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barbara23
Coal
Joined: Aug 05, 2008
Posts: 17
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 Posted: Tue Aug 12, 2008 2:08 pm Post subject: Oil keeps declining |
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Hi guys! Crude oil continued its decline on Monday as investors weighed up demand from China with supply disruptions due to conflict between Russia and Georgia. Chinese crude imports fell 7% to 13.79million tonnes in July. The September futures contract was off 75 cents at $114.45 a barrel in New York.
Cheers!
Barbie  |
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dinopello
Fusion
Joined: May 13, 2005
Posts: 3068
Location: The Urban Village
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| Posted: Tue Aug 12, 2008 2:12 pm Post subject: Re: Oil keeps declining |
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| Pretty soon, they'll be paying us to burn it ! |
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Ferretlover
Moderator
Joined: Jun 13, 2007
Posts: 3910
Location: Minniesotuh
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| Posted: Tue Aug 12, 2008 2:24 pm Post subject: Re: Oil keeps declining |
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We should enjoy the lower prices while we can. The next upwards spike is going to be a doozie!
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"RRrrruuuunnnn!!!" ~Apocalypto |
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joeltrout
Light Sweet Crude
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Joined: Sep 19, 2007
Posts: 1317
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| Posted: Tue Aug 12, 2008 2:28 pm Post subject: Re: Oil keeps declining |
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I just paid $4.07 a gallon for gas. That is the lowest price I have paid all summer.
In fact I consider that cheap. 
joeltrout |
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socrates1fan
Heavy Crude
Joined: Jun 04, 2008
Posts: 284
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| Posted: Tue Aug 12, 2008 3:08 pm Post subject: Re: Oil keeps declining |
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I haven't posted for awhile now.
This truely isn't something to get excited about.
This is a bubble and I'm enjoying it while I can.
I am curious what has cuased this bubble. |
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Serial_Worrier
Heavy Crude
Joined: Jun 05, 2008
Posts: 285
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| Posted: Tue Aug 12, 2008 3:08 pm Post subject: Re: Oil keeps declining |
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Time to think about buying a Suburban! 
I need a zombie-horde smasher. |
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socrates1fan
Heavy Crude
Joined: Jun 04, 2008
Posts: 284
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| Posted: Tue Aug 12, 2008 3:09 pm Post subject: Re: Oil keeps declining |
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| joeltrout wrote: | I just paid $4.07 a gallon for gas. That is the lowest price I have paid all summer.
In fact I consider that cheap.
joeltrout |
It is like less than 3.80 here. 0_o |
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Armageddon
Fusion
Joined: Apr 13, 2005
Posts: 3264
Location: St.Louis, Mo
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| Posted: Tue Aug 12, 2008 6:35 pm Post subject: Re: Oil keeps declining |
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Then
( _0_ )
Now
( _o_ ) |
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smallpoxgirl
Moderator
Joined: Nov 08, 2004
Posts: 6477
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| Posted: Tue Aug 12, 2008 7:20 pm Post subject: Re: Oil keeps declining |
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It's sitting right now on the 200 day moving average. It should be clear in the next couple of days if that's going to hold support. It looks to me like it will probably not hold. This thing is still making solid moves on heavy volume. If it breaks the 200dma, then the next significant support is probably 100.
_________________
"We were standing on the edges
Of a thousand burning bridges
Sifting through the ashes every day
What we thought would never end
Now is nothing more than a memory
The way things were before
I lost my way" - OCMS |
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threadbear
Expert
Joined: Jan 22, 2005
Posts: 7784
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| Posted: Tue Aug 12, 2008 7:23 pm Post subject: Re: Oil keeps declining |
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| Everyone has to just sit back, breathe, and reflect on this little conversation. We're talking about 114. a barrel as if it's cheap. That's just plain funny. |
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3aidlillahi
Intermediate Crude
Joined: Mar 25, 2008
Posts: 890
Location: Alif Lam Mim
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| Posted: Tue Aug 12, 2008 7:26 pm Post subject: Re: Oil keeps declining |
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| smallpoxgirl wrote: | | It's sitting right now on the 200 day moving average. It should be clear in the next couple of days if that's going to hold support. It looks to me like it will probably not hold. This thing is still making solid moves on heavy volume. If it breaks the 200dma, then the next significant support is probably 100. |
I'm not into trading, so I don't really understand.
200 day:
Link
We're above the average by a couple of bucks.
100 day:
Link
We're already beneath it. So what do you mean by "breaking" the 200 day ma and then moving onto the 100 day? You mean going back up or down?
_________________
Riches are not from abundance of worldly goods, but from a contented mind.
Last edited by 3aidlillahi on Tue Aug 12, 2008 7:50 pm; edited 1 time in total |
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smallpoxgirl
Moderator
Joined: Nov 08, 2004
Posts: 6477
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| Posted: Tue Aug 12, 2008 7:35 pm Post subject: Re: Oil keeps declining |
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| 3aidlillahi wrote: | | We're above the average by a couple of bucks. |
There are minor differences depending on what you're graphing. I'm looking at the front month contract(currently September) because that's what I have available. WTIC is an index...it's a composite made of numerous different contracts strung together, so the moving average is slightly different. For the September contract, the 200 dma is at $112.84 and oil is currently at $113.26.
| Quote: | | We're already beneath it. So what do you mean by "breaking" the 200 day ma and then moving onto the 100 day? |
I mean breaking the 200dma (i.e. dropping below it) and then moving on to $100/barrel. Round numbers tend to be a support level for psychological reasons. $100/barrel was also a very significant resistance level on the way up which argues for it being support on the way down.
_________________
"We were standing on the edges
Of a thousand burning bridges
Sifting through the ashes every day
What we thought would never end
Now is nothing more than a memory
The way things were before
I lost my way" - OCMS |
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mos6507
Fusion
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Joined: Aug 03, 2007
Posts: 4590
Location: Boston Suburbs
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| Posted: Tue Aug 12, 2008 7:39 pm Post subject: Re: Oil keeps declining |
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| Ferretlover wrote: | | We should enjoy the lower prices while we can. The next upwards spike is going to be a doozie! |
This winter?
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http://doomsteaddiary.blogspot.com/ |
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3aidlillahi
Intermediate Crude
Joined: Mar 25, 2008
Posts: 890
Location: Alif Lam Mim
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| Posted: Tue Aug 12, 2008 7:51 pm Post subject: Re: Oil keeps declining |
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| Quote: |
I mean breaking the 200dma (i.e. dropping below it) and then moving on to $100/barrel. Round numbers tend to be a support level for psychological reasons. $100/barrel was also a very significant resistance level on the way up which argues for it being support on the way down. |
Oh. I thought you were talking about the same units when going from 200dma to 100 (blank). I assumed that was the 100 dma and not $100/bbl.
_________________
Riches are not from abundance of worldly goods, but from a contented mind. |
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Niagara
Intermediate Crude
Joined: Aug 17, 2006
Posts: 546
Location: Mt. Hubbert Scenic Lookout
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| Posted: Tue Aug 12, 2008 7:59 pm Post subject: Re: Oil keeps declining |
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Just something else to keep in mind. China has been on hold lately for the Olympics. After that, they will ramp up their energy demand again.
The average American uses 20 barrels of oil per person per year.
The average Chinese uses 2.
They are catching up quickly. And there's a billion of 'em. |
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