Oil Price Watch

[Ethos]

$98.14   Holy Shit.  Lowblow is right.

[Chip Haynes]

Yeah, but Lowblow must live south of the Equator. Up here on the north side, it's "M. K. Hubbert".

A hundred by Friday, if only to touch it.

The whole oil price thing reminds me of the scene in "2001:  A Space Odessey" where the apes are so cautiously siding up to the monolith, barely brave enough to touch it and jump back. Then they get braver and touch it again. In the end, they embrace it fearlessly.

I think I'll go throw a bone.

 

[GreenMonster12]

So the only real question then is what kind of a celebration should we have for oil hitting 100?

Should we all go out and buy a quart to put on the shelf?
Will Shell start selling special NASCAR limited edition 100 dollar a barrel oil cans modeled after those from the 30's an 40's?

I know, when it hits 100 I'm going to go the local chevy dealer and test drive a new hummer. Might as well!

[45MPG]

I'm waiting for the Hummer prices to drop...the larger H2 would make a GREAT yard shed.

[Chip Haynes]

Oil's at $98.14 right now. When does that weekly inventory report come out?

[Al Czervik]

When does that weekly inventory report come out?

Usually about 10:30.  PO.com junkies will be all over it.
http://www.peakoil.com/fortopic28807-870.html

[Chip Haynes]

Should make for a wild afternoon, huh? Oil is cruising at $97.67 right now.

[bkwillia]

STOCKS (MILLION BARRELS)
Crude Oil                                 321.9    316.6    312.7    311.9
 East Coast (PADD I)                       16.2     14.9     14.7     16.6
 Midwest (PADD II)                         62.9     61.2     60.1     61.8
  Cushing, Oklahoma                        18.4     18.2     15.1     13.4

Cushing supplies of light sweet fell more than 10% again last week.  This is the number that really matters now, since many older US refineries rely on this grade to produce gasoline.   This shortfall will continue now that fall maintenance is over, and gasoline supplies are still falling.  There has not been a strong reaction to this report, but its still early. 

[Chip Haynes]

I guess we'll wait until the investors get back from lunch.

I would expect oil to close about $97.00 today and open just a gnat's hair under $100 by next Monday.

Say, is the exchange open on Veteran's Day?

[del2les]

The oil graph looks weird today, for prices are spasming. Strangely, it looks like a ECG strip that is headed for serious problems. STRESS is what I am interpting. A struggle to avoid a major MI.

[Chip Haynes]

You know, I think I have a de-fibulator around here somewhere. Ah, there it is:

My bicycle.

 

[1234]

With what the dollar did overnight oil should have exceeded 100. Last check it was down $1.10. Not to much making sense by MSM standards or anybody elses for that matter.

[Chip Haynes]

There's a weird disconnect between the price of oil and the price of gas as well as the value of the US dollar versus the value of the Canadian dollar and the price of gas in America. At some point, when it all corrects itself, we're going to be looking at some mighty high prices for a gallon of unleaded in the US.

[del2les]

It appears to me as a stressful struggle to avoid something painful. Sooner or later, the pain must be accepted, and then the reality will set in. Denial and maybe buying time. Everything seems to be headed for a major "correction"....PC term for CRASH....... Oh the times verryy interrrestttinggg.

[Chip Haynes]

Ah, but are they a' changin'? Mostly not. I walked down to the convention center here at lunch time to check out the big expo being held for the Ironman competiton coming up here on Saturday. The big sponsor: Ford. not Trek, not Cannondale, not even Schwinn. Ford.

We are so pooched.