A giant short squeeze on Monday had Oil up by 30 at one point. It seems to have settled around !5 up at $120. The largest one day gain on record.
The dollar had it's largest drop since 2001.
More to follow....
Full Version: Oil skyrockets Monday - up $15 barrel
Just to be safe...make sure you've got some small gold or silver coins. Don't buy 'gold on paper'. Buy the real stuff you can trade with.
Hold onto you 'bling', ladies.
Hold onto you 'bling', ladies.
link
Oil spikes $25 a barrel on anxiety over US bailout
41 minutes ago
NEW YORK (AP) — Oil prices spiked more than $25 a barrel Monday — the biggest one-day price jump ever — as anxiety over the government's $700 billion bailout plan, a weak dollar and an expiring crude contract ignited a dramatic rally.
Light, sweet crude for October delivery jumped as much as $25.45 to $130 a barrel on the New York Mercantile Exchange before falling back to settle at $120.92, up $16.37. The contract expired at the end of the day, adding to the volatility as traders rushed to cover positions; the October price began accelerating sharply in the last hour of regular trading, a common occurrence when a contract is about to go off the board.
Still, the rally, which shattered crude's previous one-day price jump of $10.75, set June 6, showed the intensity of emotion in the market.
The November contract, scheduled to become the front-month contract at the end of Monday's session, was trading at $108.69, up $5.94.
Crude has gained about $30 in a dramatic four-day rally that has at least temporarily halted oil's steep two-month slide below $100. At this rate, crude is within striking distance of its all-time record of $147.27, reached in July.
In other trading, gold prices shot up more than $40 and other safe-haven commodities also rallied, underscoring investors' uncertainly about the direction of the economy and their fear of more turmoil ahead.
"We're off to the races again," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill. "There's a renewed scramble for commodities because of a general weakness in the dollar."
The Nymex temporarily halted electronic crude oil trading after prices breached the $10 daily trading limit. Trading resumed seconds later after the daily limit was increased.
Oil spikes $25 a barrel on anxiety over US bailout
41 minutes ago
NEW YORK (AP) — Oil prices spiked more than $25 a barrel Monday — the biggest one-day price jump ever — as anxiety over the government's $700 billion bailout plan, a weak dollar and an expiring crude contract ignited a dramatic rally.
Light, sweet crude for October delivery jumped as much as $25.45 to $130 a barrel on the New York Mercantile Exchange before falling back to settle at $120.92, up $16.37. The contract expired at the end of the day, adding to the volatility as traders rushed to cover positions; the October price began accelerating sharply in the last hour of regular trading, a common occurrence when a contract is about to go off the board.
Still, the rally, which shattered crude's previous one-day price jump of $10.75, set June 6, showed the intensity of emotion in the market.
The November contract, scheduled to become the front-month contract at the end of Monday's session, was trading at $108.69, up $5.94.
Crude has gained about $30 in a dramatic four-day rally that has at least temporarily halted oil's steep two-month slide below $100. At this rate, crude is within striking distance of its all-time record of $147.27, reached in July.
In other trading, gold prices shot up more than $40 and other safe-haven commodities also rallied, underscoring investors' uncertainly about the direction of the economy and their fear of more turmoil ahead.
"We're off to the races again," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill. "There's a renewed scramble for commodities because of a general weakness in the dollar."
The Nymex temporarily halted electronic crude oil trading after prices breached the $10 daily trading limit. Trading resumed seconds later after the daily limit was increased.
QUOTE (karaplanet @ Sep 22 2008, 03:27 PM) 
link
Light, sweet crude for October delivery jumped as much as $25.45 to $130 a barrel on the New York Mercantile Exchange before falling back to settle at $120.92, up $16.37. The contract expired at the end of the day, adding to the volatility as traders rushed to cover positions; the October price began accelerating sharply in the last hour of regular trading, a common occurrence when a contract is about to go off the board.
Still, the rally, which shattered crude's previous one-day price jump of $10.75, set June 6, showed the intensity of emotion in the market.
The November contract, scheduled to become the front-month contract at the end of Monday's session, was trading at $108.69, up $5.94.
Light, sweet crude for October delivery jumped as much as $25.45 to $130 a barrel on the New York Mercantile Exchange before falling back to settle at $120.92, up $16.37. The contract expired at the end of the day, adding to the volatility as traders rushed to cover positions; the October price began accelerating sharply in the last hour of regular trading, a common occurrence when a contract is about to go off the board.
Still, the rally, which shattered crude's previous one-day price jump of $10.75, set June 6, showed the intensity of emotion in the market.
The November contract, scheduled to become the front-month contract at the end of Monday's session, was trading at $108.69, up $5.94.
I think the speculators got their asses handed to them today. The difference in moves between the October contract and the November contract shows there was massive short positions by people who didn't want to take delivery of oil (speculators).
QUOTE (karaplanet @ Sep 22 2008, 11:45 AM)
A giant short squeeze on Monday had Oil up by 30 at one point. It seems to have settled around !5 up at $120. The largest one day gain on record.
The dollar had it's largest drop since 2001.
More to follow....
The dollar had it's largest drop since 2001.
More to follow....
The shite is hitting the fan.
It's downhill from here for America.
Time to shop for another country. It's over here in the U.S.A.
It's pretty clear to all with eyes to see ... this ship is sinking. Time to get off, while the dollar still has some value.
QUOTE (Doodle @ Sep 22 2008, 04:03 PM)
I think the speculators got their asses handed to them today. The difference in moves between the October contract and the November contract shows there was massive short positions by people who didn't want to take delivery of oil (speculators).
It will be interesting to see how it settles out with the Nov contracts. The shorts, not wanting to be stuck with deliveries on oil they have no interest in taking...were clogging up the exits big time, today.
This is a "lo-fi" version of our main content. To view the full version with more information, formatting and images, please click here.