THE Crude Oil Price Watch Thread

[Armageddon]

I have always said that PO won't ever be recognized by the masses. Every time we are up against a supply/demand crises, prices rise and then demand is choked. The worldwide economy will crash long before the real effects of PO are reached.

[SeaGypsy]

I think economics generally goes right over the top of 90% of people's heads; so as soon as any terminology related to economics comes up, everything gets a little blurry in meaning, enough so people just choose what they want to believe s really going on. The truth is 'out there' but it's hidden in a pile of bunkum.

[Graeme]

Here's an example of leadership:

California adopts “clean car” rules

California air regulators passed sweeping auto emission standards Friday that will require one in seven of the new cars sold in the state 2025 be an electric or other zero-emission vehicle.

The policy adopted unanimously by the California Air Resources Board mandates a 75 percent reduction in smog-forming pollutants by 2025, and a 50 percent reduction in greenhouse gas emissions from today’s standards.

Supporters said there are health and global political implications with the new policy.

“Moving in the direction of energy independence, along with the health benefits, which are enormous, really warrant this,” said board member Ron Roberts, a San Diego County supervisor.

“There seems to be almost universal support — or at worst, acceptance — that there really needs to be regulations that will drive advanced technologies that will get us off of our petroleum diet.”

The action was a clear effort to influence other states and Washington as automakers worked with the board and federal regulators on the greenhouse gas rules in an effort to create one national standard for those pollutants.

Companies including Ford Motor Corp., Chrysler Group LLC, General Motors Co., Nissan Motor Co. Ltd. and others submitted testimony Thursday supportive of the new standards.

utsandiego

Oil companies will be affcted too:

Clean car overview: More alternatives

The core philosophy behind the major auto emission standards approved by California air regulators Friday is simple: The less fossil fuel being burned, the cleaner the air.

The package sets tougher goals for cleaner cars, from those that will use traditional gasoline to the new vehicles powered by hydrogen fuel cells.

Here's an overview of what the standards include.

Access to hydrogen

The program will require oil companies to be responsible for installing hydrogen access points at selected locations once a predetermined number of fuel cell vehicles are on the road.

Under the proposal, refiners and oil importers can open hydrogen refilling points at their own stations or at other locations where demand is greatest.

utsandiego

[babystrangeloop]

Teherán suspende las exportaciones de petróleo a seis países europeos
Reuters (via europa press) / February 15, 2012
El Gobierno de Irán han suspendido las exportaciones de petróleo a seis países europeos en represalia por el embargo de la UE al crudo iraní, según informó este miércoles la cadena de televisión Press TV, sin precisar cuáles son los países afectados.

In English:

The Iranian government has suspended oil exports to six European countries in retaliation for the EU embargo on Iranian oil, said Wednesday the broadcaster Press TV, without specifying which countries are affected.

[babystrangeloop]

Iran state TV says country has cut oil to six European nations in retaliation for sanctions
Associated Press / February 15, 2012

TEHRAN, Iran — Iranian state TV says Tehran has cut oil exports to six European countries in response to European Union sanctions, which include a boycott of new oil contracts with Iran.

No details were immediately made available on the Press TV report Wednesday, including which six nations were affected by the decision. ...

Meanwhile Brent crude is $119.53 right now.

[Mesuge]

Yep, I think Reuters list some of them incl. France, lol.
In any case I'd wait for more details and statements.

Although it's understandable the Iranians had to rush deals with other importing partners (in Asia), the timining is a bit unfortunate, they could have created better havoc (faster EU stockpile depletion) had they done it couple of weeks ago during the continent-wide freezout party..

Now, the ball is in the Saudi playground, they could either watch their spiggots and levers idle, pretending nothing happened, or finally prove their giant spare capacity doctrine right, and blast it wide open baby..

[babystrangeloop]

Brent crude is $119.76 right now. How long until they have to stop trading or make some excuse like "the computers broke"?

[babystrangeloop]

Woo-hoo! $120.32
http://www.youtube.com/watch?v=JlSQAZEp3PA

[babystrangeloop]

So what's the top news story on the Intarwebz?

Iran's nuclear program.

HAHAHA!

[Mesuge]

Pure coincidence, that's about the exact time the russian chief of staff said attack on Iran planned before summer, so they have to set up their own special command center for monitoring the unfolding events.

Hm, seems like the anglosaxon/north atlantic clan TPTB culling order of the 7-9bln. useless reality flat tv watchers has been finally approved and given go status.

Should this further escalate, it prooves the little theory of mine that TPTB know they have got only few years of functioning infrustructure to attempt "final" blow to their perceived enemies/raw resource hogs.

[babystrangeloop]

Iran Cuts Oil Exports To Netherlands, Spain, Italy, France, Greece and Portugal
Michael Rundle / Huffington Post UK / February 15, 2012

Iran has announced it is cutting oil exports to six European countries ahead of sanctions imposed by the EU.

State TV said exports to Netherlands, Spain, Italy, France, Greece and Portugal would be cut, but did not elaborate on to what extent oil would be allowed to be traded, if at all. ...

[eXpat]

Heat is on!

[SeaGypsy]

Na, this is great!
Really a microbubble in confidence resulting in an opportunity Iran announced it was looking for on the 5th of Feb. Why would anyone want to stop it? I would have thought the opposite.
I will happily bet nothing goes wrong with trading tonight or tomorrow and we will be approaching my Brent high prediction nearing $130 by week's end.

[SeaGypsy]

Pure coincidence, that's about the exact time the russian chief of staff said attack on Iran planned before summer, so they have to set up their own special command center for monitoring the unfolding events.

Hm, seems like the anglosaxon/north atlantic clan TPTB culling order of the 7-9bln. useless reality flat tv watchers has been finally approved and given go status.

Should this further escalate, it prooves the little theory of mine that TPTB know they have got only few years of functioning infrustructure to attempt "final" blow to their perceived enemies/raw resource hogs.

Any surprises? I sense a rush for the exits could easily emerge. Though I think the 'clan' may be capable of such, the mess would be astoundingly unpredictable, not something which usually runs with central planning obsessives.

[eXpat]

Around 25% of oil imports in Greece come from Iran. I´m sure this will make wonders for the economy.

[SeaGypsy]

What i am happy about is Greece' self sacrificial gift to the rest of us; watching it turn to wrack and ruin or a victory garden revolution? They don't have the advantages Russia had in undeveloped resources and it seems the will never be able to truly earn an equal place with the Nords. Watching the updates as they run it's still anyone's guess.

[Mesuge]

I'd like to meassure the butterfly effect, if any, on the suspended Greek default slowmo drama. In my book, less oil, less traffic through Suez, less cargo hauling through Greece ports -> trucking facilities, deeper GDP crash in Greece, higher probability triggering CDS
.. you know the score..

Guys on the Wall streets of the world working on these probabilities overtime, that's for sure.

[babystrangeloop]

PSYCHE!

Iran oil ministry denies state media reports on EU oil stop
Parisa Hafezi / Reuters / February 15, 2012

... "We deny this report ... If such a decision is made, it will be announced by Iran's Supreme National Security Council," a spokesman for the ministry told Reuters. ...

[Mesuge]

In any case I'd wait for more details and statements.

priceless

Somebody jumped or made the gun jump on purpose, lol.
Hm, the Persians let themselves to be played like violin again, that's no good in terms of their survival chances. Smells like "the clan of the nord" might win this "easily" afterall. Imagine full spectrum attack on them (zion viruses on iranian industrial/public computer controlled infrustructure, US sats & bombs, inflitrated minority freedom fighters terror, int. media blame campaign,..).

What a bummer.
Now we need a few cornies finish this thread

[SeaGypsy]

Lots of what looks like false flag possible stuff on MSM re: bomb attacks at randomish Israeli embassies. Like 9/11 when the intelligences couldn't stop it but knew who did it immediately, this time the finger is always pointed at tehran; as totally nonsensical as such attacks from there would be.