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Oil futures up as $100 beckons

lil dickie said: "Oil is looking towards $100 and [url=http://biznes.onet.pl/5,1633987,wiadomosci.html]futures are rising[/url] [quote] "The intra-day range was above $6 yesterday, so when you're in such an environment you cannot exclude $100 tomorrow or even today," said Olivier Jakob of Petromatrix. "I think the market is very, very stressed and we are outside of normal trading conditions. We also have a large layer of call options on the Nymex December $100 strike - it would be difficult for a seller to step in in front of $100 a barrel." At 1224 GMT, the front-month December Brent contract on London's ICE futures exchange was up $0.47 at $91.10 a barrel. The front-month December crude contract on the New York Mercantile Exchange was trading $0.71 higher at $95.24 a barrel. [/quote] Seems like $100 is inevitable now."

JAP said: "[quote=lil dickie]Oil is looking towards $100 and [URL="http://biznes.onet.pl/5,1633987,wiadomosci.html"]futures are rising[/URL] Seems like $100 is inevitable now.[/quote] Yes it is. My oil short is inevitable too :laugh: :wave:"

lil dickie said: "Shorting might be a very good bet indeed."

poorGuy said: "viola, anyone owns oild will be happy indeed!"

lil dickie said: "They will probably be selling too."

AlfredSokol said: "$100 is a hair away."

lil dickie said: "Been there done that and got the t-shirt."

jessicaroy said: "Just update of yesterday, Oil marginally dipped about 2$ a barrel."

lil dickie said: "[QUOTE=jessicaroy]Just update of yesterday, Oil marginally dipped about 2$ a barrel.[/QUOTE] Looks like oil investors are taking profits."

AlfredSokol said: "Looks like oil is $89 a barrel now! What a drop."

lil dickie said: "It could change just like that again."

newinvestor123 said: "Long term, does anyone believe that oil is not going to go up?"

lil dickie said: "No. Since it is a commodity with a finite limit and demand is substantially rising it would have to go up. That is if supply and demand laws really work...which I know they do. India and China mean gas prices keep going up as a long-term trend."

newinvestor123 said: "[QUOTE=lil dickie]No. Since it is a commodity with a finite limit and demand is substantially rising it would have to go up. That is if supply and demand laws really work...which I know they do. India and China mean gas prices keep going up as a long-term trend.[/QUOTE] Yep......."

lil dickie said: "So then buying oil company stocks would be the best bet to cash in on the trend."

AlfredSokol said: "Peak oil a problem that is not [url=http://www.acorn-online.com/news/publish/darien/26165.shtml]going anywhere[/url] [quote] Peak oil, currently off the public’s radar screen, describes the time when daily oil production hits an all-time high, then levels off before slipping into permanent decline. Back in 1956, geo-physicist M. King Hubbert forecast that the United State’s oil production would peak in 1971. It did. Nearly half of the world’s top-20 oil-producing nations are now past peak (U.S., Mexico, Norway, U.K., Indonesia, Venezuela, Iran) or near peak production (Russia, China). Geology, geopolitics and other factors are pushing us towards peak. The Cantarell oil field in the Bay of Campeche in Mexico was a national treasure — the third-largest oil field ever found. But after 30 short years the field’s production is petering out. Mexico’s national oil company has informed the United States that the field is in terminal decline and will not be able to export by about 2012. That’s very bad news for us. Cantarell supplies about 12 percent of all U.S. oil. Alaska’s Prudhoe Bay, Britain’s North Sea fields, Kuwait’s Burgan field, Russia’s Samatlor field-the list of mega-giants in decline goes on. Sadly, the second half of an oil field’s production is typically harder and slower to extract than the first half. il and is a super optimist. He believes oil won’t peak for another 20-plus years. From our view, there are equal if not more qualified experts who say Yergin is off by decades and that peak is now or is about happen. Neither scenario should make any of us comfortable. What it means is that we have little lead time, even by the most optimistic projections, to address infrastructure changes. All of the world’s mega-giant oil fields are in decline and no comparable fields have been found since the ’70s. The world is consuming three barrels of oil for every one we discover. Demand continues growing every year, especially from China and oil exporting countries. We currently use 21 million barrels a day in the U.S. and 86 million worldwide every day. Many experts believe that, for a host of reasons, we’ll never produce more than 90 million barrels a day. [/quote] Increasing demand and a finite supply. Alternative energy sources have never beckoned so clearly as they do now."

ratAphooey said: "Oil is back to $100 today on "supply concerns" I think it is mostly speculators driving the price up"

newinvestor123 said: "[QUOTE=lil dickie;58589]So then buying oil company stocks would be the best bet to cash in on the trend.[/QUOTE] Oil companies and drillers. Most of the oil companies have already had very nice runs this year, but many of the drillers haven't appreciated much. ESV and NE are two good ones. I've had ESV since $50, and just picked up some COP a few days ago."

newinvestor123 said: "[QUOTE=ratAphooey;60624]Oil is back to $100 today on "supply concerns" I think it is mostly speculators driving the price up[/QUOTE] I think the long term fundamentals (stagnant supply, increasing demand, inflation) give strong support to the price of oil. Speculators cause day to day fluctuations, but fundamentals determine the long term trend."

ratAphooey said: "You are probably right about that."