[emersonbiggins]

$100.01, to be exact. $100 will look cheap in 5 years, I'm sure.
$this->bbcode_second_pass_quote('', ' ')AP Oil Jumps Above $100 on Refinery Outage
Tuesday February 19, 3:08 pm ET By John Wilen, AP Business Writer
Oil Jumps Back Above $100 on a Texas Refinery Outage and Possible OPEC Production Cut

NEW YORK (AP) -- Oil futures shot higher Tuesday, closing above $100 for the first time as investors bet that crude prices will keep climbing despite evidence of plentiful supplies and falling demand. At the pump, gas prices rose further above $3 a gallon.

There was no single driver behind oil's sharp price jump; investors seized on an explosion at a 67,000 barrel per day refinery in Texas, the falling dollar, the possibility that OPEC may cut production next month, and continuing tensions between the U.S. and Venezuela.

Gasoline and heating oil prices appeared to be leading the advance, rising faster in percentage terms than oil due to the explosion Monday at Alon USA's Big Spring, Texas, refinery, which could be shuttered for two months.

"The refinery fire in Texas is making people a little concerned," said Michael Lynch, president of Strategic Energy & Economic Research Inc. in Amherst, Mass.

Light, sweet crude for March delivery rose $4.51 to settle at a record $100.01 a barrel on the New York Mercantile Exchange after earlier rising to $100.10, a new trading record. It was the first time since Jan. 3 that oil had been above $100. ...

[BigTex]

One thing that is striking about what happened today is that there really wasn't a catalyst that you could point to. Refinery outages haven't bumped the price like that in the past.

[joeltrout]

$this->bbcode_second_pass_quote('BigTex', 'O')ne thing that is striking about what happened today is that there really wasn't a catalyst that you could point to. Refinery outages haven't bumped the price like that in the past.

[sdcoyote]

It is going to be an amazing spring, I think.

If someone had told me this in 2000, I would have called them a lunatic.

[BigTex]

When markets move up like this without an apparent trigger you're in the middle of a BULL market.

Think about what's going to happen when there is a hurricane, or shooting starts in the ME, or a pipeline is blown up, or any number of other crazy things happen in:

Nigeria
SA
Iraq
Iran
Venezuela
Alaska
The Gulf of Mexico
Mexico

[oddone]

For ca. 95% of the world population, the oil price is the same or less compared to yesterday.

Watch the dollar fall...

It's like trading commodities in Weimar DM's.

Watch the gold price going the same way - USD 1000 tomorrow?

[DantesPeak]

$100.03 a few minutes ago.

[Pops]

What did our Some Guy say last week?

[davep]

Ooh, down to 99.86 on NYMEX. Pah, peak oil's for conspiracy nuts

[heroineworshipper]

It was really the BluRay bonuses awarded to Pioneer management after HD DVD production was officially ended. That alone raised inflation over 30%.

> down to 99.86 on NYMEX. Pah, peak oil's for conspiracy nuts

$99.86 is deflationary! We need more rate cuts.

[americandream]

$this->bbcode_second_pass_quote('BigTex', 'W')hen markets move up like this without an apparent trigger you're in the middle of a BULL market.

Think about what's going to happen when there is a hurricane, or shooting starts in the ME, or a pipeline is blown up, or any number of other crazy things happen in:

Nigeria
SA
Iraq
Iran
Venezuela
Alaska
The Gulf of Mexico
Mexico

[turmoil]

$this->bbcode_second_pass_quote('', 'C')rude oil rose to a record $100.10 a barrel in New York on speculation OPEC will cut production when it meets next month. Gasoline and heating oil also reached records as investors poured money into energy markets.

[pup55]

I find it hard to believe that a little refinery explosion caused this mess.

Many of the things listed above are much more likely.

Also, keep in mind that right now is when people are buying oil for their production in April.

[Gandalf_the_White]

The price of oil since this time last year is almost doubled. What more of a story do you need? It almost doubled in the previous 2 years. It's called exponential price pressure being caused most likely by a non-zero second derivative of demand minus supply. That is supply and demand are still diverging at an increasing rate. Look for more price increases coming soon to a long hot summer near you. Pray God there are no major hurricanes again this year in the Gulf, or pray your locking gas cap can withstand the onslaught as oil flirts with $130 and gas starts lusting for $6 sometime in the dog days. Even without added fear in the market I expect $110-$115 and $5 somewhere in the Midwest this year.

[sjn]

So does everybody still think my numbers in the price prediction thread are crazy?

[DantesPeak]

$this->bbcode_second_pass_quote('sjn', 'S')o does everybody still think my numbers in the price prediction thread are crazy?

[sicophiliac]

Well there goes all the tax rebates from that "stimulus package"... money will be spent on gas once gas prices adjust to match crude oil.

[Fiddlerdave]

$this->bbcode_second_pass_quote('Gandalf_the_White', 'T')he price of oil since this time last year is almost doubled. What more of a story do you need? It almost doubled in the previous 2 years. It's called exponential price pressure being caused most likely by a non-zero second derivative of demand minus supply. That is supply and demand are still diverging at an increasing rate. Look for more price increases coming soon to a long hot summer near you. Pray God there are no major hurricanes again this year in the Gulf, or pray your locking gas cap can withstand the onslaught as oil flirts with $130 and gas starts lusting for $6 sometime in the dog days. Even without added fear in the market I expect $110-$115 and $5 somewhere in the Midwest this year.

[Fiddlerdave]

$this->bbcode_second_pass_quote('Gandalf_the_White', 'T')he price of oil since this time last year is almost doubled. What more of a story do you need? It almost doubled in the previous 2 years. It's called exponential price pressure being caused most likely by a non-zero second derivative of demand minus supply. That is supply and demand are still diverging at an increasing rate. Look for more price increases coming soon to a long hot summer near you. Pray God there are no major hurricanes again this year in the Gulf, or pray your locking gas cap can withstand the onslaught as oil flirts with $130 and gas starts lusting for $6 sometime in the dog days. Even without added fear in the market I expect $110-$115 and $5 somewhere in the Midwest this year.

[What2DO]

If oil prices were adjusted to inflation what should a barrel of oil be going for ?