Oil prices blow past $138 a barrel

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Oil prices blow past $138 a barrel

Post by Apoptosis » Fri Jun 06, 2008 8:02 am

Oil is at $134 a barrel right now and is said to hit $150 by July 4th...

Seems like five things are impacting the oil price in the past 48 hours....

1) Too many people are hedging oil
2) Nigeria threatened to strike
3) Asia is taking an unprecedented share
4) The dollar fell against the euro (1% in the past week)
5) Morgan Stanley Outlook Said a Barrel will be $150 by July 4th (less than 30 days)

Oil prices blow past $134 on prediction that oil will hit $150 per barrel by July 4

Oil is trading above $134 per barrel on an analyst prediction that prices could hit $150 by July 4.

Prices jumped $6.43 Friday shortly after Ole Slorer of Morgan Stanley released a report saying he expected a "short-term spike in oil prices," on the back of rising demand in Asia, Dow Jones Newswires reported.

By the afternoon in Europe, light, sweet crude for July delivery was up $6.43 to $134.22 in electronic trading on the New York Mercantile Exchange.

On Thursday, the contract rose $5.49 -- its biggest single-day price increase in Nymex history -- to settle at $127.79 a barrel. Larger one-day percentage jumps have taken place in the past.
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Re: Oil prices blow past $134

Post by vbironchef » Fri Jun 06, 2008 12:44 pm

I heard on cnbc today that Israel said that it has no choice but to attack Iran's nuclear power plants. All I can is what a day in the oil market.

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Re: Oil prices blow past $134

Post by bubba » Fri Jun 06, 2008 1:42 pm

From CNN Money..

http://money.cnn.com/2008/06/06/news/ec ... topstories
The most expensive state for buying gas is California, where a gallon of regular unleaded costs an average of $4.398 according to AAA. The second most expensive state is Alaska, where a gallon of gas costs $4.299.

The least expensive state for purchasing gas is South Carolina, where a gallon costs $3.787 a gallon on average. The second least expensive state for gas is Missouri, where a gallon runs $3.788 a gallon.
WOO HOO an upside to living MO. LOL I paid 3.80 yesterday, sucks is if it does hit 150/barrel like the say it going too and stays there for a while I don't even want to think what gas is going to cost.

This is also in the CNN article
The dollar began its slide Thursday after European Central Bank president Jean-Claude Trichet said the bank might raise interest rates, which would strengthening the value of the euro. If the euro gains, oil becomes cheaper, European investors buy more oil, raising the price of oil in U.S. dollars, according to Phil Flynn, senior market analyst at Alaron Trading.

The "European Central Bank pulled the rug out from under us," said Flynn.

Trichet's comments came the day after Federal Reserve Chairman Ben Bernanke said he wanted to try to support the dollar to bring energy prices into check. "The two central banks are out of step with each other," he said.

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Re: Oil prices blow past $134

Post by vbironchef » Fri Jun 06, 2008 1:51 pm

Just a update: cnbc is saying that Iran says they want to wipe Israel off the map or something like that. I don't like the sound of that.

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Re: Oil prices blow past $134

Post by JohntechUPi » Fri Jun 06, 2008 3:06 pm

I say nuke um till they glow and run our cars on Grain alchol.
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They are just mad cause we invaded Iroc and the people are about to vote in a free election its Hitler again only this time he has all the OIL.
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Re: Oil prices blow past $134

Post by geokilla » Fri Jun 06, 2008 3:35 pm

Middle Easterns and blowing each other up. No offense to you guys, but can't we all get along like we're suppose to?

BTW, I heard that there was an explosion at an oil refinery plant somewhere, which is also a reason why oil prices are rising like crazy.
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Re: Oil prices blow past $134

Post by martini161 » Fri Jun 06, 2008 3:48 pm

vbironchef wrote:Just a update: cnbc is saying that Iran says they want to wipe Israel off the map or something like that. I don't like the sound of that.
you just heard this? its been happening for a like years now. i agree, i think we should send them back to the stone age, and you know what the best part is? we dont even have to use nukes :mrgreen: our convential weapons have made nukes obsolete with the sole exception of MAD and as a war deterent. heck we gota have something to make those darn canadians think twice before they invade us :finga:

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Re: Oil prices blow past $134

Post by geokilla » Fri Jun 06, 2008 4:32 pm

martini161 wrote:
vbironchef wrote:Just a update: cnbc is saying that Iran says they want to wipe Israel off the map or something like that. I don't like the sound of that.
you just heard this? its been happening for a like years now. i agree, i think we should send them back to the stone age, and you know what the best part is? we dont even have to use nukes :mrgreen: our convential weapons have made nukes obsolete with the sole exception of MAD and as a war deterent. heck we gota have something to make those darn canadians think twice before they invade us :finga:
Dude I'm Canadian. Only reason why I think we'd want to invade you is cus we like follow whatever you guys do....Prime Minister Harper is practically Bush's lap dog. And if we were to invade you, you guys would probably easily wipe our army out.
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Re: Oil prices blow past $134

Post by T-Shirt » Fri Jun 06, 2008 6:08 pm

Apoptosis wrote:Oil is at $134 a barrel right now and is said to hit $150 by July 4th...

Seems like five things are impacting the oil price in the past 48 hours....

1) Too many people are hedging oil
2) Nigeria threatened to strike
3) Asia is taking an unprecedented share
4) The dollar fell against the euro (1% in the past week)
5) Morgan Stanley Outlook Said a Barrel will be $150 by July 4th (less than 30 days)

1 & 4 are the big reasons
3 is true, "unprecedented" but still minut per capitia as compared to the US, and that will continue to be a factor
5 Morgan Stanley should STFU, in any other circumstance this would be comparably to "pumping" a stock(illegal) and they would be fined. (even though that Guess appears to be true and maybe worse by september.

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Re: Oil prices blow past $134

Post by stev » Fri Jun 06, 2008 6:23 pm

I have one of these on order in RED. http://www.scootersus.com/aeolus260.html

It goes 72mph, and get over 70mpg.

It's a Linhai/Yamaha motorscooter touring bike.

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Re: Oil prices blow past $138

Post by Apoptosis » Fri Jun 06, 2008 6:27 pm

Crude jumped more than $16 in two sessions, with prices settling up $10.75 to $138.54
Insane market today....
Stocks tanked Friday, with the Dow industrials shedding 395 points, after oil prices spiked more than $11 a barrel and the May jobs report showed a big jump in the unemployment rate.

Bond prices surged, as investors sought safety in government debt, while the dollar tumbled versus the yen and euro.

The Dow Jones industrial average (INDU) lost 395 points, or 3.1%, its biggest one-day decline on both a point and percentage basis since February of 2007, at the start of the subprime mortgage crisis.
Source: CNN
Oil jumped nearly 9 percent to a record $139 a barrel on Friday, extending a two-day rally to more than $16 as the slumping U.S. dollar and mounting tensions between Israel and Iran attracted a stampede of buyers.

Oil prices could top $150 by July 4, one of the busiest U.S. travel holidays, as strong demand in Asia triggers a slowdown in shipments of crude to the United States, investment bank Morgan Stanley said.
Source: Reuters

Anyone with IRA's or stocks shouldn't look at what the own right now.

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Re: Oil prices blow past $134

Post by bmaverick » Fri Jun 06, 2008 8:00 pm

stev wrote:I have one of these on order in RED. http://www.scootersus.com/aeolus260.html

It goes 72mph, and get over 70mpg.

It's a Linhai/Yamaha motorscooter touring bike.

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If I get my license that would be one hot bike to ride to school. it sure beats the old dirt bike I once had. Not a chick pleaser by any means. then again my dirt bike never got past 45.

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Re: Oil prices blow past $134

Post by moon111 » Fri Jun 06, 2008 9:13 pm

geokilla wrote:
martini161 wrote:
vbironchef wrote:Just a update: cnbc is saying that Iran says they want to wipe Israel off the map or something like that. I don't like the sound of that.
you just heard this? its been happening for a like years now. i agree, i think we should send them back to the stone age, and you know what the best part is? we dont even have to use nukes :mrgreen: our convential weapons have made nukes obsolete with the sole exception of MAD and as a war deterent. heck we gota have something to make those darn canadians think twice before they invade us :finga:
Dude I'm Canadian. Only reason why I think we'd want to invade you is cus we like follow whatever you guys do....Prime Minister Harper is practically Bush's lap dog. And if we were to invade you, you guys would probably easily wipe our army out.
The U.S. doesn't have the ability to win against guerrilla or terrorist tactics with a country that may have nuclear, chemical, electronic, or biological weapons. Heck even a book of matches could be very destructive.

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Re: Oil prices blow past $134

Post by martini161 » Sat Jun 07, 2008 7:47 am

moon111 wrote:
martini161 wrote:
vbironchef wrote:Just a update: cnbc is saying that Iran says they want to wipe Israel off the map or something like that. I don't like the sound of that.
you just heard this? its been happening for a like years now. i agree, i think we should send them back to the stone age, and you know what the best part is? we dont even have to use nukes :mrgreen: our convential weapons have made nukes obsolete with the sole exception of MAD and as a war deterent. heck we gota have something to make those darn canadians think twice before they invade us :finga:

The U.S. doesn't have the ability to win against guerrilla or terrorist tactics with a country that may have nuclear, chemical, electronic, or biological weapons. Heck even a book of matches could be very destructive.
umm what? what kind of tactics you think the insurgents in iraq and afgahnistan are using? and even if they do have nbc weapons, all we need is a nimitz class carreir strike group in hte area and any war will be over in about a day or two. we can destroy all their launch sites before they have a chance to attack

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Re: Oil prices blow past $134

Post by DaIceMan » Sat Jun 07, 2008 7:56 am

bubba wrote:From CNN Money..

http://money.cnn.com/2008/06/06/news/ec ... topstories
The most expensive state for buying gas is California, where a gallon of regular unleaded costs an average of $4.398 according to AAA. The second most expensive state is Alaska, where a gallon of gas costs $4.299.

The least expensive state for purchasing gas is South Carolina, where a gallon costs $3.787 a gallon on average. The second least expensive state for gas is Missouri, where a gallon runs $3.788 a gallon.
WOO HOO an upside to living MO. LOL I paid 3.80 yesterday, sucks is if it does hit 150/barrel like the say it going too and stays there for a while I don't even want to think what gas is going to cost.

Every little bit help couldn't hurt.
In Springfield, MO, I was on the north side of town, which generally has the cheapest prices because there are 3 stations within eye sight of one another that have thier own little price war. I was heading back to work from lunch at 3pm, gas was 3.619 at every station. 3 hours later I went back to that side of town to go to the zoo, and prices were 3.789. $0.18 increase in 3 hours.
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Re: Oil prices blow past $134

Post by stev » Sat Jun 07, 2008 8:04 am

martini161 wrote:
moon111 wrote:
martini161 wrote:The U.S. doesn't have the ability to win against guerrilla or terrorist tactics with a country that may have nuclear, chemical, electronic, or biological weapons. Heck even a book of matches could be very destructive.
umm what? what kind of tactics you think the insurgents in iraq and afgahnistan are using? and even if they do have nbc weapons, all we need is a nimitz class carreir strike group in hte area and any war will be over in about a day or two. we can destroy all their launch sites before they have a chance to attack
Forget the launch sites partner. That's a general warfare. These are terrorists. They will find ways to smuggle into this country and others the WMD. Then when their timing is right, KA-BOOM on our very own soil.

No US Nimitz is going to stop them here. Why our boarders are so liquid on getting WMD across, it's not even funny. We are a country with no walled boarders for 10s of thousands of miles. Who can even monitor all of that? The illegals have proven that 1 out of 100 get caught, but on their second try, they make it in.

With illegals, everyone is so focused on the Mexicans. haha. It's not them to focus on, the other foreigners that hate America are seeping in daily at large rates. We could have a class war on America soil like Kosovo, but on a huge scale. Forget the KKK and the 60's class riots, that was just a minor issue compared to what's building up now.

The next elected Pres could tip the class war even further.

Oil is kinda the last thing on my mind within the next 10 years.

There will be a time you're going to grab your gun, kiss your wife and report to General Washington to defend American soil. For it will be class against class.

God bless America, HA, America needs to humble itself and bless God before we're all don for. Our children will never enjoy the freedoms we have today, or what is left of them today.
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Re: Oil prices blow past $138 a barrel

Post by vbironchef » Sat Jun 07, 2008 11:24 am

http://www.msnbc.msn.com/id/24998146/ This is one of the reasons oil spiked yesterday.

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Re: Oil prices blow past $134

Post by martini161 » Sat Jun 07, 2008 11:40 am

stev wrote:
moon111 wrote:
martini161 wrote:The U.S. doesn't have the ability to win against guerrilla or terrorist tactics with a country that may have nuclear, chemical, electronic, or biological weapons. Heck even a book of matches could be very destructive.
umm what? what kind of tactics you think the insurgents in iraq and afgahnistan are using? and even if they do have nbc weapons, all we need is a nimitz class carreir strike group in hte area and any war will be over in about a day or two. we can destroy all their launch sites before they have a chance to attack
Forget the launch sites partner. That's a general warfare. These are terrorists. They will find ways to smuggle into this country and others the WMD. Then when their timing is right, KA-BOOM on our very own soil.

No US Nimitz is going to stop them here. Why our boarders are so liquid on getting WMD across, it's not even funny. We are a country with no walled boarders for 10s of thousands of miles. Who can even monitor all of that? The illegals have proven that 1 out of 100 get caught, but on their second try, they make it in.

With illegals, everyone is so focused on the Mexicans. haha. It's not them to focus on, the other foreigners that hate America are seeping in daily at large rates. We could have a class war on America soil like Kosovo, but on a huge scale. Forget the KKK and the 60's class riots, that was just a minor issue compared to what's building up now.

The next elected Pres could tip the class war even further.

Oil is kinda the last thing on my mind within the next 10 years.

There will be a time you're going to grab your gun, kiss your wife and report to General Washington to defend American soil. For it will be class against class.

God bless America, HA, America needs to humble itself and bless God before we're all don for. Our children will never enjoy the freedoms we have today, or what is left of them today.
i respect your opinion, but i disagree with them and i dont want this to turn into a flame war so im not going to say anything else (sorry if all those quotes get messed up)

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Re: Oil prices blow past $138 a barrel

Post by Dreamcrusher » Sat Jun 07, 2008 1:00 pm

I just drove from Lake Tahoe, CA. to Tucson AZ. last night.
The price ranged from $4.39 to $4.65 a gallon all the way across the state of California.

I crossed the Colorado River and entered Arizona and the first truck stop I came to it was $3.94 a gallon.
There's something wrong when one can get excited about $3.94 a gallon.

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Re: Oil prices blow past $138 a barrel

Post by w00fd06 » Sun Jun 08, 2008 1:31 pm

national average for gas hit $4.03 a gallon today

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