[Leanan]

Oil sets record for three days straight

$this->bbcode_second_pass_quote('', 'O')il prices set another record high Wednesday after a government report showed crude supplies falling and a day after the Federal Reserve lowered a key interest rate.

U.S. light crude for October delivery rose 42 cents to settle at $81.93 a barrel on the New York Mercantile Exchange, a record closing high for the third day straight. Immediately following the report it touched an intra-day record of $82.50 before retreating.

[Zardoz]

Once again, let's remember that this is happening with no unusual events occurring anywhere. This is strictly the market at work. It's about supply and demand, and nothing else.

[Troyboy1208]

and why isnt this front page news? What price do we have to hit before we hit the inflation adjusted oil shock prices of the 70s and 80s? It seems each time we hit a record someone steps in and says "actually if adjusted for inflation oil was more expensive during the late 70s and early 80s". Frankly I am tired of hearing this and realize that either inflation is rampant or people dont know what the hell they are talking about!

[rider]

$this->bbcode_second_pass_quote('Troyboy1208', 'a')nd why isnt this front page news? What price do we have to hit before we hit the inflation adjusted oil shock prices of the 70s and 80s? It seems each time we hit a record someone steps in and says "actually if adjusted for inflation oil was more expensive during the late 70s and early 80s". Frankly I am tired of hearing this and realize that either inflation is rampant or people dont know what the hell they are talking about!

[DantesPeak]

$this->bbcode_second_pass_quote('Troyboy1208', 'a')nd why isnt this front page news? What price do we have to hit before we hit the inflation adjusted oil shock prices of the 70s and 80s? It seems each time we hit a record someone steps in and says "actually if adjusted for inflation oil was more expensive during the late 70s and early 80s". Frankly I am tired of hearing this and realize that either inflation is rampant or people dont know what the hell they are talking about!

[whereagles]

Refineries are about to get less stuff to work on. Their margins will have to go up to compensate, so expect a sharp rise in gasoline at some nearby stage.

[Zardoz]

Another day sees $82 holding up. I believe they refer to this as a pricing level being "supported".

Eighty-two bucks has "found support".

[strider3700]

mmm 83.90 smell the meltdown goodness

<edit> this is on cnbc but I don't see anything about it online yet. I'm not sure where they are getting their data </edit>

[DantesPeak]

$this->bbcode_second_pass_quote('Shannymara', 'T')hanks strider, I was just confirming that - it went over 83 at about 14:09 Eastern time. Yikes. What's with the spike?

[Zardoz]

Un-fricking-believable:



And look at gold...

[sirrom]

it reached $84.10

http://today.reuters.com/investing/Fina ... t=ENERGY#1

[Leanan]

Oil surges past $83

$this->bbcode_second_pass_quote('', 'C')rude oil prices surged further into record terrain Thursday, breaching $83 a barrel as the weak dollar and last week's decline in U.S. oil inventories spurred buying of futures.

Light, sweet crude for October delivery gained $1.39 to settle at $83.32 a barrel on the Nymex, where it had settled at a record $81.93 a barrel on Wednesday. Crude rose as high as $83.90 in intraday trading Thursday.

[RdSnt]

I would also consider that the oil price is reflecting the direction of the $US.

[Armageddon]

Now it dropped like a rock. Somebody got nervous ( the oil ppt at work )

[DantesPeak]

$this->bbcode_second_pass_quote('RdSnt', 'I') would also consider that the oil price is reflecting the direction of the $US.

[DantesPeak]

$this->bbcode_second_pass_quote('Armageddon', 'N')ow it dropped like a rock. Somebody got nervous ( the oil ppt at work )

[Armageddon]

$this->bbcode_second_pass_quote('DantesPeak', '')$this->bbcode_second_pass_quote('Armageddon', 'N')ow it dropped like a rock. Somebody got nervous ( the oil ppt at work )

[Zardoz]

Oil Rises to Record for Seventh Day on Idled Gulf Production

$this->bbcode_second_pass_quote('', 'C')rude oil in New York rose to a record for a seventh day after the U.S. said that production in the Gulf of Mexico was shut in because of a storm threat.

More than 360,000 barrels, or 28 percent, of daily oil output was idled, the U.S. Minerals Management Service said today in a statement. Prices were already higher on signs that U.S. interest-rate cuts and a falling dollar will bolster demand.

[strider3700]

$this->bbcode_second_pass_quote('Armageddon', 'N')ow it dropped like a rock. Somebody got nervous ( the oil ppt at work )

[Sys1]

I don't really worry about oil price, let me explain:
We all know that after reaching 90$ a barrel, price will freefall to 80$, which is 10$ lower than 90, an appropriate price for business as usual.

Of course, later, oil will reach 100$, but then will freefall to 90$, which is, and i bet you already know it, an appropriate price for business as usual.