ncrdbl1
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NTR but good news
The price of crude dropped below the $60 mark on the european and japanese markets over night and is currently trading at $60.76 on the US board. Lowest non promotional price seen this week was $2.07 at the super k mart on austin peay. I believe if no negative factors pop up, we could see the $1.50 to $1.60 range this winter. BTW BP was given permission to restart production on part of it's north slope fields shut down by pipeline leaks.
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| 09-25-2006 10:02 AM |
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Big Ol Pimp
Twist It, Hit It, Light It
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Prices will shoot back up after elections.
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| 09-25-2006 10:18 AM |
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BinghamptonNed
Hall of Famer
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Re: NTR but good news
ncrdbl1 Wrote:The price of crude dropped below the $60 mark on the european and japanese markets over night and is currently trading at $60.76 on the US board. Lowest non promotional price seen this week was $2.07 at the super k mart on austin peay. I believe if no negative factors pop up, we could see the $1.50 to $1.60 range this winter. BTW BP was given permission to restart production on part of it's north slope fields shut down by pipeline leaks.
Bush has done a great job at getting gas prices down!!
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| 09-25-2006 10:19 AM |
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GermantownTiger
Capitalism Rules!
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Big Ol Pimp Wrote:Prices will shoot back up after elections.
Prices drop every year after the summer traveling rush is over, barring unusual events (such as Hurricane Katrina)...Politicizing it ignorant.
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| 09-25-2006 10:20 AM |
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HHammerhead
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GermantownTiger Wrote:Big Ol Pimp Wrote:Prices will shoot back up after elections.
Prices drop every year after the summer traveling rush is over, barring unusual events (such as Hurricane Katrina)...Politicizing it ignorant.
I think it was a joke. If Bush was to blame for prices going up, why not give him credit when they go down? 
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| 09-25-2006 02:22 PM |
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Pressed Rat
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$1.50 to $1.60 range this winter
No way.
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| 09-25-2006 02:29 PM |
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kpigout
cyber-bbq king
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Pressed Rat Wrote:$1.50 to $1.60 range this winter
No way.
From a Dallas newspaper last week...
http://www.dfw.com/mld/dfw/business/15554435.htm
Posted on Tue, Sep. 19, 2006
Big drop in gasoline prices predicted
By KEVIN G. HALL
McCLATCHY NEWSPAPERS
WASHINGTON - The recent sharp drop in the global price of crude oil could mark the start of a huge sell-off that returns gasoline prices to lows not seen since the late 1990s -- perhaps as low as 1999's $1.15 a gallon.
"All the hurricane flags are flying" in oil markets, said Philip Verleger, a noted energy consultant who was a lone voice several years ago in warning that oil prices would soar. Now they appear to be poised for a dramatic plunge, he tells McClatchy Newspapers.
Crude-oil prices have fallen about $14, or roughly 17 percent, from their July 14 record high close of $78.03 a barrel. Contracts for October delivery of oil settled Monday at $63.80, up 47 cents, on the New York Mercantile Exchange. Oil prices are expected to keep falling in the weeks and months ahead, just as natural gas prices have over the past year. Here's why.
For two years, oil prices rose because the world's oil producers have struggled to keep pace with growing demand, particularly from China and India. Spare oil-production capacity grew so tight that market players feared that any production disruption could create shortages. Fear of disruption focused on fighting in Nigeria, tensions over Iran's nuclear program, the Israel-Lebanon conflict that might engulf oil-producing neighbors, and the prospect of more hurricane destruction in the Gulf of Mexico.
Oil traders bet that such worrisome developments would drive up the future price of oil. Oil is traded in contracts for future delivery, and companies that take physical delivery of oil are just a small part of total trading. Financial players, such as large pension and commodities funds, are the big traders, and they're seeking profits. They've sunk $105 billion or more into oil futures in recent years, according to Verleger. Their bets that oil prices would rise bid up the price.
That led users of oil to create stockpiles as cushions against supply disruptions and higher prices. Now inventories of oil are approaching bloated 1990 levels.
With fear of supply disruptions ebbing, oil prices began sliding. There's already anecdotal evidence of oil companies chartering tankers to store excess oil.
"If we continue to build inventories, and if we have a warm winter like we had last winter, you could see a large fall in the price of oil," said Gary Pokoik, who manages Hedge Ventures Energy in Los Angeles, an energy hedge fund.
Should oil traders fear that this downward price spiral will get worse and run for the exits by selling off their futures contracts, it's not unthinkable that oil prices could return to $15 or less a barrel, at least temporarily, Verleger said. That could mean gasoline prices as low as $1.15 per gallon.
It's already happened with natural gas, which suffered a price meltdown, tumbling from a post-hurricane high of $15.38 per 1,000 cubic feet to Monday's $4.94 price.
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| 09-25-2006 03:17 PM |
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ncrdbl1
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Looks as if some people were covering their shorts today and the price rebounded on the US market to over $62. One european bank bought heavily today sending the price back up. If OPEC does not call an emergency meets to alter production then i think the price will continue to go down even more.
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| 09-25-2006 03:56 PM |
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Mimi
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Big Ol Pimp Wrote:Prices will shoot back up after elections.
That is correct.
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| 09-25-2006 05:12 PM |
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umbluegray
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So y'all are saying after the Dems win back control that the oil prices are going to go up again?
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| 09-25-2006 05:16 PM |
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UofMTigers1
All American
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umbluegray Wrote:So y'all are saying after the Dems win back control that the oil prices are going to go up again?
lmfao
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| 09-25-2006 09:11 PM |
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NTR but good news
