Posted on 07/25/2005 12:36:24 PM PDT by Jomini
Oil prices steadied just below $59 a barrel on Monday as dealers anticipated that recent storms in the Gulf of Mexico's oil producing region would cut into robust U.S. commercial stockpiles.
U.S. crude traded up 20 cents to $58.85 a barrel, after falling as low as $57.65 earlier in the day, while London Brent crude rose 11 cents to $57.69 a barrel.
(Excerpt) Read more at boston.com ...
When China allows the Yuan to appreciate it would seem to make dollar denominated oil cheaper in Beijing. Building up that military seems to create quite a crude thirst across the Straits.
J
the speculators and their allies in the financial media use the same set of excuses every year to drive up prices - gulf storms, etc. we are due for some refinery fires, we haven't had any of those in a while, that should be good for another $1-$2.
Yes indeed, and it is rather pathetic to see China making the same mistake (increasing dependence on foreign oil) that our leaders have been making almost without exception for half a century.
People are probably going to start getting really angry about this. I know it's draining my finances. The pubs are in charge, so they are going to take a huge hit.
Excuse me pal, what are they suppose to do?? Price control???
That is right, god forbid people make money..
Ending oil speculation and ending boutique blends would at least make it look like they were doing something. Don't get me wrong. I personally don't blame them. It's not their fault the market hasn't produced a viable alternative. But most people are going to blame whoever is in charge, and I think people are getting madder by the day.
New house sales are up again this month. Prices are up 15% over last year. The price of fuel is going to impact suburban house sales and prices eventually.
Well, I would have to disagree that oil companies and Arab nations are just "making money." I think we would be stupid to assume there isn't a lot of greed and profiteering going on.
The many Freepers who were saying back in March that this was short term speculation and that oil would soon be back in the $40 range have been notably silent of late.
He laments that when security experts grapple with such questions over huge quantities of beer, the lack of SPE professional type input becomes quite clear. GOSPs would certainly seem a more concentrated and thus less defended target for the opposition.
The thoughts of any technical SPE thinkers would be interesting. Alas Napoleon was correct that "he who defends everything, defends nothing." With limited security resources being stretched thinner every day, each potential target must be more wisely defended.
J
every time I fill up, I don't want to pay some hedge fund that is speculating in the oil market.
Many FR prophets have bit the dust over the years. Often the last thing they say is "Fools!" and then the sound of maniacal laughter, then -- silence.
open the SPR. release physical oil onto the market at $42/bbl. sign a contract with the new iraqi government to replace that oil at $40/bbl - the $2 being a form of war repayment. brek the speculative positions, and $15 will be taken out of the price within 2 weeks.
wait until the winter. I know some older friends of the family who are frantic - heating oil contracts for this winter are coming in a $2.39 a gallon. I tell them all to sign up for HEAP - the government better plan on spending many billions more for that program this winter.
I am one of these Freepers, but I never stated a date certain. (No dummy here). What I do believe is that we are not in the "peak oil" supply crunch, but merely in a "lets screw the West" supply crunch. When enough so called alternatives have been heavily invested upon by our side the price will drop to a level that puts oil shale reclaimation and tar sand refining out of business.
And no, I don't have a date, or know anything in detail about the oil business, its just that these "economic the sky is falling events" come every so often and betting against them is usually the safest bet. (I did buy a new diesel truck to pull my trailer, so I have put my money where my mouth is.)
there seems to be some strange trading for the past week...WTI is trading @ 56 while NY oil is at 59. All during the past 4 days there has been a 1 to 3 dollar difference. I thought WTI was the benchmark oil. What is the standard in the market?
Hungry, out of work...Eat yer SUV.
actually demand growth is falling
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