[Armageddon]

$this->bbcode_second_pass_quote('peak', 'T')aking profits from oil companies? Dow is down 360 with some of the blame to Exxon Mobil. Yes, take profits from oil companies so oil company stocks plunge and another black monday comes! Vote for Hilary so the U.S. economy goes downhill!! please!! I don't want to live in the U.S. anymore!

[Armageddon]

$this->bbcode_second_pass_quote('peak', 'T')aking profits from oil companies? Dow is down 360 with some of the blame to Exxon Mobil. Yes, take profits from oil companies so oil company stocks plunge and another black monday comes! Vote for Hilary so the U.S. economy goes downhill!! please!! I don't want to live in the U.S. anymore!

[aancci]

$this->bbcode_second_pass_quote('Drifter', 'D')amn. Is anybody watching the price of oil? It went from $96 down it $92 in a matter of hours. And now it's shooting back up to almost $94 again. Jeez, the market seems spooked. Talk about volatility.

http://www.livecharts.co.uk/MarketCharts/crude.php

[Leanan]

A new record close:

Crude oil rose $2.44 to settle at a record high $95.93 a barrel

$this->bbcode_second_pass_quote('', 'R')efinery problems contributed to Friday's gains. Operations at a 172,000 barrel-per-day Petroplus Holdings AG refinery in England are expected to be limited for a month due to a fire earlier this week. And Chevron Corp. said Friday its 330,000 barrel-per-day refinery in Pascagoula, Miss., will run at reduced rates until early next year due to an August fire.

December gasoline rose 9.63 cents to settle at $2.4395 a gallon on the Nymex, and December heating oil rose 6.14 cents to settle at $2.5737 a gallon.

[Zardoz]

Oil May Rise as Consumption Increases, Survey Shows

$this->bbcode_second_pass_quote('', 'C')rude oil may rise next week on speculation that OPEC won't increase production as fast as consumption grows this winter.

Twenty-one of 35 analysts surveyed, or 60 percent, said oil prices will rise through Nov. 9, the first bullish response since July 6. Ten, or 29 percent, said prices will decline and four forecast little change. Last week, 49 percent of respondents said oil would fall...

...Respondents have predicted price drops in the previous 16 weeks. Prices have declined in five of those weeks.

[static66]

I wonder if there is a way to tell who posts $100bbl oil first.... quite historic really... it is here within days.... the PO poster who posts first gets a special avatar... or something.

something fun before I have to go offline....

[DantesPeak]

$this->bbcode_second_pass_quote('Zardoz', '[')url=http://www.bloomberg.com/apps/news?pid=20602099&sid=alepfgsNTLZM&refer=energy]Oil May Rise as Consumption Increases, Survey Shows[/url]

$this->bbcode_second_pass_quote('', 'C')rude oil may rise next week on speculation that OPEC won't increase production as fast as consumption grows this winter.

Twenty-one of 35 analysts surveyed, or 60 percent, said oil prices will rise through Nov. 9, the first bullish response since July 6. Ten, or 29 percent, said prices will decline and four forecast little change. Last week, 49 percent of respondents said oil would fall...

...Respondents have predicted price drops in the previous 16 weeks. Prices have declined in five of those weeks.

[eastbay]

I remember recently reading somewhere that the 'experts' were correct 53% of the time in their 'up' and 'down' weekly estimates.

I just tried a search and couldn't locate where I had recently read this. Maybe it was here.

[Leanan]

GaryP posted something like at at TOD today.

$this->bbcode_second_pass_quote('', 'I') do love this quote on their survey of analyst predictions, also from Bloomberg:

$this->bbcode_second_pass_quote('', ' ')Respondents have predicted price drops in the previous 16 weeks. Prices have declined in five of those weeks. The oil survey has correctly predicted the direction of futures 52 percent of the time since the survey's introduction in 2004.

[idomar]

$this->bbcode_second_pass_quote('static66', 'I') wonder if there is a way to tell who posts $100bbl oil first.... quite historic really... it is here within days.... the PO poster who posts first gets a special avatar... or something.

something fun before I have to go offline....

[dukey]

$this->bbcode_second_pass_quote('', 'T')he oil survey has correctly predicted the direction of futures 52 percent of the time since the survey's introduction in 2004.

[Sys1]

Pretty close to 50%, meaning that playing with a coin is as efficient as asking an "expert" regarding weekly estimates... Mmmm, sorry, the coin is much more energy efficient, as it consumes no food.

[shortonoil]

We will probably see crude stabilize in the $90’s area for a while, until finished product prices catch-up (that is unless some idiot blows up Iran or some other disaster occurs). Once gasoline, diesel and etc. hit $4.00/ gal +-, crude will start rising again. As long as the crack spread is weak, refineries aren’t going to push production very hard, thus decreasing supply and increasing finished product prices. This will dampen demand for finished products and crude for a while. Once the crack spreads have once again reached a profitable level for the refineries, crude will rise once again. Crude won’t permanently fall much until the next depression has firmly set in.

[pup55]

Anyone hear of any news item (other than the obvious) that might be responsible for this boomerang?

[idomar]

$this->bbcode_second_pass_quote('pup55', '[')url=http://img339.imageshack.us/my.php?image=oilat96ij9.jpg][/url]



Anyone hear of any news item (other than the obvious) that might be responsible for this boomerang?

[Revi]

That was about the time silver took off as well:

http://www.kitcosilver.com/charts.html

It's come back down again, but something happened to spook both markets around 11am or so.

[Zardoz]

The Washington Post says it's all the fault of those pesky traders:

Oil's Recent Rise Not as Familiar as It Looks - Traders, Not Political or Supply Concerns, May Be Pushing Fuel Toward $100

$this->bbcode_second_pass_quote('', 'I')n the past 10 weeks, the price of crude oil has shot up $25 a barrel, closing at $95.93 in New York on Friday, near an all-time inflation-adjusted peak. Unlike earlier spikes in oil prices, which came on the heels of war in the Middle East, this latest ascent does not appear to be linked to any one conflict or to any physical shortage.

Instead, traders who treat oil like any other commodity are widely thought to be driving prices upward, bolstered by a weak dollar and money flowing out of stock markets and other investment vehicles.

[Leanan]

I think it was good economic news that caused the jump. Service sector expanded more than expected, or some such thing. If the economy's doing well, demand will hold up.

[DantesPeak]

This may have given the market a pop:

$this->bbcode_second_pass_quote('', 'A')ssailants bomb Yemen oil pipeline


SANAA (AFP) — A bomb blast damaged an oil pipeline in northern Yemen early Monday, halting the flow to the Hudeida export terminal on the Red Sea, a regional security official said.

Ahmed Fander blamed the attack on a "group of saboteurs" whom he did not identify, according to the official Saba news agency.

The pipeline has a capacity of carrying 155,000 barrels of crude oil per day from the Safer oilfields in Marib, 170 kilometres (105 miles) east of Sanaa, to the Hudeida terminal.

"The flow of oil was interrupted and the pipeline was damaged," said Fander, deputy security director in Marib, adding that an investigation was underway to identify the assailants.

No one was hurt in the attack, the latest in a series to target oil installations in Yemen.

[DantesPeak]

$this->bbcode_second_pass_quote('Zardoz', 'T')he Washington Post says it's all the fault of those pesky traders:

Oil's Recent Rise Not as Familiar as It Looks - Traders, Not Political or Supply Concerns, May Be Pushing Fuel Toward $100

$this->bbcode_second_pass_quote('', 'I')n the past 10 weeks, the price of crude oil has shot up $25 a barrel, closing at $95.93 in New York on Friday, near an all-time inflation-adjusted peak. Unlike earlier spikes in oil prices, which came on the heels of war in the Middle East, this latest ascent does not appear to be linked to any one conflict or to any physical shortage.

Instead, traders who treat oil like any other commodity are widely thought to be driving prices upward, bolstered by a weak dollar and money flowing out of stock markets and other investment vehicles.