Current Oil Price

re · Post by re » 19 Oct 2009, 19:57

Over $79 now. Above the price at the start of this thread on Sep 12 2007! CNBC think this rally is far from over

PS_RalphW · Post by **PS_RalphW** » 20 Oct 2009, 09:07

Ticked over 80 but has fallen back to 79.30.

When is the next OPEC meeting?

PS_RalphW · Post by **PS_RalphW** » 21 Oct 2009, 16:02

Spiked over $80 again on falling US petroleum stocks.

Looks like the new ceiling, backing off a bit.

PS_RalphW · Post by **PS_RalphW** » 21 Oct 2009, 18:06

Turn your back and its $81.60.

Why does it always do that whilst I'm cycling home?

Ludwig · Post by **Ludwig** » 22 Oct 2009, 00:24

RalphW wrote:Turn your back and its $81.60.

Why does it always do that whilst I'm cycling home?

Funny how people react differently to oil price spikes. You can't get enough of them, while they turn me into a gibbering wreck.

Quintus · Post by **Quintus** » 26 Oct 2009, 14:12

A question that will, no doubt, show up my woeful ignorance.

Oil is priced in US dollars so as the dollar weakens against most currencies shouldn't we expect the dollar oil price to rise? If it didn't then wouldn't oil effectively be getting cheaper for anyone using appreciating (against the dollar) currencies?

Gold is also priced in dollars, so the same for gold, i.e. the dollar price should rise.

Or am I getting something badly wrong here?

RevdTess · Post by **RevdTess** » 26 Oct 2009, 19:58

Quintus wrote:A question that will, no doubt, show up my woeful ignorance.

Oil is priced in US dollars so as the dollar weakens against most currencies shouldn't we expect the dollar oil price to rise? If it didn't then wouldn't oil effectively be getting cheaper for anyone using appreciating (against the dollar) currencies?

Gold is also priced in dollars, so the same for gold, i.e. the dollar price should rise.

Or am I getting something badly wrong here?

No, you're correct. If you plot the dollar index (DXY on bloomberg) versus the oil price, there's almost always a very strong negative correlation.

It's often difficult to judge the causality though. Sometimes oil fundamentals drive dollar strength, more often it's the other way around.

mobbsey · Post by **mobbsey** » 27 Oct 2009, 12:36

What's interesting is the way that the rise in oil prices is beginning to ruffle feathers in the gas supply industry: http://europe.theoildrum.com/node/5907

Yeah, let's take on Gazprom... I mean, what can the do? Cut us off?

Quintus · Post by **Quintus** » 27 Oct 2009, 12:44

Tess wrote:No, you're correct. If you plot the dollar index (DXY on bloomberg) versus the oil price, there's almost always a very strong negative correlation.

It's often difficult to judge the causality though. Sometimes oil fundamentals drive dollar strength, more often it's the other way around.

Thanks Tess!

Ticker now says $77.12.

neckiep · Post by **neckiep** » 04 Nov 2009, 13:44

Price Change Trades Volume
08:26 - $ 0.00 0.00 /blank.gif /blank.gif
Range Open 52 Wk Range 1 Year Forecast
0.00 - 0.00 0.00 0.00 - 0.00 $ 0 / Barrel

Anyone else noticed the ticker (see cut and paste above..I can't do the fancy stuff)....Is it free now! Have they started giving it away?

PS_RalphW · Post by **PS_RalphW** » 04 Nov 2009, 14:25

Well, at this morning's prices, 1,338,738 barrels of oil will buy you ONE barrel made of solid gold.

So, The world burns 63 barrels of gold every day.

neckiep · Post by **neckiep** » 04 Nov 2009, 15:46

I see its working again now and were above $80

emordnilap · Post by **emordnilap** » 18 Nov 2009, 16:27

Again.

Post by **kenneal - lagger** » 18 Nov 2009, 17:27

mobbsey wrote:What's interesting is the way that the rise in oil prices is beginning to ruffle feathers in the gas supply industry: http://europe.theoildrum.com/node/5907

Yeah, let's take on Gazprom... I mean, what can the do? Cut us off?

I don't suppose that Gazprom will do much publicly until the weather gets cold and gas demand goes up. Then they can declare the contracts have been broken and demand even higher payments and tougher terms for renegotiated contracts.

Aurora · Post by **Aurora** » 18 Nov 2009, 18:07

BBC News - 18/11/09

The price of crude oil has risen to $80 a barrel after figures showed a sharp fall in US stockpiles last week.

The data came from the American Petroleum Institute, which said US oil stocks fell by 4.4 million barrels instead of the expected 1.2 million.

It said the falls came after storms in the Gulf of Mexico disrupted supplies.

US light crude was up 90 cents to $80.04 a barrel in Wednesday trading, while London's Brent had climbed by 94 cents to $79.91.

Oil investors are now waiting for the latest official US stocks data from the Energy Information Administration (EIA), which is due out later.

"If the EIA confirms the big drawdown, and I think they probably will, the market could move up sharply," said Eugen Weinberg, head of commodity research at Commerzbank.

Oil prices peaked at a record $147 a barrel in July last year, before falling to about $30 at the start of 2009 because of the impact of the global recession.

Original Article