Things are going to be a lot different in the next 50 years, you can bet your ass on that. Past performance is no guarantee of future results, as they say. As energy gets more expensive and scarce, it's going to become completely impossible to extract many minerals from the ground.
Boy, nobody gets how important energy is to everything we do.
PeakOil is You
Re: Another Oil price Record
Re: Another Record ($119.22)
by joewp » Wed 30 Apr 2008, 02:01:50
Joe P. joeparente.com
"Only when the last tree is cut; only when the last river is polluted; only when the last fish is caught; only then will they realize that you cannot eat money." - Cree Indian Proverb
"Only when the last tree is cut; only when the last river is polluted; only when the last fish is caught; only then will they realize that you cannot eat money." - Cree Indian Proverb
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joewp - Intermediate Crude
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Re: Another Record ($119.22)
by lowem » Thu 01 May 2008, 05:55:24
Oil has broken below $115. I never really thought it was much of a support level anyway. Support levels remain at $110, $100, $90 and $85.
$100 should be pretty good support. Darned if it breaks, go out and buy a couple million barrels if it does
$100 should be pretty good support. Darned if it breaks, go out and buy a couple million barrels if it does
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lowem - Expert
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Re: Another Record ($119.22)
by Duende » Thu 01 May 2008, 12:40:26
Oil has fallen off a cliff this morning - down around $110 again! I bet it's just catching its breath before its next big leap next week.
"Where is the man who has so much as to be out of danger?" -Thomas Huxley
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Duende - Coal
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Re: Another Record ($119.22)
by Tanada » Thu 01 May 2008, 13:37:17
Fear not for it is back up to 111!
$this->bbcode_second_pass_quote('Alfred Tennyson', 'W')e are not now that strength which in old days
Moved earth and heaven, that which we are, we are;
One equal temper of heroic hearts,
Made weak by time and fate, but strong in will
To strive, to seek, to find, and not to yield.
Moved earth and heaven, that which we are, we are;
One equal temper of heroic hearts,
Made weak by time and fate, but strong in will
To strive, to seek, to find, and not to yield.
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Re: Another Record ($119.22)
by Gandalf_the_White » Thu 01 May 2008, 14:45:47
Thank God. Let's see if we can retrace below $100. There has been demand destruction in the US so maybe we will see $95 or even $90 as the market over-corrects on the down side. Depletion will catch up with us again and prices will come back up prompting more pain and demand destruction. This is still the beginning of sorrows.
I have gone out on a limb and predicted a price superspike this summer. I hope I am wrong. In fact I would love to see a downy soft powerdown. It is unlikely, but let noone say I am mongering for doom.
We need to see what the new floor for oil is and that is what the market is trying to find. If the American public makes a serious move this year, could we see $70 this summer? Now that would be a frightening level of volatility.
I have gone out on a limb and predicted a price superspike this summer. I hope I am wrong. In fact I would love to see a downy soft powerdown. It is unlikely, but let noone say I am mongering for doom.
We need to see what the new floor for oil is and that is what the market is trying to find. If the American public makes a serious move this year, could we see $70 this summer? Now that would be a frightening level of volatility.
I return to you now at the turning of the tide.
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Gandalf_the_White - Peat
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Re: Another Record ($119.22)
by Gandalf_the_White » Thu 01 May 2008, 14:48:50
$this->bbcode_second_pass_quote('Tanada', 'F')ear not for it is back up to 111!
Wheeww! I was worried the apocalypse might be on hold.
I return to you now at the turning of the tide.
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Gandalf_the_White - Peat
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Re: Another Record ($119.22)
by joeltrout » Thu 01 May 2008, 14:49:55
$this->bbcode_second_pass_quote('Gandalf_the_White', 'T')here has been demand destruction in the US so maybe we will see $95 or even $90 as the market over-corrects on the down side.
Here is a good article on demand destruction on The Oil Drum.
Joeltrout
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Re: Another Record ($119.22)
by Forney2008 » Thu 01 May 2008, 18:37:53
It appears part of the oil price slide today was due in part to the Nigerian Strike ending. http://ukpress.google.com/article/ALeqM ... Rvtr3dg33w
I wonder though if production will resume with MEND(Movement for emancipation of Niger Delta) still a factor? Time will tell on that one.
I wonder though if production will resume with MEND(Movement for emancipation of Niger Delta) still a factor? Time will tell on that one.
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Forney2008 - Peat
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Re: Another Record ($119.22)
by Gandalf_the_White » Thu 01 May 2008, 19:47:52
$this->bbcode_second_pass_quote('joeltrout', '')$this->bbcode_second_pass_quote('Gandalf_the_White', 'T')here has been demand destruction in the US so maybe we will see $95 or even $90 as the market over-corrects on the down side.
Here is a good article on demand destruction on The Oil Drum.
Joeltrout
Thanks Joel,
That graph helps alot to estimate the scale. I should never trust the MSM blurbs. They said 7% decline YOY in Februrary. It's all probably smoke and mirrors at this point. Too bad, I had hoped Americans were really waking up.
I return to you now at the turning of the tide.
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Gandalf_the_White - Peat
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