[vision-master]

$this->bbcode_second_pass_quote('Heineken', 'I')t's the GASOLINE prices I'm watching. That's where the rubber meets the road.

[PeakingAroundtheCorner]

Blaming today's gains on the Japanese oil tanker (http://www.peakoil.com/fortopic38894.html).

No mention of the Saudis announcing they will no longer increase production after 2009 as beiing the possible cause.

Also, no mention of PO being the cause.

[Last_Laff]

117.53!

[IslandCrow]

RECORD CRUDE OIL PRODUCTION - WE HAVE A NEW DATE FOR PEAK

TOD: Oilwatch Monthly report

$this->bbcode_second_pass_quote('', '2')) Conventional crude - Latest available figures from the Energy Information Administration (EIA) show that crude oil production including lease condensates increased by 194,000 b/d from December 2007 to January 2008. Total production in January broke a new all time high production record at 74.47 million b/d, 168,000 b/d higher than the previous all time high crude oil production of 74.30 million b/d reached in May 2005.

[Valdemar]

1. Old news.

2. It's not changing anything by counting some extra crud from the tap sands.

3. Wrong thread.

[Zardoz]

$this->bbcode_second_pass_quote('lowem', '.')..Come on, hit $120 already.

[sjn]

$this->bbcode_second_pass_quote('Valdemar', '1'). Old news.

2. It's not changing anything by counting some extra crud from the tap sands.

[Forney2008]

According to bloomberg.com, we reached a record trading high again today at $117.76.



Crude oil for May delivery rose 75 cents, or 0.6 percent, to $117.44 a barrel at the 2:30 close of floor trading on the New York Mercantile Exchange. The futures reached a record $117.76 today and are up 85 percent from a year ago.

http://www.bloomberg.com/apps/news?pid= ... refer=homeBloomberg.com

[gnm]

$this->bbcode_second_pass_quote('Heineken', 'I')t's the GASOLINE prices I'm watching. That's where the rubber meets the road.

[Schadenfreude]

Seems like all the oil company spokesmen blame the speculators for driving up the price of oil. But at high prices, what are the speculators betting on?

I understand that money fleeing real estate securities and whatnot has found commodities and oil as a safe haven against the falling dollar. Are the speculators simply betting that even more money will funnel into the oil market?

Now, I read, according to an oil company spokeman, that prices are unlikely to fall below $90 due to costs. Are these guys just full of shit or is there really a strong speculative component to what we have recently been watching? And, again, what factors are the speculators betting on as near-term market drivers?

[frankthetank]

Can you imagine if its an active year in the Gulf of Mexico? I haven't read to much on this coming hurricane season, but every year there is a GOOD chance of something big making it into the gulf... If anything gets near Texas...game over.

[Armageddon]

[Armageddon]

$this->bbcode_second_pass_quote('frankthetank', 'C')an you imagine if its an active year in the Gulf of Mexico? I haven't read to much on this coming hurricane season, but every year there is a GOOD chance of something big making it into the gulf... If anything gets near Texas...game over.

[Valdemar]

$117.84.

[GoghGoner]

$this->bbcode_second_pass_quote('Armageddon', 'T')here were a couple HUGE cat 5 hurricanes last year, they just didn't make it through the Yucatan peninsula and hit Mexico. It is tough for a strong hurricane to hit the US. All the conditions have to be perfect. The shearing winds have to be low, it has to miss Cuba or other mountainous islands, to name only a couple.

[TheDude]

$3.49 here in the north Willamette Valley; $3.69 seemed to be the average north of here all the way up to Seattle (drove up this weekend).

CNBC - Oil price unlikely to fall below $90 a barrel - Venezuelan oil minister

$this->bbcode_second_pass_quote('', 'R')OME, Apr. 21, 2008 (Thomson Financial delivered by Newstex) -- Oil prices, which topped a record $117 per barrel last week, are unlikely to fall back below $90, the Venezuelan oil minister Rafael Ramirez said on the sidelines of the International Energy (OOTC:ILGL) Forum here Monday.

'We believe that prices will remain around this level, at least around $90,' Ramirez told reporters.

'Oil prices can't fall' much further because 'production costs have increased,' he said.

Iraqi oil minister Hussain Al-Shahristani told reporters, as he entered the meeting, that an increase in production by the Organisation of Petroleum Exporting Countries (OPEC) would not bring the relief the market was calling for, since prices were being driven primarily by speculation.

'There isn't much OPEC can do,' the minister told reporters. 'OPEC is producing as much as the market requires. As a matter of fact there's some surplus on the market.' An increase in output 'is not going to solve the situation. The solution is in the hands of the speculators. They're the ones who are fixing the price and not the producers,' Al-Shahristani said.

[frankthetank]

Arm-

History suggests that it could happen again


$this->bbcode_second_pass_quote('', 'T')his map shows all category 1 to 5 hurricanes whose centers have passed within 10 nautical miles of the state's boundary during the period 1851 to 2005

[threadbear]

So what's up with the price of gold then. It usually trends up with oil and it's been falling. This is where technical analysts fall down. They do all of their predicting based on past patterns. Looks like money is rushing into oil, almost as if it's the alternative currency right now. Sheesh. I give up.

[Armageddon]

$this->bbcode_second_pass_quote('frankthetank', 'A')rm-

History suggests that it could happen again


$this->bbcode_second_pass_quote('', 'T')his map shows all category 1 to 5 hurricanes whose centers have passed within 10 nautical miles of the state's boundary during the period 1851 to 2005

[frankthetank]

I hear ya. Just like Miami. Seems such an easy target for a hurricane, but its been a long time since a hard hit (even Andrew missed to the south a little).

Read some article on Marketwatch earlier. Author seemed to understand the situation pretty well and sees $150 oil by fall.

http://www.247wallst.com/2008/04/as-opec-hold-pr.html

Read another article on msnbc about the Chinese love of SUV's and large cars. Sales are way up (still small compared to US of A). GM is going to bring the Escalade to their market next year.