Oil Hits Fresh 11-month High Above $76 On Iran

[Furby]

However, some investors and analysts said the main market driver was a wave of speculative investment. Speculators boosted their net long positions in the New York Mercantile Exchange crude oil market to a record in the week to July 3, data showed.

Olivier Jakob, an analyst at Swiss-based Petromatrix, noted the continued rise in prices and open interest -- the number of contracts that have not been closed -- pointed to more investment money flowing into oil in recent days.

Citigroup analysts calculated the influx accounted for more than $10 of the price rise since the start of the year, when Brent crude was below $60 a barrel.

"Financial players have now firmly moved ahead as the main near-term driver of oil prices," Citigroup said.

http://www.reuters.com/article/hotStocksNe...0070710?sp=true

The only way is up for oil as investors look for a safe haven for their fiat after the CDO fallout.

Inflation, inflation , inflation.....

F

[Harry Sacks]

I don't think there were many here who didn't foresee prices reaching this level, back in January.

[dnd]

the inflation caused by ever increasing oil prices will have a worldwide impact

an inevitable worldwide recession would cause a drop in demand for oil

this is the 70's all over again - but permanant this time around...

Edited July 10, 2007 by dnd

[Biffo the Bear]

wouldn't a worldwide recession cause a drop in demand for oil?

Not until they tighten up on the credit that enables it to be bought even though the purchaser may have 0 or minus balance. I'm beginning to realise just how fascinating the whole interlinking of different factors within the world economy is; it's like a giant house of cards with a sneaky little man at the bottom wiggling a few cards here and there, just to see what happens

[HPC Convert]

the inflation caused by ever increasing oil prices will have a worldwide impact

an inevitable worldwide recession would cause a drop in demand for oil

this is the 70's all over again - but permanant this time around...

You mention a drop in demand - what do we replace it with?

Edited July 10, 2007 by HPC Convert

[dnd]

Not until they tighten up on the credit that enables it to be bought even though the purchaser may have 0 or minus balance.

bis in recent reports has warned that the central banks are going to bring this party to a halt soon

maybe they see the dwindling supplies of oil as a catalyst

if supply dries up as a result of rapid global expansion then it could cause major problems

it might also explain the co2 'global warming' worldwide government campaigns to ween us off fossil fuels (and alleged death threats to scientists opposing mainstream pov)

Edited July 10, 2007 by dnd

[dnd]

You mention a drop in demand - what do we replace it with?

recession = less activity = less oil used

[OnlyMe]

CRB index breaking out to the upside again.

http://quotes.ino.com/chart/?s=NYBOT_CR&v=d12

[Bushy Tail]

the inflation caused by ever increasing oil prices will have a worldwide impact

an inevitable worldwide recession would cause a drop in demand for oil

this is the 70's all over again - but permanant this time around...

I seem to recall reading that a 5% (or thereabouts) shortfall of oil in the 70's resulted in a 200-400% increase at the petrol pumps. Since Gharwar, Cantarrel, Burgan, Texas, North Sea etc etc etc are all at peak and Iraq is perhaps pre-peak or plateau, our suffering is likely to be greater this time.

Since we had to war for it, we must have really been in the shit. IF we had to engineer the collapse of some skyscrapers and the destruction of a few trains to demonize those that have the oil (and those that wouldn't allow a gas pipeline) we must really well and truly be in the shit.

“What people need to hear loud and clear is that we're running out of energy in America.”

—George W. Bush, May 2001

George Bush is a *******, but he's no dummy.

Edited July 11, 2007 by Bushy Tail

[Soul Reaver]

You mention a drop in demand - what do we replace it with?

As it becomes more exspensive familys with two or three cars drop to one, people look for lifts to work instead of taking their own car. More people use buses and less people go on that short CHEAP flight to Spain. One person doing this does not have any effect at all! 40 million people doing it and you have less demand. It does not get replaced it gets used less.

Mark.

[Justice]

Invading Iraq was more to do with Sadam producing too much oil and above the OPEC quota and then trying to sell it in euro's and invasion was not an attempt to bring stability to the price of oil as Bush & Co have vast oil interests and can you guess what way they want the price to go.

in that respect Bush Bush has achived his goals but it's the american people and us that will be paying the price.

Hugo Chav has offered to sell oil to the world at a fraction of the current price and this is why he was kidnapped and why Bush wants him stopped.

Alex Jones and peak oil

it's all very simple and do check out what i say

Edited July 11, 2007 by Justice

[sign_of_the_times]

how many days before it breaks the $78 barrel record last year ?

reminds me, when are the inflation figures out and what are your predictions ? I say no change from last month but wouldn't be surprised with a rise (food)

[mrphil]

I thought the BOE said the drop in oil prices was going to help the inflation figures, but year on year they seem to be pretty equal to this time last year.

[Mr_Nice]

recession = less activity = less oil used

Not neccessarily. In the past industry used a great deal of oil now most oil is used in transport and manufacturing, it would take a depression to have a serious impact on consumption.

In the 70's oil crisis industry moved away from oil power there is little scope for this again.

[Bushy Tail]

Invading Iraq was more to do with Sadam producing too much oil and above the OPEC quota and then trying to sell it in euro's and invasion was not an attempt to bring stability to the price of oil as Bush & Co have vast oil interests and can you guess what way they want the price to go.

in that respect Bush Bush has achived his goals but it's the american people and us that will be paying the price.

Hugo Chav has offered to sell oil to the world at a fraction of the current price and this is why he was kidnapped and why Bush wants him stopped.

Alex Jones and peak oil

it's all very simple and do check out what i say

I love Alex Jones, but he's wrong about Peak Oil.

[Bushy Tail]

bis in recent reports has warned that the central banks are going to bring this party to a halt soon

maybe they see the dwindling supplies of oil as a catalyst

if supply dries up as a result of rapid global expansion then it could cause major problems

it might also explain the co2 'global warming' worldwide government campaigns to ween us off fossil fuels (and alleged death threats to scientists opposing mainstream pov)

BINGO! It totally explains it.

[yellerkat]

The price is in dollars! The increase isn't so bad in £, ¥, €.

[skomer]

how many days before it breaks the $78 barrel record last year ?

reminds me, when are the inflation figures out and what are your predictions ? I say no change from last month but wouldn't be surprised with a rise (food)

Just wait till the hurricane season really kicks in, say in August or September. Watch the price go ballistic when a category 4 or 5 starts to aim for the Gulf Oil fields or the Texas refinaries

[Zzzzzzzzzzzzzzzzzzzzzzzzzz]

http://www.latimes.com/news/nationworld/wo...l=la-home-world

MEXICAN REGIME'S OIL UNDER ATTACK

Edited July 11, 2007 by gruffydd

[oracle]

Invading Iraq was more to do with Sadam producing too much oil and above the OPEC quota and then trying to sell it in euro's and invasion was not an attempt to bring stability to the price of oil as Bush & Co have vast oil interests and can you guess what way they want the price to go.

in that respect Bush Bush has achived his goals but it's the american people and us that will be paying the price.

I'm afraid that's a little simplistic.

The war with iraq was NOT about oil....the fact bush and his chums have interests in oil companies and arms dealers is merely a bonus for them.

the REAL war is about global religeous domination,combined with economic domination.

want to know why....a)TB suddenly converted to RC after he left office....met with the pope.

b)Dubya recently met the pope

c)Putin recently met the pope

4)Dubya recently met putin

5)the muslims are calling dubya a "crusader"

these events ARE connected,you just have to do a little research.

Any belief OR financial system that seeks to achieve total world domination by conquest are dangerous.

Looks like we have an unholy mess dead ahead.

ps from a really unholy point of view I've heard that a technical turning point(south) in the Bourses could be approximately JUL 21,give or take a few days.....this seems to concur with some astrology indicating a breakout in hostilities around this period...JUL 17-AUG 1 looks like the window.

Edited July 11, 2007 by oracle