oil back over $131 what happend?

charliehelyes · Heavy Crude Joined: Mar 27, 2005 Posts: 105

why has oil shot up so much in the last two days its gone up nearly $10 from $122??

Kingcoal

Because the sun rose, another day is upon us and another 80+ million barrels is being consumed. You can do your part to the bring the price down; either find us some more oil somewhere or reduce your consumption.
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"That's the problem with mercy, kid... It just ain't professional" - Fast Eddie, The Color of Money

pup55 · Expert Joined: May 26, 2004 Posts: 3801

Short squeeze.

All of the cornucopians like Phil Flynn took up short positions thinking that the market was going to go down into some normal territory. They might have even made a little money on this recent correction, which only encouraged them. Then some wise guy yells "buy" and (whack) trapped like rats, they have to buy to stop out their positions to keep from losing a lot of money.

biofuel13

It's due for the most part because the European Central bank indicated this week that it will most likely raise its rates. This makes for a stronger Euro and a weaker dollar. We all know when the dollar gets weak all the investors come running to light sweet crude.

DantesPeak

All of the above, a belated realization by Morgan Stanley that oil isn't going to show up as fast in the US as before, and a statement from an Israeli Minister saying that they must attack Iran's nuclear facility before it is too late.

Perhaps needless to say but an attack on Iran would push oil past $200.
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It's already over, now it's just a matter of adjusting.

charliehelyes · Heavy Crude Joined: Mar 27, 2005 Posts: 105

oil is back over $133 now there is real possibility that records could be broken if not today definatly tommorow.

charliehelyes · Heavy Crude Joined: Mar 27, 2005 Posts: 105

whoa ive never seen the price rise so fast it was at $130 then in less then 2 minutes it was over $133

charliehelyes · Heavy Crude Joined: Mar 27, 2005 Posts: 105

now its over $134 and shooting strait up

Ferretlover

Perhaps the CNN story on PO.com was seen and understood by some investors??
Oil now at $133.77. Moving on up since yesterday.
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"RRrrruuuunnnn!!!" ~Apocalypto

DantesPeak

It's the threat of war today (although I think the $6 yesterday was due to other factors mentioned above and in the Another Record thread).

This sounds like the most serious warning issued by Israel against Iran yet:

Mquinon3 · Tar Sands Joined: Apr 03, 2008 Posts: 38

The price swings are definately getting wide, but that was predicted along with peak in production, exports, or whatever you want to call it. The past two inventory reports were not good and the excuses were worse and the MM is now turning their back in all the bullsh!t they said this week as prices were dropping. Now its back to demand in China and the falling dollar. I think you just have to laugh at the hypocracy and stay on top of whatever information and disinformation you can. Then the weakly comment from Israel on Iran...I'm just curious to see what the next few inventory reports look like over the next month.

jlw61

Please, please, please, PA-LEEZ keep the economy growing even at a 1% rate for another 6 months!

Oh, wait, that's right. All I have to do is wait for it to go to $145, and then when the price pulls back below $142 everyone will say "we've hit the top! Sell! Sell! Sell!"

I'm going out today to buy another good set of walking shoes, a bicycle trailer and grab a few more boxes of ammo.

This isn't fun anymore.
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When somebody makes a statement you don't understand, don't tell him he's crazy. Ask him what he means. -- Otto Harkaman, Space Viking

Cashmere · Light Sweet Crude Joined: Mar 27, 2008 Posts: 1971

Mechler

Cashmere, WTF?!? I mean, I just ate, for god's sake.
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"It is certain that free societies would have no easy time in a future dark age. The rapid return to universal penury will be accomplished by violence and cruelties of a kind now forgotten." - Roberto Vacca, The Coming Dark Age

yull