Oil Price Watch

[DuckHunter]

After consulting with Dennis, he thought it might be a good idea too that an "Oil Price Watch" thread be started, similar to the "Gas Price Watch" thread (started by Chip) that has been running for a long time now. 

ANY stories or comments on the daily PRICE of oil should be posted here.

Dennis is going to merge all the other oil price threads into this one.

This will hopefully keep the Breaking News section a little less cluttered. 

Cheers 

[Chip Haynes]

So has anyone found a good link to an oil price watch site that can give us up to date (up to the hour?) prices at a click?

[GreenNeck]

This site has the price updated every minute or so. Also shows gold, exchange rates, etc.

http://www.commoditytrader.net/

[Chip Haynes]

Cool site- thank you, GreenNeck!

(Oil went up two cents in the few seconds I was there.)

[lady-t]

http://imgcash1.imageshack.us/img167/387/killforoilor1.jpg

this is bush's motto

[Chip Haynes]

"WILL"?

How about "DOES"?

[Chip Haynes]

Ok, I'm bumping this one back up to the top. Oil is at $77.63 right now.

Isn't $78.77 the record?

Ok, a quick update: As of 4 pm, oil was above $78.00, and yet that doesn't seem to be news anywhere. Go figure.

If you want to wtach it for yourself, here's the link:

http://www.commoditytrader.net/

[DuckHunter]

Everyone is too busy watching how Britney made a fool of herself last night.

Tomorrow is D-Day for OPEC.  Grab some popcorn, who knows what the price will be by the end of the day.

[Chip Haynes]

Yeah, it should be an interesting day, Brittany not withstanding. Oil has dropped a bit, to just below $78.00, for now.

[sumarkand]

Oil quickly took out 78.  Almost as quickly as gold took out 700.  Oil will probably move over 80 tomorrow depending on how Opec says its going to maintain current production levels.  If they say they're going to cut, we could be looking at 85 by week's end.   We still have the inventory report and the further mexican news all coming out. 

The party in commodities is almost in full swing, come enjoy it. 

The Gold Cartel is loosing badly, and the media can't spin oil for much longer.  This  is like the 70's all over again.  Such fun.

[SaveThePlanet]

This  is like the 70's all over again.  Such fun.

You know, you are right. The 70's was a great time for Doomerism. Club Of Rome, Jimmy The Apologist In Chief running the joint, high interest rates, people thinking the USSR wasn't the paper tiger we later learned it was, gasoline shortages and war in the middle east.

Come to think of it, the 70's were worse. Today pales in comparison. We need a decent recession, $150/Crude, some gutless Democrat to run the joint and MAYBE we'd be closer to the 70's.

[Chip Haynes]

Oil starts the day at $77.42. Will we see it break the $78.77 record? Stay tuned!

As for comparing these days to the 70's, it s a bit of a wash. We were able to bounce back from the problems of the 70's, at least temporarily. We will not bounce back this time, but we do have better clothes and hair.

(Those of us that still have hair.)

 

[DuckHunter]

Oil starts the day at $77.42. Will we see it break the $78.77 record? Stay tuned!

As for comparing these days to the 70's, it s a bit of a wash. We were able to bounce back from the problems of the 70's, at least temporarily. We will not bounce back this time, but we do have better clothes and hair.

(Those of us that still have hair.)

 

Interesting to see that OPEC is mulling over a 500,000 bpd increase in production...it's amazing what kind of favours $20 billion in armaments buys you.  Deciding to increase, decrease, or stay the course in production may drive a wedge between Venezuela & Iran on one side, and the rest of OPEC on the other (those that have been bought off by the US).   If they do vote for an increase, then we may not see the price drop until tomorrow - I think OPEC is holding a press conference at 4:00pm EST.
Any increase would be quickly absorbed by demand soon enough anyway, so I don't expect the price to remain lower for long.

[Coyflyte]

It's interesting how CNBC's link/story reporting a 500,000 bpd planned increase is very low key:

http://www.cnbc.com/id/20716661

It would also unwind most of the 1.7 million bpd of OPEC cuts agreed since Oct 2006 because the 10 states subject to output restraint are already pumping nearly 1.0 million bpd above their 25.8 million bpd limit.

So, we're really back to where we started with no true production increase.  This will only slow or delay any further price increases.  We'll have to wait for demand to increase to the point where they have to again consider a production increase.  The question is how much more can they and if they can at all.

I know most of us have a "crash" mentality.  However, I think the oil supply/demand regression will be a long, slow, excruciatingly painfull process.

[Chip Haynes]

And do keep in mind that there's what they pump and what they say they pump. Most OPEC countries are already pumping above their stated quotas, so when you see something like "pump 500,000 more", you need to understand that that only means that they will now admit to the 500,000 extra they are already pumping above the previous quota. No additional product will be pumped.

There isn't any additional product.

And at some point (and probably real soon) we will start to see the opposite problem, where they will be pumping less than they say they are.

What fun!