Oil Down $4 on Gustav News

[Landis82]

Quote from erlewine:

110 support? Probably as effective as 140,30, and 20.

Real support is created by commercial hedgers buying out of legitimate fear of rising prices, not round numbers.

It's a technical level that comes from a fibonacci ratio.
You are obviously not a technician.

 

[Landis82]

Quote from daddyeaux:

there's always more where Gustav came from

http://www.nhc.noaa.gov/

If you are talking "Hanna" you are mistaken. It isn't even coming into the GOM. It's expected to head north up thru the Carolinas.

 

[Landis82]

Forbes article says models suggest 3-4 week LA Oil/NG shutdown.

http://www.forbes.com/business/2008/09/0...

Interesting.
Stay tuned.

 

[Lucrum]

Quote from Lucrum:

http://charts.dacharts.com/2008-09-01/2008-09-01 20-07 QM #F W.png

Looks to me the 110ish level has been tested already. IF the bounce we got over the last couple of weeks was all oil could muster. It could lose another 12 -13
bucks, if this level don't hold.

Looks like it's not holding, and in a big way.

 

[makloda]

Big commodity sell-off here in Europe in the AM. Oil -8%, Gold -3%, Copper + Beans + Corn + Wheat -4%