Oil Watch – 1/14/08 (UPDATED)

Yesterday’s close on the near term contract was $38.60, still a smidgen away from the pre-Christmas low of $35.13.

February '09 Crude

This weekend I was hearing rumblings regarding gas prices heading back up, although I haven’t personally seen much difference since I last filled up. There’s a price in which it doesn’t pay to explore – a price that’s already being broken (hence so few words lately about opening up the continental shelf and ANWR). But, there’s also a price in which it won’t make much sense to pump anymore.

What’s that price, and what will the equilibrium point be thereafter?

UPDATE: 1/15 – Doesn’t look like anyone has to worry about $35 being a bottom, since a new low of $34.65 was hit this morning.

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