Current Oil Price

PS_RalphW · Post by **PS_RalphW** » 15 Feb 2012, 12:55

Brent just spiked through $119.50.

Iran has announced end of exports to '6 EU nations' but I bet they were 6 countries that didn't have any Iranian imports anyway. They also made some technical nuclear progress in a research reactor.

Markets are jumpy.

PS_RalphW · Post by **PS_RalphW** » 16 Feb 2012, 15:23

Brent is rising steadily back to $120 , a price we haven't
seen since the early days of the Libyan revolution.

I really want to get my cash into hard assets!

Unfortunately, the withdrawal of stamp duty holiday is triggering a mini surge in house prices.

biffvernon · Post by **biffvernon** » 17 Feb 2012, 23:23

Brent 121
WTI 104

Somebody's still got money to burn.

Post by **kenneal - lagger** » 18 Feb 2012, 05:13

It's either people wanting to get the hands on tangible assets because they think that the Greek crisis is about to blow up or it's people who think that the Greek crisis is solved and the economy is going to improve. I think I know which it is.

No! It's not funny.

Lord Beria3 · Post by **Lord Beria3** » 18 Feb 2012, 15:45

RalphW wrote:Brent is rising steadily back to $120 , a price we haven't
seen since the early days of the Libyan revolution.

I really want to get my cash into hard assets!

Unfortunately, the withdrawal of stamp duty holiday is triggering a mini surge in house prices.

Nothing stopping you getting some silver or gold bars/coins.

http://www.cnbc.com//id/46423707

While everybody is focused on Greece, the bigger risk is the rising cost of oil,” says Frederic Neumann Co-Head of Asian Economics Research at HSBC. “If the price of crude continues to climb it will snuff out the recovery we are seeing in the United States and will weigh on Asian exports.”

Brent crude [LCOCV1 119.95 --- UNCH (0) ] is currently trading around $120 a barrel and is about $10 more expensive than what is was at the same time last year. Neumann believes geopolitical uncertainties and robust Asian demand could drive prices even higher this year.

“People who believe Europe weakness will rein in oil prices in the near future are underestimating Asian demand,” he says.

The region also stands to suffer the most from a spike in crude as most Asian economies are very energy intensive.

Interesting article on the oil price.

biffvernon · Post by **biffvernon** » 21 Feb 2012, 22:29

Brent 122
WTI 106

We know the helicopter money didn't just get chucked out of the helicopters willy-nilly.

PS_RalphW · Post by **PS_RalphW** » 22 Feb 2012, 20:58

Brent now 123.

Two snippets:

Production at the original Brent platform in the North Sea has been discontinued. Brent oil no longer exists in the real world.

At $123 Brent is at an all time high when priced in Euros (according to
some guy at The Oil Drum)

biffvernon · Post by **biffvernon** » 22 Feb 2012, 22:31

Hmmm.... I filled my van up yesterday for £76. That was an all time record high.

emordnilap · Post by **emordnilap** » 22 Feb 2012, 22:34

Cheap.

biffvernon · Post by **biffvernon** » 22 Feb 2012, 22:37

Yeah, I only buy cheap stuff.

biffvernon · Post by **biffvernon** » 24 Feb 2012, 07:32

The markets seem to have woken up bright and breezy:

Oil & Gas NewsTicker @oilgasTicker

BRENT CRUDE FUTR (USD/bbl.) - Last Quote: $125.83,
NYMEX CRUDE FUTR (USD/bbl.) - Last Quote: $108.46,

In real terms (whatever that is) how does this compare with the $147 spike of 2008?

PS_RalphW · Post by **PS_RalphW** » 24 Feb 2012, 08:02

I've no idea what 'real terms' are, when talking about fiat currency.
I haven't had a pay rise since 2009 so in personal terms there is no inflation of my income, only of costs.

I haven't checked the numbers, but I think $125 Brent today costs more in Sterling or Euros than $147 did in 2008.

So we are at all time high oil prices.

Strangely, diesel is down 3p at my local garage.

Post by **mikepepler** » 24 Feb 2012, 09:58

$125 today is about £79.60

$147 in July2008 was about £73.50

So yes, we're well above where we were. It's interesting looking back over the last few years:
2002 - Jul 2006: run up from $20 to $76
Jan 2007: dropped to around $52
Jul 2008: up to $147
Dec 2008: drop to around $35
Apr 2010: up to $85
May 2010: drop to $65
Dec 2010: Brent and WTI start to diverge (around $85 at the time)
Apr 2011: Brent at $125, WTI at $110
Oct 2011: Brent at $105, WTI at $77
Feb 2012: Brent at $126, WTI at $108

So lots of "saw teeth" so far, and I expect this to keep going on...

What's interesting though is looking at the year average oil prices (in $):
[year: WTI, Brent]
2007 average: 72.34, 72.44
2008 average: 99.67, 96.94
2009 average: 61.95, 61.74
2010 average: 79.48, 79.61
2011 average: 94.87, 111.26
2012 to date: 100.30, 113.66

Lord Beria3 · Post by **Lord Beria3** » 27 Feb 2012, 19:17

http://www.atimes.com/atimes/Global_Eco ... 8Dj05.html

Interesting analysis on why oil price are going to collapse soon.

He doesn't mention the long term supply problems, although in the short-term he could be right.

moimitou · Post by **moimitou** » 01 Mar 2012, 19:20

http://www.bloomberg.com/news/2012-02-2 ... rkets.html

This is interesting, SPR = Strategic Petroleum Reserve.