Crude Oil Closes Above $55; Tight Winter Supply Is Seen

[DuctapeFatwa]

il prices climbed again yesterday, closing above $55 a barrel for the first time, on concerns that supplies will be stretched thin this winter while demand from China remains solid.

Crude oil futures for December delivery rose 70 cents, or 1.3 percent, to $55.17 a barrel on the New York Mercantile Exchange. Heating oil futures rose 1.49 cents, to $1.594 a gallon, for November delivery. (The heating oil contract touched a record $1.60 a gallon during trading.)

Record demand for oil has pushed prices up by two-thirds this year while supplies have lagged....

http://www.nytimes.com/2004/10/23/business/23oil.html

[MADem]

1. If you heat with oil, fill that tank n/t

[DeepModem Mom]

6. As someone posted in GD2004, how much worse does it have to get...

before Bush is out of the race? Wake up, people! Bush has us in a handbasket toward hell --

[Kurt Remarque]

2. tons of profits for oil companies

[MercutioATC]

3. This might be a good time to get out of stocks,

if you haven't already, that is...

Election time, neutral at best economic numbers and high oil prices don't bode well for the next 2 months or so...

(disclaimer: I'm not a stock analyst, just somebody who tries to look at trends)

[althecat]

4. And M3 is down over the last 22 weeks

Ok not about oil.. but still bloody odd



NORMAL DATA - M3 GROWS

2004-01-05 8861.0
2004-01-12 8885.8
2004-01-19 8902.6
2004-01-26 8939.4
2004-02-02 8933.7
2004-02-09 8935.6
2004-02-16 8975.5
2004-02-23 8998.8
2004-03-01 9021.0
2004-03-08 9015.2
2004-03-15 9059.9
2004-03-22 9073.6
2004-03-29 9120.7
2004-04-05 9112.7
2004-04-12 9127.9
2004-04-19 9133.3
2004-04-26 9177.9
2004-05-03 9232.6
2004-05-10 9233.3

NOT NORMAL - M3 DOESN'T GROW

2004-05-17 9278.5
2004-05-24 9251.0
2004-05-31 9251.6
2004-06-07 9259.1
2004-06-14 9294.9
2004-06-21 9281.0
2004-06-28 9308.6
2004-07-05 9244.1
2004-07-12 9239.9
2004-07-19 9261.2
2004-07-26 9273.9
2004-08-02 9267.9
2004-08-09 9250.2
2004-08-16 9261.9
2004-08-23 9298.6
2004-08-30 9288.7
2004-09-06 9281.1
2004-09-13 9275.7
2004-09-20 9320.7
2004-09-27 9336.6
2004-10-04 9296.3
2004-10-11 9260.9

[SpiralHawk]

5. Thanks a pantload, BushCo

Ultimately, you are RESPONSIBLE for this mess, too.

At some point, the American peo[le will get it

[Barkley]

7. Here comes our "Winter of Discontent" - nt

[cliss]

8. Can it get worse?

I read that the Northeast part of the US is supposed to have a very, very cold winter. Arctic. And now the price of heating oil is almost doubled. I was worried about the people who might have trouble with their heating bills.

Here in Oregon it's not a huge problem. There's really only a short time when it gets cold. But it's only for a week or so.

But for the rest of the folks - stay warm :smoke: