Oil Price Watch

[REDREAMER]

you forgot to add the 25% for greed when the seller realises the buyer admits it is a finite source....

[Chip Haynes]

And another 50% for media-induced panic buying/price gouging.

What else did we forget?

 

[bkwillia]

Look at the numbers:

STOCKS (MILLION BARRELS)
Crude Oil                                 289.6    282.8    287.1    289.4
 East Coast (PADD I)                       11.7     13.9     14.5     14.7
 Midwest (PADD II)                         61.3     61.9     61.8     62.4
  Cushing, Oklahoma                        17.5     17.7     16.5     15.7
 Gulf Coast (PADD III)                    148.3    141.1    144.1    146.5
 Rocky Mountain (PADD IV)                  13.8     13.2     13.2     13.2
 West Coast (PADD V)                       54.5     52.6     53.4     52.6

http://www.eia.doe.gov/pub/oil_gas/petroleum/data_publications/weekly_petroleum_status_report/current/txt/wpsr.txt

Supplies of the US benchmark crude (WTI) are falling again.  They are already low, and refining capacity has fallen 4% in the last 2 weeks.  Still plenty of demand for light sweet crude tho.  It looks like the price spread between sour and sweet is increasing, indicating a lack of newer or modified refineries that can handle a higher sulfur content.

http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSN2464158020080124

[Chip Haynes]

So can we expect these low oil and gasoline prices to stick around for another month or so- until the weather in North America warms up a bit and people start thinking "Spring Break!"?

[Chip Haynes]

Oil's up to $90.83 this afternoon.

[Bionic_Oil_Gut]

$91.00 Looks like $150 by Dec  I wish it would just go through the roof so we can get this crap over with. I am sick and tired of being sick and tired

[vaporiser]

the final price of oil will cost you the same amount of labour time as if you used your hands for doing the work.
cause some people will be forced to use their hands more often.
first this will be third world countries.
later it will spread all over.

do you take the bike to work (2 hours riding time)
or do you take the car (2 hours working time for paying the gasoline) ?

[Chip Haynes]

Vaporiser has the right idea: The less non-renewable energy you use now, the better it might go for you later.

I said "might".

No promises.

Oil is at $91.54 this morning, by the way.

[officeguy]

Hi Oil Price watchers,

If you are like me you have been watching the current oil price at oil-price.net like a train crash in slow motion. With the approach to $100 it has been both horrifying, and strangely satisfying [as if this somehow validates peak-oil theory], then horrifying again..
Anyhoo.. I got sick of my morning ritual of browsing to oil-price.net, so I did a bit of fancy and created a google gadget which displays the graph on your iGoogle homepage. If you are keen then add it from here:

http://www.google.com/ig/adde?synd=open&source=ggyp&moduleurl=http://hosting.gmodules.com/ig/gadgets/file/104664111869706891171/Crude-Oil-Price.xml

or :

http://tinyurl.com/265lut



if you prefer blissfull ignorance, then I understand

Best Oily Regards.. Marty
From good old New Zealand

[Chip Haynes]

Oil got a little bounce to $92.25 this morning. I check the price on bloomberg.com- seems the easiest. (For me, anyway.)

I think we're waiting for warm weather in the northern hemisphere before we start to see any serious climb. Let's see what demand does to the price in March.

[Uncle Fester]

With more and more people being evicted from their foreclosed homes more people may start living in their cars and driving them more! What will this do to the price of oil? 

[lionstone]

Unclefester, WTF?

[Chip Haynes]

Well, gosh, Unc- It's not like they're gonna be able to DRIVE them!

 

[Uncle Fester]

Well, gosh, Unc- It's not like they're gonna be able to DRIVE them!

 

Hey, they wont have a mortgage payment or rent to pay so ...more money for gas.  ;-) (the smilies wouldn't work)

[Chip Haynes]

Oil is currently surfing down a wave of misplaced optimism, and is at $87.04 as I type this.

How odd.