Global Oil Pricing

riskaddict · Jan 21, 2012

Thanks a lot now I'm not going to get anything done this weekend because I'll be reading all the forums which will end up giving me a confirmation bias. This Chris guy seems to be inferring a lot but everything makes sense and gives me a warm fuzzy feeling. I have been telling my friends the same thing about all this Iran BS sucker them in and leave em' with the bag or in this case a barrel of oil they paid to much for. At least he said Qatar is hedged so that Lamborghini dealership I wanted to open there will so do pretty well. Did anyone see that 60mins piece on Qatar? god damn they have some ugly women :eek:

Illum · Jan 21, 2012

We go through oil like nobody's business. 19 million barrels per day. The great new bakken field for all its hype, is about a years worth. They gonna sell crude? Btfd.

oldtime · Jan 21, 2012

Quote from Illum:

We go through oil like nobody's business. 19 million barrels per day. The great new bakken field for all its hype, is about a years worth. They gonna sell crude? Btfd.

not only that, this idea of domestic production is a joke. You think I'm going to sell it to you cheaper because you are my neighbor? Sorry man, it's going to the highest bidder.

MBC · Jan 21, 2012

Quote from oldtime:

well BCE, I guess nobody else cares, I'll post one more time to keep it current.

One of the things that got me back into trading was I figured I better get long crude because supply is dwindling and demand is growing.

The great thing about the article was it pointed out to me what I have known since I was a child, namely the stock market is not the economy.

Bad economy (which as far as I know we have had since 1776) does not mean bad stock market.

What was so insightful was Cook's analysis of the dichotemy between the funadamentals of crude and the price of crude.

It even gets crazier when you start thinking about the price of a dollar.

at anyrate, those are great articles for anybody that cares

Yeah nice stuff....... real nice

ogarbitrage · Jan 21, 2012

Quote from oldtime:
Nobody is denying we use more oil in a day than the earth can produce in a million years.

Obvious hyperbole or belying understanding?

BryantR · Jan 21, 2012

Quote from oldtime:

not only that, this idea of domestic production is a joke. You think I'm going to sell it to you cheaper because you are my neighbor? Sorry man, it's going to the highest bidder.

Sadly, this is so true....

oldtime · Jan 21, 2012

Quote from ogarbitrage:

Obvious hyperbole or belying understanding?

I don't know what hyperbole is, so most likely belying understanding. You sound smart, we burn about 80 million a day, how many does the earth produce in a day?

at that rate, will we ever run out?

I'm not going to live that long so it really doesn't matter to me

BCE · Jan 21, 2012

Quote from Chris Cook

In this post I forecast the imminent death of the crude oil market and I identify the killers; the re-birth of the global market in crude oil in new form will be the subject of another post."

He hasn't posted his thoughts yet on "the re-birth of the global market in crude oil in new form". I looked. I'd really be interested in his thoughts on this as well. The first post here just came out about a week ago and the second one is from 2006. We'll have to keep an eye out for his "rebirth of the global market in new form" post. Very knowledgeable guy who has been right in the thick of this and involved at a high level for years.

oldtime · Jan 21, 2012

Quote from BCE:

He hasn't posted his thoughts yet on "the re-birth of the global market in crude oil in new form". I looked. I'd really be interested in his thoughts on this as well. The first post here just came out about a week ago and the second one is from 2006. We'll have to keep an eye out for his "rebirth of the global market in new form" post. Very knowledgeable guy who has been right in the thick of this and involved at a high level for years.

well at anyrate, thank you for posting those articles. I feel sort of like the lady on TV who buys Prego instead of Ragu and starts to wonder what else she has been missing.

For the most part I am pretty skeptical, but I can see how I have been sucked into the whole deal.

I liked my life when it was simple. Now it is more complex, and I have to think about everything.

Like I said, when I came back to the market after a hiatus, I knew something was wrong with corn, and I knew it had something to do with Goldman Sachs.

BCE · Jan 21, 2012

Quote from oldtime:

well at anyrate, thank you for posting those articles. I feel sort of like the lady on TV who buys Prego instead of Ragu and starts to wonder what else she has been missing.

For the most part I am pretty skeptical, but I can see how I have been sucked into the whole deal.

I liked my life when it was simple. Now it is more complex, and I have to think about everything.

Like I said, when I came back to the market after a hiatus, I knew something was wrong with corn, and I knew it had something to do with Goldman Sachs.

You're welcome.

Share what I can.

The best part of your post here are the last few words "I knew it had something to do with Goldman Sachs". This could be a universal mantra on Wall Street.

I posted an article 6 months or so ago in which it described how the price of aluminum was climbing in no small measure due to Goldman Sachs buying huge amounts and warehousing it until the price went even higher. When I heard that Goldman was using the taxpayers bailout money to buy oil tankers to store oil in this way too, I knew that wasn't what the average guy or gal had in mind on how to spend their tax dollars.