[yull]

Back up to $130 now. That wasn't much of a respite, looks like the relentless charge upwards is back on.

Also...

Morgan Stanley Says WTI Crude May Reach $150 by July on Freight
http://www.bloomberg.com/apps/news?pid= ... fer=energy

Crude May Reach $140 a Barrel This Month, Libya's Oil Minister Ghanem Says
http://www.bloomberg.com/apps/news?pid= ... fer=energy

[DantesPeak]

$this->bbcode_second_pass_quote('yull', 'B')ack up to $130 now. That wasn't much of a respite, looks like the relentless charge upwards is back on.

Also...

Morgan Stanley Says WTI Crude May Reach $150 by July on Freight
http://www.bloomberg.com/apps/news?pid= ... fer=energy

[DantesPeak]

There is also one more reason for the price to be up $4 today, or $10 since yesterday morning.


$this->bbcode_second_pass_quote('', 'I')srael May Mull Iran Attack on Atomic Work, Mofaz Tells Yediot

By David Rosenberg

June 6 (Bloomberg) -- Israel will have to attack Iran if it doesn't abandon its nuclear-development program, Shaul Mofaz, Israel's transportation minister and a contender for the post of prime minister, told the Yediot Ahronot daily.

International sanctions aimed at stopping Iranian nuclear research haven't been effective and the ``window of opportunity'' to stop what Israel says is the country's plan to develop atomic weapons is closing, Mofaz said in an interview with the newspaper published today.

Any operation against Iran would be taken with the consent of the U.S., Mofaz, who is also the minister responsible for strategic relations with the U.S., told Yediot.

Mofaz, who is mounting a campaign to assume leadership of the government and the ruling Kadima Party from Prime Minster Ehud Olmert, told Yediot he had been in contact with the heads of other parties in parliament about getting their consent for him to take Olmert's place.

Last Updated: June 6, 2008 08:31 EDT

[frankthetank]

@ $131 barrel, a pound of oil costs only 2.4 cents. That still is pretty cheap per pound. A pound of corn costs 10 cents if a bushel is going for $6. You can't eat oil, but a pound of oil has to have a hell of a lot more calories then a pound of corn.

[dorlomin]

$134.36 according to bloomberg.

[idiom]

its 12:41 am and my family is in front of the TV with popcorn yelling "Go Oil! Go Oil!" And booing at people who say its not supply demand.

[yull]

Holy crap, I expected a bounce back but nothing like this! New record today? What odds would you have got on that yesterday morning?

Are we now moving into another stage of even more rapid increases? Good grief.

[frankthetank]

This is nuts. Dow already down everything it gained yesterday. Gold up $19...

Look at natural gas...man some people are going to be pounded so hard in the a$$ next winter come heating bill time.

[Dan1195]

WTI up over $6...wow..thats something you dont see every day..RBOB his $3.45 also.

[DantesPeak]

Here's more info on the Iranian tanker storage situation I mentioned before, which makes more sense now with the comments from Israel:


$this->bbcode_second_pass_quote('', 'W')orld News Connection

June 5, 2008

Iran Increases Tankers Fleet In Persian Gulf

TEHRAN (FNA)- Iran , OPEC's second-largest oil producer, increased the number of tankers idling in the Persian Gulf to at least 14, indicating it may be storing more crude, ship-tracking data show. Iran has at least 14 very large crude carriers, or VLCCs, floating near Khark Island, a loading facility. In April, there were 10, holding at least 20 million barrels of oil, people familiar with the situation said at the time. Shipbrokers also reported that Iran hired three more tankers , which have been near Khark Island for at least two weeks.

The use of vessels for storage has been a "component of the rise" in rental rates, Mathieu Philippe, a tanker broker at Barry Rogliano Salles in Dubai said by phone on Tuesday. Rates have also been bolstered by record crude output by the Organization of Petroleum Exporting Countries and reduced demand for single-hull tankers that increase the risk of oil spills, he said. The 14 supertankers are capable of storing as much as 28 million barrels of oil, equal to about 12 days of Iran's total output. The three tankers hired by National Iranian Tanker Company can store another 5 million barrels between them. Iran will start cutting the amount of crude stored on tankers this month, Energy Intelligence reported on its Web site May 29, citing Hojatollah Ghanimifard, executive director of international affairs at the National Iranian Oil Company.

[Utopia]

$135.37 New record ladies and gentleman

edit: $135.39 now

edit: $136.07

edit: $136.34 Wow...

edit: $136.59.. Am I reading that right?

edit: $137.62

[Forney2008]

$this->bbcode_second_pass_quote('DantesPeak', 'H')ere's more info on the Iranian tanker storage situation I mentioned before, which makes more sense now with the comments from Israel:


$this->bbcode_second_pass_quote('', 'W')orld News Connection

June 5, 2008

Iran Increases Tankers Fleet In Persian Gulf

TEHRAN (FNA)- Iran , OPEC's second-largest oil producer, increased the number of tankers idling in the Persian Gulf to at least 14, indicating it may be storing more crude, ship-tracking data show. Iran has at least 14 very large crude carriers, or VLCCs, floating near Khark Island, a loading facility. In April, there were 10, holding at least 20 million barrels of oil, people familiar with the situation said at the time. Shipbrokers also reported that Iran hired three more tankers , which have been near Khark Island for at least two weeks.

The use of vessels for storage has been a "component of the rise" in rental rates, Mathieu Philippe, a tanker broker at Barry Rogliano Salles in Dubai said by phone on Tuesday. Rates have also been bolstered by record crude output by the Organization of Petroleum Exporting Countries and reduced demand for single-hull tankers that increase the risk of oil spills, he said. The 14 supertankers are capable of storing as much as 28 million barrels of oil, equal to about 12 days of Iran's total output. The three tankers hired by National Iranian Tanker Company can store another 5 million barrels between them. Iran will start cutting the amount of crude stored on tankers this month, Energy Intelligence reported on its Web site May 29, citing Hojatollah Ghanimifard, executive director of international affairs at the National Iranian Oil Company.

[wxman]

Shot up $3 in 15 minutes to a new record. Wow.

[biofuel13]

i think i see 137.60?

[Armageddon]

$this->bbcode_second_pass_quote('Forney2008', '')$this->bbcode_second_pass_quote('DantesPeak', 'H')ere's more info on the Iranian tanker storage situation I mentioned before, which makes more sense now with the comments from Israel:


$this->bbcode_second_pass_quote('', 'W')orld News Connection

June 5, 2008

Iran Increases Tankers Fleet In Persian Gulf

TEHRAN (FNA)- Iran , OPEC's second-largest oil producer, increased the number of tankers idling in the Persian Gulf to at least 14, indicating it may be storing more crude, ship-tracking data show. Iran has at least 14 very large crude carriers, or VLCCs, floating near Khark Island, a loading facility. In April, there were 10, holding at least 20 million barrels of oil, people familiar with the situation said at the time. Shipbrokers also reported that Iran hired three more tankers , which have been near Khark Island for at least two weeks.

The use of vessels for storage has been a "component of the rise" in rental rates, Mathieu Philippe, a tanker broker at Barry Rogliano Salles in Dubai said by phone on Tuesday. Rates have also been bolstered by record crude output by the Organization of Petroleum Exporting Countries and reduced demand for single-hull tankers that increase the risk of oil spills, he said. The 14 supertankers are capable of storing as much as 28 million barrels of oil, equal to about 12 days of Iran's total output. The three tankers hired by National Iranian Tanker Company can store another 5 million barrels between them. Iran will start cutting the amount of crude stored on tankers this month, Energy Intelligence reported on its Web site May 29, citing Hojatollah Ghanimifard, executive director of international affairs at the National Iranian Oil Company.

[biofuel13]

HOLY $H!T!!!! I could never have guessed that 2 days after $121 we would be demolishing the record!

[eXpat]

$this->bbcode_second_pass_quote('biofuel13', 'i') think i see 137.60?

[KevO]

new record
http://www.bloomberg.com/energy/

[Forney2008]

Done! It is going like parabolic now!!!

[yull]

Sweet baby Jesus, up $15+ in 2 days. Record one day gain smashed 2 days in a row.

Anyone else getting a bit spooked?