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Crude futures prices tap $75 for first time ever in NY
CBS Marketwatch ^ | 4/21/2006

Posted on 04/21/2006 10:46:54 AM PDT by Rutles4Ever

SAN FRANCISCO (MarketWatch) -- Crude-oil futures climbed to a high of $75 per barrel Friday for the first time ever for a front-month contract on concerns about tensions surrounding Iran's nuclear activities, violence in Nigeria, and tight U.S. supplies of unleaded gasoline. June crude was last up $1.26, or 1.7%, at $74.95 per barrel. "We often see this sort of short covering in a record-setting bull market ahead of a weekend, since nobody is sure where we may be Monday," said trader Kevin Kerr, who is also editor of MarketWatch's Global Resources Trader.


TOPICS: Breaking News; Business/Economy; Culture/Society; News/Current Events
KEYWORDS: crude; economicilliteracy; oil; rape
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Discuss.
1 posted on 04/21/2006 10:46:57 AM PDT by Rutles4Ever
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To: Rutles4Ever
Discuss.

Sorry, I would get banned.............

2 posted on 04/21/2006 10:48:47 AM PDT by OXENinFLA
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To: Rutles4Ever

At this point, I don't care if it's price gouging, market forces, lack of refining capacity...or a combination of all of the above...all I know is I am sick of paying $3 a gallon for gas...


3 posted on 04/21/2006 10:49:15 AM PDT by RockinRight (Yes...she's an excellent tour guide!)
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To: Rutles4Ever

I'm pretty good with economics, but I can't figure out how a tight "unleaded gasoline" supply in the U.S. effects Crude Oil prices. The supply problem is because we are cutting the refineries over to summer blend.

Don't we really just care what the "crude oil inventory" is when deciding how it effect oil prices? Often, when we have this spring gasoline effect, our oil inventory goes up because of the backlog.


4 posted on 04/21/2006 10:49:36 AM PDT by CharlesWayneCT
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To: Rutles4Ever

Disgust is about all I have to offer.

It is directed at envirowackos and politicians (on both sides of the aisles) bought and paid for by them.


5 posted on 04/21/2006 10:49:47 AM PDT by NormsRevenge (Semper Fi)
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To: Rutles4Ever
My son-in-law's maternal grandparents own an oil company, so the higher the price of oil, the larger my grandchildren's inheritance.
6 posted on 04/21/2006 10:49:48 AM PDT by Jeff Chandler (Ignore the drive-by media. Build the fence. Sí, Se Puede!)
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To: Rutles4Ever

The Democrats are delighted. They've done everything possible to block any new power sources, and now they have a golden opportunity to blame Bush.

I notice they are already busy doing so in an article referenced on Drudge's web site.


7 posted on 04/21/2006 10:49:54 AM PDT by Cicero (Marcus Tullius)
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To: Rutles4Ever

If, as we hear every day in the media, the cost of gas is too high for Americans to absorb, then the oil bubble is about to burst.

Usage is already down 0.6% from this time last year. Doesn't sound like much, but in a booming economy, it is a surprise.


8 posted on 04/21/2006 10:49:58 AM PDT by rightinthemiddle (Islamic Terrorists, the Mainstream Media and the Democrat Party Have the Same Goals in Iraq.)
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To: Rutles4Ever

These traders are dense as hell.

There is no indication of a war with iran.

Sy Hersh has basically achieved his objective, fear monger so gas prices go through the roof and bring down the govt.

These traders are lining the pockets of iran to build nuclear weapons. In their stupidity they are doing them a favor.


9 posted on 04/21/2006 10:50:03 AM PDT by santorumlite
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To: Rutles4Ever

Won't somebody think of the Oil Company CEOs!

During the 90's they were homeless and wearing rags.

/rolls eyes


10 posted on 04/21/2006 10:51:11 AM PDT by Democratshavenobrains
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To: RockinRight
all I know is I am sick of paying $3 a gallon for gas...

Don't worry...it will be $4 before long....unless you live in Cali, in which case you may already be paying $4

11 posted on 04/21/2006 10:51:37 AM PDT by ContemptofCourt
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To: rightinthemiddle

Oil will never go down. There is no bubble. This market is dictated by fear mongering.

They will use iran to drive crude over a hundred dollars.

These speculators are getting rich on the back of working americans and helping make chavez and iran's president rich.

I am getting sick of this bs.


12 posted on 04/21/2006 10:52:08 AM PDT by santorumlite
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To: Rutles4Ever; P-Marlowe; jude24

We are under attack.

It is an economic adversary.

Pres. Bush should take the lead as he did after 9/11. This symbolic gesture would have him on record as the one to take the helm.

The motto of this war should be something like: "Throw off the yoke of OIL."

Why fund the terrorists?


13 posted on 04/21/2006 10:52:34 AM PDT by xzins (Retired Army Chaplain and Proud of It. Supporting our Troops Means Praying for them to Win!)
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To: NormsRevenge
Disgust is about all I have to offer.

It is directed at envirowackos and politicians (on both sides of the aisles) bought and paid for by them.

Ditto. "Thank" you DemonRATs, RepublicRATs and RINOs for (a) not allowing a new refinery to be built in 25 years and (b) not allow new drilling in the same time frame.

14 posted on 04/21/2006 10:52:39 AM PDT by steveegg (Sen. Ted "Swimmer" Kennedy's vehicles have killed more people than V.P. Dick Cheney's guns)
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To: RockinRight
all I know is I am sick of paying $3 a gallon for gas...

Amen. And I don't care what anyone here says, if the prices continue at the level -- or go even higher -- we will see Bush's approval rating drop into the 20s. It doesn't matter if it's actually his fault or not.

15 posted on 04/21/2006 10:53:34 AM PDT by Kjobs (Murtha IS A COWARD!! Go Jean Schmidt!)
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To: Rutles4Ever
"tight U.S. supplies of unleaded gasoline."

Bull *cough* Hi... can we build a few more refineries? it's been over 30 years... k, thanks.
16 posted on 04/21/2006 10:53:56 AM PDT by fhlh (Polls are for Strippers.)
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To: Rutles4Ever
At least inflation is under control.

/sarc

17 posted on 04/21/2006 10:55:15 AM PDT by unixfox (The 13th Amendment Abolished Slavery, The 16th Amendment Reinstated It !)
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To: RockinRight
all I know is I am sick of paying $3 a gallon for gas

Cheer up, $4, $5, $6, maybe $7 around the corner soon at this rate.

18 posted on 04/21/2006 10:55:53 AM PDT by RetiredArmy (Politicians are in it for themselves, to get reelected, to benefit them, not we the people.)
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To: Rutles4Ever

So many opportunities to hedge consumption loss and make profit...

1. Buy Oil stocks (done-- just the last two months covered my gas @$4/gallon for this and next year)
2. Stock Options: Straddle leaning long (working on it)
3. If it goes to $75 (absurd) short oil futures (waiting)


19 posted on 04/21/2006 10:55:56 AM PDT by LambSlave (Who is John Galt?)
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To: Rutles4Ever

As soon as the threat of Iran abates, so will the gas price.


20 posted on 04/21/2006 10:55:58 AM PDT by Siena Dreaming
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