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Old 02-23-2011, 12:33 PM   #1
sc281
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Default $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: 1018 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.
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Old 02-23-2011, 12:39 PM   #2
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How is the change coming along?
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Old 02-23-2011, 12:40 PM   #3
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Originally Posted by TexasDevilDog View Post
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.
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Old 02-24-2011, 11:59 AM   #4
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Originally Posted by sc281 View Post
This change sucks. Change it back.


I'm regretting buying my truck last April too. Luckily I work 3 miles from home.
If we have a shortage you can always bike to work (if the event arises) I can do that IF gas hits $6.00 a gallon. It would only suck and have catastrophic results for those that commute 40 miles a day.
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Old 02-24-2011, 12:52 PM   #5
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I was wondering if Hussein Obama was going to be able to top Jimmy Carter when it came to the oil crisis, it looks like he is well his way to doing that.
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Old 02-23-2011, 05:01 PM   #6
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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.
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Old 02-23-2011, 05:21 PM   #7
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Originally Posted by Broncojohnny View Post
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.
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Old 02-23-2011, 05:24 PM   #8
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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.
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Old 02-23-2011, 06:28 PM   #9
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Some say all the low hanging fruit is gone. All the easy access oil has been siphoned off, in other words.
Major bullshit. Theres so much oil and gas under the US its not even funny. You can thank the EPA and all of the NIMBYs for not allowing us to tap it. They sure as fuck like to consume it however!
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Old 02-23-2011, 05:25 PM   #10
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Originally Posted by QIK46 View Post
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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Old 02-23-2011, 12:42 PM   #11
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I wish we would just bomb them all.
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Old 02-23-2011, 12:44 PM   #12
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Originally Posted by mustangguy289 View Post
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)
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Old 02-23-2011, 12:53 PM   #13
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Obama just needs to sit down and talk with these folks....things will get better.









j/k

I think we are screwed.
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Old 02-23-2011, 01:17 PM   #14
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Change it back, change it back.
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Old 02-23-2011, 01:27 PM   #15
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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.
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Old 02-23-2011, 01:31 PM   #16
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Originally Posted by Broncojohnny View Post
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?
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Old 02-23-2011, 04:04 PM   #17
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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
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Old 02-23-2011, 04:12 PM   #18
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Originally Posted by Cannonball996 View Post
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.
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Old 02-23-2011, 04:25 PM   #19
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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....
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Old 02-23-2011, 05:45 PM   #20
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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....
I just read this article. http://www.nytimes.com/2011/02/24/bu...er=rss&emc=rss

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Libya’s sweet crude cannot be easily replaced for the production of gasoline, diesel and jet fuel, particularly by the many European and Asian refineries that are not equipped to refine heavier grades of oil. Saudi Arabia may have more than 4 million barrels of spare capacity, but it includes heavier grades of crude that are higher in sulfur content and more expensive to refine.

“Quality matters more than quantity,” Larry Goldstein, a director of the Energy Policy Research Foundation, an organization partly financed by the oil industry.

Should the turmoil in Libya last for more than a few weeks, oil experts predict that European refiners will be forced to buy sweet crude from Algeria and Nigeria, two principal sources for the United States. That could push gasoline higher in the United States, where prices have already risen 6 cents a gallon in the last week to an average of $3.19 for regular.
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