How then, do we move backwards? How does a society, with most of the people having no clue of future events, move from being dependent on a vast and intertwined network of goods and services produced by the indigenous people of whereever, to a local resource and renewable energy based society, and do so in the timeframe available (20-30 years using the most liberal extimates, 10-20 with resonable estimates, 5-10 with worst case scenarios), all the while prices on everything increasing, world politics getting more militaristic, governments continuously reducing civil liberties, shortages of goods on the market and weather patterns resembling bad Hollywood movies?
Posted: Mon Jun 16, 2008 10:10 pm Post subject: Re: Another Record ($139.89)
Someone must have been pretty desperate to bid a price that high. Oil was trading for most of the day in the mid 130s so there really was no need for such a premium.
Posted: Mon Jun 16, 2008 10:16 pm Post subject: Re: Another Record ($139.89)
chuck6877 wrote:
$140.42 as the NEW HIGH!?
I'm not sure how WTIC is calculated. The high for the NYMEX July futures contract was what's reflected in the thread title - $139.89. _________________ "I was born in a deep forest
I wish I could live here all my life
I am made from stones and roots
My home, these woods and roads
All my life I loved this sound
Of the woods all around
Eagles fly where the winds blow free" -Korpiklaani
Posted: Mon Jun 16, 2008 10:16 pm Post subject: Re: Another Record ($139.89)
chuck6877 wrote:
$140.42 as the NEW HIGH!?
That's due to the Aug 2008 contract hitting $140.42. The front-month contract is still Jul 2008 and that hit the $139.89 price that's currently being reported in news media everywhere.
I'd suppose to make things consistent around here, our "official benchmark" should remain as the price of the front-month NYMEX futures contract all the way up till expiry and roll-over to the next month.
Stockcharts seems to take the price quotes from the contract with the highest volume of transactions which is why we're seeing this. We are nearing the expiry date for the Jul 2008 contract so traders are switching over to the next month's one. You can see the $140.42 high on the NYMEX PSO (previous session overview) page. _________________ Live quotes - crude oil, gold and currencies
http://www.post1.net/lowem/page/livequotes
Posted: Tue Jun 17, 2008 8:27 am Post subject: Re: Another Record ($139.89)
smallpoxgirl wrote:
The upper line of the pennant broke. It's currently testing the lower line of the pennant (~$133.40). If that breaks, we may be in for a significant drop.
Hello SPG, 8D
You're right that either way oil breaks this flag, there will
be a significant movement.
The problem for the bears is the weekly inventory reports.
Every Wed (or Thurs on Holiday) for the past 52 weeks, at least one
of the major fuels has had significant reductions.
And we have no more grain for 400 000 bbls per day of ethanol
to fill in the gaps.
Has there been any fog in the Houston Ship Channel this week?
Posted: Tue Jun 17, 2008 5:24 pm Post subject: Re: Another Record ($139.89)
mcgowanjm wrote:
The problem for the bears is the weekly inventory reports.
Yeah. I think maybe you're right. Everybody is waiting on the inventory report to be the tie breaker. Yesterday we had the huge false breakout top side to $139. This morning there was a false breakout on the bottom side down to $132. At the end of the day, we're right back inside the pennant. It's like people are lost and don't know which way to go with it. All the while the 20dma creeps closer and closer and the upper envelope line creeps higher and higher. Also, despite the two false breakouts, the volume is starting to drop off like a pennant should. _________________ "I was born in a deep forest
I wish I could live here all my life
I am made from stones and roots
My home, these woods and roads
All my life I loved this sound
Of the woods all around
Eagles fly where the winds blow free" -Korpiklaani
Posted: Tue Jun 17, 2008 6:22 pm Post subject: Re: Another Record ($139.89)
Quote:
How are the current inventories?
Quote:
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.6 million barrels from the previous week. At 302.2 million barrels, U.S. crude oil inventories are at the lower boundary of the average range for this time of year.
Total products supplied over the last four-week period has averaged nearly 20.4 million barrels per day, down by 1.3 percent compared to the similar period last year. Over the last four weeks, motor gasoline demand has averaged 9.3 million barrels per day, down by 1.3 percent from the same period last year
That's last weeks report. The new one comes out at 1035 tomorrow morning. _________________ "I was born in a deep forest
I wish I could live here all my life
I am made from stones and roots
My home, these woods and roads
All my life I loved this sound
Of the woods all around
Eagles fly where the winds blow free" -Korpiklaani
Joined: Oct 23, 2004 Posts: 5348 Location: New Jersey
Posted: Tue Jun 17, 2008 6:36 pm Post subject: Re: Another Record ($139.89)
smallpoxgirl wrote:
Quote:
How are the current inventories?
Quote:
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 4.6 million barrels from the previous week. At 302.2 million barrels, U.S. crude oil inventories are at the lower boundary of the average range for this time of year.
Total products supplied over the last four-week period has averaged nearly 20.4 million barrels per day, down by 1.3 percent compared to the similar period last year. Over the last four weeks, motor gasoline demand has averaged 9.3 million barrels per day, down by 1.3 percent from the same period last year
That's last weeks report. The new one comes out at 1035 tomorrow morning.
Funny how they don't mention oil/product imports were down 11.4% as compared to last year used the same criteria as above.
We keep hearing about demand destruction but nobody is noticing that oil/product imports are going into a steep dive. Should we blame that on speculators too? _________________ It's already over, now it's just a matter of adjusting.
Posted: Tue Jun 17, 2008 7:01 pm Post subject: Re: Another Record ($139.89)
DantesPeak wrote:
Funny how they don't mention oil/product imports were down 11.4% as compared to last year used the same criteria as above.
Well...they did. I just didn't quote that part.
Quote:
U.S. crude oil imports averaged about 9.7 million barrels per day last week, down 98 thousand barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged 9.4 million barrels per day, 819 thousand barrels per day below the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged about 1.2 million barrels per day. Distillate fuel imports
averaged 127 thousand barrels per day last week.
_________________ "I was born in a deep forest
I wish I could live here all my life
I am made from stones and roots
My home, these woods and roads
All my life I loved this sound
Of the woods all around
Eagles fly where the winds blow free" -Korpiklaani
Joined: Oct 23, 2004 Posts: 5348 Location: New Jersey
Posted: Tue Jun 17, 2008 7:14 pm Post subject: Re: Another Record ($139.89)
smallpoxgirl wrote:
DantesPeak wrote:
Funny how they don't mention oil/product imports were down 11.4% as compared to last year used the same criteria as above.
Well...they did. I just didn't quote that part.
Quote:
U.S. crude oil imports averaged about 9.7 million barrels per day last week, down 98 thousand barrels per day from the previous week. Over the last four weeks, crude oil imports have averaged 9.4 million barrels per day, 819 thousand barrels per day below the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged about 1.2 million barrels per day. Distillate fuel imports
averaged 127 thousand barrels per day last week.
You are right , but...
They could have said supplies were falling 9 times as fast as demand was falling, but that might scare a few people into thinking we are actually in an energy crisis and not being manipulated by - your choice - big oil, Cheney, OPEC, speculators, drilling restrictions, etc. _________________ It's already over, now it's just a matter of adjusting.
Posted: Wed Jun 18, 2008 6:05 am Post subject: Re: Another Record ($139.89)
At present rates of supply falling, how long till we see shortatges at the end of the hose? Living on reserves will eventually drain the system. Can't live on savings forever. _________________ Local fix-it guy..
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