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[Nickbat]

Back in June, I posted a reckless comment that the price of oil would fall in September to $60-70 per barrel.. Well, it hasn't got there....yet

But, dated Brent Spot is now at $89.92.

Yep, I know, everyone hates a smart**se!  

[Mr Skrunts]

Still got $19.92 to go then.

Do you trade the markets?

[Nickbat]

Still got $19.92 to go then.

Do you trade the markets?

No. Wish I had gone short at $140 though. That would be some profit on 1,000 barrels (one futures contract)  

[Entwood]

But how long before petrol / lpg prices follow ??    

Go up fast enough but never seem to come down quite as much or quite as fast ...  

[Ian_D]

Its funny, because over a year ago, I said that this would happen.

Everyone thought I was mad!

I kept saying 'Im going to go out and buy a decent car with a big v6 or v8 engine' and everyone said 'Your a student, insurance will kill you' (I was 18-19 then).
My reply was 'Maybe insurance will kill me, but if I leave it too long, I wont be able to afford the fuel to run it, so its now or never!'

I also said about everything coming to a standstill (I remember saying unemployment will rise, and transport would be hit, and thus the cost of everything will go through the roof.) (look at the cost of a loaf of bread now!)

I hope we start making things over here again like we used to, however I don’t know if them days are too far gone now  

The fuel prices HAVE dropped recently, however I doubt they will stay around the £1.10 mark for long. Unless enough planes / lorries / trains / ferries etc are grounded, so the demand for fuel lowers, and hence the price continues to drop???  :-/ Having said that, Its a closed loop system! If the fuel prices drop, we use more fuel.... then the greater demand pushes the prices up again and were back to square one!

[Jay w]

But how long before petrol / lpg prices follow ??    

Go up fast enough but never seem to come down quite as much or quite as fast ...  

some of that is now the government keeping the price high to compensate for other parts of an underperforming economy  

Nick posted a few weeks ago that fuel would drop back to below a £1 Per litre, i really want to believe that will happen, but sadly cannot see it, and if it does then i would call him a smart ass, more someone who is well informed and knows his beans.

have you noticed the the media have not announced that oil is below $100 a barrel either.....again quick enough to doom monger  

i have stopped listening to the news....all the stories are woe woe woe and bad news

[cem_devecioglu]

But how long before petrol / lpg prices follow ??    

Go up fast enough but never seem to come down quite as much or quite as fast ...  

some of that is now the government keeping the price high to compensate for other parts of an underperforming economy  

Nick posted a few weeks ago that fuel would drop back to below a £1 Per litre, i really want to believe that will happen, but sadly cannot see it, and if it does then i would call him a smart ass, more someone who is well informed and knows his beans.

have you noticed the the media have not announced that oil is below $100 a barrel either.....again quick enough to doom monger  

i have stopped listening to the news....all the stories are woe woe woe and bad news

yep..same here ..the difference is the govt factor

closing the holes in the budget with fuel prices from our pockets

[Nickbat]

But how long before petrol / lpg prices follow ??    

Go up fast enough but never seem to come down quite as much or quite as fast ...  

some of that is now the government keeping the price high to compensate for other parts of an underperforming economy  

Nick posted a few weeks ago that fuel would drop back to below a £1 Per litre, i really want to believe that will happen, but sadly cannot see it, and if it does then i would call him a smart ass, more someone who is well informed and knows his beans.

have you noticed the the media have not announced that oil is below $100 a barrel either.....again quick enough to doom monger  

i have stopped listening to the news....all the stories are woe woe woe and bad news

yep..same here ..the difference is the govt factor

closing the holes in the budget with fuel prices from our pockets

It will! The government cannot control the price of petrol other than through taxes, which cannot be raised without announcement. Clearly, the fuel companies will want to maximise their income and will not change their prices as smartly as when the crude price was on the up. However, the market trend cannot be bucked for long. With growth stalling here in the UK, in Europe and in the US, demand will fall. The "taps" cannot be turned down that quickly and the recent surge to $140bbl prompted increased production and  a rise in investment on new oilfields. I wouldn't use the term "glut", but I wouldn't be surprised to read of ample supplies. Look to the supermarkets, rather than the majors, to kick off a price war.

The only fly-in-the-ointment is the prospect of a cold winter, but that should not affect prices until November/December time at the earliest, IMHO.

[albitz]

they are saying that the price of fuel is staying up because  the puond weakened against the dollar.the pound has been extremely strong against the dollar for a long time (until very recently) we didnt see the prices constantly dropping though.

[hersham boy]

The Pound as always been strong against the dollor. for years and years that as been the trend. The biggest problem at the minute is the strong Euro. As most trading by this country is with the Euro Zone and the pound stitting ay about 1.20 euro's to the pound most imports from the euro zone have gone up in real terms about 20% thats a big rise. As the UK no longer as a manufacturing base as in years gone by we can not take advantage of it being cheaper to by from us. Back to oil the pound went from 2 dollors to the pound to 1.75 over night about 2 weeks ago as oil is sold in dollors not sterling it ment in real terms a rise of 12.5% in oil prices to the uk... stuffed no matter which way we turn by our Goverment!!

[Nickbat]

The Pound as always been strong against the dollor. for years and years that as been the trend. The biggest problem at the minute is the strong Euro. As most trading by this country is with the Euro Zone and the pound stitting ay about 1.20 euro's to the pound most imports from the euro zone have gone up in real terms about 20% thats a big rise. As the UK no longer as a manufacturing base as in years gone by we can not take advantage of it being cheaper to by from us. Back to oil the pound went from 2 dollors to the pound to 1.75 over night about 2 weeks ago as oil is sold in dollors not sterling it ment in real terms a rise of 12.5% in oil prices to the uk... stuffed no matter which way we turn by our Goverment!!

I can't fault your logic, but a lot depends on interest rates as well. The BoE is keeping ours on hold, but there are calls for the Fed to cut theirs in which case it could mitigate the GBP/USD fall. Either way, a stronger dollar should mean a weaker oil price and, with growth stuttering causing a reduction in demand, I still reckon we'll see unleaded fall below £1, even if it is short-lived.

[shyboy]

Predicting a rise or fall in the price of oil or other commodities or the Stock Market is no big deal. Predicting the timing accurately, and having the guts to do so, is genius, (or bloody good luck0.