Oil now at US$129/barrel and projected to hit US$150 by year's end

[ghosthunter]

Hold on to your panties but it was just at the news that oil has hit US$129 a barrel. Its also expected to hit $150 by end of the year.

This means if gasoline is priced at P55/L (current P52/L is still not done with under-recovery), by simple price projection of the percentage of the increase, by year's end the price of gasoline will hit P66/L.

So, has the fuel prices reached the "ouch" level for you yet?

[ghosthunter]

Sign of the near future?

[Monseratto]

Sign of the near future?

It more like food prices today. May supply pero walang pambili sa sobrang tinaas.

[tidus1203]

Well curse me if you want but I did buy GOLD and OIL futures yesterday I guess its my hedge to rising prices, on one hand I am paying more for my gas on the other my investments are making money so even out lang

[tidus1203]

Eto na lang consolation price natin siguro. Everything that goes up must come down, true for physics and definitely true for the financial markets. You can quote me if you want but OIL is in a bubble too much money is going in including me My reason is of course to protect myself from the erosion of inflation and I am sure many others also bought in for their own reasons (some to make quick money). You think at P70/L the economy will function properly? Who knows maybe the RP government will be pressured to remove tax on oil and remove the deregulation law if this continues...

[[archie]]

Well curse me if you want but I did buy GOLD and OIL futures yesterday I guess its my hedge to rising prices, on one hand I am paying more for my gas on the other my investments are making money so even out lang

:boo: joke lang...

Eto na lang consolation price natin siguro. Everything that goes up must come down, true for physics and definitely true for the financial markets. You can quote me if you want but OIL is in a bubble too much money is going in including me My reason is of course to protect myself from the erosion of inflation and I am sure many others also bought in for their own reasons (some to make quick money). You think at P70/L the economy will function properly? Who knows maybe the RP government will be pressured to remove tax on oil and remove the deregulation law if this continues...

i guess your right about this, parang hindi na talaga makakaya ng average juan ang 70php/liter. sana talaga bumaba na yung prices or at least stop the weekly increase...

[[archie]]

at 50 petot per liter ouch na sakin... patayan na naman sa pagtitipid niyan pag dating ng 60 petot/liter. :ouch:

[ghosthunter]

at 50 petot per liter ouch na sakin... patayan na naman sa pagtitipid niyan pag dating ng 60 petot/liter. :ouch:

If you are already "making tipid" at this point, what else can you do to save more money? Leave your car at home and commute via public transportation? But even that is increasing in fare prices.

[[archie]]

If you are already "making tipid" at this point, what else can you do to save more money? Leave your car at home and commute via public transportation? But even that is increasing in fare prices.

parang ganon na nga... pag dating ng 60 per liter ill start using public transport more often... as of now, i do commute pag wala na budget for gas... so mas mapapadalas na if the price of gas hits 60 per liter.

even if the public fair are rising, its still a lot cheaper to do that than use the car... with the gas, parking, toll fees.

[bigMIKE]

Hold on to your panties but it was just at the news that oil has hit US$129 a barrel. Its also expected to hit $150 by end of the year.

This means if gasoline is priced at P55/L (current P52/L is still not done with under-recovery), by simple price projection of the percentage of the increase, by year's end the price of gasoline will hit P66/L.

So, has the fuel prices reached the "ouch" level for you yet?

Is ringostarr around to hear the news?

[Monseratto]

Time to dump meh Camry and get a Ford focus TDCi?

[r0CkiStAh]

US Offshore Oil Drilling- McCain vs. Obama - It is not just about the offshore oil drilling but how about builds more refineries. Easy math is to look at 30 years ago and we have same number of refineries but the number of cars increased almost 4 times. Why do we have to spend money to the Middle East and let your own children starving when you have both the resources and capability to do so? Are you waiting to see the gasoline price reach $10 per gallon before doing something about it?

[uls]

it's here. it has happened.

$141.

http://biz.yahoo.com/ap/080627/oil_prices.htmlhttp://biz.yahoo.com/ap/080627/oil_prices.html

http://www.bloomberg.com/apps/news?p...ieQ&refer=news

[Monseratto]

We're in for a bumpy ride today...almost $142

Oil jumps to new record as equities wilt

LONDON -- Oil leapt to a new record high near $142 a barrel on Friday, extending gains after surging nearly 4.0 percent in the previous session, as tumbling global stock markets triggered a wider commodities rally.

US light crude for August delivery was $1.66 up at $141.30 a barrel by 0837 GMT, off highs of $141.71. London Brent crude was $1.58 up at $141.41, off highs of $141.98.

World stocks fell to a three-month low as a fast deteriorating global inflation picture fanned concerns over the outlook for corporate profits, hastening the rush of investors' funds into commodities.

"It has a lot to do with asset allocations. The equity markets are under serious pressure, breaking support levels. When equities are going nowhere, the money is parked into commodities," said Olivier Jakob at Petromatrix.

The MSCI main world equity index fell more than 0.6 percent to its lowest since March, with the index on track for the worst monthly performance in percentage terms since September 2002, according to Reuters data.

By contrast, commodities fared better, with gold steady near a one-month record high while US corn futures jumped to a fresh record high.

CURB SPECULATION

Oil's latest surge comes despite moves in the US to curb energy market speculation.

US lawmakers on Thursday have approved legislation which directs the Commodity Futures Trading Commission (CFTC), the futures market regulator, to use all its authority including emergency powers to "curb immediately" the role of excessive speculation in energy futures markets.

Oil prices have doubled from $70 a year ago on supply disruptions and geopolitical tensions in the Middle East. Rising flows of cash into commodities from investors seeking to hedge against inflation and the weak dollar have also added to gains.

"It may be months away before the legislation comes into effect but just the fact that it was passed is definitely enough to give the market a little bit of a bearish sentiment," said Toby Hassall, analyst at Commodities Warrants Australia.

Oil, which had been trading in a range for most of the week, broke out of that range after Libya said it was studying possible options to cut output in response to potential US actions against OPEC countries.

"We are studying all the options," Libya's most senior oil official, Shokri Ghanem, told Reuters, adding oil producers needed protection from what he viewed as US attempts to extend its jurisdiction beyond its territory.

OPEC President Chakib Khelil's comments that prices could reach $170 a barrel in the coming months also fuelled the rally. "I forecast prices probably between $150 and $170 during this summer. That will perhaps ease towards the end of the year," he told France 24 television.

http://business.inquirer.net/money/b...-equities-wilt

[tidus1203]

I am waiting for it to close there after the US session has closed if that happens technically we have broken out price-wise so expect more upside...

[uls]

the past 2 weeks, tons of money has left stocks...

saan pa pupunta yung pera? commodities!!