[SeaGypsy]

Bloody oath Sparky! So stupid how down here in Australia most news outlets are still posting WTI as if it meant something, as THE oil price! The ABC has switched to Tapis in the last few months. Usually within a buck or two of Brent.

[kublikhan]

$this->bbcode_second_pass_quote('SeaGypsy', 'L')ooks like being in the $96.40/ 70 range. Puts me out with a $3.00ish lead.

[PeakOiler]

There was essentially no change in the closing price this week, so the standings did not change from last week with the exception of Quinny and wisconsin_cur who switched ranks.

Perhaps a higher closing price will occur in the next couple of weeks after the effects of TS/hurricane Isaac are better known.

Last I read, about 70% of the Gulf of Mexico's oil and gas production were shut in from the storm.

[kublikhan]

Anyone going to take over this thread now that PeakOiler has left us?

[Pops]

I saw him in PFTF the other day. the last price is 97.03 on 9/11 so probably not much change

Worse comes to worse I already have the spreadsheet laid out...

[careinke]

$this->bbcode_second_pass_quote('Pops', 'I') saw him in PFTF the other day. the last price is 97.03 on 9/11 so probably not much change

Worse comes to worse I already have the spreadsheet laid out...

[Quinny]

PFTF???

[davep]

Planning For The Future

[Revi]

I am pleased that I went from 33rd to 28th place. Maybe in the backstretch we'll see the 157 high price happen. I may be a 50-1 bet, but if my horse comes in, it will be awesome! (maybe not so awesome for people buying oil)

[SeaGypsy]

An embargo and it's anyone's game.

[Beery1]

Well, I'm going to go out on a limb here and suggest that things might change pretty radically. With three months to go and the world situation seeming a lot more precarious than it has been since the spring, it seems to me that there's a good chance of a price spike. The real question is, if that happens, who is still around with a reasonably close low call and therefore a good chance to take the lead?

[davep]

Is it bad to wish for war in order to gain love and respect from virtual people?

[careinke]

Oil is tanking. $91.36 as I type. I wonder if $100 is the new ceiling that causes an economic slowdown, which in turn lowers the price? I think Pops had a theory along those lines.
http://www.marketwatch.com/investing/future/crude%20oil%20-%20electronicWTI

[ralfy]

In an economic slowdown, income levels also go down and unemployment goes up, which eventually makes the cheaper oil price expensive. And since oil cost production tends to remain sticky, then demand destruction is accompanied by production going offline.

Finally, the oil price should be around $40, which was the case from 1990 to 2004.

[Revi]

The Saudis are supposedly pumping more to get the price down despite the advent of QE3. I think it was part of the deal. It will work for a while, until something happens.

It's ok by me, because that means that the northern hemisphere will be able to make it through winter. This may not happen next year, or the year after that.

[PeakOiler]

[sparky]

.
Some weird stuff has been hitting the markets for a week
the OPEC basket price is usually pretty boring , it hit a cliff

http://www.opec.org/opec_web/en/data_graphs/40.htm

[wisconsin_cur]

{Singing}
Someday my crash will come....
{/singing}
but this year is looking less likely.

[Outcast_Searcher]

$this->bbcode_second_pass_quote('ralfy', 'I')n an economic slowdown, income levels also go down and unemployment goes up, which eventually makes the cheaper oil price expensive. And since oil cost production tends to remain sticky, then demand destruction is accompanied by production going offline.

Finally, the oil price should be around $40, which was the case from 1990 to 2004.

[Outcast_Searcher]

Well, I actually expected Isreal (with behind the scenes US backing) to hit Iran by year-end. If it does, the group with high prices like mine could end up sitting pretty. But I guess we won't know until after the election, as it appears the ONE thing Obama could do which could easily cost him the election now (despite all the right wing punditry acting like Romney will actually win the debates by a mile -- yeah sure -- that'll happen) -- would be to unleash the nightmare of the potential Iranian response on the US economy by letting that attack occur BEFORE the election.

More likely, this will be an interesting wild card for 2013's price challenge, IMO.