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frankthetank
Fusion
Joined: Sep 16, 2004
Posts: 4451
Location: Southwest WI
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 Posted: Tue Jul 01, 2008 5:31 am Post subject: Re: Another Record ($143.67) |
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$142.45 according to 321... Let the good times roll.
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Sketh
Tar Sands
Joined: Jul 02, 2005
Posts: 60
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| Posted: Tue Jul 01, 2008 7:24 am Post subject: Re: Another Record ($143.67) |
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IEA Medium-Term Oil Market report has added support. The agency is now publicly expressing doubts about KSA.
Financial Times (subscription may be required)
| Quote: | IEA warns of tightening oil supplies
The oil market would remain tight during the next five years as production from non-Opec countries stalls and demand growth remains relatively strong, the western countries’ energy watchdog warned on Tuesday.
The International Energy Agency’s warning is the starkest sign yet that even record oil prices above $140 a barrel have not yet not done enough to balance demand growth from countries such as China with sluggish supply increases.
The IEA said that annual non-Opec growth would slow to 0.5 per cent between 2008 and 2013, against demand growth of 1.6 per cent per year. The mismatch means the world economy would be more reliant on Opec, the oil cartel, and oil prices are likely to remain at record levels, analysts said.
[snip]
The IEA said it believed Saudi Arabia was having bigger problems than the kingdom, the world’s largest exporter, was willing to admit to, despite its national oil company having gone to great lengths last month to reassure energy ministers gathered in Jeddah that, except for Khursaniyah, its capacity editions were running on schedule.
The IEA said: “State company Aramco insists that [Khursaniyah] delays are not symptomatic of likely delays at their other projects. Nonetheless, latest market intelligence leads us to push back our estimates for the Nuayyim increment and for Manifa, by six to nine months compared with the July 2007 forecast.”
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Sketh
Tar Sands
Joined: Jul 02, 2005
Posts: 60
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| Posted: Tue Jul 01, 2008 7:38 am Post subject: Re: Another Record ($143.67) |
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...and now Russia's deputy energy minister has added even more support.
Price just hit $143.33
Dow Jones Newswires (subscription may be required)
| Quote: | OIL CONGRESS: Russia's Oil Output Has Reached Plateau -Dep Min
MADRID (Dow Jones)--Russia's oil production will grow only marginally this year and in the near term, Russia's deputy minister for energy said Tuesday, and has in effect hit a plateau for now.
"No one should expect that Russia's oil production growth will match the one we've witnessed in the past eight years," Anatoly Yanovsky said on the sidelines of the World Petroleum Congress.
Over that period, Russia's annual oil production grew from 360 million metric tons to just above 490 million tons.
"Nothing like that will happen", the official said, adding, that Russia's oil production has hit a plateau which will remain unchanged until new large fields in Eastern Siberia and offshore come upstream. |
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Duende
Heavy Crude
Joined: Nov 27, 2004
Posts: 214
Location: Federal City, USA
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| Posted: Tue Jul 01, 2008 7:41 am Post subject: Re: Another Record ($143.67) |
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We're creeping upward today. I wouldn't bar a breakout by Thursday. After all, $150 is right around the corner.
I mean, what's the difference between $143 and $150, anyway?
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mobil1
Tar Sands
Joined: Jun 20, 2008
Posts: 67
Location: Quebec/Ottawa, Canada
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| Posted: Tue Jul 01, 2008 7:45 am Post subject: Re: Another Record ($143.67) |
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| Duende wrote: | We're creeping upward today. I wouldn't bar a breakout by Thursday. After all, $150 is right around the corner.
I mean, what's the difference between $143 and $150, anyway? |
7 bucks ?
About 2/3 of what we've seen in 2 days before. |
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catbox
Heavy Crude
Joined: Sep 29, 2005
Posts: 450
Location: liberal/socialist moron
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| Posted: Tue Jul 01, 2008 7:52 am Post subject: Re: Another Record ($143.67) |
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142.73...Bloomberg says it's up do to the fact that Israel may attack Iran....or something like that..... I did enjoy this post today: http://www.peakoil.com/fortopic42483.html
cb
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Zardoz
Expert
Joined: Dec 02, 2005
Posts: 6417
Location: Oil-addicted Southern Californucopia
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| Posted: Tue Jul 01, 2008 10:46 am Post subject: Re: Another Record ($143.67) |
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Keep an eye on the spot market. That $150 psychological barrier is about to be broken:
Minas at $149.43 at the moment
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Bas
Moderator
Joined: Mar 26, 2005
Posts: 3780
Location: over here
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| Posted: Tue Jul 01, 2008 10:58 am Post subject: Re: Another Record ($143.67) |
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Brent hit a high of $144.77: http://www.livecharts.co.uk/Brent
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PrairieMule
Moderator
Joined: Sep 02, 2005
Posts: 2970
Location: In a Nigerian compound surrounded by mighty dignataries
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| Posted: Tue Jul 01, 2008 11:43 am Post subject: Re: Another Record ($143.67) |
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Any predictions on 4th of July consumption? I know compared to Iran and Nigeria, holiday consumption is still a minor factor. OTOH-Maybe that is what breaks the camel's back. Memorial day was a bust, traffic was down everywhere. If we Americans go out and use what's left of their credit cards with a roadtrip, that could send us to us through $150(or higher?) by Monday.
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anagami
Light Sweet Crude
Joined: Jul 26, 2006
Posts: 1675
Location: Sudavasa Abodes
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| Posted: Tue Jul 01, 2008 7:23 pm Post subject: Re: Another Record ($143.67) |
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| lowem wrote: | | Revi wrote: | | I don't think it will hit $150 this week. Holding $140 is pretty good. |
(...)
For all we know, we could be in for a repeat of the $10 consolidation range we saw from $130-140. Now that we have had a clear breakout above $140, the stage is set for $150. That is, unless somebody wants to surprise us with a "Black Swan" event that takes say 5% demand off the world oil markets?
But if it ever drops to subsequent supports like $130, $120 or even $110, actual users as well as folks like myself will be out there doing some buying. |
Indeed, it seems that $10 range trading with spikes to another $10 range trading (ie: from $120 low / $130 high to $130 low / $150 high) is becoming the "norm"... hmm, at least it's predictable; we already know that fundamentals (specially geology of supply) are strong and prices will rise... know it looks that we may expect $10 range tradings, like a staircase.
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Hogan
Light Sweet Crude
Joined: Oct 25, 2004
Posts: 1331
Location: Stalag 13
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| Posted: Tue Jul 01, 2008 11:06 pm Post subject: Re: Another Record ($143.67) |
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Oil seems to be stuck around $142 for the past 24 hours or so.
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Now why didn't I think of that? |
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DantesPeak
Expert
Joined: Oct 23, 2004
Posts: 5905
Location: New Jersey
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| Posted: Wed Jul 02, 2008 7:45 am Post subject: Re: Another Record ($143.67) |
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| Hogan wrote: | | Oil seems to be stuck around $142 for the past 24 hours or so. |
The NYMEX raised margin requirements yesterday (effective today) for oil, heating oil, and gasoline, a signal for some traders that the market may be temporarily over-bought.
NYMEX
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Hogan
Light Sweet Crude
Joined: Oct 25, 2004
Posts: 1331
Location: Stalag 13
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| Posted: Wed Jul 02, 2008 9:52 am Post subject: Re: Another Record ($143.67) |
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Well, it's spiking. At $143.23 now. Will be another record day I'm guessing.
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Now why didn't I think of that? |
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Sketh
Tar Sands
Joined: Jul 02, 2005
Posts: 60
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| Posted: Wed Jul 02, 2008 12:31 pm Post subject: Re: Another Record ($143.67) |
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| $143.81 |
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Sketh
Tar Sands
Joined: Jul 02, 2005
Posts: 60
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| Posted: Wed Jul 02, 2008 12:35 pm Post subject: Re: Another Record ($143.67) |
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| $143.91 |
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