[DantesPeak]

$this->bbcode_second_pass_quote('PeakingAroundtheCorner', '
')Is that 100,000 barrels of expected growth in inventory accurate? Last week I heard 963,000 barrel growth was expected before the report and after the report the news was reporting substantially lowered growth expectations - as if a softening of the blow.

[simontay78]

$this->bbcode_second_pass_quote('', 'N')ow for a real-world test of our new mental wiring: Should we be cheering or crying over the fact that prices are likely to head lower? A decline of 10% or a bit more, assuming it reflected vaporization of the recent fear premium, would certainly be good.

Beyond that, we can expect downward price pressure from basic, predictable economic forces: increased supply induced by today's high prices, though bringing it online takes a while, and substitution as alternative energy sources start to make sense vs. expensive oil. More downward pressure will come from the world economy continuing to become less energy intensive, producing more GDP per barrel. That's all good.

But we need to remember that recessions in some or all of the world's major economies would also bring oil prices down. So if the market is right and prices do fall, let's check our instinct to cheer and first ask why. It's possible that in today's economy, a declining price of oil could truly be cause to tremble. Top of page

[Leanan]

Oil hits record $94 on U.S. inventory slump

$this->bbcode_second_pass_quote('', 'L')ight, sweet crude for December delivery rose $3.04 to $93.42 a barrel on the New York Mercantile Exchange after rising as high as $94, a new trading record.

[KevO]

$this->bbcode_second_pass_quote('Leanan', '[')url=http://news.yahoo.com/s/ap/20071031/ap_on_bi_ge/oil_prices_76;_ylt=AoKFzWT5_EHyGlY8pmI_nz.AsnsA]Oil hits record $94 on U.S. inventory slump[/url]

$this->bbcode_second_pass_quote('', 'L')ight, sweet crude for December delivery rose $3.04 to $93.42 a barrel on the New York Mercantile Exchange after rising as high as $94, a new trading record.

[DantesPeak]

The ICE oil market resumes trading. Like I’ve said before, oil markets won’t be open for trading during the next black swan or big event – at least not right away.

[Desire]

In case this hasn't already been suggested before, perhaps the price should be converted into euros for the purpose of determining new records.

[WhatMeWorry]

"...as alternative energy sources start to make sense vs. expensive oil. More downward pressure will come from the world economy continuing to become less energy intensive, producing more GDP per barrel. That's all good."


The world economy will be "less energy intensive" because there is LESS ENERGY MORON oh I mean financial wizard. So yes the Oil will be worth more. Thanks for playing.

[Zardoz]

$this->bbcode_second_pass_quote('Yahoo News', 'I')n its weekly inventory report, the Energy Department's Energy Information Administration said oil inventories fell by 3.9 million barrels last week. Analysts surveyed by Dow Jones Newswires, on average, had expected an increase of 100,000 barrels.

[joewp]

Just hit $94.15

I wonder what it will hit if the Fed surprises everybody and lowers 50 basis points?

EDIT:
And now for something completely the same, oil at $94.43

[Bas]

$94,44; at what time was the fed's decision again?

[Zardoz]

Are the traders getting a clue about The Big Picture, or what?

I'm convinced that's what's really at the bottom of this. The trading floor is becoming infested with Peak Oil doomers. These guys have done their homework.

[joewp]

I believe it's 2:15 EDT about 1/2 an hour from now.

[DomusAlbion]

I didn't want to start a separate thread on this and it is related.

Trouble in China.

http://news.yahoo.com/s/nm/20071031/ts_ ... tages_dc_1

[Bas]

$this->bbcode_second_pass_quote('joewp', 'I') believe it's 2:15 EDT about 1/2 an hour from now.

[Bas]

$this->bbcode_second_pass_quote('DomusAlbion', 'I') didn't want to start a separate thread on this and it is related.

Trouble in China.

http://news.yahoo.com/s/nm/20071031/ts_ ... tages_dc_1

[whereagles]

From our website homepage news:

$this->bbcode_second_pass_quote('', 'T')he US government's figures showed that domestic crude stocks fell by 3.9 million barrels last week. Analysts had forecast an increase of 100,000 barrels.

"I am very surprised, the crude number is insanely bullish, it's a big drop, for the second week in a row," said Mike Wittner, global head of oil research at SocGen in London.

[emersonbiggins]

Fed cuts rate 25bp, oil is up UP UP! - $94.25 on the NYMEX

$100 by [s]2008[/s] [s]December[/s] [s]Thanksgiving[/s] next week ?

[jbrovont]

$this->bbcode_second_pass_quote('emersonbiggins', 'F')ed cuts rate 25bp, oil is up UP UP! - $94.25 on the NYMEX

$100 by [s]2008[/s] [s]December[/s] [s]Thanksgiving[/s] next week ?

[Ferretlover]

re: Trouble in China: That, green rivers, and black skies-it does not bode well for the Olympics.
Oh, yes, and for the citizens of China, too!

[Andrew_S]

Gold and silver just gapped down a few minutes ago but quickly recovered (gold by over $7). Anybody know why?