Oil Prices Dropping

CoachT · Coal Joined: Jul 02, 2008 Posts: 9

Like I said last week. It will be below $100.

$145, $145, $145
Do I hear $130, $130, $130
Do I hear $100, $100, $100
Do I hear $80, $80 going twice, SOLD for $80

Enjoy the ride.

cipi604 · Posted: Tue Jul 15, 2008 10:00 am Post subject: Re: Oil Prices Dropping

And after it goes to $80 they will give oil for free.

Cashmere · Light Sweet Crude Joined: Mar 27, 2008 Posts: 1931

Coach T - PM me your name and phone number and I'll call you to set up a futures contract.

If you don't have an account, I'll help you set it up.

I have an extra 100k to play with, so let me know your funding availability.

If you go short, of course, I'll expect that you'll bond your exposure with whatever assets you have.

Looking forward to working the transaction with you.
_________________
Massive Human Dieoff must occur as a result of Peak Oil. Many more than half will die. It will occur everywhere, including where you live. If you fail to recognize this, then your odds of living move toward the "going to die" group.

MadScientist · Heavy Crude Joined: May 19, 2004 Posts: 418

T for Troll?
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"The future power is manpower"

NoWorries · Tar Sands Joined: Jun 05, 2008 Posts: 78

I raised the same point regarding demand destruction the other day. The more the economy sinks, the more demand will decrease. Demand destruction will result in much lower prices. It's happening already:

http://money.cnn.com/2008/07/15/markets/oil/index.htm?cnn=yes

The cure for high gas prices is....High gas prices (and a sinking economy).

The only question is how low will prices go, and how quickly.

threadbear · Expert Joined: Jan 22, 2005 Posts: 7475

eastbay · Posted: Tue Jul 15, 2008 10:58 am Post subject: Re: Oil Prices Dropping

Cashmere · Light Sweet Crude Joined: Mar 27, 2008 Posts: 1931

SoylentGreen · Heavy Crude Joined: May 25, 2008 Posts: 168

the price just dropped about $7. CNBC is stating ,struggling US Banks are dumping long positions in OIL/enegry sector to raise cash/capital.

eastbay · Posted: Tue Jul 15, 2008 11:10 am Post subject: Re: Oil Prices Dropping

What's developed today is generally called a 'buying opportunity' folks.
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Everything is Impermanent. Shakyamuni Buddha

vilemerchant · Heavy Crude Joined: Jul 07, 2008 Posts: 116

smallpoxgirl · Moderator Joined: Nov 08, 2004 Posts: 5646

I actually think this may be the start of a big drop. Each of the last 5 bull runs has gotten progressively weaker (called a bearish MACD divergence). This one barely made it up to the high from the last run. Natural gas and coal both had big downwards corrections of maybe 20% two weeks ago and oil may be heading there soon also. The 200 day moving average would stop it at around 105-110 and I wouldn't expect it to go below that. This thing could also have a blow off top left in it though to spike up above 150 before it falls.
_________________
"So while you sit and whistle Dixie with your money and your power.
I can hear the flowers a-growin in the rubble of the towers.
I hear leaders quit their lying
I hear babies quit their crying.
I hear soldiers quit their dying, one and all." - OCMS

Cashmere · Light Sweet Crude Joined: Mar 27, 2008 Posts: 1931

Take all of the "economic theories" of the last 100 years and throw them in the toilet where they belong.

My best guess is that we're in 8% decline, worldwide, by late 2009 at the latest.

So ask youself this . . .

Is "demand destruction" going to drive the price lower when the halving time of world production is nine years?

People, figure this out.

Oil is what is used to make food, to transport food, to heat, to pretty much do all of the required things in life.

"Demand destruction" will not offset an 8% decline because oil is used for so many critical processes.

Barring government screw up, oil can only go up. The only question is . . .

"At what price of oil will farming with horses be more economical."

When you find that price, you've found the top.
_________________
Massive Human Dieoff must occur as a result of Peak Oil. Many more than half will die. It will occur everywhere, including where you live. If you fail to recognize this, then your odds of living move toward the "going to die" group.

eastbay · Posted: Tue Jul 15, 2008 11:31 am Post subject: Re: Oil Prices Dropping

smallpoxgirl · Moderator Joined: Nov 08, 2004 Posts: 5646

Not saying that this is the top by any means, but markets surge and then correct. This one is way over due for a correction back to the 200 day moving average.
_________________
"So while you sit and whistle Dixie with your money and your power.
I can hear the flowers a-growin in the rubble of the towers.
I hear leaders quit their lying
I hear babies quit their crying.
I hear soldiers quit their dying, one and all." - OCMS