Seeing how we've gone over $140, the next important resistance level for crude oil is $150. Beyond that, the subsequent resistance levels are probably around $180, $200, $300 and over $400. Support levels are at roughly $10 intervals of $140, $130, $120, $110 and $100.

So, when do you think we will hit $150 crude oil on NYMEX?

Since it bumped into the $144 range but closed out lower this week, I say it will bump to $150 by Jul 2nd or 3rd, right before the 4th of July holiday. Can't say it will close at that for the holiday, but enough to "pump" the pump price up for the happy holiday motorist.

It now seems that no news will quench the upthrust.

So I say 1 dollar a day until we get to 180.

So that puts us 10 trading days from 150, as my best guess.

I think it will take a little time to consolidate around $140. If this week's inventory is bad, there will be a runup into the weekend, but even then, not $150. $150 probably gets broken when the tropics really start rolling in August.

It depends.

$150 by end July, as $140 hit, it will hit, fall back, jitter around, folks get "used" then its off for the next "Target" set by the BANKS.

$200 sometime 2009 'cos thats what THEY are saying, thats what THEY want & thats what THEY will get.

At $200, or what the max pain level is (I beleive this will be around $200) it will stabilise. A short few years then on to sort things out. The BANKS will dictate what this will be, most likely public transport systems, invested, owned, & run by THEM.

Its either THAT or mad-max, probably a bit of both, dependant on your location.

Gasmon

Look, I dislike banks the same as the next guy, but this is just wild.

If you really believe that this is all a set up, I'd advise getting in heavy on call options out around 180 - they're ticking at about 8k for June of 09 futs.

So invest 40k now, and when they hit 200 you've made 100k.

Double your money, as it were.

Or you can just keep bitching and moaning.

3rd week of July

I'll crawl out onto the limb. Someone has to.

I'll say 2010.

Demand destruction is really kicking in now, the US is officially in a recession and in a 'bear' market now.

This will ripple into China and impact their economy. Fewer plastic toilet seats to ship over.

I think oil will ease back to around $85-100 for a few years.

NO WAY - They've (banks / oil producers) tasted blood.

Gasmon

demand destruction is nice and peachy, but people forget that the human population is still growing quite briskly, both in developed and developing countries; even if per capita oil use gradually decreases (and it is and will) you're still looking at a constant upward trend for oil as total demand continues to increase even in the face of demand destruction; plus at a certain point oil use per capita bottoms out and you're going to have to go from demand destruction to population destruction, which is how this is likely to play out in the end

Demand isn't going to go down. The rest of the world is just discovering the pleasures of petroleum. Everybody who just bought a Tata will want to drive it for the next few years. They will keep buying gas even if it costs more, because it's still a wonderful thing. Everyone who has tried a car has become addicted. Hop into the rolling easy chair that can transport you, 3 friends and 200 pounds of stuff anywhere you need to go at 60 mph in incredible comfort for around 15 cents a mile.

It's still a pretty good deal.

Significant demand destruction in the US will occur when a significant number of people cease commuting to their jobs. I suspect that job loss will account for much of that decrease and it will mark the beginning of a serious recession. Or depression.

Careful what you wish for.

A few days after the first Atlantic storm forms. Maybe sooner. It will climb high to whatever price forces people to quit using it. Obviously $140.00/bbl isn't high enough, as you well know, Lowem, from driving around your island.

Expect the price to blow right past $150.

Yup, Singapore petrol prices have increased 13 times in the past year and people are still driving. The roads are still crowded and I still have to queue up to pay at the petrol station, and at times queue up just to *get into* the station.

I'd expect to see some consolidation in the usual $10 trading range - perhaps $140-150 before we break out again within the next few weeks - less if there's some trigger event of some sort.