10:55 EDT 8/1 - Nymex Crude Trading at $78.61 - Beats 2006 Intraday Record

[hatrack]

http://www.nymex.com/index.aspx

[AndyA]

1. All across the country, gas stations have already begun changing prices.

Up .20 due to this news...

:sarcasm:

[Old and In the Way]

2. We've spent a trillion dollars to get the price of oil to that level.

These Republicans are pros....

[hatrack]

3. Update - Crude Stocks Off 6.5 Million bbl: Analysts Expected -700K - New High $78.70 - CNN

NEW YORK (CNNMoney.com) -- Oil prices set a record high Wednesday, nearing $79 a barrel, as refineries ramped up output and took a big chunk out of crude supplies.

Oil prices then pulled back as traders took profits and focused on the large additions to gasoline and heating fuel supplies all that refining produced.

U.S. light crude for September delivery fell 41 cents to $77.80 a barrel on the New York Mercantile Exchange. Oil hit a high of $78.70 just after the report's release, surpassing its old trading high of $78.40 a barrel.

In its weekly inventory report, released a few minutes early apparently due to a mistake, the Energy Information Administration said crude stocks fell by 6.5 million barrels last week. Analysts were looking for a drop of 700,000 barrels, according to a Reuters poll.

EDIT

http://money.cnn.com/2007/08/01/markets/oil_eia/index.htm?postversion=2007080110

[phantom power]

4. The Big Oil Machine isn't running so smoothly these days.

It's interesting, how poorly the predictive-models of these "analysts" have been working lately.

[GliderGuider]

5. There's an oil pricing unit called the "Yergin"

Named after Daniel Yergin, head honcho at CERA. The "Yergin" is a unit of $38, so denominated because of Yergin's most notorious bad prediction that oil would decline from $50 to $38 a barrel by November 2005 (oops Katrina, oops Rita...). So oil is now trading over two yergins.

[hatrack]

6. Also, don't forget the Yergle - that is, $38 squared or $1,444

We may soon be able to speak in terms of milliyergles or deciyergles.

[phantom power]

7. Maybe we're a headline away from a 3rd Yergin.

That's almost as fun as a Friedman Unit.

[Dogmudgeon]

8. That's Yer 2.06868 in price.

I guess the Simmons is $190 based on his late-2005 prediction of $190/bbl being the first post-peak stable oil price.

So that's a price of Sim 0.4137368, right?

--p!

[Nihil]

9. Hmmm ...

> In its weekly inventory report, released a few minutes early apparently
> due to a mistake, the Energy Information Administration said crude stocks
> fell by 6.5 million barrels last week. Analysts were looking for a drop
> of 700,000 barrels, according to a Reuters poll.

Wonder if anyone was fortunate enough to profit from this "mistake" ...?

:think: