Current Oil Price
Moderator: Peak Moderation
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AutomaticEarth
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vtsnowedin
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kenneal - lagger
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PS_RalphW wrote:http://www.theguardian.com/business/201 ... ispin-odey
Hedge fund manager saying we are on the brink of financial crisis leading to stock market collapse and massive economic depression.
I thought that inestment managers weren't emant to scare the horses?
Is he trying to provoke the market to make a killing? He is a hedge fund manager after all!
Action is the antidote to despair - Joan Baez
The $3 jump was on news that the us rig count fdell by 94 or 7% in one week. Combined with the month end this was just traders covering their backs. Expect the price to fall on Monday unless there is significant news. The rig count is confirmation that shale is a dead duck, but we knew all knew that. 
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Blue Peter
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Do you think being a vicar will give you what you want without the restrictions that being a nun had?Tess wrote:I love how this thread is 7 years old now, and we're below the price we started at in the first post.
I'm well, thanks. Still working part time for a HF while working towards hopefully training as a CofE vicar. Slightly different worlds.
Peter.
Does anyone know where the love of God goes when the waves turn the seconds to hours?
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raspberry-blower
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US oil workers strike got anything to do with this?PS_RalphW wrote:As expected Brent lost half the gain overnight, but now it has jumped
through $55 in a few minutes.
Not sure why yet.
Would seem a bit of an over reaction if that is the case...
A common mistake that people make when trying to design something completely foolproof is to underestimate the ingenuity of complete fools - Douglas Adams.
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kenneal - lagger
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You can always Retreat, Tess!!Tess wrote:Might be too far the other way - not enough silence or places to hideBlue Peter wrote: Do you think being a vicar will give you what you want without the restrictions that being a nun had?
I'm sure you'll make a wonderful vicar and you can always let off steam here if need be!!
Action is the antidote to despair - Joan Baez
Striking refinery workers are likely to lead to a short term decline in oil demand and falling prices.raspberry-blower wrote:US oil workers strike got anything to do with this?PS_RalphW wrote:As expected Brent lost half the gain overnight, but now it has jumped
through $55 in a few minutes.
Not sure why yet.
Would seem a bit of an over reaction if that is the case...
It just looks like general nerves among traders. There has probably been a lot of speculative selling in the last few months, and the speculators will need to buy very quickly when the price turns to lock in profits and/or avoid having to buy at high prices to supply their side of the short bet.
The market is irrational at times like this - based on rumour and fear. The global supply imbalance is still about 1-2Mbpd and sooner or later all the storage sites and spare oil tankers will be full, and you will have a real buyers market.
The collapse of the shale drilling rig count is an early sign, it will take months for this to feed through to falling production, and even when production falls far enough to meet demand coming the other way, there are still all those millions of oil barrels floating around in tanks and tankers to clear first.
Of course, it is not as simple as that.
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biffvernon
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AutomaticEarth
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