Thursday April 10, 2008

Crude oil hits record $112.21 per barrel

This article belongs to the NYMEX crude oil price records story arc.

nytimes.com :

Oil rose more than $2 a barrel, after touching a record $112.21, and gasoline jumped to the highest ever after the Energy Department reported an unexpected decline in crude supplies on Wednesday [9 Apr 2008]. The department reported a drop of 3.1 million barrels in oil stockpiles. The intraday record of $112.21 a barrel was the highest since Nymex futures trading began in 1983. Antoine Halff, head of energy research at Newedge USA in New York, said: "Domestic demand isn't great but that's not important. Global demand is still growing and that's what matters."

Oil's 80% gain in the last year is the second biggest among 19 commodities on the Reuters/Jefferies CRB Index, trailing only wheat, which has doubled. Rising global demand for raw materials and a weakening dollar have led to records this year for raw materials including corn, soybeans, rice and gold.

- Crude oil has once again broken through the resistance level of $110 and went on to set a new record. The next resistance levels are probably going to be at $120, $150 and $200. Support levels are at $105, $100, $95, $89 and $85, and don't bet on the last 2 or 3. It was amazing to watch as the price of NYMEX crude oil built up momentum from the $100-105 range, boosted to $106, and then shot up from $108 to over $112 within the past few trading sessions.

The peakoiler community would also like to point out that we are within shouting distance of 3 Yergins which would be $114, 1 Yergin unit being $38 (which is the price he famously said oil would fall to). We peakoilers point it out from time to time just to rub it in and to show how far wrong that particular forecast has been. I think this could easily take place within the next consolidation phase of $110-120 or thereabouts.

See also :

1. Oil hits $111.00 high, breaking records 7 trading days in a row
2. Crude oil hits $110.20 record on dollar fall
3. Crude oil reaches $109.72, breaks records for 5 days running on weak dollar
4. OPEC keeps output steady in face of $100 oil

(2008-04-10 12:39:54 SGT) [Energy] Permalink

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