Current Oil Price

[kenneal - lagger]

I agree, Chris. The government should start a "campaign to support Ukraine" and tell the people that if they don't cut down voluntarily there will be shortages as well as the price hikes which no one can do anything about. The climate and environment will be the winner but no one else wins in a war, let alone the world war that we are now in, even if it is only an economic war at the moment.

I doubt that their economists will let them advise us to use less as that will cut growth even more than will happen anyway. We need to boycott economists somehow as well as Putin!!

[Stumuz2]

We need to boycott economists somehow as well as Putin!!

Love it

Reminds me of a quote from one of my favourite philosophers Thomas Sowell,

"The first lesson of economics is scarcity: There is never enough of anything to satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics.

[clv101]

BOOM!

There goes the oil.

[PS_RalphW]

Brent over 129 dollars. New record price this week

[Stumuz2]

Oil futures looking tasty.

"At least 200 contracts for the option to buy May Brent futures at $200 a barrel traded this morning, according to Bloomberg data.

[Catweazle]

Oil futures looking tasty.

"At least 200 contracts for the option to buy May Brent futures at $200 a barrel traded this morning, according to Bloomberg data.

How many contracts are normally sold on a Monday morning ? Is this a rush to buy ?

[Stumuz2]

Oil futures looking tasty.

"At least 200 contracts for the option to buy May Brent futures at $200 a barrel traded this morning, according to Bloomberg data.

How many contracts are normally sold on a Monday morning ? Is this a rush to buy ?

I don't know. But it is the fact that companies are hedging at the $200 range that is significant.

[PS_RalphW]

Oil rose today after drone and missile attacks on oil, lng and desalination sites in Saudi Arabia by Houthi rebels. No reports of Casualties, extent of damage unclear.

[adam2]

Brent now down to about $100.
America is releasing oil from its reserves, IIRC one million barrels a day are to be be released for 180* days, in response to rising prices, or perhaps due to the approaching mid term elections.

*180 days in total of which about 20 days have already passed.

[kenneal - lagger]

Oil rose today after drone and missile attacks on oil, lng and desalination sites in Saudi Arabia by Houthi rebels. No reports of Casualties, extent of damage unclear.

I doubt that that attack is a coincidence. It's probably a proxy attack by Iran to add to the evil world's woes.

[adam2]

I expect oil prices to increase significantly, possibly to about $200 but not just yet. The Americans are releasing the strategic election reserve at one million barrels a day until the mid term elections. If this does not keep prices down then I expect larger releases, or other measures.

After the election, releases will stop and the reserves will presumably be filled ready for the next election. That will take about two million barrels a day of the market compared to the current situation. Add to that another few months of depletion, and assorted wars and a price in the region of $200 sounds reasonable.

[johnny]

After the election, releases will stop and the reserves will presumably be filled ready for the next election. That will take about two million barrels a day of the market compared to the current situation. Add to that another few months of depletion, and assorted wars and a price in the region of $200 sounds reasonable.

At that price, the cure for high oil prices will be well underway. The question though is, once the cure kicks in, will the world's demand habits have changed enough, and in a way, that will stick anyway? It took 15+ years or so for oil production to recover from the high prices and global peak oil of 1979, and oil consumption has already been lower than the 2018 peak for like 4 years now already. High prices should extend that for at least another year or two, and then the question will all be about demand response.

[PS_RalphW]

About a dozen commercial sized containers of cooking oil were fly tipped in a field in the village this week. The rumours are that they were stolen from the pub down the road, and the contents taken to make biodiesl, or directly in the ancient diesel vehicles of the nearest travellers camp.

[kenneal - lagger]

About a dozen commercial sized containers of cooking oil were fly tipped in a field in the village this week. The rumours are that they were stolen from the pub down the road, and the contents taken to make biodiesl, or directly in the ancient diesel vehicles of the nearest travellers camp.

I take it they were empty containers then?

[PS_RalphW]

Updated, the containers were from multiple thefts in the area. The theives were caught on cctv at the local pub, the number of the van was noted and the owner is being interviewed by the Essex constabulary

The district council even removed the empties