Crude Oil hits $81 a barrel.

[ultrarunner]

All you folks will be much happier if you quit your bitching and switch some of your holdings to energy stocks.

I did, and I can't wait till the next quarterly earnings releases.

Rock on! ;-)

 

[SplitBar]

All you folks will be much happier if you quit your bitching and switch some of your holdings to energy stocks.

I did, and I can't wait till the next quarterly earnings releases.

Rock on! ;-)

GSF & RIG

Got em 5 years ago and have held and made a killing.

:beer:

 

[Palerider957]

GSF & RIG

Got em 5 years ago and have held and made a killing.

:beer:

TSO has had a good run as well. OIH is a good (but expensive) energy ETF. I agree RIG is/was a good play.

 

[jetflyer]

Time for some truth:
There are SUPPLY/DEMAND PROBLEMS.......

Major Banks are predicting $90-95 this winter because of supply/demand problems.

From: Reuters/CNBC
$95 Oil Seen if OPEC Holds Output Levels: Goldman Sachs
By Reuters

.U.S. crude prices could top $90 per barrel this autumn and hit $95 by the end of the year, if OPEC keeps oil production capped at current levels, Goldman Sachs said in a report issued on Monday.

U.S. oil prices have risen above $74 per barrel Monday, driven this month by higher demand and lower supplies (FROM ME: DID THEY ADMIT SUPPLY/DEMAND WAS ACTUALLY THE PROBLEM?! WOW), the report said, pointing out that such fundamentals could tighten further unless key OPEC members hike output.

"We believe an increase in Saudi Arabian, Kuwaiti and UAE (United Arab Emirate) production by the end of the summer is critical, to avoid prices spiking above $90 a barrel this autumn," the report stated.

OPEC agreed last year to lower output by 1.7 million barrels per day (bpd), and Goldman said global oil production is down about 1 million bpd from last summer's levels.

Disappointing output growth from non-OPEC producers also helped tighten supplies, Goldman said, adding global demand was up by 1 million bpd from year-ago levels.

"Our estimates show that keeping OPEC production at current levels, and assuming normal weather this coming winter, total petroleum inventories would fall by over 150 million barrels or 6.5% by the end of the year, which would push prices to $95 a barrel without a demand response," the report forecast.

Global Oil DEMAND UP 1 mbd from last year.
Global Oil SUPPLY DOWN 1 mbd from last year.
Global crude inventories(not the Strategic Petroleum Reserve) are being drained very quickly across the globe.

This article came out BEFORE THE OPEC MEETINGS. OPEC decided to increase the CEILING for production 500,000 barrels. Unfortunately OPEC was already pumping 500,000 bpd above the ceiling so they just moved the ceiling to what was really happening.

There will be hardly any extra oil brought to world markets, so Goldman Sachs will probably be right and we'll see $90-95/barrel.

Hope you guys learned something!
Jet

 

[jetflyer]

Time for some more truth:
There are SUPPLY/DEMAND PROBLEMS.......

T. Boone Pickens: Crude Oil Could Hit $100 by Year End

… With global supply at 85 million barrels a day, Pickens said the projection for the fourth quarter is 88 million barrels a day.

“The trend is up, demand is up and supply is flat, so it’s got to go on up,” said Pickens, CEO of BP Capital. Still, he didn’t rule out a short-term pullback to $78 before then.

Here is the link to watch the Pickens video of his TV interview:
Pickens on CNBC talking about oil supply problems

Another good interview with Pickens on CNBC talking about oil supply problems

The laws of supply/demand suck.
85 million barrels a day available/
88 mbd needed this fall and winter.
Global crude inventories(not the Strategic Petroleum Reserve) are being drained very quickly across the globe.
Hmmmmmmmmmmmm.

He says oil could come back to $78 before continuing upwards. $74 is the 50 dma (day moving average) which is a good falling point in my opinion.

Oh and Greenspan says $100 oil is coming..... that libertarian swine.

Hope you guys learned something!
Jet

 

[jetflyer]

Oh and the Dollar has dropped dramatically recently and is just above the all time low because the FED lowered short term interest rates.

Isn't it funny that long term interest rates ROSE on this news? This is because everyone now realizes that interest rates are going to have to go up in the long term to kill the inflation the FED just ENSURED we'd feel.

The lower the dollar goes, the higher oil prices, gold, wheat, corn, soy beans, sugar, copper, silver, etc. will go for Americans.

Here comes inflation in America...

Jet

 

[wmudriver]

Yeah but this sustained run up is supposedly based on hurricanes that haven't materialized, wars that haven't happened and speculation based future demand that makes the housing value speculation look rational. Nothing has tripled the cost of oil to punp out of the ground or refine, and the demand arguement is false because no one on earth is unable to get oil. Everyone is getting as much as they want, yet the price continues to rise based on what might happen. Well whatever it is, it hasn't happened during the entire time of the triple-qradrouple price run up. Its all speculation and fake futures, much like the false value home equity run up. It will collapse eventually.

You sir...have wisdom beyond your years.

History is repeating itself and will continue to do so.

 

[jetflyer]

You sir...have wisdom beyond your years.

History is repeating itself and will continue to do so.

So the fact that supply is at 85 million barrels a day and that demand is supposed to be 88 million barrels a day in the fourth quarter doesn't make your wise self think that maybe there is a supply/demand problem?

Unbelievable!
Jet

 

[wmudriver]

So the fact that supply is at 85 million barrels a day and that demand is supposed to be 88 million barrels a day


Jet

Sounds like you're speculating too.

IronCity is spot on conerning the pricing of oil...speculation/futures. It goes up because we're forcasting (speculating) that there is going to be a more active hurricane season, Geopolitical escapades, and such. All speculation.

Now I'm going to go and drive my dually F350 up and down the highway, full speed, with the windows down, a/c running, baby seal skin seat covers, eating a big mac in the old styrofoam box and throw it out the window when i'm done. j/k

I'll stick with the old mantra: Opinions are like a$$holes, everyone has them and they all stink.

 

[Wiggums]

History is repeating itself and will continue to do so.

Hmm, like the history of peak oil? It was accurately predicted for the United States, and it was also accurately predicted for the North Sea. Predictions for the current peaking in Mexico and Saudi Arabia are starting to come true. So why are we not taking these predictions of the total worldwide supply seriously?