Don’t worry, just a little bump - $70 is just around the corner. Short traders just keep making those margin calls, mortgage the house if you have to. Fortunes await you! PO is for pansies and doomers. At $70 short some more ..... it is going back to $22 .... the world is awash with oil ........ reality has nothing to do with it, its all in those charts!!!!!!!!!!
Posted: Tue May 06, 2008 6:12 pm Post subject: EIA: WTI to average 109.53 (STEO)
Quote:
U.S. benchmark crude oil will on average cost no lower than $112 a barrel for the remaining quarters of the year, government forecasters said Tuesday.
In its monthly Short-Term Energy Outlook, the Energy Information Administration projected West Texas Intermediate spot crude will average $109.53 a barrel this year, up 51% from 2007 and nearly $9, or 9%, higher than its previous full-year forecast of $100.61.
The forecast comes despite what the agency says will be weaker demand in the U.S., the world's largest oil consumer. Because of tepid economic growth and record prices, U.S. consumption will decline by 190,000 barrels a day this year, the EIA said. Adding increased ethanol use, the agency sees oil demand falling by 330,000 barrels a day this year before turning around in 2009.
For the common good, the above graph is from the STEO issued last December for their price forecast for the year.
Search your soul as to whether or not to put much faith in your government's crude oil forecast. Thus far, the PO.com predictors are doing a much better job.
Posted: Tue May 06, 2008 8:49 pm Post subject: Re: EIA: WTI to average 109.53 (STEO)
How is this thread not getting more attention. If I would have told you last year oil's benchmark price for the ENTIRE 2008 would be over 100 dollars a barell you would not take it lightly. Now it is just another news bit. This crap IS getting too real.
Joined: Apr 05, 2005 Posts: 2359 Location: South of Atlanta
Posted: Tue May 06, 2008 11:32 pm Post subject: Re: EIA: WTI to average 109.53 (STEO)
That graph and prediction are exactly why Im a first class doomer.
Those that should know do not. Those who think they can predict cannot. The data that most world political and corporate leaders use to guide major policy and strategic decisions is nothing short of badly flawed.
Ive seen this for a while. Its getting more scary by the day now.
Joined: Sep 25, 2005 Posts: 1971 Location: Waiuku, New Zealand
Posted: Wed May 07, 2008 4:30 am Post subject: Re: EIA: WTI to average 109.53 (STEO)
The latest STEO has some interesting points. After the latest revisions on oil production, there are now no months over 86 mbpd. The previous version had Feb and Mar topping 86, with the peak in March of 86.22. Peak is now February, at 85.97. There have been estimated stock withdrawals for 16 of the last 18 months.
Joined: May 10, 2007 Posts: 2662 Location: The Entropisphere
Posted: Wed May 07, 2008 4:34 am Post subject: Re: EIA: WTI to average 109.53 (STEO)
AirlinePilot wrote:
That graph and prediction are exactly why Im a first class doomer.
Those that should know do not. Those who think they can predict cannot. The data that most world political and corporate leaders use to guide major policy and strategic decisions is nothing short of badly flawed.
Ive seen this for a while. Its getting more scary by the day now.
Is there free booze in first class? I'm feeling a need for some free booze. _________________ "Against stupidity the gods themselves contend in vain."
-Friedrich von Schiller
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