Crude Oil drops below $127

TheBazman · 23-07-2008 7:37pm

EternalSunshine wrote: »

and the credit crisis is over
.

Don't mean to slag but I'm afraid the credit crisis is far from over

EternalSunshine · 23-07-2008 7:45pm

TheBazman wrote: »

Don't mean to slag but I'm afraid the credit crisis is far from over

No offense taken, but it is. You just have not read it in the papers yet. ( this only applies to world markets and not to Ireland where there are many more factors that are not related to the credit crisis but can be construed as such)

But i would be interested in hearing your analysis rather than just a rebuttal of mine.

Then again, I am not sure this is the forum for such analysis. This forum, for me, is a welcome break from the markets.

Run_to_da_hills · 23-07-2008 7:53pm

I hope Tesco and Lidl follow through and drop the price of their vegitable oil

EternalSunshine · 23-07-2008 8:11pm

Run_to_da_hills wrote: »

I hope Tesco and Lidl follow through and drop the price of their vegitable oil

Nice

Nearly bought a w123 estate diesel just to covert it to veg oil for a project ( easy car to convert ) but couldn't bear to sell the w124 at the time. Heck, I nearly even planted a field for rape oil in the waterford mountains

Assuming you run on veg oil, what model car do you run?

Guy:Incognito · 23-07-2008 8:16pm

RobAMerc wrote: »

news yesterday said tesco and Asda were about to go head to head in a fuel price war !

Now why does that not happen here ? Oh yea I forgot FF are still in government = no competition.

How are FF stopping companies competing? We have lower fuel taxes than the UK so I cant see what they are doing to discourage compnies competing.

EternalSunshine · 23-07-2008 8:39pm

Stekelly wrote: »

How are FF stopping companies competing? We have lower fuel taxes than the UK so I cant see what they are doing to discourage compnies competing.

I agree. Some folks are still fighting the recent elections in their heads. The people have voted so best to move on.

To blame the current government, be it FF at present, is nonsense. Politics.ie is a great forum should you (robamerc) want to vent your frustration there.

jhegarty · 23-07-2008 8:41pm

just droped again to $124... keep on falling

EternalSunshine · 23-07-2008 8:54pm

jhegarty wrote: »

just droped again to $124... keep on falling

Yeah was following that

----begin
July 23 (Bloomberg) -- Crude oil, precious metals and crops fell as a stronger U.S. dollar limited the appeal of commodities as a hedge against inflation.

Oil dropped for a second day, capping a 15 percent slide from a record $147.27 a barrel on July 11, as the dollar strengthened and gasoline demand fell. Gold traded close to its lowest in a week and corn neared a two-month low as expectations of higher interest rates supported the U.S. currency.

``Oil and some other commodities are down on the back of the dollar,'' said Mike Wittner, head of oil research at Societe Generale in London. ``Also, general pessimism about the economy has caused the market to refocus on the demand outlook.''

Crude oil for September delivery fell as much as $2.25, or 1.8 percent, to $125.70 a barrel, and traded at $126.10 at 1:25 p.m. London time on the New York Mercantile Exchange. The August contract expired yesterday after declining 2.4 percent to $127.95 a barrel, the lowest settlement since June 5.

end

Supercell · 23-07-2008 8:58pm

The market is dumping commodities right now, hopefully this will feed through to lower prices at the pump.

EternalSunshine · 23-07-2008 9:41pm

Supercell wrote: »

The market is dumping commodities right now, hopefully this will feed through to lower prices at the pump.

Yep. This one is always a good one to follow to notice the trends. http://finance.google.com/finance?q=NYSE:MOS

TheBazman · 24-07-2008 6:38am

EternalSunshine wrote: »

No offense taken, but it is. You just have not read it in the papers yet. ( this only applies to world markets and not to Ireland where there are many more factors that are not related to the credit crisis but can be construed as such)

But i would be interested in hearing your analysis rather than just a rebuttal of mine.

Then again, I am not sure this is the forum for such analysis. This forum, for me, is a welcome break from the markets.

This forum is also a break for me from markets and I do agree it's not the place to talk about what defines a credit crisis etc. I can if you want discuss the cost of wholesale funding in money and term debt markets and how this hasnt come down and inch since the credit crisis kicked off on the 7th Aug 07. I can also discuss the forward pricing of unsecured money into 2009 and 2010 and how this is still at least half a percent above where it would be normally (ie) prior to August 07. Anyway I'll stop there as this is a motoring forum after all

Edit: Just saw this headline pop up on Reuters (sry not my Caps - just copy and pasted)
CREDIT SUISSE FINANCE DIRECTOR SAYS "CREDIT CRUNCH IS DEFINITELY STILL HERE", SEES MARKETS REMAINING VOLATILE IN NEAR TO MID-TERM

TheBazman · 24-07-2008 6:39am

Oil at 124.50 woohoo!

EternalSunshine · 24-07-2008 7:31am

TheBazman wrote: »

This forum is also a break for me from markets and I do agree it's not the place to talk about what defines a credit crisis etc. I can if you want discuss the cost of wholesale funding in money and term debt markets and how this hasnt come down and inch since the credit crisis kicked off on the 7th Aug 07. I can also discuss the forward pricing of unsecured money into 2009 and 2010 and how this is still at least half a percent above where it would be normally (ie) prior to August 07. Anyway I'll stop there as this is a motoring forum after all

Edit: Just saw this headline pop up on Reuters (sry not my Caps - just copy and pasted)
CREDIT SUISSE FINANCE DIRECTOR SAYS "CREDIT CRUNCH IS DEFINITELY STILL HERE", SEES MARKETS REMAINING VOLATILE IN NEAR TO MID-TERM

..and its those opposing views where money is won and lost.

E92 · 24-07-2008 9:47am

I wonder what impact this will have on SUV sales(and GM in particular who could be days from filing for chapter 11) in the US.

Of course every right thinking person will be pleased that crude is decreasing in price, though the Greenies and the Labour party in the UK won't(the Labour party in the UK said that high oil prices were a good thing as it would force us to reduce our dependency on cars) be pleased at all.

The reduction in oil prices further undermines the need for us to slow down to save a few quid here and there on petrol, and hopefully larger engined cars may become that bit more desirable again around here.

How come the mainstream news hasn't been reporting this at all?

Or do they have a severe dose of Schadenfreude and thus only want to fill us with doom and gloom?(I suspect they do since Sky got rid of the 2 Irish correspondents because there wasn't enough bad news happening in Ireland)

RobAMerc · 24-07-2008 10:34am

Stekelly wrote: »

How are FF stopping companies competing? We have lower fuel taxes than the UK so I cant see what they are doing to discourage compnies competing.

EternalSunshine wrote: »

I agree. Some folks are still fighting the recent elections in their heads. The people have voted so best to move on.

To blame the current government, be it FF at present, is nonsense. Politics.ie is a great forum should you (robamerc) want to vent your frustration there.

this government (and last) does nothing to encourage competition bar setting up a toothless competition authority. There is little doubt that the major oil companies in Ireland have no reason to compete - and it will get worse with Topaz being allowed to take over alot of the stations in the country now too.

Local authorities undoubtedly do deals with the likes of Tesco to allow them move to out of town site where they will have a major influence on the types of businesses that open killing any chance of competition.

Don't get on your high horse just because I mentioned FF and proceed to defend them blindly.

Guy:Incognito · 24-07-2008 3:35pm

RobAMerc wrote: »

this government (and last) does nothing to encourage competition bar setting up a toothless competition authority. There is little doubt that the major oil companies in Ireland have no reason to compete - and it will get worse with Topaz being allowed to take over alot of the stations in the country now too.

Local authorities undoubtedly do deals with the likes of Tesco to allow them move to out of town site where they will have a major influence on the types of businesses that open killing any chance of competition.

Don't get on your high horse just because I mentioned FF and proceed to defend them blindly.

So how is anything you say any different to say, the UK. Or are FF operating there too disguised as Labour? As you say in your forst paragraph - Companies - plural. The government can't force them to have a price war. It's called free market economics.

Defending them blindly?I think this is clearly a case of you blindly attacking.

road_high · 24-07-2008 3:50pm

Seen as the price at the pumps goes up almost instatantly as the price of a barrel rises, how soon should we expect a drop in return??

Guy:Incognito · 24-07-2008 4:31pm

mfitzy wrote: »

Seen as the price at the pumps goes up almost instatantly as the price of a barrel rises, how soon should we expect a drop in return??

tuesday the 42nd of Septober.

JHMEG · 24-07-2008 7:02pm

MYOB wrote: »

132.04c cause it changes on Friday nights the past few weeks?

It changed today (Thurs), sort of. Not surprisingly the prices for the 24th to the 31st are still 132.04c/144.89c

kluivert · 25-07-2008 8:34am

Wow Wow Wow not the press.

:P

Driving to work this morning and the prices have dropped at the petrol station across the road from me.

Diesel was 141.9 now 135.9.
Petrol was 131.9 now 127.9.

Someone is obviously reading Boards.ie

BigglesMcGee · 25-07-2008 8:40am

JHMEG wrote: »

Topaz/Statoil/Benchmark Motorcard is 132.04c/144.89c today.
Will see what it is tomorrow.

Has anyone noticed that this card is not what it used to be.
Over the last year im consistantly finding petrol at different garages cheaper than the Benchmark card price. Its hardly worth having it in your wallet these days.

L1011 · 25-07-2008 9:20am

JHMEG wrote: »

It changed today (Thurs), sort of. Not surprisingly the prices for the 24th to the 31st are still 132.04c/144.89c

Didn't receive an update notification, presumably because there wasn't an update! They've been messing with what the week covers repeatedly recently, I had three updates in 7 days once.

BigglesMcGee wrote: »

Has anyone noticed that this card is not what it used to be.
Over the last year im consistantly finding petrol at different garages cheaper than the Benchmark card price. Its hardly worth having it in your wallet these days.

Convenience of not having to have cash + up to 40 days interest free on the fuel + all my local stations to work are Topaz (all 5 of them!) = still worth it for me. But I wouldn't bother recommending it to people. However, it was all of .14 of a cent dearer than Tesco for the past week, and thats effectively rock bottom price wise.

voxpop · 25-07-2008 9:32am

BigglesMcGee wrote: »

Has anyone noticed that this card is not what it used to be.
Over the last year im consistantly finding petrol at different garages cheaper than the Benchmark card price. Its hardly worth having it in your wallet these days.

+1

Always more expensive than other garages now. While it was 1.44/1.45, garages around me were 1.41/1.42. Havnt used it in so long, Ive nearly forgotten Ive got it.

craichoe · 25-07-2008 9:46am

BigglesMcGee wrote: »

Has anyone noticed that this card is not what it used to be.
Over the last year im consistantly finding petrol at different garages cheaper than the Benchmark card price. Its hardly worth having it in your wallet these days.

If its cheaper at the pump you pay the pump price .... so .. i dont see what the problem is.

bennyx_o · 25-07-2008 9:47am

voxpop wrote: »

+1

Always more expensive than other garages now. While it was 1.44/1.45, garages around me were 1.41/1.42. Havnt used it in so long, Ive nearly forgotten Ive got it.

Yup, I canceled mine a while ago because of this.

L1011 · 25-07-2008 9:57am

JHMEG wrote: »

It changed today (Thurs), sort of. Not surprisingly the prices for the 24th to the 31st are still 132.04c/144.89c

Just got a price update for tomorrow there now - 127.50 petrol / 139.90 diesel.

BigglesMcGee · 25-07-2008 10:00am

craichoe wrote: »

If its cheaper at the pump you pay the pump price .... so .. i dont see what the problem is.

Its not cheaper at the pump in statoil/topaz. It is however almost always cheaper at the pump in other stations.

cashmni1 · 25-07-2008 10:25am

jsut put €50 in my van last night @ €1.42.9

JHMEG · 25-07-2008 10:32am

MYOB wrote: »

Just got a price update for tomorrow there now - 127.50 petrol / 139.90 diesel.

Website still says:

Fuelcard Price to 31/07/08: 132.04c/144.89c

I had to email them before about the AA prices they were quoting being wrong and about the website not being updated in a timely fashion (sometimes not at all). Got a response from one Shane Tasky.. don't want to have to email him yet again.

L1011 · 25-07-2008 10:52am

Update came by SMS.

Only times I've ever had contact with them has been Shane Teskey as well.

Crude Oil drops below $127

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