oil going back up....

[Smarta$$]

President Bush has already stated that he will likely veto the stop oil speculation act, which passed the house this morning. Nice.

This is the freaking funniest part of those tools that say "what has the democtratic congress done?"

 

[BoilerUP]

Oil was up $24 to near $130/bbl at one point today...last I checked CNBC it was up over $12.

This is happening because the nearly $1T corporate bailout package is weakening the value of the US dollar, and (again) institutional money is flowing into commodities like gold and oil.

The good news for Average Joeconsumer is gasoline futures were only up $0.05 at around $2.65/gal...that should equate to average retail prices going forward at or under $3.55...

 

[mwmav8r01]

Anyone realize these are Oct futures? Today was the last day of trading on Oct futures. Nov futures were up a little, 108 a barrel. It sucks but, a lot of people shorted Oct oil and needed to buy back. We will see where it goes tomorrow.

 

[DrunkIrishman]

Why are you having a political debate on the Flightinfo Majors forum? Yes I know, you are going to say that it has direct impact on the majors...however, it is still not the forum for this.

Apparently Flightinfo ought to have a politics forum for all these poly sci pilots we seem to have. While I'm thinking, we ought to have an economics forum too for all the millionaire investor pilots that keep making predictions.

 

[gt1900]

HMMMMM...... Told you so...... I still say it hits about $110-$115 before this runup is over.... Maybe $120 but demand has dropped off so much in the last couple month and the world economies are hurting so much that I think speculators will bail out between $110-$115...

 

[BoilerUP]

Oil closed at $120 today...

...evidently today was the expiration of the September contracts...

 

[gt1900]

ummm... your right..

Nymex Crude Future shows $108.99 at 16:53....
Dated Brent Spot shows $104.10 at 16:44 and WTI cushing spot shows $120.92 at 15:40..

I just looked at the Nymex crude really quick.