My thesis for oil is coming true. . .

eagle488 · Oct 2, 2006

There were a few major headlines over the weekend that it seems the oil market has missed. Iran and Opec are both stating that they would cut output in order to stop the fall of oil. Niger and Venezuala are vowing to cut as well.

Im looking at the electronic trade oil ticker and it seems like its taking a big yawn at this big news. Down 27 cents, not even up slightly. 6 months ago oil would have been through the roof on such headlines.

Yep. Oil is nothing more then a speculative trading instrument where the traders simply bidded it up way too much.

My biggest disappointment in myself was for not shorting Ethanol. I am going to take myself out to the woodshed for punishment.

aus_SPIder · Oct 2, 2006

oh trust me oil is going to go up.

and i have only one word to justify my intermediate term view: Ghawar

rhymeswithorang · Oct 2, 2006

They didn;t miss it, they just don't care. thats a bear market.

rhymeswithorang · Oct 2, 2006

They didn;t miss it, they just don't care. thats a bear market.

Neodude · Oct 2, 2006

My paranoid anti-gov theory is that the oil reserve spiggots have been opened right before the elections... and the fact that fundamentally oil was never worth 70 something dollars to begin with.

-Neo

SethArb · Oct 2, 2006

GHAWAR ? is that the worlds largest producing oilfield ?

Eliot Hosewater · Oct 2, 2006

Quote from SethArb:

GHAWAR ? is that the worlds largest producing oilfield ?

It's the largest Saudi oil field, and there is speculation that it has peaked.

Trader273 · Oct 2, 2006

Quote from aus_SPIder:

oh trust me oil is going to go up.

and i have only one word to justify my intermediate term view: Ghawar

I'm just curious how long is "intermediate term view"? Seems to be in a nice downtrend now ( 11:20 est). If your long since the morning your already in the red.