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brobak
Heavy Crude
Joined: Apr 06, 2005
Posts: 103
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 Posted: Mon Sep 25, 2006 12:14 pm Post subject: Re: Another record |
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Big bounce up to 62.00 in the last hour according to http://321energy.com/
Wonder what news kicked that off. |
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papafoo
Coal
Joined: Feb 12, 2006
Posts: 8
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| Posted: Mon Sep 25, 2006 2:09 pm Post subject: Re: Another record |
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| AirlinePilot wrote: | I am seriusoly thinking of sinking a bunch of money into an Oil ETF If the price of crude goes below 55. Im talking a good bit of money too. Then watch it ramp right back up to 80 or so and bail.  |
Can you give details on how and where to do it ? I am especially interested for people in Europe or how to open US accounts for Europeans.
I wanted to do that when oil was like 40, a few years ago, but it seemed too complicated. Too bad I did not go further at the time, because I would be rich now.
I have many questions like: "Do you need the cash to buy the oil when you bail out?". "Do you need to buy and sell the oil when you exercise your options or is it automatic?"
I read an article that says that a good plan is to buy options with end dates in slices of 6 months. |
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lapulapu
Coal
Joined: Jul 18, 2005
Posts: 18
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| Posted: Mon Sep 25, 2006 2:45 pm Post subject: Re: Another record |
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try www.interactivebrokers.com
or PM Mr. Bill in Traders Corner posts |
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DantesPeak
Expert
Joined: Oct 23, 2004
Posts: 5923
Location: New Jersey
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| Posted: Mon Sep 25, 2006 2:59 pm Post subject: Re: Another record |
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| brobak wrote: | Big bounce up to 62.00 in the last hour according to http://321energy.com/
Wonder what news kicked that off. |
See the topic for September OPEC Production falls. It seems pretty clear to me that OPEC has drawn a line in the sand at the US market price of $60, and is willing to cut production to acheive that.
Heinberg says OPEC production is falling anyway, and he is at least partially supported by Saudi oil production drops since April. The latest SA production drop over the last few weeks may - or may not be - voluntary. |
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AirlinePilot
Moderator
Joined: Apr 05, 2005
Posts: 2475
Location: South of Atlanta
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| Posted: Mon Sep 25, 2006 9:56 pm Post subject: Re: Another record |
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Oil ETF's are basically exchange funds, etf stands for exchange traded fund. It ssimply like buying a mutual fund for oil.
Just goole oil etf and you'll find tons of info. Or you could just talk to a broker or CFP and ask If they know how to get in to them. I'm actually pretty new to this myself, ETF's for oil just became available here a few months back. |
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Shannymara
Master
Joined: Oct 04, 2004
Posts: 5446
Location: Oklahoma
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| Posted: Mon Sep 25, 2006 11:00 pm Post subject: Re: Another record |
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USO (United States Oil Fund) is the oil ETF. Right now it's at $55.67. It tracks the price of WTI crude, I think, so it's usually priced a couple of bucks lower than the price of a barrel normally quoted around here.
_________________
"Every junkie's like a setting sun..." - Neil Young |
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Zardoz
Expert
Joined: Dec 02, 2005
Posts: 6436
Location: Oil-addicted Southern Californucopia
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| Posted: Tue Sep 26, 2006 12:08 am Post subject: Re: Another record |
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A lot of people agree with me:
Americans look for political manipulation as gasoline prices plunge
This is so obvious. What a farce. Thing is, though, it'll work. There are plenty of sheeple out there getting warm and fuzzy feelings again about their incumbents.
_________________
"Thank you for attending the oil age. We're going to scrape what we can out of these tar pits in Alberta and then shut down the machines and turn out the lights. Goodnight." - seldom_seen |
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rwwff
Fission
Joined: Apr 28, 2006
Posts: 2897
Location: East Texas
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| Posted: Tue Sep 26, 2006 12:21 am Post subject: Re: Another record |
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| Zardoz wrote: | | A lot of people agree with me: |
Same 42%. Core Democrat constituency is feeling like the squishy middle is being taken from them. They don't like it, and are largely powerless to do anything about it. |
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thor
Heavy Crude
Joined: Jun 21, 2005
Posts: 451
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| Posted: Tue Sep 26, 2006 4:09 am Post subject: Re: Another record |
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| Sweet Jesus, look at the price of oil. We've been fooled, PO is a total scam! |
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Revi
Fusion
Joined: Apr 25, 2005
Posts: 3273
Location: Maine
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| Posted: Tue Sep 26, 2006 6:09 am Post subject: Re: Another record |
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| I was talking to Chris Miller, who was the peak oil governor candidate for the state of Maine. He thinks that they are draining the SPR to drive the price of gas down. He said that he had been checking the level, and it's going down. What do you think? |
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DantesPeak
Expert
Joined: Oct 23, 2004
Posts: 5923
Location: New Jersey
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| Posted: Tue Sep 26, 2006 6:26 am Post subject: Re: Another record |
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| Revi wrote: | | I was talking to Chris Miller, who was the peak oil governor candidate for the state of Maine. He thinks that they are draining the SPR to drive the price of gas down. He said that he had been checking the level, and it's going down. What do you think? |
The GWB and even Congress agree that the SPR should temporarily not be refilled to its peak filling so far of about 700,000,000 barrels. It's now about 688 million. See:
Weekly Oil Inventory Reprt
There is no evidence that the SPR is being drained. Frankly I don't how such a rumor can persist. Oil refiners have been slow to request SPR oil except in the most extreme situations. That's for two reasons - not many refineries are readily connected to the SPR and the quality of oil is such that not all refineries can easily use it. |
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DantesPeak
Expert
Joined: Oct 23, 2004
Posts: 5923
Location: New Jersey
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| Posted: Tue Sep 26, 2006 6:46 am Post subject: Re: Another record |
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To clarify, not everyone says the $60 price is a line in the sand, but I think it is:
| Quote: | Muhammad Al-Jasser, vice governor of Saudi Arabian Monetary Agency said the current level provides a "healthy situation" for oil exporting countries in the Middle East, although some officials in the region have previously said that oil prices below US$60 could prompt a production cut.
"We have no problem with what has happened, because it is really the market doing what it does best," said Al-Jasser.
He was talking to reporters on the sidelines of a banking conference in Mumbai, India's financial capital. |
Int Herald Tribune |
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newman1979
Heavy Crude
Joined: Sep 25, 2006
Posts: 104
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| Posted: Tue Sep 26, 2006 8:38 am Post subject: Re: Another record |
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| KSA is no longer the swing producer, Russia is. The new "king" has cut exports in July. This sets the tone of the new pecking order. All in line have to follow the lead. The reason is that the swing producer can inflict a lot of pain on a competitor if it chooses. OPEC stopped its quota system in recognition of this change of power. Neither party wants or needs a contest. Given the pressures and probability of supply issues, OPEC probably welcomes the new leader. Russia wants the price up to show the world who's boss. The US marketeers are playing their last control game before Russian oil is traded in rubles and world oil supply and export issues surrounding Cantarell, Ghawar, and Kuwait's Burgan field are publicized. |
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Revi
Fusion
Joined: Apr 25, 2005
Posts: 3273
Location: Maine
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| Posted: Tue Sep 26, 2006 11:33 am Post subject: Re: Another record |
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| The price seems like it likes to be above $60. It would be nice if it would hover right there for a couple of months so that people can get some of their winter oil without bankrupting themselves. It's fallen to as low as $2.20 per gallon for heating oil some places. I don't think that will hold, however. It was at $1.99 last year, so people are still paying more this year. Now I hope we don't have too nasty a winter! |
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firestarter
Light Sweet Crude
Joined: Mar 19, 2006
Posts: 1114
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| Posted: Tue Oct 03, 2006 8:49 am Post subject: Re: Another record |
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| Oil's getting its second body slam in recent weeks. Everything's in place for a sub $50 by Nov 7. Republicans and their sypathizers ( well placed Wall Street pricks) will not go away quietly, if at all. It doesn't take a genius to figure out how Part A of the "October Surprise" is gonna manifest itself, nevertheless, I still suspect Part B (fill in the blank) will still be needed to keep the mercantilists in power. |
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