Oil Price Watch

[Bent]

Good news...

OPEC had already begun to increase production, officially due November 1, because of the lead-in time needed, he added.

"We just started the 500,000 barrels a day...The companies are preparing themselves for this."

http://www.reuters.com/article/hotStocksNews/idUSPEK12849620071025?pageNumber=1
Be patient, they're busy preparing.



As for more increases...

"Because of the value of the U.S. dollar, the cost of equipment, the cost of producing a barrel of oil and the cost of investment, it is not really a bonanza for us, $90 a barrel."

Output would not be on the main agenda for an OPEC heads of state meeting in Riyadh from Nov 11-12, Badri said.

but what China wants China gets,

On his visit to China, Badri said OPEC countries wanted to invest in China's oil industry and vice-versa.
"We discussed mutual interests between OPEC and the Chinese authorities here," Badri said. "We discussed the supply and demand of China."

"I am not hiding that I want to see data, because if China needs more oil we want to invest. If China does not need more oil, we do not invest."

89.91

[dscottjst]

$89.95 as of 2:15 PM EDT  Think it'll go to $90.00 before the close of business today?

See:  http://marketwatch.nytimes.com/custom/nyt-com/html-currencies.asp

[Chip Haynes]

No, I think we're still in sublime territory here. Ridiculous would be if OPEC insisted that they WERE increasing production. Of course, they also tell us that they feel that "the market is being adequetely served", so yeah, that's kinda ridiuclous right there, but I'm sure it will become far more so inthe weeks and months to come as their production shortfalls become ever more difficult to hide or explain.

[DuckHunter]

$89.95 as of 2:15 PM EDT  Think it'll go to $90.00 before the close of business today?

See:  http://marketwatch.nytimes.com/custom/nyt-com/html-currencies.asp

$90.10...wow

[1234]

90.46 set. first close over 90

[Chip Haynes]

Interesting. If you look at different market reports, you get different prices.

I wonder how high it will have to go this time to be news again?

And I believe the market closes at 4 pm Eastern North American time.

[1234]

http://quotes.ino.com/exchanges/?c=energy
This the site I check.

[Chip Haynes]

This was just posted on cnn.com:

http://money.cnn.com/2007/10/25/markets/oil_record/index.htm?cnn=yes

It will be interesting to see if there's any drop in price between now and the 4 pm closing.

[bkwillia]

Last i checked, $90.50/bbl puts us firmly into the 90's.  Gasoline futures are now moving up with oil, rising $0.09 per gallon. I think will see a close for oil over $90 today.

[Chip Haynes]

What ever it closes at on the Eastern US market at 4 pm (EDST), I've noticed that itt ends to get a boost upwards overnight from other (Asian, I guess) markets. If it does settle in to the 90's now, all we can do is ask:

$100 by New Year's Day?

 

[Called_Bluff]

My $100 price prediction was when Cantarell slipped below 1.5mm bpd... anyone see figures that low yet?

[Bionic_Oil_Gut]

Gold is following the trend, fuck i should have bought when it was at $680 

[Chip Haynes]

Oil appears to have closed at $90.46 on the US market at 4 pm EDST. Now let's see what it does overnight.

And whether or not any of this will be considered "news" by tomorrow morning.

 

[Klopdx]

I find it very interesting that the media has backed off the statements regarding historical highs.  Before oil hit $90 every article I read always had the caveat... "oil has been rising but still has room to go before reaching the all time high of $90 set in 198?, when adjusted for inflation". 

Nope that is gone!  The MSM won't say that oil is NOW MORE EXPENSIVE THAN IS HAS EVER BEEN!

HAHA!  Fuckers.

[suburban_junkscape]

Was listening to a pro-democrat radio station a little after midnight. The lady who called in was saying how the oil companies were not producing so they could cause prices to rise. She was blaming it all on the oil companies. The host didn't sound like he whole-heartedly agreed, but he didn't shoot down her ridiculous idea either. So oil companies have been going all out to produce for 100 years and now all of a sudden decide to stop?