZeroHedge works out. Gotta love the Apocalyptic Christian group predictions though

http://www.zerohedge.com/article/guest-post-who-how-and-why-140-oil-and-5-gas$this->bbcode_second_pass_quote('', '[')b]Who, How and Why: $140 Oil and $5 Gas
According to a loosely-organized apocalyptic Christian movement, May 21, 2011 will be the "end of days." On or about that same date, the price of oil in the United States will begin to climb to $4 a gallon, according to two savants of the oil industry.

The former is highly unlikely but the latter is very probable.

The escalation in the price of oil is predicted by the legendary oil man T. Boone Pickens, known for his financial acuity as well as his oil expertise, and John Hofmeister, who retired as president of Shell Oil Company, to sound the alarm about the rate of U.S. consumption of oil.

In an interview with a trade publication, Hofmeister predicted that oil would rise to $4 a gallon this year and to $5 a gallon in the election year 2012. Separately, Pickens—who has been leaning on Congress to enact an energy policy that would switch large trucks and other commercial vehicles from imported oil to domestic natural gas—predicts that oil currently selling for just over $90 a barrel will go to $120 a barrel, with a concomitant price per gallon of $4 or more.

[ColossalContrarian]

actually I just realized in the qoute above the author references oil in gallon terms and not barrel...

[sparky]

.
There is some inconsistency in the oil prices market

West Texas Intermediate is considered the reference grade ( blend )
both because it is delivered in a pipeline network close to users
and because it is a light and very sweet grade , easy to refine

Historically it had a price premium over other indexes
-London Brent ...... used for Europe / Africa
-Singapore Tapis ....used for Asia/ Pac
and Opec basket ....The "official " price used for quota and price grading

opec basket being the lowest , then Brent/Tapis and WTI

The above description is somewhat superficial but close enough for the purpose

Now there is some massive disconnect in the price

- Opec .....94 $
- Brent......98 $
- Tapis ....104 $
- WTI .......91 $ ?????


it looks like WTI is under-priced by a whooping 10$

.

[jdmartin]

Hey, I'm a little late past the 7th but I'd like to play again. Haven't had internet access for a while. If you guys will let me back in this year, Here are my guesses:

High: 135
Low: 78
Close: 109

Congrats also to SeaGypsy for pulling it out for 2010.

[Mesuge]

$this->bbcode_second_pass_quote('sparky', ' ')Now there is some massive disconnect in the price

- Opec .....94 $
- Brent......98 $
- Tapis ....104 $
- WTI .......91 $ ?????

it looks like WTI is under-priced by a whooping 10$

[PeakOiler]

I've added no_name and jdmartin to the list of players. That places no_name at #10 and jdmartin at #20.

[SeaGypsy]

For the same reason Sparky stated for WTI's low price; Tapis is the other end of the cost spectrum.
The Tapis price is both to do with proximity to the tigers and the scattered nature of the regions oil sources. There are no oil pipelines in SE Asia, apart from a few short platform to shore rigs in Australia and Malaysia/ Brunei. Everything is triple handled, before refinement.

[jdmartin]

$this->bbcode_second_pass_quote('PeakOiler', 'I')'ve added no_name and jdmartin to the list of players. That places no_name at #10 and jdmartin at #20.

[Revi]

I've heard that WTI is not what it used to be. It includes a lot of that syncrude that they make in Alberta, and other junk, so it's not the light sweet crude that used to be the reason it commanded a higher price. Anyone else hear anything about it?

[PeakOiler]

The EIA reported a new high price for the year of $91.86 in the last week. The closing price was $90.86 on 19-Jan.

Daniel Plainview retakes the #1 spot in "week 3".

[bratticus]

$this->bbcode_second_pass_quote('PeakOiler', '[')img]http://i127.photobucket.com/albums/p142/PeakOiler/2011OilPriceChallenge011111.jpg[/img]

Cog takes the lead after the 2nd EIA WTI data release of the year.

A new high price will be reported next Wednesday.

[PeakOiler]

$this->bbcode_second_pass_quote('bratticus', '
')Man you need to put std deviation in. Repent has f-ed up your averages.

[sparky]

.
There is also a quirk of numbers ,
early in the year all those having tipped a low maximum and closing are statistically coming out with a better ranking .
It cannot be avoided , unless one do some time ratio correction ,
which I think would be wrong
so all of those with high numbers and low ranking don't worry ,
we should get better later ( maybe )

[PeakOiler]

Since there was a new high and a new low price for WTI in the same week last week, I thought I'd post the new scorecard:

[dorlomin]

Too late to enter? Id go for a high of 101. A low of 60 and a finishing of around 75.

On the low side but I would be guessing on a slow down on Q3 and Q4 and draining econmic confidence and a lot of volatility as bullish long positions on oil and other comodities get hurt.

[sparky]

.
On the subject of Brent versus WTI

http://www.ft.com/cms/s/0/60af28b6-2f00 ... z1CwDPbZE7