Current Oil Price

Mitch · Post by **Mitch** » 03 Jul 2008, 09:18

Oh - looks like we might see 150 by 2010.....though I'm not so sure.......

Idiot Yergenites!!!!!!

So your feeling is that 180/190 is probably near enough "break time", Kenneal? I've often tried to sort of judge where that point will be - but have been very wrong. I thought that 120/130 would be catastrophic - but no, only a few ripples that the FED and BOE could cover with our tax money. Must reach a point where they can't do that anymore, but what is that price?

PS_RalphW · Post by **PS_RalphW** » 03 Jul 2008, 09:29

Now WTI is $145. Will we make $150 by Independence day (tomorrow)?

Vertis · Post by **Vertis** » 03 Jul 2008, 10:41

Brent crude touching $146.34. It's like watching a car crash in slow motion. I'm suddenly wishing my payday was not a week away, because I've a curious urge to stock up on paraffin and pasta!

Mitch · Post by **Mitch** » 03 Jul 2008, 10:49

Is gas going with? The supposed 40% increase in household energy bills heading for 50%?

Mitch · Post by **Mitch** » 03 Jul 2008, 10:52

Oh - are we still waiting for the announcement, re: EU base rate interest hike at about 13:00 our time? Or was that yesterday?

Vertis · Post by **Vertis** » 03 Jul 2008, 11:10

Mitch wrote:Oh - are we still waiting for the announcement, re: EU base rate interest hike at about 13:00 our time? Or was that yesterday?

Announcement at 12:45 our time, today. Don't the US markets open at 14:00? Watch the dollar rollercoaster.

Ippoippo · Post by **Ippoippo** » 03 Jul 2008, 13:04

Rates up... BBC link
http://news.bbc.co.uk/1/hi/business/7486264.stm

OK, seatbelt fastened, and ready for the ride

PS_RalphW · Post by **PS_RalphW** » 03 Jul 2008, 13:19

The rate rise was wide leaked in advance and priced in. Effect of official announcement = small drop in oil price (because of the chance that the rate rise might have been bigger?)

Of course, the Nymex opens at 2 pm, so we may have some built up demand since yesterday, but with electronic trading, I suspect it will be small.

Mitch · Post by **Mitch** » 03 Jul 2008, 13:57

Well, well back down to 143 - perhaps BOE should up thier rate by 2 or 3% next week - that should see us back to the low 120's!!!!! Will never figure this out, no matter how hard I try........

Post by **adam2** » 03 Jul 2008, 14:14

Mitch wrote:Is gas going with? The supposed 40% increase in household energy bills heading for 50%?

Probably, though in the last week or two natural gas has fallen in price, though still very high by historic standards
http://www.nationalgrid.com/uk/Gas/Data/dsr/
Price graph is at very bottom of linked page.

Mitch · Post by **Mitch** » 03 Jul 2008, 14:42

Blimey - look at the range on our ticker - is that RIGHT? 21 dollars difference between the low and the high in ONE day?!?!?

At that rate we will soon have to say "Oil costs between 100 and 200 dollars a barrel" as we will never know what the price is at any given time!

PS_RalphW · Post by **PS_RalphW** » 03 Jul 2008, 15:04

The ticker is wrong. More likely to be 142.20, not 124.20.

from WestTexas at the oil drum:

CNBC just reported some discussions of some US refiners shutting down operations because of very weak refining margins, which is something I have been expecting. With the possible exception of heavy/sour capable refineries, our problem is not too little refining capacity, but too much. Basically, I think that we are beginning to be outbid for crude oil cargoes.

This is likely to drop the price of WTI crude a bit, but leave most other grades still strong.

The world shortage of diesel is driving the price of oil Petrol is cheap by comparison, and the US is importing over 1M barrels a day to keep prices down to only $4.1 /USgal.

biffvernon · Post by **biffvernon** » 03 Jul 2008, 18:46

Tapis and Minas are always a bit above WTI but today they are $10 over, around $154

RevdTess · Post by **RevdTess** » 05 Jul 2008, 00:44

Just wanted to let folks know that yesterday I resigned from the investment bank I was working for. Unfortunately I can't say what I'm doing next for contractual reasons but it'll still be commodity-market related. For a few weeks I'll be on garden leave and watching prices from the sidelines.

RevdTess · Post by **RevdTess** » 05 Jul 2008, 00:46

RalphW wrote:The rate rise was wide leaked in advance and priced in. Effect of official announcement = small drop in oil price (because of the chance that the rate rise might have been bigger?)

From what I heard it was more that the ECB signalled that one rate rise would be enough. Since the .25 rate rise was already expected and priced in, the fact that no more are now expected was bearish for the Euro vs the Dollar.