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Oil jumps above 126 dollars
AFP
Monday, Aug 4, 2008
Oil prices rose above 126 dollars in Asian trade Monday over fresh worries about Iran’s disputed nuclear programme and a new storm brewing in the Gulf of Mexico, dealers said.
In afternoon trade, New York’s main contract, light sweet crude for September delivery, jumped 96 cents to 126.06 dollars a barrel from its close of 125.10 on Friday.
Brent North Sea crude for September delivery was up one dollar at 125.18.
(Article continues below)
“It’s Iran again… the Iranian issue remains fluid and it looks like more sanctions will be imposed by the world powers and they will likely raise tensions over Iran,” said Victor Shum, a Singapore-based analyst at Purvin and Gertz.
Iran is the world’s fourth-largest crude oil producer and traders fear supply disruptions from the Islamic republic if tensions between Tehran and the West heighten over its controversial nuclear programme.
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7 Responses to “Oil jumps above 126 dollars”
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August 4th, 2008 at 5:59 am
here’s an idea, don’t speculate about oil and maybe it won’t go up…
August 4th, 2008 at 12:49 pm
The oil solution the news does not tell you about…they say boycotts do no work…but they never specified what type of boycott will destroy speculators…
There is no oil shortage, as there was no housing shortage. Soon, oil prices will come crashing down…speculation only last for so long. Speculation had housing going up and up and up….and now, some places have a 5 year surplus of housing, and housing is going down and down and down.
The answer to speed this up is to not just boycott gas on a special day- that does nothing cause people buy the day prior or after and the company gets their money from you- the trick is to boycott the largest and single manufactures who have to pay penalties for not accepting new shipments due to their barges, and supply depots being full. Boycott Exxon and Exxon, Chevron, BPO and their owned subsidiaries. Boycott them every day of every month. They must accept shipment or pay fines, and when their supplies depots cannot store anymore gas, and their tankers are full, then, prices will come down so fast and the speculators who caused this will take a beating so severe, they may lose billions- kind of like the speculators of the housing industry who kept driving the prices up and got caught
Boycott Exxon, Chevron, and BP – every day of every month till gas is under 2$ a gallon-
August 4th, 2008 at 12:50 pm
The oil solution the news does not tell you about…they say boycotts do no work…but they never specified what type of boycott will destroy speculators…
There is no oil shortage, as there was no housing shortage. Soon, oil prices will come crashing down…speculation only last for so long. Speculation had housing going up and up and up….and now, some places have a 5 year surplus of housing, and housing is going down and down and down.
The answer to speed this up is to not just boycott gas on a special day- that does nothing cause people buy the day prior or after and the company gets their money from you- the trick is to boycott the largest and single manufactures who have to pay penalties for not accepting new shipments due to their barges, and supply depots being full. Boycott Exxon and Exxon, Chevron, BPO and their owned subsidiaries. Boycott them every day of every month. They must accept shipment or pay fines, and when their supplies depots cannot store anymore gas, and their tankers are full, then, prices will come down so fast and the speculators who caused this will take a beating so severe, they may lose billions- kind of like the speculators of the housing industry who kept driving the prices up and got caught
Boycott Exxon, Chevron, and BP – every day of every month till gas is under 2$ a gallon-
August 4th, 2008 at 2:40 pm
if you are as sick of the bad news about oil and gas prices as I am then go to http://mywater4gasengine.com for good news and instructions on how to fight back.
August 4th, 2008 at 10:33 pm
So oil has fallen to $126 per barrel. Before everybody gets excited and expects to see the pump price fall tomorrow, remember that this is for delivery in SEPTEMBER.
It is not the spot price so ay drop in price at the pump will not be seen before November at the earliest.
It has always puzzled me as to why a local and often short lived event in the New Orleans region causes world wide price fluctuations for oil to be delivered next month.
I happened to be watching CNBC as this latest sell off occurred and the very excited talking head declared that the speculators were selling oil for some reason and that the traders on the floor with her did not know why. Incidentally it appears that these speculators not only sold oil but all commodities as well. Added to this was the news that OPEC has quietly increased production over the last three months.
Actually there never has been a shortage of crude oil. The world is awash with it. The shortage has been with Light Sweet Crude as this is virtually the only crude oil that American refineries can refine. The USA has very few heavy crude refineries. These are refineries that can produce bitumen and handle the higher sulphur content. It is also cheaper to refine.
My main question here is it a supply shortage or a demand reduction. Americans are using less as the price hits the pocketbook. The same has happened within Europe. China has virtually shut down for the next month because of the Olympics. World Aviation has slowed with fewer flights. All these factors add up to a sizable reduction in oil usage.
The suggestion to boycott the oil companies for a month or two by not buying their fuel. Exxon Chevron BP Shell or any other oil company couldn’t care less if you don’t buy their fuel. To them it is only petty cash if they make any money out of it at all. If it was not for the internal combustion engine they would be burning that fuel as a waste product. The real money in refining is in what is known as “light ends” Ethylene and higher. These products are sold to the plastics, soap, paint, fertilizer and associated industries. The inventory of products manufactured from material that originated as crude oil is vast these days. That also included a lot of the ingredients for your processed foods.
Just recently we have seen that the major oil companies have all posted huge profits from the higher oil prices. This is understandable considering that even though these companies have to pay a higher price for the crude they also sell at a higher price. When the “profit margin” is quoted as a percentage figure you will always get an increase in overall profits.
Maybe the answer to the wildly fluctuating prices is to ban all but commercially interested entities (those who actually take delivery and use the oil) from speculating on the futures markets. It is argued that the speculators add equity to the market but how can they when they only ever pay a deposit on the purchase then sell before the delivery or settlement date.
August 5th, 2008 at 8:29 am
The Reuters article headline and the AmericanFreePress headline right beside eachother from the same day have different info…
“Falls below $120″ and “Jumps above $126″.
August 5th, 2008 at 3:34 pm
Now that Astronauts Ed Mitchell and Gordon Cooper have confirmed that UFO’s are real, and also that the military has been covering it all up. Last week senior Nasa official, Clark McClelland, opened up a brand new can of beans!
McClelland revealed on his website that he saw an 8 to 9 ft tall alien on his monitor that was in the shuttle cargo bay communicating to two astronauts. McClelland also said a UFO was locked in orbit with the shuttle while this event was taking place.
This information confirms the astounding revelations of prophet Linda Newkirk regarding the extraordinary events of Revelation 12 that she has been going through, that are now about to come to a close.
You can find the links at;
http://www.hismailroom.com