Another Record ($143.67)

AirlinePilot · 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.

Bas · Posted: Mon Sep 10, 2007 3:28 pm Post subject: Re: Another Record

hey, where did this jump above 78$ come from?

Oil Price
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Shannymara · Master Joined: Oct 04, 2004 Posts: 5386 Location: Oklahoma

Bas, my guess is the Mexico pipeline sabotage has caused the spike, if there's much reason to it at all.
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Bas · Posted: Mon Sep 10, 2007 3:36 pm Post subject: Re: Another Record

Shannymara · Master Joined: Oct 04, 2004 Posts: 5386 Location: Oklahoma

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.
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"Every junkie's like a setting sun..." - Neil Young

mistel · Heavy Crude Joined: Mar 20, 2005 Posts: 139

I'm considering going short oil right now, very short term, maybe two weeks.

eastbay · 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.
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Ferretlover · 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?

Zardoz · Posted: Mon Sep 10, 2007 6:23 pm Post subject: Re: Another Record

Hello.

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"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

chuck6877 · Intermediate Crude Joined: May 16, 2005 Posts: 526

What are the intraday and closing oil price records again?

DantesPeak · Posted: Mon Sep 10, 2007 6:56 pm Post subject: Re: Another Record

sameu · Posted: Tue Sep 11, 2007 6:14 am Post subject: Re: Another Record

Troyboy1208 · Posted: Tue Sep 11, 2007 12:08 pm Post subject: Re: Another Record

Loderunner · 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?

Bas · Posted: Tue Sep 11, 2007 2:23 pm Post subject: Re: Another Record