Current Oil Price

PS_RalphW · Post by **PS_RalphW** » 01 Mar 2012, 20:31

Brent is surging again. Passed $126.

Must be all those Euros that the ECB printed. Happened when we printed those pounds a few days ago. Bit if a correlation developping...

PS_RalphW · Post by **PS_RalphW** » 01 Mar 2012, 21:16

Over $127. Reports of an pipeline explosion in Saudi Arabia.

I bet the Iranians get the blame....

raspberry-blower · Post by **raspberry-blower** » 01 Mar 2012, 22:01

RalphW wrote:Over $127. Reports of an pipeline explosion in Saudi Arabia.

I bet the Iranians get the blame....

Mentioned over at Zero Hedge - the Saudis are, for now at least, denying the story. So it's probably true then...

Anyway, here is what has been reported:

For the first time in decades, the Eastern Saudi Arabian volatile situation has reached the vital oil sector. A pipeline between Awamiya and Safwa has been reportedly targeted, and is under fire; the Saudi government sources were quick to claim that the fire is not an explosion and is one kilometer away from the pipeline. Our correspondent in Qatif confirmed that the area under fire is indeed where major pipelines are located; tomorrow is the anniversary of Fatima Zahraa's death, the prophet Mohamad's only daughter. It is an important and symbolic date for Saudi Shiites, and might constitute a suitable timing for such an escalation against the Saudi government's ongoing repression in the region.
Continues

biffvernon · Post by **biffvernon** » 01 Apr 2012, 07:38

On a euro basis, the spot price for Brent crude oil, a global benchmark, has surpassed its prior record high and set a new record high of 96.53 euros per barrel on March 13, 2012, as the currency exchange rate has declined (see chart above). The prior record of 92.76 euros per barrel was set on July 3, 2008. However, on a U.S. dollar basis, the spot price for Brent crude oil remains under the prior record high of $145.66 per barrel, which was set on July 3, 2008. On March 13, 2012, the Brent crude oil spot price was $126.30 per barrel.

http://205.254.135.7/todayinenergy/detail.cfm?id=5590

biffvernon · Post by **biffvernon** » 01 May 2012, 22:03

Another month and prices stay fairly steady with WTI now $106 and Brent $120.

Post by **kenneal - lagger** » 02 May 2012, 02:55

And the AA were on the box last week saying that pump prices would be coming down!!!

PS_RalphW · Post by **PS_RalphW** » 02 May 2012, 09:41

Petrol is down to 142p at my local - but diesel is still at record price - 150p

ouch.

Still, at 67.4 mpg in mixed mode driving, I'm still spending less on fuel now than 15 years ago...

Blue Peter · Post by **Blue Peter** » 02 May 2012, 10:11

kenneal - lagger wrote:And the AA were on the box last week saying that pump prices would be coming down!!!

Well, the dollar price fairly stable, and the pound appreciating (as has happened) could presumably lead to lower prices, as Ralph seems to have found,

Peter.

Blue Peter · Post by **Blue Peter** » 04 May 2012, 16:15

Been quite a slide on the oil price these last few hours (down about $6 from yesterday?). Anyone know of any particular reason for the pessimism? Perhaps the disappointing US job figures?

Peter.

biffvernon · Post by **biffvernon** » 04 May 2012, 19:40

Hmmm... dropped 4% today.

Market spooked by election of eight new Green Party councillors?

biffvernon · Post by **biffvernon** » 14 May 2012, 13:38

And has continued a steady decline, now at $94 for WTI.

emordnilap · Post by **emordnilap** » 17 May 2012, 10:32

A useful list grabbed from a reader comment elsewhere:

Some countries that reached Peak Oil:

Country - % Off Peak - Peak Year

United States -35% 1970
Venezuela -32% 1970
Libya -45% 1970
Kuwait -17% 1972
Iran -29% 1974
Indonesia -41% 1977
Romania -68% 1977
Trinidad & Tobago -35% 1978
Brunei -33% 1979
Tunisia -25% 1980
Peru -39% 1982
Cameroon -54% 1985
Russian Federation -14% 1987*
Egypt -23% 1993
India -1% 1995*
Syria -33% 1995
Gabon -36% 1996
Argentina -23% 1998
Colombia -26% 1999
United Kingdom -47% 1999
Uzbekistan -42% 1999
Australia -31% 2000
Norway -28% 2001
Oman -24% 2001
Yemen -33% 2002
Mexico -17% 2004
Malaysia -5% 2004*
Vietnam -26% 2004
Denmark -26% 2004
Nigeria -16% 2005*
Chad -27% 2005*
Italy -15% 2005*
Ecuador -6% 2006*

"Only 14 out of 54 oil producing countries and regions in the world continue to increase production, while 30 are definitely past their production peak, and the remaining 10 appear to have flat or declining production."

ziggy12345 · Post by **ziggy12345** » 31 May 2012, 08:39

$87????

Did greece collapse?

biffvernon · Post by **biffvernon** » 31 May 2012, 21:25

$86...

We're into the area where tar sands aren't worth digging up.

PS_RalphW · Post by **PS_RalphW** » 01 Jun 2012, 12:32

Brent back below $100

European markets continue their relentless slide. Dax down over 2%
today.

All looking a lot like 2008, except this time everyone is seeing it coming, and still can do nothing about it.