NYMEX oil hits $84.10

U.S. crude oil futures soared above $84 a barrel in electronic trading after closing above $83 in the regular open-outcry session, setting all-time records on Thursday [20 Sep 2007]. Prices hit new highs for the seventh consecutive session as close to a third of U.S. oil production in the Gulf of Mexico had been shut down, a precaution against a tropical disturbance turning into a storm as it enters the oil-rich region.

On the New York Mercantile Exchange, October crude, which expired at the close, settled at a record $83.32, gaining $1.39 or 1.7%, after trading between $81.77 and $83.90. It then surged in Globex electronic trading to $84.10, up $2.17 or 2.6%, the loftiest level since NYMEX launched crude oil futures in March 1983. It broke the previous record of $82.51 set on Wednesday, after government data showed a large 3.8 million barrel drawdown in crude stocks last week.

- Usually the prices decline as the futures expiry draws closer, but this time it went on to set new records right up until the close, and then *after* it. This is new. NYMEX crude has been setting record highs every day straight for the past 7 days. This is also new.

Word on the street earlier was that it would hit $84 to $85, which it did. I'm still musing about a bounce off $78 to make this a double bottom, to launch it into the $90's and $100's.

See also :

1. Oil rises to record $81.18 (18 Sep 2007)
2. Oil hits record $80.18 (13 Sep 2007)
3. Oil hits record high of $78.77 a barrel (1 Aug 2007)
4. Crude oil hits $78.40 - new all-time record high (13 Jul 2006)

(2007-09-21 10:43:53 SGT) [Energy] Permalink

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