Oil Price Watch

[davzee101]

That's weird- Bloomberg only has it at $98.87 right now.

CNBC still has it at 99.37. I'm going by the ticker on TV as opposed to the internet.

[Chip Haynes]

Ok, so Bloomberg is a little slow. He's only got it up to $98.98 at the moment. He's getting there.

There's no doubt that every agency reporting these prices is behind the actual current price- it's just a matter of how much- and how far behind.

[davzee101]

Ok, so Bloomberg is a little slow. He's only got it up to $98.98 at the moment. He's getting there.

There's no doubt that every agency reporting these prices is behind the actual current price- it's just a matter of how much- and how far behind.

The lag on the internet could be as much as fifteen minutes. Kitco.com says that explicitly on their page, and the streaming chart on CNBC's page looks to be about the same, although I did not find a disclaimer saying that that was the case.

[Called_Bluff]

e-mini at 99.45

[davzee101]

The real tragedy in all of this, is that it's hardly even a topic of discussion for the talking heads on CNBC. And it's going to be little more than a 3 second sound bite on the evening news.

[davzee101]

99.98 at 11:26am pst

[Forager]

Oil topped $100 today, at $100 as I type.

[StrangeFire]

Robert said if oil got to 100 and gold started rising, he'd be worried. Gold is now 930/oz, but the stock market seems stable today. Even climbing. Are you getting nervous, Robert?

[Called_Bluff]

$100 emini

caps off to the bulls

[zentao]

With this much price change based on rumours that opec might reduce output it should get REAL interesting once they start seriously declining...

Crude oil advanced to a six-week high above $99 a barrel in New York, and gasoline futures rose to a record, on speculation OPEC will curb production.

The Organization of Petroleum Exporting Countries may cut output when it meets March 5 as winter heating demand wanes, the group's president suggested last week. Gasoline surged after an explosion yesterday shut Alon USA Energy Inc.'s Big Spring, Texas, refinery.

``The growing possibility of an OPEC output cut is countering any bearish pressure that comes from the weakening economy,'' said Brad Samples, a commodity analyst for Summit Energy Inc. in Louisville, Kentucky. ``There's a big reaction to any refinery outage now because it's maintenance season.''

Crude oil for March delivery rose $3.50, or 3.7 percent, to $99 a barrel at 1:09 p.m. on the New York Mercantile Exchange. The futures reached $99.08, the highest since Jan. 4. Prices are up 71 percent from a year ago

http://www.bloomberg.com/apps/news?pid=20601087&sid=a.wu6ABkeUDE&refer=home

OPEC will find it difficult to cut its oil output because prices are again rising toward a record high, Libya's top oil official and OPEC sources said on Tuesday.
The Organization of the Petroleum Exporting Countries meets in Vienna on March 5 and some members including Iran have urged the group to lower output, even though oil is trading above $98 a barrel.
"There is still more than two weeks to go and prices are at $98," Libya's National Oil Corporation Chairman Shokri Ghanem told Reuters by telephone. "It is too early to say."
"We know that it is not all fundamentals, but whenever the price is like this, it is difficult to cut."
Earlier on Tuesday, OPEC sources said a reduction was unlikely to be decided at the meeting because of rising prices and uncertainty about supply from Venezuela and Nigeria.
"Prices are high and this is not the time to talk about a cut," said an OPEC delegate from one of the group's larger producers, who declined to be identified by name.
"It is too early at this time to make a definitive statement, but the logic would be no change," said a second source familiar with OPEC policy.

http://www.guardian.co.uk/feedarticle?id=7320980

[jacob]

I can't understand why people would believe their reasonings for dropping output. Because heating oil season is ending? Seriously?

High price + less output = LESS MONEY
High price + higher output = MORE MONEY

Why would anyone choose to lessen their income? Especially people as influential and business savvy as OPEC? It goes completely against all business sense. Buy low, sell high.

[TravelsHopefully]

I can't understand why people would believe their reasonings for dropping output. Because heating oil season is ending? Seriously?

High price + less output = LESS MONEY
High price + higher output = MORE MONEY

Why would anyone choose to lessen their income? Especially people as influential and business savvy as OPEC? It goes completely against all business sense. Buy low, sell high.

But if they cut output & wait, then there is a fair chance that they can sell the output that they saved for even MORE MONEY in the future. Even without Peak Oil, it can make good commercial sense.

[feelingweird]

WOW, stop paying attention for one day and all hell breaks loose.

Well, Gold is up 30 bucks, Oil is FINALLY OVER 100 bucks and the dollar is tanking again versus the Euro and Yen.

DOW went from up 150 bucks earlier to now down over 20 and falling. I'm not sure what this means to be honest. Is there any REAL reason that the DOW is down. I mean let's get serious, we were at DOW 14,000 when oil hit 98 bucks less than 3 months ago, so it can't JUST be oil breaking 100 bucks.

I don't think sentiment is that stupid. There must be something else in the works here. CPI numbers come out tomorrow and PPI numbers are out Wednesday. I'm guessing that Inflation is going to show a big increase tomorrow. If that's the case expect another big 200 to 300 point blow out on top of whatever happens today..

Might be time for another Market Watch update tomorrow. They were starting to get so boring..

Robert

[pamela]

99.63 bloomberg, 3:20 est
what an interesting day. maybe it will crash tomorrow, the price of oil I mean. LOL

[Chip Haynes]

Bloomberg has oil at $99.56 right now, with 40 minutes left in regular trading.

Tomorrow should be wild.