Oman 1M Oil Benchmark Hits $143.69/Barrel - Upstream Online - 21 May 2008 13:50 GMT

[hatrack]

I'm still looking for some sort of additional confirmation.

http://www.energybulletin.net/44554.html

There's some discussion at Oil Drum about the possibility of an Indian strategic petroleum reserve, and aggressive buying by Indian companies, but nothing definite.

http://www.theoildrum.com/node/4025#more

[sam sarrha]

1. RUNAWAY INFLATION... the Shock Doctrine isnt far off

[Eurobabe]

2. Goldman Sach analyst predicting $200/bl

It's coming.

[Javaman]

3. And away we go!!! nt

[robertpaulsen]

4. Is this what you're talking about?

Countdown to $200 oil (6) - Oil jumps $10 in a day and Congress ... wants to sue OPEC?
by Jerome a Paris
Wed May 21, 2008 at 05:31:06 AM PDT
First, go have a look at this page. This is the full list of futures for oil, ie how much it costs you today to purchase a barrel of oil to be delivered at the date you want in the future.

While spot prices jumped by $2 yesterday, the longest-dated futures jumped by a whopping $9 (with more to come today). This is HUGE.

Jerome a Paris's diary :: ::
And this is how this is described in the Financial times this morning:

Shortage fears push oil futures near $140


Fears of a shortage within five years propelled long-term oil futures prices to almost $140 a barrel on Tuesday, further stoking inflationary pressures in the global economy.


Investors rushed to buy oil futures contracts as far forward as December 2016, pushing their prices as high as $139.50 a barrel, up more than $9.50 on the day. The spot price hit a record $129.60 a barrel.


Veteran traders said they had never seen such a jump and said investors were increasingly betting that oil production would soon peak because of geopolitical and geological constraints.


Neil McMahon, of Sanford Bernstein, said: "Peak oil views – regardless of whether right or wrong – are seeping into the market and supporting high prices."

Shortage is in big block letters on the front page of the paper this morning, and peak oil features prominently in the article.

It's about time "peak oil" made it to the frontpage of our business papers. Yesterday, the FT still had a positive spin on things, in an article saying that the US decline in foreign oil dependency is already becoming more visible, with imports making up 57.9 per cent in the first three months of this year, down from 58.2 last year. In other words, market forces are doing their job, nothing to worry about, move on.


Today's tone is quite different - maybe it's the $9 per barrel jump in one day, and the fact that it's long dated prices that are increasing more than short-dated ones, ie worries are now about future supplies, not current supplies, a change whose significance is hard to understate.

http://www.dailykos.com/storyonly/2008/5/21/8316/61385/554/516092

[hatrack]

6. Well, not quite - Upstream Online numbers are spot prices . .

But yeah, I saw that too . . . Damn!!

[robertpaulsen]

7. Yeah, both indicators are scary. I found an Oman 1M thread at peakoil.com

Something ominous is happening:

http://www.peakoil.com/fortopic40110.html

[phantom power]

5. Rock on.

:headbang:

[Zachstar]

8. We are fucked

Sorry to be so forward but many thought that 100 USD was going to hold for atleast 6 months and now we are well on track to 150

The fact that people can't afford the gas is NOT stopping it's growth meaning 200USD is QUITE possible. Anyone here think Civilization as we know it will survive at 200USD?