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Oil extends gains on supply drop:mad:

Latest inventory report showed crude stockpiles fell by 7.6 million barrels, five times more than expected.

December 20 2007: 7:56 AM EST

VIENNA, Austria (AP) -- Oil prices rose Thursday after a U.S. agency reported that supplies of crude oil and heating oil fell sharply last week, a drop that was expected to be temporary.
Crude stocks fell 7.6 million barrels in the U.S. last week, the Energy Department's Energy Information Administration reported Wednesday in its weekly inventory snapshot. The decline was five times more than the average 1.5 million barrel drop expected by analysts surveyed by Dow Jones Newswires.
Light, sweet crude for February delivery rose 67 cents to $91.91 a barrel by midday in Europe in electronic trading on the New York Mercantile Exchange. The contract rose $1.16 overnight to settle at $91.24 a barrel after the decline in crude stocks was reported.
In London, February Brent crude futures rose 86 cents to $92.34 a barrel on the ICE Futures exchange.
Analysts said that much of the crude inventory drop was due to a sharp fall in imports, almost a million barrels a day, because fog closed the Houston Ship Channel last week.
Bush's clean energy man [more]http://money.cnn.com/2007/12/20/markets/oil.ap/index.htm?postversion=2007122007
 
Oil traders wrestle weather vs. supply

Latest inventory report showed crude stockpiles fell by 7.6 million barrels, five times more than expected, but the warm winter could reduce consumption.

December 20 2007: 10:55 AM EST
NEW YORK (AP) -- Oil prices fluctuated Thursday as traders weighed forecasts for a warmer winter - which could lower demand for heating and crude oil - against data suggesting supplies are falling.
Natural gas futures fell after the government reported that inventories declined less than expected last week.
The National Oceanic and Atmospheric Administration said Thursday that the beginning of winter will be warmer than normal in the eastern two-thirds of the nation, which includes the heating oil-dependent Northeast, Dow Jones Newswires reported.
Warmer weather could mean lower demand for heating oil and natural gas.
On the other hand, the government on Wednesday reported that supplies of heating and crude oil fell sharply last week. Heating oil supplies are nearly 30 percent below five-year average levels, said James Cordier, president of Liberty Trading Group in Tampa, Fla.
"We have a struggle with supplies," Cordier said. [more]
http://money.cnn.com/2007/12/20/markets/oil.ap/index.htm?postversion=2007122010
 
Oil turns lower in pre-holiday trade

Slight downturn follows rally on signs of improved U.S. consumer spending.

December 24 2007: 6:42 AM EST

LONDON (AP) -- Oil prices fell Monday amid light holiday trading, after rising more than $2 a barrel in the previous session on news of improved U.S. consumer spending.
At midmorning in Europe, light, sweet crude for February delivery was down 45 cents to $92.86 a barrel in electronic trading on the New York Mercantile Exchange.
Japanese financial markets were closed Monday for the emperor's birthday, a national holiday, while trading on some other Asian markets ended early for Christmas Eve. Markets in the U.S. and many other countries will be closed Tuesday for Christmas.
On Friday, the Nymex crude contract rose $2.25 to settle at $93.31 a barrel after the U.S. government reported that consumer spending surged last month, raising hopes that the American economy will weather the crisis roiling credit markets and that demand for oil and gasoline will strengthen.
Oil prices were also supported by stocks, which rose Friday, and a slightly weaker dollar. Energy investors often view stock market moves as reflective of overall economic sentiment. Also, oil futures offer a hedge against a weak dollar, and oil futures bought and sold in dollars are more attractive to foreign investors when the greenback is falling.
Many observers blame oil's rise last month to near $100 on speculators driven to oil futures by the weaker dollar.
Gasoline prices fall 3 cents
Crude futures have since retreated as OPEC boosted supplies and several forecasters cut demand predictions. But in recent weeks, prices have held generally to a range between $87 and $93, leading some analysts to conclude investors are seeking direction and may be poised to make another push for $100 a barrel in the new year.
Heating oil futures fell 1 cent to $2.5991 a gallon while gasoline prices dropped 0.45 cent to $2.375 a gallon.
Natural gas futures dropped 11.3 cents to $7.077 per 1,000 cubic feet.
In London, February Brent crude fell 48 cents to $091.98 a barrel on the ICE Futures exchange. [more]
http://money.cnn.com/2007/12/24/markets/bc.oilprices.ap/index.htm?postversion=2007122406
 
Oil spiked over $96 a barrel see OilSlickStuff Home page!:mad:

Oil spikes on Turkish airstrikes in Iraq

Supply concerns heightened by Turkish bombing of suspected Kurdish rebels as investors await Energy Department oil report.

December 26 2007: 10:48 AM EST

NEW YORK (AP) -- Oil prices jumped Wednesday on supply concerns stoked by a new round of Turkish airstrikes in northern Iraq and a growing belief that domestic oil inventories fell last week.

Turkey's military said its warplanes bombed eight suspected Kurdish rebel positions in northern Iraq on Wednesday. It was the third Turkish strike inside Iraq in less than two weeks. Oil traders worry that the rebels could cut oil supplies from Iraq in retaliation.
The new attacks came as oil investors awaited inventory data from the Energy Department's Energy Information Administration that is expected to show crude supplies fell by 1.2 million barrels last week, the sixth straight weekly decline.
The inventory numbers will be released on Thursday this week, a day late due to the Christmas holiday.
Light, sweet crude for February delivery rose $1.84 to $95.97 a barrel Wednesday on the New York Mercantile Exchange after earlier rising to $96.07, a one-month high.
At the pump, meanwhile, gas prices inched up 0.1 cent overnight to a national average of $2.973 a gallon, according to AAA and the Oil Price Information Service. Gas prices have stabilized after falling nearly 14 cents since mid-November, when they peaked above $3.11 a gallon as oil prices approached $100 a barrel.
Trading in crude futures Wednesday was light, less than 10 percent of normal volume, meaning the sharp price move could be exaggerated, said Linda Rafield, senior oil analyst at Platts, the energy research arm of McGraw-Hill Cos.
"You're not on track for a normal trading day," Rafield said.
Indeed, Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Ill., noted that recent Turkish airstrikes have not elicited such a strong price response on heavier trading days.
Analysts also said the weaker dollar also boosted oil prices. Crude futures offer a hedge against a weak dollar, and oil futures bought and sold in dollars are more attractive to foreign investors when the greenback is falling. Many observers blame oil's rise last month to near $100 on speculators driven to oil futures by the weaker dollar.
In its weekly report, the EIA is also expected to show that inventories of distillates, which include heating oil and diesel fuel, fell by 600,000 barrels last week, according to the average estimate of analysts surveyed by Dow Jones Newswires. Gasoline stockpiles are expected to rise by 1.6 million barrels, while refinery activity is expected to grow by 0.6 percentage point to 88.4 percent of capacity.
Other energy futures were mixed Wednesday. January heating oil futures rose 6.48 cents to $2.6595 a gallon on the Nymex while January gasoline futures rose 7.26 cents to $2.4566 a gallon. January natural gas futures lost 3.1 cents to $6.994 per 1,000 cubic feet.
In London, February Brent crude rose $1.87 to $94.57 a barrel on the ICE Futures exchange. http://money.cnn.com/2007/12/26/markets/bc.apfn.oilprices.ap/index.htm?postversion=2007122610
 
Oil prices lower before inventory data

Prices pull back after day of gains on news of Turkish-Kurdish conflict.

December 27 2007: 6:52 AM EST

SINGAPORE (AP) -- Oil prices were lower ahead of the release later Thursday of U.S. fuel inventory data expected to show crude stockpiles fell last week.
Light, sweet crude for February delivery fell 64 cents to $95.33 a barrel in Asian electronic trading on the New York Mercantile Exchange, midafternoon in Singapore.
The contract jumped $1.84 on Wednesday as traders braced for what was expected to be the sixth straight decline in U.S. crude stockpiles in the report to be released by the Energy Department.
Futures also got a lift on news of a Turkish airstrike Wednesday on Kurdish rebel shelters in northern Iraq.
The warplanes hit eight rebel caves and other hideouts inside Iraq after detecting a group of rebels preparing to spend the winter in the hideouts, the Turkish military said. Turkey's escalating cross-border war against separatists has raised concerns that the conflict would cut oil supplies from the region.
In the weekly inventory data, oil supplies are expected to fall by 1.2 million barrels, according to the mean of forecasts by analysts in a Dow Jones Newswires survey. The drop is expected because of a decline in imports that market watchers blame in part on fog that kept tankers outside the Houston Ship Channel last week.
Distillate inventories, which include heating oil and diesel fuel, are seen falling by about 600,000 barrels, according to the analysts' average, while gasoline stockpiles are expected to rise by 1.6 million barrels.
Refinery use is seen increasing by 0.6 percentage point to 88.4 percent of capacity.
Many analysts expect oil futures to trade in a narrow range for the duration of the holidays. Crude futures have in recent weeks held generally to a range between $87 and $95, leading some analysts to conclude some investors may be poised to make another push for $100 a barrel in the new year.
Heating oil futures eased 0.62 cent to $2.6350 a gallon while gasoline prices dipped 0.46 cent to $2.448 a gallon. Natural gas futures were lower $7.035 per 1,000 cubic feet.
In London, February Brent crude futures rose 10 cents to $94.04 a barrel on the ICE Futures exchange.
http://money.cnn.com/2007/12/27/markets/bc.oilprices.ap/index.htm?postversion=2007122706
 
Market Update

Just reported by the Energy Information Administration, for the week ended Dec. 27 crude oil inventories slipped by 3.3 million barrels. Analysts expected a smaller stockpile drop of 1.5 million barrels. Crude oil for February delivery was trading up 0.4% to $96.35 just prior to the report. [more]
http://finance.yahoo.com/marketupdate/overview?u
 
Little late today, SICK got up at 11:00!:sick:

Oil futures drive gas back above $3

Investors jump on the 'gasoline bandwagon' due to supply drop and political unrest.

December 28 2007: 10:47 AM EST

NEW YORK (AP) -- Gas prices rose back to $3 a gallon at the pump Friday, following rising oil futures on concerns about tight inventories and potential supply disruptions.
Retail gas prices, which typically lag the futures market, are widely expected to rise to new record highs in the spring. Analysts think futures investors are anticipating big gains by buying now, driving futures - and thus pump prices - higher.
"They're all jumping on the gasoline bandwagon," said Tom Kloza, publisher and chief oil analyst at the Oil Price Information Service, who predicts pump prices will peak between $3.50 and $3.75 a gallon in the spring. The Energy Information Administration recently predicted prices will peak above $3.40 a gallon.
Kloza thinks gas prices will rise because refiners will again struggle to increase supplies in advance of peak summer driving season, raising concerns that there won't be enough to meet demand. Last May, prices hit all-time record of $3.227 a gallon, amid a spate of unexpected refinery outages that kept supplies from growing as fast as many investors and analysts believed was necessary.
"I do think refiners are going to have their typical ... struggles," said Kloza, who nonetheless believes they will produce enough gasoline and that the spring price spikes will be temporary.
Gasoline futures for January delivery rose 1.98 cents to $2.516 a gallon Friday on the New York Mercantile Exchange after earlier setting a new futures record price of $2.5175 a gallon.
At the pump, prices rose 1.9 cents overnight to a national average of $3, according to AAA and the Oil Price Information Service. After retreating from their May record, gas prices rose again in November, spiking above $3.11 a gallon when oil prices last threatened to rise to $100 a barrel.
Oil retreated from that lofty level as supplies appeared to be growing and demand seemed to be falling. But over the past several weeks, inventories have fallen domestically while demand has remained strong. Meanwhile, concerns about supply disruptions from the oil-rich Middle East have been fueled by Turkish attacks on Kurdish forces in northern Iraq and by Thursday's assassination of Pakistani opposition leader Benazir Bhutto.
Light, sweet crude for February delivery rose $1.08 Friday to $97.70 a barrel on the Nymex.
While Pakistan isn't a major oil producer, it is a key player in regional politics and President Bush's war on terrorism. Bhutto's assassination "adds another level of uncertainty to the outlook for the region," said David Moore, a commodity strategist at the Commonwealth Bank of Australia in Sydney.
The weaker dollar is also pushing oil prices higher, analysts said. Crude futures offer a hedge against a weak dollar, and oil futures bought and sold in dollars are more attractive to foreign investors when the greenback is falling.
Oil nears new record
The confluence of falling domestic inventories, threats to foreign supplies and a falling dollar could conspire to push oil over the psychologically important $100 level soon, analysts said.
However, others questioned the strength of this week's oil rally, noting that weak trading volumes could be exaggerating the gains. Some also questioned EIA data released Thursday that showed inventories fell sharply last week.
Phil Flynn, an analyst at Alaron Trading in Chicago, noted that several aspects of the EIA report don't add up, including the fact that imports jumped while overall inventories fell. It's possible that late reporting caused some vital inventory data to be missed in this week's report, meaning it could show up next week.
Other energy futures also rose Friday. January heating oil futures rose 1.77 cents to $2.698 a gallon on the Nymex, and February natural gas futures rose 4.8 cents to $7.248 per 1,000 cubic feet.
In London, February Brent crude rose 96 cents to $95.74 on the ICE Futures exchange. http://money.cnn.com/2007/12/28/markets/bc.oilprices.ap/index.htm?postversion=2007122810
 
Great for those that own Oil Stocks, Bad for those that don't.

Oil investing: 2007 a tough act to follow

It was a banner year for energy - the sector was up 30% and crude jumped 60%. But don't count on a repeat performance in '08.

By Steve Hargreaves, CNNMoney.com staff writer
December 28 2007: 5:07 PM EST

NEW YORK (CNNMoney.com) -- It's been a phenomenal time to invest in oil, but analysts say the huge gains of the last year are most likely a thing of the past.

2007 was truly a banner year for the industry. The big integrated oil companies - ones that produce and refine crude - saw stock gains in the 30 percent range. Crude itself rose nearly 60 percent. The biggest winners were the oil production companies, some of which saw their stock prices double. Overall, the AMEX oil and gas index rose about 30 percent in '07, trouncing the near-stagnant S&P 500.
But most analysts say 2008 is unlikely to mimic the staggering returns of the last year. And on the heels of such a runup, some say the sector is simply overvalued.
Oil company stocks tend to rise and fall with the price of crude, so any prediction on stock prices needs to start with a look at the underlying commodity.
Although U.S. crude is trading near $100 a barrel, 2007 was a very volatile year. Prices began the year by dipping below $50 in January, spiking above $75 in July, then pulling back to the high $60s by the end of August before embarking on its recent record run. For the year, the average price for crude was around $72.
Most analysts have bumped up their estimate for 2008to around $80 to $85 a barrel from the low $70s, reflecting a view that oil prices will rise but not by another 60 percent, like they did in 2007.
"I don't think too many people are talking about $150 oil, unless they're also stocking up on canned goods and ammunition," said Jeff Tjornehoj, a research analyst at the data and research firm Lipper.
John Kilduff, an energy analyst at MF Global in New York, said he expects crude prices to top $100 a barrel in the first quarter - perhaps peaking around $110 - then pull back to maybe $70 as the economy slows and speculative money retreats.
Still, he says investors are still pricing oil company stock as if oil costs $50 a barrel and sees room for those stocks to go up.
Energy and the presidential race [more]
http://money.cnn.com/2007/12/28/news/companies/energy_08/index.htm?postversion=2007122817
 
Crude edges above $96

Oil gains on concerns about Middle East supply disruptions; gas futures at record high.

December 31 2007: 5:58 AM EST

SINGAPORE (AP) -- Oil prices edged up Monday in Asia after declining in the previous session on a housing report that ignited fresh concerns about the U.S. economy.​

Light, sweet crude for February delivery added 16 cents to $96.16 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore.
The contract fell 62 cents to settle at $96 a barrel Friday after a report showed weak figures on new home sales in the United States. The data again raised fears about a possible economic slowdown in the world's largest consumer of oil products.
Oil prices remain supported, though, by concerns about supply disruptions from the oil-rich Middle East.
Turkish jets hit suspected Kurdish rebel shelters in northern Iraq for a third time on Dec. 26. Turkey has also launched a cross border raid and fired artillery at Kurdish rebel positions since the first airstrike on Dec. 16. The rebels have vowed to take the group's battle for autonomy deep inside Turkey if the cross-border airstrikes do not stop.
The heightening of tensions in the Middle East usually brings worries that oil shipments from the region will be reduced or halted.
In late November, oil threatened to rise to $100 a barrel. It has since retreated as supplies appeared to be growing and demand seemed to be falling. But over the past several weeks, inventories have fallen in the U.S. while demand has remained strong.
Gasoline futures have been pushed to new records in recent days, in part by the Goldman Sachs Commodity Index's plan to boost its gasoline futures holdings next month. Nymex gasoline futures were untraded Monday, after closing at $2.4597 a gallon Friday.
The $90 billion fund, administered by Standard & Poor's, will boost its gasoline futures holdings by about $3 billion, according to Tom Kloza, publisher and chief oil analyst at the Oil Price Information Service. That would raise its percentage holding in gasoline futures to 4.55 percent of the fund from 1.37 percent.
In other Nymex trading Monday, heating oil futures rose 1.31 cent to $2.6501 a gallon while natural gas prices dropped 6.4 cents to $7.322 per 1,000 cubic feet.
In London, February Brent crude added 12 cents to $94 a barrel on the ICE Futures exchange.
Oil gusher: Tough act to follow
http://money.cnn.com/2007/12/31/markets/oil.ap/index.htm?postversion=2007123105
 
Oil's wild ride

Crude looks set to finish a volatile year with the biggest yearly price gain since 1999.

By Steve Hargreaves, CNNMoney.com staff writer
January 1 2008: 8:41 AM EST

NEW YORK (CNNMoney.com) -- Oil prices look set to end 2007 with the biggest gain this decade, climbing nearly 60 percent since the start of the year. But the ascent has been anything but steady.
Crude prices are on track to notch their biggest yearly gain since 1999 and end the year around $96 a barrel. Gasoline has followed suit, and is currently up over 30 percent from a year ago to over $3 a gallon.
The rise in prices has been dramatic and volatile. Energy prices tumbled at the start of the year, largely due to a swell in supplies amid an unusually warm winter and concerns over the health of the economy. Speculative investors also bailed out of oil futures.
Crude prices briefly dipped below $50 a barrel in the early part of 2007, falling to to nearly a 2-year low. Meanwhile, retail gasoline prices tumbled to a national average of $2.10 a gallon.
The drop in oil prices spooked the Organization of Petroleum Exporting Countries, which continued production cuts started in October 2006 over the next few months, eventually taking about 1.5 million barrels a day off the market - or nearly 2 percent of the world's daily output of about 85 million barrels a day.
By spring, the summer driving season was back in focus, and tension mounted over Iran's nuclear program, sending oil prices back into the range of $60 a barrel. Refinery production continued to lag, and gasoline supplies dwindled.
The combination of strong demand and refinery problems ahead of the summer driving season caused nationwide average gas prices to hit an all-time record high of $3.227 May 24, according to the motorist organization AAA. In some parts of the country, gas prices surpassed $4 a gallon. However, prices began to fall back as consumers finally began to cut back on their gasoline use.
Oil, however, kept rising as tensions overseas, an expected uptick in crude use due to greater refinery output and the looming hurricane season pushed prices into the range of $70 a barrel.
But by summer's end the hurricane season had failed to materialize and oil began following gasoline lower. By the end of August oil was again hovering around $60 a barrel and gasoline was down to about $2.70 a gallon.
Then began what is one of the biggest run-ups in crude prices in recent memory. Throughout September and October, one event after another caused oil prices to rally.
The production cuts OPEC had begun at the start of the year began showing up in inventory reports - supplies were falling. The dollar sank as the housing market tanked in the U.S. and the Federal Reserve cut interests rates to shore up economic growth. Investors bought commodities as a hedge against U.S. stocks, and a series of reports pointed to tightening supplies as strong demand from developing countries swallowed up new production gains.[more]
http://money.cnn.com/2007/12/31/markets/oil_wrap/index.htm?postversion=2008010108
 
Oil tops $96 on supply worries:mad:

Crude prices edge higher as traders anticipate a dip in stockpiles.

January 2 2008: 6:01 AM EST

SINGAPORE (AP) -- Oil prices rose Wednesday amid expectations a midweek report will show U.S. crude stockpiles fell last week to post the seventh straight decline in inventories for the world's largest energy consumer.
The report is expected to show U.S. crude stocks fell 1.8 million barrels, according to the average forecasts of analysts polled by Dow Jones Newswires.
Light, sweet crude for February delivery gained 43 cents to $96.41 a barrel in Asian electronic trading on the New York Mercantile Exchange by late afternoon in Singapore.
Oil prices fell 2 cents to settle at $95.98 a barrel Monday - the last trading day of 2007 - ending the year 57 percent higher than where they began.
Crude futures surged in 2007 as demand from booming economies in Asia increased. More volatility is expected in the crude futures market this year, analysts said, adding it would be of little or no surprise if oil prices surpassed $100 a barrel.
"Fundamentally, I think there may be downward pressure on price, but if there's any supply outage or major turmoil or major problems in producing areas you could easily see prices spike over $100 a barrel," said Jeff Brown, managing director and chief economist at FACTS Global Energy in Singapore.
Other factors that have influenced energy prices recently are the West's standoff with Iran over its nuclear program, attacks by Nigerian rebels on that oil-rich nation's crude infrastructure and Turkish attacks on Kurdish positions in northern Iraq that have sparked concerns of retaliation attacks an oil pipeline in the area.
The assassination of Pakistani opposition leader Benazir Bhutto last week has also exacerbated worries about global instability.
Oil reached a trading record of $99.29 on Nov. 21, and remains close to the range of inflation-adjusted highs set in early 1980. Depending on how the adjustment is calculated, $38 a barrel then would be worth $96 to $103 or more today.
Meanwhile, U.S. gasoline inventories are seen growing 1.6 million barrels, according to the Dow Jones survey of analysts, and stocks of distillate, which includes heating oil and diesel fuel, are expected to fall 300,000 barrels.
At 293.6 million barrels, U.S. crude oil inventories now stand at their lowest level since January 2005, and are in the lower half of the average range for this time of year.
The data by the U.S. Energy Department's Energy Information Administration covers the week that ended Dec. 28 and is due Thursday, a day later than usual because of Tuesday's New Year's holiday.
In other Nymex trading, heating oil futures rose 1.04 cents to $2.6598 a gallon while gasoline prices added 2.24 cents to $2.5132 a gallon. Natural gas prices added 11.2 cents to $7.595 per 1,000 cubic feet.
February Brent crude rose 55 cents to $94.40 a barrel on the ICE Futures exchange in London. http://money.cnn.com/2008/01/02/markets/oil.ap/index.htm?postversion=2008010206
 
Oil pushes to $100 OH NO!!:mad:

Violence in Nigeria, supply disruption in Mexico and the prospect of another drop in U.S. inventories and more rate cuts drive crude past the triple-digit mark

January 2 2008: 12:23 PM EST

NEW YORK (CNNMoney.com) -- Oil prices kicked off the first trading day of 2008 by hitting a new high of $100 a barrel Wednesday on violence in oil-rich Nigeria, the prospect of more interest rate cuts, a halt in Mexican imports and the expectation of yet another drop in U.S. crude supplies.
U.S. crude for February delivery jumped $4.02 to $100 a barrel on the New York Mercantile Exchange. The previous trading record was $99.29 set Nov. 20. Oil prices ended 2007 by gaining nearly 60 percent for the year, the largest jump this decade.
"This market is really gonna fly," Ira Eckstein, president of Area International Trading Corp, said from the NYMEX floor.
In Nigeria, bands of armed men invaded Port Harcourt, the center the oil industry Tuesday, attacking two police stations and raiding the lobby of a major hotel, The Associated Press reported. Four policemen, three civilians and six attackers were killed. The Niger Delta Vigilante Movement claimed responsibility for the attack.
A surprise fall in manufacturing activity sparked fears of yet another interest rate cut from the Federal Reserve. Interest rate cuts generally cause the dollar to fall - and oil prices rise - as investors bail out of U.S. equities and into commodities.
One trader said all oil exports from Mexico will be halted Friday, but the reason was unclear.
Analysts are expecting the latest government inventory report - set for release Thursday, to show a 1.8 million barrel decline in crude supplies, according to a Dow Jones poll. It would mark the seventh straight week U.S. crude stocks have dropped. http://money.cnn.com/2008/01/02/markets/oil/index.htm?postversion=2008010212
 
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Hey Nnuut,
I do read your oil thread, almost every day.
Today was the day - so it finally hit $100. :sick:

:( I later this evening heard a technical trader saying: Not good enough! That it has to close at least one day above $100. - I assume until traders/speculators will be satified (for a while).
Wondering your opinion on this? :rolleyes:
VR
 
hessian said:
Hey Nnuut,
I do read your oil thread, almost every day.
Today was the day - so it finally hit $100. :sick:

:( I later this evening heard a technical trader saying: Not good enough! That it has to close at least one day above $100. - I assume until traders/speculators will be satified (for a while).
Wondering your opinion on this? :rolleyes:
VR
Click to expand...
I think he is right and fully expect to see it close and maintain over $100 for a while. Hopefully it will settle down in the low $90s and drop lower when the weather warms up in the Spring. My Forcast@:D
This problem is that HIGH Oil prices are going to drizzle down into the rest of the economy and make Old Man Inflation bear his UGLY head. The FED will be forced to TRY and fix it but will run out of ammo, what are they to do, lower RATES? If they lower rates the dollar drops and the price of Oil/Gas rises, sounds like the Merry-Go-round effect to me!
 
nnuut said:
I think he is right and fully expect to see it close and maintain over $100 for a while. Hopefully it will settle down in the low $90s and drop lower when the weather warms up in the Spring. My Forcast@:D
This problem is that HIGH Oil prices are going to drizzle down into the rest of the economy and make Old Man Inflation bear his UGLY head. The FED will be forced to TRY and fix it but will run out of ammo, what are they to do, lower RATES? If they lower rates the dollar drops and the price of Oil/Gas rises, sounds like the Merry-Go-round effect to me!
Click to expand...

Nnuut, I agree, high oil is goin' to affect Everything. Watch the airlines go under soon, inflation hits all, like you said.
Its one more reason I'm runnin' for shelter. I don't think the roof's just leaking anymore! I'm in F now (for a couple days), then go to G for CP. I'll wait and then start bottom-feeding at some point - may also DCA-in with "Contributions" when the time comes, until the dust settles. Oil this high can't be good for any market (except the oil trader's of course).:worried:
 
Oil hovers near $100 a barrel

Crude prices in record territory after touching milestone; traders await weekly inventory report.

By Steve Hargreaves, CNNMoney.com staff writer
January 3 2008: 5:46 AM EST

NEW YORK (CNNMoney.com) -- Oil prices fell back early Thursday from the $100 a barrel level but remained in record territory as investors awaited the release of the government's weekly report on U.S. crude supplies.
U.S. crude for February delivery reached the $100 milestone for the first time ever on the New York Mercantile Exchange just after noon ET on Wednesday.
The surge was fueled by violence in oil-rich Nigeria, the prospect of more interest rate cuts, a halt in Mexican imports and talk of yet another drop in U.S. crude stockpiles.
Crude prices gave back some gains to settle the day up $3.64 at $99.62 on Wednesday, a new end-of-day record.
Prices eased early Thursday ahead of the latest government's stockpiles report. U.S. light, sweet crude for February delivery lost 31 cents to $99.31 a barrel in electronic trading on the New York Mercantile Exchange.
Analysts are expecting the inventory report - set for release at 10:30 a.m. ET, to show a 1.8 million barrel decline in crude supplies, according to a Dow Jones poll. It would mark the seventh straight week U.S. crude stocks have dropped.
Oil prices ended 2007 by gaining nearly 60 percent for the year, the largest jump this decade.[more]
http://money.cnn.com/2008/01/03/markets/oil/index.htm?postversion=2008010305
 
hessian said:
Nnuut, I agree, high oil is goin' to affect Everything. Watch the airlines go under soon, inflation hits all, like you said.
Its one more reason I'm runnin' for shelter. I don't think the roof's just leaking anymore! I'm in F now (for a couple days), then go to G for CP. I'll wait and then start bottom-feeding at some point - may also DCA-in with "Contributions" when the time comes, until the dust settles. Oil this high can't be good for any market (except the oil trader's of course).:worried:
Click to expand...
Yeah, I probably will soon, but I've found that about the time the Market scares me enough to cause me to skat to the Lili Pad it bounces up like crazy, and visa versa.:suspicious:
 
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