Oil Price Watch

[SF]

WTI was at $83.82 a couple of minutes ago, but Brent Blend is still below $80 and below its high of last month.  I'm not sure what's up.  The current storm doesn't seem to be that big a deal. 

[Scarab]

New York Times Markets page has oil at $83.35 as of 2:15 PM EST.  It's movin' on up.

Day-uhm!... as we say here in the South.

[Chip Haynes]

Bloomberg lists oil at $84.00 right now.

Wow.

[45MPG]

84.10 at 3:19 at kitco

[Chip Haynes]

The understatement of the day: Tomorrow should be VERY interesting.

I see this as more of a response to the Saudi dollar unpegging threat than the storm threat in the Gulf of Mexico right now.

That will hit next week.

 

[drumhead]

I can't see how gas prices can hold on much longer...

[Chip Haynes]

I'm expecting a sort of "bunji-cord effect" that slingshots the price of gas into the mid-three dollar range next month. Maybe higher, if this keeps up and a storm sweeps the northern Gulf of Mexico.

[drumhead]

The weather channel hurricane center is saying it could go sub-tropical/tropical within 24-36 hrs. MAYBE.

[bkwillia]

Brent crude was recently down graded to medium/sour as the light sweet fields have been drying up.   The higher sulfur content and low gasoline yields make Brent less profitable to refine than Nymex light/sweet crude. 

There is increasing momentum building into the price of oil.  We are seeing higher highs in rapid fire.  Now that the feds have cut rates, even bad economic news means oil goes up as the dollar sinks.  Before, bad new used to provoke fears of recession and reduced consumption. 

Was this the intention of the feds, to jack up the price of oil for Americans while giving Europe a break?  Maybe the feds are just not concerned about keeping oil cheap any more.  They have lost that battle in  Iraq, so now the focus could be on propping up the economy in order to keep the budget deficit from exploding.

[Chip Haynes]

Oil has dropped below $80 on the Bloomberg site this morning. Interesting. Will we see another bidding war next month push it even higher?

Stay tuned!

[Lowblow]

Oil speculators will take it lower on the news "UAW STRIKE AT GM".  For every ONE UAW employee, EIGHT other people are Employed to support.

[Chip Haynes]

Hmmmm..... It begs the question: Will they drive less- or more? Me, I drive more on my days off.

[Chip Haynes]

Oil has climbed back up above $82.00 this afternoon. Only one more trading day left in the month. Will we see more of a rise tomorrow?

And since bidding on October deliveries topped $84 at one point not long ago, will we see oil top that in October?

My Magic 8 Ball says, "Outlook Good".

[Lowblow]

What is the WTF is this SH*T ceiling for Oil?  Looks like the market is testing the High-Water Mark.

[Chip Haynes]

Oil is at $83.09 right now. Up it goes- and no one appears to be watching.

One thing I think we all have noticed is the near-instantaneous numbness the media exhibits over the price of oil. It hit $84.10 a week or so ago, so now, until it tops that, it's not news at all.

And even then, it's not "big" news.