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Crude oil futures hit all time high

AlfredSokol said: "Crude oil is at an [url=http://www.marketwatch.com/News/Story/Story.aspx?guid={3211B78A-9943-46E7-877C-2EADD4D6BE3B}]all time high[/url] [quote] Crude-oil futures climbed into uncharted territory Wednesday, peaking above $80 a barrel and closing at a record high just below that level after U.S. government data showed that crude supplies dropped more than 7 million barrels and motor gasoline inventories fell a sixth week in a row. Crude oil for October delivery climbed as high as $80.05 a barrel in regular trading on the New York Mercantile Exchange. That's the highest level a front-month contract has ever reached on the exchange. The previous record was $78.70 from the regular trading session on Aug. 1. The contract finished the session at $79.91 a barrel, up 2.2%, or $1.68. [/quote] What's the moral of the story? Energy pays."

Harry said: "[QUOTE=AlfredSokol]Crude oil is at an [url=http://www.marketwatch.com/News/Story/Story.aspx?guid={3211B78A-9943-46E7-877C-2EADD4D6BE3B}]all time high[/url] What's the moral of the story? Energy pays.[/QUOTE] I listened to some extensive conversation of Bloomberg radio yerderday about crude oil prices. Reserves are reasonable high, world politics steady, OPEC raised output...yet $80. The theory...demand IS THERE. I have no confidence in the oil comany stocks though for the long term...I'm afraid they're going to hot a critical mass point of diminished supplies and eventually choke. I like oil services...the guys getting paid to look for and drill for oil whether they find it or not. Oil services will really boom in the not so distant future. I fear that oil demand will also cause tension between the USA, China and Russia in the middle east which nobody wants. :( On a side note, natural gas is still low. Also the USA is the coal capital of the world! :)"