Peak Oil
Donate Bitcoin

Donate Paypal


PeakOil is You

PeakOil is You

Re: Another Oil price Record

What's on your mind?
General interest discussions, not necessarily related to depletion.
Topic locked

Re: Another Record ($133.80)

Unread postby eXpat » Wed 21 May 2008, 17:38:27

$133.99 !This is crazy
Last edited by eXpat on Wed 21 May 2008, 17:44:24, edited 1 time in total.
"I learned long ago, never to wrestle with a pig. You get dirty, and besides, the pig likes it."
George Bernard Shaw

“You can ignore reality, but you can't ignore the consequences of ignoring reality.” Ayn Rand
User avatar
eXpat
Intermediate Crude
Intermediate Crude
 
Posts: 3801
Joined: Thu 08 Jun 2006, 03:00:00
Top

Re: Another Record ($133.80)

Unread postby joewp » Wed 21 May 2008, 17:39:23

$134.04, up $5.06 (3.93%) since yesterday's close.
Brent is $133.47, up $5.63 (4.40%).

Like wow, man... 8O
Last edited by joewp on Wed 21 May 2008, 17:40:25, edited 1 time in total.
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
User avatar
joewp
Intermediate Crude
Intermediate Crude
 
Posts: 2054
Joined: Tue 05 Apr 2005, 03:00:00
Location: Keeping dry in South Florida
Top

Re: Another Record ($133.80)

Unread postby PeakingAroundtheCorner » Wed 21 May 2008, 17:39:55

$this->bbcode_second_pass_quote('eXpat', '$')139.99 !This is crazy


A $5 run today. And it's still going: $134.06

WOW!
Last edited by PeakingAroundtheCorner on Wed 21 May 2008, 17:41:39, edited 1 time in total.
User avatar
PeakingAroundtheCorner
Tar Sands
Tar Sands
 
Posts: 522
Joined: Sun 08 Apr 2007, 03:00:00
Top

Re: Another Record ($133.80)

Unread postby idomar » Wed 21 May 2008, 17:41:31

$134.whatever

screw it i am getting beer
User avatar
idomar
Peat
Peat
 
Posts: 172
Joined: Tue 20 Mar 2007, 03:00:00
Location: There is no hope for the future
Top

Re: Another Record ($133.80)

Unread postby bodigami » Wed 21 May 2008, 17:44:57

$134.1
bodigami
Permanently Banned
 
Posts: 1921
Joined: Wed 26 Jul 2006, 03:00:00
Top

Re: Another Record ($133.80)

Unread postby Revi » Wed 21 May 2008, 17:49:47

What is going on? I am used to it going up, but what kicked it up this much today? Is it because it's the last day of the June contract or something? Is there some major thing in the works? What's driving this particular run up?
Deep in the mud and slime of things, even there, something sings.
User avatar
Revi
Light Sweet Crude
Light Sweet Crude
 
Posts: 7417
Joined: Mon 25 Apr 2005, 03:00:00
Location: Maine
Top

Re: Another Record ($133.80)

Unread postby frankthetank » Wed 21 May 2008, 17:54:22

Revi-

Among other news, the WPSR was real ugly with crude stockpiles dropping along with everything else. They've got to kill demand. The dollar i think is also weaker.
lawns should be outlawed.
User avatar
frankthetank
Light Sweet Crude
Light Sweet Crude
 
Posts: 6202
Joined: Thu 16 Sep 2004, 03:00:00
Location: Southwest WI
Top

Re: Another Record ($133.80)

Unread postby MrBean » Wed 21 May 2008, 17:55:26

$this->bbcode_second_pass_quote('Revi', 'W')hat is going on? I am used to it going up, but what kicked it up this much today? Is it because it's the last day of the June contract or something? Is there some major thing in the works? What's driving this particular run up?


PO going mainstream and investor class getting the drift. In that case, a beginning of a new fase, oil prices starting to run really wild.

From Financial Times:

$this->bbcode_second_pass_quote('', 'F')ears of a shortage within five years propelled long-term oil futures prices to almost $140 a barrel, further stoking inflationary pressures in the global economy.

The spot price of Nymex West Texas Intermediate hit a record $130.30 a barrel on Wednesday. On Tuesday investors had rushed to buy oil futures contracts as far forward as December 2016, pushing their prices as high as $139.50 a barrel, up more than $9.50 on the day.

Veteran traders said they had never seen such a jump and said investors were increasingly betting that oil production would soon peak because of geopolitical and geological constraints.

Neil McMahon, of Sanford Bernstein, said: “Peak oil views – regardless of whether right or wrong – are seeping into the market and supporting high prices.”

http://www.ft.com/cms/s/0/c2955660-2696 ... ck_check=1
User avatar
MrBean
Heavy Crude
Heavy Crude
 
Posts: 1202
Joined: Sun 26 Sep 2004, 03:00:00
Top

Re: Another Record ($133.80)

Unread postby Eli » Wed 21 May 2008, 17:58:53

$this->bbcode_second_pass_quote('dorlomin', 'A')m I alone in thinking that demand destruction will bring price down at some point? Especialy as airlines park up planes and holiday plans are shelved.


No, not at all but where is that point? I think the Hirsch report examined that question and predicted that prices would rise to an insane amount. Just the other day he said that knowledgeable people were predicting 10 a gallon gas.

Once we are past peak it will take massive amounts of energy to try and change the infrastructure.
User avatar
Eli
Intermediate Crude
Intermediate Crude
 
Posts: 3709
Joined: Sat 18 Jun 2005, 03:00:00
Location: In a van down by the river
Top

Re: Another Record ($133.80)

Unread postby bodigami » Wed 21 May 2008, 17:58:55

...since I'm reading websites (including Cisco e-learning... lol, it's not as if I only read peakoil.com :P ), checking prices now and then is easy. So I will keep this post ready for the next record.

$134.12
bodigami
Permanently Banned
 
Posts: 1921
Joined: Wed 26 Jul 2006, 03:00:00
Top

Re: Another Record ($133.80)

Unread postby Revi » Wed 21 May 2008, 18:03:43

It can't be just the news of peak oil causing a runup like this. There must be a geopolitical or economic reason for this kind of a jump. The numbers on inventory could have spooked the market, but this seems like something bigger, like a panic.
Deep in the mud and slime of things, even there, something sings.
User avatar
Revi
Light Sweet Crude
Light Sweet Crude
 
Posts: 7417
Joined: Mon 25 Apr 2005, 03:00:00
Location: Maine
Top

Re: Another Record ($133.80)

Unread postby bodigami » Wed 21 May 2008, 18:17:33

$this->bbcode_second_pass_quote('Revi', 'I')t can't be just the news of peak oil causing a runup like this. There must be a geopolitical or economic reason for this kind of a jump. The numbers on inventory could have spooked the market, but this seems like something bigger, like a panic.


It has being a steady increase in the rate of growth... we're just starting to see the cliff, some rocks falling close to our shoes. That can scare most traders...
bodigami
Permanently Banned
 
Posts: 1921
Joined: Wed 26 Jul 2006, 03:00:00
Top

Re: Another Record ($133.80)

Unread postby idomar » Wed 21 May 2008, 18:17:47

Brent just went to $135.12

ho hum
User avatar
idomar
Peat
Peat
 
Posts: 172
Joined: Tue 20 Mar 2007, 03:00:00
Location: There is no hope for the future
Top

Re: Another Record ($133.80)

Unread postby Novus » Wed 21 May 2008, 18:18:59

The land export model is starting to come into play. We saw how this worked with rice a few months back and how the rice markets failed. As prices went too high producers started pulling product off the market as they were no longer willing to sell such a valuable resource. Market theory states high prices should give incentive for producers to produce more but that is not what we are seeing. Kazakhstan pulled their oil from the market despite the record price. Now prices are even higher and more producers are to becoming tight fisted with their supplies. The oil market is going the way of the rice market. Market theory is failing us and markets themselves are failing. The new reality is the land export model. High prices = less supply. Learn it, get ready for it, live it, it is the new reality.
User avatar
Novus
Intermediate Crude
Intermediate Crude
 
Posts: 2450
Joined: Tue 21 Jun 2005, 03:00:00
Top

Re: Another Record ($133.80)

Unread postby bodigami » Wed 21 May 2008, 18:22:06

$this->bbcode_second_pass_quote('idomar', 'B')rent just went to $135.12

ho hum


$135.13

I propose that Brent also counts for this thread's title.
bodigami
Permanently Banned
 
Posts: 1921
Joined: Wed 26 Jul 2006, 03:00:00
Top

Re: Another Record ($133.80)

Unread postby MrBean » Wed 21 May 2008, 18:24:30

$this->bbcode_second_pass_quote('Revi', 'I')t can't be just the news of peak oil causing a runup like this. There must be a geopolitical or economic reason for this kind of a jump. The numbers on inventory could have spooked the market, but this seems like something bigger, like a panic.


Why can't be? What's more geopolitical and economical than news of PO discussed in nearly every financial publication and even Bush hinting to it speaking to Arabs, PO awareness reaching a saturation point?

Increasing player interest in long term contracts (up to 2016) spells increasing PO awareness in burning letters.
User avatar
MrBean
Heavy Crude
Heavy Crude
 
Posts: 1202
Joined: Sun 26 Sep 2004, 03:00:00
Top

Re: Another Record ($133.80)

Unread postby idomar » Wed 21 May 2008, 18:42:23

$this->bbcode_second_pass_quote('zensui', '')$this->bbcode_second_pass_quote('idomar', 'B')rent just went to $135.12

ho hum


$135.13

I propose that Brent also counts for this thread's title.


agreed, Mods, do the right thing!
User avatar
idomar
Peat
Peat
 
Posts: 172
Joined: Tue 20 Mar 2007, 03:00:00
Location: There is no hope for the future
Top

Re: Another Record ($134.12)

Unread postby dorlomin » Wed 21 May 2008, 19:05:56

$this->bbcode_second_pass_quote('', 'S')ome traders said big investors closing up short positions – bets the oil price will fall in the future – could have caused the jump in oil futures. The number of contracts outstanding – or open interest – for delivery between December 2011 and December 2016 declined as prices rose.
Hmmm the smell (and screams) of burning shorts may have had an impact....

ft
User avatar
dorlomin
Light Sweet Crude
Light Sweet Crude
 
Posts: 5193
Joined: Sun 05 Aug 2007, 03:00:00
Top

Re: Another Record ($134.12)

Unread postby olekriri » Wed 21 May 2008, 19:12:46

I think we'll se a significant correction now. Maybe down by as much as $15.
User avatar
olekriri
Wood
Wood
 
Posts: 33
Joined: Tue 22 Apr 2008, 03:00:00
Top

Re: Another Record ($134.12)

Unread postby bodigami » Wed 21 May 2008, 19:20:54

[s]$134.29[/s]
[s]$134.34[/s]
$134.4

http://www.livecharts.co.uk/MarketCharts/crude.php
prices are still on the $133-$134 range... what is the new "support" level? $125?

$this->bbcode_second_pass_quote('olekriri', 'I') think we'll se a significant correction now. Maybe down by as much as $15.


You think or you wish?
Maybe we will see prices go a bit down, but then continue increasing... we're nearing the cliff after all. And IMO, prices will not stabilize before a collapse of the value of the USA Dollar (and changing the trade of oil to euros... or gold) and significant consumption reduction.
bodigami
Permanently Banned
 
Posts: 1921
Joined: Wed 26 Jul 2006, 03:00:00
Top
PreviousNext
Topic locked

Return to Open Topic Discussion

Who is online

Users browsing this forum: No registered users and 14 guests