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Can't Never Tried wrote:This is what bothers me

NEW YORK (AP) -- Crude oil and gasoline prices bounced higher Friday as Hurricane Ike swept through Gulf of Mexico, prompting companies along the Texas coast to shut down refining and drilling operations.

rest of article...http://biz.yahoo.com/ap/080912/oil_prices.html


Nothing has even happened yet so lets raise the price because something might happen...that's supply and demand economics?
Or is that just ripping off the consumer?
Sure if something happens then of course we go thru the rapid increase/slow decline cycle again.

Oil prices jumped more than $20 a barrel Monday in biggest dollar jump ever as the dollar falls following the government's $700 billion Wall Street bailout plan.

Oil surged $22.46 to $127.01 a barrel, after reaching as high as $128.55 - a $24 gain - at these levels it will be oil's biggest gain ever in dollar terms.

The rally reached a fevered pitch as the session neared its close, partly due to the fact that Monday is the last day of trading in the October oil futures contract, which typically results in volatile trading.

As of Tuesday, the front-month contract will be November. That contract showed prices up $6.44 to $109.19 a barrel.

"The biggest news is that people are looking at the $700 billion plan as supportive of demand, supportive of the economy," said Peter Beutel. "Everything we are looking at right now says demand has a chance to come back if the economy starts to strengthen."

In addition, a handful of supply disruptions jolted the oil market's late-afternoon rally. Refinery capacity in the Gulf Coast was still limited post- Hurricane Ike, violence in oil-rich Nigeria, and chatter of Saudi Arabia trimming production added fire to the rally, according to Andrew Lebow, a broker at MF Global.

As the price of oil is whipsawed by demand worries, Wall Street's flailing crisis, investors are having a hard time grasping oil's next move. "Traders are trying to catch knives people are throwing from the top of buildings," said Lebow.

Electronic trading of oil was halted for five minutes on Globex this afternoon following the $10 spike in oil, but trading has now resumed.

east hockey wrote:Oil sees a record jump in price today.

From CNNMoney

Oil prices jumped more than $20 a barrel Monday in biggest dollar jump ever as the dollar falls following the government's $700 billion Wall Street bailout plan.

Oil surged $22.46 to $127.01 a barrel, after reaching as high as $128.55 - a $24 gain - at these levels it will be oil's biggest gain ever in dollar terms.

The rally reached a fevered pitch as the session neared its close, partly due to the fact that Monday is the last day of trading in the October oil futures contract, which typically results in volatile trading.

As of Tuesday, the front-month contract will be November. That contract showed prices up $6.44 to $109.19 a barrel.

"The biggest news is that people are looking at the $700 billion plan as supportive of demand, supportive of the economy," said Peter Beutel. "Everything we are looking at right now says demand has a chance to come back if the economy starts to strengthen."

In addition, a handful of supply disruptions jolted the oil market's late-afternoon rally. Refinery capacity in the Gulf Coast was still limited post- Hurricane Ike, violence in oil-rich Nigeria, and chatter of Saudi Arabia trimming production added fire to the rally, according to Andrew Lebow, a broker at MF Global.

As the price of oil is whipsawed by demand worries, Wall Street's flailing crisis, investors are having a hard time grasping oil's next move. "Traders are trying to catch knives people are throwing from the top of buildings," said Lebow.

Electronic trading of oil was halted for five minutes on Globex this afternoon following the $10 spike in oil, but trading has now resumed.

So, while the price of oil was dropping by a third, gas prices were dropping by about 10%. Let's see how much today's spike in price will affect prices at the pump. $4, anyone?

Lee

Indians forever wrote:Looks like I might be able to buy food this month.

EREmpireStrikesBack wrote:Doesn't anything?

Can't Never Tried wrote:Oil goes below $75 a barrel today.

Poor OPEC how can they survive?
They must be starving in Dubai

tomASS wrote:

Can't Never Tried wrote:Oil goes below $75 a barrel today.

Poor OPEC how can they survive?
They must be starving in Dubai

I'll be collecting UNICEF donations for them this Halloween- give generously. I will be the one wearing the barrel w/ suspenders

Govs93 wrote:

tomASS wrote:

Can't Never Tried wrote:Oil goes below $75 a barrel today.

Poor OPEC how can they survive?
They must be starving in Dubai

I'll be collecting UNICEF donations for them this Halloween- give generously. I will be the one wearing the barrel w/ suspenders

That will be neither a trick nor a treat.

Can't Never Tried wrote:Below $61.00 a barrel today.........almost time to buy!

Silent But Deadly wrote:

Can't Never Tried wrote:Below $61.00 a barrel today.........almost time to buy!

Buy what? Oil or stocks?

Can't Never Tried wrote:

Silent But Deadly wrote:

Can't Never Tried wrote:Below $61.00 a barrel today.........almost time to buy!

Buy what? Oil or stocks?

Angus says i'm not supposed to give out advise for free...send me some money and I will though!