[Mack12345]

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]

I voted yes simply because the markets almost always do something besides what I expect them to do.

[Mack12345]

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]

It's down about seven dollars at the moment. I can't see it going down another seven today though.

[RSFB]

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]

Yeah. Not gonna drop $15 in one day.

[benzoil]

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.

[gunny7258]

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

[coyote]

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

Gold below $800 again.

[RSFB]

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]

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]

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(!)

Substitute weeks for days and I think you've nailed it! No one ever said the price increases due to PO were going to be constant, but for some reason, every time the price drops a few dollars, everyone forgets the underlying reality of the long term situation.

[Roy]

[forbin]

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! )
Forbin

[jlw61]

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

[joeltrout]

I think we will see $70 oil but I do not think we will see $99 oil today. Later this week...maybe.

Anymore reports of massive demand destruction will continue to drop for oil. I think we will continue to see the demand destruction into next year.

joeltrout

[bkwillia]

Opec will defend $100 on Sept 9. They are producing well above quotas. Spare capacity is not supposed to be used for continuous pumping. If the market says there is plenty of crude, then OPEC will cut production to sustainable levels. Apparently the economy is coping well with $100 oil, so why allow prices to fall lower?

[gunny7258]

Now if Pelosi and Reid would get out of the way we could open up more US domestic production and really drive prices down.

[vilemerchant]

Now if Pelosi and Reid would get out of the way we could open up more US domestic production and really drive prices down.

Except it would take 10 years to get any meaningful increases. Who the hell knows what price oil might be by then.

[NeoPeasant]

Except it would take 10 years to get any meaningful increases.

I think what you meant to say was "Except it would take 10 years to get any meaningful reductions in the underlying relentless rate of oil production decline in the US."

Happy days are long gone for US oil production. A completely unrestrained production effort would only serve to make our situation slightly less grim for a while, at the expense of making it more grim later.