100 tick move in crude

[oso]

Anyone know the reason for the 100 point move in a matter of minutes in CLN this morning? News?

 

[youngtrader]

Huge technical buying. The pit was roaring.

 

[PJKIII]

Quote from oso:

Anyone know the reason for the 100 point move in a matter of minutes in CLN this morning? News?

OPEC came out and said that they had no intention of raising output, and saw no need to meet before their next scheduled meeting in September, that was the headline that got thinsg running and then technicals and moentum pushed us higher.

A few days ago OPEC came out and said that if the West pushes for more biofuels they may have to reduce their investment in producing more oil, which could drive the price much higher. Evidently they lack an understanding of economics....if they don't want us to seek alternative energy they should be trying to get the price of their product back down in order to thwart the push for alternatives.

 

[SWScapital]

Quote from PJKIII:



A few days ago OPEC came out and said that if the West pushes for more biofuels they may have to reduce their investment in producing more oil, which could drive the price much higher. Evidently they lack an understanding of economics....if they don't want us to seek alternative energy they should be trying to get the price of their product back down in order to thwart the push for alternatives.

Well said. But its not that they dont understand economics....its that they know theres no way to pump anymore than they are currently. Peak errrllll....