Crude past $78 in electronic trading (6:00 EST 7/13/06 - @ $78.19 bbl)

[UpInArms]

http://www.marketwatch.com/News/Story/Futures+Movers?siteid=mktw&dist=morenews

SAN FRANCISCO (MarketWatch) -- Crude-oil futures extended Thursday's gains into the electronic-trading session, pulling prices above $78, past the regular session's record closing level.

Violence in Lebanon, uncertainty over the conflict between Western nations and Iran's nuclear program and other political hot spots around the world combined to fuel concerns about the stability of oil production in the Middle East.

"To explain oil's new high, think of the old American cliché: 'more nervous than a long-tailed cat in a room full of rocking chairs,'" said Anthony Michael Sabino, an associate professor of law at St. John's University, whose general practice includes oil and gas law.

In other words, "the oil market has extreme jitters over continued violence in the Middle East between Israel and the Palestinians, layered over continuing intransigence by Iran and its nuclear ambitions, and with North Korea test-firing missiles," he said.

"Rarely has this market been as jittery," Sabino added.

<snip>

On Thursday evening, crude for August delivery climbed as high as $78.19 a barrel in electronic trading.

...more...

[saltpoint]

1. If somebody would kindly give me a call when the robust, strong

economy Bush keeps promising kicks in.

I don't want to miss it.

[Pandora01]

5. Bah

I did this for a living (trader) for 9 years. Couldn't take it anymore. I hated the outright tweaking of the markets and the concerted and combined efforts to manipulate. Remember Enron and the electricity traders? B@stards were the puppetmasters.
While we all have to look for alternative fossil fuels and lessen our dependance on oil, this is just market manipulation. A month ago the analysts exhorted there was enough supply. There will be volatility in the oil & gas sectors for the next couple of years but it is all contigent upon sector rotation and the expectation of obscene profits. In summer it is assumed travel will be up, hurricanes will damage oil rigs etc but it is all based on extraneous stuff. Quarterly reports account for increase in share price.
At any rate it is too complicated and laborious to give a cursory overview of it all.
I can tell you that once Bush&Co remove their fingers from their er pies, it'll settle down to a manageable level. It's all about greed, babies.
:rant:

[UpInArms]

7. Welcome to DU, Pandora01!

When do you think that Bush&Co remove their fingers from their er pies?

My guess? Never, ever ever - unless we pry their greedy bony fingers from our throats.

Glad to have you here! :hi:

[Tandalayo_Scheisskopf]

9. Welcome, Pandora01.

Your cursory revelations come as no surprise to me. The stench of market manipulation is high, for those with the higher brain functions that allow them to know what they are smelling.

I would STRONGLY suggest that you put together a fuller, more detailed piece for a blog on this manipulation, using your years of experience. I reiterate: spare no detail. Lay it all out. Multi-part, if needs be.

We need some light to go with all the heat that is generated on this stuff. You can be such a light-bringer.

Side Note: I have a close and dear friend who worked in the financial markets for many years, for UBS/Warburg. He walked away in 2000. With a pile, but he walked. Why? He could not deal with the ethics of those markets any more. He was growing to hate geting up in the morning. No way to live. Trust me: I know no finer person or stauncher Democrat.

I look forward, greatly, for more insights from you.

[mbperrin]

2. "Jittery"?

THAT's the best he can describe the worldwide condition of war being promoted by * and buds? "Jittery"? What the hell was Hiroshima, then? "Nerve-wracking"? Hey, if this guy gets to where he thinks the "shit has hit the fan", call me: I'll need that bomb shelter back from the 50s!

"Jittery"

[TheFarseer]

3. Damn Speculators

I recently heard that speculators are driving up the price of Ethanol blends also. I'm so glad farmers and tax payers are paying for those assholes to make money trading Ethanol!

[htuttle]

4. That's "The Invisible Hand of the Market"...

...that you feel clutching your throat.

[cliss]

6. OMG....amazing...

Now if there is anything, even the slightest disruption in the oil supply.....watch it ZOOM to $100.00 per barrel.

You will see some unintended consequences when that happens.

[rainbow4321]

11. I called my "never watch the news" relatives..

to let them know that filling their tanks would be a really, really good thing to do..like NOW. Gave them the cliff note version since they don't keep up w/ world events at all. Chimp. Iran. Oil. $3-$4/gallon. Soon. Yes. Really.
Cost them $60 to fill up their SUV today, and that is w/ their current local prices ($2.86/gal)


I ordered this bumper sticker a few nights ago.. even before all this shit started to hit the fan:

"Don't confuse dying for oil with fighting for freedom"

[WhiteTara]

8. tthe market should be really jittery

now that Israel has bombed Beirut Airport's fuel depot. Yep babies, by August we should be hip deep in shit. And when the temperatures soar, so do tempers. Ugh, not looking forward to this year's dog days at all!

[hatrack]

10. Oh, and did I mention that we're six weeks into hurricane season?

So far, so good, but upper-level wind shear is dropping off in the central and western Gulf of Mexico, and most seasons don't even get rolling until early-to-mid August.

Another Rita and we'll see at least $90/bbl .