Another Record ($147.27)

Eli · Posted: Thu Aug 21, 2008 8:50 am Post subject: Re: Another Record ($147.27)

I think what we are seeing is hedgefunds moving money in and out of trades.

As the market changes they are all piling into similar trades trying to keep their monthly preformance up. Financials are not looking good so in mass they pull their cash out and then they reinvest it somewhere else.

smallpoxgirl · Moderator Joined: Nov 08, 2004 Posts: 6480

$122.02
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firestarter · Light Sweet Crude Joined: Mar 19, 2006 Posts: 1181

I think there's starting to be a realization that the Russian conflict is a very serious matter indeed.
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Shannymara · Posted: Thu Aug 21, 2008 9:08 am Post subject: Re: Another Record ($147.27)

smallpoxgirl · Moderator Joined: Nov 08, 2004 Posts: 6480

Dunno. If I was looking for a fundamental reason, I'd blame Fay. She's apparently headed back across Florida towards the Gulf of Mexico. The bottom line though, is that the price has unwound itself adequately and it's ready to rise again given the right reason. It would have normally jumped up early in the Georgia conflict, but the bear force was just too much and absorbed whatever jitters were out there. The bulls are now taking control again and those jitters translate to price jumps.
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Sifting through the ashes every day
What we thought would never end
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I lost my way" - OCMS

firestarter · Light Sweet Crude Joined: Mar 19, 2006 Posts: 1181

I thought we'd see more downward pressure, especially after yesterday's inventory report. I'm not sure that Fay all by itself would be enough to drive the price of oil $9 north in less than 24hrs, given it's still uncertain trajectory. The Russian thing, on the other hand, scares the crap out of me, and I suspect a number of big time oil traders also.
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firestarter · Light Sweet Crude Joined: Mar 19, 2006 Posts: 1181

One thing I just thought about. Have you noticed the slide in the dollar? Not helping oil bears either.
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lowem · Posted: Thu Aug 21, 2008 9:24 am Post subject: Re: Another Record ($147.27)

Anyone else also noticed that oil is going up throughout the futures expiry transition period? (or whatever it is called). That looks bullish to me.
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lowem · Posted: Thu Aug 21, 2008 9:28 am Post subject: Re: Another Record ($147.27)

eastbay · Posted: Thu Aug 21, 2008 9:31 am Post subject: Re: Another Record ($147.27)

Goldman sticking to their $149 prediction. People listen when they speak. Plus, OPEC strongly hinting they'll soon cut production. And don't forget the downward turn in the dollar.

All arrows are pointing up! That's only for today. Tomorrow could be entirely different. Shocked

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shortonoil · Fission Joined: Dec 02, 2004 Posts: 2752 Location: VA USA

Chuckmak · Posted: Thu Aug 21, 2008 9:57 am Post subject: Re: Another Record ($147.27)

Nice! We're back on track! $150 we'll see you in no time!
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DantesPeak · Posted: Thu Aug 21, 2008 8:00 pm Post subject: Re: Another Record ($147.27)

I haven't seen confirmation of this, but thre is some speculation Russia will cut back oil output.

However I previously posted a report three weeks back the Saudi Arabia did scale back their 500,000 bpd June/July output increase.

Armageddon · Posted: Thu Aug 21, 2008 9:04 pm Post subject: Re: Another Record ($147.27)

The US defeated the Russians in the cold war by conspiring with the Saudi's to flood the market with oil, therefore driving down the price, which crashed the heavily oil revenue dependant economy of Russia. How ironic would it be if the Russian's conspired with the Saudi's ( or a couple other oil producing countries ) to withhold oil , therefore driving the price of oil even higher, destroying the US economy ? Now that my friends is what is called karma.

joeltrout · Light Sweet Crude Joined: Sep 19, 2007 Posts: 1317