[Doly]

For those who want a source, the prices for whale oil and similar resources that we have managed to deplete in the past can be found here:

http://www.aspoitalia.net/index.php?opt ... &Itemid=99

I think even more interesting that the extremely fast rise in the last week, is what happened to oil futures. The Financial Times report:

$this->bbcode_second_pass_quote('', '
')Oil prices jumped as much as 7 per cent this week, peaking on Thursday at a record $135.09. The price of long-term oil contracts outpaced the spot price, surging as much as 15 per cent as confidence that supplies could meet demand in the next five to 10 years crumbled.

[charliehelyes]

$this->bbcode_second_pass_quote('', '')$this->bbcode_second_pass_quote('', '
')Oil prices jumped as much as 7 per cent this week, peaking on Thursday at a record $135.09. The price of long-term oil contracts outpaced the spot price, surging as much as 15 per cent as confidence that supplies could meet demand in the next five to 10 years crumbled.

[Niagara]

{bump}

Welcome visitors, this is one of the more popular threads here. One you'll want to watch closely.

[eastbay]

Back up to $133.00 in Asian trading this Sunday before Memorial Day.

yes, this is one of a few MUST read threads.

[dohboi]

Thanks for the link, doly.

Yes, the behavior in the long-term futures market does suggest that some kind of PO awakening is going on in some corners. This could make for an interesting week. Perhaps some major movement even on Tuesday?

[lowem]

NYMEX crude oil did a vertical take-off in the afternoon (Singapore local) and is at $133.40. And going strong.

From a technical point of view, we're still sort of in the middle of nowhere, having bounced off the $130 support level, and heading for the next set of resistance levels which should be $150, $180, $200 and beyond. Support levels are $130, $120, $110, $100 and $90.

A warm welcome to new visitors.

Hope you enjoy the ride.

[lawnchair]

It looks like the MEND Nigerian rebels are back. Another pipeline destruction and 11 soldiers killed this morning.

BBC

[PeakingAroundtheCorner]

$this->bbcode_second_pass_quote('lawnchair', 'I')t looks like the MEND Nigerian rebels are back. Another pipeline destruction and 11 soldiers killed this morning.

BBC

[eastbay]

Nice bump up to $133.25 right now. Is that due to US speculators? Of course not. We are all on holiday today!!


The stuff is just getting scarcer. That's all there is to it.

[bodigami]

It looks quite solid at $132 +/- $3, neither up or down much from that range. Let's wait to see what happens before the start of next week.

[TreebeardsUncle]

Have folks seen the latest bs in the msm about making oil spec illegal or the like. That would just keep prices too low relative too supply and demand produce shortages. Folks here in the states are too entitled to their dream world.
g

[DantesPeak]

$this->bbcode_second_pass_quote('TreebeardsUncle', 'H')ave folks seen the latest bs in the msm about making oil spec illegal or the like. That would just keep prices too low relative too supply and demand produce shortages. Folks here in the states are too entitled to their dream world.
g

[sjn]

$this->bbcode_second_pass_quote('DantesPeak', '')$this->bbcode_second_pass_quote('TreebeardsUncle', 'H')ave folks seen the latest bs in the msm about making oil spec illegal or the like. That would just keep prices too low relative too supply and demand produce shortages. Folks here in the states are too entitled to their dream world.
g

[Armageddon]

US consumption is down 4.3% from March of last year. $100.00+ per barrel had to take its toll sooner or later.

[whereagles]

yup. it's going DOWN, DOWN, DOWN-DOWN-DOWN!

[Dan1195]

Decent pullback today. Question is are we finally going to see a correction or is this just a kneejerk reaction due the report about demand in the U.S. going down. If its just a reaction to that report it will just be temporary as any decline in demand here will be offset by countries like China which subsidize the cost of gasoline. Yes Indonesia said it was going to stop subsidizing but since they do not use much oil any effects resulting from demand destruction here will be very minor.

[alokin]

bloomberg

they tell that Russian production may rise

[chuck6877]

$this->bbcode_second_pass_quote('Dan1195', 'D')ecent pullback today. Question is are we finally going to see a correction or is this just a kneejerk reaction due the report about demand in the U.S. going down. If its just a reaction to that report it will just be temporary as any decline in demand here will be offset by countries like China which subsidize the cost of gasoline. Yes Indonesia said it was going to stop subsidizing but since they do not use much oil any effects resulting from demand destruction here will be very minor.

[idiom]

For me its all still happening to people out there in internet land.

And I am a huge fan of Fallout, Stalker and Mad Max.

Not being in a target zone, ThermoNuclear War is still something that might happen to other people.

I did see the price of LPG go up by 10 cents while I was sitting in a forecourt. Even then it made me giddy. I am still 'Woohooo look at how much I am paying!!'

is this a bad sign?

[dohboi]

Chuck, I think you are mistaking occasional gallows humor for glee, in most cases.

There is going to be volatility, more and more of it. But the price is going to keep going up over time. This has been the standard theory of all major peak oil theorists. Day to day, and even month to month timing of prices is, of course, nearly imposible. You seem to be making quite a bit about a one day (so far) dip. We'll see how long that lasts.

And I see no reason that gas prices shouldn't continue to rise, unfortunately, even if oil price stalls for a while.

So do you see the price of oil or of gas going significantly down in the next six months? Twelve months? Two, five, ten...years?