Okay, not many people know this but apparently there was only ONE person who bought a 1,000 bbl. NYMEX futures contract for $100 bbl. yesterday. That's when the media went ape$hit and started freaking out about how oil just went over $100.

But it was just ONE guy who bought JUST ONE contract. That's like the first guy to buy 1 share of Google when it hits $1,000/share.

According to scuttlebutt I'm hearing - the guy wanted to be the first person in history to own $100 oil.

He's gonna save the trade confirm and E-Bay it. :hihi:

That is funny. But in another way pathetic at the same time. The media reports that the increase is due to unrest in Africa and other areas of the world. that makes the real story even funnier. Ironically, I don't find myself laughing all that much when I have to write the check for the latest oil delivery. :smash::(

Ben I made comments on this in the other thread. I am trying to figure out why this guy thinks it's funny though. :huh: I think someone should bring the guy up on charges for causing people to pay additional on oil....or at least having a part of it. It'll never happen though.

considering that crude has found support at $99, i don't think this guy comitted any crime. he wasn't enough to move the market by himself. blame the unrest in nigeria.

Funny gas went up over night !

Unrest in Nigeria..price goes up. storm in the gulf of mexico..price goes up. oil field worker farts...price goes up.. When does the price ever go down in reaction to good news?

I've got no problem w/oil moving on unrest, a pipe line being damaged, etc. but it bugs me when it fluctuates based on the speculators.

What frys my a$$ is the in the early 80's when Regan deregulated the oil industry the US capped over 100,000 wells because it was cheaper to buy Saudi oil and thousands of folks lost thier jobs including me . I was a well site geologist. Oil was $35.00/bbl. We still have a crap load of oil and gas in the lower 48 but it needs to be pumped.