Current Oil Price

ziggy12345 · Post by **ziggy12345** » 23 May 2011, 08:23

The markets have just opened and Oil has dropped $2 already

PS_RalphW · Post by **PS_RalphW** » 23 May 2011, 10:12

Icelandic volcano?

Last time it hit demand for aviation fuel quite hard.

raspberry-blower · Post by **raspberry-blower** » 23 May 2011, 11:35

RalphW wrote:Icelandic volcano?

Last time it hit demand for aviation fuel quite hard.

Unlikely - although it may be playing a bit part: http://www.powerswitch.org.uk/forum/vie ... hp?t=18483

More likely are the concerns over European debt - particularly the possibility of a Greek default - and monetary tightening policies pursued by China

PS_RalphW · Post by **PS_RalphW** » 08 Jun 2011, 15:15

OPEC meeting breaks up without agreement. Oil jumps $2
Brent at $118.

The significance is the failure of OPEC to reach a formal agreement, however diplomatic the language.

OPEC is now an irrelevance. They can no longer keep up the charade of being a cartel. We are entirely in a demand driven market.

PS_RalphW · Post by **PS_RalphW** » 13 Jun 2011, 13:55

Brent now bubbling back towards $120.

WTI is below $99 - over $21 discount to Brent. Those Yanks will be
exporting it in handcarts soon.

RevdTess · Post by **RevdTess** » 13 Jun 2011, 18:32

RalphW wrote:Brent now bubbling back towards $120.

WTI is below $99 - over $21 discount to Brent. Those Yanks will be
exporting it in handcarts soon.

I guess we're looking at handcart shortages then!

UndercoverElephant · Post by **UndercoverElephant** » 15 Jun 2011, 01:58

RalphW wrote:Brent now bubbling back towards $120.

Err...so what is the strategy in Libya....?

We may not have much oil left, but it's the good stuff!

ETA: Ah yes, we don't export it anymore....

ziggy12345 · Post by **ziggy12345** » 15 Jun 2011, 19:39

Price just dropped $5

biffvernon · Post by **biffvernon** » 17 Jun 2011, 18:49

$92

Going down.

Post by **kenneal - lagger** » 18 Jun 2011, 03:06

The prognosis for the economy can't be good then! Greece must be going kaput.

Post by **adam2** » 18 Jun 2011, 05:30

Yes, and the risks of similar problems elswhere appear to be increasing.
A credit rating firm has warned that Italy may be downgraded due to concerns about the economy and the "declining electoral support" of the government.

snow hope · Post by **snow hope** » 20 Jun 2011, 09:25

Oil continues downwards $91.50 - is this all due to the Euro crisis?

PS_RalphW · Post by **PS_RalphW** » 20 Jun 2011, 09:34

Largely. And speculators. They can drive the price down as well as up.

After all, Brent is still $111/barrel. It used to be widely predicted that $90 would trigger recession leading to collapse of demand and then price.

The average price this year for most grades is still higher than it was for
the first half of 2008.

UndercoverElephant · Post by **UndercoverElephant** » 23 Jun 2011, 15:20

http://www.cbsnews.com/stories/2011/06/ ... 3652.shtml

(AP) PARIS (AP) — The International Energy Agency says 28 countries have agreed to release 60 million barrels of crude to the market to offset disruptions prompted by Libya's war.

The Paris-based agency said in a statement Thursday that it made the move because the normal increase in demand over the summer "will exacerbate the shortfall further."

It also warned that the tight oil market "threatens to undermine the fragile global economic recovery."

The countries will make 2 million barrels a day available from their emergency stocks over a period of 30 days.

Only the third time since 1973 that the IEA has co-ordinated a release of oil reserves in an anti-OPEC move. It is clearly an attempt to say to OPEC: "we think you are artificially keeping oil prices high, and here's what we are going to do about it."

I suspect they are not especially scared by this threat!

JavaScriptDonkey · Post by **JavaScriptDonkey** » 23 Jun 2011, 15:21

WTI down to $90.

Brent down to $107.