Oil Price Watch

[Chip Haynes]

Oil at $89 this morning? Man, I take three days off and it all goes to Miami in a handbasket.

 

[unrepentantcowboy]

Going to take some patience and stamina folks. Long slow slide. Not really slow in the big scheme. Took a hundred years to reach this point and it's likely to take a few more before real pain begins.

[lady-t]

i just was able to breathe,  haha

[Chip Haynes]

$88.77. It's dropping like flies in a porno flick.

(Ok, yeah, a really slow moving one.)

 

[1234]

You could always look at it as strings are being pulled to lower the price now, so when Iran gets hit there is a 10 dollar buffer.

[Mosby43]

You could always look at it as strings are being pulled to lower the price now, so when Iran gets hit there is a 10 dollar buffer.

I doubt anyone is "Pulling Strings." What it looks like is the futures guys see what the securities guys won't/refuse to....stagnent wages and tapped out banks=consumer boom slowing, orders softening, not so many warehouses on wheels coming in, not so much consumer running around=decline in demand.

But hey, Berneke says something that the securities guys interpret as a possible rate cut and the Dow is headed back up to 13.6 - 13.8. Quick, dump your gold and buy Babbleshit.net! Wheeee!

[DeathHand]

reg gas is still $3.22 in FLA   

[bkwillia]

The US dollar has made a turn around, while OPEC is expected to boost supplies.  Big money like Goldman are shorting oil before the coming meeting in Dec for both the feds and Opec.  The new play is going to be distillates and gasoline, with oil going side ways for a while if inventories are any indication of price.

[Chip Haynes]

Oil managed to claw it's way back up above $89.00 today. I expect we'll see a slow slog for the next week or so before it starts to pick up speed ahead of the usual monthly bid cutoffs around the 21st. Whether or not this month's high bid tops last month's $99.29 remains to be seen.

 

[J Gibbs, PhD]

From what I can ascertain, the current prices in the 90+ range have had and are having a large impact on many smaller and poorer countries and even some on larger, richer ones, and therefore, reducing some demand. Expected for now, then there will be another rally in pricing, and then another slow down, so on and so forth.

[Chip Haynes]

Stair-stepping ever upward, much as predicted? I think it's not so much about WHEN oil will hit $100, but more THAT it will hit $100, and eventually never go back below that.

A case in point: Is there anyone here that honestly expects to ever see oil at $50 again?

[pamela]

Dec. 3 (Bloomberg) -- Crude oil rose for the first time in three days amid speculation that OPEC members will keep output unchanged this week.

http://www.bloomberg.com/apps/news?pid=20602099&sid=aVPeHCFeETLQ&refer=energy

kind of expected that, didn't you?

oil is at 89.13 right now, it's about 5:30 EST here.

[Coyflyte]

It appears to me that OPEC is demonstrating where they want the market bottom to be from now on.

[Chip Haynes]

Oil is $89.85 at 7:20 a.m. EST. We should see it back up over $90 today, as each day brings us closer to the monthly bid cutoff on the 21st.

"Slowly I turn, step by step, inch by inch..."

 

[bkwillia]

OPEC is holding production steady, but there is some strength in the US$, so oil is holding just below 90.  We make see some bigger moves mid day after US inventories are reported.