<Wanted: Hard Data on Local SustainabilityThe Oil DrumAnother Inconvenient Truth - A presentation you can download>

98 comments on Oil (CLZ07) settles above $93...and in the next month...?

Comments can no longer be added to this story.

Khebab on October 29, 2007 - 4:06pm Permalink | Subthread | Comments top

I picked 2, I think the recent price run up is not sustainable. Everything depends on the implementation of the production increase promised by OPEC and the stock level situation.

0
Comments can no longer be added to this story.
westexas on October 29, 2007 - 4:12pm Permalink | Subthread | Parent | Comments top

For oil trader types, the following is probably a short term sell signal, although we have never tested the "Yergin Indicator" as an indicator of lower oil prices, so we are in unexplored territory here. One could, in the alternative, argue that we may be looking at $200 oil with "one or two events." As I said--unexplored territory.

The oil market "may be only one or two events away from" $100-plus oil, Daniel Yergin, chairman of Cambridge Energy Research Associates, said in remarks prepared for a conference today at Georgetown University.

0
Comments can no longer be added to this story.
kenny on October 29, 2007 - 4:25pm Permalink | Subthread | Parent | Comments top

In any event, Yergin's comment is about as useful as saying "The oil market may be only six or seven dollars away from $100-plus oil."

0
Comments can no longer be added to this story.
Clint on October 29, 2007 - 4:38pm Permalink | Subthread | Parent | Comments top

LMAO westexas, I love your "Yergin Indicator". That guy certainly deserves to be ridiculed and marginalized (in a tasteful manner of course), especially if he continues the fantasy that we don't need to worry about our oil usage.

I picked the trading range for the next month, hoping for the price to build support before it shoots higher.

Clint

0
Comments can no longer be added to this story.
oilmanbob on October 29, 2007 - 8:33pm Permalink | Subthread | Parent | Comments top

Guys,
Haven't you heard, the "invisible hand" is in our pant's pocket!!!
Bob Ebersole

0
Comments can no longer be added to this story.
HankF on October 29, 2007 - 9:15pm Permalink | Subthread | Parent | Comments top

Come on you guys, Bernanke votes #5. Watch the Fed news come wednesday.

Oil and gold are moving together. That tells you that it's the dollar.

0
Comments can no longer be added to this story.
AngryChimp on October 29, 2007 - 6:17pm Permalink | Subthread | Parent | Comments top

Is it as much a "run up" in oil price as a "run down" in the value of the dollar? Gold is also "running up".

0
Comments can no longer be added to this story.
Jack on October 29, 2007 - 11:00pm Permalink | Subthread | Parent | Comments top

It looks to me like over a one year (or more) period it has been largely a dollar story, although i think oil is still up in a trade weighted basket of currencies.

Over a four year period, it is certainly an oil story. The price is way up in every currency.

0
Comments can no longer be added to this story.
Starship Trooper on October 30, 2007 - 4:40am Permalink | Subthread | Parent | Comments top

That has been generally true. However, as of two weeks ago, even against the €, the price of oil has moved into new territory.

Even more interesting is what is happening on the spot market. When the market contract expires there is a bit of a difference between the spot market and the new front month contract (and it seems the contract price drives the spot price), but in the past week contract prices have been lagging behind spot prices.

0
Comments can no longer be added to this story.
marcosdumay on October 30, 2007 - 9:16am Permalink | Subthread | Parent | Comments top

I also vote for te declining dollar.

I'm not saying that there aren't supply (or demand?) problems, but that most of current changes are due to currency adjustments.

0
Comments can no longer be added to this story.