Joined: Oct 23, 2004 Posts: 5498 Location: New Jersey
Posted: Mon Nov 05, 2007 6:44 pm Post subject: Re: Another Record
This may have given the market a pop:
Quote:
Assailants bomb Yemen oil pipeline
SANAA (AFP) — A bomb blast damaged an oil pipeline in northern Yemen early Monday, halting the flow to the Hudeida export terminal on the Red Sea, a regional security official said.
Ahmed Fander blamed the attack on a "group of saboteurs" whom he did not identify, according to the official Saba news agency.
The pipeline has a capacity of carrying 155,000 barrels of crude oil per day from the Safer oilfields in Marib, 170 kilometres (105 miles) east of Sanaa, to the Hudeida terminal.
"The flow of oil was interrupted and the pipeline was damaged," said Fander, deputy security director in Marib, adding that an investigation was underway to identify the assailants.
No one was hurt in the attack, the latest in a series to target oil installations in Yemen.
AFP _________________ It's already over, now it's just a matter of adjusting.
In the past 10 weeks, the price of crude oil has shot up $25 a barrel, closing at $95.93 in New York on Friday, near an all-time inflation-adjusted peak. Unlike earlier spikes in oil prices, which came on the heels of war in the Middle East, this latest ascent does not appear to be linked to any one conflict or to any physical shortage.
Instead, traders who treat oil like any other commodity are widely thought to be driving prices upward, bolstered by a weak dollar and money flowing out of stock markets and other investment vehicles.
The comments are priceless. Nobody has any clue of what's really going on. They have absolutely no idea of what's coming. Imagine the shrieking and screaming they'll be doing in a few years.
This article makes accusations about traders, yet provide no facts to support this thesis. If you have free markets, there is bound to be some type of speculation - but I see no evidence here that speculators have more than a minor influence.
Also if you are going to quote Yergin, you already are displaying an extreme bias against accepting PO. Funny they did not mention that Yergin has been predicting lower prices for the last three years since oil was about $40:
Quote:
"It's hard to keep in mind that things do move in cycles and that the laws of supply and demand are unlikely to have been abolished," said Daniel Yergin, chairman of Cambridge Energy Research Associates. "High prices, particularly if they become very high prices, will catalyze responses in supply and demand, and innovation," he said.
_________________ It's already over, now it's just a matter of adjusting.
Joined: Jun 18, 2005 Posts: 3765 Location: In a van down by the river
Posted: Mon Nov 05, 2007 7:36 pm Post subject: Re: Another Record
It is a very typical article that we have seen many times before.
It is funny when they try to make it sound negative that people are speculating in oil trying to make money like that is not the point. Jim Rogers said something very similar when he was interviewed on cnbc the other day.
There is an easy way to silence the people betting that oil prices will continue to climb, flood the market with lots of oil, that will bring the price down in hurry.
Actually we have seen record high oil prices for 5 years where is the supply in response? The only way oil is coming down is if there is a global recession even then I think we are past the point of no return on oil. I think it is burn every drop we have or people have to start dying.
Posted: Mon Nov 05, 2007 7:51 pm Post subject: Re: Another Record
the speculation article must be BS anyway. I seem to recall if you trade oil futures the minimum order is 1000 barrels. Eventually sometime has to take delivery, so if 'speculators' are just bidding it up then they will have to sell to someone that can take delivery.
Joined: Oct 23, 2004 Posts: 5498 Location: New Jersey
Posted: Mon Nov 05, 2007 11:21 pm Post subject: Re: Another Record
Quote:
The silence of Saudi Arabia in the face of $90 a barrel oil prices is surprising -- but actually it speaks volumes. The kingdom has made it clear in the past that crude oil prices at these levels are not in the long-term interest of either oil producers or the world economy. Usually, it has tried to talk the market back down and has followed up those words with increased supplies, if needed. Its silence now in the face of the $20 rise since September suggests that it believes such efforts would be futile in current market conditions, or that it can not back up its words with actions that would have a significant impact on current price levels. If these implications are indeed correct, oil markets may be standing on the threshold of a new, more volatile period, when neither Opec, nor its Saudi king pin, are able to exert any meaningful restraint.
Tom Wallin, New York
Energy Intelligence e-mail
November 6, 2007 _________________ It's already over, now it's just a matter of adjusting.
$95.28. Ninety-five bucks "has support". _________________ "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: Dec 02, 2005 Posts: 6284 Location: Oil-addicted Southern Californucopia
Posted: Tue Nov 06, 2007 9:24 am Post subject: Re: Another Record
And we chuckled at the idea of $100 in 2007.
Nobody's laughing anymore. _________________ "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
Posted: Tue Nov 06, 2007 9:37 am Post subject: Re: Another Record
Or maybe sooner. North Sea oil platforms are being evacuated due to a storm, and the news about Mexico seems to be slowly dawning. _________________ "The problems of today will not be solved by the same thinking that produced the problems in the first place." - Albert Einstein
You cannot post new topics in this forum You cannot reply to topics in this forum You cannot edit your posts in this forum You cannot delete your posts in this forum You cannot vote in polls in this forum
News
Discussions
Resources
Members
Forum FAQ
Search
Usergroups
Profile
Log in to check your private messages
Log in
