Current Oil Price

Tarrel · Post by **Tarrel** » 04 Jul 2012, 11:34

I notice Brent Crude price has regained all the losses incurred in the last month.

biffvernon · Post by **biffvernon** » 05 Jul 2012, 15:19

WTI up about $10 in the week, now about $88

biffvernon · Post by **biffvernon** » 09 Jul 2012, 19:02

Brent at $100 as Norway prepares shut down over pensions dispute.

http://www.bbc.co.uk/news/business-18767000

PS_RalphW · Post by **PS_RalphW** » 18 Jul 2012, 16:11

Brent back over $105.

Last year the average price was $111. In spite of recent falls, the average this year so far is also around that figure.

I guess that the Iranian sanctions are impacting supply more than EU austerity is cutting demand. Even reports of China slowing its demand growth are not helping.

Syria is probably adding a fear premium.

UndercoverElephant · Post by **UndercoverElephant** » 18 Jul 2012, 19:40

http://oilprice.com/Interviews/Falling- ... ers19.html

Oilprice.com: Jim, thanks for taking the time to join us today.

Jim Rogers: I'm delighted to be here, James. My pleasure.

Oilprice.com: It’s been an interesting period in the energy world as we’ve seen oil prices steadily decline over the past few months and with the problems in Europe and slowdowns in India and China do you expect this trend to continue?

Jim Rogers: Well, there is certainly a correction going on for various reasons. I think Saudi Arabia's trying to help re-elect Mr. Obama. There are also stories that JP Morgan has problems in its London office with a lot of unauthorized positions they're having to liquidate. I don't know what's going on, but I do know that corrections are normal in the industrial world. There's nothing unusual about it. If it continues, there’s an opportunity to buy more.

Oilprice.com: I read a report by the Economist Phil Verleger who thinks that the Saudi’s massive increase in oil production along with other economic problems could cause oil prices crash to $40 a barrel oil and $2 a gallon gasoline by November. Do you think this is a reasonable forecast and we could see oil at these levels?

Jim Rogers: We could see anything. We certainly saw lower prices than that back in 2008 when there was a collapse. When things are collapsing, all sorts of strange things happen. We found that out in 2008 and we will probably find out in the future, as well. If oil does go to $40, that means it'll just be setting up an even more bullish scenario for the duration of the bull market.

[continues]

I'd love to know what the bit in bold actually means. What have the banks been up to this time?

It also looks like the Saudis are pumping flat out in the hope of helping Obama win. I'm not sure why they should care who wins.

emordnilap · Post by **emordnilap** » 19 Jul 2012, 11:06

UndercoverElephant wrote:It also looks like the Saudis are pumping flat out in the hope of helping Obama win. I'm not sure why they should care who wins.

Interesting to speculate and there's always more to it than meets the eye. And maybe it's to undermine the marginal sources?

Post by **adam2** » 03 Aug 2012, 15:04

Oil up about 3% in the last hour or so, anyone know why ?
There is nothing remarkable about the actual price, close to the recent average, but it did seem a sudden increase.

biffvernon · Post by **biffvernon** » 03 Aug 2012, 19:13

And up a bit more this afternoon but it does jiggle about with the time of the month and when various contracts come due. Straws in the wind. We used to get a few hints about it from our inside gal in oil trade but she ran away to a nunnery. Wisely.

PS_RalphW · Post by **PS_RalphW** » 07 Aug 2012, 09:28

Brent over $110. The average price so far this year has been $112,
just ahead of last year's $111.

One more week of olympics and the new depression will kick in...

PS_RalphW · Post by **PS_RalphW** » 15 Aug 2012, 16:35

Brent back over $115.

Summer maintenance on North Sea rigs has cut Brent physical supply sharply for September delivery. Contract expires tomorrow. Might spike a couple more dollars. North Sea production next month is down to about 1.5MBpd - which is what UK production alone was a decade ago.

US inventory is also down, they are facing high petrol prices as more and more of their refinery output is exported.

Iranian oil embargo has probably peaked as India resumes shipping of Iranian oil - which makes escalation to military action by Isreal more likely. There are calls from some OPEC exporters to cut production regardless, as China looks to be a bursting bubble.

emordnilap · Post by **emordnilap** » 15 Aug 2012, 16:39

Prices at the pump are rising over here, too, more than I might have expected going by the barrel price. In other words, the pump prices usually lag but match barrel price fluctuations. However, they've been ahead for some time now. Maybe be something to do with inventories?

biffvernon · Post by **biffvernon** » 15 Aug 2012, 18:48

And there was a fire at a Californian refinery.

biffvernon · Post by **biffvernon** » 18 Aug 2012, 08:43

Our WTI ticker now showing over $96 and Brent over $115.

emordnilap · Post by **emordnilap** » 22 Aug 2012, 10:40

Fuel prices are starting to bite over here in Ireland...red-tops screaming, people moaning, you know, yawn.

Post by **kenneal - lagger** » 23 Aug 2012, 00:50

Is the price going up because traders are optimistic about world trade prospects or because the are very, very sceptical about world oil supplies at a time when the economy looks to be tanking?