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TOP Oil Market News: Crude Drops; Oil at $120 a Barrel Becomes Biggest Bet
By Margot Habiby - Jul 25, 2011 9:56 AM ET

Oil at $120 Now Biggest BetJuly 25 (Bloomberg) -- Victor Shum, a senior principal at Purvin & Gertz Inc. in Singapore, talks about the outlook for oil prices. Shum speaks to Susan Li on Bloomberg Television's "First Up." (Source: Bloomberg)

The biggest bet in the oil market has become a 20 percent increase to $120 by the end of the year as global growth drives demand for raw materials.
The number of contracts held by traders in options to buy West Texas Intermediate crude at $120 a barrel in December totaled 45,502 lots on the New York Mercantile Exchange as of July 21, 4,226 lots more than the next-highest wager, which is for $125. Open interest in the two contracts jumped 29 percent in the past four weeks, according to data compiled by Bloomberg.
Traders anticipate this year’s gains will exceed forecasts of the most accurate strategists as economic expansion in emerging markets outweighs the debt crisis in Europe, slowing U.S. growth and efforts by Saudi Arabia and the International Energy Agency to curb prices. http://www.bloomberg.com/news/2011-...-bet-as-futures-leave-forecasters-behind.html
 
The Wife stopped at a Kroger Grocery Store Gas Station to get gas. The attendent said if she uses her membership card she would get a $.20 a gallon off of her purchase! It builds up over time depending how much you spend in the store. She loaded up.:D
 
nnuut said:
The Wife stopped at a Kroger Grocery Store Gas Station to get gas. The attendent said if she uses her membership card she would get a $.20 a gallon off of her purchase! It builds up over time depending how much you spend in the store. She loaded up.:D
Click to expand...
Little do people realize that the gas station jacked up the price .20 just to cover the discount...Conoco is doing the same thing here...10 cents off/gal if you pay with cash..their prices are about .10 higher than their competition.

It's the old...."Triple the price and give them half off sale"
 
Buster said:
Little do people realize that the gas station jacked up the price .20 just to cover the discount...Conoco is doing the same thing here...10 cents off/gal if you pay with cash..their prices are about .10 higher than their competition.

It's the old...."Triple the price and give them half off sale"
Click to expand...
Gas is $3.64 there which is the average price today in Boiled Peanut.:laugh:
 
Crude Oil Could Rise to $120/Barrel by Year’s End
Posted: July 25, 2011 at 1:53 pm


oil-price1.jpg
When futures options for crude oil predict that prices will rise to $120/barrel by the end of the year, and industry analysts are looking at prices closer to $101/barrel, it’s tough to know whom to believe. The difference is important because a price of around $120 will snip about 0.5% off global GDP compared with a price of around $100.

Read more: Crude Oil Could Rise to $120/Barrel by Year’s End - 24/7 Wall St. http://247wallst.com/2011/07/25/crude-oil-could-rise-to-120barrel-by-years-end/#ixzz1TDMAgfgD
 
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