NEWS: Crude Prices Continue to Rise, page 1

posted on Oct, 23 2004 @ 08:33 PM

link

Crude prices have risen to over $55 a barrel raising fresh fears that a $60 pricetag may be fast on its way. Concerns about global supplies of heating oil are believed to have cause the recent spike in prices as winter gets ready to set in across the world.

On the New York Mercantile Exchange, Crude oil futures for December delivery rose 70 cents to settle at a price of $55.17 whilst prices on the London International Petroleum Exchange jumped by 50 cents to $51.22 a barrel

ABC Australia
Brent North Sea crude soared to an unprecedented $US51.65 and ended at a record high close of $US51.22, up 50 cents.

After a brief decline in prices on Thursday due to profit taking, the market bounced back when a US Department of Interior report showed only a "negligible improvement" in crude production from wells in the Gulf of Mexico, recently hit by devastating hurricanes.

Prices shot up earlier in the week after a US Department of Energy weekly snapshot showed US stocks of distillates - mostly diesel and heating oil - fell 1.9 million barrels to 119.0 million in the week ending October 15. It was the fifth consecutive weekly decline.

Please visit the link provided for the complete story.

Reports from the US Energy Dept. showed that US inventories of distilate fuels which include heating oil and diesel, dropped for the fifth consecutive week leaving supplies down 10% from this time last year. Coupled with the strong demand for heating oil this winter the prices have risen sharply and show no signs of abating. Forecasters are predicting a particularly cold winter for 2004.

CBS Marketwatch
Bloomberg

AceOfBase

posted on Oct, 25 2004 @ 05:40 AM

link

They reaced another new high today:

Forbes
Crude futures for December delivery hit a high of $55.67 Monday morning in European hours electronic trading on the New York Mercantile Exchange, up 50 cents from its record close Friday when the U.S. Energy Department reported a fifth straight drop in heating oil stocks. It was also an intraday record.

I don't know when we'll see the top.

jlc163

posted on Oct, 25 2004 @ 11:58 AM

link

How high, exactly, does the price of crude oil need to be in order for for it to be profitable to start major drilling in the United States?

J0HNSmith

posted on Oct, 25 2004 @ 12:03 PM

link

I liked the oil prices better when Saddam was in office.

[edit on 25-10-2004 by J0HNSmith]

slank

posted on Oct, 25 2004 @ 12:38 PM

link

.
Well it doesn't help that our 'Energy Policy' [read graft policy] was written by the oil executives manning the Whitehouse and Ken Lay, head of a criminally corrupt energy brokerage middle-man firm.

Let's see, Americans usually get their heads out of their *sses about the time they get hit with buckshot.

jlc163, quite high i would imagine, most of the easy oil in the US is gone.

You do know that simply blindly feeding an addiction is NOT a good idea or a way to cure it, don't you?
.