OMG What is with the oil prices today!!!

storm4u · #1 Postby **storm4u** » Mon Sep 22, 2008 1:23 pm

at 130 now!!!! :eek:

Bunkertor · #2 Postby **Bunkertor** » Mon Sep 22, 2008 2:18 pm

Should have filled up today :eek:

Anyone an idea why the price is soaring ?

gtalum · #3 Postby **gtalum** » Mon Sep 22, 2008 2:33 pm

Thank our politicians. The massive ($700 BILLION at last count) banking bailout that is being talked about will likely cause the dollar to collapse in value. The futures traders are making a bet that oil in October will be much more expensive than it is today. Tomorrow the November futures hit the board, and they're currently at $109 so the price will likely fall back significantly tomorrow.

lurkey · #4 Postby **lurkey** » Mon Sep 22, 2008 2:34 pm

gtalum wrote:Thank our politicians. The massive ($700 BILLION at last count) banking bailout that is being talked about will likely cause the dollar to collapse in value. The futures traders are making a bet that oil in October will be much more expensive than it is today. Tomorrow the November futures hit the board, and they're currently at $109 so the price will likely fall back significantly tomorrow.

http://www.cnbc.com/id/26825075

gtalum · #5 Postby **gtalum** » Mon Sep 22, 2008 2:35 pm

This story being released today probably didn't help either.

Here comes $500 oil

Matt Simmons is as perplexed as anyone that it has fallen to him to take on OPEC, Exxon, the Saudis, and all the other misguided defenders of conventional wisdom in the oil patch. Why should one investment banker with a penchant for research be required to point out what he regards as the obvious - that from here on out, oil supplies can't meet demand, and if we don't act soon to solve this crisis, World War III could be looming?

Why should a man who scorns most environmentalists have to argue that locally grown produce and wind power are the way of the future? Why should a lifelong Republican need to be the one to point out that his party's new mantra - "Drill, baby, drill!" - won't really fix anything and that his party's presidential candidate is clueless about energy? That the spike in oil prices earlier this year wasn't a temporary market anomaly and the recent retreat in prices is just a misleading calm before a calamitous storm? That we're headed toward $500-a-barrel oil?

MORE

Cyclenall · #6 Postby **Cyclenall** » Mon Sep 22, 2008 3:20 pm

It's at $120 right now which is $15 higher then yesterday

. Was it really at $130, 2 hours ago?

EDIT: Now $108, dropped $10 in 30 minutes! :eek:

What is with these rapid changes?

#7 Postby **senorpepr** » Mon Sep 22, 2008 10:31 pm

Cyclenall wrote:It's at $120 right now which is $15 higher then yesterday . Was it really at $130, 2 hours ago?

EDIT: Now $108, dropped $10 in 30 minutes! What is with these rapid changes?

Today was the last day for October oil contracts. That "rapid drop" was beginning of trading for November contracts.

gtalum · #8 Postby **gtalum** » Tue Sep 23, 2008 7:55 am

Yeah it turns out it was just your classic "short squeeze". I suspect prices will be rising as the dollar tumbles again, though.

gubyw1 · #9 Postby **gubyw1** » Tue Sep 23, 2008 1:47 pm

gtalum wrote:Yeah it turns out it was just your classic "short squeeze". I suspect prices will be rising as the dollar tumbles again, though.

hmmm.

http://www.iht.com/articles/ap/2008/09/ ... uction.php

OMG What is with the oil prices today!!!

OMG What is with the oil prices today!!!

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