[lowem]

So it takes $109 oil for the long-awaited demand destruction to finally kick in?

[lowem]

Well. Never whisper "demand destruction" too early.
It's creeping back up toward $108 again.

Anyway I read that Dubai diesel is going for around $1.70 per gallon. Still cheap for them huh.

[joeltrout]

$this->bbcode_second_pass_quote('joewp', '
')
So don't blame speculators, blame geology.

[Bas]

$this->bbcode_second_pass_quote('lowem', 'S')potted this one :

Oil prices are falling after a government report that the nation's crude oil inventories rose much more than expected last week. The Energy Department said crude oil supplies jumped by 6.2 million barrels last week. That's more than three times the 1.6 million barrel increase analysts expected.

[Bas]

$this->bbcode_second_pass_quote('lowem', '$')109.72

If I recall right, a Yergin is $38, so this makes 2.887 Yergins.

[heroineworshipper]

AP wrote:
> Stocks Rally on Fed Move, Oil Price Dip


Oil fell to $107. Celebration time!

[gnm]

That was a short celebration. $108.71 already. Maybe the traders realize that the fed having to inject $200Billion to keep the banks solvent is NOT a good thing.



-G

[emersonbiggins]

$108.50

[gnm]

$109.81

-G

[chuck6877]

I subscribe to a technical analyst that is very bullish gold, silver, and oil. I've learned a lot from him and Adam Hamilton's analysis at www.321energy.com.

My best guess from looking at the charts below is that oil will go up to $120-$127 in the next few months including maybe the summer before crashing hard back down to about $100 which will be the new floor where it will stay for a while consolidating for the next move up.

Long term: Up, Up, and away

Check out these charts:
WTIC PRICE CHARTS
[web]http://stockcharts.com/charts/gallery.html?%24wtic[/web]

[joewp]

Just dinged $110.07

[dblk]

$110

[heroineworshipper]

$110 came a lot faster than $100. Need another $200 billion to go along with yesterday's $200 billion.

[dorlomin]

[Zardoz]

This, is spite of the fact that inventories are up:

[Valdemar]

$this->bbcode_second_pass_quote('heroineworshipper', '$')110 came a lot faster than $100. Need another $200 billion to go along with yesterday's $200 billion.

[Palkerss]

Blame weakening dollar. USD / EUR went from 1.5342 to 1.5532, that's 1.24% up, the price of barrel is just catching up.

Yeah, I know that you know that, just sharing my thoughts.

[Valdemar]

The dollar falling doesn't explain this sharp rise in the last few months entirely. There are other factors, and I think the market is taking note now of certain supply restrictions on the horizon.

[therealtruth]

These prices are pure speculation and have absolutely nothing to do with the underlying fundamentals of the market! Everybody has their theories and reasons as to why the market is going up but no one really knows. Ask yourself this question where were all the peak oil theorists last year when oil was trading around $45? How about 2 years ago? The only person I seem to recall predicting 100 dollar oil is T. Boone Pickens and he did that 3 yrs ago! Did anybody listen to him then? Of course not! Now he's shorting the market and everybody thinks prices are going up. Heck Goldman Sachs predicted 105 oil 2 yrs ago did anybody listen to them at that time? Even they think prices should come down unless we have some sort of major supply disruption this year and I think at 110 the market has pretty much priced in the worst case scenario for this year. Listen, I'm not going to pretend I'm some sort of trading genius but all I know is when you get too many people betting on the market to go one way, thats when its time to go the other direction!

[Leanan]

Oil prices burst record 110 dollars

$this->bbcode_second_pass_quote('', 'N')EW YORK (CNNMoney.com) -- Oil prices rebounded to another record high Wednesday afternoon after initially plummeting when a government report said supplies of crude and gasoline had risen much more than expected.

In afternoon trading, U.S. light crude for April delivery surged to a high of $110.20 before closing at $109.92. Oil had traded as low as at $107.09 following the report's release on Wednesday morning.