[Geko45]

Like a replay of last week, it all comes down to the inventory report due out tomorrow. A bad one could move the market that much in a day, but it has to be real bad. A neutral or good report will cause the price to hold steady or drop respectively. As per the 'Weekly Petroleum Report' thread, we've been expecting a steep draw for a couple of weeks now, but it has failed to materialize. With so many factors in flux (holiday demand, larger than usual imports, Mexico's storms, etc.) it has proved quite difficult to predict lately. I'll say this, we will need to see either a bad or neutral day for the dollar in order to see $100 tomorrow. If the dollar recovers (and it had a bad day today) then oil will fall tomorrow no matter what the inventory report says.

[emersonbiggins]

$98.47 now, way up over 2.5 Yergins.

[Andrew_S]

$this->bbcode_second_pass_quote('emersonbiggins', '$')98.47 now, way up over 2.5 Yergins.

[PeakingAroundtheCorner]

$99.12!

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

[Bas]

that's a new record! we might be over a 100 even before the inventory report extract tomorrow morning, damn...

[joewp]

The NYMEX electronic market hit $99.29 about an hour ago, backed off a bit and is back up to $98.87.

If this run up doesn't do it, the next one surely will.

Heating oil is over $2.70/gallon too. This is going to be a cold winter for many people.

[Laurasia]

Hovering about $99 now - I wish it would either go up to $100 or go back down so I can go to bed. Evidently I need to get some kind of life.

[DantesPeak]

$this->bbcode_second_pass_quote('Laurasia', 'H')overing about $99 now - I wish it would either go up to $100 or go back down so I can go to bed. Evidently I need to get some kind of life.

[Geko45]

[Eli]

$this->bbcode_second_pass_quote('DantesPeak', '')$this->bbcode_second_pass_quote('Laurasia', 'H')overing about $99 now - I wish it would either go up to $100 or go back down so I can go to bed. Evidently I need to get some kind of life.

[emersonbiggins]

$this->bbcode_second_pass_quote('Andrew_S', '')$this->bbcode_second_pass_quote('emersonbiggins', '$')98.47 now, way up over 2.5 Yergins.

[Starvid]

$100 is a strong psychological barrier. It will be hard to break, but when it is broken, a further strong upside is very possible as the psychological resisitance, which has worked against rational pricing, is gone.

[Ayame]

Yes, it's a bit like here it the UK.

The petrol price went over 100.00p a few weeks ago, but once that barrier was broken it just continued to soar up to 107.99 for diesel.

[peak]

I bet the light crude oil on nymex is going to break through $100 a barrel from that inventory report on Wednesday. The trading volatility itself should break it. We've had a big run up in crude oil prices and no single major supply disruptions (such as an OPEC oil embargo) and prices still remain high and go higher after the old Venezuelan oil embargo threats.

Cold weather and a small pipeline blown up half way across the world are now blamed for high oil prices. I think there is to little supply and to great of a demand. How could speculators drive the price of crude oil from SUB 20's in the late and early 1990's to $90+ a barrel?

[Leanan]

The USD Index hits a new low:

http://quotes.ino.com/chart/?s=NYBOT_DX&v=d12

Unless the inventory report is very good, $100 oil, here we come.

[Carlhole]

I bet that the market goes kind of sideways today and doesn't break $100. Probably most of the important action was done yesterday.

[idomar]

$this->bbcode_second_pass_quote('Carlhole', 'I') bet that the market goes kind of sideways today and doesn't break $100. Probably most of the important action was done yesterday.

[Leanan]

So, is it $100 yet?

[Eli]

Nope, just more proof that the markets are an inside game designed to hose the average shmo.

The report was all priced in yesterday now the vultures are taking their profits.

One thing that I have learned over and over on this site is I would never want to be a short term oil trader.

[AirlinePilot]

Oil is DOWN after an unexpected fall in inventory his morning.

WTF?

Might as well not even bother using common sense in this market. All reason has been lost.

PPT? More like Gandalf and a magic wand!