Price of oil drops to $98 a barrel (Euro up to $1.39 on the dollar)

Bullseye1

Oil down to $98: http://www.google.com/hostednews/ap/article/ALeqM5hn4fTE-KPYIpxE0Xa7-NTq8AT8NA?docId=efc4329ea548462cb22e010578f220ae

So how soon can we expect the prices of petrol to drop at the pump?

pcardin

Bullseye1 wrote: »

Oil down to $98: http://www.google.com/hostednews/ap/article/ALeqM5hn4fTE-KPYIpxE0Xa7-NTq8AT8NA?docId=efc4329ea548462cb22e010578f220ae

So how soon can we expect the prices of petrol to drop at the pump?

lol....Never! :D:D

Max Power1

Prices go up = increase in 10 seconds

prices go down = decrease in 6 weeks/months/never

Cionád

Brent UK also down from a peak of 120usd on the 24th Feb to 108usd

http://www.bloomberg.com/energy/

x in the city

Bullseye1 wrote: »

Oil down to $98: http://www.google.com/hostednews/ap/article/ALeqM5hn4fTE-KPYIpxE0Xa7-NTq8AT8NA?docId=efc4329ea548462cb22e010578f220ae

So how soon can we expect the prices of petrol to drop at the pump?

It will go up again, the devestation in Japan etc...

Bullseye1

LOL. Your probably right. It just amazes me every time there is a "crisis" in the middle east oil goes up, even thought the Saudi's increased oil output to compensate for fall in output in Libya.

Then we have the tragedy in Japan and oil prices drop on fear of drop in consumption. This is a pretty significant drop in a single day but it does seem to take alot longer for the drop at the pumps to occur.

bennyx_o

x in the city wrote: »

It will go up again, the devestation in Japan etc...

It's down ATM because demand will drop in Japan for the time being. Once the demand comes back, it'll rise again. Bahrain also declared a State of Emergency today, to last for 3 months IIRC.

Bullseye1

x in the city wrote: »

It will go up again, the devestation in Japan etc...

It seems investors are hedging their bets on drop in consumption.

Cookie_Monster

Bullseye1 wrote: »

It seems investors are hedging their bets on drop in consumption.

that's the only reason its so high anyway, 3 imaginary barrels traded for every one barrel sold.
They really should be restricting the types of forwards, futures, hedging etc you can do on such a vital resource, would drop and stabilise the price considerably IMO.

sealgaire

bennyx_o wrote: »

It's down ATM because demand will drop in Japan for the time being. Once the demand comes back, it'll rise again. Bahrain also declared a State of Emergency today, to last for 3 months IIRC.

No no no no, how will demand drop in Japan? It doesn't work like that

Oafley Jones

Bullseye1 wrote: »

LOL. Your probably right. It just amazes me every time there is a "crisis" in the middle east oil goes up, even thought the Saudi's increased oil output to compensate for fall in output in Libya.

The price of oil is more influenced by remaining spare capacity in the system than the actual output.

Max Power1

sealgaire wrote: »

No no no no, how will demand drop in Japan? It doesn't work like that

the place is under water

mike65

It'll drop in Japan for a while cos they have closed a lot of industry down for checking and repair of earthquake damage, cos linking infrastructure is closed/damaged.

Cionád

sealgaire wrote: »

No no no no, how will demand drop in Japan? It doesn't work like that

It is an aspect of it. Production has been ceased in many factories, this will have an effect on demand in the short term. In the long term, there will be a lot of construction to rebuild, which will increase demand. Speculation also has a significant impact however.

Highly Salami

Cookie_Monster wrote: »

that's the only reason its so high anyway, 3 imaginary barrels traded for every one barrel sold.
They really should be restricting the types of forwards, futures, hedging etc you can do on such a vital resource, would drop and stabilise the price considerably IMO.

High oil prices are good for the environment.

bennyx_o

sealgaire wrote: »

No no no no, how will demand drop in Japan? It doesn't work like that

http://www.rte.ie/news/2011/0315/oil-business.html

Oil demand from Japan, the world's third-largest user, is likely to decline in the short term as manufacturing and transport slow but could then rise as the country seeks to replace nuclear with oil-fired power during reconstruction efforts.

challengemaster

sealgaire wrote: »

No no no no, how will demand drop in Japan? It doesn't work like that

there's more than a few thousand vehicles submerged in water or destroyed one way or another, and I'd imagine its quite difficult to drive through the aftermath of a tsunami

Max Power1

Highly Salami wrote: »

High oil prices are good for the environment.

Gormless is that you?

Take your green party ideals elsewhere

Satanta

sealgaire wrote: »

No no no no, how will demand drop in Japan? It doesn't work like that

http://www.businessweek.com/news/2011-03-15/oil-falls-as-japan-s-demand-loss-outweighs-middle-east-unrest.html

Refinery Closures

Refinery closures in Japan have affected about 1.3 million barrels of the country’s 4.52 million barrels a day of capacity, based on data from the Petroleum Association of Japan.

Bandara

* smashes face off desk repeatedly

sealgaire

Oh ye are all so dense ... . . . . .. .. . . . .

Max Power1

sealgaire wrote: »

Oh ye are all so dense ... . . . . .. .. . . . .

lovely


Care to qualify your statement seeing as we are all too dense (apparently) and I cant for one see what I/we are meant to infer.

Satanta

Max Power1 wrote: »

lovely


Care to qualify your statement seeing as we are all too dense (apparently) and I cant for one see what I/we are meant to infer.

Surely you can clearly see in his post where he explains exactly what he means:rolleyes:

sealgaire wrote: »

No no no no, how will demand drop in Japan? It doesn't work like that

Max Power1

Satanta wrote: »

Surely you can clearly see in his post where he explains exactly what he means:rolleyes:

:rolleyes:

No, i'm dense.

And heres a :rolleyes: for you too. For good measure.

Cionád

sealgaire wrote: »

Oh ye are all so dense ... . . . . .. .. . . . .

Human density is generally not too different to that of water, varying from just above, to just below 1g/cm^3.

Water is dense enough though I guess, so yeah... nice observation.

Satanta

Max Power1 wrote: »

:rolleyes:

No, i'm dense.

And heres a :rolleyes: for you too. For good measure.

O dear... sarcasm is lost on you I see.

mike65

sealgaire wrote: »

Oh ye are all so dense ... . . . . .. .. . . . .

Max Power1 wrote: »

lovely


Care to qualify your statement seeing as we are all too dense (apparently) and I cant for one see what I/we are meant to infer.

As half the post is in morse I'm not surprised (sealgaire .. ... / .- -. / .. -.. .. --- - )

Satanta

mike65 wrote: »

As half the post is in morse I'm not surprised (sealgaire .. ... / .- -. / .. -.. .. --- - )

LOL

Cionád

mike65 wrote: »

As half the post is in morse I'm not surprised (sealgaire .. ... / .- -. / .. -.. .. --- - )

That is genius, I tip my hat to you Sir.

daRobot

Highly Salami wrote: »

High oil prices are good for the environment.

Go on. On yer bike

Cmar-Ireland

Highly Salami wrote: »

High oil prices are good for the environment Government.

FYP...