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Oil Prices Hit Record New High of $75.89 a Barrel!

 
Nobody Important
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07/13/2006 07:53 AM
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Oil Prices Hit Record New High of $75.89 a Barrel!
The Associated Press
Thursday, July 13, 2006; 7:20 AM

LONDON -- Oil prices hit a new intraday high near $76 a barrel Thursday in a market agitated by escalating violence in the Middle East and news of explosions on Nigerian pipelines.

Israeli warplanes struck the runways of Beirut's international airport as part of a campaign against Hezbollah, which attacked Israeli border positions Wednesday and captured two soldiers.

Adding to market tensions was news that Iran, OPEC's No. 2 supplier, was referred back to the U.N. Security Council Wednesday after nuclear talks failed to yield agreements.

"Geopolitics, the markets, Iran and Iraq and Lebanon, all that turmoil is in the front of people's minds and the tensions in the region gets the most attention," said Kevin Norrish, energy analyst for Barclays Capital in London.

"But, it's also due to the spare capacity in the region, and we've known about this for a while now. It's difficult to replace lost output right now.," Norrish said.

Light, sweet crude for August delivery on the New York Mercantile Exchange shot up 94 cents to $75.89 a barrel, surpassing the previous intraday high of $75.78 set last Friday. By midday in Europe, the price eased back to $75.82, up 87 cents.

Front-month August Brent on London's ICE Futures exchange also hit a high, climbing $1.18 to $75.57 a barrel, above its previous $75.09 per barrel high set Friday.

"With little prospect of any good news on Nigeria, Iran and global demand any time soon, the risks remain on the upside and the prospect of a move to, and through, $80 per barrel must be very real, very soon," said Paul J. Harris, head of energy and emissions at Bank of Ireland Global Markets in Dublin, Ireland.

The hurricane season in the Gulf of Mexico could be a catalyst for even more price spikes, Harris said.

Heating oil rose nearly 3 cents to $2.0440 a gallon; gasoline rose nearly 2 cents to $2.2750 a gallon, and natural gas futures gained 2 cents to $5.800 per 1,000 cubic feet.

In Nigeria, officials said twin explosions hit oil installations belonging to oil company Agip, a unit of Italy's Eni SpA, in the volatile southeastern delta region. Officials suspected sabotage in the explosions Wednesday along two pipelines in Baleysa state.

One of the blasts blew apart an 18-inch pipeline at the Clough Creek Tepidapa flow station, and heavy spillage was reported, said Dikivie Ekiogha, an oil industry adviser to the local state governor. Another local official said an explosion hit a 10-inch riverside pipeline in Lagoagbene.

Eni issued statement denying a report regarding alleged sabotage of Agip's oil line that is causing a loss of 120,000 barrels a day.

"The news is without foundation," Eni said. It said there had been minor damage in recent days that has already been repaired with only a tiny loss of oil.

Weekly U.S. government data showed a sharp decline in domestic crude oil inventories.

The Energy Department said commercially available crude oil stocks shrank by 6 million barrels to 335.3 million barrels last week, though crude supplies are still 2 percent higher than last year.
"Everything that irritates us about others can lead us to an understanding of ourselves."

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Piggy
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07/13/2006 07:54 AM
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Re: Oil Prices Hit Record New High of $75.89 a Barrel!
OINK
Anonymous Coward
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07/13/2006 08:03 AM
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Re: Oil Prices Hit Record New High of $75.89 a Barrel!
This will help:
Explosions Hit Nigerian Oil Installations
[link to www.foxnews.com]
Officials suspected sabotage in the explosions Wednesday along two Agip pipelines in Baleysa state.
Nobody Important (OP)

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07/13/2006 09:57 AM
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Re: Oil Prices Hit Record New High of $75.89 a Barrel!
$75.92 now and climbing

gwdance
"Everything that irritates us about others can lead us to an understanding of ourselves."

~ Carl Jung
Nobody Important (OP)

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07/13/2006 10:01 AM
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Re: Oil Prices Hit Record New High of $75.89 a Barrel!
Breaking $76 now!!!!!!!!!!!!!!!!!!!!

dick
"Everything that irritates us about others can lead us to an understanding of ourselves."

~ Carl Jung
Aussie from Perth

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07/13/2006 10:13 AM
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Re: Oil Prices Hit Record New High of $75.89 a Barrel!
HYPERINFLATION TOOK OFF AGAIN THIS PAST WEEK: oil reached a record $76+; copper rose 6% Friday, and 22% since early June; and nickel rose 12% the past week.[wires, 7/8]
Nobody Important (OP)

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07/13/2006 10:15 AM
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Re: Oil Prices Hit Record New High of $75.89 a Barrel!
$76.30 now! It's going to 100 before it hits 60 again. IMO

dynamite
"Everything that irritates us about others can lead us to an understanding of ourselves."

~ Carl Jung
Nobody Important (OP)

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07/13/2006 01:27 PM
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Re: Oil Prices Hit Record New High of $75.89 a Barrel!
$76.50!!!!!!!!!!!!!!!!!!!!!

devil6
"Everything that irritates us about others can lead us to an understanding of ourselves."

~ Carl Jung
Nobody Important (OP)

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07/13/2006 02:05 PM
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Re: Oil Prices Hit Record New High of $75.89 a Barrel!
$76.80, do I hear $77.00????????????

pennywise
"Everything that irritates us about others can lead us to an understanding of ourselves."

~ Carl Jung
EYECANSEEYOU
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07/13/2006 02:08 PM
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Re: Oil Prices Hit Record New High of $75.89 a Barrel!
$100.00


OR MORE....
Negaterium

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Romania
07/13/2006 02:12 PM

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Re: Oil Prices Hit Record New High of $75.89 a Barrel!
Energy Price Change High Low Settle Last Update †
Light Crude (NYM)
September 06 ($US per bbl.) 77.75 +1.69 78.00 77.20 76.06 7/13 1:35pm

[link to money.cnn.com]

tissue
I Am The I Of The Storm
Anonymous Coward
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07/13/2006 02:24 PM
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Re: Oil Prices Hit Record New High of $75.89 a Barrel!
Light Crude (NYM)
September 06 ($US per bbl.) 78.10
TIME WENCH

User ID: 64455
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07/13/2006 02:33 PM
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Re: Oil Prices Hit Record New High of $75.89 a Barrel!
Anyone interested in buying my gas guzzler... going to have to sell it for a scooter soon! angryface
One fish, Two fish, Red fish, Blue fish... Dr Suess

What we see depends mainly on what we look for!!!
Small_Brother

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07/13/2006 03:04 PM
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Re: Oil Prices Hit Record New High of $75.89 a Barrel!
"Oil Prices Hit Record New High of $75.89 a Barrel!"

Or better put...

"Let's make money out of other peoples misery!"
Anonymous Coward
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07/13/2006 03:06 PM
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Re: Oil Prices Hit Record New High of $75.89 a Barrel!
Dow down 180
tacolover

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07/13/2006 03:07 PM
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Re: Oil Prices Hit Record New High of $75.89 a Barrel!
Fuel Prices


$2.89/gallon (unbranded) Houston Texas

4:30 AM today & going up as we speak.

Price for delivery wholesle gasoline already up $0.07/gallon so far today.

Diesel + $0.05
Which way did she go ?
Taketheredpill
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07/13/2006 03:09 PM
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Re: Oil Prices Hit Record New High of $75.89 a Barrel!
I sold my car a few months ago. So I havent watched gas prices. Curious, people post what the current price of gas is in your area. Im in Chicago, last time I saw it last week, it was 3.25 a gl for reg unleaded.
tacolover

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07/13/2006 03:27 PM
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Re: Oil Prices Hit Record New High of $75.89 a Barrel!
NY Mercantile Light Sweet crude for September delivery is currently $78.20

I'm going to vomit.
 Quoting: Anonymous Coward 79714


What about West Texas Intermediate ?
Which way did she go ?
Anonymous Coward
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07/13/2006 03:34 PM
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Re: Oil Prices Hit Record New High of $75.89 a Barrel!
Still down at the local stations.
tacolover

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07/13/2006 03:35 PM
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Re: Oil Prices Hit Record New High of $75.89 a Barrel!
I just hope Newtons Law of Gravity holds true.

"What goes up must come down" uhoh

Somehow I think relief at the gas pump is not coming for a long time if ever
Which way did she go ?
Wraith

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07/13/2006 03:37 PM
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Re: Oil Prices Hit Record New High of $75.89 a Barrel!
National average for a gallon of gas before tax is now 3.16 a gallon!!!! As told on Fox News.
scared
hehehe
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07/13/2006 03:41 PM
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Re: Oil Prices Hit Record New High of $75.89 a Barrel!
I just hope Newtons Law of Gravity holds true.

"What goes up must come down" uhoh

Somehow I think relief at the gas pump is not coming for a long time if ever
 Quoting: tacolover



gravity is the major force on gas once expelled.

greed thank god is not even a player
Anonymous Coward
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07/13/2006 03:45 PM
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Re: Oil Prices Hit Record New High of $75.89 a Barrel!
Old news try a bit higher:

[link to www.godlikeproductions.com]

News








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