Oil Price Watch

[joe-bob henry-bob]

Lots of interesting stuff coming out. The u.s. economy grew at 3.9% last quarter which is stunning.

I'm seeing reports that they came to that GDP calculation by using a 0.8% inflation rate.   I'm sure THAT'S correct....

[suburban_junkscape]

oh yea. gdp overstates growth about 1.5% and understates inflation about 1.5%. Still even a 2.4% actual growth rate is incredible given the pressures on the economy.

As far as oil, i guess i got it wrong. Looks like we're headed much higher, now up $4 from this time yesterday.

Really hard to figure out anything economic these days. Economy much stronger than expected, oil prices won't stop going up. It's just weird.

[REDREAMER]

  I'm sure THAT'S correct..

LOL!

lies dam lies and statistics...... mark Twain had it right.

[fred-windsor]

Wow just seen 94.53$

Good article on CBC.ca abouth oil price and iol reserve
http://www.cbc.ca/money/story/2007/10/31/oilprices.html

[suburban_junkscape]

Looks like Goldman Sachs' $95 prediction is gonna come true...right after they advised clients to sell oil. The thing is the faster the world economy grows (and its growing like a runaway freight train) the higher oil prices will go. They will grow until the world economy cries "uncle".

[Sequoia]

Yeah, it's been dropping steadily today. Short memories, I guess. We just bounce from panic to panic these days. Tomorrow it could jump four dollars.

It's got to be annoying if you're an investor.

From Bloomberg today:

	PRICE*	CHANGE
Nymex Crude Future	94.53	4.15

      
   

Pssssst.... Chip......... what's it going to do tomorrow?

Sequoia

[Bionic_Oil_Gut]

The Green back keeps deflating, Aussie dollar is at 23 year high http://www.smh.com.au/news/business/dollar-reaches-23year-high/2007/11/01/1193619007395.html

While your dollar keeps losing ground your crude will look worse and worse.

[fred-windsor]

Is that right 95.15$ a barrel.
That was quik

[suburban_junkscape]

Another thing about GDP, it is subject to huge revisions, often years later. In some cases, postive GDP gets revised down to recession. Also, there can be big swings quarter to quarter. The 3rd quarter might have been our economic peak and we could even be in recession this quarter. I can't see the economy growing like this (even with massaged stats) with oil prices above $90.

[fishsurfer]

http://www.bloomberg.com/apps/news?pid=20601087&sid=aYfCUpckq3LI&refer=worldwide

Excerpt:

Crude oil rose to a record $95.91 a barrel in New York after U.S. inventories unexpectedly fell to a two-year low and the economy expanded at the fastest pace in more than a year.

Oil rebounded above $90 after the Federal Reserve cut its benchmark interest rate for a second time in two months, prompting a drop in the dollar. Petroleos Mexicanos resumed some oil exports and revealed that a storm halted more output than had been assumed.

``The shock of the data is understandable when you consider the news from Pemex that they shut in something like 1 million barrels a day, not 600,000,'' said Chris Mennis, owner of oil broker New Wave Energy LLC in Aptos, California. ``Most of that could have been going to the U.S.''

Crude oil for December delivery gained as much as $1.38, or 1.5 percent, to $95.91 a barrel in after-hours electronic trading on the New York Mercantile Exchange, the highest since trading began in 1983. It traded at $95.84 at 10:23 a.m. Singapore time.

[Bruce]

Someone please help me hold the door so the sheeple can come in............................Bruce

[doghouse reilly]

$96.21 in after hours trading.

It seems that with the news that stockpiles are (yet again) lower, when they were expected to grow, oil will almost certainly reach $100 in the next few days or weeks.


http://www.bloomberg.com/apps/news?pid=20601087&sid=aLI3sKtnU.c4&refer=home

[willow]

Oil was over $97 during the night, but has settled back down to a mere $96.77 at Kitco. Funny how quickly we get used to the higher prices. $80 would now seem unbelievable.

[REDREAMER]

wow you know ater the interest rate drop i kinda expected oil to drop for a few days not rise so meteorically....

interesting about the reserve's figure.......

[lady-t]

FUBAR IS THE WORD