[gnm]

Hehe Bloomberg is claiming its dropping because the mighty dollar has recovered from its lows against the Euro. Yeah right, it shot right past a 1/4 cent gain to 1/2. Wheee we're saved.

-G

[firestarter]

CNBC just reported Saudi Arabia is in the process of ramping up production in a significant way (whatever that entails????).

[Leanan]

I think they are referring to the Petrologistics report:

Crude Oil Futures Decline on Signs OPEC Is Increasing Output

$this->bbcode_second_pass_quote('', ' ')Crude oil fell on signs that OPEC is increasing production to reduce record prices and keep the global economy from slowing.

The 12 members of the Organization of Petroleum Exporting Countries will probably boost supply 1.1 percent to 31.6 million barrels a day this month, according to preliminary estimates by PetroLogistics Ltd. The producer group agreed in September to raise production by 500,000 barrels a day starting Nov. 1.

``The Petrologistics numbers are showing a good-size build in OPEC output,'' said Tim Evans, an analyst with Citigroup Global Markets Inc. in New York. ``Most of the increase is from Iraq, which is fairly encouraging.''

[kevincarter]

Now boys and girls listen, oil was just at 98.50 so as usual its time for a nice bed story: long long long time ago in a far, far and distant place there were the good members of the OPEC, they kept increasing oil production up and up with their magic pumps so the world economy could keep going on for ever. Nothing could stop them, for they had the secret powers of petroleum production...

Now back to reality
They announced a boost and oil went down one miserable dollar.

I would like to knock on their heads and say "Hello Mc Fly, are you there? Anyobody home?!!!!"

[Revi]

It dipped big time, and is now climbing back to almost where it was this morning.

[eastbay]

Great bedtime story kevincarter. That was hilarious.

Stories like that allow me to smile when the energy sector dips like it did today.

[frankthetank]

Down big time.

91.10 last i checked.

TO be expected. This whole process is going to be a series of ups and downs. I wouldn't mind if it dropped back down to the $50 level.

[thor]

$this->bbcode_second_pass_quote('frankthetank', 'D')own big time.

91.10 last i checked.

TO be expected. This whole process is going to be a series of ups and downs. I wouldn't mind if it dropped back down to the $50 level.

[gnm]

LOL the latest explanation on bloomborg is that the oil price plummeted because inventory declines (while still declining) were less bad than expected.

so less bad (while still bad) is good...



This is like the twilight zone...

-G

[funzone36]

How are you guys more prepared than those who are unaware of peak oil if each and every day, you are just using a computer without any long-term preparation for peak oil?

[Valdemar]

$this->bbcode_second_pass_quote('funzone36', 'H')ow are you guys more prepared than those who are unaware of peak oil if each and every day, you are just using a computer without any long-term preparation for peak oil?

[eastbay]

This 'raise production' nonsense can only placate the markets for a short time. Then, like the boy who cried wolf, such ridiculous announcements will be widely ignored or ridiculed by both the public and the markets.

$100 and then $150 oil isn't very far off.

[thor]

Oil dropped to $91.60, so there's plenty of crude to continue our party.

[VinceG]

$this->bbcode_second_pass_quote('thor', 'O')il dropped to $91.60, [s]so there's plenty of crude to continue our party[/s].

[whereagles]

This sure is another record. A 10 dollar PLUNGE in 3 days

[Eli]

Look for further drops in oil guys, I think 100 a barrel is aways off now unless something happens.

What we are seeing are clear signs that a recession has gripped the US. The street sees that as meaning less demand, hence the sell off.

It will be interesting to see the over the next few weeks, commodities have been a consistent bright spot in a turbulent market, take that away and things will get even more shaky.

We are in a time right now where bad does = good for some on wall St they see that as another fed cut.

[Armageddon]

$this->bbcode_second_pass_quote('Eli', 'L')ook for further drops in oil guys, I think 100 a barrel is aways off now unless something happens.

What we are seeing are clear signs that a recession has gripped the US. The street sees that as meaning less demand, hence the sell off.

It will be interesting to see the over the next few weeks, commodities have been a consistent bright spot in a turbulent market, take that away and things will get even more shaky.

We are in a time right now where bad does = good for some on wall St they see that as another fed cut.

[dohboi]

Quote:

"This sure is another record. A 10 dollar PLUNGE in 3 days."

Is this another sign that we are inside the "bumpy plateau" that was so widely discussed and debated a while back on these threads? Would the drop have been steeper without the MN pipeline accident?

[Starvid]

Remember the summer of 2006 when oil prices peaked at the immense level of $78.40, before falling back to $60:ish?

If oil goes back to about $78, it will be hugely entertaining to compare the media rhetoric at $78 of 2007 (or 2008) with that of $78 2006.

[Twilight]

(Hysterical woman)

"Not so long ago oil was only $110! Why doesn't the government do something?!"