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Old 02-23-2011, 11:33 AM   #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, 11:39 AM   #2
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How is the change coming along?
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Old 02-23-2011, 11:40 AM   #3
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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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"When plunder becomes a way of life for a group of men in a society, over the course of time they create for themselves a legal system that authorizes it and a moral code that glorifies it." Frédéric Bastiat

"At the core of liberalism is the spoiled child — miserable, as all spoiled children are, unsatisfied, demanding, ill-disciplined, despotic and useless. Liberalism is a philosophy of sniveling brats." P. J. O'Rourke
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Old 02-23-2011, 11:42 AM   #4
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I wish we would just bomb them all.
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Old 02-23-2011, 11:44 AM   #5
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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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"At the core of liberalism is the spoiled child — miserable, as all spoiled children are, unsatisfied, demanding, ill-disciplined, despotic and useless. Liberalism is a philosophy of sniveling brats." P. J. O'Rourke
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Old 02-23-2011, 11:53 AM   #6
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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, 12:17 PM   #7
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Change it back, change it back.
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Old 02-23-2011, 12:27 PM   #8
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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, 12:31 PM   #9
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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, 03:04 PM   #10
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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, 03:12 PM   #11
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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, 03:25 PM   #12
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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, 03:37 PM   #13
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I'm sure the oil companies/energy sector in general just hate all this middle east unstability....
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Old 02-23-2011, 03:41 PM   #14
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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.
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Old 02-23-2011, 03:46 PM   #15
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Nuke 'em all. Who will care in 100 years?
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Old 02-23-2011, 03:51 PM   #16
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the days of cheap oil are gone
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Old 02-23-2011, 04:01 PM   #17
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Originally Posted by TexasDevilDog View Post
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, 04:21 PM   #18
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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, 04:24 PM   #19
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Originally Posted by StanleyTweedle View Post
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, 04:25 PM   #20
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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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