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Re: Another Oil price Record
Re: Another Record
by eastbay » Thu 25 Oct 2007, 21:36:04
NYMEX is now (1800 Pacific) at $87.00 according to Bloomberg.
Did something interesting happen while I was out and about today or was it just a change in monthly contracts? I know it hit $91.10 this afternoon because lowem just posted it.
Did something interesting happen while I was out and about today or was it just a change in monthly contracts? I know it hit $91.10 this afternoon because lowem just posted it.
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Re: Another Record
by Bas » Thu 25 Oct 2007, 21:54:28
$this->bbcode_second_pass_quote('lowem', 'N')ymex crude oil hit $91.10 for Dec 2007 delivery.
then there is no backwardation (though there was last week), the only way is up it seems.
edit: oh wait, december is already the "month ahead" contract.
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Re: Another Record
by lowem » Thu 25 Oct 2007, 22:45:26
$this->bbcode_second_pass_quote('eastbay', 'D')id something interesting happen while I was out and about today or was it just a change in monthly contracts? I know it hit $91.10 this afternoon because lowem just posted it.
Ah yes, Nov 2007 has expired.
We're now on Dec 2007, dudes!
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Re: Another Record
by eastbay » Thu 25 Oct 2007, 23:06:50
Thanks guys, I missed the expiration. Anyhow, the new lower price of $87.00 won't last very long.
It's back up to $91.00 again. That was a quick dip... heh.
Edited to show above sentence.
It's back up to $91.00 again. That was a quick dip... heh.
Edited to show above sentence.
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Re: Another Record
by Tanada » Thu 25 Oct 2007, 23:32:32
Acording to Nymex its $90.91 in overseas trading already.
$this->bbcode_second_pass_quote('Alfred Tennyson', 'W')e are not now that strength which in old days
Moved earth and heaven, that which we are, we are;
One equal temper of heroic hearts,
Made weak by time and fate, but strong in will
To strive, to seek, to find, and not to yield.
Moved earth and heaven, that which we are, we are;
One equal temper of heroic hearts,
Made weak by time and fate, but strong in will
To strive, to seek, to find, and not to yield.
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Re: Another Record
by neok » Fri 26 Oct 2007, 02:02:05
$91.40 and going up.
Should go strongly over $92 today
Should go strongly over $92 today
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Re: Another Record
by neok » Fri 26 Oct 2007, 03:18:48
no resistance at $92
Unbelievable
$92.02 and moving up up up
Unbelievable
$92.02 and moving up up up
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Re: Another Record
by Zardoz » Fri 26 Oct 2007, 03:33:24
"Thank you for attending the oil age. We're going to scrape what we can out of these tar pits in Alberta and then shut down the machines and turn out the lights. Goodnight." - seldom_seen
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Re: Another Record
by Zardoz » Fri 26 Oct 2007, 04:06:45
Do you suppose the publishing of the IEA's third quarter figure yesterday has something to do with this?
IEA chart thread
Are the traders starting to really get their minds around the fact that world production has been flat for a long time now, and may actually be starting to slightly decline?
IEA chart thread
Are the traders starting to really get their minds around the fact that world production has been flat for a long time now, and may actually be starting to slightly decline?
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ANother record
by Roy » Fri 26 Oct 2007, 05:40:43
Good point Z.
Two nights ago on CNBC's Asia Squawk Box, they had an oil expert from Alaron Trading who basically said that supply was not meeting demand.
Gasp!
But to reassure us he said that OPEC needed to pick up their production. The host said that OPEC, as we know here, had promised a 500kbbl/day increase. The expert said that wasn't enough.
But at no time did anyone mention the P word, or anything like "we need to use less". I flipped over to the next channel G4TV, and they had an expert on hybrids discussing the new Prius. He said to the hostess that we needed to drive less, and right then his sat feed was cut.
The hostess said "did he just say we need to drive less? I drive my Expedition to work every day and I'm not going to stop!"
Hahaha sure you're not. Maybe she can use her "hawtness" and "talent" to get fuel when us regular joes are riding bikes and growing potatoes?
$91.73 for NYMEX CL, and $92.81 for WTI Cushing spot as I type.
? -- will we be sitting here reading this thread when oil hits $150+ and business as usual continues?
That's the key issue. At what point do higher oil prices actually cause a disruption to the American lifestyle? IF you had asked me three years ago, I would've said $100/bbl. At this point $100 looks like its right around the corner, and I see no signs of anything changing... Yet.
We DO live in interesting times.
Two nights ago on CNBC's Asia Squawk Box, they had an oil expert from Alaron Trading who basically said that supply was not meeting demand.
Gasp!
But to reassure us he said that OPEC needed to pick up their production. The host said that OPEC, as we know here, had promised a 500kbbl/day increase. The expert said that wasn't enough.
But at no time did anyone mention the P word, or anything like "we need to use less". I flipped over to the next channel G4TV, and they had an expert on hybrids discussing the new Prius. He said to the hostess that we needed to drive less, and right then his sat feed was cut.
The hostess said "did he just say we need to drive less? I drive my Expedition to work every day and I'm not going to stop!"
Hahaha sure you're not. Maybe she can use her "hawtness" and "talent" to get fuel when us regular joes are riding bikes and growing potatoes?
$91.73 for NYMEX CL, and $92.81 for WTI Cushing spot as I type.
? -- will we be sitting here reading this thread when oil hits $150+ and business as usual continues?
That's the key issue. At what point do higher oil prices actually cause a disruption to the American lifestyle? IF you had asked me three years ago, I would've said $100/bbl. At this point $100 looks like its right around the corner, and I see no signs of anything changing... Yet.
We DO live in interesting times.
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