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Re: Another Oil price Record

What's on your mind?
General interest discussions, not necessarily related to depletion.
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Re: Another Record

Unread postby Zardoz » Wed 31 Oct 2007, 15:27:31

Image

Wholesale gasoline should exceed the $2.40 record by the end of this week.
"Thank you for attending the oil age. We're going to scrape what we can out of these tar pits in Alberta and then shut down the machines and turn out the lights. Goodnight." - seldom_seen
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Re: Another Record

Unread postby emersonbiggins » Wed 31 Oct 2007, 15:32:57

$this->bbcode_second_pass_quote('Andrew_S', 'G')old and silver just gapped down a few minutes ago but quickly recovered (gold by over $7). Anybody know why?

Perhaps the 25bp Fed rate cut announced 30 min ago?
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Re: Another Record

Unread postby Andrew_S » Wed 31 Oct 2007, 15:37:18

$this->bbcode_second_pass_quote('emersonbiggins', '')$this->bbcode_second_pass_quote('Andrew_S', 'G')old and silver just gapped down a few minutes ago but quickly recovered (gold by over $7). Anybody know why?

Perhaps the 25bp Fed rate cut announced 30 min ago?


Sorry I wasn't clear. Sure, I assumed that was the cause. But what might have been the rationale for presumably some big sales?
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Re: Another Record

Unread postby emersonbiggins » Wed 31 Oct 2007, 15:43:47

$this->bbcode_second_pass_quote('Andrew_S', '')$this->bbcode_second_pass_quote('emersonbiggins', '')$this->bbcode_second_pass_quote('Andrew_S', 'G')old and silver just gapped down a few minutes ago but quickly recovered (gold by over $7). Anybody know why?

Perhaps the 25bp Fed rate cut announced 30 min ago?


Sorry I wasn't clear. Sure, I assumed that was the cause. But what might have been the rationale for presumably some big sales?


Oh, no idea here. Sorry. :oops:
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Re: Another Record

Unread postby Leanan » Wed 31 Oct 2007, 15:52:20

From CNN:

Crude oil prices skyrocketed $4.15 to settle at $94.53 a barrel on report of lower inventories, topping Monday's record. More soon.
"The problems of today will not be solved by the same thinking that produced the problems in the first place." - Albert Einstein
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Re: Another Record

Unread postby Zardoz » Wed 31 Oct 2007, 16:09:06

Barchart.com is showing $94.80 as the high.
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Re: Another Record

Unread postby Leanan » Wed 31 Oct 2007, 16:39:13

Oil jumps $4 on Fed, supplies

$this->bbcode_second_pass_quote('', 'O')il prices set a new record high Wednesday, jumping over $4 on an expected interest rate cut from the Federal Reserve and dwindling supplies in the United States.

U.S. light crude for December delivery jumped $4.15 to settle at a new record of $94.53 a barrel on the New York Mercantile Exchange, topping Monday's record close of $93.80 a barrel. Prices rose as high as $94.74 in intraday trade, surpassing crude's all-time record trading high of $93.80 a barrel, also set Monday.
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Re: Another Record

Unread postby joewp » Wed 31 Oct 2007, 17:45:49

It's at $95.20 in electronic "after hours" trading.

Just up and up and up...
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Re: Another Record

Unread postby DantesPeak » Wed 31 Oct 2007, 17:47:09

After the oil markets closed, PEMEX came out with a surprise announcement that its recent production cuts were twice as bad as originally stated - plus they are having problems with a pipeline connected to storage facilities:

http://www.peakoil.com/post541811.html#541811
Another 600,000 out of the equation

Needless to say, this is positive for oil prices.
It's already over, now it's just a matter of adjusting.
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Re: Another Record

Unread postby whereagles » Wed 31 Oct 2007, 18:16:37

$95 crossed 8O

Image

(image not fixed - may vary at later time, but only upwards :p)
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Re: Another Record

Unread postby static66 » Wed 31 Oct 2007, 18:28:03

We are certainly here people.... King Abdullah in Britain with six... yes six jumbo jets and 400 advisors... yeah, just a "state" visit.....
we will have $100bbl oil within the week!!!!! DID YOU HEAR ME OUT THERE!!!! $100bbl oil within the week!!!!!! This is fuckin it for our economy.... I really don't think you corno's are going to be able to process the shit coming your way in the next three months.

Read...

The severe weakness in the capacity utilization number is shocking," said Kevin Kerr, president of Kerrtrade.com and editor of MarketWatch's Global Resources Trader. "$96 to $100 is now not only likely but probable within seven to 14 days if not much sooner."

What? this isn't supposed to happen until next year.... prices should have retreated back to $85.....
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Re: Another Record

Unread postby DantesPeak » Wed 31 Oct 2007, 18:39:41

$this->bbcode_second_pass_quote('static66', 'W')e are certainly here people.... King Abdullah in Britain with six... yes six jumbo jets and 400 advisors... yeah, just a "state" visit.....
we will have $100bbl oil within the week!!!!! DID YOU HEAR ME OUT THERE!!!! $100bbl oil within the week!!!!!! This is fuckin it for our economy.... I really don't think you corno's are going to be able to process the shit coming your way in the next three months.

Read...

The severe weakness in the capacity utilization number is shocking," said Kevin Kerr, president of Kerrtrade.com and editor of MarketWatch's Global Resources Trader. "$96 to $100 is now not only likely but probable within seven to 14 days if not much sooner."

What? this isn't supposed to happen until next year.... prices should have retreated back to $85.....


Yeah, it seems like it was just yesterday that Goldman Sachs said oil would quickly fall back to $80, others said $70 to $75, and Lynch said the market was way over-priced.

Hey, wait a minute - that was just yesterday.

Nevermind. :)
It's already over, now it's just a matter of adjusting.
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Re: Another Record

Unread postby bonehead » Wed 31 Oct 2007, 18:55:39

The dollar weakened again today after the rate cut.Lower dollar,bigger profits.I don't trust anyone in the oil business,supplies may be low but they're not real emergencies.A month ago they were saying that supplies were right around the five year average and and crude skyrocketed anyway.Artificial supply worries anyone?

Next thing you know,they'll be raising prices because someone farted on an oil rig.
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Re: Another Record

Unread postby Zardoz » Wed 31 Oct 2007, 19:32:56

$this->bbcode_second_pass_quote('bonehead', 'A')rtificial supply worries anyone?

Refer to my post at the bottom of page 25.

Meanwhile, things continue to get further out of hand:

Image
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Re: Another Record

Unread postby Eli » Wed 31 Oct 2007, 19:48:27

I have to say I can't believe we are here already. This is going to suck but maybe everything will be OK and we will be able to avoid the crushing pain that comes next.
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Re: Another Record

Unread postby Bas » Wed 31 Oct 2007, 19:51:24

the highest I see on my chart is $95.81; that's more than a 6 dollar rise within 24 hours, extraordinary!
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Re: Another Record

Unread postby Starvid » Wed 31 Oct 2007, 19:57:44

I go away for a few days and the market freaks out! 8O
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Re: Another Record

Unread postby shortonoil » Wed 31 Oct 2007, 20:04:24

$95 oil will contribute $580 billion to our $780 billion current account deficit. This is more than $200 billion more than last year. Either our current account deficit will rise, which it can’t with our present credit crunch and lack of foreign investment, or Mr. & Mrs. American will be buying a lot less made in China consumer junk.

This will be a sad, sad day for the country’s love affair with Wal-Mart.
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Re: Another Record

Unread postby Armageddon » Wed 31 Oct 2007, 20:07:59

What's next, back down to the 80's, or up into the 100's ?
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Re: Another Record

Unread postby darren » Wed 31 Oct 2007, 20:21:16

$this->bbcode_second_pass_quote('Armageddon', 'W')hat's next, back down to the 80's, or up into the 100's ?


I have a bet with a friend on that very question (entered today)... 90 or 100 next? (I'm 100). When it was at 69 I had the same bet with endpoints of 62-80... so I'm batting 1.000 so far :)

Dinner rides on it.... others play for bigger stakes.
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