Home › Forums › General › General Board › Oil price 62 dollars
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Anonymous.
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May 21, 2009 at 10:05 am #2485
deepseacon
ParticipantOil price hits six-month high above 62 dollars
So all the oil company CEO’S will be laughing again there bonuses will be secure
@62 dollars some may wished they never delayed some projects and layed staff off.
Oil has hardly ever been over this value apart from a period recently of 12 months peaking at over 150
http://news.yahoo.com/s/afp/20090520/bs_afp/commoditiesenergyoilpricehigh_20090520160432
.LONDON (AFP) – The price of New York oil struck 62.14 dollars a barrel on Wednesday, the highest level since November 10, as traders reacted to a bigger-than-expected drop in US crude reserves and the weak US currency.
The new price peak came after the US government’s Department of Energy (DoE) announced that American oil inventories tumbled 2.1 barrels in the week ending May 15.
That was far more than market expectations of a 700,000-barrel drop and indicated that energy demand was holding firm despite a deep recession in the United States.
In earlier afternoon trade, New York’s main contract, light sweet crude for July delivery, had already surged past 61 dollars per barrel in anticipation of falling US crude stocks.
Oil also won support from the weak greenback which makes dollar-priced crude cheaper for buyers holding stronger currencies — and therefore tends to stimulate demand.
In the foreign exchange market, the dollar sank Wednesday to a four-month low against the euro as rebounding Wall Street shares encouraged investors to switch away from the safe-haven US currency.
In London afternoon trade, the European single currency advanced to 1.3792 dollars. That was the highest point since January 8 and compared with 1.3634 dollars late in New York on Tuesday.
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May 21, 2009 at 10:10 am #23418JL Schnabel
ParticipantThis is ❗ good ❗ news – thank you deepseacon.
May 21, 2009 at 11:56 am #23419Anonymous
GuestHi
I would like to see 120US$ again 😆 😆May 21, 2009 at 12:37 pm #23420Participant😈 Yep, I’ll second that one deepdown. 😈
May 21, 2009 at 5:07 pm #23421James McLauchlan
Participant62 dollars is healthy and will sustain offshore activity at a reasonable level no matter what the doom and gloom credit crunch merchants say.
May 21, 2009 at 8:42 pm #23422Scott Beveridge
ParticipantIt should be around $70 – 75 to be at a good stable rate.
May 21, 2009 at 11:56 pm #23423saphire7
ParticipantEconomist ?? $70 -$75. How did you work that out then? 🙄
May 22, 2009 at 1:35 am #23424ParticipantEconomist ?? $70 -$75. How did you work that out then? 🙄
No, Im not an economics major…. However, in the past 3 months in: Zawya, Alexanders Oil & Gas, Subsea News, and a few other reports the speculators and movers / shakers have hinted at this price.
BTW – how many of you can say that you have no mortgage with: 2 houses, 1 condo, 3 apt., and approx. 75 acres of agri-land (also making $$$). No… not an ecomonics major. Went to the school of hard-knocks…
May 24, 2009 at 3:09 pm #23425ParticipantIf i had 2 houses, 1 condo, 3 apt and approx. 75 acres of agri-land and no mortgage mate i certainly wouldn’t be working offshore……period.
😕
😆May 25, 2009 at 9:34 am #23426Participant……………….
BTW – how many of you can say that you have no mortgage with: 2 houses, 1 condo, 3 apt., and approx. 75 acres of agri-land (also making $$$)…………..
Not many I would guess, me included!
May 26, 2009 at 1:59 am #23427ParticipantIf i had 2 houses, 1 condo, 3 apt and approx. 75 acres of agri-land and no mortgage mate i certainly wouldn’t be working offshore……period.
😕
😆Heh, heh,
Last wheezing gasp for getting the cash outta em’….
May 26, 2009 at 3:49 am #23428rovpilot
ParticipantEconomist ?? $70 -$75. How did you work that out then? 🙄
No, Im not an economics major…. However, in the past 3 months in: Zawya, Alexanders Oil & Gas, Subsea News, and a few other reports the speculators and movers / shakers have hinted at this price.
BTW – how many of you can say that you have no mortgage with: 2 houses, 1 condo, 3 apt., and approx. 75 acres of agri-land (also making $$$). No… not an ecomonics major. Went to the school of hard-knocks…
Wheres your land? Let me know if your going to sell
May 27, 2009 at 8:26 am #23429ParticipantEconomist ?? $70 -$75. How did you work that out then? 🙄
No, Im not an economics major…. However, in the past 3 months in: Zawya, Alexanders Oil & Gas, Subsea News, and a few other reports the speculators and movers / shakers have hinted at this price.
BTW – how many of you can say that you have no mortgage with: 2 houses, 1 condo, 3 apt., and approx. 75 acres of agri-land (also making $$$). No… not an ecomonics major. Went to the school of hard-knocks…
Wheres your land? Let me know if your going to sell
Only 4 acres mate and that is a rice paddy only…. the rest is for retirement….
May 31, 2009 at 9:24 pm #23430zincanode
ParticipantScotbeve is spot on with the oil price. Three weeks ago BP said 60 dollars was their break-even (a bit high I thought but that’s Bloody Pain for you) and many companies were looking for oil to stabilise around 75 dollars by year end – just about what OPEC were hinting at this week.
BUT…having forced a pay-cut and squeezed the labour market by delaying projects it’ll be quite a few months yet before the rates of last autumn are reinstated by the suits. Also, it’s probable that the nasty areas will pick up first and we know that every company seems to have had an excuse for chopping the West Africa allowances. It’s still worth playing hard to get if you made some cash last year.
Slightly off-topic – my nephew has just gone out to Africa for a survey company (GEMS) who are paying NO Nigeria allowance – on the basis that most of the survey crew are probationers who are lucky to get a job after their previous company (UTEC) folded earlier this month.
June 1, 2009 at 6:35 am #23431Andy Shiers
ParticipantWhat Utter Barstards 👿
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