Skip to comments.Crude oil price hits new high of $102.59 a barrel
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 Shells Bacton gas terminal in Norfolk, which threatened more than 45 million cubic metres of gas supplies, about 13 per cent of National Grids 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 worlds 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 ...
Don’t forget silver, platinum and palladium.
Sure, any FreeRepublic attorney could tell us that!
I guess we just take your word for your nonsense or lies, is that it?
Hey, I worked in the oil industry for 4 decades. That beats your jackass goof.
as I was saying...Jackass
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.
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.
That's okay. Stick up for you dopes.
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.
You haven't entered anything into evidence to refute, other than your delusions. It's all traceable in your posts. Have a nice evening.
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.
Evidence of what?
Go to bed, you coward.
Not possible. Crude oil doesn't go up at the refineries. Look at the charts. This is gossip stuff.
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?
The rel story is with ruthinium.
You may be right, but what is the cost of a barrel of oil in Euros compared to our money?
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.