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View unanswered posts | View active topics
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vision-master
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Post subject: Re: Another Record ($140.39)  Posted: Fri Jun 27, 2008 6:30 am |
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Joined: Thu May 18, 2006 12:00 am
Posts: 5783
Location: Out of this World
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Armageddon wrote: vision-master wrote: smallpoxgirl wrote: 142.26 overnight When will these prices be reflected at the pump? Are these kind of crude prices = $6 gal gas? The national average is still under $4.00. It may surge to $4.25-4.30 in the next week if $140.00+ sticks. Yesterday I mentioned the 11 cent wholesale gas price increase at my local station. The counter guy said he just got off the phone with his boss. P'boly we will see $.20 increase today I was told!
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smallpoxgirl
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Post subject: Re: Another Record ($140.39) Posted: Fri Jun 27, 2008 6:31 am |
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Joined: Mon Nov 08, 2004 1:00 am
Posts: 7742
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vision-master wrote: smallpoxgirl wrote: 142.26 overnight When will these prices be reflected at the pump? Are these kind of crude prices = $6 gal gas? Well...a barrel of crude is 42 gallons. So crude is currently selling at 3.39 a gallon.
_________________
"We were standing on the edges
Of a thousand burning bridges
Sifting through the ashes every day
What we thought would never end
Now is nothing more than a memory
The way things were before
I lost my way" - OCMS
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Duende
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Post subject: Re: Another Record ($142.26) Posted: Fri Jun 27, 2008 6:44 am |
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Joined: Sat Nov 27, 2004 1:00 am
Posts: 282
Location: The District
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Armageddon wrote:
Quote: The national average is still under $4.00.
Depends where you check the averages, I guess. Gasbuddy has it stuck at $4.07 for over a week now.
_________________
What fortune has made yours is not your own. -Seneca
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JJ
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Post subject: Re: Another Record ($142.26) Posted: Fri Jun 27, 2008 6:44 am |
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Joined: Tue Aug 07, 2007 12:00 am
Posts: 1168
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called my boss. old news. ho-hum.
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mcgowanjm
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Post subject: Re: Another Record ($140.39) Posted: Fri Jun 27, 2008 7:17 am |
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Joined: Fri May 23, 2008 12:00 am
Posts: 540
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smallpoxgirl wrote: vision-master wrote: smallpoxgirl wrote: 142.26 overnight When will these prices be reflected at the pump? Are these kind of crude prices = $6 gal gas? Well...a barrel of crude is 42 gallons. So crude is currently selling at 3.39 a gallon. Come to the conclusion that gasoline is toxic waste.
Big Oil getting enough to cover disposal costs.
Because no one is making money off of it.
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mcgowanjm
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Post subject: Re: Another Record ($140.39) Posted: Fri Jun 27, 2008 7:20 am |
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Joined: Fri May 23, 2008 12:00 am
Posts: 540
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NoWorries wrote: Ebbs and flows. We knew this was coming (per Goldman Sachs and others). But even Goldman Sachs (Murti) is saying prices will fall back eventually, possibly by Christmas.
Time is the prime factor now. The end of the Hyper Parabolic.
$167 by Labor Day.
The surprize will be when it doesn't fall back, but just gradually,
grindingly plateaus.
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patience
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Post subject: Re: Another Record ($142.26) Posted: Fri Jun 27, 2008 8:17 am |
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Joined: Fri Jan 04, 2008 1:00 am
Posts: 2869
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AAAARRRRGH!
Here we go-o-o-o-o-o!
_________________
Local fix-it guy..
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Armageddon
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Post subject: Re: Another Record ($140.39) Posted: Fri Jun 27, 2008 9:26 am |
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Joined: Wed Apr 13, 2005 12:00 am
Posts: 3692
Location: St.Louis, Mo
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smallpoxgirl wrote: I think it's pretty bogus to equate the sale of a futures contract as having the same economic effect as the sale of a barrel of oil. Paper demand gets met with paper supply that is just as easy to create out of thin air. If the futures market was overpriced, supply should be starting to overwhelm demand. The price of the futures contracts would tank as they approach expiration because no one would want future delivery. All the speculators would lose their shirts. The only way that a speculator can affect the supply demand equation for the physical product is to buy and hoard the physical product. The only place that's happening is the SPR. Otherwise, stores of physical oil are lower than they were a year ago.
The futures traders only have to put up 10% of the price out of their pocket. What it they had to pay it in full when they bought it ?
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sjn
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Post subject: Re: Another Record ($142.26) Posted: Fri Jun 27, 2008 9:32 am |
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Joined: Wed Mar 09, 2005 1:00 am
Posts: 792
Location: UK
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I honestly believe that the "speculators" have been keeping the price contained (read: going short). We're seeing these spikes up periodically as they get squeezed out as the pressure builds. They can't affect the fundamentals in the short to medium term, afterall their function and purpose is to provide liquidity to the market for the benefit of the commercials. In the long term they'll lose their shirts.
Last edited by sjn on Fri Jun 27, 2008 9:37 am, edited 2 times in total.
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strider3700
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Post subject: Re: Another Record ($142.26) Posted: Fri Jun 27, 2008 9:34 am |
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Joined: Sun Apr 17, 2005 12:00 am
Posts: 2908
Location: Vancouver Island
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speculators always get out when the current month contract rolls into the next. All that is left when the contract closes is people wanting to take delivery. How much did the price move and in which direction the last time the contract closed?
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shame on us, doomed from the start
god have mercy on our dirty little hearts
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smallpoxgirl
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Post subject: Re: Another Record ($140.39) Posted: Fri Jun 27, 2008 9:44 am |
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Joined: Mon Nov 08, 2004 1:00 am
Posts: 7742
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Armageddon wrote: The futures traders only have to put up 10% of the price out of their pocket. What it they had to pay it in full when they bought it ?
It doesn't matter. You can twist and contort and screw with the futures market any way you see fit. It doesn't matter. The price is where the price should be right now. If anything it's maybe a little low. If you want to complain about someone driving up the price, look to the Chinese. Get all ticked off about your SUV driving neighbor. NYMEX is just telling you what the price needs to be in order to keep supply and demand balanced.
This is a classic case of killing the messenger.
_________________
"We were standing on the edges
Of a thousand burning bridges
Sifting through the ashes every day
What we thought would never end
Now is nothing more than a memory
The way things were before
I lost my way" - OCMS
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bodigami
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Post subject: Re: Another Record ($142.26) Posted: Fri Jun 27, 2008 9:56 am |
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Joined: Wed Jul 26, 2006 12:00 am
Posts: 2330
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in this chart (10 minutes, 500 units) the maximum value is $142.31... is that a new record?
$141.22 just now... we may see $145 today...
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dukey
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Post subject: Re: Another Record ($142.26) Posted: Fri Jun 27, 2008 9:58 am |
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Joined: Sun Feb 20, 2005 1:00 am
Posts: 2245
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really who cares about speculation and futures
when the date comes someone HAS to take delivery, this always causes a sell off in the market. What are you gonna do as a speculator ? Store a thousand barrels of oil in your back yard ?
lol
the speculation argument is just one people put forward in the media because they would like to blame something other than supply and demand and really they have no clue how anything works
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Zardoz
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Post subject: Re: Another Record ($140.39) Posted: Fri Jun 27, 2008 10:17 am |
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Joined: Fri Dec 02, 2005 1:00 am
Posts: 6603
Location: Oil-addicted Southern Californucopia
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smallpoxgirl wrote: ...The price is where the price should be right now. If anything it's maybe a little low... Those who should know are in agreement: Crude prices rise as the dollar hovers near record low and supply concerns persist. Analysts see $150 a barrel looming.Quote: Friday's jump to $142 a barrel prompted several analysts to predict that the market is headed for an even greater milestone: $150.
"We are of the opinion that if the bears cannot stem the bleeding now, then who is going to prevent this market from going to $150... and beyond," oil industry analyst Stephen Schork wrote in his daily newsletter, The Schork Report.
"We could go to $150 in the blink of an eye," said Carbone.
"I think the up trend is going to continue," said Pawlicki. "We could move up toward $150 over the next few weeks."
_________________
"Thank you for attending the oil age. We're going to scrape what we can out of these tar pits in Alberta and then shut down the machines and turn out the lights. Goodnight." - seldom_seen
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Sketh
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Post subject: Re: Another Record ($142.26) Posted: Fri Jun 27, 2008 10:37 am |
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Joined: Sat Jul 02, 2005 12:00 am
Posts: 60
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Breaking through again.
142.54
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