I'm with oil down bet.
I find it impossible to see large builds along with tepid economic activity and think anything other than a serious and protracted geopolitical event soon will support oil prices.
Drawing attention to GS's call (I don't think it was GS, by the way, maybe MS), is sort of irrelevant since everyone has a different target now.
I'm posting this now so you can come back and ridicule me if oil goes much higher over the next 4-6 months.
Same thing is happening to nickel (demand destruction), but for different reasons:
http://online.wsj.com/article/SB121923887967956537.html?mod=hps_us_whats_news
Nickel's Slide May Go On; Oil Ends Up
By Elisabeth Behrmann
Featured in This Article: BHP Billiton, Minara Resources, Vale do Rio Doce
SYDNEY -- A slump in nickel prices of more than 30% this year, combined with rising costs, has forced several operations to shut down or scale back output -- but that might not be enough to put a floor on prices.
Producers of nickel, as well as zinc, are most at risk of becoming uneconomical because of a double whammy from massive price retreats and higher costs.
Anglo-Swiss miner Xstrata PLC has said it will shut its 30,000-metric-ton Falcondo nickel operation in the Dominican Republic for at least four months because of high oil prices and the sharp fall in ...
I find it impossible to see large builds along with tepid economic activity and think anything other than a serious and protracted geopolitical event soon will support oil prices.
Drawing attention to GS's call (I don't think it was GS, by the way, maybe MS), is sort of irrelevant since everyone has a different target now.
I'm posting this now so you can come back and ridicule me if oil goes much higher over the next 4-6 months.
Same thing is happening to nickel (demand destruction), but for different reasons:
http://online.wsj.com/article/SB121923887967956537.html?mod=hps_us_whats_news
Nickel's Slide May Go On; Oil Ends Up
By Elisabeth Behrmann
Featured in This Article: BHP Billiton, Minara Resources, Vale do Rio Doce
SYDNEY -- A slump in nickel prices of more than 30% this year, combined with rising costs, has forced several operations to shut down or scale back output -- but that might not be enough to put a floor on prices.
Producers of nickel, as well as zinc, are most at risk of becoming uneconomical because of a double whammy from massive price retreats and higher costs.
Anglo-Swiss miner Xstrata PLC has said it will shut its 30,000-metric-ton Falcondo nickel operation in the Dominican Republic for at least four months because of high oil prices and the sharp fall in ...
