[Last_Laff]

102.60... All time record breaking, yes?

[Zardoz]

Almost to $105 now:



Nymex hit $102.64, according to Barchart.

[emersonbiggins]

$this->bbcode_second_pass_quote('Last_Laff', '1')02.60... All time record breaking, yes?

[emersonbiggins]

Oh, geez, can't I predict this?

Posted 10 minutes ago, by the AP:

$this->bbcode_second_pass_quote('', 'A') $38 barrel of oil then would be worth $97 to $104 or more today, depending on the how the adjustment is calculated. A direct comparison with daily Nymex prices is difficult because historical data, gathered before the crude futures contract was created in 1983, are based on average monthly prices posted by oil producers.

[PeakingAroundtheCorner]

$this->bbcode_second_pass_quote('emersonbiggins', 'O')h, geez, can't I predict this?

Posted 10 minutes ago, by the AP:

$this->bbcode_second_pass_quote('', 'A') $38 barrel of oil then would be worth $97 to $104 or more today, depending on the how the adjustment is calculated. A direct comparison with daily Nymex prices is difficult because historical data, gathered before the crude futures contract was created in 1983, are based on average monthly prices posted by oil producers.

[Leanan]

Reuters thinks we're there:

Oil hits inflation-adjusted record high

$this->bbcode_second_pass_quote('', '(')Reuters) - U.S. oil surged to a new inflation-adjusted record high on Thursday, surpassing the previous record of $102.53 set in 1980, according to the International Energy Agency.

[emersonbiggins]

Where does this train stop - $105?

[Zardoz]

$this->bbcode_second_pass_quote('emersonbiggins', 'W')here does this train stop - $105?

[morph]

So we finally reached the inflation adjusted cost that has been out of reach for years. How high can we go...

[gnm]

$this->bbcode_second_pass_quote('morph', 'S')o we finally reached the inflation adjusted cost that has been out of reach for years. How high can we go...

[smiley]

$this->bbcode_second_pass_quote('', 'H')ow high can we go...

[DantesPeak]

$this->bbcode_second_pass_quote('emersonbiggins', 'W')here does this train stop - $105?

[DantesPeak]

$this->bbcode_second_pass_quote('', 'O')il Rises to Record as Dollar Drops, OPEC May Maintain Output

By Nesa Subrahmaniyan and Christian Schmollinger

Feb. 29 (Bloomberg) -- Crude oil rose to a record $103.05 a barrel as the dollar fell to an all-time low against the euro, prompting investors to buy commodities as an inflation hedge.

[something_awfull]

$this->bbcode_second_pass_quote('emersonbiggins', 'W')here does this train stop - $105?

[DantesPeak]

Pushing up prices, in additon to reports that OPEC output has started to fall again in late February, Ecuador halted oil exports today. It'as not clear if Ecuador will be able to resume output Friday.


$this->bbcode_second_pass_quote('', 'O')il hits fresh high after Ecuador pipeline rupture
Fri Feb 29, 2008 7:35am

SINGAPORE (Reuters) - Oil hit a new high above $103 on Friday after Ecuador shut a key export pipeline and a fire hit a major European natural gas plant, while the U.S. dollar's decline to a succession of lows kept fresh funds flowing in.

U.S. crude jumped 39 cents to $102.98 a barrel by 0122 GMT, after hitting $103.05 in early morning trade, smashing the inflation-adjusted high of $102.53 reached in 1980, a year after the Iranian revolution.

The Trans-Ecuadorean pipeline which pumps most of the oil extracted by Petroecuador in the Amazon jungle to ports on the Pacific Ocean was shut after a landslide punctured it.

The state oil firm Petroecuador initially said it would declare force majeure on shipments from the pipeline, but shortly thereafter reversed the decision, saying it would bypass the damage or use a private pipeline.

[Gandalf_the_White]

If there are too many coincidental declines this year I am going to play the conspiracy card and say they are squeezing us. But then again it could be the cover-up for 8% declines coming on because they overstated their reserves and then steamed the oil fields to make it look legit for a while. Either way folks we are looking at a painful year. Does anyone believe $112 by Easter?

[Zardoz]

Whatever:

Crude Oil Drops on Expectation Commodity Investment Is Overdone

$this->bbcode_second_pass_quote('', 'C')rude oil fell from a record above $103 a barrel on speculation the surge in price doesn't reflect demand for the commodity.

Oil has risen 15 percent this month and set an all-time high the last four days as a falling dollar prompted investments in commodities priced in the U.S. currency. Still, a slowing U.S. economy may cut demand in the world's largest energy consumer, where crude stockpiles have risen for seven weeks.

"You've got massive asset allocations shifting into commodities, but there are not enough fundamental reasons for prices to be this high,'' said Robert Montefusco, a broker at Sucden (U.K.) Ltd. in London. "The slowing of the U.S. economy may start to slow down the oil market.''

Crude oil for April delivery fell as much as $1.04 cents, or 1 percent, to $101.55 a barrel in electronic trading on the New York Mercantile Exchange. The contract traded at $102.23 at 1:12 p.m. London time.

[dorlomin]

Id not be shocked to see oil drop to $80 this year when demand falls away as 'Chinese' demand turns out to be the demand for Chinese manufacturers to buy oil to make things to sell to america and americans cut back on Driving over the summer to tighten belts.

Oil is not gold, it needs to be sold to someone who can buy it to use for either driving or making something plasticy and sellable.

Offcourse this is dependant on the dollar not hitting $1.75 against the Euro.

[Revi]

The price of oil can't go down too much, because there are so many people waiting to buy it whenever it drops below $100.

Now that all these retirement funds and Joe Sixpack are into commodities it has to boom (and bust).

[dohboi]

d wrote:

"Oil is not gold, it needs to be sold to someone who can buy it to use for either driving or making something plasticy and sellable."

Good point, but on the other hand once gold is mined it is pretty much around forever so the total amount is always increasing, while oil is quickly burned up or changed into something else, so is gone for ever shortly after being mined.