SubscribeAll Posts Tagged With: "price of oil"
$200 Dollar Per Barrel for Next Year?
"Jeff Rubin believes that oil prices are going to escalate much higher. In his book Why Your World is About to Get a Whole Lot Smaller, Rubin foretells $200 oil and a vastly transformed global economic picture coming into focus very soon.
The premise of Rubin’s book is that oil is a finite resource and so-called ‘easy’ oil is waning. Inevitably production will be unable to keep up with the growing demand worldwide, and the price of oil will skyrocket.
The chief economist at CIBC World Markets in Canada for 20" Rubin correctly predicted the price of oil reaching $50…
7Sep2009 | The Real Deal | 0 comments | ContinuedOil Going to $200 Under Obama
(snip)
The saga of North American oil is well underway. The current financial crisis, triggered in part by the global oil crisis, is only serving to mask the decline of oil supply in this region. That the supply of oil would move in reverse to the advance in price over a 6 year period—a sustained period—is a brutal fact that can no longer be denied. Remember, much of this oil is extracted with the benefit of the latest technology and profit-maximizing, “rational” actors. While this is less true in Mexico, I maintain that PEMEX, the state run oil company, while…
6Apr2009 | The Real Deal | 1 comment | ContinuedFormer Talisman Energy CEO says low oil prices only temporary
Consumers shouldn’t get too comfortable with cheap gasoline, because the planet is running out of oil and prices will go "sky high" — as high as $20 per litre — as petroleum reserves dwindle in the coming years.
That’s the view of Jim Buckee, the British oilman who was CEO of Calgary-based Talisman Energy Inc., one of Canada’s largest energy producers, from 1993 to 2007.
Black oil has peaked," he said in telephone interview this week. "The biggest oilfields in the world have been producing for 50 years and they’re all getting tired."
He says no giant oilfield, capable of replacing those…
16Jan2009 | The Real Deal | 0 comments | ContinuedOil dips under $50 on fears of deep recession
By PABLO GORONDI
Associated Press
Oil prices plunged over $3 Thursday, briefly dipping below $50 a barrel as 16-year high U.S. unemployment figures and plummeting stock markets caused investors to price in lower crude demand.
Light, sweet crude for December delivery was down $3.25 to $50.37 a barrel in electronic trading on the New York Mercantile Exchange by early afternoon in Europe.
Crude briefly dipped below $50 for the first time since Jan. 18, 2007 when prices struck $49.91, just a penny above the 2007 low.
On Wednesday, the contract fell 77 cents to settle at $53.62.
In London, January Brent crude fell $2.89 to $48.83…
20Nov2008 | INO | Comments Off | ContinuedOPEC Cuts Output by 1.5 Million Bpd as Oil Prices Slump
The Organization of Petroleum Exporting Countries (OPEC) Friday said it would cut oil production quotas by 1.5 million barrels a day in an attempt to put a floor under oil prices, which have plunged nearly 60% from their July record.
"Oil prices have witnessed a dramatic collapse – unprecedented in speed and magnitude," OPEC said, adding that prices have fallen to levels that could jeopardize "many existing oil projects and lead to the cancellation or delay of others, possibly resulting in a medium-term supply shortage."
The 1.5 million-barrel daily reduction exceeded the expectation of many analysts, but failed to rally crude…
27Oct2008 | Money Morning | Comments Off | ContinuedOil Prices: 2 Ways to Hedge Against Global Oil Demand
Hurricane Ike is bearing down on the oil fields in the Gulf of Mexico, the Saudi’s are cutting back on production, there’s been little reduction in demand from Asian countries… and yet oil is in retreat.
Why doesn’t supply and demand seem to apply to oil? Well – as we’ve been witnessing the past few weeks – it does. Oil prices are now on the verge of breaking through the $100 barrier.
In response, the stocks of companies who are even remotely connected to its production and distribution have gotten punished – down by 50% or more in some cases – in…
17Sep2008 | Investment U | Comments Off | ContinuedFour Ways to Fight the “Oil-Flation Epidemicâ€
Want to know what the price of a barrel of oil will be in eight years?
Exactly $119.50 a barrel.
There’s no shortage of pundits predicting where oil prices are heading. And every day seems to bring new reasons to change the forecast – a resurgent dollar, Americans curtailing their driving habits, oil supply reports… The list goes on.
But the guys who really know the future of oil prices are those sitting right in the driver’s seat – oil producers.
Every day, they make bets about the direction of petro prices on the futures market. And right now, they’re telling you – in…
3Sep2008 | Money Morning | Comments Off | ContinuedKeeping a pulse on $200 oil
As much as the Freddie and Fannie bailout might occupy our attention today, we can’t overlook the story that could easily bring about $200 oil.
Over the weekend, the Times of London had a breathless piece about how Team Bush has given Israel the “amber light” for an attack on Iran, attributing this to a proverbial “senior Pentagon official” who said, “Amber means get on with your preparations, stand by for immediate attack and tell us when you’re ready.”
15Jul2008 | Desidooru Saloon | Comments Off | Continued“It’s really all down to the Israelis,†the Pentagon official added. “This administration will not attack Iran. This has already been decided. But…
Oil “Bulls” its Way Above $139 on its Way to a New Record as the U.S. Dollar Resumes its Descent
Crude oil for July delivery traded at an all-time high of $139.12 a barrel on the New York Mercantile Exchange today (Friday), after the U.S. dollar nosedived on speculation that the European Central Bank would raise its key lending rate and on worries that a bigger-than-expected spike in unemployment meant the U.S. economy was far weaker than feared.
For the day, July crude oil soared $10.75, or 8.4%, to close at an all-time high of $138.54. For the week, the contract climbed 8.8% on the NYMEX.
The still-weak greenback today fell more than 1% to $1.5674 per in late-afternoon trading – its…
7Jun2008 | Money Morning | Comments Off | ContinuedWith Oil Nearing $130, Kicking the “Oil Addiction†Looks Like the Sole U.S. Hope
Oil prices set a new record just shy of the $130 a barrel level yesterday (Tuesday), despite a concerted – though probably futile – effort by the U.S. government to rein in the runaway commodity.
Crude oil for June delivery reached $129.331 per barrel on the New York Mercantile Exchange, eliciting dismissive comments from industry experts who say the United States attempts to bring prices down have already been checkmated. Indeed, after a series of repeated failures in that venue, it’s clear the final United States recourse is to break what President George Bush referred to in 2006 as an “oil addiction.”
And that…
21May2008 | Money Morning | Comments Off | Continued
Loading ...
