[thor]

Me thinks that the psychological barrier of $100 oil is rapidly vanishing into thin air.

[Zardoz]

Mercy sakes, look at Louisiana Sweet and Tapis:



Upstream Online

[TonisD]

That image so old by now, Lousiana Sweet 103+

[Zardoz]

A new all-time Nymex intraday record:



EDIT:

According to CNNMoney, the record is actually a penny higher:

Oil surges to record above $101

$this->bbcode_second_pass_quote('', 'O')il prices set an intraday record above $101 a barrel and reached another settlement high Wednesday, as traders took the Federal Reserve's weak economic report as a signal that more interest rate cuts are coming.

Crude prices reached as high as $101.32 a barrel in afternoon trading - crushing the intraday mark of $100.10 reached Tuesday - before settling at $100.74, up 73 cents from the previous top close of $100.01.

The $100-a-barrel milestone was first reached in early January.

[emersonbiggins]

This bears repeating - another record close today, $100.74/bbl.

ChannelNews Asia

[Geko45]

The chart on 321Energy couldn't handle prices above $100. Kinda like a mini Y2K.

[BigTex]

Bull markets will keep rising even with no fundamentals support. This is a bull market with great fundamentals support. Holy cow.

This doesn't feel close to the ceiling to me.

Just think about how this is happening without a catalyst and in the face of a looming recession.

[Revi]

There will be a jump at the pump, and everywhere pretty soon if this keeps up. My wife's car that gets 40 mpg cost $33 to fill this morning. Gulp. Even small car drivers are feeling it now.

We are just in the end of February. The "driving season" hasn't even begun yet.

I hope I can lock in to heating oil at a reasonable price. Anything less than $3.50 a gallon will seem cheap next winter.

Here it comes. $100 a barrel oil. Just the beginning...

[PeakingAroundtheCorner]

$this->bbcode_second_pass_quote('Revi', 'T')here will be a jump at the pump, and everywhere pretty soon if this keeps up. My wife's car that gets 40 mpg cost $33 to fill this morning. Gulp. Even small car drivers are feeling it now.

We are just in the end of February. The "driving season" hasn't even begun yet.

I hope I can lock in to heating oil at a reasonable price. Anything less than $3.50 a gallon will seem cheap next winter.

Here it comes. $100 a barrel oil. Just the beginning...

[DantesPeak]

$this->bbcode_second_pass_quote('Geko45', 'T')he chart on 321Energy couldn't handle prices above $100. Kinda like a mini Y2K.

[Zardoz]

*gulp*



Upstream Online

[Zardoz]

Heck, we could've told them this a long time ago:

For Oil, $100 May Be Just a Pit Stop Along the Way

$this->bbcode_second_pass_quote('', 'W')elcome to $100 a barrel oil and enjoy your stay. You're likely to be here a while.

Light, sweet crude passed the century mark Tuesday and closed above it for the first time, setting off speculation about just how high prices could go and where a realistic level of support may lie. Once considered an impossibility, such prices are now a fact of life.

"I certainly think it's a harbinger of things to come. Yesterday's spike was for a multitude of reasons ... and we have to understand that none of these things are going to go away," said Kevin Kerr, an analyst at Resource Trader Alert. "Really this is probably just a stopping point on the way to $120 a barrel."

[sparky]

.

The focus on the dollar price of west Texas sweet is absurd ,
it's a financial speculative tool with little use .
the price of oil has hardly increased , it is the US dollar wich is crashing not the oil price increasing due to the present administration borrowing madly to pay for its adventures in far off countries

check out the dollar versus euro
http://finance.yahoo.com/currency/conve ... amt=1&t=5y

or gold

http://www.kitco.com/scripts/hist_chart ... graphs.plx

or Opec basket, the most critical price of all

http://www.opec.org/home/basket.aspx

when peak oil will kick in the price increase will be logarithmic
IE going up like a rocket ,
we are not there yet though I suspect we are less than 10 years away

.

[Zardoz]

$this->bbcode_second_pass_quote('sparky', 'T')he focus on the dollar price of west Texas sweet is absurd...

[Armageddon]

$100.36 ? What happened today ?

[gnm]

The dollar is crapping itself again so the relative price is going up....

-G

[Revi]

Oil took a nice jump around 11, and so did silver. I think you are right. The dollar must have had some hard news that has reflected in the price of commodities almost instantly.

[Zardoz]

Nymex at $100.92 at the moment. Upstream Online is showing Louisiana Sweet spot price at $103.76.

I reckon a spot price over $105 is only a week or two away.

[Last_Laff]

100.95 at this time.

[FireJack]

48$ for the record at the start of the first "another record" thread and 78$ for the start of this one. Now its hovering around 102$.

I'm going to bet its going to drop for a bit when enouph people say fuck the US dollar were trading oil in euros now. Well I guess it would rise for americans for a bit but it would be less for europeans.