Why are ya'll talking about daily price moves in this thread? Has a "Another Price Record" been set today?

In case you didn't know, I started a daily price discussion thread and I would appreciate it if you'd move relevant discussion to that thread and stop clogging up this one with daily price discussions that are not "Another Price Record".

See, now you've gone and caused me to make an off-topic post here!

what the heck is going on ?

Still stopped around $123.21.

November futures become the front month after the October futures expired today.

My WAG is that a large investor (possibly government) intentionally sold futures contracts short it didn't have earlier this month, and was forced to buy them back today.

The reason I think that is that there were many more oil futures contracts expiring today than available oil to deliver. The 'seller' may not have had a profit motive, but some other motive - such as placating the American public during a time of financial crisis.

That's what PO is all about. Extreme volatility is to be expected.

I wouldn't be surprised to see sharp drops, even touching $75-80. It wouldn't last though. Similarly, sharp spikes upward to $175-180 are very possible.

Has a new price record been set? A one-day move record has nothing to do with the overall price settle record. Which is $147.27. Has a new record been set that is above that amount?

This IS the "daily price discussion thread"

It just has the wrong title.

No. This is the PRICE RECORD discussion thread. The DAILY PRICE discussion thread is here: http://www.peakoil.com/fortopic44944.html

That's right, er, yes it's wrong!

It started out as a record price thread and became a general price discussion thread.

I view the daily thread as being for the purpose of discussing price effects on that specific day - so I don't see a conflict.

However both threads were co-opted by the 'Oil and Gold go Boom-Boom' thread today.

oh I say come on Peakingaroundthecorner sounds like a lot of sour grapes!

this is the thread I've always looked at to see the days discussion on the price move. It simply gets more busy when we reach a price record. Why oh why did you set up another thread one knows not! and now you're annoyed people aren't playing your rules tut tut!

turning now to the price move, my sense is oil is being used as a form of safe haven combined with effective shorters closing out their positions.

This is exactly why I started a thread for daily price move discussion. Because this thread got off track of record price discussion and there are new threads started like 'Oil and Gold go Boom-Boom' and it gets hard to see what everyone is saying or responding in several threads on the same topic. The moves we seen today happened TODAY. It should be discussed in the daily price thread.

But, who am I to ask for this one little consideration, right?

IMHO, this thread shouldn't light up until we're either approaching a new record or when a new record has been set.

*oops*

Setting a new record, even if it's not an absolute record price-wise but is part of the largest upward commodities move in recorded history, in my opinion makes it belong and very much welcome in this record-setting thread.

There will be an inevitable short-term correction as the next contract (Nov 2008) settles in, but a rise of over $26 from intra-day low to intra-day high is a heck of a move.

It's taken a while, but in these past few sessions we have established the "mother of all support levels" to be : $100 oil, $850 gold, and 80 USDX.

Rejoice, for interesting times are here again.

Not to be picky, but wouldn't the $80 for USDX be a resistance level?