3/10/08 - NYMEX - Oil Futures Hit $107.44 - All-Time Record

[hatrack]

March 10 (Bloomberg) -- Crude oil rose above $107 a barrel in New York to a record as investors purchased futures because the returns have outpaced those of financial markets.

Oil in New York surged 78 percent over the past year as the S&P 500 and Dow averages dropped. China, the second-biggest oil- consuming country, increased crude-oil imports by 18 percent last month and halted overseas shipments to meet rising demand.

``Momentum coupled with sufficient fundamental underpinnings, such as the Chinese oil import data for February, keeps propelling us,'' said John Kilduff, vice president of risk management at MF Global Ltd. in New York. ``The grab for hard assets is on due to the lack of confidence in the rest of the markets at the moment.''

Crude oil for April delivery rose $1.75, or 1.7 percent, to $106.90 a barrel at 11:18 a.m. on the New York Mercantile Exchange. Futures surged to $107.44 a barrel today, the highest since trading began in 1983.


EDIT

http://www.bloomberg.com/apps/news?pid=20601087&sid=abo1uXEKNlCs&refer=home

[villager]

1. so in other words, the same interests that conspired to make houses overpriced, are now...

...working their "magic" on oil?

[Strelnikov_]

6. Sort of. But they can only do it because the supply (rate) has peaked

The oligarchs know it. Some of us sentinel proles know it. The rest seem to have their heads in the sand, or in a CERA glossy, same difference.

Think they would be pouring money into crude futures if the vaunted KSA could open that 2 M bbl/dy tap we keep hearing about?

[jpak]

2. $120+ a barrel by Memorial Day???

or is that too optimistic...

[acmavm]

3. All time record until tomorrow, that is.

[Javaman]

4. It doesn't even make a headline in the news anymore, how sick is that?

Our society runs on oil, yet as the price balloons, it's considered old news.

Or perhaps moron* is phone banking all he* can the MSM to avoid reporting this?

speeding off the end of the cliff while waving in the mirror.

[hatrack]

5. 19:20 GMT - Spot WTI Price $107.87, Louisiana Sweet $110.16

Tapis $108.10, Bonny Light $108.77.

Damn. Just . . . damn.

http://www.upstreamonline.com/market_data/?id=markets_crude

More information - April Crude Futures close at $107.90, hit interday record of $108.21.

http://news.yahoo.com/s/ap/20080310/ap_on_bi_ge/oil_prices_47;_ylt=AsWZG9qRPhM4QKBDUbC_Ax2AsnsA

[Zachstar]

7. My god... 150 USD by 2009 seems more and more plausible!

If anyone thinks we will not be drilling in every spot in the USA that has more than a barrel of oil soon... Well keep thinking that if you wish.