<A gesture is sometimes important... The Oil Drum Is this the Economic stage of the Peak?>

11 comments on ABC Oz: World Oil Prices Surge Overnight

Comments can no longer be added to this story.

| Show without comments | PDF version

DrPaul on November 22, 2005 - 1:02am Permalink | Subthread | Comments top
According to Bloomberg, crude futures are at $57.88 as of 11:08 Et on 11/21.
http://www.bloomberg.com/markets/commodities/cfutures.html

While the report seemed to implicate an especially harsh winter, the notion that cold weather drives energy futures has been described as the Homer Simpson school of analysis (after his efforts to make money buying pumpkins in summer). Everyone knows winter is cold, so it gets priced in (according to the economists)
http://energystockblog.com/article/4320

Comments can no longer be added to this story.
billyt on November 22, 2005 - 3:44pm Permalink | Subthread | Parent | Comments top
WTI crude is up +$1.00 11/22.
so yes, i call that a surge and it happened for the following reasons:

  1.  prices ususally move up in the winter.
  2.  the move is in anticipation that this winter will be colder than the norm  and if so...
  3.  we may not have enough heating oil and natural gas.
Comments can no longer be added to this story.
Twilight on November 22, 2005 - 5:02pm Permalink | Subthread | Parent | Comments top
Indeed - light crude up $1.14 so far.  Bouncy bouncy bouncy - I think the volatility is more telling than the absolute level at this point.
Comments can no longer be added to this story.

11 comments on ABC Oz: World Oil Prices Surge Overnight

Comments can no longer be added to this story.

| Show without comments | PDF version