Current Oil Price

Vortex · Post by **Vortex** » 06 Jun 2008, 19:31

Touched $138.97 for a second there ...

tomhitchman · Post by **tomhitchman** » 06 Jun 2008, 20:18

MacG · Post by **MacG** » 06 Jun 2008, 20:24

Still very, very cheap when considering the work that oil performs.

Besides, it's just 'speculators' causing the price rise. Read it in a newspaper, so it must be true.

tomhitchman · Post by **tomhitchman** » 06 Jun 2008, 20:32

funny, searching for 'oil prices' in google news brings up this as the first entry:

Oil rises near $132 on price spike prediction - 6 hours ago

Seems like old news....

Totally_Baffled · Post by **Totally_Baffled** » 06 Jun 2008, 21:00

LOL I like the bloomberg stories.

The latest one today was great. "Oil rises ($12 or nearly 10%) as dollar falls (by 2%) as ECB looks to raise rates to battle inflation"

Or something along these lines.

So the dollar falls 2% against the Euro, so the oil prices rises 10% in dollar terms.

Surely even they can spot that there must be something else driving it with those numbers in front of them lol#?

RevdTess · Post by **RevdTess** » 06 Jun 2008, 21:13

139.12. Bloody hell

oilslick · Post by **oilslick** » 06 Jun 2008, 21:14

Tess wrote:139.12. Bloody hell

Look, I won't say it again, stop doing these September predictions

Vortex · Post by **Vortex** » 06 Jun 2008, 21:15

Tess wrote:139.12. Bloody hell

When the gurus say 'bloody hell' perhaps WE should be running for them thar hills ....

What's happening Aunty Tess, what's happening?

Adam1 · Post by **Adam1** » 06 Jun 2008, 21:17

The Guardian is linking the price rise to Israel's statement that a strike on Iran is "inevitable"
http://www.guardian.co.uk/business/2008 ... conomy.usa

RevdTess · Post by **RevdTess** » 06 Jun 2008, 21:39

Vortex wrote:
Tess wrote:139.12. Bloody hell
When the gurus say 'bloody hell' perhaps WE should be running for them thar hills ....

I was thinking the same. It was $134 when I went home. Open my laptop to find we've gone up $16-17 in two days.

Absolutely no justification for it really. But this is what happens after a few days of price falls when all those speculators who'd taken their money out of the market suddenly see a justification for getting back in again.

For what it's worth the justifications were:-
1) We reached a level (123) where prices were expected to find support.
2) The European Central Bank said it expected to have to raise interest rates soon, sending the dollar into a tailspin, and signalling a change in the downward oil price trend.
3) A Morgan Stanley analyst forecast $150 oil by July. Thanks mate.
4) Israel said it would probably have to attack Iran to stop their nuclear ambitions.
5) Nigerian oil workers said they were considering a strike (the previous one shut in around 750kbd of oil production briefly last month).

With all that in place, it became something of a one-way bet on oil. Yesterday we scared away all the people who had shorted oil, forcing them to buy. Today, once we got within a few dollars of the all-time high, it became an irresistible target. I certainly didnt expect us to blast $4 past it though... Still, I expect everyone is now looking at $140, then $150.

The question again becomes, where is all that endless supply of oil that $80/barrel was suppose to make economically viable?

Oh yeah, it's all politics isn't it. Not economics, or EROEI, or geology.

MacG · Post by **MacG** » 06 Jun 2008, 22:15

Tess wrote:The question again becomes, where is all that endless supply of oil that $80/barrel was suppose to make economically viable?

Yea, and where are the trillions and trillions of barrels Al Gore and the IPCC promised us? They promised ever increasing happy motoring for at least a hundred years to come.

Erik · Post by **Erik** » 06 Jun 2008, 22:15

Tess wrote:Today, once we got within a few dollars of the all-time high, it became an irresistible target.

Remember that guy who had an irresistible urge to be the first trader to break the $100 barrier, at a loss, just so he could get his claim to fame in (and no doubt have something to tell his grandchildren about over cocoa one day)?? I wonder how silly he's feeling now that $100 has become so irrelevant!

RevdTess · Post by **RevdTess** » 06 Jun 2008, 23:40

Erik wrote:
Tess wrote:Today, once we got within a few dollars of the all-time high, it became an irresistible target.
Remember that guy who had an irresistible urge to be the first trader to break the $100 barrier, at a loss, just so he could get his claim to fame in (and no doubt have something to tell his grandchildren about over cocoa one day)?? I wonder how silly he's feeling now that $100 has become so irrelevant!

Yeah I'm sure he now wishes he'd kept that 1000 barrels rather than selling it back at $99!

Mitch · Post by **Mitch** » 07 Jun 2008, 01:15

Damn, I was looking for 140 TODAY - lucked out by a few cents - now comes the pull- back for a few days, never mind, week after next,.for sure.

200 this year? Definitely! 2010? Maybe I will sign up to LATOC!!!!

P.S. Just got 45 Fosters 440 ml tins for ?20.00 at Sainsbury's - can we make electric out of beer?