Historical oil prices
December 23rd, 2007 at 06:33pm
Under China Oil+ Crude oil+ Historical oil prices+ Middle East+ OPEC+ Oil+ Oil politics+ Oil price+ Production levels
The price of oil was well low at $25/barrel in late 2003 but jumped to double at whooping $60/barrel in the mid 2005. There was an uncontrolled change in the price of oil in most of times since 2005 to 2006 with some high and downs but settled at around $50-$60/barel in the early 2007. But this was not enough so it raised more above the price of $92/barrel in late 207 and ended up at about $99.29 in NYMEX futures in November end of 2007.
This clearly shows that oil prices has been increasing by passing years and the price tag of $100/’ barrel is clear to cross in the year 2008. Perhaps the price may increase above that if there are political conflicts in Middle East or any more OPEC production cuts. This uncertainty in the oil prices shows the indication of inflation of 1980 which was led to an economic recession. There are many philosophies that has attributed that US economic and political factors like UR-Iran conflict, North Korea Missile Launch, Israel- Lebanon crisis and decreasing US oil reserves are some determine factors of international oil prices.
There are many reasons to decrease in supply of oil that is main factor being increasing oil prices. The demands and supply policy of economics makes it true as if when ever the oil supplying countries like Iran and Saudi Arabia cut down the oil supplies then that is going to bring a surge in price in international market. The conflict in Middle East is the major reason behind this and even outside Middles East countries like Venezuela and other African countries producing oil have been facing local unrest like strikes and civil wars that has forced for decrease in oil supplies. Moreover the increasing terrorism by certain faction of people in oil rich countries has added to this price increase of oil.
A recent survey shows that the total supply of oil in recent times is 83 million barrel per day which is more than any other time in the history but the speculation that the a major Peak oil situation is nearing and a reducing oil supply is just in the near future has created a panic situation in the international market. Few secondary factors like OPEC supply cut and decreased value of dollar is too important reason for sudden increase in oil prices.
By Oilism.com
December 15th, 2007 at 05:55pm
Under Historical oil prices+ Oil price+ energy prices
One thing is for sure, over time crude oil prices fluctuate a lot. Any investigation of historical crude oil prices will reveal interesting trends and trade signals. For a part this can be explained by seasonal trends which are more easy to forecast than political tensions. We strongly suggest the usage of precise weather forecast data within your crude oil strategy. For example, many people may think in winter time crude oil will climb fast. But in reality and after studying many of raw data sets; In winter the crude oil price slowly climbs as the demand for heating oil increases. In the spring crude oil prices change slightly but rise again in the summer. Thereby any event that can significantly changes the demand or supply for crude oil will shift prices.
But also in the time dimension interesting information can be found in the crude oil price history chart.
In 1950 an average of $2.49 USD is registered for a barrel of crude oil. Without take notice of price inflation correction, the average crude oil price in 1960 was $2.91 and in 1970 still just $3.18 a barrel.
Around 1980 the oil price increased drastic to a yearly average of $21.59. From 1990 till 2000 the crude oil prices hovered from $20.03 to $26.72, respectively. Now, around the beginning of 2008 crude oil futures are settled around the 90$. It is worth noticing that the historic crude oil price of 1950 of $2.49 ends up $19.71, adjusted for inflation.
By Oilism.com
October 26th, 2007 at 11:31am
Under Crude oil+ Historical oil prices+ Oil and gas+ Production levels+ Uncategorized+ energy prices
As history demonstrates, energy prices have typically been high and volatile. Energy prices, particularly crude oil and natural gas can fluctuate by more than 60% from year to year. The past year has certainly been no exception to this volatility.
The average oil barrel price for October 2007 climbed by more than 30% in relation to May 2007.Today, crude oil prices hovering around $91 per barrel about 30% higher than one year ago and 5 years ago it hovered around the $20. That is a 450% raise within 5 years!!These are a direct consequence of a highly crude oil supply-demand curve and today’s drop in the US Dollar. Minor changes in supply or demand, even on the order of just a million barrels per day, can significantly impact the price of crude oil or a couple of cents off the US dollar exchange rates triggers non US countries to buy lot’s of barrels. This increasing demand will be followed by Supply concerns primarily arise from:
- Geopolitical instability. Instabilities in OPEC regions diminish production and raise fears about OPEC’s future ability to safeguard global energy needs. In addition, past movements in Nigeria, Bolivia, and Venezuela for local control of oil supplies have added instability to the marketplace couple of months ago. Nowadays the tensions in Turkey and Iran/Iraq play a big role in the sentiment on the oil market.
- OPEC’s hesitancy to increase daily production levels. Some fear that the Middle East fields have peaked, but others believe that OPEC maintains a tight supply to benefit from high prices.
- Crash or drop of the US Dollar to lower levels will impact the demand for oil which can cause a shortage on supplies and reserves.
- Insufficient midstream and downstream infrastructure to deliver increased oil and gas production in a timely manner.
- Natural disasters. Approximately 20% of the Gulf of Mexico’s oil and gas production was offline after Hurricane Katrina’s visit. Since much of this production was marginal, it may never come back online because of cost-prohibitive repairs. Global warming will cause more and more natural disasters in the near future.
Forecast: Oil keeps on Raising
With the continued instability problems in several parts of the world, the near future will likely bring continued high and volatile energy prices. Furthermore, adverse weather conditions caused by global warming and climate changes, experts predict more natural disasters on the magnitude of Katrina over the next several years. This could add several dollars to oil barrel prices. The U.S. Energy Information Administration expects average barrel prices to increase slowely over the next 12 months, yet other groups argue that this statement is too conservative. For example, investment bank Goldman Sachs anticipates a “super spike” in oil prices with potential surges to $105 per barrel. The bank also expects oil prices to remain high through the rest of the decade.
By Oilism.com
October 24th, 2007 at 03:04pm
Under Historical oil prices+ Oil+ Oil price
Oil Prices
By Oilism.com