Gosh, it seems like just last month oil prices were around $42/barrel. Oh, that was just last month!
That was then; this is now.
Crude oil surged above $51 a barrel in New York to the highest price in almost four months, as colder- than-normal weather in the U.S. and Europe raised demand. . . .Well, at least the Europeans won't be hit quite so hard, what with the euro rising 1.2% today and sterling up 0.8%.
``The colder weather, particularly in Europe, is pushing us higher,'' said Tom Bentz, an oil broker at BNP Paribas Commodity Futures Inc. in New York. ``The strength of the euro against the dollar is also lending strength to the market.''
Crude oil for March delivery rose $2.80, or 5.8 percent, to $51.15 a barrel on the New York Mercantile Exchange, the highest closing price since Oct. 29 and biggest one-day gain since June 1. Futures are up 44 percent from a year ago. . . .
``There's no excess capacity to ease any potential supply disruptions,'' said Rick Mueller, an analyst with Energy Security Analysis Inc. in Wakefield, Massachusetts. ``Chinese demand is growing faster then was forecast and oil producers such as Iraq are not stable.''
In October 2004 the NYMEX had >$50/barrel oil for 20 straight days. We'll see if February-March 2005 can give that a run for its money.
And I must say, I'm rather put off with this sudden end to spring here in London -- well, at least it sure looked like spring to this guy from the Northeast. When I arrived three weeks ago the temperature was in the 50s. Now it's highs in the mid-30s, snow flurries every day, and damned windy. I want my springtime back!