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Crude below EDIT(2): $51

 
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chavez
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PostPosted: Jan 04, 2007 8:01 am    Post subject: Crude below EDIT(2): $51 Reply with quote

So, in another large drop, Crude has fallen below 57 on NYMEX.

Enjoy your soon to be "less expensive" gas.

That is all.

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Last edited by chavez on Jan 18, 2007 8:00 am; edited 3 times in total
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J-Ro
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PostPosted: Jan 04, 2007 8:39 am    Post subject: Reply with quote

It happened about 3 months ago for Dec delivery and I didn't see any drop in prices.
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chavez
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PostPosted: Jan 04, 2007 9:13 am    Post subject: Reply with quote

J-Ro, Holiday driving season.
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PostPosted: Jan 04, 2007 11:11 am    Post subject: Reply with quote

chavez, There's alway some sort of "Season" Wink
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PostPosted: Jan 04, 2007 12:00 pm    Post subject: Reply with quote

J-Ro,
Yep. Spring break "season" is about to begin, then Memorial day "Season", then summer driving "season". Evil or Very Mad Fuggers.

I love the 5 cent drop to raise it 20, next month. Rolling Eyes

I've got a question:

What percentage of alternative fuel vehicles do you think it will need to be for gas to really drop?

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chavez
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PostPosted: Jan 04, 2007 1:06 pm    Post subject: Reply with quote

J-Ro, oshensurfer, over the next several weeks we should see anywhere from 25-30 cent drop. It won't climb again until Memorial Day (unless some serious global unrest goes down between now and then).

Crude will bounce in the 57-61 range until then as well.


That is my "prediction" anyway.

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chavez
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PostPosted: Jan 11, 2007 11:01 am    Post subject: Reply with quote

My prediction was way off. We are at 52.35 and dropping.....
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PostPosted: Jan 11, 2007 11:16 am    Post subject: Reply with quote

chavez, two thumbs up!

If I ever need investment advice... Laughing
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PostPosted: Jan 11, 2007 11:32 am    Post subject: Reply with quote

I believe it's nearing a bottom...more likely to break through 60 again than 50. OPEC is going to cut production and reduce supply. Oddly enough the broad market will probably react negatively to any further decline, viewing it as a sign of a slowing global economy rather than an ease of the pockets of consumers...IMO
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PostPosted: Jan 11, 2007 12:53 pm    Post subject: Reply with quote

eich82, I disagree. Unless there is a major cold snap in the Northeast, oil will continue to decline. I see OPEC cutting a little but it would be too little too late and short lived with Spring around the corner. I think we will settle in around $55 for a while but may see high forties if the weather continues.
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PostPosted: Jan 11, 2007 1:11 pm    Post subject: Reply with quote

J-Ro, The cold will eventually come, it may be late but eventually it will be here. It may be a while before it hits 60 again (it will probably be stuck in a range around 53-57 until spring) but I believe a bottom is going to be reached, helped along by OPEC...
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PostPosted: Jan 11, 2007 1:25 pm    Post subject: Reply with quote

eich82, But the problem is theres a huge supply because of the weather. A supply that can last past Spring. Once it's out there, you can't put it back in the well.
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chavez
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PostPosted: Jan 16, 2007 2:40 pm    Post subject: Reply with quote

Bounced under 51 today.....
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PostPosted: Jan 16, 2007 5:07 pm    Post subject: Reply with quote

chavez,
Still $2.15..... Wink Razz

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PostPosted: Jan 16, 2007 6:42 pm    Post subject: Reply with quote

Should be below $2.00 a gallon soon!

GiddeyUp

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PostPosted: Jan 17, 2007 6:50 am    Post subject: Reply with quote

Wakebrad, STOP RUINING MY FUN!!!!!! Evil or Very Mad Evil or Very Mad Mr. Green
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chavez
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PostPosted: Jan 17, 2007 8:06 am    Post subject: Reply with quote

oshensurfer, we are going to stick around $2.50 here for another week or so. Refineries are coming back online after the "holiday maintenance". The only thing that is going to slow it down here for us is the fire they had at the Chevron refinery over the weekend.

Plenty of oil there, just no extra capacity to refine... yet.

It should drop pretty steeply once that capacity is back online.

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PostPosted: Jan 17, 2007 9:08 am    Post subject: Reply with quote

I hope so.

Actually it's $2.19 today at the Chevron next door to my office. Evil or Very Mad Fuggers.

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PostPosted: Jan 17, 2007 9:26 am    Post subject: Reply with quote

oshensurfer, it all depends on the "local" refiners right now. I'd expect you guys to drop before us.
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chavez
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PostPosted: Jan 18, 2007 8:00 am    Post subject: Reply with quote

Crude is off 1.80+ and is in the low 50.xx range....
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PostPosted: Jan 18, 2007 8:15 am    Post subject: Reply with quote

Prediction $48
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PostPosted: Jan 18, 2007 12:57 pm    Post subject: Reply with quote

ontrider, well, it got below $50. Hit $49.90 in intraday trading.

If it runs toward $48, it will probably spike even lower. The support is somewhere just below the $50 mark from what I understand. $48 would be a big break through that support level and would probably trigger additional selling.

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