Oil jumps above $77 on US crude pipeline leak

Yahoo News ^ | Spet 13th, 2010

[TaraP]

SINGAPORE

[yesca]

..ooooh hooo hooo, run away, the sky is falling......

[bicyclerepair]

With no job or money, I sure ain’t buying much gas.

[griswold3]

It’s still incredulous to me that oil remains that high with our current economic condition. IMHO, it was the straw that broke the camels back. Can you imagine what it will do IF we ever decide to kick it up a notch?

We’re caught between Barack and a hard place.

[proxy_user]

How does this make sense? You would think more crude would be available if it can’t get to the refinery.

[yesca]

..yes, of course, I can't be sure, but I've heard you can't compress a fluid, it all has to go somewhere . ./Columbo type sarc

[TaraP]

I don’t know..They just want to suck as much money they can get out of people for their in-ability, to do anything right and give people any type of Peace of Mind....

[Bullpine]

Gulf of Mexico filled with oil.... no change in prices
A LEAK in a pipeline in Chicago and oil goes up 7 cents a barrel? Its all manipulation and B.S.

[yesca]

Ha ha, thanks for that, how quick we forget, whenever they run out of 2 x 4’s to prop up the falling price(due to plummeting ) something “happens”.

[yesca]

=plummeting demand,”,

[CharlesWayneCT]

OK, can someone explain to me how an oil pipeline leak that cuts off a CONSUMER of oil, thus temporarily lowering demand while increasing supply, causes the price of oil to go UP?

It seems like they just looked for some excuse for a price move, and picked something random.

[yesca]

Yes , that's what they do, just like many of our ‘respected’ stallwarks of society, in reality they are liars, cheats, & bullys.

[ChildOfThe60s]

You want to see $50 oil?

A 4% discount rate will do it. Heck, 1/2 point rise tomorrow would knock $7 of a barrel in one day.

Current 0% interest rates and no investments in the private sector mean speculators will go anywhere they might actually get a return on their money. 0% interest rates are fostering commodities bubbles. Oil included.

Again, you can thank the government for rising prices.

[dufekin]

No, it’s just stupid journalists trying to explain noise trading as if some underlying issue were causing a major trend. Incidentally, these same journalists normally ignore those “trend” moves because they unfold on periods longer than their attention span.

Consider this chart:
http://stockcharts.com/h-sc/ui?s=$WTIC&p=D&yr=3&mn=0&dy=0&id=p86613286750

Now, consider this chart of oil divided by commodities:
http://stockcharts.com/h-sc/ui?s=$WTIC:$CRB&p=D&yr=3&mn=0&dy=0&id=p86613286750

See...oil prices are still stuck in a trading range of $70/bbl to $84/bbl and so have been for months. And the price of everything else meanwhile ticked up slightly (so the price of oil dipped compared to the price of other commodities).