It seems that "talking down demand" isn't working - we're still consuming more oil, even in the midst of a recession.

MarketWatch Link

joeltrout

I do believe we're back in record territory, $111.88.

Pardon me. New intraday high is now $112.06

But this could change again!

and $109+ for Brent

$111.96 @ 11:56 CT.

$112.02

New record

Ha! I can beat that! $112.10 !

If its true and production has been consistently less than consumption prices will start to rapidly go upwards as the reserves continuously decline and shortages appear.

$112.21 highest so far.

Boy Wall Street is just a perpetual growth machine is'nt it. It's like Alice in Wonderland down there. They buoy the market with a ridiculous lay out of cash and promises and then keep telling themselves it really should be more like 13,500. It gives the phrase 'dream team' a whole new angle.

Back into record territory on oil and Labor Day is still seven weeks away. It's time to take the medicine now. Where is Julie Andrews when you need her. We gave you guys your spoon full of sugar, now swallow the medicine and let the stocks float down to that 10,500 range you know they should be in given the economic reality. Even with a weakening dollar 12,500 is beyond all expectation of value.

The market is failing as an expectation of future performance right now. The American economy has structural problems all over the place and a dependence on a failing resource that will be fatal if not dealt with broadly and promptly.

It's like talking to a wall,... oh yeah I forgot it's WALL street.

We are so screwed.

This would be approaching 3 Yergins, would it not?

$110 looks like it might be a support.

Looking at further support levels around 100, 85 and 80, and don't bet too much money on the last two

up it goes.....again
link

http://www.peakoil.com/fortopic35007-135.html

SteinarN's expertise in forecasting appears to be oustanding, for the moment.