Current Oil Price

Post by **mikepepler** » 16 May 2008, 13:20

Sorry, it was $127.43 - the nymex website has caught up now...

RevdTess · Post by **RevdTess** » 16 May 2008, 13:31

Mike, I figured you must be out today, with the price moving up.

Post by **mikepepler** » 16 May 2008, 13:34

Tess wrote:Mike, I figured you must be out today, with the price moving up.

Well I did pop out at lunchtime, and it was just as I turned my computer back on that the record was hit....

PS_RalphW · Post by **PS_RalphW** » 16 May 2008, 14:15

Probably dollar weakness. Gold is up $17 in the same time frame

Post by **mikepepler** » 16 May 2008, 14:24

$127.74

Post by **mikepepler** » 16 May 2008, 14:28

on MarketWatch:

Goldman Sachs on Friday raised its forecast for the average price of West Texas Intermediate oil in the second half of 2008 by 32% to $141 a barrel from $107 a barrel.
"We believe that the market is not defying fundamentals but rather experiencing a structural repricing much like it did in 2004, searching for a new equilibrium against an uncertain long-term supply environment," the broker said.

RevdTess · Post by **RevdTess** » 16 May 2008, 14:36

127.80

Post by **mikepepler** » 16 May 2008, 14:40

We're not even in hurricane season yet....

diesel has gone up 4p in a week at our local filling station, petrol by 2p

emordnilap · Post by **emordnilap** » 16 May 2008, 14:43

I'm seeing an increase in fuel prices every single week in Ireland.

It's getting boring.

Can anyone relate fuel prices to the cost of a barrel of oil? The point being, of course, that there's a time lag between extraction and delivery. Theoretically, one could roughly predict pump prices by looking back at the increase in well prices, if one knew where to look.

I suppose there's a part of the price that's speculation, but how much?

Post by **mikepepler** » 16 May 2008, 14:45

emordnilap wrote:I'm seeing an increase in fuel prices every single week in Ireland.

It's getting boring.

Boring, exciting, terrifying - take your pick! I wonder when people will realise there is a problem? We had protests at much lower prices 8 years ago....

Bedrock Barney · Post by **Bedrock Barney** » 16 May 2008, 15:40

mikepepler wrote:We're not even in hurricane season yet....

14 days to go. An early season big one would put the cat among the pigeons.

Post by **clv101** » 16 May 2008, 15:46

mikepepler wrote:
emordnilap wrote:I'm seeing an increase in fuel prices every single week in Ireland.

It's getting boring.
Boring, exciting, terrifying - take your pick! I wonder when people will realise there is a problem? We had protests at much lower prices 8 years ago....

That's a good point. Diesel's jumped from ?1 to ?1.20 really quick and I'm not really aware of any fuss being kicked up? Is this because people simply realise what's going on? That's it's a "natural" thing, and shouting at Gordon Brown will achieve nothing at all?

oilslick · Post by **oilslick** » 16 May 2008, 15:52

clv101 wrote:That's a good point. Diesel's jumped from ?1 to ?1.20 really quick and I'm not really aware of any fuss being kicked up? Is this because people simply realise what's going on? That's it's a "natural" thing, and shouting at Gordon Brown will achieve nothing at all?

Given the amount tax in that ?1.20 I fully expect Gordon to get plenty of shouting in his direction should prices keep increasing.

emordnilap · Post by **emordnilap** » 16 May 2008, 15:53

clv101 wrote:
mikepepler wrote:
emordnilap wrote:I'm seeing an increase in fuel prices every single week in Ireland.

It's getting boring.
Boring, exciting, terrifying - take your pick! I wonder when people will realise there is a problem? We had protests at much lower prices 8 years ago....
That's a good point. Diesel's jumped from ?1 to ?1.20 really quick and I'm not really aware of any fuss being kicked up? Is this because people simply realise what's going on? That's it's a "natural" thing, and shouting at Gordon Brown will achieve nothing at all?

They probably think, "These prices are only temporary".

And they'd be right!

Post by **mikepepler** » 16 May 2008, 15:54

Bedrock Barney wrote:
mikepepler wrote:We're not even in hurricane season yet....
14 days to go. An early season big one would put the cat among the pigeons.

And I've seen the way pigeons take off in our woods when they're disturbed - lots of flapping, crashing through the branches... it's a wonder they don't hit a tree and drop to the ground!

I wonder how our economy will cope...