Oil May Surge to $220 If Libya, Algeria Halt, Nomura Says

frawin · February 23, 2011, 08:41:18 AM

Maybe this would get our attention and we would get busy with developing our own reserves and above all do away with the gas guzzlers. One thing for sure it would really wreck the world economy.

http://www.bloomberg.com/news/2011-02-23/oil-may-surge-to-220-a-barrel-if-libya-algeria-halt-output-nomura-says.html

frawin · February 23, 2011, 11:17:25 AM

May, June and July NYMEX Crude are over $100.00. The number of contracts trading is not very high.

frawin · February 23, 2011, 02:29:36 PM

April Nymex settled at $98.10, up $2.675, May $99.82, up $3.02, June $100.64, up $2.99, July $101.22, up $2.945, the rest of 2011 closed about $101.00. April had a large volume of contracts , May had a medium volume and the rest of the months had very few contracts done.

frawin · February 24, 2011, 06:25:56 AM

Front Month April NYMEX is trading at $100.65, up $2.55, the outer Months are in the $102.00 t0 $104.00 range. Brent Crude is trading in London at $119.00.

frawin · February 24, 2011, 07:28:08 AM

There is more talk that the rebellions in the Middle East could spread into Saudi Araibia, if that happens you will see oil really go up. This is not good for a world economy already struggling to recover. Hopefully our government will wake up and realize that we need to develop our own reserves, if we started today it would take 5-10 years to make an appreciable difference in our domestic production. We also need to reduce the waste in energy by going to more economical engines. We remain the most wasteful nation on Earth and it is coming home to haunt us.

frawin · February 24, 2011, 08:00:40 AM

Yesterday I had a long visit with a friend in Dallas that is in the oil business and he made a good point, he said what disturbed him was that the liberals, Democrats, would rather pay more money to our enemies for oil than give benefits and encouragement to the American oil companies. The American oil companies are owned by 100s of thousands of American people, they provide jobs to 100s of thousands of Americans, the reserves they develop in America are secure. The oil we import is subject to Foreign governments, many of which are our enemies. We are going to pay for our narrow thinking. I don't understand the people who would rather depend on and pay money to Libya, Venzuela, Nigeria, than to benefit our own people.

Roma Jean Turner · February 24, 2011, 08:27:51 AM

It is just been unbelievable to watch how the ball has not only been dropped,but thrown away time and again. To watch this country become so dependant is scarey and to me heartbreaking.

frawin · February 24, 2011, 09:08:18 AM

Roma Jean, I agree 1000%. The friend in Dallas I was talking to made a point, he said additional taxes on the Oil and Gas Industry would only reduce energy development and create more dependence on Foreign oil. His point was if we develop our own oil we would create more jobs in America, reduce our dependence on foreign oil, reduce our trade deficit, strengthen the dollar, a win-win-win-situation.

Diane Amberg · February 24, 2011, 09:23:16 AM

So all the Repubs. are going to give up their gas hogs to make a political point?

Gas, gas, gas, gas! Get going on the gas! We have plenty and many of us are ready for it right now. My house could have a refill port very easily and my car could be retro fitted without too much bother I think, or perhaps I'd buy a new one anyway since it's old.

frawin · February 24, 2011, 03:10:40 PM

April NYMEX closed at $97.28, down $0.82, July NYMEX out thru Feb-12 Nymex all closed above $100.00. The big question now is what happens in Saudia Arabia, Libya and Algeria. Most if not all of the Libyan crude goes to Western Europe thru the Mediterranean, if Libya is shut down that will back some crudes out of our supply.