Crude Oil Hits 3 Mos. Low!
 

NEW YORK (MarketWatch) -- U.S. stocks rose sharply in morning trade Friday, adding on to earlier gains as the dollar continued to rally and crude oil prices fell to three-month lows. Crude oil for September delivery was last down $3.42 at $116.60 a barrel, near three-month lows, fueling a broad rally in consumer-related stocks. The Dow Jones Industrial Average ($INDU:11,623.99, +192.56, +1.7%) gained 202 to 11,633, with all but one of its 30 components advancing. The S&P 500 index ($SPX:1,283.67, +17.60, +1.4%) rose 17.25 points, or 1.4%, to 1,283, while the Nasdaq Composite (COMP:2,393.64, +37.91, +1.6%) gained 38 points, or 1.6%, to 2,393.

http://www.marketwatch.com/news/stor...=TQP_Mod_mktwN

closed at $115.20 :)

oil at $115 a barrel is good news?

well, when it was at $140 before sure it is good news.

get back to me when it's back down to between $50 and $75 (in other words - never).

I'd say $115 a barrel is good news. Hopefully it keeps dropping. I think the gas stations need to pass the savings onto their consumers faster tho. Right now I'd be happy if it just dropped down to under $100 again.

We've seen significant demand destruction in the $130+ range.

There can only be so much risk premium factored into a barrel of crude.

I wonder how many people out there placed wild bets at $130+ at a 5% margin hoping crude broke $150?

Do the math.

The minimum to buy is 1000bbl at a 5% margin.

130 x 1000 = $130,000

5% is $6500


so for $6500 you can control $130,000 worth of oil at $130 per bbl.

Oil goes up to $147 per bbl you make $17,000 off your $6500 investment.

Oil drops to $115 you've lost $15,000 plus $6500. At these are just the minimums! :1orglaugh

There has to be a few pissed speculators out there.

Needs to be under $100 a barrell... so we can all go back to wasting gas like a motherfucker again and putting the pedal to the metal!

Amazing how all the fools fools claiming it will reach 200 by the end of the year suddenly disappeared ...

ahhh leverage. the cause of and solution to all of life's problems.

80$ a barrel please

if people stopped using it 1 day just one the price would drop fast

yeah, my hummer is starting to grow roots.

gas prices are coming down, but its only so we'll be happy with our new standard, which will be $4.00/gallon gas.

It makes sense. Raise it to ridiculous levels and make everyone squirm, then bring it back down to make us happy to see lower prices, which are still way above what they were a few months ago.

good, I'm glad.

We are still getting raped at the pump

and that is why the futures market is a tough racket

you guys are acting like it can't go back up again

fucking great

It just did. Closed at $120.92/barrel, up $16.37...

Awesome. It's going to raise again, though.

best to fill up now to save 2bucks on a tank?