haha
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I expected crude to be up today on the Russia-Georgia conflict, but it is down. Not only is our "ally" being attacked, but gaining control of a very important crude pipeline from the Caspian Sea to the Mediterranean is probably Russia's objective. So crude price weakness is a sign of a very weak market, I suppose based on weak demand being forecast.
I am a long term oil bull, but we may get much better entry points than today's.
http://www.bloomberg.com/apps/news?pid=20602013&sid=a5jrm_6gHFDA&refer=commodity_futures
Aug. 11 (Bloomberg) -- Crude oil fell more than $2 a barrel to a 14-week low on signs that the U.S. economic slump will extend into 2009, crimping fuel demand.
Oil prices retreated as a Bloomberg News survey showed that the U.S. will grow at an average 0.7 percent annual pace from July through December, half the gain in the first half of the year. Prices rose in early trading as five days of clashes between Russia and Georgia threaten alternative export routes from Azerbaijan, needed because of a pipeline fire.
``It's become clear that demand is cratering, which is making it hard to rally,'' said Rick Mueller, director of oil markets at Energy Security Analysis Inc. in Wakefield, Massachusetts. ``It's hard to imagine that the market will shrug off the potential loss of 1 million barrels a day of pretty good quality crude but that appears to be the case.''
Ha
I am a long term oil bull, but we may get much better entry points than today's.
http://www.bloomberg.com/apps/news?pid=20602013&sid=a5jrm_6gHFDA&refer=commodity_futures
Aug. 11 (Bloomberg) -- Crude oil fell more than $2 a barrel to a 14-week low on signs that the U.S. economic slump will extend into 2009, crimping fuel demand.
Oil prices retreated as a Bloomberg News survey showed that the U.S. will grow at an average 0.7 percent annual pace from July through December, half the gain in the first half of the year. Prices rose in early trading as five days of clashes between Russia and Georgia threaten alternative export routes from Azerbaijan, needed because of a pipeline fire.
``It's become clear that demand is cratering, which is making it hard to rally,'' said Rick Mueller, director of oil markets at Energy Security Analysis Inc. in Wakefield, Massachusetts. ``It's hard to imagine that the market will shrug off the potential loss of 1 million barrels a day of pretty good quality crude but that appears to be the case.''
Ha