[jdumars]

$this->bbcode_second_pass_quote('OilFinder2', '
')Well, here are the results of your "fascinating week."

On Monday the 16th, the day you posted this, oil opened on the NYMEX at $134.51. It closed on Friday at $134.62. Up a whopping 11 cents. (source).

So much for the "rough stretch."

[copious.abundance]

$this->bbcode_second_pass_quote('jdumars', 'I') was going to write something sarcastic, but opted not to. Look, the fact that it closed above the start of the week at all is amazing and very disconcerting considering the MAJOR announcement that China is lifting its subsidies. If that had NOT happened, yeah, we'd be looking at $140 oil. For the life of me, I can't figure out what keeps you here, OF... While I appreciate the hydrocarbon gadfly as much as the next guy, it's pretty much time to drop the cornucopian BS.

[jdumars]

OF, I am certainly with you on this... we need a LOT less alarmist prognostication here. But, on the other hand, some things that should be sounding the alarm for real are not.

[DantesPeak]

$this->bbcode_second_pass_quote('OilFinder2', '')$this->bbcode_second_pass_quote('jdumars', 'I') was going to write something sarcastic, but opted not to. Look, the fact that it closed above the start of the week at all is amazing and very disconcerting considering the MAJOR announcement that China is lifting its subsidies. If that had NOT happened, yeah, we'd be looking at $140 oil. For the life of me, I can't figure out what keeps you here, OF... While I appreciate the hydrocarbon gadfly as much as the next guy, it's pretty much time to drop the cornucopian BS.

[Micki]

Currently oil is up about 50-70cents (depending on contract).

There has also been a lot of writing about peak oil etc in media.
Reading swedish news (aftonbladet.se) today I for instance find articles on PO (Interview with Kjell Aleklett for ASPO) and article about electric cars hitting the market in 2010.

My contrarian voice is now whispering that it looks like ingredients for sucking in novice traders into oil shares, bubbling and then popping the bubble.

Having that said, by popping bubble, I of course mean short term.
Just the normal fleecing of small speculators before the trend reasserts itself again.

The big question is of course how high it will go before we see a pullback. I think it wil depend a lot on geopolitics right now.

[DantesPeak]

Frist they were sucked out.

Speculators might push up the price of oil shares because they've been told to avoid them as oil went to $90, $100, $140. They are still trading as if oil will stay around $80.

If anything, in historical terms the last six months should go down in history as a great period of (anti?) speculation against the rising price of oil.

[threadbear]

$this->bbcode_second_pass_quote('DantesPeak', 'F')rist they were sucked out.

If anything, in historical terms the last six months should go down in history as a great period of (anti?) speculation against the rising price of oil.

[Peleg]

Is it Saudi or is it Arabian? Because Comical Ali was into this sort of thing too. 'The infidels have choked on their own vomit in their sleep!'

Listen, there is some chance that we all could be being taken for a ride here. We take so much of the information we get for granted. God forbid things should ever go really wrong and they start completely inventing news just to control us, to study us.

How much are they coming up with? $130 is tanking the American economy, demand is down 4% in April YOY. What is the benefit here and at this time of multiple economic woes? If the Saudi's could add three four million barrels of decent oil ot the market it would have happened long ago.

What I see going on at least for the last two weeks is grasping at any story to hide the fact that the speculators are range trading this dog. I think we all know that extracting value from volatility over $130 seems sexy to Gordon Gekko but not to anyone making less than $30k. I know alot of those traders work for funds. Great! So out of someone elses uncertainty and fear extract a few more pieces of paper, while the overarching fundamentals cut the value of them in half in the next five years, while oil doubles again in the next two.

What is so sad here is that, unless the thing breaks down completely and we have a major financial catastrophe, nothing will get done about any of it.

Peak Oil is all over the cable news networks, but the big three don't want to touch it.

Don't fix it if it ain't broke, or if the accountant can convince those who might call for oversite that it ain't broke.

It's a dispicable greasy shame.

[smallpoxgirl]

$this->bbcode_second_pass_quote('OilFinder2', 'D')on't forget, it rose again on Friday after traders decided the China thing might not be such a big deal after all.

[drakedaggers]

130 is our new floor

[DantesPeak]

$this->bbcode_second_pass_quote('threadbear', '')$this->bbcode_second_pass_quote('DantesPeak', 'F')rist they were sucked out.

If anything, in historical terms the last six months should go down in history as a great period of (anti?) speculation against the rising price of oil.