Oil, oil, oil, glorious oil.
So if I were to don a tin foil hat I might say that those bull CL traders are playing hardball, setting fires mafia style.
On a more serious observation; looks like the price has settled down a bit from the initial spike to $95. Perhaps the traders read the entire AP story and realized that the pipe that exploded was already down for maintenance anyway and that inventory levels in Cushing were already on the rise, but then OPEC has reversed themselves on the earlier decision to pump more oil (smart move on their part imo). Of course I'm using fundamental reasoning here, which hasn't really been used in CL trading for a few months. It'll be interesting to how CL finishes the week.
tony,if ya want $100 oil go and vote for the devil hugo chavez.
Socialism is bad? Mrs Bill Clinton would not take kindly with these words........
:mrgreen:
Wow, that's all I have to do to get CL to $100? So, can you tell me how I go about voting for Chavez? Where do I go and how do I get there and can all of my buddies at the Nymex vote too? This is so much easier than speculating, just vote for a guy that runs some foreign country. Whodathunkit?
Chavez is screwing up my oil/refinery play! He is selling the CITGO refineries:
BARQUISIMETO, Venezuela -- President Hugo Chavez announced last week that Venezuela hopes to gradually sell off its refineries in the United States and build a new network of refineries in Latin America as part of a plan to offer his allies in the region a stable oil supply.
If he sells these off, why they may turn and be more productive recuding the cost of the refined petrolium!
Trying to go independent and shoring up exploration with Chinese companies who don't have too much experience should be interesting to take advantage of their reservers as Chavez tries to subvert US policy.