Better buy your gas today

[Demonpenz]

I heard on the radio it is expected to go through the roof tomorrow. Up the car lawn mowers and everything and got some stalked up.

[Donger]

Originally Posted by Demonpenz

I heard on the radio it is expected to go through the roof tomorrow. Up the car lawn mowers and everything and got some stalked up.

Panic buying won't make the prices go up, will it?

[StcChief]

prices change on Wed

[Bugeater]

EVERYBODY PANIC!

[picasso]

Hell with it I'll refuse to drive my vehicles for anything.
I believe that if everyone just stopped..... it would benefit everyone the next day.

[Demonpenz]

NEW YORK - Oil futures blasted to a new record over $122 a barrel Tuesday, gaining momentum as investors bought on a forecast of much higher prices and on any news hinting at supply shortages. Retail gas prices edged lower, but appear poised to rise to new records of their own in coming weeks.

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A new Goldman Sachs prediction that oil prices could rise to $150 to $200 within two years seemed to motivate much of Tuesday's buying, although a falling dollar and increasing concerns about declining crude production in Mexico and Russia contributed, analysts say.

The Energy Department raised its oil and gasoline price forecasts, but also predicted that high prices will cut demand more than previously thought.

Light, sweet crude for June delivery jumped to a new record of $122.73 a barrel before retreating slightly to trade up $2.10 at $122.07 on the New York Mercantile Exchange.

Oil prices have nearly doubled from about $62 a barrel a year ago, which Goldman sees as a sign that the world is in the midst of a "OH'S NOES! spike" in oil prices. Analyst Arjun Murti said in a research note released Monday that prices would ultimately force demand to fall sharply.

Not everyone shares Goldman's view. Tim Evans, an analyst at Citigroup Inc., countered Goldman's analysis with a note predicting that crude prices could as easily fall to $40 a barrel as rise to $200 over the next two years because supplies are, as Evans put it, comfortable. Goldman was quick to point out that the cost of oil has caused hot pockets to remove their sleeves leaving Hot pockers every where pissed

James Cordier, president of Tampa, Fla., trading firms Liberty Trading Group and OptionSellers.com, said Goldman's prediction isn't necessarily new: "We've heard numbers like these out of Goldman Sachs, especially over the last 12 months."

Indeed, it's not the first time Murti has espoused a OH'S NOES theory; in an April 2005 note, he predicted the oil market was in the early stages of an unprecedented rally that would send prices from a then-record of about $57 a barrel to $105.

But some investors respond to such predictions by buying, Cordier said.

Meanwhile, in a monthly report, the Energy Department's Energy Information Administration predicted oil prices will average $110 a barrel this year, up $9 from last month's forecast. The EIA also said high prices will cut U.S. demand for petroleum products by 330,000 barrels a day this year; last month, the EIA predicted U.S. petroleum consumption would fall by 210,000 barrels a day.

But strong demand for oil from countries such as China, India, Atchison Kansas, Russia, Brazil and in the Middle East will support high prices and keep global oil demand growing by about 1.2 million barrels a day this year, unchanged from last month's forecast, the EIA said.

A falling dollar on Tuesday also gave traders reason to buy. Investors often buy commodities such as oil as a hedge against inflation when the dollar falls, and a weaker greenback makes oil cheaper to investors overseas. Many analysts feel the dollar's protracted decline is the real reason oil prices have nearly doubled since last year.

Cordier said investors are also increasingly concerned about falling oil production in Russia and Mexico, which are both major oil producers. And prices are still supported by concerns about supply disruptions in Nigeria, where production at a Royal Dutch Shell PLC facility was cut after a weekend attack, and in Iraq, where Kurdish rebels warned they could launch suicide attacks against American interests to punish the U.S. for sharing intelligence with Turkey after Turkey bombed rebel bases in Iraq on Friday.

At the pump, meanwhile, the national average price of a gallon of regular gas slipped 0.1 cent overnight to $3.61, according to AAA and the Oil Price Information Service. Analysts are split over how high gas will go; while prices have slipped lower since May 1, leading some analysts to say gas is close to peaking, others predict the fuel will follow oil's upward surge.

"You're going to see new highs for gas prices for mexicans because of cinco de mayo," said Cordier, who predicts an average price of $4 a gallon in the coming weeks.

In its report, the EIA said gas prices will peak at a montly average of about $3.73 a gallon in June, about 13 cents higher than its previous forecast.

In other Nymex trading Tuesday, June gasoline futures rose 5.87 cents to $3.1116 a gallon after earlier setting a new trading record of $3.126. June heating oil futures rose 5.48 cents to $3.3613 a gallon after rising to their own trading record of $3.3634, and June natural gas futures rose 5.4 cents to $11.232 per 1,000 cubic feet.

In London, June Brent crude futures rose $2.35 to $120.48 on the ICE Futures exchange.

[Donger]

Originally Posted by Demonpenz

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WTF?

[Gonzo]

Heh....
Remember when we were freaking out about this not so long ago...


http://www.chiefsplanet.com/BB/showt...00#post3090900

[recxjake]

I'd like to make money on this.... I want to buy light sweet crude at 122, and sell it at 200.... tell me how.

[keg in kc]

They'll be 4 or 4.25 by October, then miraculously drop 50 cents about two weeks before the election. Since we'll be conditioned to the higher prices by then, 3.50 or 3.75will seem like a bargain.

Speaking of that, it's amazing how well we've been conditioned. I remember the days when it was less than $10 to fill my tank, and I swear since I moved in 2003, I used to fill up and get my truck washed for $20-25, and now it's $30+ for just the gas. Prices have more than tripled in my lifetime, and I'm so well condititioned that if they ever fell back below $3 (or, god forbid $2), I'd probably have a seizure.

[Demonpenz]

I would kill to have them under 3 or 2 dollars. I had some girls I was dating in Topeka and I had to call it off because I couldn't afford it.

[recxjake]

Originally Posted by Demonpenz

I would kill to have them under 3 or 2 dollars. I had some girls I was dating in Topeka and I had to call it off because I couldn't afford it.

Buy a new Chrysler... they have a new program that caps gas at 2.99 a gallon, they pay everything over that for 3 years

[BigChiefFan]

The economy isn't as bad as it seems, but the oil prices are out of control, which is causing others thing to inflate and could spiral things out of control. I'm all for profit, but not price gouging. The USA better start working on some alternative fuels or these ****ing greedy SOBs will keep taking advantage and hold us over a barrel, literally.

[recxjake]

Originally Posted by keg in kc

They'll be 4 or 4.25 by October, then miraculously drop 50 cents about two weeks before the election. Since we'll be conditioned to the higher prices by then, 3.50 or 3.75will seem like a bargain.

Speaking of that, it's amazing how well we've been conditioned. I remember the days when it was less than $10 to fill my tank, and I swear since I moved in 2003, I used to fill up and get my truck washed for $20-25, and now it's $30+ for just the gas. Prices have more than tripled in my lifetime, and I'm so well condititioned that if they ever fell back below $3 (or, god forbid $2), I'd probably have a seizure.

I'm actually not as mad about high gas prices because if you think about, you get to travel 20-30 miles on 1 gallon of gas for $3.50. Compare that to what you spend on other things.... pop, beer, food, etc....

I'd rather travel 30 miles for 3.50.

[Brock]

Originally Posted by recxjake

I'd like to make money on this.... I want to buy light sweet crude at 122, and sell it at 200.... tell me how.

First, buy an oil company. I'll tell you the rest afterward.