JIM HOLSONBACK -> ALL wrote:
 JH> Hello, All.

 JH> Too early for excessive celebration, but the crude oil price bubble may
 JH> have finally popped in recent days.  I've continued my crude prices
 JH> tracking from the NY Mercantile Exchange http://www.nymex.com since that
 JH> large upward jump in prices early in June.

 JH> Back then, the NYMEX price of CL for July delivery jumped up by $16.24
 JH> in two days of trading, from settles of $122.30 on 6/4  to $138.54 on
 JH> 6/6.  That was the high settle for July delivery, and it remained below
 JH> that level until the selling of those contracts ended on 6/20, at
 JH> $134.62.

 JH> So on 6/23 I switched to tracking the NYMEX CL for August delivery.
 JH> The settle prices on these contracts varied, but trended upward, with a
 JH> low settle of 134.55 on 6/25 and highs over 145 on 7/3, 7/11 and 7/14.

 JH> Then came a week of falling prices, from settle of $145.18 on 7/14 down
 JH> to a settle of $128.88 on 7/18, a drop of $16.30 for the week. These
 JH> contracts closed at a settle of $127.95 on 7/22.  This is the lowest
 JH> level seen since during that two day upward jump back in the first week
 JH> of June.

 JH> So now I'm tracking oil for delivery in Sep, and that settled today at
 JH> $124.44.  This is over $20 per barrel below those high settles back in
 JH> July, as recent as a week and a half ago.

 JH> Also tracked here is the daily avg of the "basket" of
crudes as tracked
 JH> by OPEC at http://www.opec.org   - - these prices are usually about $4-5
 JH> lower than the prices at NYMEX, so it looks like OPEC may be falling
 JH> to about $120 in the next day or two.

 JH> So has the bubble burst?  Lets hope so.


Just think how much more it would drop if we actually started drilling here.

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