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Crude prices soar past $127 a barrel
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dofzion
User ID: 328162
5/16/2008 12:12 PM
Report abusive post | Crude prices soar past $127 a barrel
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NEW YORK - Oil prices surged more than $3 Friday, shattering a previous record in a spike near $128 a barrel, as prices at the pump pushed to new highs of their own.
The gains come 10 days before Memorial Day, the traditional start of the peak U.S. summer driving season, suggesting that retail gas prices have further to rise. Americans are now paying a national average of $3.787 a gallon for regular gasoline, up nearly a penny from the previous day, according to AAA and the Oil Price Information Service.
Diesel prices also have never been higher, meaning that even Americans who don't drive will likely face even higher prices on all sorts of goods because of increased shipping costs. A gallon of diesel now sells for a record $4.482 a gallon.
Light, sweet crude for June delivery rose as high as $127.82 a barrel on the New York Mercantile Exchange, before easing somewhat to trade up $2.64 to $126.76 . The contract settled at $124.12 Thursday.
Oil prices could rise even higher as U.S. demand picks up during the summer months, when gasoline consumption is typically the heaviest.
At least for now, however, Saudi Arabia — the world's largest oil producer — does not see enough demand from customers to increase oil production, the White House said Friday morning. President Bush was in the oil-rich Gulf kingdom in part to lobby for an increase in crude output.
Also pushing oil prices up were speculation that China's demand for diesel needed to fuel its power plants would rise due to reconstruction efforts after this week's earthquakes and an upward revision of an oil price forecast by investment bank Goldman Sachs from $107 to $141 a barrel for the second half of the year.
"Everything the market looks at is bullish," said a report by U.S. energy risk management firm Cameron Hanover.
Technical trading, which takes into account on prices patterns and other technical data instead of relying more on fundamentals such as supply and demand, also was seen as a reason for the high prices.
"Unless there is a confluence of substantive bearish news, when there is a pullback of something like $5, it's unlikely to stay down because enough participants will see that as a buying opportunity," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore.
Thursday's expiration of options contracts and a temporary shutdown of ICE Futures trading in crude oil and other futures products due to a power outage also contributed to the previous session's volatility.
"So there was a lot of confusion yesterday, and not surprisingly, there was this wild, seesaw session," Shum said.
Options let investors bet oil prices will rise or fall in the future, and prices can fluctuate widely on days when options expire.
Shum said oil is still seen as a better bet than investors' other options.
"Oil as a class has performed better this year than equities and bonds, and continues to encourage investors to pile money into oil and stay in oil," Shum said.
On Thursday, the U.S. Energy Department reported that natural gas inventories rose 93 billion cubic feet last week, more than analysts had expected, and that pulled the whole petroleum energy complex lower.
Fluctuations in the dollar have contributed as well to oil's volatility. The dollar has generally been stronger than earlier in the year, but it is waffling between 104 and 105 against the yen, while the euro seems to be range-bound between $1.54 and $1.55.
[link to www.msnbc.msn.com]
Who so boasteth himself of a false gift is like clouds and wind without rain. |
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dofzion
User ID: 328162
5/16/2008 12:25 PM
| | Re: Crude prices soar past $127 a barrel | Quote |
Who so boasteth himself of a false gift is like clouds and wind without rain. |
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Anonymous Coward
User ID: 434082
5/16/2008 12:41 PM | | Re: Crude prices soar past $127 a barrel | Quote |
Oh noes!!
127 was the key harbinger number.
We have crossed the rubicon; passed the point of no return.
Pure, unmitigated DOOM!
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Anonymous Coward
User ID: 434092
5/16/2008 12:46 PM | | Re: Crude prices soar past $127 a barrel | Quote |
WOW!
The galactic wave has hit the oil price!
Its gonna keep on climbing. |
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Anonymous Coward
User ID: 272640
5/16/2008 12:51 PM | | Re: Crude prices soar past $127 a barrel | Quote |
No to dimish the validity of this thread, but the oil price has been climbing almost daily. Why does it now deserve to pinned??? Is it because there'e nothing else news- or pin-worthy??
 |
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Anonymous Coward
User ID: 434098
5/16/2008 1:05 PM | | Re: Crude prices soar past $127 a barrel | Quote |
No to dimish the validity of this thread, but the oil price has been climbing almost daily. Why does it now deserve to pinned??? Is it because there'e nothing else news- or pin-worthy??
well its getting to the point where soon people will be working just to pay for their gas and have a little money for food and nothing else.
Yes it is important to keep updated on such greed that will and can turn our economy and way of life upside down..
The falling US Dollar does not help nor does the fact that there have been many other forms of energy created for transportation and the Government and Big oil have kept them off the market. |
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Anonymous Coward
User ID: 434057
5/16/2008 1:12 PM | | Re: Crude prices soar past $127 a barrel | Quote |
 I'm happy. I own shares in Xom, PBR,E, TOT, COP and
CVX and am making a killing.
Besides, I drive a Toyota Camrey and get 31 mpg highway and
have a pantry in my cellar LOADED with food.
I saw it coming and prepared.
I think I'll hunker down and enjoy the riot in the street. |
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Anonymous Coward
User ID: 434098
5/16/2008 1:22 PM | | Re: Crude prices soar past $127 a barrel | Quote |
just checked oil price not at $127 yet but close.
[link to moneycentral.msn.com]
Name Last Change %Change
Gold JUN-2008 901.00 +21.00 +2.39%
Silver JUL-2008 16.98 +0.30 +1.77%
Light Sweet Crude Oil JUL-2008 126.20 +2.35 +1.90% |
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Anonymous Coward
User ID: 387677
5/16/2008 1:26 PM | | Re: Crude prices soar past $127 a barrel | Quote |
WOW!
The galactic wave has hit the oil price!
Its gonna keep on climbing. Quoting: Anonymous Coward 434092
Yep, just talked to someone today who reminded me we are still paying $110-$115 dollar a barrel prices at the pump, reality hasn't even sunken in yet. The delay in cost will go up at least 10% more soon. Expect your $4/gal gas to go up to $4.40/gal by the end of summer. Kunstler has been in alot of interviews for his new book "World Made by Hand" and lot's of MSM news out about "The End Of Oil".
Thanks for preparing us sufficiently ahead of time, Mr. Bush. You sure do care about our well being. |
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dofzion
User ID: 328162
5/16/2008 1:44 PM
| | Re: Crude prices soar past $127 a barrel | Quote |
remember the movie i am legend ????? the clues that where in that movie ?????the superman movie?? the gas prices we might get to that i think they knew !! i think it will get up to that???!!!!
[link to internetbestsecrets.blogspot.com]
Who so boasteth himself of a false gift is like clouds and wind without rain. |
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Anonymous Coward
User ID: 434155
5/16/2008 2:30 PM | |
Is45
User ID: 294391
5/16/2008 2:53 PM | | Re: Crude prices soar past $127 a barrel | Quote |
!
The USA and other nations have been stockpiling oil.
This is from the DOE website:
" On April 2, 2008, the SPR inventory exceeded 700 million barrels, the highest level ever previously held. The former record was reached in late August 2005, just days before Hurricane Katrina hit the Gulf Coast, causing the SPR to conduct emergency releases."
[link to www.fossil.energy.gov]
The SPR is now at the highest level ever... and the previous highest level
was right BEFORE two major hurricanes hit and oil had to be released from
the SPR... methinks they are getting ready for something big.
Methinks the Pentagon encouraging military families to stockpile for emergencies...
the media encouraging people to stockpile food... and most people receiving $$
from the government just in time to do just that... supports my theory.
~ |
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dofzion
User ID: 328162
5/16/2008 3:01 PM
| | Re: Crude prices soar past $127 a barrel | Quote |
remember the movie i am legend ????? the clues that where in that movie ?????the superman movie?? the gas prices we might get to that i think they knew !! i think it will get up to that???!!!!
[ link to internetbestsecrets.blogspot.com]
like i said before its gunna rise to this price
Who so boasteth himself of a false gift is like clouds and wind without rain. |
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Anonymous Coward
User ID: 387677
5/16/2008 5:30 PM | | Re: Crude prices soar past $127 a barrel | Quote |
!
The USA and other nations have been stockpiling oil.
This is from the DOE website:
" On April 2, 2008, the SPR inventory exceeded 700 million barrels, the highest level ever previously held. The former record was reached in late August 2005, just days before Hurricane Katrina hit the Gulf Coast, causing the SPR to conduct emergency releases."
[ link to www.fossil.energy.gov]
The SPR is now at the highest level ever... and the previous highest level
was right BEFORE two major hurricanes hit and oil had to be released from
the SPR... methinks they are getting ready for something big.
Methinks the Pentagon encouraging military families to stockpile for emergencies...
the media encouraging people to stockpile food... and most people receiving $$
from the government just in time to do just that... supports my theory.
~
Congress just stopped them from stockpiling oil, our reserves were already 97% full. Maybe you are right about something big about to happen. It was indeed questionable as to why they are stuffing so much underground at this time of high prices. Sumthin's up. |
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Anonymous Coward
User ID: 434155
5/16/2008 5:38 PM | | Re: Crude prices soar past $127 a barrel | Quote |
remember the movie i am legend ????? the clues that where in that movie ?????the superman movie?? the gas prices we might get to that i think they knew !! i think it will get up to that???!!!!
[ link to internetbestsecrets.blogspot.com]
like i said before its gunna rise to this price
yep, just like the Pats won the superbowl |
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Anonymous Coward
User ID: 367687
5/16/2008 6:04 PM | | Re: Crude prices soar past $127 a barrel | Quote |
how long does it take for refineries to catch up with the current price? Someone said current gas prices are from a while ago when it was 110$ a barrel?
about 3 weeks? |
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Anonymous Coward
User ID: 434204
5/16/2008 6:13 PM | | Re: Crude prices soar past $127 a barrel | Quote |
The SPR is now at the highest level ever... and the previous highest level
was right BEFORE two major hurricanes hit and oil had to be released from
the SPR... methinks they are getting ready for something big.
Methinks the Pentagon encouraging military families to stockpile for emergencies...
the media encouraging people to stockpile food... and most people receiving $$
from the government just in time to do just that... supports my theory. Quoting: Is45
I'm glad you brought this up. I thought it was odd too that they were still buying when prices had skyrocketed with no end in sight. Recently Congress, or members there-of said they signed legislation to stop the stockpiling. (yea, right.)
If someone has more information on this, please enlighten me. Doesn't the national reserve only last a few days to a week or so if all supplies are cut off? If that is true (not sure if it is) then, that would mean the only reason to stockpile would be for military reasons - yes/no?? The average joe that needs to get to work would have to find "alternative" means. |
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Anonymous Coward
User ID: 434204
5/16/2008 6:18 PM | | Re: Crude prices soar past $127 a barrel | Quote |
No to dimish the validity of this thread, but the oil price has been climbing almost daily. Why does it now deserve to pinned??? Is it because there'e nothing else news- or pin-worthy??
I can only speak for myself, but it is pin worthy since it is rising sooooo fast and we are not really into full summer yet (with prices always rising during the season). It bods ill to be rising without a stop, so quickly, so early in the season.
I like to be notified, since I can't always keep an eye on it.
Old news, yet new, so to speak. |
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Anonymous Coward
User ID: 434211
5/16/2008 6:22 PM | | Re: Crude prices soar past $127 a barrel | Quote |
There will be a new pinned thread whenever the price hits a new dollar amount.
So coming soon from doomtards will be oil $128 thread, $129 thread, and $130 threads, ad nauseum. |
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Anonymous Coward
User ID: 429258
5/16/2008 6:43 PM | | Re: Crude prices soar past $127 a barrel | Quote |
The equates to $5 a gallon gas two months from now.
4th of July. |
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Isaac Brock died for us
User ID: 394580
5/16/2008 10:00 PM
 | | Re: Crude prices soar past $127 a barrel | Quote |
Imagine the number of gallons of gas saved from one car – mine. Now multiply this by 239,000,000 and you will have the solution to our energy independence because if we save fuel collectively, most of the foreign oil would become unnecessary.
momentometer@usa.com Quoting: Anonymous Coward 411044
So if you don't buy oil from foreign sources, you still have to buy it from American sources.
Last time I heard, the USA hadn't adopted communism. This means that the privately owned oil producers in Texas, Montana, and Louisiana will still be selling on the world market at world prices.
At least you will be using less gasoline when it hits $10/gallon, so points for effort. The Chinese will thank you for freeing up more supplies for them.
If Indian Warfare is more terrific to the Enemy,let him retrace his steps...they are men and have equal rights with all other men to defend themselves when invaded. -Isaac Brock- |
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Anonymous Coward
User ID: 376759
5/16/2008 11:00 PM | | Re: Crude prices soar past $127 a barrel | Quote |
What about heating oil/kerosene? Five bux a gallon?
Your house chugs down 1000 gallons? Thats $5,ooo cash on the barrelhead. Like soon. |
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killdamon
User ID: 365637
5/16/2008 11:05 PM
 | | Re: Crude prices soar past $127 a barrel | Quote |
Just passing thru. |
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Prof-Rabbit
User ID: 148352
5/16/2008 11:17 PM | | Re: Crude prices soar past $127 a barrel | Quote |
By the end of July crude will be $150 per barrel and still rising, $200 per barrel is not out of the question by Jan. or Feb. 2009. |
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Anonymous Coward
User ID: 367687
5/17/2008 1:21 AM | | Re: Crude prices soar past $127 a barrel | Quote |
mccain will lower the cost of crude |
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Anonymous Coward
User ID: 434383
5/17/2008 1:37 AM | | Re: Crude prices soar past $127 a barrel | Quote |
who fucking cares
if no one can fiqure out its one huge scam by now, whatever..... I guess you like being fucked up the ass, DUH,, you just sit there.....
don't worry, my solution is simple......
keep ripping me off.... I'll do the same...
I steal all my food,,, DVDS,, crap I don't need, etc etc...
keep it up......I love getting my fair share.......
too bad I can't steal gas,, don't worry, I'm working on a solution to that,,,,, heh heh |
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Anonymous Coward
User ID: 426715
5/17/2008 2:02 AM | | Re: Crude prices soar past $127 a barrel | Quote |
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Anonymous Coward
User ID: 294313
5/17/2008 2:06 AM | | Re: Crude prices soar past $127 a barrel | Quote |
According to this oil reached a record high of $1.28 yestrday...I knew we were being conned....
[link to www.rte.ie] |
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Anonymous Coward
User ID: 432071
5/17/2008 3:49 AM | | Re: Crude prices soar past $127 a barrel | Quote |
Until the economy crashes, work on hydrogen to save money on gas. Check out water4fuel.com
A simple electolyzer can run off the extra power in your car and water to save you 30% or more on gas mileage.
Water is the most abundant storehouse of hydrogen, break it apart!
Also, store food. I am up to 150lbs assorted rice, 40lbs sugar, tons of frozen meat (in Alaska), 40lbs flour, 10lbs just add water pancakes, supplies to make about 50 gallons of beer, canned goods, lots of tea for vitamin c and antioxidants, 20lbs salt, a few boxes of baking soda, 20 lbs corn meal, 20 lbs red wheat, lots of quaker oats, 10lbs lentils, 10lbs black beans, some other assorted grains and beans and chocolate!
Keep putting stuff away. Force yourself to go buy some big bags of storable food.
Bullets. 12ga.
Yeah. |
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Anonymous Coward
User ID: 317795
5/17/2008 3:59 AM | | Re: Crude prices soar past $127 a barrel | Quote |
Also, store food. I am up to 150lbs assorted rice, 40lbs sugar, tons of frozen meat (in Alaska), 40lbs flour, 10lbs just add water pancakes, supplies to make about 50 gallons of beer, canned goods, lots of tea for vitamin c and antioxidants, 20lbs salt, a few boxes of baking soda, 20 lbs corn meal, 20 lbs red wheat, lots of quaker oats, 10lbs lentils, 10lbs black beans, some other assorted grains and beans and chocolate!
How do you store your flour and sugar? |
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Anonymous Coward
User ID: 433486
5/17/2008 5:53 AM | | Re: Crude prices soar past $127 a barrel | Quote |
God you nutters are hilarious. DUN DUN DUN - THE PRICE OF OIL GOES UP! OH NOES! RUN FOR THE HILLS!
Do we need a thread every time it goes up?
CRUDE PRICES 127.01
CRUDE PRICES 127.57
GLPers respond: OMG OMG OMG WERE ALL GOING TO DIEEEEEE!!!! THE END IS NIGH!!!
You people really need to get off it. Oil will go up, nothing will happen. |
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