Crude Oil drops below $127

kluivert

Just looking at the business section of the irishtimes.com and they have reported that oil is under $127 dollars. Thats $20 lower from its high of $147 dollars a couple of weeks back.

When are we going to see a drop in fuel prices.

BBC reported that supermarkets in the UK are dropping there fuel prices by 3-4p a litre.

Surely we have a pro rato reduction in prices as well.

Max_Damage

Happy days.

bazz26

Noticed yesterday alright that the price of diesel has dropped at my local filling station by 1c a litre.

Cionád

Yea, I've been keeping an eye on the barrel price dropping. Last week was the largest weekly fall ever, down 16 dollars. Down 4 more since the weekend.

Local Tesco down to 137.9, Esso to 138.9 for diesel, from 139.9 and 140.9 respectively.

Try to update this site if ya's can: http://www.pumps.ie/

kluivert

1c a litre - wow - big move!!

Need to find out what price fuel was at the pumps when crude oil was this price a couple of months ago.

Hopefully, the weather will stay good in Amercia and the Middle East will quiet fighting with each other, which should reduce the price further still or at least stabilise it.

Fingers crossed that Russia drills some new oil wells and the Saudi's produce more barrels per day (am not in favour of this last point though).

Cionád

kluivert wrote: »

1c a litre - wow - big move!!

I know, its typical, they are quick to increase, but when it comes to decreasing, theres a lag :rolleyes:
...

Hopefully, the weather will stay good in Amercia and the Middle East will quiet fighting with each other, which should reduce the price further still or at least stabilise it.
Hurricane season is just beginning Middle east not as volatile

Fingers crossed that Russia drills some new oil wells and the Saudi's produce more barrels per day (am not in favour of this last point though).
How about crackin' those Shell2Sea heads and start drilling ourselves Read an article in National Geographic, the supply has pretty much stabilized since 2005(consumption = new discoveries), so it would be great if someone found a bonanza - which is unlikely tbh

.

cashmni1

As far as I can remember, when the price hit an all time high ($147 a barel) the prices went up to what they are today. €1.46.9 p/l diesel €1.3 something for petrol.
They didn't come down in Cork as far as I can see. Maybe soon......yeah right!

Cionád

cashmni1 wrote: »

As far as I can remember, when the price hit an all time high ($147 a barel) the prices went up to what they are today. €1.46.9 p/l diesel €1.3 something for petrol.
They didn't come down in Cork as far as I can see. Maybe soon......yeah right!

It still varied a lot throughout the country. The most I've paid for diesel this year is 139.9. (Kildare)

The diesel price ballooned in May. In April the price was 119.9, on the 4th May it was 122.9. By the 20th May it was 136.9. [ from my receipts ]

kluivert

Well they found Gold in Monaghan, and sure there's Oil somewhere there too.

Watching something on Sky over the weekend about a small drilling company, started drilling in Russia (somewhere in the middle of nowhere) but you can only get to it well the Ice is frozen. But they reckon their well has ample supply.

Id say there loads of oil on Mars!!

L-M

Car is fairly low on juice, need to fill it up soon. Will i wait another day or two or will i just fill now?

chris85

I would say another week before any major price drop in fuel at the pump.

kluivert

Limerick-man wrote: »

Car is fairly low on juice, need to fill it up soon. Will i wait another day or two or will i just fill now?

You will be waiting awhile, go and fill it up.

Cionád

kluivert wrote: »

Id say there loads of oil on Mars!!

How much jet fuel would be needed to launch an oil tanker into space :D

There's plenty of coal left, how about steam powered cars again!

TheBazman

Oil has broken a couple of key technical levels and looks as if it can go lower. Hurricane Dolly is turning out not to be as bad as expected. I think also there is a fear among speculators that the authorities are serious in planning something to bring prices back down (what that will ultimately be who knows). I suppose one warning is that each of the past few months we have had decent moves lower only to have it bounce back to new highs shortly afterwards

RobAMerc

news yesterday said tesco and Asda were about to go head to head in a fuel price war !

Now why does that not happen here ? Oh yea I forgot FF are still in government = no competition.

kluivert

TheBazman wrote: »

Oil has broken a couple of key technical levels and looks as if it can go lower. Hurricane Dolly is turning out not to be as bad as expected. I think also there is a fear among speculators that the authorities are serious in planning something to bring prices back down (what that will ultimately be who knows). I suppose one warning is that each of the past few months we have had decent moves lower only to have it bounce back to new highs shortly afterwards

Based on that Graph it would appear that it will go back up as people feel that they are buying in at a low price now to make quids in later on. (The RED Line).

Be interesting to see the prices adjusted for inflation as well.

Be nice to buck that trend and prices return to below $100 a barrel.

GF is spending an extra 10-15e a week on diesel compared to Jan 08.

L-M

RobAMerc wrote: »

Now why does that not happen here ? Oh yea I forgot FF are still in government = no competition.

Lol, i can't imagine our faithful boardsies will come out guns blazing in reaction to that:D

I'm gonna just fill it up.

JHMEG

Topaz/Statoil/Benchmark Motorcard is 132.04c/144.89c today.
Will see what it is tomorrow.

VERYinterested

I bought petrol last night in the Texaco Service Station in Rathfarnham and I was amazed to see the price had dropped to €129.9, the first drop I had seen for months, it was previously €133.9 last week in this garage, it was reduced on Monday, no drop in their diesel prices though.

L1011

JHMEG wrote: »

Topaz/Statoil/Benchmark Motorcard is 132.04c/144.89c today.
Will see what it is tomorrow.

132.04c cause it changes on Friday nights the past few weeks?

MarkN

I got unleaded for 132c Esso on Navan Rd this morning.

First time in ages it cost "only" €75 to fill from almost empty.

Damien360

If you watched the diesel price in the last few weeks you would have seen the price track the stock market price exactly on each day less 4c.

To explain, barrel at 147 dollars then diesel was 1.43 Euro. Obviously my local garage owner knows a few arabs and is buying directly plus shipping it to his tanks overnight.

Now that the barrel hit 127 dollars I expected a drop at the pump but that has not happened. As the hurricane off the US coast approches and investors push the price back up, I expect to see the price at the pump climb again and reach parity with the price of the barrel.

Although this comment will draw out all the people claiming "cost of buisness here is high", I say this without remorse.....Ireland is a ripoff.

kikel

Shhhhhh!!.......
Don't tell anyone...... I'm gonna go down on you....
...And you're gonna love it...........
........But it's only going to be long enough to let you start enjoying it........
....Then I'm gonna come back up again and screw you big time.....

Lots of love,
Petrol prices xx

kluivert

kikel wrote: »

Shhhhhh!!.......
Don't tell anyone...... I'm gonna go down on you....
...And you're gonna love it...........
........But it's only going to be long enough to let you start enjoying it........
....Then I'm gonna come back up again and screw you big time.....

Lots of love,
Petrol prices xx

While I see where you are going with this I wonder what the mods think.

Cionád

kikel wrote: »

Shhhhhh!!.......
Don't tell anyone...... I'm gonna go down on you....
...And you're gonna love it...........
........But it's only going to be long enough to let you start enjoying it........
....Then I'm gonna come back up again and screw you big time.....

Lots of love,
Petrol prices xx

That's hilarious!!

(and true )

kikel

kluivert wrote: »

While I see where you are going with this I wonder what the mods think.

I did change a few words to make it suitable for the forum. Hope it hasn't caused offense. Mods please delete if you feel it's not appropriate.

charlesD

It is a sad commentary on our current situations that I was excited when the gas was only 3.89 yesterday...

Cionád

charlesD wrote: »

It is a sad commentary on our current situations that I was excited when the gas was only 3.89 yesterday...

That same gallon would cost you $7.72 here. [@1.30 eur/litre]

Balfa

Yeah, our prices of ~$3.80/usgal are nothing to be concerned with, charles. Even if I was paying $7.72 (I came to the exact same number You have passed my maths exam) a gallon, I wouldn't be terribly upset.
I'd probably want something that gets more than 26mpusg, but I wouldn't be terribly upset.

charlesD

Balfa wrote: »

Yeah, our prices of ~$3.80/usgal are nothing to be concerned with, charles. Even if I was paying $7.72 (I came to the exact same number You have passed my maths exam) a gallon, I wouldn't be terribly upset.
I'd probably want something that gets more than 26mpusg, but I wouldn't be terribly upset.

Perhaps for you, but for me paying an extra $.50 or $1 a gallon has a real effect on my wallet. I realize that people who have the money think nothing of paying a few dollars more and continue to drive their gas guzzling cars, which is part of the reason our highways are filled with large cars that get less than 18 miles per gallon.

From your post you indicated that it would take an additional 100% increase in gas prices to get you to even consider changing your driving habits and I see this is part of the problem.

In regards to the price difference, they pay a lot more in taxes than we do, and there are other factors that should be considered, so I don't think a straight comparison is really fair. In many ways though the types of cars used, driving habits, and public transportation system of those overseas helps to illustrate the way that a higher gas price has affected the way people drive.

As long as people have the attitude that "I can afford it so who cares" or "doesn't effect me, let me go fill up my hummer", we in the US will have a long time until we catch up with our friends across the pond.

EternalSunshine

The price will continue to fall for the following reasons:

Price was high to hedge against the dollar and falling equity prices. The dollar is now at its true value and the credit crisis is over. ( the iseq however is a different bowl of fish so i am not suggesting meddling in that quicksand )

A move towards more efficient fuel vehicles and and the introduction of more electric power cars will mean more efficiencies ( scale of economics ) as more oil will be burned in central power stations rather than individual propelled cars.

TheBazman

EternalSunshine wrote: »

and the credit crisis is over
.

Don't mean to slag but I'm afraid the credit crisis is far from over

EternalSunshine

TheBazman wrote: »

Don't mean to slag but I'm afraid the credit crisis is far from over

No offense taken, but it is. You just have not read it in the papers yet. ( this only applies to world markets and not to Ireland where there are many more factors that are not related to the credit crisis but can be construed as such)

But i would be interested in hearing your analysis rather than just a rebuttal of mine.

Then again, I am not sure this is the forum for such analysis. This forum, for me, is a welcome break from the markets.

Run_to_da_hills

I hope Tesco and Lidl follow through and drop the price of their vegitable oil

EternalSunshine

Run_to_da_hills wrote: »

I hope Tesco and Lidl follow through and drop the price of their vegitable oil

Nice

Nearly bought a w123 estate diesel just to covert it to veg oil for a project ( easy car to convert ) but couldn't bear to sell the w124 at the time. Heck, I nearly even planted a field for rape oil in the waterford mountains

Assuming you run on veg oil, what model car do you run?

Guy:Incognito

RobAMerc wrote: »

news yesterday said tesco and Asda were about to go head to head in a fuel price war !

Now why does that not happen here ? Oh yea I forgot FF are still in government = no competition.

How are FF stopping companies competing? We have lower fuel taxes than the UK so I cant see what they are doing to discourage compnies competing.

EternalSunshine

Stekelly wrote: »

How are FF stopping companies competing? We have lower fuel taxes than the UK so I cant see what they are doing to discourage compnies competing.

I agree. Some folks are still fighting the recent elections in their heads. The people have voted so best to move on.

To blame the current government, be it FF at present, is nonsense. Politics.ie is a great forum should you (robamerc) want to vent your frustration there.

jhegarty

just droped again to $124... keep on falling

EternalSunshine

jhegarty wrote: »

just droped again to $124... keep on falling

Yeah was following that

----begin
July 23 (Bloomberg) -- Crude oil, precious metals and crops fell as a stronger U.S. dollar limited the appeal of commodities as a hedge against inflation.

Oil dropped for a second day, capping a 15 percent slide from a record $147.27 a barrel on July 11, as the dollar strengthened and gasoline demand fell. Gold traded close to its lowest in a week and corn neared a two-month low as expectations of higher interest rates supported the U.S. currency.

``Oil and some other commodities are down on the back of the dollar,'' said Mike Wittner, head of oil research at Societe Generale in London. ``Also, general pessimism about the economy has caused the market to refocus on the demand outlook.''

Crude oil for September delivery fell as much as $2.25, or 1.8 percent, to $125.70 a barrel, and traded at $126.10 at 1:25 p.m. London time on the New York Mercantile Exchange. The August contract expired yesterday after declining 2.4 percent to $127.95 a barrel, the lowest settlement since June 5.

---

end

Supercell

The market is dumping commodities right now, hopefully this will feed through to lower prices at the pump.

EternalSunshine

Supercell wrote: »

The market is dumping commodities right now, hopefully this will feed through to lower prices at the pump.

Yep. This one is always a good one to follow to notice the trends. http://finance.google.com/finance?q=NYSE:MOS

TheBazman

EternalSunshine wrote: »

No offense taken, but it is. You just have not read it in the papers yet. ( this only applies to world markets and not to Ireland where there are many more factors that are not related to the credit crisis but can be construed as such)

But i would be interested in hearing your analysis rather than just a rebuttal of mine.

Then again, I am not sure this is the forum for such analysis. This forum, for me, is a welcome break from the markets.

This forum is also a break for me from markets and I do agree it's not the place to talk about what defines a credit crisis etc. I can if you want discuss the cost of wholesale funding in money and term debt markets and how this hasnt come down and inch since the credit crisis kicked off on the 7th Aug 07. I can also discuss the forward pricing of unsecured money into 2009 and 2010 and how this is still at least half a percent above where it would be normally (ie) prior to August 07. Anyway I'll stop there as this is a motoring forum after all

Edit: Just saw this headline pop up on Reuters (sry not my Caps - just copy and pasted)
CREDIT SUISSE FINANCE DIRECTOR SAYS "CREDIT CRUNCH IS DEFINITELY STILL HERE", SEES MARKETS REMAINING VOLATILE IN NEAR TO MID-TERM

TheBazman

Oil at 124.50 woohoo!

EternalSunshine

TheBazman wrote: »

This forum is also a break for me from markets and I do agree it's not the place to talk about what defines a credit crisis etc. I can if you want discuss the cost of wholesale funding in money and term debt markets and how this hasnt come down and inch since the credit crisis kicked off on the 7th Aug 07. I can also discuss the forward pricing of unsecured money into 2009 and 2010 and how this is still at least half a percent above where it would be normally (ie) prior to August 07. Anyway I'll stop there as this is a motoring forum after all

Edit: Just saw this headline pop up on Reuters (sry not my Caps - just copy and pasted)
CREDIT SUISSE FINANCE DIRECTOR SAYS "CREDIT CRUNCH IS DEFINITELY STILL HERE", SEES MARKETS REMAINING VOLATILE IN NEAR TO MID-TERM

..and its those opposing views where money is won and lost.

E92

I wonder what impact this will have on SUV sales(and GM in particular who could be days from filing for chapter 11) in the US.

Of course every right thinking person will be pleased that crude is decreasing in price, though the Greenies and the Labour party in the UK won't(the Labour party in the UK said that high oil prices were a good thing as it would force us to reduce our dependency on cars) be pleased at all.

The reduction in oil prices further undermines the need for us to slow down to save a few quid here and there on petrol, and hopefully larger engined cars may become that bit more desirable again around here.

How come the mainstream news hasn't been reporting this at all?

Or do they have a severe dose of Schadenfreude and thus only want to fill us with doom and gloom?(I suspect they do since Sky got rid of the 2 Irish correspondents because there wasn't enough bad news happening in Ireland)

RobAMerc

Stekelly wrote: »

How are FF stopping companies competing? We have lower fuel taxes than the UK so I cant see what they are doing to discourage compnies competing.

EternalSunshine wrote: »

I agree. Some folks are still fighting the recent elections in their heads. The people have voted so best to move on.

To blame the current government, be it FF at present, is nonsense. Politics.ie is a great forum should you (robamerc) want to vent your frustration there.

this government (and last) does nothing to encourage competition bar setting up a toothless competition authority. There is little doubt that the major oil companies in Ireland have no reason to compete - and it will get worse with Topaz being allowed to take over alot of the stations in the country now too.

Local authorities undoubtedly do deals with the likes of Tesco to allow them move to out of town site where they will have a major influence on the types of businesses that open killing any chance of competition.

Don't get on your high horse just because I mentioned FF and proceed to defend them blindly.

Guy:Incognito

RobAMerc wrote: »

this government (and last) does nothing to encourage competition bar setting up a toothless competition authority. There is little doubt that the major oil companies in Ireland have no reason to compete - and it will get worse with Topaz being allowed to take over alot of the stations in the country now too.

Local authorities undoubtedly do deals with the likes of Tesco to allow them move to out of town site where they will have a major influence on the types of businesses that open killing any chance of competition.

Don't get on your high horse just because I mentioned FF and proceed to defend them blindly.

So how is anything you say any different to say, the UK. Or are FF operating there too disguised as Labour? As you say in your forst paragraph - Companies - plural. The government can't force them to have a price war. It's called free market economics.

Defending them blindly?I think this is clearly a case of you blindly attacking.

road_high

Seen as the price at the pumps goes up almost instatantly as the price of a barrel rises, how soon should we expect a drop in return??

Guy:Incognito

mfitzy wrote: »

Seen as the price at the pumps goes up almost instatantly as the price of a barrel rises, how soon should we expect a drop in return??

tuesday the 42nd of Septober.

JHMEG

MYOB wrote: »

132.04c cause it changes on Friday nights the past few weeks?

It changed today (Thurs), sort of. Not surprisingly the prices for the 24th to the 31st are still 132.04c/144.89c

kluivert

Wow Wow Wow not the press. :P

Driving to work this morning and the prices have dropped at the petrol station across the road from me.

Diesel was 141.9 now 135.9.
Petrol was 131.9 now 127.9.

Someone is obviously reading Boards.ie