Current Oil Price

Mitch · Post by **Mitch** » 21 May 2008, 13:55

Ralph, your link works again - seems like a temporary glitch.

Post by **kenneal - lagger** » 21 May 2008, 14:02

RalphW wrote: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

Perhaps they had a temporary problem paying their fuel bill. ':shock:'

Vortex · Post by **Vortex** » 21 May 2008, 15:22

$130????

Mitch · Post by **Mitch** » 21 May 2008, 15:38

What just happened? Huh? Wot? Wot? 128.60 to 130.15, straight up like - in 20 seconds? What happened? Or is that now becoming ho-hum normal?

PS_RalphW · Post by **PS_RalphW** » 21 May 2008, 15:48

Just the weekly US stocks report. Modestly bullish.

Not a large reaction, and not worth significant comment these days....

Mitch · Post by **Mitch** » 21 May 2008, 15:52

Ah, ta. US stocks report - forgot about that. Yea, I suppose any move under $10.00 either way is small peanuts these day's

RevdTess · Post by **RevdTess** » 21 May 2008, 16:01

132.07 on bullish crude inventory draw (5.3mbbls)

Vortex · Post by **Vortex** » 21 May 2008, 17:48

Tess, does this all seen 100% OK to you and your people?

Are there any strained or startled faces about?

Does it make perfect sense to an industry insider?

Most importantly, if you start seeing your workmates filling their cars with canned food and tents and suddenly 'taking a few days off' please let us know!

Neily at the peak · Post by **Neily at the peak** » 21 May 2008, 18:42

look's like I'll soon have to change my name to Neily-Half-Way-Down.

Neil

Post by **mikepepler** » 21 May 2008, 18:48

$132.69 - and I've been at my computer all day this time!

The mainstream papers are picking up on the futures trends:
http://www.telegraph.co.uk/money/main.j ... oil121.xml

...
Long-term oil future prices have jumped at an unprecedented rate in a sign that investors are buying up stocks of oil en-masse almost a decade in advance.

The situation is highly unusual, since futures prices are almost always lower than today's oil prices.
...

I wonder if this week or month will go down in history as the time when things changed? The price rises are so fast, and there's no out-of-the-ordinary problems with supply - just not enough of it!

And, according to the MPC minutes, found here:
http://www.bankofengland.co.uk/publicat ... pc0805.pdf

The price of oil had been extremely volatile. But over the month, the sterling price of Brent crude had risen by 13%. According to the Bank?s market contacts, speculative purchases did not seem to be the prime cause of the recent increases in the oil price. More fundamental demand and supply factors had probably been at the root of its steep rise during recent months, and there remained considerable uncertainty about the oil price outlook. There was little prospect of a significant increase in supply over the next two or three years.

(my emphasis)

Has the BOE finally caught up with us? A little late....

Mitch · Post by **Mitch** » 21 May 2008, 19:30

133.28 - and still looks like it's climbing, am sure somethings going on we don't know about.

Vortex · Post by **Vortex** » 21 May 2008, 20:03

Is 'live month front contract' what the current oil price is?

In other words is the price shown at the link below the price we should all be talking about - or is there another price called something like 'WTI spot' which is more valid?

http://www.post1.net/lowem/page/livequotes

Vortex · Post by **Vortex** » 21 May 2008, 20:03

Tess? Tess? TESS? What's happening?

Keela · Post by **Keela** » 21 May 2008, 21:40

This link here

Says 134.02 now!

Mitch · Post by **Mitch** » 21 May 2008, 21:41

Tess is probably stocking her boat with canned goods at the 24 hour Tesco - $134.02 and counting....

Does this mean 140 by Friday? 150 by month end? Can't be - THEY won't allow it to happen!!

Blimey - French fisherman rioting, containers piling up in port and on the motorways, lorry blockade in London on Tuesday.