Oil price over $147 for the first time-now above $80

gtalum · #521 Postby **gtalum** » Tue Jun 03, 2008 2:21 pm

On the bright side, at our nearest station diesel dropped from $4.79 to $4.69 this morning.

#522 Postby **cycloneye** » Tue Jun 03, 2008 3:27 pm

Light, sweet crude for July delivery fell $3.45 to settle at $124.31 a barrel on the New York Mercantile Exchange. Prices continued falling in after-hours electronic trading, dipping as low as $123.87. It was oil's lowest trading and settlement levels since May 15. Prices peaked at $135.09 on May 22.

Read more at link below.

Oil continues to plunge

:uarrow:

Oil continues to drop in price as it closed today at $124.31.Good news for us as soon these plunges in the oil price will be reflected in the pump.

gtalum · #523 Postby **gtalum** » Tue Jun 03, 2008 4:09 pm

Long-term futures are well below short term futures, meaning the speculators now fear a bubble burst like I predicted a few months ago...

#524 Postby **george_r_1961** » Tue Jun 03, 2008 4:38 pm

gtalum wrote:Long-term futures are well below short term futures, meaning the speculators now fear a bubble burst like I predicted a few months ago...

I hope you are right.

#525 Postby **Hybridstorm_November2001** » Thu Jun 05, 2008 7:52 am

Indeed in the short term at least (next year or two), we might have reached a natural limit; as consumers are starting to cut back on usage. Now let us all hope that a major Hurricane stays out of the GOM this season, or things could change real fast.

#526 Postby **feederband** » Thu Jun 05, 2008 12:22 pm

But we will still be lucky if the price of gas drops below $3.00/$4.00 for diesal so its still going to be a long term beating...

#527 Postby **cycloneye** » Thu Jun 05, 2008 2:51 pm

Hey guys the dipping price of oil put the brakes bigtime at least for today.

NEW YORK (AP) -- Oil prices rose back above $128 a barrel Thursday after the dollar fell in response to comments by European Central Bank President Jean-Claude Trichet suggesting the bank could raise interest rates.

At the pump, meanwhile, gas prices rose to a new record near $3.99, and appeared likely to hit $4 soon.

Light, sweet crude for July delivery rose as high as $128.26 before retreating slightly to settle up $5.49 at $127.79 on the New York Mercantile Exchange (Nymex), easily regaining all ground lost earlier in the week.

Thursday's price rise marked the biggest one-day gain in dollar terms on record, according to the U.S. Energy Information Administration (EIA) and Nymex.

http://money.cnn.com/2008/06/05/markets ... 2008060515

StormspinnerD2 · #528 Postby **StormspinnerD2** » Thu Jun 05, 2008 3:32 pm

It appears the bubble is far from bursting...

#529 Postby **cycloneye** » Fri Jun 06, 2008 10:23 am

Holy smokes,look at this spike today! :eek:

Apart from the falling dollar,the Iran News about Israel on the brink is a cause too.

The dollar's decline contributed to a rally in dollar-traded commodity prices, with U.S. light crude oil for July delivery rising as high as $134.68 in electronic trading before scaling back to trade at just under $134 a barrel, a jump of more than $6.

Gas backs off record: The national average price for a gallon of regular unleaded gas fell to $3.986 from the previous day's record of $3.989, AAA reported. Gas prices had set new records for 28 of the previous 29 days.

Cryomaniac · #530 Postby **Cryomaniac** » Fri Jun 06, 2008 10:23 am

#531 Postby **feederband** » Fri Jun 06, 2008 10:28 am

11 bucks in 2 days....Well at least the oil dudes are happy....

#532 Postby **cycloneye** » Fri Jun 06, 2008 11:18 am

feederband wrote:11 bucks in 2 days....Well at least the oil dudes are happy....

Make it $12.

http://www.cnbc.com/id/24993747

#533 Postby **feederband** » Fri Jun 06, 2008 11:20 am

cycloneye wrote:
feederband wrote:11 bucks in 2 days....Well at least the oil dudes are happy....

Make it $12.

http://www.cnbc.com/id/24993747

Time to bring back the Flintstone car... :lol:

#534 Postby **cycloneye** » Fri Jun 06, 2008 12:08 pm

New Intraday Record High Price of Oil

:uarrow:

This is turning ridiculous today.

#535 Postby **coriolis** » Fri Jun 06, 2008 12:10 pm

Yeah, gotta get me one of them.

#536 Postby **cycloneye** » Fri Jun 06, 2008 12:12 pm

Up over $8.00 today sending the oil market to a new record high over $136.

http://www.cnbc.com/id/24993747

#537 Postby **brunota2003** » Fri Jun 06, 2008 12:22 pm

I also heard that speculators are predicting $150 a barrel by the 4th of July? Screw $4/gallon...is $5/gallon coming soon?

#538 Postby **feederband** » Fri Jun 06, 2008 12:33 pm

Wife just called and said they put $4.15 at the pumps down the street...It was $3.99 this morning.. :eek:

Derek Ortt · #539 Postby **Derek Ortt** » Fri Jun 06, 2008 12:37 pm

Can we start a petetion to can the clown that passes as the fed reserve chairman? I have never seen a bigger cluster you know what in our government before.

RAISE THE US INTEREST RATES LAST YEAR, CLOWN!

#540 Postby **feederband** » Fri Jun 06, 2008 12:40 pm

Derek Ortt wrote:Can we start a petetion to can the clown that passes as the fed reserve chairman? I have never seen a bigger cluster you know what in our government before.

RAISE THE US INTEREST RATES LAST YEAR, CLOWN!

I know we don't like to get political...But when is the goverment going to step in with some sort of plan before we have a complete disater which is already starting to happen...

What if there was a Cat 3 next week in the Gulf?

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