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Crude oil price hits new high of $102.59 a barrel
The Times Online ^ | February 29, 2008 | Suzy Jagger

Posted on 02/28/2008 6:13:53 PM PST by bjs1779

The price of oil shot to a new high last night as Wall Street traders bought fuel contracts to offset the falling value of the dollar.

Energy traders were also unnerved by a fire at Shell’s Bacton gas terminal in Norfolk, which threatened more than 45 million cubic metres of gas supplies, about 13 per cent of National Grid’s forecast demand. The blaze – which started at 6pm – was extinguished. National Grid sought to reassure markets that the facility, the third-largest in the UK, was still receiving adequate supplies.

Light sweet crude oil for April delivery rose $2.95 to $102.59 a barrel in New York. Even after the market had closed, in after-hours trading, sweet crude continued to rise to $102.97. However, taking inflation into account, the price of oil is still lower than the record set in 1980, which by some calculations hit $104 a barrel.

Yesterday the price surged after US growth data showed that the world’s largest economy had expanded by just 0.6 per cent in the fourth quarter. While a slowing economy usually hits demand for oil, traders appeared to be buying sweet crude contracts as a hedge or as a means of offsetting the weakness of the dollar.

(Excerpt) Read more at business.timesonline.co.uk ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: crudeoil; energy; oil
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1 posted on 02/28/2008 6:14:01 PM PST by bjs1779
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To: bjs1779

g almost like its matching interest rate drops

hmmm


2 posted on 02/28/2008 6:16:31 PM PST by Flavius (24/7)
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To: bjs1779

Can we doing something about our bottoming dollar now?


3 posted on 02/28/2008 6:17:15 PM PST by netmilsmom (Giving up "Hairspray" and the cast for Lent. Prayers appreciated!)
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To: netmilsmom

look on the bright side this is quite a boon for our exporters. Isn’t that what our paleocon friends wanted. The weak dollar is encouraging american industry to expand. Regretfully they didn’t consider that you can’t have it both ways. You can’t have a strong dollar and strong exports.

Now I’m sure they’re complaining about the falling dollar.


4 posted on 02/28/2008 6:19:26 PM PST by utherdoul
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To: bjs1779

That’s no big deal. After we find out how many nukes Iran will have and distribute to Syria, Sudan and other countries soon, then oil will go high. ...consequence of our lack of will to fight and penchant for employing enemies instead of Americans.


5 posted on 02/28/2008 6:24:44 PM PST by familyop (cbt. engr. (cbt), '89-'96)
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To: bjs1779
It would be nice if we could drill in ANWR, the Caribbean, The Pacific and build refineries and put up nuclear power plants, but the left-wing liberals would not stand for it.
6 posted on 02/28/2008 6:25:08 PM PST by Temple Owl (Excelsior! Onward and upward.)
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To: bjs1779
It would be nice if we could drill in ANWR, the Caribbean, The Pacific and build refineries and put up nuclear power plants, but the left-wing liberals would not stand for it.
7 posted on 02/28/2008 6:25:09 PM PST by Temple Owl (Excelsior! Onward and upward.)
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To: utherdoul
Now I’m sure they’re complaining about the falling dollar.

No, it looks like they swallowed the bait of weak dollar and they have disappeared.

8 posted on 02/28/2008 6:26:21 PM PST by bjs1779
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To: bjs1779
Its those evil traders
9 posted on 02/28/2008 6:31:44 PM PST by FightThePower! (Fight the powers that be!)
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To: FightThePower!
Its those evil traders

Right :) Them evil traders are everywhere!

Oil
Sugar
Wheat
Corn
Soybeans
Coffee
Milk
Eggs
Meat, if the farmers can afford to feed them.

Feel free to add to list.

10 posted on 02/28/2008 6:41:30 PM PST by bjs1779
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To: bjs1779

I am hard pressed to understand why a fire involving natural gas would affect the price of oil.

Of course, to the layman, gas and gasoline are the same thing. But traders should know better.


11 posted on 02/28/2008 6:47:01 PM PST by Dog Gone
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To: Dog Gone
I am hard pressed to understand why a fire involving natural gas would affect the price of oil.

We must of had a lot of natural gas fires for the past year. Maybe you have the imagination to blame it on something else.

12 posted on 02/28/2008 6:50:54 PM PST by bjs1779
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To: Dog Gone

From what I can tell the market is so jittery and supplies are so tight that anything going wrong in the system makes people go crazy. It isn’t sustainable and I wonder what the correction is going to look like


13 posted on 02/28/2008 6:50:56 PM PST by utherdoul
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To: utherdoul
From what I can tell the market is so jittery and supplies are so tight that anything going wrong in the system makes people go crazy. It isn’t sustainable and I wonder what the correction is going to look like.

I wonder if anyone wants to do a little homework and report what a barrel of oil costs in Euro dollars?

14 posted on 02/28/2008 6:56:36 PM PST by bjs1779
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To: bjs1779

my old Saturn (35+ mpg) is looking better everyday


15 posted on 02/28/2008 7:00:02 PM PST by nascarnation
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To: nascarnation

Give her a kiss every morning!


16 posted on 02/28/2008 7:01:23 PM PST by bjs1779
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To: bjs1779
We must of had a lot of natural gas fires for the past year. Maybe you have the imagination to blame it on something else.

I'm not sure what you're implying here, but if you're just complaining in general about the rising price of oil, just say so.

If you don't understand the fundamental reasons for it, we can help you. The facts have been out there for quite some time.

I'm not sure how you missed them, but this forum is here to help.

17 posted on 02/28/2008 7:01:24 PM PST by Dog Gone
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To: Dog Gone
I'm not sure what you're implying here, but if you're just complaining in general about the rising price of oil, just say so. If you don't understand the fundamental reasons for it, we can help you. The facts have been out there for quite some time. I'm not sure how you missed them, but this forum is here to help.

It sounds like you have no idea what you are talking about, counselor.

18 posted on 02/28/2008 7:04:30 PM PST by bjs1779
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To: bjs1779

Let’s spend even more, borrow even more, and keep cutting interest rates! It’s working great!


19 posted on 02/28/2008 7:11:29 PM PST by mysterio
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To: bjs1779
It sounds like you have no idea what you are talking about, counselor.

If I don't have any insights into the oil industry after working for them for nearly three decades, I'm not sure how you have better ones.

I've forgotten your credentials, so perhaps you could briefly summarize them.

20 posted on 02/28/2008 7:15:45 PM PST by Dog Gone
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To: bjs1779

Don’t forget silver, platinum and palladium.


21 posted on 02/28/2008 7:16:45 PM PST by FightThePower! (Fight the powers that be!)
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To: mysterio
Let’s spend even more, borrow even more, and keep cutting interest rates! It’s working great!

Sure, any FreeRepublic attorney could tell us that!

22 posted on 02/28/2008 7:18:31 PM PST by bjs1779
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To: Dog Gone
If I don't have any insights into the oil industry after working for them for nearly three decades, I'm not sure how you have better ones. I've forgotten your credentials, so perhaps you could briefly summarize them.

I guess we just take your word for your nonsense or lies, is that it?

23 posted on 02/28/2008 7:23:07 PM PST by bjs1779
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To: bjs1779
"I guess we just take your word for your nonsense or lies, is that it?"

Jackass

24 posted on 02/28/2008 7:30:45 PM PST by don'tspeak4me
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To: don'tspeak4me
Jackass

Hey, I worked in the oil industry for 4 decades. That beats your jackass goof.

25 posted on 02/28/2008 7:33:34 PM PST by bjs1779
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To: bjs1779

as I was saying...Jackass


26 posted on 02/28/2008 7:36:04 PM PST by don'tspeak4me
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To: bjs1779

Boone Pickens told the Energy Summit here in Houston today that oil may be $150/bbl in the not too distant future.

His $100/bbl prediction from last year, ridiculed by many at the time, has already materialized.


27 posted on 02/28/2008 7:36:30 PM PST by Rte66
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To: bjs1779

You didn’t refute me. You didn’t even offer an argument.

You just insulted. I guess if you’re drunk I’ll overlook that, but it doesn’t pass as an argument.


28 posted on 02/28/2008 7:36:58 PM PST by Dog Gone
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To: don'tspeak4me
as I was saying...Jackass

That's okay. Stick up for you dopes.

29 posted on 02/28/2008 7:38:16 PM PST by bjs1779
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To: Dog Gone
I am hard pressed to understand why a fire involving natural gas would affect the price of oil.

I was hard-pressed to understand how a refinery explosion at a rather small refinery in West Texas (.4 percent of US output) would cause the price of oil to rise. IMO speculators are driving commodities bonkers.

30 posted on 02/28/2008 7:39:19 PM PST by dirtboy
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To: Dog Gone
You didn’t refute me. You didn’t even offer an argument. You just insulted. I guess if you’re drunk I’ll overlook that, but it doesn’t pass as an argument.

You haven't entered anything into evidence to refute, other than your delusions. It's all traceable in your posts. Have a nice evening.

31 posted on 02/28/2008 7:43:15 PM PST by bjs1779
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To: dirtboy

The speculators clearly are running the market.

A refinery shutdown reduces the need to buy crude. You don’t buy it if you can’t use it because your dang refinery is all blowed up.

That puts more crude on the world market looking for a refinery.

Should lower the price of oil.

It hasn’t worked out the way recently, which means that market forces really aren’t totally driving this thing. There are apparently too few traders in this market.

That’s just my guess.


32 posted on 02/28/2008 7:45:36 PM PST by Dog Gone
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To: bjs1779

Evidence of what?

Go to bed, you coward.


33 posted on 02/28/2008 7:47:25 PM PST by Dog Gone
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To: dirtboy
I was hard-pressed to understand how a refinery explosion at a rather small refinery in West Texas (.4 percent of US output) would cause the price of oil to rise. IMO speculators are driving commodities bonkers.

Not possible. Crude oil doesn't go up at the refineries. Look at the charts. This is gossip stuff.

34 posted on 02/28/2008 7:49:58 PM PST by bjs1779
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To: Dog Gone
Evidence of what? Go to bed, you coward.

I guess everyone can see you don't want to discuss facts. In fact, it looks like you want to get farther away from facts and more to name calling. Is that correct, consoler?

35 posted on 02/28/2008 7:56:23 PM PST by bjs1779
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To: FightThePower!

The rel story is with ruthinium.


36 posted on 02/28/2008 8:01:29 PM PST by Bogie
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To: bjs1779
This price is not justifiable. The Dollar’s relative decline isn’t doing it. The supply side fundamentals don’t give cause for it. Speculation. Peoples pockets being drained at the pump isn’t ‘speculative’ of course but there is no other specific reason.
37 posted on 02/28/2008 8:10:24 PM PST by kinoxi
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To: Bogie
You can find it better under Rhodium : )
38 posted on 02/28/2008 8:13:07 PM PST by bjs1779
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To: kinoxi
This price is not justifiable. The Dollar’s relative decline isn’t doing it. The supply side fundamentals don’t give cause for it. Speculation. Peoples pockets being drained at the pump isn’t ‘speculative’ of course but there is no other specific reason.

You may be right, but what is the cost of a barrel of oil in Euros compared to our money?

39 posted on 02/28/2008 8:19:40 PM PST by bjs1779
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To: bjs1779

Oil, like gold is priced in Dollars so it costs them less due to the temporary valuation differential. Some might say they have a vested interest in things that are contrary to the United States best economic interests.


40 posted on 02/28/2008 8:23:00 PM PST by kinoxi
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To: bjs1779
You are so right about price gains with Rhodium. I should have made a purchase at $250 an oz but was having trouble finding a market maker.

The future belongs to Ruthenium because of artificial photosynthesis.

41 posted on 02/28/2008 8:24:02 PM PST by Bogie
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To: utherdoul
so what do we get on our "saved money"?....the cd rates have fallen preposterously and yet today on the news scroll it said that mortgage rates have inched up to well over 6%

the bankers are giving it to us from both ends......

what else to do with our Money?

42 posted on 02/28/2008 8:28:21 PM PST by cherry
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To: kinoxi
Oil, like gold is priced in Dollars so it costs them less due to the temporary valuation differential. Some might say they have a vested interest in things that are contrary to the United States best economic interests.

I am not sure that I am going to disagree with you, but our economic policy and national debt is not to be blamed on everyone else.

43 posted on 02/28/2008 8:29:56 PM PST by bjs1779
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To: cherry
"what else to do with our Money?"

You can simply give it all to me. Sure it may be worth less, but having more of it is STILL a good thing. We should all stock up on Monopoly money. Some day there may be a parity between it and the US Dollar. lol

44 posted on 02/28/2008 8:31:27 PM PST by KoRn (CTHULHU '08 - I won't settle for a lesser evil any longer!)
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To: Bogie
I should have made a purchase at $250 an oz

"I should have" is a bad thought. There is still plenty of opportunities out there.

45 posted on 02/28/2008 8:34:27 PM PST by bjs1779
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To: bjs1779
Our national debt is is not the demon it appears to be IMO. The declining Dollar is not necessarily bad either. It sounds bad yes, but countries like Japan and China keep their currencies artificially deflated due to it’s obvious inherent benefits.
46 posted on 02/28/2008 8:39:08 PM PST by kinoxi
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To: bjs1779
Yes sir, I noticed that Kitco is now promoting the Rhodium. Though, I'm into other things at this point and, the price is way up there too.

Opportunity is always knocking!

47 posted on 02/28/2008 8:41:36 PM PST by Bogie
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To: kinoxi
Our national debt is is not the demon it appears to be IMO. The declining Dollar is not necessarily bad either.

Good, have fun at the gas pump and the grocery store.

48 posted on 02/28/2008 8:43:26 PM PST by bjs1779
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To: bjs1779
Kitco
49 posted on 02/28/2008 8:43:52 PM PST by Bogie
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To: bjs1779

Strong Dollar means we can’t sell our wares abroad. Good luck with your recession.


50 posted on 02/28/2008 8:45:43 PM PST by kinoxi
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