Gas is gonna go through the roof.....

[SpasticGramps]

Yeah but aren't those ETF's backed by positions in the commodity itself?

When you've said WTI and I've looked an offshore drilling company listed here in the US, which I was watching for awhile, and which did make a nice sustained move recently.

Yes, same thing as buying GLD as compared to a gold bar. I just wanted to point out that one is trading paper backed by a commodity and one is the price of trading the commodity itself. I'd be curious if everyone holding GLD called for delivery for physical if there would be enough to cover. I bet not.

Oil April Futures are up to $95.33 so far today. Energy stocks are going to be big plays for the next few months IMO.

 

[SpasticGramps]

Iran is going to be a tough nut to crack.

I think IF, big if, Libya falls then Iran may be able to go. Gaddafi employs mercenaries from Africa to do his dirty work so they have no emotional connection to the local populace. He will die in Libya so I expect this uprising, if it continues, to be the bloodiest by far. If they can win Iran has a good chance IMO. Everything is up in the air right now. Even some talk on CNBC about Saudi.

There is a saying the Bernanke doesn't understand. "When people having nothing left to lose, they lose it." We are beginning to see the manifestation of this around the world now.

 

[igrowone]

Iran already had some significant unrest last year, there is a foundation there
i did see mention that the situation in Bahrain is being fueled some from Iran
well, the OP's original topic of gas going through the roof is coming true, $4 a gallon is looking kind of real

 

[SpasticGramps]

Libya has declared force majeure on oil exports. I bet Brent Crude is about to diverge from WTI a bit. Most Libyan products go to Europe.

 

[Mountain]

well, the OP's original topic of gas going through the roof is coming true, $4 a gallon is looking kind of real

Well premium is already almost that where I live in Cali.

Energy stocks are going to be big plays for the next few months IMO.

Most of the good ones made their move a few weeks back and are extended here and don't see any good entries and if anything today in some issues there's profit taking...selling into the strength. I think the short term move forced by Libya in the markets will settle down unless something else flairs up. Saudi Arabia can easily make up for the lost production and things will settle down in Libya...unfortunately after a lot of people die.

 

[HempKat]

$4/gallon a US gal? well its already here.
as of this morning these were the priices in our major oil refining area, and huston texas.
Gas prices in Edmonton as of this morning

Highest Regular Gas Prices in the Last 60 hours
Price Station Area Thanks

109.0/litre or $4.12/us gal
Superstore
110 Campsite Rd near McLeod Ave Spruce Grove


104.9/litre or $3.96.5/us agl
Husky
9536 51st Ave near 97th St Edmonton - South

102.9/litre or $3.88.9/us gal
Esso
51073 Hwy 21 near Range Rd 512 Sherwood Park


and in houston texas
2.89/gal or 76.45/litre
Phillips 66
4411 W Sam Houston Pkwy N & Clay Rd Houston - West
MurrayUSA
2 hours ago

2.89/gal or 76.45/litre
Kroger
FM 529 WEST OF BARKER CYPRESS RD
(.03 CENTS/GAL DISCOUNT W/ KROGER CARD) Houston - West

2.89/gal or 76.45/litre
Chevron
13259 Westheimer Rd & Eldridge Pkwy Houston - West


this is from gasbuddy.com
what are prices in other areas?
here in Canada it goes from this to 1.24.9/litre or $4.72.9/us gal

Regular unleaded is still selling for just under $3.00 per gallon ($2.95 - $2.99) at least in the Mid Atlantic region of the Eastern US Coast.

 

[SpasticGramps]

Brent Crude almost at $110 now.

NYMEX Crude at over $98.

There never really was a recovery. Just the illusion and meltup of what free debased money can do. But if there had been a real sustainable economic recovery on the way these coming oil prices would have knocked it down.

As it is, these oil prices will quickly wipe away whatever pipe dreams of "recovery" there have been since '08. I think the Kool-Aid fountain is running dry.

 

[igrowone]

well, oil prices aren't boring these days
looks like back to back $5 gains, this will radiate some pain
on the other hand, i did see the Kramer interview on CNBC yesterday
i'm quite respectful of his knowledge, and was talking about the 50 billion barrel estimates of the heavy oil sands in the US
this can't go online quickly, decade or 2 more likely, but these kind of prices will stimulate that development hard

 

[Mountain]

Supposedly when oil gets above $100/barrel solar stocks get hot.

 

[DiscoBiscuit]

20 Top Oil Producing Countries

The Huffington Post | Joanna Zelman First Posted: 02-22-11 02:57 PM | Updated: 02-22-11 09:16 PM

Read More: Countries With Most Oil, Country With Most Oil, Energy, Oil Exporters, Oil Exports, Oil Producers, Oil Producing Countries, Oil Production, Slidepollajax, Top 20 Oil, Top Oil Countries, Top Oil Country, Top Oil Exporters, Top Oil Producers, Top Oil-Producing Country, Green News


A recent list from the AP reveals the top 20 oil-producing countries (in barrels per day), according to 2009 statistics by the U.S. Energy Information Administration.


In light of recent oil spills, lawsuits, and environmental damage, it is debatable whether these statistics are something to be proud of, or if they merely further point at the urgency with which we need to pursue alternative forms of energy.


Check out the top 20 oil-producing countries below. Do any on the list surprise you?

http://www.huffingtonpost.com/2011/...s-t_n_826564.html#s244298&title=20_Azerbaijan

.

 

[turbolaser4528]

Supposedly when oil gets above $100/barrel solar stocks get hot.

Yeaa bro, I'm all about it !


Let oil prices go up, who cares ? It pushes investment towards cleaner forms of energy like solar.

Better for America, fuck all this middle eastern instability. We shouldn't depend on third world dictatorships for financial stability anyways !

The recovery will be a slow and grueling one, but in a year or so when companies and banks really start lending/expanding again, we will see a booming economy. Will it last ? who knows, but this isn't the end of America, or humanity. Just one of many bumps in the road.

 

[HempKat]

Just an update since my last post. Prices for a gallon of regular gas in my region has gone up to $3.15. So what is the roof exactly anyway? A while back it seemed to be about $4.00 per gallon. That's when the Truckers started grumbling and wanting to strike. After gas and tolls and such they were just breaking even. That's also when people started dumping the gas guzzlers and embracing hybrids. Then the prices dropped quickly. Oddly though, many of the prices of things in the stores that went up because gas went up, has stayed up even though what drove them up is still lower then when prices went up because of $4 per gallon gas.

 

[LovableHuggable]

If the ME doesn't chill out it could go even higher. If Ben stops printing money it could drop in price. It's jumped .20 in the past few days here b/c of Libya.

Edit: If Ben keeps printing and the ME keeps on going then heaven help us.

 

[robbiedublu]

Protests scheduled for March 20th in Saudi Arabia. Stand by everyone, we're just getting started.
**Correction** apparently its March 11.

 

[SpasticGramps]

Who's throwing the poo poo in the fan?

 

[Mountain]

So what is the roof exactly anyway?

I think the roof has a big hole in it now. At this point mainly depends on how things develop in the Mideast. Recent crude oil price increases are mainly due to speculation as supply is not a problem...yet.

 

[Justin_Credible]

was just watching the news and they are saying that this conflict in Lybia is going to jack prices up.

Don't need this in my life right now.

 

[chefro420]

Just dropped $359 for 100 gallons of heating oil , ehhhhhhh

 

[LovableHuggable]

Diesel #2 is about 3.59 a gallon here too.

 

[igrowone]

the run may be done, at least the spot price took a dip in the last hour of trading(NYMEX)
the rumor is Ghadafi had been shot, if only
latest theme tune for Ghadafi, ' I'm leaving on a jet plane, I don't know when I'll be back again, Oh I really hate to go'