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strider3700
Fission
Joined: Apr 17, 2005
Posts: 2719
Location: Vancouver Island
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 Posted: Tue Sep 11, 2007 2:42 pm Post subject: Re: Another Record |
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We've had a few quota bumps over the last year or two that never really seem to show up in the markets. I'd guess investors are taking opec's comments with a grain of salt.
CNBC was just mentioning that traders think OPEC is in-effective and they expect worldwide growth to tighten supplies
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shame on us, doomed from the start
god have mercy on our dirty little hearts |
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sameu
Intermediate Crude
Joined: Aug 18, 2005
Posts: 529
Location: Belgium, Europe
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| Posted: Tue Sep 11, 2007 2:52 pm Post subject: Re: Another Record |
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| Troyboy1208 wrote: | | 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] |
I hope you detected the heavy sarcasm in my post  |
that goes without saying
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Zardoz
Expert
Joined: Dec 02, 2005
Posts: 6384
Location: Oil-addicted Southern Californucopia
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| Posted: Tue Sep 11, 2007 3:37 pm Post subject: Re: Another Record |
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$78 is holding up:
That storm system east of the islands continues to creep west. If it develops, and turns slightly north as it is expected to do, look for the price records to be broken with ease.
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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 |
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Leanan
News Editor
Joined: May 20, 2004
Posts: 4529
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| Posted: Tue Sep 11, 2007 4:10 pm Post subject: Re: Another Record |
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Oil Hits New Record Despite OPEC Move
| Quote: | | Light, sweet crude for October delivery rose 74 cents to settle at $78.23 a barrel on the New York Mercantile Exchange after alternating frequently between gains and losses. The settlement price bested the previous record, set July 31, by 2 cents. |
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"The problems of today will not be solved by the same thinking that produced the problems in the first place." - Albert Einstein |
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Troyboy1208
Intermediate Crude
Joined: Apr 26, 2006
Posts: 513
Location: Orlando FL
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| Posted: Tue Sep 11, 2007 4:25 pm Post subject: Re: Another Record |
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| so why is the price at the pump still 2.75...we should be over 3.00 dollars by now |
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Leanan
News Editor
Joined: May 20, 2004
Posts: 4529
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| Posted: Tue Sep 11, 2007 5:29 pm Post subject: Re: Another Record |
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| Quote: | | so why is the price at the pump still 2.75 |
I'm sure that will changing soon enough.
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"The problems of today will not be solved by the same thinking that produced the problems in the first place." - Albert Einstein |
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Denny
Light Sweet Crude
Joined: Jul 10, 2004
Posts: 1630
Location: Canada
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| Posted: Tue Sep 11, 2007 7:40 pm Post subject: Re: Another Record |
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| Is it really a record price for crude? For the 5% of the world who live in the United States, yes. for most of the world, no. |
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chuck6877
Intermediate Crude
Joined: May 16, 2005
Posts: 526
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| Posted: Tue Sep 11, 2007 10:13 pm Post subject: Re: Another Record |
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CNBC said regarding the 500,000 barrel raise in the Quota today, that OPEC was ALREADY pumping 500,000 over their official quota so really there would be no change........
Chuck |
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simontay78
Heavy Crude
Joined: May 01, 2006
Posts: 188
Location: SG
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jeezlouise
Heavy Crude
Joined: Feb 05, 2006
Posts: 303
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| Posted: Tue Sep 11, 2007 11:05 pm Post subject: Re: Another Record |
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Well, slap my Momma. (...Uhm, that's a Southern thing.)
The oil investors actually pulled their heads from their collective posterior long enough to come to a realistic consensus. Never thought I'd see the day. |
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joewp
Light Sweet Crude
Joined: Apr 05, 2005
Posts: 1627
Location: Springsteen Country (NJ)
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| Posted: Wed Sep 12, 2007 8:47 am Post subject: Re: Another Record |
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Another record, it just hit $78.99 a few minutes after the open, backed off 20 cents and now it's trying to pass $79 again...
22 minutes 'til the weekly storage report, which could send it either way...
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Joe P. United Political Debate
"Only when the last tree is cut; only when the last river is polluted; only when the last fish is caught; only then will they realize that you cannot eat money." - Cree Indian Proverb |
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Leanan
News Editor
Joined: May 20, 2004
Posts: 4529
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| Posted: Wed Sep 12, 2007 9:32 am Post subject: Re: Another Record |
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Oil hits record on big inventory drop
| Quote: | Oil prices hit a fresh intraday record high of over $79 a barrel Wednesday after the government said supplies of crude oil fell far more than expected.
U.S. light crude for October delivery rose 70 cents to $78.97 a barrel, passing the old trading high of $78.77 a barrel hit Aug. 1. Oil had traded up 49 cents just prior to the report's release, and touched a record $79.29 just after the report. |
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"The problems of today will not be solved by the same thinking that produced the problems in the first place." - Albert Einstein |
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Zardoz
Expert
Joined: Dec 02, 2005
Posts: 6384
Location: Oil-addicted Southern Californucopia
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| Posted: Wed Sep 12, 2007 11:24 am Post subject: Re: Another Record |
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NYMEX now at $79.15. Let's see what the news of the two storms does.
_________________
"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 |
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Leanan
News Editor
Joined: May 20, 2004
Posts: 4529
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| Posted: Wed Sep 12, 2007 12:36 pm Post subject: Re: Another Record |
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Oil hits record on inventory report
| Quote: | | Despite setting a new price record of $79.89 Wednesday, oil is still well below inflation-adjusted highs above $101 a barrel hit in early 1980. |
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"The problems of today will not be solved by the same thinking that produced the problems in the first place." - Albert Einstein |
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joewp
Light Sweet Crude
Joined: Apr 05, 2005
Posts: 1627
Location: Springsteen Country (NJ)
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| Posted: Wed Sep 12, 2007 12:41 pm Post subject: Re: Another Record |
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BIG SALE!!!
Oil now only $79.95! Get some before the big price increase!
EDIT : It just touched $80/barrel, somebody give T. Boone Pickens a cigar. 
_________________
Joe P. United Political Debate
"Only when the last tree is cut; only when the last river is polluted; only when the last fish is caught; only then will they realize that you cannot eat money." - Cree Indian Proverb |
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