Tapis Crude Breaks $US100 A Barrel

Source: Business Spectator

SINGAPORE -- Asia-Pacific light sweet crude benchmark Tapis hit three-digit levels for the first time, ahead of Western bellwethers, on fears of a winter squeeze in the Northern hemisphere, Reuters data show.

Malaysia's flagship Tapis crude for December loading rose to $US100.54 a barrel, up $US2.32 from its settlement on Tuesday, according to Reuters calculations.

Meanwhile, US oil prices meanwhile surged above $US98 a barrel, ploughing deeper into record territory as the dollar plumbed new lows and traders worried about a winter fuel crunch due to thinning oil stocks and a North Sea storm.

And in a report released earlier today, the IEA has warned of a looming global supply shortage that has the potential to send prices even higher.

EDIT



Read more: http://www.businessspectator.com.au/bs.nsf/Article/Tapis_crude_breaks_US100_a_barrel_8Q7H7?OpenDocument

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Well, that was fast.

There are storms in the North Sea all the time.

This is about running up the oil prices to head off the effects of the credit market failures.

for gas. ummmmm...Bush is still in charge (and his cronies in congress)

"You see? We warned you -- but you put the Democrats in control of Congress...and now we have gas prices over $3/gallon!"

:eyes:

...the winter period between now and March is when, historically, gas prices are at their lowest throughout the year. Thereafter, driving demand escalates, and prices normally shoot up through the spring and summer. :-(

I just had heating oil delivered a week ago. The trees around the house are looking better and better - as firewood.

But, domestic media is usually a bit behind. Still showing Oil at $97.60

North Sea storm, indeed.

Peak Oil has become the reality that HAS to be accepted.

The speculators, like others, are dancing in the Future's Market...:eyes:

More like "suppressed supply."

When The Decider sent us into Iraq, everyone figured we were going to grab the oil for the U.S.'s benefit. How wrong we were. The point was not to get the oil, it was to make conditions so chaotic that nobody could get the oil. With one of the world's main supplies effectively suppressed, that meant more demand for a smaller supply of oil -- in other words, higher profits for Bush's buddies in OPEC and the oil companies at the expense of the rest of us.

The constant filling of the strategic oil supply salt domes over the length of the maladministration. This has the effect of pulling oil out of the markets. They are filling domes that. previously, have never seen a drop of oil, ever.

And the whole thing is being run by The Koch Brothers, one of which is married to Doro Bush.

On edit: One other thing I would do, under the present circumstances, is make sure that Peak Oil was on everyone's lips. If I wanted to run up the market, that is.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=115x120231
And what bothers me is that they are always so far off the mark re predictions and you hear, "it is happening earlier than we thought". Sure there is volatility and speculation playing a part but at the end of the day peak oil is staring us in the face.

the slope. There is still oil, but it is going to get far more expensive.

The real problem is that people are inherently lazy until a crisis arrives. $4.50/$6.00 a gallon, what will it take before people realize that alternatives are not just a pipe dream. Either invest in alternatives now, or when the cost rises dramatically because of a "crisis".

If we had taken the oil problem seriously 40 years ago, we should be close to energy self-sufficiency by now. Instead, because it is easier to keep to the same standard, we will pay dramatically more for our absurd notion that a finite resource would, "last forever".

I am as guilty as everyone else when it comes to this, I turned a blind eye as well....but I've come to the conclusion that we have to do something, and the sooner, the better.

I'm seeing even more SUV's on the road than ever before. Usually with just one person, gleefully ignorant, sucking it all up...