<DrumBeat: December 12, 2007The Oil DrumDrumBeat: December 13, 2007>

67 comments on This Week in Petroleum 12-12-07

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westexas on December 12, 2007 - 3:15pm Permalink | Subthread | Parent | Comments top

It's over $94 now. At the current rate of increase in oil prices--about $1 per hour--we will be over $100 some time tonight.

Seriously, anyone know what is going on?

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Mr Ghawier Downing on December 12, 2007 - 3:49pm Permalink | Subthread | Parent | Comments top

It could mostly be about helicopters.

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Starship Trooper on December 12, 2007 - 4:44pm Permalink | Subthread | Parent | Comments top

Yes, but are they "black helicopters?"

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R W Reactionary on December 12, 2007 - 5:33pm Permalink | Subthread | Parent | Comments top

Are "black helicopters" a Federally protected class and if so are you allowed to ask?

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MacDuff on December 12, 2007 - 6:18pm Permalink | Subthread | Parent | Comments top

ugh - is this what a racist sees as humor?

so I guess the answer to your second question is, "no, unless you want to be seen as a racist"

miss the good ole days there RW?

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R W Reactionary on December 13, 2007 - 2:19am Permalink | Subthread | Parent | Comments top

"ugh - is this what a racist sees as humor?"

I suspect that you may be well qualified to answer you own question.

If you believe that the cause of racial harmony is advanced by Government programs that institutionalize and elevate the importance of race, all I can do is shake my head and hope that logic will ultimately prevail.

I do miss the "good ole days"? ... I certainly don't miss yesteryear's overt institutional racism, ... but today's self righteous political correctness is something I could live without.

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LarryCO on December 13, 2007 - 11:59am Permalink | Subthread | Parent | Comments top

Ummmm.....

"Black Helicopters" are black because helps them to not be seen at night.

"Black Ops" are "Black" because they are secret and shouldn't be "seen". Black is hard to see at night.

Are you seriously stupid or was this an attempt at humour that most of us missed?

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Khebab on December 12, 2007 - 3:53pm Permalink | Subthread | Parent | Comments top

``There are a combination of factors moving prices higher,'' said Nauman Barakat, senior vice president of global energy futures at Macquarie Futures USA Inc. in New York. ``Central banks have reached a consensus to spur growth, which should spur demand. The DOE report showed that consumption is strong despite the high prices, this shows there's been no demand destruction.''

http://www.bloomberg.com/apps/news?pid=20601087&sid=aku8N.PbkGfo&refer=h...

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goghgoner on December 12, 2007 - 4:21pm Permalink | Subthread | Parent | Comments top

Heh, heh, just when I thought the R^2 bet was safe. Also from the above article:

The energy markets have been interconnected with the global capital markets for some time now,'' said John Kilduff, vice president of risk management at MF Global Ltd. in New York. ``The renewed outlook for energy demand has us back in rally mode; $100 is squarely back on the table and within reach before year end.

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Patrick Kerr on December 12, 2007 - 3:56pm Permalink | Subthread | Parent | Comments top

my take on it is this: the market/trader sentiment resumed bullish tone today, after a few weeks of probing the downside...day to day trading is affected by market news (or "noise" as some would say), short term counter-trends, technicals indicators like overbought/oversold etc....with oil, the overall supply and demand picture will continue re-assert the upward move---thats why we view pullbacks as opportunities...Patrick Kerr of OGF

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rayrick on December 12, 2007 - 9:56pm Permalink | Subthread | Parent | Comments top

Uh... check out the discussion. 25kt remnant low. Looks like a non-factor to me.

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Khebab on December 12, 2007 - 4:16pm Permalink | Subthread | Parent | Comments top

I think there is a maximum change per day allowed on the NYMEX, around $5 I believe.

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Starship Trooper on December 12, 2007 - 5:05pm Permalink | Subthread | Parent | Comments top

I just checked:

It's $10/barrel (exception on last day of contract before expiration) on the two front month contracts.

There is also allowance to a 200% expansion of the range depending upon when the trading limit is reached (the market is closed for an hour to allow for an orderly transition to the expanded range except when the limit is reached in the last hour of the trading day, and then the market is closed, except on contract expiration day).

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Euan Mearns on December 12, 2007 - 5:30pm Permalink | Subthread | Parent | Comments top

The land of the free?

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R W Reactionary on December 12, 2007 - 6:26pm Permalink | Subthread | Parent | Comments top

Potentially the land of "lock limit" up / down. However, $10 is one whopper [technical term?] of a daily price movement.

I'm very much a free markets sort, but with margins being what they are, without limits a particularly violent short covering rally [or conversly a liquidation of longs] could mean instant insolvency for half the market and an almost unimaginable cascade of counter party default disasters in OTC derrivatives.

No thanks.

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stiv on December 12, 2007 - 8:25pm Permalink | Subthread | Parent | Comments top

$10/day is nothing. Good thing they've got a little stopper! I feel safer. Don't you?

Ha Ha.

Plan B anyone? Oh, I mean Plan C.

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beechdriver on December 12, 2007 - 8:19pm Permalink | Subthread | Parent | Comments top

How about this:

http://www.nhc.noaa.gov/refresh/graphics_at2+shtml/203228.shtml?5day#con...

Olga's new track directly into GOM?

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Gwydion on December 13, 2007 - 9:21am Permalink | Subthread | Parent | Comments top

Let's hope that storm dumps some rain on the southeast U.S.

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72myz on December 13, 2007 - 1:42pm Permalink | Subthread | Parent | Comments top

Today (13 December 2007 17:20 GMT) Tapis is USD 100.50

http://www.upstreamonline.com/market_data/?id=markets_crude

Lorenzo

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