100$ Oil
- Thread starter Cheshire
- Start date
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112 in NS but its been like that even before the price jump due to Price regulation.
- Reaction score
- 68
- Points
- 680
Newfoundland will be making some money now 'bye with Hibernia, Terra Nova, White Rose and Hebron.
For my 40.00$...11.98 in tax. At least the GST was only 5%. So I did pump more fuel, and pay less tax.
What really gets me, is that everything I read on CBC, CNN, and BBC is that these prices are inflated for little reason. Oil is still flowing from Saudi, USSR, Brent Sea, Alberta and from Venezuela. This price is based largely on speculation. Ughhh.... :'(
What really gets me, is that everything I read on CBC, CNN, and BBC is that these prices are inflated for little reason. Oil is still flowing from Saudi, USSR, Brent Sea, Alberta and from Venezuela. This price is based largely on speculation. Ughhh.... :'(
Spencer100
Army.ca Veteran
- Reaction score
- 2,179
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Here is something interesting the $100.00 trade was made by one guy. So he could get his name in the history books.
http://news.bbc.co.uk/2/hi/business/7169543.stm
Single trader behind oil record
Open outcry trading is being replaced by electronic methods
The man behind the record rise in oil prices to $100 a barrel was a lone trader, seeking bragging rights and a minute of fame, market watchers say.
A single trader bid up the price by buying a modest lot and then sold it immediately at a loss, they claim.
The New York Mercantile Exchange said that US crude oil futures traded just once in triple figures on Wednesday.
Some analysts questioned the validity of the trade, though their concerns faded as oil set a record on Thursday.
New York light sweet crude climbed to a new high of $100.05 a barrel on Thursday.
Vanity trade
On Wednesday, one floor trader bought 1,000 barrels, the smallest amount permitted, and sold it immediately for $99.40 at a $600 loss, said Stephen Schork, a former floor trader on the New York Mercantile Exchange and the editor of an oil market newsletter.
"They absolutely overpaid," he told Radio Four's Today Programme.
"He paid $600 for the right to tell his grandchildren that he was the first in the world to buy $100 oil."
Most trading in energy futures has shifted away from the trading floor and takes place on electronic platforms.
http://news.bbc.co.uk/2/hi/business/7169543.stm
Single trader behind oil record
Open outcry trading is being replaced by electronic methods
The man behind the record rise in oil prices to $100 a barrel was a lone trader, seeking bragging rights and a minute of fame, market watchers say.
A single trader bid up the price by buying a modest lot and then sold it immediately at a loss, they claim.
The New York Mercantile Exchange said that US crude oil futures traded just once in triple figures on Wednesday.
Some analysts questioned the validity of the trade, though their concerns faded as oil set a record on Thursday.
New York light sweet crude climbed to a new high of $100.05 a barrel on Thursday.
Vanity trade
On Wednesday, one floor trader bought 1,000 barrels, the smallest amount permitted, and sold it immediately for $99.40 at a $600 loss, said Stephen Schork, a former floor trader on the New York Mercantile Exchange and the editor of an oil market newsletter.
"They absolutely overpaid," he told Radio Four's Today Programme.
"He paid $600 for the right to tell his grandchildren that he was the first in the world to buy $100 oil."
Most trading in energy futures has shifted away from the trading floor and takes place on electronic platforms.
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