SnyderShrugged Posted February 24, 2011 Share Posted February 24, 2011 Uh Oh.... http://www.ft.com/cms/s/0/3f985d7c-3d89-11e0-ae2a-00144feabdc0.html#axzz1EstCdFsF Thursday 12.40 GMT. Oil’s grip on global investors gets ever tighter, crushing risk appetite with another sharp move higher. Brent crude breached $119 a barrel during a period of frantic trading around 0745 GMT as industrial needs were hedged and traders exploited momentum. Worries that reduced supplies from Libya may be replicated in other regional producers facing potential political turmoil has seen the world’s oil benchmark jump nearly $17 this week. Brent is now trading at $114.95, up 3.3 per cent, as fear delivers extreme volatility to dealing desks. The scramble to secure output is shown by a steepening “backwardation” futures curve, where contracts for immediate delivery command higher prices than more distant ones. more at link Link to comment Share on other sites More sharing options...
twa Posted February 24, 2011 Share Posted February 24, 2011 Just wait till Saudi unrest grows ,speculators are running wild. Link to comment Share on other sites More sharing options...
TheGoodBits Posted February 24, 2011 Share Posted February 24, 2011 FML, knew I should have gone for that hybrid instead of my 20mpg Subaru Link to comment Share on other sites More sharing options...
SnyderShrugged Posted February 24, 2011 Author Share Posted February 24, 2011 FML, knew I should have gone for that hybrid instead of my 20mpg Subaru I know what you mean. An hour and a half commute with my Ram pickup is getting costly! Link to comment Share on other sites More sharing options...
Duckus Posted February 24, 2011 Share Posted February 24, 2011 I am a one car family. The lady take our Honda Fit to work everyday (20 minute drive) and I take the bus downtown. Bus fares have gone up recently (120% increase in the last 1 1/2 years) and I was thinking of getting a 2nd car for flexibility . . . . but news like this makes me think twice. Who knows what gas will get us to this summer. Link to comment Share on other sites More sharing options...
Hubbs Posted February 24, 2011 Share Posted February 24, 2011 Some guy on Bloomberg Radio said a couple days ago that oil could hit $200/barrel if unrest in Algeria grows and starts to show up in Saudi Arabia. Link to comment Share on other sites More sharing options...
Homercles82 Posted February 24, 2011 Share Posted February 24, 2011 I am a one car family. The lady take our Honda Fit to work everyday (20 minute drive) and I take the bus downtown. Bus fares have gone up recently (120% increase in the last 1 1/2 years) and I was thinking of getting a 2nd car for flexibility . . . . but news like this makes me think twice. Who knows what gas will get us to this summer. I wish public transportation was an option. I'd jettison my wife's 2002 Malibu and make the Yaris her daily driver. 38MPG and I can push it to 42 on the highway. Link to comment Share on other sites More sharing options...
lovetoaster Posted February 24, 2011 Share Posted February 24, 2011 I was wondering why gas prices seemed quite a bit higher this morning as opposed to last night. Link to comment Share on other sites More sharing options...
nuposse87 Posted February 24, 2011 Share Posted February 24, 2011 Some guy on Bloomberg Radio said a couple days ago that oil could hit $200/barrel if unrest in Algeria grows and starts to show up in Saudi Arabia. won't happen in saudia arabia. Unless I'v missed something over the years, their citizens are doing just fine. On top of that, Mecca and Medina are there. No way the muslim world starts rioting in such a "holy" and "sacred" land. Link to comment Share on other sites More sharing options...
deejaydana Posted February 24, 2011 Share Posted February 24, 2011 Glad I never bought that over-sized SUV and few years back. Higher oil prices are here to stay. Really wish we would do something to develop domestically to help our own situation. Link to comment Share on other sites More sharing options...
greenspandan Posted February 24, 2011 Share Posted February 24, 2011 temporary spike based on speculation based on unjustified panic based on unrealitic political predictions. Link to comment Share on other sites More sharing options...
Hubbs Posted February 24, 2011 Share Posted February 24, 2011 won't happen in saudia arabia. Unless I'v missed something over the years, their citizens are doing just fine. On top of that, Mecca and Medina are there. No way the muslim world starts rioting in such a "holy" and "sacred" land. Link to comment Share on other sites More sharing options...
nuposse87 Posted February 24, 2011 Share Posted February 24, 2011 oh joy. Chevy Volt is now the car to buy. Link to comment Share on other sites More sharing options...
GoSkins561 Posted February 24, 2011 Share Posted February 24, 2011 So if you watch the Brent Oil chart, is that the base price of oil per barrel plus a fee that is passed on to the United States? Link to comment Share on other sites More sharing options...
SnyderShrugged Posted February 24, 2011 Author Share Posted February 24, 2011 So if you watch the Brent Oil chart, is that the base price of oil per barrel plus a fee that is passed on to the United States? I may be wrong, but I think Brent is futures. Link to comment Share on other sites More sharing options...
GoSkins561 Posted February 24, 2011 Share Posted February 24, 2011 Wow, that's scary, especially if you look at the Brent charts trend over the last 3 months. Link to comment Share on other sites More sharing options...
@DCGoldPants Posted February 24, 2011 Share Posted February 24, 2011 Way to go, Obama. Link to comment Share on other sites More sharing options...
greenspandan Posted February 24, 2011 Share Posted February 24, 2011 Way to go, Obama. hahaha WHAT? Link to comment Share on other sites More sharing options...
Homercles82 Posted February 24, 2011 Share Posted February 24, 2011 Way to go, Obama. Oh boy now you've done it. Link to comment Share on other sites More sharing options...
SnyderShrugged Posted February 24, 2011 Author Share Posted February 24, 2011 Way to go, Obama. Not the biggest Obama fan here, but WTF? Link to comment Share on other sites More sharing options...
twa Posted February 24, 2011 Share Posted February 24, 2011 He is just a innocent bystander on the road of life. Choices have consequences Link to comment Share on other sites More sharing options...
Hubbs Posted February 24, 2011 Share Posted February 24, 2011 Way to go, Obama. hahaha WHAT? Not the biggest Obama fan here, but WTF? Link to comment Share on other sites More sharing options...
@DCGoldPants Posted February 24, 2011 Share Posted February 24, 2011 Extreme Greenies, see now why we push "drill, baby, drill" of known reserves & promising finds in safe onshore places like ANWR? Now do you get it? Link to comment Share on other sites More sharing options...
Dallascrushers Posted February 24, 2011 Share Posted February 24, 2011 yea gas jumped 16 cents over night where I live....it was 3.23 last night and today is 3.39 a gallon Link to comment Share on other sites More sharing options...
SnyderShrugged Posted February 24, 2011 Author Share Posted February 24, 2011 yea gas jumped 16 cents over night where I live....it was 3.23 last night and today is 3.39 a gallon $.20 jump overnight here in Charlotte. Link to comment Share on other sites More sharing options...
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