Subdude Posted November 28, 2007 Share Posted November 28, 2007 Another decline today, dropping $3.62 to $90.80/bbl. Link to comment Share on other sites More sharing options...
RedScare Posted November 28, 2007 Share Posted November 28, 2007 Considering that crude was selling in the $55 to $60 range last December, this drop is merely relative. Traditionally, oil drops steadily from September to December, then rises some when the cold snaps hit. When the cold snaps hit in January, we may still see $100. Of course, since it always jumps in the Spring, if we do not see $100 in December or January, it appears to be a certainty next spring and summer.Given the size of the price swings ($7 in 2 days), I will not be surprised to see it hit $100 in December anyway. Depends on the weather. Link to comment Share on other sites More sharing options...
CDeb Posted November 29, 2007 Share Posted November 29, 2007 Considering that crude was selling in the $55 to $60 range last December, this drop is merely relative. Traditionally, oil drops steadily from September to December, then rises some when the cold snaps hit. When the cold snaps hit in January, we may still see $100. Of course, since it always jumps in the Spring, if we do not see $100 in December or January, it appears to be a certainty next spring and summer.Given the size of the price swings ($7 in 2 days), I will not be surprised to see it hit $100 in December anyway. Depends on the weather. Maybe "global warming" will save us from $100 oil? Link to comment Share on other sites More sharing options...
houstonmacbro Posted November 29, 2007 Author Share Posted November 29, 2007 Maybe "global warming" will save us from $100 oil? Maybe.But remember the population is growing as well ... all these future consumers want their cars and big air conditoned homes.I think it is inevitable (from any standpoint) that we are going to have to work harder for 'oil' and that is going to drive up the costs.And let's not forget the saboteurs and natural disasters affecting oil delivery:http://news.bbc.co.uk/2/hi/business/7118323.stmThat made oil jump three bucks just today alone. Link to comment Share on other sites More sharing options...
houstonmacbro Posted December 28, 2007 Author Share Posted December 28, 2007 Looks like it's on the upswing again:Oil Rises on Inventory ShortfallsThursday December 27, 3:31 pm ETBy John Wilen, AP Business WriterOil Prices Jump After Government Reports Crude and Heating Oil Supplies Fell Last WeekLink Link to comment Share on other sites More sharing options...
musicman Posted January 2, 2008 Share Posted January 2, 2008 1/2/2008...it hit 100 Link to comment Share on other sites More sharing options...
sevfiv Posted January 2, 2008 Share Posted January 2, 2008 yep...Oil prices kicked off the first trading day of 2008 by hitting a new high of $100 a barrel Wednesday on violence in oil-rich Nigeria, the prospect of more interest rate cuts, a halt in Mexican imports and the expectation of yet another drop in U.S. crude supplies.http://money.cnn.com/2008/01/02/markets/oi...sion=2008010212 Link to comment Share on other sites More sharing options...
houstonmacbro Posted January 3, 2008 Author Share Posted January 3, 2008 Oh snaps ... are y'all serious. I have been out all day and not listening to the radio! Damn. Link to comment Share on other sites More sharing options...
brerrabbit Posted January 3, 2008 Share Posted January 3, 2008 It did trade over $100 but the floor trader that did it bought the minimum lot size (1,000 barrels) and turned right around and sold it for $99.40 a barrel for a nifty $600 loss. He supposedly did it for bragging rights so that he could go down in history as the first trader to buy $100/barrle oil. Not saying it might not really go right on through $100 but the first trade was for show. Some industry publications repoorted spot trades of oil at $101 a barrel for physical supplies. Specifically Argus LLS Daily at $103.08 a barrel and Platts LLS daily at $103.025 a barrel. LLS is Louisiana Light Sweet crude. Link to comment Share on other sites More sharing options...
TheNiche Posted January 3, 2008 Share Posted January 3, 2008 It did trade over $100 but the floor trader that did it bought the minimum lot size (1,000 barrels) and turned right around and sold it for $99.40 a barrel for a nifty $600 loss. He supposedly did it for bragging rights so that he could go down in history as the first trader to buy $100/barrle oil. Not saying it might not really go right on through $100 but the first trade was for show. Some industry publications repoorted spot trades of oil at $101 a barrel for physical supplies. Specifically Argus LLS Daily at $103.08 a barrel and Platts LLS daily at $103.025 a barrel. LLS is Louisiana Light Sweet crude.Yep. There are rare naturally-filtered crude oils with essentially no sulpher content at all, sometimes called "white" or "honey" crude that have been extracted and sold at far higher prices. You won't see them traded on NYMEX or CBOT, but they've been way over $100/bbl. for a very long time.The point being, anyway, that this discussion has no point. We're making a really big deal out of a digit, and then only as it pertains to one product (WTI crude) in a universe of fairly close substitutes. Link to comment Share on other sites More sharing options...
houstonmacbro Posted January 3, 2008 Author Share Posted January 3, 2008 We're not making a big deal out of it ... analysts are. Everywhere you turn, they are noting the significance of it.What is significant to me is not the price of barrels of oil, but the price of gallons of gas.. but you have to admit, even they are linked. Link to comment Share on other sites More sharing options...
TheNiche Posted January 3, 2008 Share Posted January 3, 2008 We're not making a big deal out of it ... analysts are. Everywhere you turn, they are noting the significance of it.Squeaky wheel gets the grease.What is significant to me is not the price of barrels of oil, but the price of gallons of gas.. but you have to admit, even they are linked.Um, yeah. Does that have any bearing on the difference between oil at $99 and oil at $100? When WTI hits $101/bbl., do you think there will be even more headlines? Bigger, bolder headlines? You'd think so, if each incremental increase is a larger and larger blow to the national economy. I'm betting not, though. Link to comment Share on other sites More sharing options...
RedScare Posted January 3, 2008 Share Posted January 3, 2008 Ah, everyone loves a good milestone. I remember the hoopla every time the Dow hits another 1,000 plateau...even though it means even less than $100 oil. I mean, at least the oil price is for an actual contract, rather than some nebulous collection of stock prices that change all of the time. The far larger story is the fact that the price of oil is increasing during the winter months, when traditionally it declines. Last January, oil was somewhere in the 60s, before rising to the 80s and 90s in the spring. Assuming the spring rise occurs again as demand for summer gas increases, we could be looking at $120 or $130 oil by then.But, since there was no sexy milestone involved, that story has not gotten as much ink as the $100 story. Link to comment Share on other sites More sharing options...
houstonmacbro Posted January 6, 2008 Author Share Posted January 6, 2008 $100 oil will hurt at more than the pumpFrom light bulbs to golf balls, items tied to petroleum may cost you extra Link to comment Share on other sites More sharing options...
Mr. Chenevert Posted February 19, 2008 Share Posted February 19, 2008 Today is the day. Oil closed at over $100/barrel. Link to comment Share on other sites More sharing options...
Guest danax Posted February 19, 2008 Share Posted February 19, 2008 Today is the day. Oil closed at over $100/barrel.Yes, barely, and it's hit the third slightly higher top of a formation known as a bear flag.........lots of sellers eyeing that baby. Link to comment Share on other sites More sharing options...
TheNiche Posted February 19, 2008 Share Posted February 19, 2008 Yes, barely, and it's hit the third slightly higher top of a formation known as a bear flag.........lots of sellers eyeing that baby.I'm indifferent to the digital antics of the decimal system of counting, but what does concern me is that prices are sufficiently high now (and refined products higher still, on account of legislative impacts) that consumption of renewable energy sources may begin to look like a financially feasible long-term substitute for fossil fuels. That could be tremendously bad news for Houston, and no matter how much local and state politicians claim that we can premptively establish some kind of green energy industry in Houston, I really don't think that that is realistic. Link to comment Share on other sites More sharing options...
Mr. Chenevert Posted February 19, 2008 Share Posted February 19, 2008 I'm indifferent to the digital antics of the decimal system of counting, but what does concern me is that prices are sufficiently high now (and refined products higher still, on account of legislative impacts) that consumption of renewable energy sources may begin to look like a financially feasible long-term substitute for fossil fuels. That could be tremendously bad news for Houston, and no matter how much local and state politicians claim that we can premptively establish some kind of green energy industry in Houston, I really don't think that that is realistic.If these energy companies are smart, they are investing in green energy right now. They would be stupid not too. However, whether or not that investment is bringing jobs to Houston is another story. Link to comment Share on other sites More sharing options...
CDeb Posted February 19, 2008 Share Posted February 19, 2008 If these energy companies are smart, they are investing in green energy right now.They are amongst the biggest funding sources for non-fossil fuels energy research. Link to comment Share on other sites More sharing options...
houstonmacbro Posted February 19, 2008 Author Share Posted February 19, 2008 Whatever happened to the story on bio-diesel. It was some big operation out in east Houston as I remember. They were supposed to be able to produce 500,000 barrels (a day?) if I remember correctly. Seems like the story came and went, and not sure they ever did get their operations going.Here's the original thread that was on HAIF: http://www.houstonarchitecture.info/haif/i...mp;hl=biodiesel Link to comment Share on other sites More sharing options...
TheNiche Posted February 19, 2008 Share Posted February 19, 2008 Whatever happened to the story on bio-diesel. It was some big operation out in east Houston as I remember. They were supposed to be able to produce 500,000 barrels (a day?) if I remember correctly. Seems like the story came and went, and not sure they ever did get their operations going.I'm not gonna say why except that the motive wasn't sinister and that I acted in good faith given the information I had at my disposal, but I was poking around some old grain silos in Jacinto City that I'd thought weren't being used and happened into the folks running this operation. Apparently it is a very real undertaking. And the people that were in charge of the site weren't very friendly. Link to comment Share on other sites More sharing options...
houstonmacbro Posted February 20, 2008 Author Share Posted February 20, 2008 I'm not gonna say why except that the motive wasn't sinister and that I acted in good faith given the information I had at my disposal, but I was poking around some old grain silos in Jacinto City that I'd thought weren't being used and happened into the folks running this operation. Apparently it is a very real undertaking. And the people that were in charge of the site weren't very friendly.So are you saying there was some shady goings on? Link to comment Share on other sites More sharing options...
TheNiche Posted February 20, 2008 Share Posted February 20, 2008 So are you saying there was some shady goings on?No. Not at all. Just that they aren't very nice people. Link to comment Share on other sites More sharing options...
Disastro Posted February 20, 2008 Share Posted February 20, 2008 No. Not at all. Just that they aren't very nice people.Oh? And you know this for a fact? Present your facts!Looks to me like you are making whitewash comments about people you don't even know. Link to comment Share on other sites More sharing options...
TheNiche Posted February 20, 2008 Share Posted February 20, 2008 Oh? And you know this for a fact? Present your facts!Looks to me like you are making whitewash comments about people you don't even know.I met them on site. They explained precisely what they were doing, and then booted me off the site. They were not kind to me, personally...face to face. I realize that you're steamed on account of that I called you out in another thread for having dissed the new owners of the Astroworld site without your actually having any information pertaining to them or it, but you picked a pretty poor place to vent that frustration. Link to comment Share on other sites More sharing options...
Subdude Posted February 20, 2008 Share Posted February 20, 2008 Back on topic, I think a big part of what is driving oil prices is currency related, not driven by supply and demand or the oddball explanations that news accounts like to give for price movements ("traders were taking profits"). Increases in the price of oil very closely track decreases in the value of dollars w.r.t. euro. As a result, the price of oil expressed in euro has been relatively flat compared to the dollar price. It could be that oil producers are trying to mitigate their currency by swapping their dollar receipts into euro. Many producer currencies are pegged to the dollar, causing major inflationary pressures in those countries, so the euro is probably being seen as somewhat of a "safe haven" currency. Link to comment Share on other sites More sharing options...
BryanS Posted February 20, 2008 Share Posted February 20, 2008 Back on topic, I think a big part of what is driving oil prices is currency related, not driven by supply and demand or the oddball explanations that news accounts like to give for price movements ("traders were taking profits"). Increases in the price of oil very closely track decreases in the value of dollars w.r.t. euro. As a result, the price of oil expressed in euro has been relatively flat compared to the dollar price. It could be that oil producers are trying to mitigate their currency by swapping their dollar receipts into euro. Many producer currencies are pegged to the dollar, causing major inflationary pressures in those countries, so the euro is probably being seen as somewhat of a "safe haven" currency. No kidding. And when China dumps the dollar as their reserve currency, it's over. In fact, if they unpeg their currency vs. the dollar, you can bet everything at Wal-Mart shoots up in price, over night, putting major inflationary pressures on our economy. Link to comment Share on other sites More sharing options...
ricco67 Posted February 20, 2008 Share Posted February 20, 2008 there has even been reports of stores in New York (and other parts of the country) are accepting euros as a form of payment. Link to comment Share on other sites More sharing options...
Subdude Posted February 20, 2008 Share Posted February 20, 2008 there has even been reports of stores in New York (and other parts of the country) are accepting euros as a form of payment.That's true, but it makes sense since the NY area is such a huge shopping destination. No kidding. And when China dumps the dollar as their reserve currency, it's over. In fact, if they unpeg their currency vs. the dollar, you can bet everything at Wal-Mart shoots up in price, over night, putting major inflationary pressures on our economy.I don't think there is much of a chance that the dollar will be dropped as a reserve currency. A run on the dollar would hurt everyone, and no one wants to risk it. Besides, other important currencies, ie euro and sterling, have had their moments of weakness as well. What is more likely is just a gradual diversification of reserves to reduce the currency risk. Link to comment Share on other sites More sharing options...
Disastro Posted February 21, 2008 Share Posted February 21, 2008 I met them on site. They explained precisely what they were doing, and then booted me off the site. They were not kind to me, personally...face to face. I realize that you're steamed on account of that I called you out in another thread for having dissed the new owners of the Astroworld site without your actually having any information pertaining to them or it, but you picked a pretty poor place to vent that frustration. Well, if you were bein' all "high and mighty" with them they way you are with me then I can see why they booted ya! With regard to the other, all the evidence I need stands vacant off the South loop and my point wasn't so much to "diss" the owners as to say -- "What's taking so long? Let's build something already!". But...apparently you missed that angle. Don't taze me bro! I now return one and all to our regularly scheduled thread... Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.