Oil Rises to Highest Since 2008 as Libya Unrest Stokes Concern

frawin · February 21, 2011, 09:20:42 AM

What bad timing for our government to force the oil companies and most especially the independents to reduce drilling and exploration. My guess is that gasoline will be higher tomorrow and it will continue to go up as the tensions in the Middle East get worse.
http://www.bloomberg.com/news/2011-02-20/crude-oil-rises-as-spreading-unrest-in-middle-east-prompts-supply-concerns.html

frawin · February 21, 2011, 01:05:23 PM

NYMEX Crude is trading at $95.375, up $5.675, in Electronic Trading. I filled up both vehicles early this morning, Regular gas was $2.95, it will be higher tomorrow.

sixdogsmom · February 21, 2011, 07:05:03 PM

I am concerned that with all the unrest among those Arab nations, one leader will emerge. And that will be the beginning of the end as they say. It looks like Iran is all set to take over the Suez, and I am not certain that Egypt is strong enough to repel such a move.

frawin · February 21, 2011, 09:30:06 PM

I haven't seen much if any effort on the part of Iran to take over the Suez. If Iran tried to control the Suez, I think there would be a lot of resisitance by the Saudis, Israel, Egypt, Western European Countries the US and some others.

frawin · February 22, 2011, 06:44:47 AM

Nymex Crude is trading at $95.975 for April, $97.675 for May, $98.80 for June and $101.875 for October.

frawin · February 22, 2011, 07:56:17 AM

Interestingly, the 2015 and 2016 NYMEX Crude Futures are trading in the $100.00 range. It will be interesting to see of those are long or short contracts, if they are to lock in a lower price or if they are to hedge drilling deals.

frawin · February 22, 2011, 08:13:28 AM

April NYMEX is trading at $97.05, up $7.35. We could see $100+ crude today.

frawin · February 22, 2011, 02:12:57 PM

April NYMEX Crude settled at $95.42, up $5.72 on the day. October Nymex, settled at $101.875, up $5.125. Unfortunately, the worst maybe yet to come.

frawin · February 23, 2011, 06:46:16 AM

Front Month NYMEX Crude is trading at $96.30, up $0.875. The summer months are all trading in the $98.00+ range. Any negatives in the Middle East will take crude over $100.00.