Current Oil Price

RevdTess · Post by **RevdTess** » 17 Sep 2007, 19:22

Vortex wrote: I don't think that the US ever started after Katrina ...

It has to be said I think they only added 3mbbls since this time last year.

RevdTess · Post by **RevdTess** » 17 Sep 2007, 19:24

skeptik wrote:Goldman Raises Year-End Oil Price Forecast to $85 (Update4)

By Alexander Kwiatkowski

Alex is a lovely chap. Very knowledgeable and helpful.

Vortex · Post by **Vortex** » 17 Sep 2007, 19:31

Tess wrote:
Vortex wrote: I don't think that the US ever started after Katrina ...
It has to be said I think they only added 3mbbls since this time last year.

Phew, they are saved. That's about 3 or 4 hours worth of their consumption.

skeptik · Post by **skeptik** » 17 Sep 2007, 20:59

Tess wrote:$80.70

Chris Skrebowski on record high oil price

Bugger. We seem to be well and truly stuck on the plateau. C+C flat for the last 30 months and no relief in sight. Reading between Mr. Skrebowski's as always calm and measured lines, it doesn't sound good. The 2007-2010 'breakout' that he was expecting is not materialising.

RevdTess · Post by **RevdTess** » 17 Sep 2007, 22:19

I have to say if this rally continues much longer the pressure is really going to be on OPEC to show us their hand long before their next meeting in December. The amount of money flooding into WTI right now is just unbelievable. Every day as soon as the US market opens, we rocket upwards. The only question now is what breaks first?

RevdTess · Post by **RevdTess** » 18 Sep 2007, 10:51

New high. $81.24

Vortex · Post by **Vortex** » 18 Sep 2007, 11:53

Tess wrote:New high. $81.24

Ok Tess, you're our Guru In Residence ... what sort of thing CAN "break"?

biffvernon · Post by **biffvernon** » 18 Sep 2007, 11:57

What's that in real money?

Have we reached a record Stirling or Euro price yet?

emordnilap · Post by **emordnilap** » 18 Sep 2007, 15:06

Interesting times indeed.

There is, somewhere on the web, a graph of historical oil prices in today's prices, in other words, adjusted for inflation.

Anyone know where I can find it? And is today's price really the highest ever, taking inflation into account?

Erik · Post by **Erik** » 18 Sep 2007, 15:37

emordnilap wrote:Interesting times indeed.

There is, somewhere on the web, a graph of historical oil prices in today's prices, in other words, adjusted for inflation.

Anyone know where I can find it? And is today's price really the highest ever, taking inflation into account?

This one?:

emordnilap · Post by **emordnilap** » 18 Sep 2007, 15:50

Thanks for that.

So we still have some way to go before the record is broken.

Vortex · Post by **Vortex** » 18 Sep 2007, 16:06

Other sources are less generous about that Iraq/Iran peak in 1979/80 ... so we might be VERY close to a world record real value.

http://www.wtrg.com/prices.htm

Ballard · Post by **Ballard** » 18 Sep 2007, 16:30

Other sources are less generous about that Iraq/Iran peak in 1979/80 ... so we might be VERY close to a world record real value.

Obviously it needs to be priced against the current dollar values, as Eriks graph, to take into account the recent devaluation of the dollar.

RevdTess · Post by **RevdTess** » 18 Sep 2007, 16:36

I read a report on reuters earlier today saying that the peak during the Iranian revolution was $90 in today's money.

RevdTess · Post by **RevdTess** » 18 Sep 2007, 16:40

Vortex wrote:
Tess wrote:New high. $81.24
Ok Tess, you're our Guru In Residence ... what sort of thing CAN "break"?

New high $81.35

The 'break' will come either as a drop in demand due to economic slowdown, or as an increase in supply due to OPEC capitulation. With the latter we get to see just whether OPEC (ie the Saudis) can do the business.