Oil droping below 100$ ?

Mack12345 · Tar Sands Joined: Jun 02, 2008 Posts: 78

I was just watching the Today show on NBC. One of the news lady's made the comment that oil was set to possibly drop below 100$ today due to the huricane fears panning out to be mostly hogwash. Do you really think we might see double didgit oil again?

Tanada · Posted: Tue Sep 02, 2008 5:44 am Post subject: Re: Oil droping below 100$ ?

I voted yes simply because the markets almost always do something besides what I expect them to do.
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Mack12345 · Tar Sands Joined: Jun 02, 2008 Posts: 78

I am personaly thinking no. I HOPE they do drop , but I dont really think they will go that low.
Im no expert on oil prices or the market or how those work but I dont see how a hurricane not being bad can make prices drop lower than they were before the hurricane ever formed anyway.

davep · Expert Joined: Jun 21, 2006 Posts: 1304 Location: Europe

It's down about seven dollars at the moment. I can't see it going down another seven today though.
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RSFB · Heavy Crude Joined: Aug 03, 2008 Posts: 284

It's not easy to predict something which doesn't make sense. Oil prices seem to be random in terms of short term movements.

smallpoxgirl · Moderator Joined: Nov 08, 2004 Posts: 6278

Yeah. Not gonna drop $15 in one day.
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benzoil · Posted: Tue Sep 02, 2008 7:49 am Post subject: Re: Oil droping below 100$ ?

Even if they drop below $100 this week, I don't expect to see $60 again anytime soon. The market heard about Peak Oil, saw the stock market, bond market, and real estate market in decline and jumped in. Now, they're jumping out since Peak Oil isn't happening tomorrow (it's already happened, but the effects are slow motion) and the stock market looks a little better.

I'll hazard a guess and say that oil breaks $90 at some point, but doesn't get below $80.
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gunny7258 · Tar Sands Joined: Jun 24, 2008 Posts: 43

I think it will settle out under $100, the euro is dropping quick which is helping.

coyote · Posted: Tue Sep 02, 2008 7:58 am Post subject: Re: Oil droping below 100$ ?

Brent down to $106.5 at 10am eastern. This is exciting.

Gold below $800 again.
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RSFB · Heavy Crude Joined: Aug 03, 2008 Posts: 284

I'm puzzled about the market's movements (or at least about the given causes for those movements).

The headlines say two things:
1- Oil prices are decreasing due to slowing economies.
2- The stock market is surging due to decreasing oil prices.

Put those two things together, and you conclude that the stock market is surging due to slowing economies. Hello???

forbin · Tar Sands Joined: Jun 16, 2008 Posts: 26

I am also suprised at the lower oil price - we have Russia having trouble today. OPEC have already announced they will restrict supply. may its going down because of all that so called "hot" money going back to Wall street .....

the basic fundamentals are that the price should rise on underlying shortage ( remember all that pent up demand ? ) .

hmm, today and for a few days it will fall and all us "doom mongers" will be pilloried for being wrong - again - <sigh> and then it will rise again - but don't expect thanks(!)
Forbin

benzoil · Posted: Tue Sep 02, 2008 8:42 am Post subject: Re: Oil droping below 100$ ?

Roy · Last edited by Roy on Sun Oct 12, 2008 8:23 am; edited 1 time in total

forbin · Tar Sands Joined: Jun 16, 2008 Posts: 26

oh, I forgot to say , buy!, buy! ,buy! if it drops below $100
thats cheap to what its going to be next year ( or really next month! ) Smile

Forbin

jlw61 · Posted: Tue Sep 02, 2008 9:42 am Post subject: Re: Oil droping below 100$ ?

I've got my van ready for when silver drops below $10 an ounce.
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