[Eli]

headed back up now.

[Bas]

$this->bbcode_second_pass_quote('AirlinePilot', 'O')il is DOWN after an unexpected fall in inventory his morning.

WTF?

Might as well not even bother using common sense in this market. All reason has been lost.

PPT? More like Gandalf and a magic wand!

[DantesPeak]

$this->bbcode_second_pass_quote('Bas', '')$this->bbcode_second_pass_quote('AirlinePilot', 'O')il is DOWN after an unexpected fall in inventory his morning.

WTF?

Might as well not even bother using common sense in this market. All reason has been lost.

PPT? More like Gandalf and a magic wand!

[Leanan]

It often takes awhile for the report to sink in.

Heck, it took a whole day last week.

It's striking that oil is rising so much in a holiday week, really. Traders are usually as anxious as anyone to get out of town.

[DantesPeak]

The Gulf Cooperation Council is beginning the devaluation of the dollar against its currencies. This could take a week to complete. It's likely to be the push needed to get oil over $100 – unless we get some more very bad news about the mortgage credit collapse. On the later, don’t be too surprised if the news gets worse - so it may take another one or two bad weekly inventory reports to get there.

$this->bbcode_second_pass_quote('', 'K')uwait raises value of dinar vs US dollar by 0.56 pct
11.21.07, 4:53 AM ET

KUWAIT CITY (Thomson Financial) - Kuwait's central bank has raised the value of the dinar by 0.56 pct against the US dollar.

The Middle Eastern country abandoned its peg to the dollar in May, linking the dinar to a basket of currencies instead as the greenback continued to weaken.

This prolonged weakness has sparked speculation the rest of the Gulf Co-operation Council (GCC) -- a group of oil-rich nations comprising Kuwait, Saudi Arabia, the United Arab Emirates, Bahrain, Oman and Qatar -- could abandon their dollar pegs. The UAE central bank has already said it is looking at following Kuwait's lead.

[shortonoil]

DantesPeak said:

$this->bbcode_second_pass_quote('', 'I')t's likely to be the push needed to get oil over $100 – unless we get some more very bad news about the mortgage credit collapse. On the later, don’t be too surprised if the news gets worse - so it may take another one or two bad weekly inventory reports to get there.

[aflurry]

$this->bbcode_second_pass_quote('AirlinePilot', 'O')il is DOWN after an unexpected fall in inventory his morning.

WTF?

Might as well not even bother using common sense in this market. All reason has been lost.

PPT? More like Gandalf and a magic wand!

[shortonoil]

aflurry said:

$this->bbcode_second_pass_quote('', 's')o, what people consider surprising market reactions is actually proof that it's working.

[Gandalf_the_White]

Nightly News Flash, the problem is that everyone in India and China wants a car. The current gap between supply and demand is a demand side problem. Someone even said that the fact that global economic growth was strong in the last six years proves that the problem is strictly demand side. However another premise is that demand calls for its own supply. So if there is more good oil out there to get these high prices ought to really grease the wheels of progress, to coin a phrase.

Maiar New Flash: The dollar is crashing, oil is peaking, and you cannot hide from the eyes that see. Make your wars, but an account will be required.

[aflurry]

$this->bbcode_second_pass_quote('Gandalf_the_White', 'S')omeone even said that the fact that global economic growth was strong in the last six years proves that the problem is strictly demand side.

[Leanan]

Almost hit $99 again.

[DantesPeak]

$this->bbcode_second_pass_quote('Leanan', 'A')lmost hit $99 again.

[Leanan]

No $100 oil yet, but it was a record close:

$this->bbcode_second_pass_quote('', 'O')il futures resumed their march toward $100 a barrel Friday, rising to a new record close in light holiday trading on concerns about tight heating oil supplies while also drawing support from a buoyant stock market.

...Light, sweet crude for January delivery rose 89 cents to settle at $98.18 a barrel on the New York Mercantile Exchange, besting the previous settlement record by 15 cents, while December heating oil futures rose 1.68 cents to settle at $2.7042 a gallon after earlier setting a new trading record of $2.7181 a gallon.

[PeakingAroundtheCorner]

$this->bbcode_second_pass_quote('Leanan', 'N')o $100 oil yet, but it was a record close:

$this->bbcode_second_pass_quote('', 'O')il futures resumed their march toward $100 a barrel Friday, rising to a new record close in light holiday trading on concerns about tight heating oil supplies while also drawing support from a buoyant stock market.

...Light, sweet crude for January delivery rose 89 cents to settle at $98.18 a barrel on the New York Mercantile Exchange, besting the previous settlement record by 15 cents, while December heating oil futures rose 1.68 cents to settle at $2.7042 a gallon after earlier setting a new trading record of $2.7181 a gallon.

[DantesPeak]

Starting the new week at $98.50.

Possible positives today - the ECB may make a major infusion of new funds this week, as more problems related to the collapse of the US mortgage backed securities market are revealed. That is - more money creates more inflation.

Possible negative - Lebanon and Pakistan look calmer than last Friday.

Unknown as of yet - projected oil & product inventory situation in the US.


Edit ECB information:

$this->bbcode_second_pass_quote('', 'T')he mounting troubles in lending markets prompted the European Central Bank to say Friday that it will pump in extra funds through the turn of the year, if necessary. Tomorrow, the ECB is expected to supply more than the usual amount of short-term loans to euro-area banks during its weekly refinancing operation, following an operation Thursday in which it provided an added €60 billion in three-month loans. The central bank uses the increase or decrease of funding to keep the rates that banks charge one another for short-term loans close to its 4% target.

[PeakingAroundtheCorner]

$this->bbcode_second_pass_quote('DantesPeak', 'S')tarting the new week at $98.50.

Possible positives today - the ECB may make a major infusion of new funds, as more problems related to the collapse of the US mortgage backed securities market are revealed. That is - more money creates more inflation.

Possible negative - Lebanon and Pakistan look calmer than last Friday.

Unknown as of yet - projected oil & product inventory situation in the US.

[eastbay]

$98.90. Scratching away at the ceiling...

[Leanan]

Broke $99 again last night.

[Zardoz]

Now it's dropping again. A hundred bucks is a tough pychological barrier. We could get well into 2008 before NYMEX crude settles above three digits and stays there.

It will, of course. It's just a matter of time.

[Armageddon]

Somthing is causing people to sell when it hits a certain number. Profit takers