[Armageddon]

$this->bbcode_second_pass_quote('smallpoxgirl', 'I') think it's pretty bogus to equate the sale of a futures contract as having the same economic effect as the sale of a barrel of oil. Paper demand gets met with paper supply that is just as easy to create out of thin air. If the futures market was overpriced, supply should be starting to overwhelm demand. The price of the futures contracts would tank as they approach expiration because no one would want future delivery. All the speculators would lose their shirts. The only way that a speculator can affect the supply demand equation for the physical product is to buy and hoard the physical product. The only place that's happening is the SPR. Otherwise, stores of physical oil are lower than they were a year ago.

[idiom]

If it hits $150 on or by Tuesday, Goldman Sachs will be crowing a bit.

[TheDude]

Yergin speaks of the cumulative psychological add-on effect of a peak oil mindset. With the ubiquitousness of the term he may have a point:

[web]http://www.google.com/search?q=bloomberg+energy&ie=UTF-8[/web]

[lowem]

Whoa! There's nothing quite like waking up to yet another record in (for me) overnight trading on NYMEX.

We've broken out of the consolidation range from just above $130 to just below $140. It's not quite a decisive breakout yet, but - just wait and see.

$150 oil here we come!

[Novus]

I don't think the powers that be will be able to scapegoat the speculator boogyman for much longer. If oil goes to $150 and beyond that is not speculation but full blown panic. Few realize unless they have been reading this forum that the world in 12 to 18 months is going to look drastically different than it does right now. A way of life based on cheap oil is coming an end. Demand destruction is setting yet oil continues to increase. Demand destruction would effectively call the speculator's bluff but this is no bluff.

The 87 MBPD figure includes a lot non-oil products such as ethanol and oil produced from tar sands. This is not the same as producing 87 MBPD of light sweet crude which has an EROEI in the 30 range. The coefficient of net available oil is much lower than 87 MBPD. Remember my graph:



The END is near people. The end is near.

[Niagara]

Thanks Novus!

I remember you posting that graph a few years ago but I couldn't find it for some reason. I think your thread was called "net oil" or something.

[olekriri]

Light Crude: $141.64

[Sketh]

141.71

[lowem]

We're on track for $150.

Go for it, oil traders!

[simontay78]

Lowem....haha...fanning the fire more!? LOL
seems like it's consolidating right now...around $140 to $141++

Woot...Huston we have a...

[Zardoz]

My God, Tapis is over $146 on the spot market:

http://www.upstreamonline.com/market_da ... kets_crude

[sparky]

.

The west Texas intermediate bench mark is bogus , as a grade of oil it's an obsolescence . same with Brent ,
the stuff doesn't exist anymore both are a blend of other light crudes .
The problem with the NYMEX trading is that now there is a real post peak in top crude
the usual crude available is heavier and sour ( sourer ? ) much closer to the OPEC basket mix .

.

[charliehelyes]

$141.44!!

[something_awfull]

$this->bbcode_second_pass_quote('charliehelyes', '$')141.44!!

[something_awfull]

$this->bbcode_second_pass_quote('something_awfull', '')$this->bbcode_second_pass_quote('charliehelyes', '$')141.44!!

[charliehelyes]

$142.29

[lowem]

NYMEX CSO says $142.26 high for the front-month Aug 2008 delivery. Nov and Dec 2008 delivery have hit $143.00.

Simply incredible - I come back home from work to yet another record.
It was $133-134 just a day ago.

[smallpoxgirl]

142.26 overnight

[vision-master]

$this->bbcode_second_pass_quote('smallpoxgirl', '1')42.26 overnight

[Armageddon]

$this->bbcode_second_pass_quote('vision-master', '')$this->bbcode_second_pass_quote('smallpoxgirl', '1')42.26 overnight