Current Oil Price

Vortex · Post by **Vortex** » 27 Jun 2008, 12:41

Tess wrote:
Vortex wrote:Tess, what do your people think of all this?
Just watching the price signals one day at a time.

I tried to extract some informons from that statement - but, no, couldn't find any.

So have your workmates no passion, no fear ... is the price of oil simply a number of no real importance to them?

Mitch · Post by **Mitch** » 27 Jun 2008, 12:41

This is great fun - even beats Bingo! Sorry Ralph, your turn next

Mitch · Post by **Mitch** » 27 Jun 2008, 12:44

Gently now, Vortex - Tess goes as far as she can without jeopardising her job, even a bit close to edge sometimes. Thanks Tess, it is appreciated.

RevdTess · Post by **RevdTess** » 27 Jun 2008, 12:44

Vortex wrote:
Tess wrote:
Vortex wrote:Tess, what do your people think of all this?
Just watching the price signals one day at a time.
I tried to extract some informons from that statement - but, no, couldn't find any.

So have your workmates no passion, no fear ... is the price of oil simply a number of no real importance to them?

I think my statement said it all, really! The only thing that matters is, will it go up today, or will it go down today?

Vortex · Post by **Vortex** » 27 Jun 2008, 12:58

Tess wrote:
Vortex wrote:
Tess wrote: Just watching the price signals one day at a time.
I tried to extract some informons from that statement - but, no, couldn't find any.

So have your workmates no passion, no fear ... is the price of oil simply a number of no real importance to them?
I think my statement said it all, really! The only thing that matters is, will it go up today, or will it go down today?

OK, thanks.

Blue Peter · Post by **Blue Peter** » 27 Jun 2008, 13:03

Tess wrote: I think my statement said it all, really! The only thing that matters is, will it go up today, or will it go down today?

So, does your company have no longer term positions? Is this normal?

Peter.

RevdTess · Post by **RevdTess** » 27 Jun 2008, 13:26

Blue Peter wrote:
Tess wrote: I think my statement said it all, really! The only thing that matters is, will it go up today, or will it go down today?
So, does your company have no longer term positions? Is this normal?

Peter.

I can't speak for my company. But in my experience, long term positions aren't normal, no. The market is too volatile. All positions are adjusted and hedged on a daily basis. The people with the long-term views are the research analysts at places like the IEA, and they don't trade. In a market which can move $10 in one day, only the very deepest pockets can hold long-term positions. Pension funds with billions under management for example.

Mitch · Post by **Mitch** » 27 Jun 2008, 13:27

Oh c'mon guy's - why don't we just ask her to post her companies precise position, thoughts and considered actions/insights on the Beeb website every ten minutes. Am sure she could pull a Bering's/Societe General within a few hours.........

RevdTess · Post by **RevdTess** » 27 Jun 2008, 13:32

Mitch wrote:Oh c'mon guy's - why don't we just ask her to post her companies precise position, thoughts and considered actions/insights on the Beeb website every ten minutes. Am sure she could pull a Bering's/Societe General within a few hours.........

Don't worry about it, Mitch. Part of the reason I post is because I want to enlighten people as to how the oil market really operates on a daily basis, so they know what to expect. Sometimes this will surprise and dismay people...

Vortex · Post by **Vortex** » 27 Jun 2008, 13:49

.
"Heck, 2 billion down the tubes. Why did I take that 10 minute position, when everyone else is trading a maximum of 5 minutes ahead?"

RevdTess · Post by **RevdTess** » 27 Jun 2008, 13:49

The impact of this is going to be either huge or negligible...

http://uk.reuters.com/article/businessI ... 2920080627

WASHINGTON (Reuters) - The House of Representatives on Thursday overwhelmingly approved legislation that directs the Commodity Futures Trading Commission to use all its authority, including the agency's emergency powers, to "curb immediately" the role of excessive speculation in energy futures markets.

RevdTess · Post by **RevdTess** » 27 Jun 2008, 13:50

Vortex wrote:.
"Heck, 2 billion down the tubes. Why did I take that 10 minute position, when everyone else is trading a maximum of 5 minutes ahead?"

You jest, but...

When the NY market opened yesterday it rose $4 in 2 minutes. On no news. If you went to the loo in that period while short oil you probably dont have a job any more...

Caught short in every sense.

oilslick · Post by **oilslick** » 27 Jun 2008, 13:53

Tess wrote:The impact of this is going to be either huge or negligible...

Is that what's hedging's about?

Vortex · Post by **Vortex** » 27 Jun 2008, 13:57

I suspect that oil brokers will fail The Barrier Test (TM) Big Time.

(Tess excluded of course!)

Guard at survival community barrier: "So what can you do?"
Itinerant: "I'm an oil broker. Can I come in?"
Guard (to his mates): "Hey, get some ropes, a cucumber and a chain saw ..."

Mitch · Post by **Mitch** » 27 Jun 2008, 14:01

Tess wrote:The impact of this is going to be either huge or negligible...

http://uk.reuters.com/article/businessI ... 2920080627

WASHINGTON (Reuters) - The House of Representatives on Thursday overwhelmingly approved legislation that directs the Commodity Futures Trading Commission to use all its authority, including the agency's emergency powers, to "curb immediately" the role of excessive speculation in energy futures markets.

How would they "curb" it? Suspend trading for awhile? What else could they do?