Crude price record

idiom · **Posted:** Fri Jul 11, 2008 3:47 am

Do you guys have Oil parties where everyone get together on a friday night (NZ Time) to gather around CNBC and watch the Oil go and the Anchors freak out?

Its my favourite night of the week.

killJOY · **Posted:** Fri Jul 11, 2008 3:50 am

This is killJOY's photostream of our wild ride to Doomsdale.

Happy New Year!

And up it goes.

You mean there's more???

Somebody make it stop!

This is getting old.

150, here we come.

Ah, the virtues of being OCD.

lowem · **Posted:** Fri Jul 11, 2008 4:03 am

I think we have a new record ...

DantesPeak · **Posted:** Fri Jul 11, 2008 4:32 am

My original prediction for 2008 was a high of $146, about the price now.

Based upon the likely collpase of the two main mortgage companies in the US, Fannie and Freddie, and the subsequent fiscal and monetary fallout, there is no longer any practical limit to just how high the price can go.

lowem · **Posted:** Fri Jul 11, 2008 4:44 am

$145.98

Dan1195 · **Joined:** Sat Mar 19, 2005 1:00 am **Posts:** 277

Just broke $146.00. RBOB 3.60

$146.87..

smallpoxgirl · **Joined:** Mon Nov 08, 2004 1:00 am **Posts:** 7742

Today could be the day we break 150.

lowem · **Posted:** Fri Jul 11, 2008 6:34 am

Yeow, we just broke $147 !!!

$147.10

TonisD · **Posted:** Fri Jul 11, 2008 6:34 am

147.28

mcgowanjm · **Joined:** Fri May 23, 2008 12:00 am **Posts:** 536

DantesPeak wrote:

My original prediction for 2008 was a high of $146, about the price now. Based upon the likely collpase of the two main mortgage companies in the US, Fannie and Freddie, and the subsequent fiscal and monetary fallout, there is no longer any practical limit to just how high the price can go.

Politely, respectfully disagree.

Oil only has to go high enough to separate americans from their oil. $167 should do it.

and stay there. which will be the key. IMHO.

emersonbiggins · **Posted:** Fri Jul 11, 2008 7:07 am

I love waking up to spikes in oil. The fear is almost... palpable.

[smilie=new_popcornsmiley.gif]

Duende · **Posted:** Fri Jul 11, 2008 7:17 am

Wow - what a move!

There's no way this pace can keep up today. The run's gonna peter out shortly.

misterno · **Posted:** Fri Jul 11, 2008 7:18 am

There is no war, no hurricanes, no refinery or pipeline shutdowns. I did not hear any bombs going off in Nigeria or in Iran or in Saudi Arabia or in Russia to disrupt the supply of oil.

And yet oil is breaking records every week if not every 3-4 days.

Either speculators are in big time, or there is huge demand increase from somewhere or there is a supply problem somewhere. Or some combination of all these.

But when you look at the news, there is no related coverage. What is causing all this? Maybe Cantarell's declining production or maybe Saudis do not produce as much as they say. Maybe Chinese demand is going up faster than we initially thought.

Or a combination of all these?

TheDude · **Posted:** Fri Jul 11, 2008 7:25 am

Would the fear of greater regulation of trading affect trading itself in some way? Haven't seen that bandied about before.

smallpoxgirl · **Joined:** Mon Nov 08, 2004 1:00 am **Posts:** 7742

I think that certainly if you want to drive people to speculate in the oil markets, I can't think of a better way than for a bunch of talking heads to starting ranting about how oil speculators are getting rich unfairly.

Crude price record

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