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Re: Another Oil price Record

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Re: Another Record

Unread postby DantesPeak » Thu 06 Mar 2008, 20:56:18

$this->bbcode_second_pass_quote('Gerben', '')$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."

I did not expect this (at least not till a few weeks ago). I expected GWB to go to the Saudi's and say: we need more oil. Then the Saudi's say: this is all we've got. Better use it as economical as you can.

$this->bbcode_second_pass_quote('', 'L')ets see how long they can keep it up before someone goes "hey the emperor has no clothes."

I'm not good at observing such things. How can I see that the emperor has no clothes? When the Saudi's are unable to meet their quota? :cool:


Seems like the emperor has no clothes - Shipments from SA to the 'West' are expected to fall sharply in March.


$this->bbcode_second_pass_quote('', 'M')arch 6, 2008

Oil Movements Pins Fall In OPEC Shipments On Seasonal Factors

LONDON, Mar 06, 2008 (Dow Jones Commodities News via Comtex) -- Seasonal factors, not signs of a sharp brake on the U.S. economy, explain a recent slowdown in westbound crude oil shipments by Saudi Arabia and its fellow Organization of Petroleum Exporting Countries members, U.K.-based tanker tracker Oil Movements said Thursday.

OPEC shipments normally start to ease at this time of year with winter in the Northern Hemisphere coming to a close and ahead of the holiday season which drives gasoline use up.

Westbound oil tanker spot charterings this month by Saudi Arabia's state-run shipper Vela International Marine Ltd. are "virtually nonexistent" and have hit a three-year low in the middle of this month, Mason added.


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Re: Another Record

Unread postby sjn » Thu 06 Mar 2008, 21:32:00

$this->bbcode_second_pass_quote('DantesPeak', '')$this->bbcode_second_pass_quote('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."

I did not expect this (at least not till a few weeks ago). I expected GWB to go to the Saudi's and say: we need more oil. Then the Saudi's say: this is all we've got. Better use it as economical as you can.

$this->bbcode_second_pass_quote('', 'L')ets see how long they can keep it up before someone goes "hey the emperor has no clothes."

I'm not good at observing such things. How can I see that the emperor has no clothes? When the Saudi's are unable to meet their quota? :cool:


Seems like the emperor has no clothes - Shipments from SA to the 'West' are expected to fall sharply in March.


$this->bbcode_second_pass_quote('', 'M')arch 6, 2008

Oil Movements Pins Fall In OPEC Shipments On Seasonal Factors

LONDON, Mar 06, 2008 (Dow Jones Commodities News via Comtex) -- Seasonal factors, not signs of a sharp brake on the U.S. economy, explain a recent slowdown in westbound crude oil shipments by Saudi Arabia and its fellow Organization of Petroleum Exporting Countries members, U.K.-based tanker tracker Oil Movements said Thursday.

OPEC shipments normally start to ease at this time of year with winter in the Northern Hemisphere coming to a close and ahead of the holiday season which drives gasoline use up.

Westbound oil tanker spot charterings this month by Saudi Arabia's state-run shipper Vela International Marine Ltd. are "virtually nonexistent" and have hit a three-year low in the middle of this month, Mason added.


[No link]Well, they've gotta fill those tanks back up. It makes me wonder why it was deemed necessary to provide maxium oil to the market over the last few months, an attempt to prevent systemic financial collapse perhaps? Too bad things aren't fixed... 8) Maybe we may have been gaining too much credibility and they just wanted to put in a new record to prove we're all wrong! :P

edit: I really shouldn't post with a migraine. :roll:
Last edited by sjn on Fri 07 Mar 2008, 14:42:46, edited 1 time in total.
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Re: Another Record

Unread postby joewp » Fri 07 Mar 2008, 13:33:59

Just hit $106.49 a minute ago. Don't worry though, the price collapsed to $106.34, we're saved! :P
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Re: Another Record

Unread postby DantesPeak » Fri 07 Mar 2008, 13:56:37

$this->bbcode_second_pass_quote('sjn', '<')/div>Well, they've gotta fill those tanks back up. It makes me wonder why it was deemed necessary to provide maxium oil to the market over the last few months, an attempt to prevent systemic financial collapse perhaps? Too bad things aren't fixed... 8) Maybe we may have been gaining too much credibility and they just wanted to put in a new record to prove we're all wrong! :P[/quote]

There is more confirmation that the Saudis will be sending less oil to the US soon.

This is starting to get scary, even for POers.


$this->bbcode_second_pass_quote('', 'E')urope, Asia Happy With Saudi Term Prices, US Is Not

Energy Intelligence Briefing (Thursday, March 6, 2008, 22:31 GMT)

Refiners in Europe were very satisfied and those in Asia were just satisfied with Saudi Arabia's term formula prices for April, as they somewhat made up for disappointing March levels. US refiners, on the other hand, might decide to ask for lower volumes from the Kingdom, as they claim they cannot make much money at the April differentials.


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Re: Another Record

Unread postby Rabbit » Fri 07 Mar 2008, 14:33:29

I just saw diesel for $4.13 a gallon on the way to work in Fresno CA. It went up 14 cents overnight.
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Re: Another Record

Unread postby Leanan » Fri 07 Mar 2008, 17:12:19

Oil gyrates, but hits new record

$this->bbcode_second_pass_quote('', '"')The higher the market goes, the more volatile it becomes," said Darin Newsom, senior analyst at DTN in Omaha, Neb. "Does it mean that the rally is over? No."

Light, sweet crude for April delivery fell 36 cents to $105.11 a barrel on the New York Mercantile Exchange after setting a new trading record of $106.54.
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Re: Another Record

Unread postby peak » Sat 08 Mar 2008, 06:36:50

$110 oil is almost here :?

Its obvious that these sudden moves are mostly because of traders & speculation and not supply & demand. Dollar keeps on falling, oil keeps on moving higher.
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Re: Another Record

Unread postby sjn » Sat 08 Mar 2008, 10:21:07

$this->bbcode_second_pass_quote('peak', '$')110 oil is almost here :?

Its obvious that these sudden moves are mostly because of traders & speculation and not supply & demand. Dollar keeps on falling, oil keeps on moving higher.

What the hell is that supposed to mean? Price is set by the market, so of course that means traders and speculators; they provide the demand side of the equation. On the other hand you have supply. As the supply fails to increase you're going to get higher prices in a free market, that's its entire purpose; the balance of supply and demand. The strength of the dollar and the price of oil are not unrelated, the US is a major importer and has the advantage that oil is priced in its currency giving it the ability to pay its bills by printing money. So as oil becomes more scarce more dollars are printed to pay for it, and the less valuable the dollar becomes.
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Re: Another Record

Unread postby peak » Sun 09 Mar 2008, 00:08:11

$this->bbcode_second_pass_quote('sjn', '')$this->bbcode_second_pass_quote('peak', '$')110 oil is almost here :?

Its obvious that these sudden moves are mostly because of traders & speculation and not supply & demand. Dollar keeps on falling, oil keeps on moving higher.


What the hell is that supposed to mean? Price is set by the market, so of course that means traders and speculators; they provide the demand side of the equation.


Traders need to sell their contracts since they won't actually be buying 1000 barrels. So the price goes higher when there are a burst of buyers who aren't actually going to take in the oil. Then you get more sellers over a period of time with those traders trying to make a profit.

$this->bbcode_second_pass_quote('sjn', 'W')hat the hell is that supposed to mean?


The statements that I made do mean something due to observations that I have made. Even if apparent to you, it might not be towards others and I did not make my post specifically directed towards you.

Someone who lacks logic may not see meaning in statements while someone who has logic might.

Note that the sentence above doesn't mean anything.
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Re: Another Record

Unread postby LastViking » Sun 09 Mar 2008, 01:03:46

$this->bbcode_second_pass_quote('sjn', ' ')The strength of the dollar and the price of oil are not unrelated, the US is a major importer and has the advantage that oil is priced in its currency giving it the ability to pay its bills by printing money. So as oil becomes more scarce more dollars are printed to pay for it, and the less valuable the dollar becomes.


So you are saying that ExxonMobil borrows money from the USA Treasury to pay for its shipments? Absurd. Why would XOM borrow from the Gov't if the company has almost $17 billion in cash? How come these secret loans aren't disclosed on its financial statements?
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Re: Another Record

Unread postby sjn » Sun 09 Mar 2008, 01:13:00

$this->bbcode_second_pass_quote('peak', '')$this->bbcode_second_pass_quote('sjn', '')$this->bbcode_second_pass_quote('peak', '$')110 oil is almost here :?

Its obvious that these sudden moves are mostly because of traders & speculation and not supply & demand. Dollar keeps on falling, oil keeps on moving higher.


What the hell is that supposed to mean? Price is set by the market, so of course that means traders and speculators; they provide the demand side of the equation.


Traders need to sell their contracts since they won't actually be buying 1000 barrels. So the price goes higher when there are a burst of buyers who aren't actually going to take in the oil. Then you get more sellers over a period of time with those traders trying to make a profit.
Yes, quite right, over short periods that does occur. Whether or not the trades actually reflect fundamentals is another matter. $this->bbcode_second_pass_quote('', '
')$this->bbcode_second_pass_quote('sjn', 'W')hat the hell is that supposed to mean?


The statements that I made do mean something due to observations that I have made. Even if apparent to you, it might not be towards others and I did not make my post specifically directed towards you.
Actually, I apologise for the tone of that post, I've not been feeling well and I was out of order.$this->bbcode_second_pass_quote('', '
')Someone who lacks logic may not see meaning in statements while someone who has logic might.

Note that the sentence above doesn't mean anything.Sure it does.
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Re: Another Record

Unread postby lowem » Mon 10 Mar 2008, 12:09:18

$107.00 !!!
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Re: Another Record

Unread postby lowem » Mon 10 Mar 2008, 12:11:35

I *think* I saw $107.18 momentarily ...
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Re: Another Record

Unread postby kilik » Mon 10 Mar 2008, 12:31:09

$107.44

Definitely above $120 in the middle of driving season.
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Re: Another Record

Unread postby lowem » Mon 10 Mar 2008, 12:31:22

$107.44

Hope some of you might find this useful - live quotes for NYMEX crude oil futures, COMEX gold spot price, silver, platinum and various currency pairs (USD/JPY, EUR/USD, USD/CAD) at :

http://www.post1.net/lowem/page/livequotes
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Re: Another Record

Unread postby lowem » Mon 10 Mar 2008, 12:32:42

And of course, NYMEX CSO (current session overview) page for ogling the latest high point :
http://www.nymex.com/lsco_fut_cso.aspx

:)
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Re: Another Record

Unread postby peak » Mon 10 Mar 2008, 13:08:46

This is crazy, oil is going up so fast. Looks like we can expect to pay $4 gas in the U.S. soon. :?
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Re: Another Record

Unread postby dukey » Mon 10 Mar 2008, 13:12:00

it's a good thing gas guzzling trucks and suvs aren't popular in USA
oh wait
never mind
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Re: Another Record

Unread postby lowem » Mon 10 Mar 2008, 13:15:13

$107.51
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Re: Another Record

Unread postby lowem » Mon 10 Mar 2008, 13:24:51

$107.57 ... $107.70 ...
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