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frankthetank
Fusion
Joined: Sep 16, 2004
Posts: 4415
Location: Southwest WI
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 Posted: Thu Jul 17, 2008 4:15 pm Post subject: Re: Another Record ($147.27) |
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Wonder how long it takes for gasoline/diesel to drop 
Whats interesting is that gold still gained on the day.
Tomorrow should be very interesting. I think all along we said there would be wild swings in price.
I see nothing that says production has increased significantly or demand has fallen much...
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"Oil is going up because we use too much oil, and the capacity to replace reserves is dwindling"
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smallpoxgirl
Moderator
Joined: Nov 08, 2004
Posts: 5653
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| Posted: Thu Jul 17, 2008 4:31 pm Post subject: Re: Another Record ($147.27) |
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| frankthetank wrote: | | Whats interesting is that gold still gained on the day. |
It gained and then fell right back down again. The spot price was about $963 at midnight. Currently it's $959.
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FireJack
Heavy Crude
Joined: Mar 16, 2005
Posts: 451
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| Posted: Thu Jul 17, 2008 5:49 pm Post subject: Re: Another Record ($147.27) |
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| I seem to recall many other times when the price of oil has dropped like this. Everytime there are claims that oil is going back to some much lower price and staying there but a month or 2 later were back in record territory. |
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idiom
Heavy Crude
Joined: Aug 23, 2004
Posts: 474
Location: New Zealand
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| Posted: Thu Jul 17, 2008 6:25 pm Post subject: Re: Another Record ($147.27) |
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Has gasoline even caught up to $120 Oil yet??
And $125 is still to high for airlines. |
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lawnchair
Intermediate Crude
Joined: Oct 20, 2004
Posts: 763
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| Posted: Thu Jul 17, 2008 6:58 pm Post subject: Re: Another Record ($147.27) |
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| idiom wrote: | | Has gasoline even caught up to $120 Oil yet?? |
The refiners might actually try and make some money over the next few weeks.
As I pointed out a couple weeks ago... Tapis and Minas crudes got over $100 on 7-Nov-07. We dropped back into the mid-$80s before WTI broke over on 2-Jan. It didn't close over $100 until 19-Feb.
Tapis and Minas broke over $150 on 2-Jul. It could take a while for WTI, but it still seems pretty inevitable if the dollar keeps getting hammered.
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joewp
Light Sweet Crude
Joined: Apr 05, 2005
Posts: 1628
Location: Springsteen Country (NJ)
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| Posted: Thu Jul 17, 2008 7:00 pm Post subject: Re: Another Record ($147.27) |
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| frankthetank wrote: | | I think all along we said there would be wild swings in price. |
I think Hirsch said it best:
"As peaking is approached, liquid fuel
prices and price volatility will increase dramatically"
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"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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Hogan
Light Sweet Crude
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Joined: Oct 25, 2004
Posts: 1298
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| Posted: Thu Jul 17, 2008 7:07 pm Post subject: Re: Another Record ($147.27) |
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| For anyone who thinks this is a price bubble popping, it's not. Correction- yes. Bubble- no. As the price drops, oil/gasoline demand and consumption will eventually increase again, sending prices back up. I agree with what AP said. Once the illusion of complacency fades and physical limits really start to cause problems, oil prices will break free and go absolutely stratospheric. I have a feeling that we are about to see a huge oil price jump in the next couple months. |
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hironegro
Heavy Crude
Joined: Apr 08, 2008
Posts: 328
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| Posted: Thu Jul 17, 2008 8:18 pm Post subject: Re: Another Record ($147.27) |
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| Hogan wrote: | | For anyone who thinks this is a price bubble popping, it's not. Correction- yes. Bubble- no. As the price drops, oil/gasoline demand and consumption will eventually increase again, sending prices back up. I agree with what AP said. Once the illusion of complacency fades and physical limits really start to cause problems, oil prices will break free and go absolutely stratospheric. I have a feeling that we are about to see a huge oil price jump in the next couple months. |
But based on what metrics or trend lines do you see this happening? Not being contrarian, just wondering. |
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idiom
Heavy Crude
Joined: Aug 23, 2004
Posts: 474
Location: New Zealand
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| Posted: Thu Jul 17, 2008 10:29 pm Post subject: Re: Another Record ($147.27) |
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| I think if you see it drop below $120 the airlines will all hedge like crazy for the future and start using Oil ravenously again. |
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Hogan
Light Sweet Crude
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Joined: Oct 25, 2004
Posts: 1298
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| Posted: Thu Jul 17, 2008 11:14 pm Post subject: Re: Another Record ($147.27) |
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| hironegro wrote: | | Hogan wrote: | | For anyone who thinks this is a price bubble popping, it's not. Correction- yes. Bubble- no. As the price drops, oil/gasoline demand and consumption will eventually increase again, sending prices back up. I agree with what AP said. Once the illusion of complacency fades and physical limits really start to cause problems, oil prices will break free and go absolutely stratospheric. I have a feeling that we are about to see a huge oil price jump in the next couple months. |
But based on what metrics or trend lines do you see this happening? Not being contrarian, just wondering. |
It's a fact that when oil prices are lower, consumption increases. My point is that current oil prices are not based on reality. Oil is still way too cheap, as Matt Simmons always says. Once the reality of peak oil cannot be ignored any longer, the markets will go crazy and the price will correct upwards. |
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idiom
Heavy Crude
Joined: Aug 23, 2004
Posts: 474
Location: New Zealand
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| Posted: Fri Jul 18, 2008 12:48 am Post subject: Re: Another Record ($147.27) |
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| As soon as the big players clue in, every government and every Airline is going to want to set up their own SPR. |
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patience
Expert
Joined: Jan 04, 2008
Posts: 1504
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| Posted: Fri Jul 18, 2008 12:47 pm Post subject: Re: Another Record ($147.27) |
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Then the hoardiing begins in earnest, with countries, companies, and individuals.
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Twilight
Expert
Joined: Mar 02, 2007
Posts: 2971
Location: UK
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lowem
Light Sweet Crude
Joined: Jul 19, 2004
Posts: 1162
Location: Singapore
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| Posted: Tue Jul 22, 2008 2:00 am Post subject: Re: Another Record ($147.27) |
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NYMEX crude oil prices have picked themselves off the floor, rebounding from recent lows of $128-129. Prices have broken through the $130 resistance level, and are now heading towards $132. As of 3.56pm Singapore time today, 22 Jul 2008, oil prices have hit $131.90.
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rdsaltpower
Tar Sands
Joined: Aug 30, 2006
Posts: 95
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| Posted: Tue Jul 22, 2008 9:24 am Post subject: Re: Another Record ($147.27) |
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| crude prices have slipped to a low of 126.00 today. |
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