Oil down to lowest level since May
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    Oil down to lowest level since May

    I am eying one of those nice Hummers everyone is talking about.....



    Oil falls to $121, lowest since May | Markets | Hot Stocks | Reuters



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    Re: Oil down to lowest level since May

    The president of OPEC, Chakib Khelil, on Tuesday called the current price "abnormal" and said he did not think the producer group should consider cutting output should prices continue to fall as markets were now balanced.

    Khelil, who is also Algeria's oil minister, said oil could fall to $70 to $80 in the long term, if the U.S. dollar continued to strengthen and geopolitical concerns eased.


    -----


    Now where have I heard that before?
    ;)


    Oil was bound to burst, because it was loaded by a spec frenzy...and traditional market factors were being overshadowed by emotion and the impact of the big funds...


    The main traditional factor that has been in oil is the weak dollar. I would hardly paint a rosy outlook for the dollar just yet, however.


    'Until things are brighter, I'm the man in black.'

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    Re: Oil down to lowest level since May

    Quote Originally Posted by snowcraig2.0 View Post
    I am eying one of those nice Hummers everyone is talking about.....



    Oil falls to $121, lowest since May | Markets | Hot Stocks | Reuters
    Picked up mine the other day when I saw gas get below $3.70. Roadtripping time!



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    Re: Oil down to lowest level since May

    Hummer?? Grow a pair and get a real truck.



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    Re: Oil down to lowest level since May

    I'm curious, does anyone know what a gallon of gas cost when oil past 121 on the way up. I would wager to guess a lot less than it does now.


    Exaggeration is a BILLION times worse than understating.

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    Re: Oil down to lowest level since May

    Quote Originally Posted by JonDMiller View Post
    The main traditional factor that has been in oil is the weak dollar. I would hardly paint a rosy outlook for the dollar just yet, however.
    I would really like to see a chart/graph of the cost of oil in euro's. I'd bet it is a lot flatter than the cost of oil in USD.



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    Re: Oil down to lowest level since May

    This is a chart that does that. Go to the bottom and select "usa average"

    Historical gas price charts - New York City Gas Prices



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    Re: Oil down to lowest level since May

    Interesting, if you switch it to Des Moines, you can see the price of gas tends to reflect changes in price of crude quite a bit.

    NYNY doesn't seem to do that too much



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    Re: Oil down to lowest level since May

    So oil is the same as it was in May, but gas is still $.30 more right now than it was then.


    Exaggeration is a BILLION times worse than understating.

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    Re: Oil down to lowest level since May

    Quote Originally Posted by JonDMiller View Post
    The president of OPEC, Chakib Khelil, on Tuesday called the current price "abnormal" and said he did not think the producer group should consider cutting output should prices continue to fall as markets were now balanced.

    Khelil, who is also Algeria's oil minister, said oil could fall to $70 to $80 in the long term, if the U.S. dollar continued to strengthen and geopolitical concerns eased.


    -----


    Now where have I heard that before?
    ;)


    Oil was bound to burst, because it was loaded by a spec frenzy...and traditional market factors were being overshadowed by emotion and the impact of the big funds...


    The main traditional factor that has been in oil is the weak dollar. I would hardly paint a rosy outlook for the dollar just yet, however.
    Whoa.... I just agreed with Jon Miller. Somebody pinch me?!


    I'm baaack! See my Hot Milk For Breakfast blog under Social Groups for more details

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    Re: Oil down to lowest level since May

    Quote Originally Posted by Phaedrus View Post
    Whoa.... I just agreed with Jon Miller. Somebody pinch me?!

    Not while you're wearing that skirt....



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    Re: Oil down to lowest level since May

    I just ran out into my yard and dumped a gallon a gas on the ground for no reason. That is how cheap it is now.



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    Re: Oil down to lowest level since May

    No doubt the value of the dollar has a major long term effect on the price of oil, and with record deficits, there is not a rosy outlook as John said. But the price peaked as the rhetoric against Iran peaked (including the Israeli bombing exercises). Once the threats stopped and it looked like Bush was actually softening his stance and considering talks, the price broke and has been going down ever since. Iran's President what's his name also said he is encouraged by the change in attitude and is encouraged it may lead to improved relations. I would bet the farm that if it looks like us or Israel is again moving toward bombing Iran, the price will spike again.



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    Re: Oil down to lowest level since May

    Quote Originally Posted by Knownothing View Post
    I just ran out into my yard and dumped a gallon a gas on the ground for no reason. That is how cheap it is now.
    How much is grass seed?



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    Re: Oil down to lowest level since May

    Quote Originally Posted by CYKOFAN View Post
    No doubt the value of the dollar has a major long term effect on the price of oil, and with record deficits, there is not a rosy outlook as John said. But the price peaked as the rhetoric against Iran peaked (including the Israeli bombing exercises). Once the threats stopped and it looked like Bush was actually softening his stance and considering talks, the price broke and has been going down ever since. Iran's President what's his name also said he is encouraged by the change in attitude and is encouraged it may lead to improved relations. I would bet the farm that if it looks like us or Israel is again moving toward bombing Iran, the price will spike again.
    Add in lifting the executive ban on offshore drilling, and I am with you.



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