Another Record ($147.27)

TheAntiDoomer · Tar Sands Joined: Jun 18, 2008 Posts: 22

*Crickets*
_________________

firestarter · Light Sweet Crude Joined: Mar 19, 2006 Posts: 1111

The August contract expires today. I wouldn't read too much into this action. I also wouldn't read too little into it.
_________________
Civilization: the biosphere's skin disease

lowem · Posted: Tue Jul 22, 2008 9:36 am Post subject: Re: Another Record ($147.27)

Yup, perhaps we could now start some thread about crude oil falling by record amounts from record highs. It's now down over $20 from the current record high of $147.27. We're on track to hit the next bunch of support levels at $120, $110, $100 ...

Go home everyone, Peak Oil has gone away.

And first thing in the morning, go to your local car dealer and buy the biggest SUV on the lot ... Laughing

_________________
Live quotes - crude oil, gold and currencies
http://www.post1.net/lowem/page/livequotes

rdsaltpower · Heavy Crude Joined: Aug 30, 2006 Posts: 105

125.85 now. Lowem , why not the board brought out the cheerleaders complete w/ rah-rahs and pom-poms for every nickel it went up!

Chuckmak · Posted: Tue Jul 22, 2008 9:55 am Post subject: Re: Another Record ($147.27)

down $21 over the course of a week...i honestly wasn't expecting that.
_________________
"if god doesn't exist, it is necessary that we invent him" - Voltaire

"they say prescott bush funded hitler" - Nas

rdsaltpower · Heavy Crude Joined: Aug 30, 2006 Posts: 105

I also noticed Gold was down in the 947.00 range.

Atlantean_Relic · Posted: Tue Jul 22, 2008 10:10 am Post subject: Re: Another Record ($147.27)

I guess will be seeing real soon if SPG's prediction of a bounce around $122 to 112 is right.
_________________
Was a long and dark December
When the banks became cathedrals
And the fog
Became God

thor · Heavy Crude Joined: Jun 21, 2005 Posts: 451

The price drop seems to indicate that there is enough oil and we can continue to grow. Yeah.

Minvaren · Posted: Tue Jul 22, 2008 11:49 am Post subject: Re: Another Record ($147.27)

...even with a hurricane in the Gulf is what surprises me, to be honest.

$126.70 or so as of now...

ColossalContrarian · Intermediate Crude Joined: Jun 20, 2006 Posts: 634

Let’s not forget that the price peaked almost $50 since the beginning of the year (6 months). We’ve also just entered Hurricane season and we’re still way higher than we were this time last year.

...trying to lookup how much oil was this time last year...
_________________
got cash?

ColossalContrarian · Intermediate Crude Joined: Jun 20, 2006 Posts: 634

Another record Archive

Same time last year we were at about $75
_________________
got cash?

idiom · Posted: Tue Jul 22, 2008 2:09 pm Post subject: Re: Another Record ($147.27)

It's all those speculators shorting the stuff. The should make a law about that.

smallpoxgirl · Moderator Joined: Nov 08, 2004 Posts: 5743

Chuckmak · Posted: Tue Jul 22, 2008 5:43 pm Post subject: Re: Another Record ($147.27)

Peleg · Heavy Crude Joined: May 20, 2008 Posts: 391

We need another five to ten to drop off so everyone can stop whining about the speculators and understand that the YOY increase based on fundamentals alone is staggering. We are only half way through what is expected to be a difficult year and oil depletion is not going away.

We should be thankful that more and more high profile people like Mr. Pickens are advancing plans that (if not naming peak oil) are acting in proportion to the gravity that peak oil warrants. Peak Oil is moving off of the fringe and into the main stream. By next summer that transition will be complete, Peak Oil (I believe by that name as well) will be on the policy making agenda for this nation.

Right now you probably have alot of people fearing a US slowdown and not knowing how deep it might get.

The dominoes I think most of us here see are all stacked after peak oil. The loaning of any money tied to the current ailing system will not be very wise in a depletion shaped environment. Growth is needed to pay for loans (bets placed on future growth) so without a promise of easy cheap oil based growth the financial markets are going to remain troubled for some time. I think we might start to see companies shifting to domestic production and finding a competitive advantage for a time which could produce some positive moves. Overall the market jumped when oil dropped and then said 'Wait a minute, nothing really changed in the overall economic outlook.'

And we know that, despite Dolly never really having a chance to gut production in the Gulf, we dodged a bullet and the gun is pointing right at our abdomen for at least another two months.

Measure all of those factors, weight appropriately, and shake the dice on the unknowables,...all in all we are still facing the end of cheap oil.