Oil Price Watch

[DuckHunter]

Wow, closes up $78.23 on the NYME today!  And this despite OPEC voting to increase production by 500,000 bpd.  The production increase was entirely symbolic, but I expected the price to go down slightly on the day as a result, not up.  Didn't see that one coming.  Damn, I'm going to go have to refill my popcorn bowl again, this is all getting way too interesting.

[DarthBruder]

From CNN:

Crude oil settles at an all-time high of $78.23 a barrel on the New York Mercantile Exchange. We're all screwed big time.  More details soon.

[DuckHunter]

Here it is from Bloomberg...

http://www.bloomberg.com/apps/news?pid=20601087&sid=aY6DSvPZYhjo&refer=home

[Chip Haynes]

Yeah, I was just going to say it closed close to 50 cents below the record today- and would it top the record tomorrow? The price has been climbing fairly steadily over the last two days. Might we see $80 oil by Friday? If this trend continues, we just might.

Now: At what point does this become main stream news?

Because it sure hasn't yet.

[DarthBruder]

You don't think it being the top story on the CNN's business page MSM? I do.

[Chip Haynes]

Cnn.com is my home page, and to find that story you have to scroll to the bottom of the page (below the initial screen), read the fine print under "Business" and click on it. So no, it wasn't exactly treated like big news there. It was not, as they say in the newspaper business, above the fold.

Let's see what tomorrow brings.

[DarthBruder]

Well, from my perspective, you click on Business at the top of CNN.com and immediately see a Breaking News alert.

Also, in my hometown newspaper, crude oil prices are printed after every market session in big bold letters 4 inches from the top of the first page of the Business section.

But we're talking semantics, perspective, whatevs.

The bottom line is the prices are being reported, but speculation about what those prices could mean is not as common.

[DuckHunter]

Yeah, I was just going to say it closed close to 50 cents below the record today- and would it top the record tomorrow? The price has been climbing fairly steadily over the last two days. Might we see $80 oil by Friday? If this trend continues, we just might.

Now: At what point does this become main stream news?

Because it sure hasn't yet.

That's 50 cents below the intra-day record of $78.77.  It actually closed at a record high.

[Renegade Rumble]

Any guess on what the petroleum report will look like in the morning?

[Renegade Rumble]

Wow, closes up $78.23 on the NYME today!  And this despite OPEC voting to increase production by 500,000 bpd.  The production increase was entirely symbolic, but I expected the price to go down slightly on the day as a result, not up.  Didn't see that one coming.  Damn, I'm going to go have to refill my popcorn bowl again, this is all getting way too interesting.

I had a feeling OPEC was going to say they are going to raise production.  500,000 is the perfect number!  It is a positive number so it makes people hopeful yet at the same time if they don't raise production (like many of us believe) it is not a really big promise therefore they can get away with it without drawing to much attention.

The reason the prices increased I believe is because people thought that even if they do raise it 500,000 it won't be enough.

[Renegade Rumble]

Yeah, I was just going to say it closed close to 50 cents below the record today- and would it top the record tomorrow? The price has been climbing fairly steadily over the last two days. Might we see $80 oil by Friday? If this trend continues, we just might.

Now: At what point does this become main stream news?

Because it sure hasn't yet.

That's 50 cents below the intra-day record of $78.77.  It actually closed at a record high.

That is correct, this is the highest close ever.

[Scottco]

Now this site has zeroed in on the price to watch. After 10 or more pages on the price of gas across various countries that goes up and down like a thermometer in a coastal town over several seasons ...

Like the books all tell you, the energy stocks will be doing well in the future - not that the reality of that $ necessarily plays out in your favor.

Matt Simmons and others have said that in essence, it is time to pay attention to this commodity and it's worldwide price. The $ or whatever pricing method for oil will always inform the masses that their precious energy nugget is in freefall availability. The various distillates are commonly turning up in short supply and those are vague - compared to the basic originator of these products.

Reality is not on TV - it is what one decides based on what truth one gathers for oneself.

This oil price watch does not take rocket science to make deductions for future projections.

Great subject post - I'm on board to keep this one alive.

Regards, Scott

[Chip Haynes]

Funny thing about that, Scotto- the price of gas hasn't really changed one iota around here as a result of the rise in oil prices.

Not yet, anyway.

[Uncle Fester]

Fu nny thing about that, Scotto- the price of gas hasn't really changed one iota around here as a result of the rise in oil prices.

Not yet, anyway.

That was a question I had: How long does it take for a rise in oil prices to filter to the gas pump?

[Chip Haynes]

I think the current prices we see are actually bids on next month's deliveries. Of course, that begs the question: If these are just the bids, how might they differ from the actual price paid?