View Full Version : Oil approaches $123 - settles at $122 - Goldman Sachs predicts $200 soon
Dang, I wish I wasn't right so much of the time.
Fingers crossed for that big drop the optimists keep talking about.
You know, the one that never happens, tho it's been predicted again and again for the last 4 years.
On a brighter note, gasoline dropped a whole penny in my region.
So, next time I fill up, I'll save a whole quarter. I'm RICH!
http://www.msnbc.msn.com/id/12400801/
Oil futures blasted to a new record near $123 a barrel Tuesday, gaining momentum as investors bought on a forecast of much higher prices and on any news hinting at supply shortages. Retail gas prices edged lower, but appear poised to rise to new records of their own in coming weeks.
A new Goldman Sachs prediction that oil prices could rise to $150 to $200 within two years seemed to motivate much of Tuesday’s buying, although a falling dollar and increasing concerns about declining crude production in Mexico and Russia contributed, analysts say.
The Energy Department raised its oil and gasoline price forecasts, but also predicted that high prices will cut demand more than previously thought.
Light, sweet crude for June delivery jumped to a new record of $122.73 a barrel before retreating to settle up $1.87 at $121.84 on the New York Mercantile Exchange.
Oil prices have nearly doubled from about $62 a barrel a year ago, which Goldman sees as a sign that the world is in the midst of a “super spike” in oil prices. Analyst Arjun Murti said in a research note released Monday that prices would ultimately force demand to fall sharply.
Not everyone shares Goldman’s view. Tim Evans, an analyst at Citigroup Inc., countered Goldman’s analysis with a note predicting that crude prices could as easily fall to $40 a barrel as rise to $200 over the next two years because supplies are, as Evans put it, comfortable.
James Cordier, president of Tampa, Fla., trading firms Liberty Trading Group and OptionSellers.com, said Goldman’s prediction isn’t necessarily new: “We’ve heard numbers like these out of Goldman Sachs, especially over the last 12 months.”
Indeed, it’s not the first time Murti has espoused a super spike theory; in an April 2005 note, he predicted the oil market was in the early stages of an unprecedented rally that would send prices from a then-record of about $57 a barrel to $105.
A little more detail on the Goldman Sachs predictions...
This is from a little earlier in the day, before oil hit $122.73.
I gather they are saying this report may have initiated a buying frenzy.
"Laugh-a while you can, monkey boys...".
http://www.msnbc.msn.com/id/24482312/
A Goldman Sachs analyst on Tuesday predicted that oil prices could reach $150 to $200 a barrel over the next 6 months to two years, but said that how far prices could climb still “remains a major uncertainty.”
“We believe the current energy crisis may be coming to a head, as the lack of adequate supply growth is becoming apparent,” analyst Arjun N. Murti wrote in a client note.
Oil for June delivery hit a record $120.93 a barrel Tuesday in electronic trading on the New York Mercantile Exchange.
He forecasts that prices will still continue to gradually increase, but for a longer period that previously predicted.
He raised his 2008 prediction for benchmark West Texas Intermediate crude oil spot prices to $108 per barrel from $96, and his 2009 estimate to $110 from $105. He lifted his prediction for 2010 and 2011 to $120 from $110.
But he also said it was possible that oil could hit $125 this year and $200 in 2009 before coming down to $150 in 2010.
Smurf-Herder
05-06-2008, 07:41 PM
It all depends on what the speculators do.
Oil went down to $112 from $119, before it jumped back up to $122.
Every single time there's a new story or report out, it jumps up or falls.
All the way down to $112.
That's the nature of a tight supply - any report that threatens the top 1 percent of supply causes prices to leap - as does any report suggesting future increases in price.
And there ain't squat that can be done about it.
Smurf-Herder
05-06-2008, 09:31 PM
Three guys in a speedboat with an RPG off the coast of Somalia, or any other story whatsoever, will jump prices. If anything big happens, we are totally screwed, and at the mercy of the investors.
It's totally out of control.
BTW, that's the whole idea of the US producing anything at all more than we now do, to up the general supply; so this shit doesn't grab us with a new price every couple days.
radioguy
05-06-2008, 10:08 PM
As soon as I heard that oil closed above 120, I knew Bill would get excited and make sure he spread the bad news like a good liberal...
I don´t want to get your hopes up bill, but it could hit 130 by the end of the week... Woooh hoooo
As soon as I heard that oil closed above 120, I knew Bill would get excited and make sure he spread the bad news like a good liberal...
I don´t want to get your hopes up bill, but it could hit 130 by the end of the week... Woooh hoooo
Democracy only works when the people are educated. Oil prices are a very serious issue facing this country. We can sit and complain about it, attack those that dare speak about it or we can act like an educated democracy and push the people that we hired as our employees to work on solutions.
You've stated that there's nothing we can do, which you've probably heard from a Neoconservative radio announcer, but there are a lot of things that we can do if we press our employees to do so.
Why not move to Russia and live where people never question their leaders?
The truth is that there are numerous things that we can do about this situation but it requires focus. Please stop trying to distract the adults.
radioguy
05-07-2008, 04:23 PM
Democracy only works when the people are educated.
Are you trying to say that Bill posting every record high oil hits is "educating the public"?
The fricking main stream media makes it the top story on their newscasts every time it happens. Everyone and their brother knows about it. Bill is just basking in the glory of bad news, just like all liberals do. When he hears it on the news, he gets a huge woody and can't wait to post that depressing shit on this forum.
That's all you liberals live for... BAD NEWS. You love it when theirs bad news in Iraq, with the economy, with anything. If it hurts America or reflects negatively on the country, you people are in hog heaven.
It's sad and pathetic.
BTW, that's the whole idea of the US producing anything at all more than we now do, to up the general supply; so this shit doesn't grab us with a new price every couple days.
Which, as I've said many times, is fine with me - with one exception - I believe with every fiber of my being that we have to conserve the oil in the alaskan preserve as our final remaining military reserve.
I don't mind if we get ready to take that oil, doing what we would need to do as far as some test wells and planning out the supply lines, but I will fight to the last to stop it from being pumped to use for consumer lifestyle.
It's value as a reserve of military grade crude is so crucially important to the survival of this country in the next century - the century of oil wars - that to burn it in SUV's would be treasonous.
As far as all the other extraction - as long as we don't rip off the american people in our rush to give corporate welfare to the oil companies - you can drill wherever you want, as far as I'm concerned.
The number at close today - $123.63.
A new record, obviously.
Are you trying to say that Bill posting every record high oil hits is "educating the public"?
The fricking main stream media makes it the top story on their newscasts every time it happens. Everyone and their brother knows about it. Bill is just basking in the glory of bad news, just like all liberals do. When he hears it on the news, he gets a huge woody and can't wait to post that depressing shit on this forum.
That's all you liberals live for... BAD NEWS. You love it when theirs bad news in Iraq, with the economy, with anything. If it hurts America or reflects negatively on the country, you people are in hog heaven.
It's sad and pathetic.
So far you've stated that there is nothing that we can about this. I guess that's the Neoconservative media line that you're thoughtlessly spewing. Of course you need to attack anyone that dare speaks the truth if it shows that maybe you votes in 2000 and 2004 weren't a good choice.
The sad and pathetic thing here is that all you can do about the situation is hate and blame others.
As I've stated before. The adults have things to think about it. Run along and listen to your programmers and stop complaining that people are posting news worthy topics.
One day, Americans will need to stop complaining about this news and start pressing our employees for solutions. If you're ready to do that then please, you will be a welcome additional to the problem solving. Until then, you're nothing more then the mindless part of the problem.
Stop being so sad, angry and pathetic. There was a time in your like when you were capable of thinking for yourself. I believe that.
but I will fight to the last to stop it from being pumped to use for consumer lifestyle.
I agree. The first thing that we need is a long term energy policy that will actually move us away from oil. Once that's in place and has support then we moght start thinking about drilling just so we can have low prices at the pumps.
I know many of our leaders believe that the world will end soon. Many others are old and have left their children with $100 Millions of dollars. I care about my daughters future and that means that I want solutions that look good 20 years from now.
Has anything been proposed?
Have the conservative states of South Carolina, Georgia or Florida approved new refineries?
Have we moved forward with clean coal technology?
Have we approved new nuclear plants in any locations?
What about simply putting the Hybrid tax credits back into place or better yet, increasing them?
radioguy
05-07-2008, 06:01 PM
Again, you display that you're nothing but a programmed liberal jackass Moby.
I'm not "attacking" Bill for posting the truth, I'm on his ass because he posts nothing but depressing shit. I didn't say a gd thing the first 20 times he posted the oil price issue, but it gets old... Especially when that is the first thing you hear on the news every fucking night.
WE ALL KNOW THAT THE PRICE OF OIL IS CLIMBING!
But unlike liberals, conservatives don't get an errection over it like you all do. It's what gets you people off... BAD NEWS!
Again, you display that you're nothing but a programmed liberal jackass Moby.
I'm not "attacking" Bill for posting the truth, I'm on his ass because he posts nothing but depressing shit. I didn't say a gd thing the first 20 times he posted the oil price issue, but it gets old... Especially when that is the first thing you hear on the news every fucking night.
WE ALL KNOW THAT THE PRICE OF OIL IS CLIMBING!
But unlike liberals, conservatives don't get an errection over it like you all do. It's what gets you people off... BAD NEWS!
Basically, you're not capable of offering any thing to this discussion in any way shape or form. Your parents must be proud.
Todays number is - $124.44 a barrel.
radioguy
05-08-2008, 06:16 PM
The number at close today - $123.63.
A new record, obviously.
Wooooo Hooooo... Happy days are here again!!!!
All liberals rejoice, America is getting screwed!
vBulletin v3.5.4, Copyright ©2000-2012, Jelsoft Enterprises Ltd.