Will today be the day oil goes below $100 a barrel?

[drjeff]

It's getting mighty close:

http://money.cnn.com/data/commodities/index.html?

If it does, I can already hear the conspiracy theorists and the 9/11 tie in

 

[ComeBackMudPuddles]

If it does, I can already hear the conspiracy theorists and the 9/11 tie in

Huh? Do tell.....I love conspiracy theories.

 

[WJenness]

I doubt it. OPEC deciding to strictly enforce their quotas and Ike taking aim on the Texas coast, price is likely to go up today.

-w

 

[Vortex]

With the Saudi's walking out of the Opec meeting...... I think this will help us in the end..... Cause that is what I want to think.

 

[GrilledSteezeSandwich]

Maybe gas will go below $3 a gallon by ski season..it's almost that low already at about $3.40

 

[drjeff]

Huh? Do tell.....I love conspiracy theories.

Check your PM's since Greg will get mad at me if I post since it involves that "P" word that's a strict no-no around here

 

[tjf67]

I think it still on its way down. Hope it does not go down to far.

 

[GrilledSteezeSandwich]

I think it still on its way down. Hope it does not go down to far.

Why wouldn't you want it to go down to far???

 

[tjf67]

it costs about 50 bucks a barrel to pull it out of the ground in a lot of spots where they dont want to blow us up. At 100 bucks a barrel they will drill it and make a profit. If it goes much below 80 it wont be worth there while and we will be back in the same boat 15 years from now.

Mr Picket should be put in charge of our long term energy needs. He can put the money up and when he succeeds he will be the richest man in the world and we will ove him for it.

 

[drjeff]

It's at $100.65 a barrel as of just after 2PM! Bring on the double digit barrels!

Now, if all the heating oil companies hadn't bought their winter supplies back in July, things would be looking a bit better heating wise this winter.

 

[drjeff]

It's Soooo close right now, $100.10 a barrel at about 3:15

 

[Moe Ghoul]

Price discovery is a joke in all asset classes due to reckless leveraging, cheap money and bad accounting. Political risk and another pile on to the taxpayer bailing out EVERYTHING's going to destroy the dollar once this countertrend rally loses steam. Make hay while the sun shines and fill those tanks up. Consumers are cheering......YAAAAAAY!!!!!!!!! lol

 

[ctenidae]

Maybe gas will go below $3 a gallon by ski season..it's almost that low already at about $3.40

Doubtful.

Get ready for a run up in gas prices- Gulf wholesale is up as much as $1.50 a barrel, and inventory is way down- fell by about a day's production last week, mostly because nothing's producing oil in the Gulf, and refineries ran at 78% last week. There's going to be a bit of a spike until the hurricanes clear out, the rigs start pumping, adn the refineries open back up.

 

[tjf67]

Price discovery is a joke in all asset classes due to reckless leveraging, cheap money and bad accounting. Political risk and another pile on to the taxpayer bailing out EVERYTHING's going to destroy the dollar once this countertrend rally loses steam. Make hay while the sun shines and fill those tanks up. Consumers are cheering......YAAAAAAY!!!!!!!!! lol

You stick right in there youve got if figured out. Ha

 

[tjf67]

It's at $100.65 a barrel as of just after 2PM! Bring on the double digit barrels!

Now, if all the heating oil companies hadn't bought their winter supplies back in July, things would be looking a bit better heating wise this winter.

Most of the heating companies in Albany would not let the customer lock in. Probably a good thing on there part. Any companies that did are going to take it on the chin. Customers are going to demand lower prices or just walk away.

I

 

[wa-loaf]

Doubtful.

Get ready for a run up in gas prices- Gulf wholesale is up as much as $1.50 a barrel, and inventory is way down- fell by about a day's production last week, mostly because nothing's producing oil in the Gulf, and refineries ran at 78% last week. There's going to be a bit of a spike until the hurricanes clear out, the rigs start pumping, adn the refineries open back up.

Yup, in this case there is a disconnect in the price of oil and gas, because all the refineries are shut down and not buying oil, so oil is going down. But since the refineries are shut down not much gas is being made tightening supplies and bringing the price of gas back up.

 

[Moe Ghoul]

You stick right in there youve got if figured out. Ha

Just watching the trend, that's how I trade. USD prolly close to a top or topped, gold jumped almost 20$ today after a 5 week correction. Back in up to my eyeballs.

 

[Moe Ghoul]

If you blinked you missed it. Single biggest pop today were closing in on 130 a bbl as money is selling the USD and racing back into commodities. Steezy mad yo!! ROFLMAO!

 

[ctenidae]

If you blinked you missed it. Single biggest pop today were closing in on 130 a bbl as money is selling the USD and racing back into commodities. Steezy mad yo!! ROFLMAO!

Oddly, volume on October delivery was about 1/5 of what it was on Friday. Today is the last trading day for it, but that's a pretty serious drop in activity. November and December are trading normally, and are actually down a bit around 108

 

[tjf67]

If you blinked you missed it. Single biggest pop today were closing in on 130 a bbl as money is selling the USD and racing back into commodities. Steezy mad yo!! ROFLMAO!

. Do you actually produce anything or are you just a barnicle catching a ride on everyones undersides?