Oil has biggest gain ever

http://www.bloomberg.com/apps/news?p...PjQ&refer=home



Fantastic news for some , but I wonder how long the recent drop in fuel will last if this carries on.

At the current exchange rate, oil can't be far off it's highs in sterling.

25% in one day. That's going to make a few people wince.

Just checked the live price, currently trading at $109

Well the price of petrol always follows the price of oil up quickly..

The local garage only reduced its price of unleaded to 109.9 yesterday from 113.9.


I don't think it will stay high for long though as apparently the economic downturn and high prices have affected demand.

Oil up,Markets dropped again....
It is going to be an interesting week..

Originally Posted by symonh2000

Well the price of petrol always follows the price of oil up quickly..

The local garage only reduced its price of unleaded to 109.9 yesterday from 113.9.


I don't think it will stay high for long though as apparently the economic downturn and high prices have affected demand.

If I used my car as a daily commute I'd be at the station filling up now.

Originally Posted by garry-graig

Oil up,Markets dropped again....
It is going to be an interesting week..

Yup, seems wall street isn't convinced all the money the fed are pumping into the financials is going to solve the problems they face. I'll be suprised if the FTSE doesn't fall by 200 points tomorrow.
People are going back into commodities as a safe haven.

More short trading, just like the banks?

No doubt we'll all pay immediately. Funny, but I didn't notice too many reductions when it shed over a third of its value from about $147/bl in August to about $96/bl by mid September. Hmmm *rubs chin smiley*

For a change I was a winner here. I was going to fill up this morning, but because I was running late I drove to work on fumes (just about). When I did fill up on the way home the garage had reduced its petrol from £1.09 to £1.07. Result!

EDIT: Hang on - I've just read the Bloomberg report. That doesn't make sense - all the garages on my way home had knocked at least a couple of pence per litre off their prices from this morning. I realise that its going to take a while for the more expensive oil to reach the pumps, and I guess the garages are using stuff bought more cheaply, but normally the price rises pretty much straight away when the crude price goes up. Certainly I've never been aware of them actually dropping the price on the same day that crude has made such a large gain.

I'll be looking at the petrol prices closely on the way in to work tomorrow.

So that's why folk were queuing to get in to the tesco petrol station next to where I work tonight.

******s!!!

hmmm... might have to grab a tankful tomorrow morning!

PANIC BUY!!!

The 'Rolling Rich' have got to make safe reasonable buys, and gold is....well, a bit too 'Top Dollar' so let's 'roll' those barrels out again, and buy a few? And we all pay!!

Yep... I'll be calling in to fill up on me way home from work in the morning......should be no queues at 6am

Originally Posted by FedLad

Yep... I'll be calling in to fill up on me way home from work in the morning......should be no queues at 6am

My hand is forced, it actually needs filling up, a little too often as well