Gas went up from 1.92 to 1.96 yesterday here. When I go out today I can give an update.

I say we are in the 60s by July.

As I mentioned in the New Record thread, given the change in the value of the US$, we are already higher than we were in April. $60 could easily be reached this month. Likely next week will begin with some profit taking, but I can't see it pushing the prices down far, since just about all the news is bullish for oil. Unless of course Bird Flu goes global in the next couple of weeks... then who knows... who cares???

For those of you watching bloomberg.com, try this instead, it gives you all the futures contracts, not just the front-month:

http://www.nymex.com/jsp/markets/lsco_fut_csf.jsp

Only problem is you have to click on a usage agreement every time you close your web browser and then view it again.

Edit: I love all the excitement $60/bbl oil is creating here. Wonder what the reactions will be at $70, $80, etc.? By $100/bbl oil, I figure the reactions will be less of "this is awesome! Like watching a football game!" and more of "oh, shit"

new record set

record

" Crude-oil futures set a record Friday on the New York Mercantile Exchange, as the market traded on news that the U.S. embassy shut in Nigeria over security concerns.

Strength in the price of crude has continued to drive the price of diesel fuel to near record levels.

For example, diesel fuel is selling for about $1.70 a gallon wholesale in many of the large spot bulk markets, according to the Oil Price Information Service. At the pump, the average price of diesel stood at $2.34 a gallon on Thursday, up from $1.79 a year and near the all-time record of $2.388 a gallon set on April 11.

"There is simply no one, among refiners, traders and large marketers, that is willing to sell diesel in this runaway market," said Tom Kloza, chief oil analyst at the Oil Price Information Service. "Without question, the U.S. national average will set a new record within the next few days."

According to the Energy Department, demand for distillate fuel over the last month is up 6.5% from the year-ago levels.

On the Nymex, July-dated crude futures contracts rose 3.3%, or $1.87, to $58.45 a barrel after trading as high as $58.60. The price eclipsed the previous record of $58.28 a barrel set on April 4."

A new record was set

From Marketwatch

"On the Nymex, July-dated crude futures contracts rose 3.3%, or $1.87, to $58.45 a barrel after trading as high as $58.60. The price eclipsed the previous record of $58.28 a barrel set on April 4."

Woah, getting crazy!

Closing price LSCO: $58.47

Out of curiosity, how much does it cost to get in on the e-miNY futures for LSCO? What is the minimum bid price?

It'll be Saturday in the morning. You'll have to wait 'til Monday at the very least. But my experience over the past few months has been that Friday "exuberance" tends to cool off over the weekend.

http://quote.bloomberg.com/apps/news?pi ... news_index

The recent quiet period was nice while it lasted, but the storm is coming soon...

I read that one.... nice 70 dollars a barrel.

It has been said on here before the stock market whores do not look just at oil prices they look at the real estate market and the all important consumer confidence and whole bunch of other stuff that lets them know if people are buying things they don't need.

As it stands now the refinerys are producing enough oil to cover demand and have plenty of stock. That is why gas prices have not gone up yet there is still plenty of stock. Fear is driving the oil prices right now and the tight reserve capacity.

Osama hits the fields in ghawar and it is all over. 100 dollars a barrel if not higher easy. If nothing happens and supply keeps up with demand the price will come down in the short term.

Once higher energy cost start to filter through the system and hurt Joe six pack and he stops buying crap he does not need the Stock market will head south in a hurry. People still are buying crap if they start to get scared they will stop....recession with prices still rising on goods and manufacturing and we will be in depression.

There is no real difference in a recession and a depression economically speaking a depression just last longer and sucks harder. Unless you know how to do cold fusion we are headed for a long dark depression.

Here is a economics joke a recession is when your neighbor looses his job a depression is when you loose yours.

$59.18 Someone try higher?

By the way, we do not need to do as complex as cold fusion, even hot fusion is enough. But it is still a long long way to go...

Oil hits new peak, eyes $60 on demand.

http://today.reuters.com/news/newsArtic ... OIL-DC.XML

I said "$60 before end of July" but now I think I was optimistic. 80