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View Full Version : Brent barrel price below 100$


eagle21
9th Sep 2008, 20:21
I think this is news and very important for us all. We all know that prices will go up again but so far the forecast of over 200$ at the end of the year are highly unlikely.

Who is hedging now? It would be very interesting to have a list of airlines with the price they have hedged for fuel.

eidah
9th Sep 2008, 20:41
I believe Ryanair have hedged for the first 3 quarters of this financial year at $125 a barrel :D

Nubboy
9th Sep 2008, 20:45
...plus the sterling plummeting against the US$...........:ugh:

Rainboe
9th Sep 2008, 21:05
Predicted about 7 weeks ago (http://www.pprune.org/spectators-balcony-spotters-corner/335778-soaring-fuel-prices-solution-horizon.html#post4275119)
Because there was a spike in prices, naive idiots projected the costs to $200 and more and start bleating on about 'Peak Oil' (more absolute nonsense). You cannot project a stock market rise or fall or commodity price change indefinitely. The previous controlling factors will come back into play, as in last year's market forces.
My prediction in July of $80....how many weeks then? Not really the $200 people liked quoting to each other, is it? Bomb Iran and it might spike for a little while, but the trend is definitely $80, but even that might seem a bit high soon with other economic forces precipitating a world recession.

But Jeez don't some people make fools of themselves with their daft predictions? I blame it all on the curse of modern life- greens with their heads in the clouds (preferably in the ovens)

walu
9th Sep 2008, 21:27
What about the affect the US elections will have on the world economy if the worlds favourite politician doesn't win this time? I know it's not economically tied to the subject but confidence is the measure of the worlds economy isn't it?
Who's got intentions to sever reliance on Arab Oil when they win these elections too?
I'm not interested in the price per say but the politics behind it all and certainly who's pulling the strings with this vital commodity.
That's my 2 cent's worth.

Right Way Up
9th Sep 2008, 21:41
The problem with the $200 barrel predictions were that they came from companies with a vested interest in rising oil such as Goldman Sachs. Unfortunately as ever people tend to get suckered in by these companies & the coverage by the media. Unfortunately now oil could be the least of our worries.

SR71
9th Sep 2008, 21:52
rubik101,

http://www.pprune.org/4272746-post186.html

What was that about living in cloud cuckoo land?

;)

Rainboe
9th Sep 2008, 22:44
per se as what it should be writ! (http://en.wikipedia.org/wiki/Per_se) Better to avoid latinisms unless you understand them walu!

It's all politicians bluster. He cannot sever reliance on foreign oil or move the US to behind a trade wall! Oil may not get in, but shiny new Boeings will not get out either! It's called 'free trade' and God help any fool who tries to ruin it.

You can blame commodity brokers and large oil corporations, but most of all, blame greedy overspending western governments screwing their electorates for any excuse to drag more taxes out of them! Half the cost of UK petrol is UK taxation! How obscene is that considering it is the means for industry to turn and people to travel to work?

oopspff7
9th Sep 2008, 23:42
Rainboe,having read this forum for a couple of months,I think you have your finger on the pulse of what is really happening more than anyone I know.:ok: If you and Clarkson could get together then this country could be sorted in no time.:ok:

bermudatriangle
10th Sep 2008, 00:14
i drew attention to a report which stated crude oil would trade at well below $100 per barrel by the autumn and was ridiculed by the "better informed" contributors to these forums.i hope they are reflecting on their misguided critisism and concede that they were very,very wrong to predict the oil crisis would continue,in an uncontrolled spiral,eventually destroying our industry.

Avitor
10th Sep 2008, 00:19
It's a certainty, if oil does dip in price, our friendly government will slap 2p tax on the price of a litre.

Rainboe
10th Sep 2008, 00:49
Rainboe,having read this forum for a couple of months,I think you have your finger on the pulse of what is really happening more than anyone I know. If you and Clarkson could get together then this country could be sorted in no time.

Thank you Sir! I think it is bare common sense. I thought you were going to hit me with abuse- my remarks are often unwelcomely received!
I defer to Clarkson- my name should not be mentioned in the same sentence! I voted in the poll for him to be PM. The next bit of common sense is to get this bunch of crooks out as soon as poss. Get the other lesser bunch of crooks to behave themselves and stop spending our money like water (in particular on the country's best pension benefits....for themselves!). Remove their incredible tax free status (for themselves), and stop selling honours, both lots of them.

Then we can guillotine the lot of them in Westminster Square (lefties first) and install Clarkson. The UK will have a golden age again! Make bad grammar a capital offence, ban all hoodies (they'll be in the army anyway).....any more?

Overdrive
10th Sep 2008, 01:12
rubik101,

Quote:
http://www.pprune.org/4272746-post186.html
What was that about living in cloud cuckoo land?

http://static.pprune.org/images/smilies/wink2.gif



Predictions should always be made verbally to small audiences :p

PAXboy
10th Sep 2008, 04:00
Not so fast laddie ...


Opec agrees oil production curb

Opec has told its members to strictly limit their production to agreed quotas as Brent crude dipped below $100 a barrel for the first time since AprilBBC NEWS | Business | Opec agrees oil production curb (http://news.bbc.co.uk/1/hi/business/7607508.stm)
02:23 GMT, Wednesday, 10 September 2008

v6g
10th Sep 2008, 05:12
bleating on about 'Peak Oil' (more absolute nonsense)

And how exactly does a few weeks (or even a few years) of a falling oil price, during a time of global economic contraction or slowing growth, disprove the theory of peak oil?

rubik101
10th Sep 2008, 09:45
$104 and rising.........I predict it will go higher still.
Oil is the price it is to punish the gas guzzling US of A for it's excessive consumption. It is economic terrorism and has nothing much to do with the availability of crude oil.
Osama has threatened producers with retaliation if they don't keep production levels where they are now.
That is my take on the situation.
Any other theories as to why it has doubled then tripled in price in one year?

Chippie Chappie
10th Sep 2008, 10:06
Supply and Demand + Speculation ?? :}

Chips

Fareastdriver
10th Sep 2008, 15:48
Supply and Demand + Speculation ??

Once a tanker is loaded with crude and sets sail there is nothing set in stone as to the fate of its cargo. It will be sold and resold during its voyage and may well end up at a completely different destination. Not only that the cargo can be split up. In my area of operations it is not unusual to see tankers moored up together and transferring cargo at sea. In extremis a tanker could well return to its point of departure having transferred the whole lot.
Anything to make a quick buck.

haughtney1
10th Sep 2008, 16:56
$104 and rising.........I predict it will go higher still.

Currently $102.08 and falling.......ever worked in weather forecasting Rubik101?

rubik101
10th Sep 2008, 18:39
Rex Banner, this is Jet Blast for heaven's sake! What tripe you write.
Haughtney, care to check this minute and you will see Brent Crude is $105.55

haughtney1
10th Sep 2008, 20:40
Gosh Rubik its now at $101.26

Dougal McGuire
11th Sep 2008, 11:24
now at $96.26 hey hey!!!:ok:

HKPAX
11th Sep 2008, 12:06
If me or you guys could predict the price of oil - even from Monday to Tuesday, never mind week-to-week m/m / y/y we would most definitely NOT have to work for a living. I do not envy airline operators having to second guess this: to hedge or not to hedge, perchance to F*** up big time.

frostbite
11th Sep 2008, 15:40
I predict the price of oil will be $47 a barrel at the end of September.











(I very much doubt it, but I will still be closer than the $200 a barrel merchants)

brickhistory
11th Sep 2008, 15:42
I predict the price of oil will be $47 a barrel at the end of September.

Ever thought of running for Prime Minister*, or President?

How about leader of the world?

With that price guarentee, I'd vote for you!



*(yes, I know it's not a direct election kind of thing)