Some good volume last night. As many contracts traded as on the 1st when the busting of the rouge trades took place.
Probably just the busting of the trades put on following the busting of the rouge trades which caused the false break.:
Is that like when some women with rosy cheeks get together and trade in a pack to manipulate the market?
Some good volume last night. As many contracts traded as on the 1st when the busting of the rouge trades took place.
Probably just the busting of the trades put on following the busting of the rouge trades which caused the false break.:
If emissions are cut then, strange though it may seem, oil prices ought to go up in the medium term rather than down.Sheesh! Is this oil sell-off a result of the G8 committment to reduce emissions? It's the only thing I can think of.
Time to buy that V12 according to this bloke
Verleger Predicts $20 Oil This Year on ‘Devastating’ Crude Glut
My share portfolio will be a small fraction of its current value if $20 oil comes to bear, as I only hold energy shares (oh and $1k each of GMG and MIG, in case of a SPP)
Always interesting to understand contrarian views. My positive confirmation bias is always very strong, so I genuinely make an effort to analyse other points of view. Always end up discounting them though.
I'm not sure there is any overwhelming sentiment that oil is going to rise substantially any time soon, at least the global trade figures and consumption don't support that view. It all very much depends when or if consumers start to consume again? Energy will always be the dampener of any sustained economic revival, maybe before it even starts by speculative pre-emptive bullishness?
What is positive confirmation bias? What is the reasoning behind your bullish view and the discounting of bearish views?
Any of you Texas tycoons get a runner on oil last night??
What was it 11%
December Crude up 9 bucks in 8 days to US$78 per barrel. There will come a day when 100/bbl will be the base. Humans up = oil supply down.
I'm starting to think I agree UncleI was all set to ride the oil price back to $90-$100 but am thinking now that unless demand picks up that it will fall back somewhat. Probably can't see $20 given the underlying costs of production would make OPEC cut back supply significantly if price did head back under $50 again.
Oh well, just have to be patient and wait for signs of increasing demand - although stockpiles in US have been falling so...
Global oil supply 'far worse than admitted
TERRY MACALISTER, LONDON
November 11, 2009
Oil price forecast to rise
THE world is much closer to running out of oil than official estimates admit, says a whistleblower at the International Energy Agency who claims it has been deliberately underplaying a looming shortage for fear of triggering panic buying.
The senior official claims the United States has played an influential role in encouraging the watchdog to underplay the rate of decline from existing oilfields while overplaying the chances of finding new reserves.
The allegations raise serious questions about the accuracy of the organisation's latest World Energy Outlook on oil demand and supply, to be published overnight.
The outlook is used by many governments to help guide their energy and climate change policies.
In particular, the allegations cast a shadow on the prediction in the last World Economic Outlook, believed to be repeated again this year, that oil production can be raised from its present level of 83 million barrels a day to 105 million.
External critics have frequently said this cannot be substantiated by firm evidence and that the world has already passed its peak in oil production. Now the ''peak oil'' theory is gaining support at the heart of the global energy establishment.
A Gesture from the Invisible Hand
John Michael Greer,
The claim that market forces will inevitably take care of energy shortfalls due to peak oil is common enough these days. Unfortunately for such optimistic notions, there's reason to think that in an environment of economic contraction caused by geological limits to energy, market forces may well push money away from any investments that could help the situation
Those who have followed the oil debate have for many years argued that official reserves are overstated, that conclusion being based on the fact that the numbers just don't stack up.Have many forum members been following the recent discussions on the overstatement of world wide oil reserves by the International Energy Agency?
Importers.This may seem like an obvious question, but are we as Australian's net importers or exporters of Oil?
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