[Geko45]

[DantesPeak]

Crude prices picked up at the NY closing after the PKK threatened to take the war to Turkey by blowing pipelines:

$this->bbcode_second_pass_quote('', 'P')KK's Armed Wing Reiterates Threat To BTC Pipeline -Spokesman

DOW JONES NEWSWIRES
October 16, 2007 3:19 p.m.

LONDON (Dow Jones)--A rebel Kurdish group Tuesday reiterated a threat to attack the BP PLC (BP)-led Baku-Tblisi-Ceyhan oil pipeline, a day before Turkey's Parliament is expected to approve a motion allowing the government to attack Kurdish separatists in Iraq.

When asked by email if the People's Defense Force, the armed wing of the Kurdistan Workers' Party, or PKK, would retaliate if they are chased in Iraq, a spokesman for the group said: "The (BTC) oil pipeline will be our objective and action area."

A commander for the rebel group told Dow Jones Newswires in August that it could sabotage the pipeline, which is shipping upward of 700,000 barrels daily. He added at the time that other "similar economic investments (were) at risk."

[dohboi]

On NPR they just said there will be report in a few minutes on oil approaching $90 a barrel. That ought to get some peoples attention.

I still stand by my prediction (based on the admittedly simple minded projection of oil doubling every two years so far since 2000) of $160/bbl in '08.

There's been quite a bit of talk about hitting $100 before the end of the year. It looks like we may hit it this month (or this week??)--and that's before we've even invaded Iran!

[neok]

let's continue where we left off yesterday

€88.71

[Bas]

this little spike is apparently due to Turkey authorising an attack on kurdish rebels in N-Iraq because:

$this->bbcode_second_pass_quote('', 'N')EW YORK - Oil prices fell Wednesday after the government reported a larger than expected increase in overall crude and gasoline inventories.

November gasoline fell 2.15 cents to $2.1522 a gallon on the Nymex, while November heating oil fell 2.23 cent to $2.3164 a gallon.

In London, December Brent crude fell 54 cents to $83.01 a barrel on the ICE Futures exchange.

Crude inventories at the closely-watched Nymex delivery point of Cushing, Okla., however, fell by 200,000 barrels last week.

[neok]

up up up...

...$88.90

Just a few moments before $89 and maybe even $90

[Zardoz]

$this->bbcode_second_pass_quote('neok', 'L')et's continue where we left off yesterday

[neok]

and there it is:

$89

[Geko45]

Yep, it's a brave new world...

[PeakingAroundtheCorner]

Jeeeee-zus.

[Jester]

This made me flip my oil widget back on to keep an eye on things throughout the day...

Apparently the widget wanted to give me a heart attack... it says Nymex = $190.00

For a minute I though the middle east had errupted into a gigantic war...

[Valdemar]

$this->bbcode_second_pass_quote('Jester', '
')For a minute I though the middle east had errupted into a gigantic war...

[Starvid]

$this->bbcode_second_pass_quote('Valdemar', '')$this->bbcode_second_pass_quote('Jester', '
')For a minute I though the middle east had errupted into a gigantic war...

[DantesPeak]

Prices seemed to have hit a peak when GW Bush starting talking about Iran and the possibility of WWIII.

If we did go to war against Iran in a meaningful way, I would guess that the oil markets themselves would be shut down. Or in other words, I don't know if you can hedge against WWIII by buying oil, but it's likely to generally keep going up with this kind of rhetoric.

[shortonoil]

DantesPeak said:

$this->bbcode_second_pass_quote('', 'I')f we did go to war against Iran in a meaningful way, I would guess that the oil markets themselves would be shut down.

[aancci]

$this->bbcode_second_pass_quote('Jester', 'T')his made me flip my oil widget back on to keep an eye on things throughout the day...

Apparently the widget wanted to give me a heart attack... it says Nymex = $190.00

For a minute I though the middle east had errupted into a gigantic war...

[Tuike]

Let's see if the record gets broken again today. High for today so far is $88.86

http://www2.barchart.com/mktcom.asp?cod ... n=energies

[Zardoz]

Today it's because of the wussy, limp-wristed, lily-livered, weak-kneed, punk-ass dollar:

Crude Oil Rises After Dollar Drops to Record Low Against Euro

$this->bbcode_second_pass_quote('', 'C')rude oil rose above $88 a barrel in New York as the dollar declined to a record low against the euro, enhancing the appeal of commodities as an investment.

Investors purchased oil on speculation the Federal Reserve will cut borrowing costs to bolster the U.S. economy. Oil reached records the past four days on concern Turkey will use military force against Kurdish rebels in northern Iraq, a step that the U.S. says may damage Iraqi security and disrupt oil supplies.

"Most commodities are priced in the U.S. dollar, so the drop on the dollar has an immediate effect,' said Peter Beutel, president of Cameron Hanover Inc., a New Canaan, Connecticut, energy consultant. "The price in dollars needs to go higher to reflect the true value of the commodities.''

[neok]

$89.60

Will be $90 before the weekend

[dbruning]

Nothing to worry about.

As the US gov, Saudi's and Opec have all said that current prices are a bit too high, I'm sure more light sweet crude will be flooding the market shortly.

<takes a deep breath>
.
<waits>
..
<eyes start bulging>
...
<dear lord that is a red face>
...
<um guys, little help?>
....
<falls over.>