here's the audio:
http://www.traprockpeace.org/scott_ritter_23june05.html
Ritter nails this one... the neocons are busted. too bad our media is a farce.
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Oil bubble
- Thread starter cakulev
- Start date
here's the audio:
http://www.traprockpeace.org/scott_ritter_23june05.html
Ritter nails this one... the neocons are busted. too bad our media is a farce.
I don't know where this info came from about China using less oil this year. PBS had a show the other night predicting that China will be using more oil than the US in about 20 years, and they are using 40% more than a year ago. Why do you think they want to buy Unocal. They want to get that oil reserve for themselves. They have been buying other energy assets around the world.
And except for gold, China is responsible for the bull market in metals: palladium, platinum, copper, silver , etc.
And except for gold, China is responsible for the bull market in metals: palladium, platinum, copper, silver , etc.
Quote from ratboy88:
here's the audio:
http://www.traprockpeace.org/scott_ritter_23june05.html
Ritter nails this one... the neocons are busted. too bad our media is a farce.
Isn't Ritter the one that got busted by the fbi for seducing underage girls over the internet??
x
Quote from cakulev:
I understand and recognize what you are saying.
However lack of any buying is also foretelling.
No, it isn't
Insiders almost only buy at levels they feel are severely depressed, when the market has failed to discount long term fundamentals and prospects, which the market rarely does anyway. Even most professional investors sit on their hands during bear markets.
The insiders are exercising options by and large and they are price and time delineated.
What it means of course is thata significant portion of the capital markets has become a perverse wealth shifting mechanism. Investors AREN'T INVESTING when insiders sell! They are shifting thier wealth to the scrushy' and others.
When the proceeds go to the corporate treasury, that's investing. In theory.
In practice, it just goes to the corporate insider in the long run anyway.
Quote from dougcs:
I see the the lack of refining capacity caused by nimby as an opportunity for profits in the coming few years, anybody else like Valero?
DS
Valero looks like it might have just made a double-top here.
Needs a little more work, but when this thing SLIDES, it really goes for quite awhile . . .
Quote from Trend Fader:
I question the validity of these stats. Oil is not in a bubble because China is growing at a unprecedented rate.. and the US continues to consume like there is no tomorrow. Opec themselves pegged fair value of oil at mid 40 range. Investor sentiment is getting used to oil in the 40/50's. We all know cheap oil is finished.
Oil is in a major bull market.. and it will continue until it hits a price that most of us will puke at. Thats how major bull markets end.
The only way oil will crash from these levels.. is US goes into full blown recession.. if economy continues growing.. oil will lead.
This is without a doubt, your best post EVER on ET.
100% agreed!
Quote from cakulev:
According to the latest data from the Energy Intelligence Group, global demand for crude has risen 1.59% over the last 12 months to 83.2 million barrels/day. However, global supply has risen 4.17% to 84.9 million barrels/day. The price of a barrel of crude is up over 60% during this same period of time.
The International Energy Agency projects worldwide DEMAND to reach 86 million barrels a day sometime in Q4 of this year.
"You need more than growth slowing down to bring prices down," said Paul Horsnell, director of energy research at Barclay's Capital in London. "You also need production capacity to start increasing. Growth slowing down only means you'll hit the brick wall more slowly. That's not much comfort."
NY Times, C9, Business Section, 6/27/05
Look...a high percentage of the price...has been created out
of thin air by speculative hedge funds........
Look at the increases in oil related contract volume....
When interest rates and other returns are so low all over the world...a fund can look like a hero at 16% per year...
Hey they just need to make this in any short time frame...and then coast the rest of the year...
Its just sad how this type of speculation hurts the wrong people......
of thin air by speculative hedge funds........
Look at the increases in oil related contract volume....
When interest rates and other returns are so low all over the world...a fund can look like a hero at 16% per year...
Hey they just need to make this in any short time frame...and then coast the rest of the year...
Its just sad how this type of speculation hurts the wrong people......