[AirlinePilot]

Every time we get near or break the records there is some profit taking. I think this is all that happened today. Just greed.

Nothing to see here, move along please.

[slick50]

Opec says no increase despite Bush and Bodman's pleas. Now at $103.97.

[PeakingAroundtheCorner]

104.32 per CNBC ticker

New intraday record?

God damn it! CNBC just raised (AGAIN!) the "inflation adjusted high" to $103.76.

I remember the first time oil went over $100 bbl, CNBC said the inflation adjusted high was $102.01.

Every time the record is approached or broken, the inflation adjusted high also rises.

[Leanan]

Oil prices hit record after inventory drop

$this->bbcode_second_pass_quote('', 'N')EW YORK (CNNMoney.com) -- Oil prices hit another record high Wednesday after a government report said supplies of crude fell significantly last week, instead of rising as expected.

U.S. light crude for April delivery reached $103.98, beating the previous the all-time intraday high of $103.95 set Monday. It eased back slightly to $103.50, still up $3.98 on the session.

[gnm]

Yikes, thats gotta be a record for heating oil too - 291+
RBOB climbing again as well.

Sigh - gasoline up 10 cents today at the station here too.

I just talked to my propane supplier. $2.62/gal!



-G

[Leanan]

CNN updated that article while I was posting. New record is now $104.56, and "poised to go higher."

[joewp]

In the last 5 minutes of NYMEX floor trading, it went up almost a dollar to set a new record of $104.64, and it's probably closing at around $104.60. It gained around 5% today. Simply amazing...

[Novus]

Gold futures surged to a new high of $995.20 so oil hitting $104.60 is just the dollar collapsing.

[joewp]

$this->bbcode_second_pass_quote('Novus', 'G')old futures surged to a new high of $995.20 so oil hitting $104.60 is just the dollar collapsing.

[Novus]

The only reason Gold is not up more is because hedge funds are liquidating hard assets like gold to cover margin calls. Geological depletion is not something that happens in one day but something that plays out over a course of years. This is purely the dollar collapsing right now that is driving $100+ oil.

[misterno]

Is speculation the only reason for oil price going up? Is demand part of it? Any idea any articles any proof?

I need answers

[vision-master]

Gas Prices up, Production Down

$5.19 gal reg, the Americo gas station in Gorda, just south of Big Sur.
$this->bbcode_second_pass_quote('', '"')We may not have seen the worst of it yet," Comey said. "It's particularly troubling from the consumer's perspective that this is happening at this time of the year, when we often see prices that are relatively low."

OPEC will not put more oil on the global market, citing the stumbling U.S. economy as the reason for slackening demand in the near future.

[DantesPeak]

$this->bbcode_second_pass_quote('misterno', 'I')s speculation the only reason for oil price going up? Is demand part of it? Any idea any articles any proof?

I need answers

[Bas]

$105.35

[dukey]

Nymex Crude Future 105.77

[chris-h]

105.98

[chris-h]

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

source

[PeakingAroundtheCorner]

Fubarred.

[FireJack]

I guess we all expected for OPEC to start this game of "we don't need to produce more oil." Lets see how long they can keep it up before someone goes "hey the emperor has no clothes."

[Gerben]

$this->bbcode_second_pass_quote('FireJack', 'I') guess we all expected for OPEC to start this game of "we don't need to produce more oil."