Crude Oil Jumps Above $66 as Iran Dispute Boosts Supply Concern

[jpak]

http://www.bloomberg.com/apps/news?pid=20601072&sid=aT4u6LmZTZqg&refer=energy

March 29 (Bloomberg) -- Crude oil rose above $66 a barrel in New York, approaching a six-month high, on concern that Iran's capture of 15 British sailors and marines increases the likelihood of a disruption of shipments from the Persian Gulf.

Iran, the world's fourth-biggest oil producer, won't release the only woman being held, a government official indicated today. Iran's foreign minister had said earlier she might be freed. Prearranged orders to buy futures at specific prices, known as stop orders, were triggered as prices rose.

``The Iranian tensions remain the main driver of this market,'' said Tom Bentz, an oil broker with BNP Paribas Inc. in New York. ``I wish there was something new to point to but there isn't. Once we got above $65 stops were triggered and the market went crazy.''

Crude oil for May delivery rose $2.01, or 3.1 percent, to $66.09 a barrel at the 2:30 p.m. close of floor trading on the New York Mercantile Exchange. Futures are headed for the highest settlement price since Sept. 8. Oil has climbed for eight straight trading days, the first time that's happened since June.

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[Purveyor]

1. Local mid-Michigan gasoline price just jumped to $2.75 this morning. eom

[Warpy]

2. $2.59 in central NM last Friday

but the prices have been going up a few cents a day for the last few weeks.

I guesstimate we're at least $2.69 today.

[GliderGuider]

3. I have a standing bet on the Peak Oil board that I'm going to win

I bet the closing price of one barrel of oil that crude would close over $70 on August 30, 2008. Given what I think is going to happen to oil prices in the next year and a half, that's a bet I'd much rather lose.

[brokensymmetry]

4. I think you'll win the bet....

and I agree. Much better to lose it.

Interesting times, that's certain.

[NGC_6822]

5. Brits for oil money

Criminals kidnap children and demand a ransom. Amadinejad and the Ayatollahs grab some British sailors and money just pours into the Iranian coffers automatically. The top story on the Der Spiegel web site today says that 48% of Germans think America is more dangerous than Iran. I wonder if their brain is connected to their accelerator foot as they speed down the autobahn at 200 km/hr. "Pump that Iranian juice for the Ayatollahs!"