# Oil Crashes $1.60 to Under $55 Per Barrel. lowest level in a year-and-a-half **URL:** \ **Category:** NYSpeed Off Topic\ **Created:** [January 9, 2007, 11:42am UTC](https://forums.speedlife.net/t/oil-crashes-1-60-to-under-55-per-barrel-lowest-level-in-a-year-and-a-half/22814 "2007-01-09T11:42:51Z")\ **Posts on this page:** 20\ **Page:** 1
**Author:** ![j\_espo1](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/j_espo1/32/7291_2.png) [@j\_espo1](https://forums.speedlife.net/u/j_espo1)\ **Post date:** [January 9, 2007, 11:42am UTC](https://forums.speedlife.net/t/oil-crashes-1-60-to-under-55-per-barrel-lowest-level-in-a-year-and-a-half/22814/1 "2007-01-09T11:42:51Z")
**and yet gas is still around $2.50 a gallon in lovely WNY**. :2fingers: **Oil Crashes $1.60 to Under $55 Per Barrel** Tuesday, January 09, 2007 ![http://www.foxnews.com/images/foxnews_story.gif](http://www.foxnews.com/images/foxnews_story.gif) - [E-MAIL STORY](http://www.foxnews.com/story/0,2933,242523,00.html#) - [email=“business@foxnews.com”]RESPOND TO EDITOR - [PRINTER FRIENDLY VERSION](http://www.foxnews.com/printer_friendly_story/0,3566,242523,00.html) **LONDON — Oil prices continued their recent swoon on Tuesday, extending a decline that could mean both lower gasoline prices for U.S. drivers and smaller profits for energy companies like ExxonMobil ([XOM](javascript:stockSearch(‘XOM’);)).** Crude plunged more than $2 a barrel on Tuesday to its lowest level in a year-and-a-half as mild winter weather in top consumer the United States pushed prices through a crucial [technical support](http://www.foxnews.com/story/0,2933,242523,00.html#) level. [Oil](http://www.foxnews.com/story/0,2933,242523,00.html#) is down nearly 12 percent since the start of the year. “We are seeing unfettered selling, any and all supportive factors are being ignored,” said Fimat in a research note. U.S. crude fell $1.62 to $54.47 a barrel, after tumbling more than $2 earlier in the session. Brent crude traded down $1.28 at $54.32. Both international benchmarks were at their lowest since June 2005. “$55 was very strong support that has been broken and below that is not much,” said Olivier Jakob of Petromatrix. “If we close below $55, the next big support level isn’t until $50.” Weather forecaster [**DTN Meteorlogix**](javascript:siteSearch(‘DTN Meteorlogix’)😉 predicted above normal temperatures for the rest of the week in the U.S. Northeast, extending an extraordinary streak of mild winter weather in the world’s largest heating [oil market](http://www.foxnews.com/story/0,2933,242523,00.html#). U.S. heating oil demand will run about a third below normal this week, the National Weather Service said on Monday. The steep price drop has rung alarm bells in [**OPEC**](javascript:siteSearch(‘OPEC’)😉 producers and the group’s president, the [**United Arab Emirates**](javascript:siteSearch(‘United Arab Emirates’);), is discussing further action with member states. But traders remained doubtful that OPEC could turn the tide. “Traders continue to need some convincing that OPEC will fully implement production cuts,” said Martin Slaney of GFT Global Markets. The group agreed last month to cut 500,000 barrels per day from Feb. 1, adding to a cut of 1.2 million bpd from Nov. 1. OPEC’s leading producer Saudi Arabia, and others, have vowed to enforce cutbacks fully. MORE BEARS Analysts also warned that prices could fall further as more [investment funds](http://www.foxnews.com/story/0,2933,242523,00.html#) shift to short trading positions, a bet that prices will fall more. Crude traders on the [**New York Mercantile Exchange**](javascript:siteSearch(‘New York Mercantile Exchange’)😉 slashed net long positions in the week ended Jan. 3, the U.S. Commodity Futures Trading Commission data showed on Monday. Non-commercial speculators have now turned net short for the first time since early November. “The CFTC data was quite bearish because funds are increasing their short positions and not getting out of the market, which many had expected,” Jakob said. Widespread bearish sentiment has pushed aside news of crude supply disruptions in Europe. Russia crude supplies were halted this week to Central Europe through the Druzhba pipeline, which meets about a fifth of Germany’s demand and crosses the territory of Belarus. Russia has accused Belarus of stealing oil from the line. The disruption comes one year after Russia’s natural gas dispute with Ukraine hit supplies to Europe, and is likely to revive debate about Moscow’s reliability as an energy supplier. The [**International Energy Agency**](javascript:siteSearch(‘International Energy Agency’)😉 on Tuesday said the European oil markets could cope with the halt. Russian pipeline monopoly Transneft has not said how long the cut might last ---
**Author:** ![Blue\_Eyed\_Devil](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/blue_eyed_devil/32/7292_2.png) [@Blue\_Eyed\_Devil](https://forums.speedlife.net/u/Blue_Eyed_Devil)\ **Post date:** [January 9, 2007, 11:54am UTC](https://forums.speedlife.net/t/oil-crashes-1-60-to-under-55-per-barrel-lowest-level-in-a-year-and-a-half/22814/2 "2007-01-09T11:54:08Z")
Can you say irony? The warm weather-caused by global warming-caused by fossil fuels has warmed the earth causing a drop in demand for heating oil witch has caused the price to drop. We need more global warming dammit! ---
**Author:** ![jeeves744](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jeeves744/32/7619_2.png) [@jeeves744](https://forums.speedlife.net/u/jeeves744)\ **Post date:** [January 9, 2007, 11:56am UTC](https://forums.speedlife.net/t/oil-crashes-1-60-to-under-55-per-barrel-lowest-level-in-a-year-and-a-half/22814/3 "2007-01-09T11:56:35Z")
Seriously, is there a website or something that explains how oil prices and thus gas prices are figured out? To me it seems so absolutely retarded and lacking of any logic at all. ---
**Author:** ![Blue\_Eyed\_Devil](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/blue_eyed_devil/32/7292_2.png) [@Blue\_Eyed\_Devil](https://forums.speedlife.net/u/Blue_Eyed_Devil)\ **Post date:** [January 9, 2007, 11:58am UTC](https://forums.speedlife.net/t/oil-crashes-1-60-to-under-55-per-barrel-lowest-level-in-a-year-and-a-half/22814/4 "2007-01-09T11:58:04Z")
^ For example when oil prices increase, gas prices increase immediately but when they fall it seems to take a while before we see the savings? ---
**Author:** ![JayS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jays/32/15375_2.png) [@JayS](https://forums.speedlife.net/u/JayS)\ **Post date:** [January 9, 2007, 11:59am UTC](https://forums.speedlife.net/t/oil-crashes-1-60-to-under-55-per-barrel-lowest-level-in-a-year-and-a-half/22814/5 "2007-01-09T11:59:15Z")
Don’t really need a formula. Supply and demand. One of the big users of oil, in the form of fuel oil, is the North East. The North East has been really warm so far, so they aren’t using anywhere near as much. Less demand = less cost. I’d like to know why the price of gas hasn’t fallen accordingly though. Probably a combination of NY and their gay boutique winter blends and refinery capacity. ---
**Author:** ![Mike93](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/mike93/32/7325_2.png) [@Mike93](https://forums.speedlife.net/u/Mike93)\ **Post date:** [January 9, 2007, 12:03pm UTC](https://forums.speedlife.net/t/oil-crashes-1-60-to-under-55-per-barrel-lowest-level-in-a-year-and-a-half/22814/6 "2007-01-09T12:03:50Z")
Gas dipped down to $1.99 in MN yesterday…I’m moving back haha:) ---
**Author:** ![jeeves744](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jeeves744/32/7619_2.png) [@jeeves744](https://forums.speedlife.net/u/jeeves744)\ **Post date:** [January 9, 2007, 12:09pm UTC](https://forums.speedlife.net/t/oil-crashes-1-60-to-under-55-per-barrel-lowest-level-in-a-year-and-a-half/22814/7 "2007-01-09T12:09:24Z")
> [@AWDrifter](#): > > ^ For example when oil prices increase, gas prices increase immediately but when they fall it seems to take a while before we see the savings? ya that, plus the whole “oh no!! there is a slim chance that something might happen that could possably effect oil supplies so lets jack the prices up” aka threats of hurricanes, terrorist attacks, etc. Before anything even actually happens, just the possability it could happen sets prices going up. I just never understood how the hell that works and why they can get away with it. ---
**Author:** ![RuBiCaNT](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/rubicant/32/7622_2.png) [@RuBiCaNT](https://forums.speedlife.net/u/RuBiCaNT)\ **Post date:** [January 9, 2007, 12:13pm UTC](https://forums.speedlife.net/t/oil-crashes-1-60-to-under-55-per-barrel-lowest-level-in-a-year-and-a-half/22814/8 "2007-01-09T12:13:19Z")
:word: All of the sudden the load of gasoline that cost X.ZY per gallon gets jacked up when it was before the increase in oil but they can’t do the same when oil prices per crude barrel drop? Such BS… ---
**Author:** ![Justin](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/justin/32/7459_2.png) [@Justin](https://forums.speedlife.net/u/Justin)\ **Post date:** [January 9, 2007, 12:40pm UTC](https://forums.speedlife.net/t/oil-crashes-1-60-to-under-55-per-barrel-lowest-level-in-a-year-and-a-half/22814/9 "2007-01-09T12:40:51Z")
Someone call channel 4 or something. We are getting robed here. ---
**Author:** ![AngryHero](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/angryhero/32/7495_2.png) [@AngryHero](https://forums.speedlife.net/u/AngryHero)\ **Post date:** [January 9, 2007, 12:58pm UTC](https://forums.speedlife.net/t/oil-crashes-1-60-to-under-55-per-barrel-lowest-level-in-a-year-and-a-half/22814/10 "2007-01-09T12:58:54Z")
copper is going down to…fuck i have like 1000lb.s ---
**Author:** ![TrueBlue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/trueblue/32/7245_2.png) [@TrueBlue](https://forums.speedlife.net/u/TrueBlue)\ **Post date:** [January 9, 2007, 1:08pm UTC](https://forums.speedlife.net/t/oil-crashes-1-60-to-under-55-per-barrel-lowest-level-in-a-year-and-a-half/22814/11 "2007-01-09T13:08:45Z")
Where the hell did you get a half-ton of copper? That’s close to what? $10K? ---
**Author:** ![AngryHero](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/angryhero/32/7495_2.png) [@AngryHero](https://forums.speedlife.net/u/AngryHero)\ **Post date:** [January 9, 2007, 1:19pm UTC](https://forums.speedlife.net/t/oil-crashes-1-60-to-under-55-per-barrel-lowest-level-in-a-year-and-a-half/22814/12 "2007-01-09T13:19:03Z")
> [@TrueBlue](#): > > Where the hell did you get a half-ton of copper? That’s close to what? $10K? .Well when it was about $3.00 in the paper the scrap yards were giving about 2.25 for #2(burned).Im a Unindentured for electrical so they give the kids the scrap copper.Within the past 6 months iv gotten like 800-1000 pounds plus the 1000lbs i have ready to take in.So it Should be at the very least 2k only. ---
**Author:** ![Blue\_Eyed\_Devil](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/blue_eyed_devil/32/7292_2.png) [@Blue\_Eyed\_Devil](https://forums.speedlife.net/u/Blue_Eyed_Devil)\ **Post date:** [January 9, 2007, 1:20pm UTC](https://forums.speedlife.net/t/oil-crashes-1-60-to-under-55-per-barrel-lowest-level-in-a-year-and-a-half/22814/13 "2007-01-09T13:20:54Z")
Copper is going to continue to drop. Sell now. ---
**Author:** ![AngryHero](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/angryhero/32/7495_2.png) [@AngryHero](https://forums.speedlife.net/u/AngryHero)\ **Post date:** [January 9, 2007, 1:22pm UTC](https://forums.speedlife.net/t/oil-crashes-1-60-to-under-55-per-barrel-lowest-level-in-a-year-and-a-half/22814/14 "2007-01-09T13:22:13Z")
> [@AWDrifter](#): > > Copper is going to continue to drop. > Sell now. I thought it was just dropping because of winter and everything is slowing down.Where did you hear this from? ---
**Author:** ![JayS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jays/32/15375_2.png) [@JayS](https://forums.speedlife.net/u/JayS)\ **Post date:** [January 9, 2007, 3:14pm UTC](https://forums.speedlife.net/t/oil-crashes-1-60-to-under-55-per-barrel-lowest-level-in-a-year-and-a-half/22814/15 "2007-01-09T15:14:55Z")
[http://business.timesonline.co.uk/article/0,9072-2536024,00.html](http://business.timesonline.co.uk/article/0,,9072-2536024,00.html) Besides, just trust him. He own’s a manufacturing business. If anyone pays attention to metal prices and trends, it’s him. ---
**Author:** ![Geehee](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/geehee/32/7238_2.png) [@Geehee](https://forums.speedlife.net/u/Geehee)\ **Post date:** [January 9, 2007, 3:19pm UTC](https://forums.speedlife.net/t/oil-crashes-1-60-to-under-55-per-barrel-lowest-level-in-a-year-and-a-half/22814/16 "2007-01-09T15:19:50Z")
> [@JayS](#): > > Besides, just trust him. He own’s a manufacturing business. If anyone pays attention to metal prices and trends, it’s him. . ---
**Author:** ![ryanmcell](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/ryanmcell/32/7510_2.png) [@ryanmcell](https://forums.speedlife.net/u/ryanmcell)\ **Post date:** [January 9, 2007, 5:27pm UTC](https://forums.speedlife.net/t/oil-crashes-1-60-to-under-55-per-barrel-lowest-level-in-a-year-and-a-half/22814/17 "2007-01-09T17:27:41Z")
> [@AWDrifter](#): > > ^ For example when oil prices increase, gas prices increase immediately but when they fall it seems to take a while before we see the savings? I dunno today I saw that gas was 2.38 and thats the cheapest I’ve seen it in about a month. Just the other day I filled up at 2.49 ---
**Author:** ![j\_espo1](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/j_espo1/32/7291_2.png) [@j\_espo1](https://forums.speedlife.net/u/j_espo1)\ **Post date:** [January 9, 2007, 6:42pm UTC](https://forums.speedlife.net/t/oil-crashes-1-60-to-under-55-per-barrel-lowest-level-in-a-year-and-a-half/22814/18 "2007-01-09T18:42:33Z")
^^^ delta sonic Ridge road in Westseneca was at 2.43 tonight and thats the lowest ive seen anywhere ---
**Author:** ![ryanmcell](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/ryanmcell/32/7510_2.png) [@ryanmcell](https://forums.speedlife.net/u/ryanmcell)\ **Post date:** [January 9, 2007, 6:51pm UTC](https://forums.speedlife.net/t/oil-crashes-1-60-to-under-55-per-barrel-lowest-level-in-a-year-and-a-half/22814/19 "2007-01-09T18:51:38Z")
delta sonic on delaware was 2.35 with wash/2.38 without today. i saw it cuz i was eating across the street at jims steak out ---
**Author:** ![slasky](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/slasky/32/7408_2.png) [@slasky](https://forums.speedlife.net/u/slasky)\ **Post date:** [January 9, 2007, 6:52pm UTC](https://forums.speedlife.net/t/oil-crashes-1-60-to-under-55-per-barrel-lowest-level-in-a-year-and-a-half/22814/20 "2007-01-09T18:52:49Z")
The demand for gasoline goes down and the demand for fuel oil goes up during the winter. Last year we had a mild winter and the price of gasoline went up. They said that they had overestimated the demand for fuel oil and had to switch back to producing gasoline. Somehow that cause the price of gasoline to go up even though the demand was down. WTF that sounds like a lame ass excuse. [Next page](https://forums.speedlife.net/t/oil-crashes-1-60-to-under-55-per-barrel-lowest-level-in-a-year-and-a-half/22814.md?page=2)