Friday September 21, 2007 
Friday September 21, 2007
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
Comments:
Post a Comment:
Comments are closed for this entry.
Most popular blog postings on lowem.log :
1. Singapore SIBOR interest rates fall to 1.5%, lowest since Dec 2004
2. Singapore SIBOR rate falls to 1.31%, lowest since Nov 2004
3. Live spot gold price quotes chart on COMEX
4. Fuel prices seen stoking Malaysia inflation in 2008
5. 2010 Honda Civic Hybrid preliminary specifications released
6. Singapore SIBOR rate fell to 1.25% in Apr 2008, lowest since Aug 2004
7. Malaysia inflation rate jumps to 7.7% in Jun 2008, a 26-year record high
8. Singapore : electricity tariffs to increase April 2008 on rising oil prices
Featured articles on lowem.log :
1. ABC Guide to Beating Inflation in Singapore and Elsewhere
2. Singapore inflation rate hits new 26-year high of 7.5% in Apr 2008
3. Singapore : Bread price inflation continues
4. 2010 Honda Civic Hybrid preliminary specifications released
5. Peakoiler buys 2008 Honda Civic Hybrid FD3
6. How to insert currency exchange rates into Google Spreadsheets
7. Singapore SIBOR rate falls to 0.94% in Nov 2008, lowest since Jul 2004
8. Singapore : Inflation erodes away bank savings
| archives | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| search | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Custom Search
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| sponsored links | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| bookmarks | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
about
sites
blogroll
forums |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| navigation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| decals | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| powered by | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| hosted by | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
