Like the illusion of Wall Street, with its vast and powerful investment banks, now shuttered, China too is an illusion perpetuated by the Globalists that gave us the 15,000 mile Caesar salad, poisoned cat food and lead based paint on babies' pacifiers. Like the illusion that money would come from thin air to always push housing prices higher, China has spent a generation pursuing its illusion. Pursuing an unattainable dream to be like the West, while 6000 years of its carefully shepherded top soil blows into the sea.
Don’t worry, just a little bump - $70 is just around the corner. Short traders just keep making those margin calls, mortgage the house if you have to. Fortunes await you! PO is for pansies and doomers. At $70 short some more ..... it is going back to $22 .... the world is awash with oil ........ reality has nothing to do with it, its all in those charts!!!!!!!!!!
SELL SELL SELL
Short - you are in my top three list of posters here.
Really bro...
Nailing the essence time and time again.
Bravo!!!
(sounds of cheers and clapping...panties being thrown at your feet...spotlights...the BASSSSSSE thumping HARD!!!!).
Nice! _________________ 500 MPH into a brick wall - me
Joined: Feb 23, 2005 Posts: 513 Location: Winnipeg
Posted: Thu Aug 21, 2008 6:48 pm Post subject: Re: Oil at $70 per barrel - when?
Well whatever the cost of deepwater oil is, my sense is that we should be voting on when the next leg up to $200 will be starting, not when its going down to $70.
Posted: Thu Aug 28, 2008 1:16 am Post subject: Re: Oil at $70 per barrel - when?
lorenzo wrote:
Now that oil prices are collapsing, many are predicting a fall back to pre-2007 levels, because it has become clear that the high prices were the result of speculation and the weak dollar.
When do you think oil will hit $70 per barrel?
When in Who wants to be a Millionaire, the contestant has to ask the audience and 87% say one answer, the contestant seems a bit dumb for not knowing it in the first place _________________ http://www.youtube.com/watch?v=xSFLSTb5KfU
Joined: Dec 18, 2004 Posts: 4994 Location: One Mile From the Columbia River
Posted: Thu Aug 28, 2008 9:57 am Post subject: Re: Oil at $70 per barrel - when?
We now have Gustav heading directly at the GOM certain to cause serious problems with oil and natural gas production. We have Hanna posed to maybe cross over Florida.
So what does the oil market do in response? A $4.00 drop in the past two hours. ?????????????????? _________________ Got Dharma?
Posted: Thu Aug 28, 2008 10:37 am Post subject: Re: Oil at $70 per barrel - when?
demand destruction is real. we are not currently (since oil hit $147)as tight on supply as we have been for the last couple years because demand has gone down while supply has stayed about the same.
My guess is about 3M b/d worldwide demand destruction. This cushion reduces the price jumps caused by the anticipation of event_01 in the oil market because it lessens the power of the speculator due to the higher risk margin such a cushion presents.
real supply disruption, if significant, will certainly affect prices.
There are 3 scenarios we will go thru in cycles until the grand globalism experiment Fails.
1) demand less than supply. characterized by stable or falling crude prices.
2) demand nearing supply. Characterized by high volatility (read: every little bit of news sends speculators scrambling to bet). This is because any real supply interruption can immediately send you into phase 3...
3) demand eclipses supply. characterized by rapidly increasing prices until demand destruction is felt and we return to #1.
It would be nice to think there's a pleasant little man sitting behind the curtain skillfully guiding our supply/demand chart.
That may be the case.
Just keep in mind that if he is truly skillful, he is well aware that demand destruction is the way of the future. Demand destruction is fine if you have elasticity left in your personal energy system, as most of us do.
Once your elasticity is gone, demand destruction = "O snap! I wish I was having rat for dinner but I'm stuck with Mud cakes again". _________________ "The future power is manpower"
Joined: Feb 23, 2005 Posts: 513 Location: Winnipeg
Posted: Fri Aug 29, 2008 6:25 pm Post subject: Re: Oil at $70 per barrel - when?
That above post is the exact reasoning why I put the next leg up off until q3 2009, in my own little counter poll when does it start its next rising cycle.
Posted: Mon Sep 15, 2008 10:38 pm Post subject: Re: Oil at $70 per barrel - when?
Brent: $91.95.
Steady now, steady.
We've only lost $50 in under two months time. So we still have some time to make a nice landing at $70pb before the end of the year. _________________ The Beginning is Near!
Last edited by lorenzo on Mon Sep 15, 2008 10:41 pm; edited 1 time in total
ALGIERS, Sept 13 (Reuters) - OPEC's decision to cut output is proving ineffective against speculators, OPEC President Chakib Khelil said on Saturday, adding its next gathering in December would hopefully take more "practical" steps.
"The current situation of the oil market is caused by speculators' practices," Algeria's official APS news agency quoted him as saying. "OPEC's decision to reduce output has proved to be ineffective against those speculators."
_________________ Cogito, ergo non satis bibivi
C'mon man, who're you gonna believe?
ALGIERS, Sept 13 (Reuters) - OPEC's decision to cut output is proving ineffective against speculators, OPEC President Chakib Khelil said on Saturday, adding its next gathering in December would hopefully take more "practical" steps.
"The current situation of the oil market is caused by speculators' practices," Algeria's official APS news agency quoted him as saying. "OPEC's decision to reduce output has proved to be ineffective against those speculators."
The only thing we can say to OPEC is: all your base are belong to us.
Is everyone shorting oil suddenly a "speculator"? Common, that's not fair. For most of us this is just a hobby, isn't it? _________________ The Beginning is Near!
Joined: Mar 26, 2008 Posts: 1424 Location: Seattle
Posted: Mon Sep 15, 2008 10:53 pm Post subject: Re: Oil at $70 per barrel - when?
lorenzo wrote:
Is everyone shorting oil suddenly a "speculator"? Common, that's not fair. For most of us this is just a hobby, isn't it?
Speaking of speculators, today's big drop in the price of oil made me wonder if Lehman had/has large commodity stakes they're now trying to unload. Then I read this. Looks like others are thinking the same:
The latest sell-off in oil began Sunday and accelerated Monday as traders digested a day of dramatic upheaval on Wall Street: Lehman Brothers Holdings Inc., a 158-year-old investment bank, filed for bankruptcy after failing to find a buyer and Merrill Lynch & Co. agreed to be bought out by Bank of America Corp.
Lehman, Merrill and other big institutional investors were major participants in the commodities boom of the past year, helping push the price of oil, precious metals and grains to historic highs until a slowing global economy helped bring a halt to the rally.
Analysts said investors feared that the upheaval in the financial sector could trigger another round of commodities liquidation -- especially with Lehman likely to unwind its holdings. Other investors may also unload commodities, fearing that the deepening economic crisis will further reduce demand for energy and raw materials futures.
"I think this is giving the bulls further reason to exit the market," said Stephen Schork, an oil analyst and trader in Villanova, Pa., who said the pullback could reflect selling by Lehman or possibly a hedge fund struggling to raise capital. "When you see price drops of this size, it reeks of someone being in trouble."
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