"Mabel, you're learning Daddy's business real quick. Clever use of the 'Spread a Rumor' card can work wonders. Expect a price spike within a few moves."
Current Oil Price
Moderator: Peak Moderation
Is there any psychological risk of this rapid price rise triggering a "they must know something" panic so that EVERYONE piles in, causing a mega price spike?
"Mabel, you're learning Daddy's business real quick. Clever use of the 'Spread a Rumor' card can work wonders. Expect a price spike within a few moves."
"Mabel, you're learning Daddy's business real quick. Clever use of the 'Spread a Rumor' card can work wonders. Expect a price spike within a few moves."
Is that Dick Cheney in the middle there?
http://www.ft.com/cms/s/0/c2955660-2696 ... ck_check=1
Shortage fears push oil futures near $140
The fear of a global oil shortage within five years on Tuesday propelled oil futures prices to well above $130 a barrel, further stoking inflationary pressures in the global economy.
Investors rushed to buy oil futures contracts as far forward as December 2016, pushing prices as high as $139.30 a barrel, up $9 on the day. Veteran traders said they had never seen such a jump. The spot price hit a new record of $129.60 a barrel.
Contracts to be delivered at the end of 2012 have soared almost 60 per cent while near-term prices have risen by 35 per cent since January.
Anne-Louise Hittle, of Wood Mackenzie, said investors were shifting their focus from the short to medium term where supply fears are dominating the thinking. ?For example, we know Iraq has the oil but we don?t know if it will be able to bring the needed supplies into the market,? she said, referring to the political uncertainty in the country which has the world?s second largest conventional oil reserves.
This comes as demand, especially from China, is set to continue to grow. Adam Sieminski, chief energy economist at Deutsche Bank, said: ?The price is going to go up until governments that subsidise oil consumption in Asia and the Middle East can no longer afford it.?
Goldman Sachs, one of the Wall Street?s most influential voices in the energy market, last week advised its customers to buy oil contracts for 2012.
T. Boone Pickens, the influential oil investor who believes the world?s oil output is about to peak, warned oil prices would hit $150 a barrel by the end of the year.
?Eighty-five million barrels of oil a day is all the world can produce, and the demand is 87m,? Mr Pickens said in an interview with CNBC. ?It?s just that simple.?
Mr Pickens? view is still in the minority but concerns over future oil supplies are fast moving into the mainstream. Even some industry executives have warned that geopolitical supply constraints will mean oil production will not be able to match demand as early as 2012 to 2015. Those are the years that saw the greatest jump in oil prices on Tuesday and have rallied since the start of the year.
The nervousness about Chinese energy demand was exacerbated when officials said 32 power plants had been forced to close because of coal shortages, the second time this year the power industry has run short of coal.
PetroChina and Sinopec, the two largest domestic oil groups, have diverted fuel supplies to the quake-hit Sichuan region in the past week, while China?s State Reserves Bureau has released oil products to ensure supplies in the area. But PetroChina, which has substantial natural gas facilities in Sichuan, said that 99 per cent of production had been restored to pre-earthquake levels.
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Aurora
The Guardian - 21/05/08
Bullish market raises forecasts as oil pushes to record $129
The cost of oil was poised last night to break through the $130-a-barrel barrier for the first time after supply shortages and forecasts of high prices for years to come led to a surge in buying on the world's energy markets.
US light crude rose by more than two dollars to trade at $129.31 after the Texan investor T Boone Pickens said he expected the price to hit $150 a barrel this year. Rumours from Israel denied by the White House that President Bush is planning a military strike on Iran added to the frenzied mood.
Article continues ...
Online too, and mentioned in the "FT PO article yesterday" thread.Tess wrote:130.04.
Page 15 of the FT: "Fears over oil supply move into the mainstream"
http://www.ft.com/cms/s/0/c2955660-2696 ... 07658.html
Though this was interesting: ?Peak oil views ? regardless of whether right or wrong ? are seeping into the market and supporting high prices.? So its not just PO but believing in PO that's causing the price rises!
"If we don't change our direction, we are likely to wind up where we are headed" (Chinese Proverb)
My favourite WTI real time price web site just went off-line, I suspect permanently. Does anyone have a link to another one?
http://www.post1.net/lowem/page/livequotes
http://www.post1.net/lowem/page/livequotes
Hi syberberg, actually I know all about the Mayan Long Count end-date and their calendar capabilities and also about how the sun crosses the centre of the Milky Way (galactic equator) on the 21st December 2012.syberberg wrote:Do you really want to know? (Note, no sarcasm. If you do I'll put a thread in the General Discussion).snow hope wrote:21st December 2012 - how did the Mayans do that??
But maybe you should put a link in for others to see. I must admit I find it fascinating that they had that knowledge..... I recommend a book called the Mayan Prophecies by Adrian Gilbert and Maurice Cotterell that awoke me from my sleep-walking back in 2000.
http://www.DODGY TAX AVOIDERS.co.uk/Mayan-Prophecie ... 567&sr=8-1
Real money is gold and silver