For a minute there I thought I had to get off my couch, when all the while the fact is we don't have to do anything much but keep things afloat for just a few decades more! In fact, we'd best shut up about PO, because if our offspring finds out we knew about it all along, they'll turn and wring our necks come 2036!
Joined: Apr 05, 2005 Posts: 2395 Location: South of Atlanta
Posted: Mon Sep 10, 2007 3:06 pm Post subject: Re: Another Record
Rdsnt,
Im thinking years, not months or weeks when i say Im long on oil. We will have to see what happens globally with the economy. Its a giant crapshoot right now.
Joined: Oct 04, 2004 Posts: 5136 Location: Oklahoma
Posted: Mon Sep 10, 2007 3:34 pm Post subject: Re: Another Record
Bas, my guess is the Mexico pipeline sabotage has caused the spike, if there's much reason to it at all. _________________ "Every junkie's like a setting sun..." - Neil Young
Joined: Mar 26, 2005 Posts: 3684 Location: over here
Posted: Mon Sep 10, 2007 3:36 pm Post subject: Re: Another Record
Shannymara wrote:
Bas, my guess is the Mexico pipeline sabotage has caused the spike, if there's much reason to it at all.
I thought that was all gas and no oil; the price of oil didn't seem to react to it earlier in the day either. Maybe the oil market is all excited about the OPEC meeting tomorrow? _________________ "The best thing about the future is that it comes only one day at a time."
Joined: Oct 04, 2004 Posts: 5136 Location: Oklahoma
Posted: Mon Sep 10, 2007 3:38 pm Post subject: Re: Another Record
I believe one of the pipelines was oil and the rest were natural gas. But you may be right about the OPEC meeting - buy on rumor, sell on news, etc. _________________ "Every junkie's like a setting sun..." - Neil Young
Joined: Dec 18, 2004 Posts: 4114 Location: One Mile From the Columbia River
Posted: Mon Sep 10, 2007 5:26 pm Post subject: Re: Another Record
Take a good look at accuweather before going short. A really good look. There are quite a few potential storms forming and at least one of them may prove to be the type that raise oil prices. I'd wait a few days... this is a good week to just fasten your seatbelt, sit tight, and wait. _________________ Everything is Impermanent. Shakyamuni Buddha
Joined: Jun 13, 2007 Posts: 3345 Location: Minniesotuh
Posted: Mon Sep 10, 2007 5:32 pm Post subject: Re: Another Record
Oil Rises to 6-Week High on Signs OPEC Will Keep Output Quotas By Mark Shenk
Sept. 10 (Bloomberg) -- Crude oil rose to a six-week high on speculation that OPEC ministers will maintain production targets when they meet tomorrow in Vienna.
Representatives from members including Iran, Kuwait and Qatar said in the past week there's no need to increase quotas that were set last year. Some Persian Gulf producers are discussing an increase, two delegates said today.
``The consensus remains that OPEC will do nothing tomorrow,'' said Peter Beutel, president of Cameron Hanover Inc., a New Canaan, Connecticut, energy consultant. ``There was fresh discussion about a production increase today, but opposition from Iran and Venezuela is too strong for this to occur.'' …
Opec sits back?
Pemex Blames Sabotage in 6 Separate Pipeline Blasts (Update5) By Thomas Black and Valerie Rota
Sept. 10 (Bloomberg) -- Petroleos Mexicanos, the country's state oil monopoly, said saboteurs blew up three oil and gas pipelines in the energy hub of Veracruz state, marking the third terrorist strike on its distribution network since July.
The six explosions that shut down lines carrying crude oil, natural gas and propane were ``premeditated acts,'' Pemex said in an e-mailed statement. About 12,500 people were evacuated after the blasts at 3 a.m. New York time, Veracruz Governor Fidel Herrera said on Mexico City-based Radio Formula. Pemex reported no injuries or damage outside its facilities. …
Who in Mexico would do this?
Joined: Dec 02, 2005 Posts: 6284 Location: Oil-addicted Southern Californucopia
Posted: Mon Sep 10, 2007 6:23 pm Post subject: Re: Another Record
Hello.
_________________ "Thank you for attending the oil age. We're going to scrape what we can out of these tar pits in Alberta and then shut down the machines and turn out the lights. Goodnight." - seldom_seen
Joined: Oct 23, 2004 Posts: 5487 Location: New Jersey
Posted: Mon Sep 10, 2007 6:56 pm Post subject: Re: Another Record
chuck6877 wrote:
What are the intraday and closing oil price records again?
Intraday is about 50 cents higher and closing high is about $78. Looks like we are very close to the record right now:
Quote:
Oil Rises to Near Record on Signs OPEC Will Keep Output Quota
By Gavin Evans
Sept. 11 (Bloomberg) -- Crude oil rose to within 50 cents of a record on speculation rising demand and restricted OPEC production may tighten fourth-quarter supplies.
The Organization of Petroleum Exporting Countries pumps about 40 percent of the world's oil and will set its output target for the rest of the year at a meeting in Vienna today. It will probably maintain its current ceiling because of ample supplies and the prospect of slowing U.S. demand, officials said.
Crude oil for October delivery rose as much as 83 cents, or 1.1 percent, to $78.32 a barrel in after-hours electronic trading on the New York Mercantile Exchange, its seventh day of gains. It was trading at $78.30 at 8:48 a.m. in Sydney. New York futures reached a record $78.77 on Aug. 1.
Bloomberg _________________ It's already over, now it's just a matter of adjusting.
Joined: Aug 18, 2005 Posts: 525 Location: Belgium, Europe
Posted: Tue Sep 11, 2007 6:14 am Post subject: Re: Another Record
Troyboy1208 wrote:
I think I read today that opec probably wont raise output at their meeting. It would appear that the world is awash in crude oil. They dont want to saturate the market
yes that's because of all those alternatives coming online/slowing economic growth/refinery bottlenecks/ [insert more crap here] _________________ www.peakoil.be
Posted: Tue Sep 11, 2007 12:08 pm Post subject: Re: Another Record
sameu wrote:
Troyboy1208 wrote:
I think I read today that opec probably wont raise output at their meeting. It would appear that the world is awash in crude oil. They dont want to saturate the market
yes that's because of all those alternatives coming online/slowing economic growth/refinery bottlenecks/ [insert more crap here]
Joined: Mar 27, 2007 Posts: 9 Location: Arlington, VA, USA
Posted: Tue Sep 11, 2007 1:59 pm Post subject: Re: Another Record
Okay, so right after the meeting when OPEC decided to increase by 0.5 million bpd (bit of a surprise to most analysts), prices went down a bit. But, now they are back up again? Latest price $78.24. I wonder if the media just have a headline spinner that they use for the reasoning for price increases.
One question I have: Is the price of oil determined by actual buying and selling of oil or is it entirely investor, speculative driven, or is it a combination of both?
Joined: Mar 26, 2005 Posts: 3684 Location: over here
Posted: Tue Sep 11, 2007 2:23 pm Post subject: Re: Another Record
Loderunner wrote:
Okay, so right after the meeting when OPEC decided to increase by 0.5 million bpd (bit of a surprise to most analysts), prices went down a bit. But, now they are back up again? Latest price $78.24. I wonder if the media just have a headline spinner that they use for the reasoning for price increases.
One question I have: Is the price of oil determined by actual buying and selling of oil or is it entirely investor, speculative driven, or is it a combination of both?
New supply typically takes a month and a bit before it hits the market, as ramping up of production and shipping cause some delay. Still, speculators might not trust OPEC's statements as much as they did in the past; it would have been reasonable to see prices drop a bit in anticipation of new supply at least, but it's still likely that this will happen in the coming days.
As for the setting of the price: in the short term speculation sets the price, over the long term it's entirely fundamental supply and demand that sets the price (so we can safely say that the rise in prices over the last 4 years are a result of supply staying behind the growth in demand, and is not a result of speculation) _________________ "The best thing about the future is that it comes only one day at a time."
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