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sc281 02-23-2011 12:33 PM

$100 Oil
 
http://www.cnbc.com/id/41726474

U.S. crude futures briefly crossed the critical $100 mark Wednesday, the first such move since October 2008, as escalating violence in Libya shook crude markets and extended supply worries.

In London, Brent crude futures rallied above $110 a barrel, posting the biggest three-day percentage gain in a year.

Between 300,000 and 400,000 barrels per day of Libyan output up to 25 percent has been shut down, according to Reuters calculations, marking the first cut in oil supplies related to the recent wave of anti-government unrest in North Africa and the Middle East.

After Libyan leader Muammar Gaddafi vowed in a defiant speech on Tuesday that he would not step down, promising severe punishment to his detractors, analysts fear that long-lasting supply disruptions or even permanent damage lies ahead for the OPEC member's oil industry.

Traders were intently watching what top OPEC exporter Saudi Arabia will do, even as its oil minister has reiterated assurances the kingdom and other OPEC members would be ready to act should a supply shortfall develop.

"I don't think Libya alone will take us to $150 a barrel, but, if unrest spreads in the Gulf countries, we could easily get there. That is why it is imperative the Saudis release some extra barrels into the market now to calm the situation, rather than simply trying to talk the price down," said Edward Meir, an analyst at MF Global in New York.

In London, Brent crude
LCOCV1

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[LCOCV1 Loading... () ] for April delivery was last more than $5 higher. Earlier, it touched a session high of $110.35, the highest since Sept. 2, 2008, when prices hit $110.45.

RELATED LINKS

Current DateTime: 10:28:18 23 Feb 2011
LinksList Documentid: 41726477

* Where's the Panic?
* IEA Chief: $100 Oil 'Very, Very Bad' for Economy
* Will Saudi Arabia Be Next?

In three days, the Brent contract has surged nearly $8, or 7.8 percent, the biggest three-day percentage advance since February 2010.

In New York, U.S. light sweet crude
CLCV1

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[CLCV1 Loading... () ] futures were last trading around $99.84, slightly off the $100 mark.

Since resuming trading on Tuesday, following a long holiday weekend, U.S. crude has advanced nearly $12, or nearly 14 percent, the biggest two-day percentage gain since January 2009.

Brent's premium against U.S. crude widened to as much as $12.84, after posting $10.36 at the close on Tuesday.

Traders were gearing up for U.S. weekly inventory data, the first of which will be released by the industry group American Petroleum Institute later Wednesday.

A Reuters poll forecast that U.S. crude stockpiles rose 1.3 million barrels last week, while distillate inventories fell 1.4 million barrels and gasoline supplies rose 400,000 barrels.

TexasDevilDog 02-23-2011 12:39 PM

How is the change coming along?

sc281 02-23-2011 12:40 PM

Quote:

Originally Posted by TexasDevilDog (Post 142119)
How is the change coming along?

This change sucks. Change it back.


I'm regretting buying my truck last April too. Luckily I work 3 miles from home.

mustangguy289 02-23-2011 12:42 PM

I wish we would just bomb them all.

sc281 02-23-2011 12:44 PM

Quote:

Originally Posted by mustangguy289 (Post 142127)
I wish we would just bomb them all.

And then invade and actually take control of the oil.


Don't think other Countries aren't already thinking about it. (China)

Big Thumper 02-23-2011 12:53 PM

Obama just needs to sit down and talk with these folks....things will get better.









j/k

I think we are screwed.

dblack1 02-23-2011 01:17 PM

Change it back, change it back.

Broncojohnny 02-23-2011 01:27 PM

Oh noes! 300 to 400k barrels a day in output. Whatever shall we do?

Fact is, speculators are driving the price up, not any real lack of supply.

mstng86 02-23-2011 01:31 PM

Quote:

Originally Posted by Broncojohnny (Post 142188)
Oh noes! 300 to 400k barrels a day in output. Whatever shall we do?

Fact is, speculators are driving the price up, not any real lack of supply.

Isn't that always the case?

Cannonball996 02-23-2011 04:04 PM

we need to rid ourselves from the crutch of foreign oil, politicians on both sides say this all the time, but they never act on it

A_A_G 02-23-2011 04:12 PM

Quote:

Originally Posted by Cannonball996 (Post 142416)
we need to rid ourselves from the crutch of foreign oil, politicians on both sides say this all the time, but they never act on it

You really think that's going to happen after what went down in the Gulf of Mexico last year? That was the nail in the coffin and even if we did rid ourselves gas prices wouldn't go down as you'd expect.

clevelandkid 02-23-2011 04:25 PM

Libya was responsible for 2.2% of the worlds oil production in 2010. Even if they never pumped another drop, it wouldn't even come close to justifying $150 oil....

jw33 02-23-2011 04:37 PM

I'm sure the oil companies/energy sector in general just hate all this middle east unstability....

Vertnut 02-23-2011 04:41 PM

Of course speculator's are most of the blame, and unfortunately, it's not just Libya. A lot of the middle east is experiencing some turmoil.

Dave586 02-23-2011 04:46 PM

Nuke 'em all. Who will care in 100 years?

Captain Crawfish 02-23-2011 04:51 PM

the days of cheap oil are gone

Captain Crawfish 02-23-2011 05:01 PM

Quote:

Originally Posted by TexasDevilDog (Post 142119)
How is the change coming along?

I really cant blame obama for a busted ass energy policy thats been a train wreck for awhile. Some old Billionaire oil guy has been telling people for awhile whats gonna happen.

SMEGMA STENCH 02-23-2011 05:21 PM

Quote:

Originally Posted by Broncojohnny (Post 142188)
Oh noes! 300 to 400k barrels a day in output. Whatever shall we do?

Fact is, speculators are driving the price up, not any real lack of supply.

Some say all the low hanging fruit is gone. All the easy access oil has been siphoned off, in other words.

Broncojohnny 02-23-2011 05:24 PM

Quote:

Originally Posted by StanleyTweedle (Post 142532)
Some say all the low hanging fruit is gone. All the easy access oil has been siphoned off, in other words.

Peak oil is bullshit because you can't predict new technology. A decade ago we didn't have the technology to get the natural gas out of shale. Now look where we are.

Broncojohnny 02-23-2011 05:25 PM

Quote:

Originally Posted by QIK46 (Post 142503)
Some old Billionaire oil guy has been telling people for awhile whats gonna happen.

Of course he is one of the people buying all the futures and driving the price higher so....


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