[cudabachi]

link
NEW YORK (AP) - Oil futures rose to a new record trading price over $84 a barrel Friday on concerns that supplies are not adequate to meet fourth- quarter demand.
Many analysts say crude inventories are falling and point to Thursday's Energy Department report that showed domestic crude supplies fell last week and an International Energy Agency report that concluded oil inventories held by the world's largest industrialized countries have fallen below a five-year average.

"This is a concern," Stephen Schork, a trader and analyst in Villanova, Pa., said in a research note. "Despite relatively weak demand ... crude stocks still fell last week."

But others think the supply shortfall in this week's inventory report are an anomaly. They doubt demand is as strong as recent forecasts by the Energy Department and the IEA suggest. These analysts expect oil prices will soon begin a seasonal decline to $70 a barrel, or lower.

[Carlhole]

Oil mostly seems to trade up a buck and a half on Friday and down again when trading resumes on Monday.

They always say this is because of some new supply report but it's just because it's a jittery bull market in energy and traders choose to hold positions over the weekend.

[strider3700]

$this->bbcode_second_pass_quote('Carlhole', 'O')il mostly seems to trade up a buck and a half on Friday and down again when trading resumes on Monday.

They always say this is because of some new supply report but it's just because it's a jittery bull market in energy and traders choose to hold positions over the weekend.

[aflurry]

always with the blithe "on concerns that..."

[DantesPeak]

Actually this statement is false:

$this->bbcode_second_pass_quote('', '"')Despite relatively weak demand ... crude stocks still fell last week."

[Geko45]

$this->bbcode_second_pass_quote('', 'T')hese analysts expect oil prices will soon begin a seasonal decline to $70 a barrel, or lower.

[KevO]

I can't believe this hasn't been posted up here
The oil proce has been breaking records for 48 hours and no mention here! (unless of course I've missed it somehow)

$this->bbcode_second_pass_quote('', 'O')il prices have reached another record - surging past $84 a barrel for the first time.

US sweet, light crude jumped as much as 97 cents to trade briefly at $84.05 a barrel in New York on supply fears before falling back to $83.69.

Fears that world energy supplies will reach critical levels this winter rose on low US crude stockpiles and fears that supply from Iraq could be hit.

London Brent Crude jumped 40 cents to trade at $80.55.

There are mounting concerns that Turkey could invade the north of Iraq imminently to target the Kurdistan Workers Party after a number of rebel attacks that have killed 15 Turkish soldiers since Sunday.

Iraq has the world's third largest oil reserves after Saudi Arabia and Iran and some of its largest oil fields are in the north of the country, near its border with Turkey.

[KevO]

and THEN he finds this thread. I am a twat

[MD]

$this->bbcode_second_pass_quote('KevO', 'a')nd THEN he finds this thread. I am a twat

[PWALPOCO]

OK , so I know the inventory numbers have been a bit wobbly and thats why theres been some pressure on the prices but isnt there a role being played by the dollar devaluation ? If there are more of those printed dollars sloshing around out there then surely thats more ammo for the traders to throw about at the exchange ?

That aside, if we look back at some of the previous price spikes we needed a war in the middle east, or hurricanes in the gulf, nigerians blowing stuff up, that kinda thing ..... seems price spikes are much more easier to set off.

Paul

[DantesPeak]

[quote="KevO"]I can't believe this hasn't been posted up here
The oil proce has been breaking records for 48 hours and no mention here! (unless of course I've missed it somehow)
[quote]

Check out the Another Record thread:
http://www.peakoil.com/fortopic31981-135.html

[TreebeardsUncle]

Think a large part of this is due to Bernanke's rate cut of .5%. Figure that added about $7 onto the price of crude. The price is high for this time of year. Chronic supply tightness is now a bigger factor than hurricne jitters and comparable to most political upsets.
g

[strider3700]

$this->bbcode_second_pass_quote('MD', '
')
You are right though. The board is a slow on this one. Maybe everyone is burnt out on price tracking.

[DantesPeak]

$this->bbcode_second_pass_quote('strider3700', '')$this->bbcode_second_pass_quote('MD', '
')
You are right though. The board is a slow on this one. Maybe everyone is burnt out on price tracking.

[KevO]

http://www.frogview.com/show2.php?file=2450

the peak oil wall?

[Cobra_Strike]

I am so burned out I have significantly curtailed my reading. I don't have as much free time online either. At this point, whats going on no longer feels like a surprise to me. Its just one more step towards a future I really can't avoid.

I might be interested again once the $100 dollar level is reached, but that could be a while.

[oilluber]

$this->bbcode_second_pass_quote('cudabachi', 'h')ttp://www.breitbart.com/article.php?id=D8S7Q9DO0&show_article=1

NEW YORK (AP) - Oil futures rose to a new record trading price over $84 a barrel Friday on concerns that supplies are not adequate to meet fourth- quarter demand.
Many analysts say crude inventories are falling and point to Thursday's Energy Department report that showed domestic crude supplies fell last week and an International Energy Agency report that concluded oil inventories held by the world's largest industrialized countries have fallen below a five-year average.

"This is a concern," Stephen Schork, a trader and analyst in Villanova, Pa., said in a research note. "Despite relatively weak demand ... crude stocks still fell last week."

But others think the supply shortfall in this week's inventory report are an anomaly. They doubt demand is as strong as recent forecasts by the Energy Department and the IEA suggest. These analysts expect oil prices will soon begin a seasonal decline to $70 a barrel, or lower.