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.
Sorry, I would get banned.............
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...
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.
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.
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.
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.
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.
Won't somebody think of the Oil Company CEOs!
During the 90's they were homeless and wearing rags.
/rolls eyes
Don't worry...it will be $4 before long....unless you live in Cali, in which case you may already be paying $4
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.
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?
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.
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.
/sarc
Cheer up, $4, $5, $6, maybe $7 around the corner soon at this rate.
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)
As soon as the threat of Iran abates, so will the gas price.
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