Current Oil Price

snow hope · Post by **snow hope** » 05 Dec 2008, 17:05

New low price hit today.

http://news.bbc.co.uk/1/hi/business/7766445.stm

Ticker says $42.68
FTSE 4049
DOW 8196
£ = €1.15
£ = $1.46
Gold = $749

Vortex · Post by **Vortex** » 05 Dec 2008, 17:18

The oil price fluctuations are ridiculous.

There is clearly something highly non-linear in the pricing mechanism.

How can you plan when such volatility has been seen to exist?

I suspect that a wise business should buy a lot of oil at the current price - after all, the opportunity cost is not high in view of the poor interest rates out there.

In fact, these price swings should be ringing alarm bells loudly ....

Andy Hunt · Post by **Andy Hunt** » 05 Dec 2008, 17:21

It's like a dying fish flapping around on the ground.

RevdTess · Post by **RevdTess** » 05 Dec 2008, 17:21

Vortex wrote: I suspect that a wise business should buy a lot of oil at the current price - after all, the opportunity cost is not high in view of the poor interest rates out there.

Some who might naturally buy (refiners) won't do so until the new year because they get taxed on the inventories they have on hand at year end.

Others, such as speculators, are now so short of capital because of the credit crunch that they simply dont have the money to buy with, in any great volumes.

The only people who can really buy right now are the big oil producers themselves who have cash in the bank and can stick oil in VLCC tankers to wait for higher prices.

happychicken · Post by **happychicken** » 05 Dec 2008, 18:00

I've just heard a discussion about the economy on Radio 4 and some silly man said, well there's one bit of good news - the price of oil has gone down below $40 a barrel. Oh dear.

Totally_Baffled · Post by **Totally_Baffled** » 05 Dec 2008, 19:59

Oil to go to $25 in January?

Dec. 5 (Bloomberg) -- Bets that oil for January delivery will fall below $20 and $25 a barrel gained in volume in electronic trading today, a day after Merrill Lynch & Co. said oil may drop to less than $25 in 2009.

Oil may dip to the lowest price in six years if the worldwide recession spreads to China and the Organization of Petroleum Exporting Countries fails to stem declines, Francisco Blanch, Merrill commodity strategist, said in a report yesterday.

Brent is now at $39

This is incredible...

RenewableCandy · Post by **RenewableCandy** » 05 Dec 2008, 20:45

Is anyone here keeping an eye on the production rate?

skeptik · Post by **skeptik** » 05 Dec 2008, 23:30

Vortex wrote: There is clearly something highly non-linear in the pricing mechanism.

It's called fear and greed. The flip flop from one state to the other can occur extrememly rapidly and without warning. Currently in extreme fear mode.

Fcuk! Another margin call! Sell! sell! sell! We need the cash!

Aurora · Post by **Aurora** » 11 Dec 2008, 19:21

BBC News - 11/12/08

Oil prices have soared after a forecast that demand would rise next year, and on hopes of a production cut by Opec.

Article continues ...

Keela · Post by **Keela** » 11 Dec 2008, 23:47

To put that "soaring" in perspective:

Obtained by messing with the options here:
http://www.post1.net/lowem/page/livequotes

Post by **clv101** » 11 Dec 2008, 23:55

Totally_Baffled wrote: Brent is now at $39

This is incredible...

Indeed, the question is just how much demand has fallen away over the last couple of months. It could be something really amazing, a couple of million barrels per day. As always the data is really laggy but we do know the industry is shutting up shop all over the world - even China's coal burn was DOWN 4% yoy for October.

The announced OPEC cut will give us an idea.

RGR · Post by **RGR** » 12 Dec 2008, 00:35

snow hope wrote:New low price hit today.

http://news.bbc.co.uk/1/hi/business/7766445.stm

Ticker says $42.68
FTSE 4049
DOW 8196
£ = €1.15
£ = $1.46
Gold = $749

A new low? Good one....amateurs, how easily they forget.....

RGR · Post by **RGR** » 12 Dec 2008, 00:40

RenewableCandy wrote:Is anyone here keeping an eye on the production rate?

snow hope · Post by **snow hope** » 12 Dec 2008, 14:26

RGR wrote:
snow hope wrote:New low price hit today.

http://news.bbc.co.uk/1/hi/business/7766445.stm

Ticker says $42.68
FTSE 4049
DOW 8196
£ = €1.15
£ = $1.46
Gold = $749
A new low? Good one....amateurs, how easily they forget.....

Oh RGR - I bow to your superior intelligence and knowledge.

I am sure just about everybody else on here but you, knows that I mean a new low in terms of the current (since July) downward spiral in oil price .......

RGR · Post by **RGR** » 12 Dec 2008, 19:12

snow hope wrote:
Oh RGR - I bow to your superior intelligence and knowledge.

Not necessary.