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Oil rises to new six-month high.....Do I hear $75, $100, $150, $300
- Thread starter S2007S
- Start date
Quote from SCI new york:
the decline in oil vs the drop in us$ =/=
even with the implied inflation, oil should be around 50-55
this rediculous story or suggestion as if it were fact, regarding the decline in the US dollar,
well, exactly, who else's currency? has risen that much, that when they price oil in US Dollars, translates into that much of an upset?
Euro?, not by much
British Pound?, not by that much either
Danish Kroner, Swiss Franc, Italian Lira?,
oops, we're running out of current and previous currencies to price oil in....
oh, got it, we'll use agricultural commodities, or hard commodities (precious metals), ohh, can't get enough of those for viable currency trading sufficient to handle the demand upon a world currency and the huge volume of oil consumption / sales that occur....
that's one of those props,
either way, keep pushing the prices higher, and watch the global economies fall back over the brink....
now argue that one....
and debate that one...
and pocket the profits off that demise...
keep pushing....
yeah, just one more push.....ok, there she goes, right behind Britian after WWII, and France and Germany and oh so many other countries and economies....
Quote from Landis82:
Fair Value?
Blah, blah, blah, blah . . .
Words spoken by someone that obviously doesn't trade crude oil. In fact, it's the same old "broken-clock" crap from ET's resident prognosticator who doesn't TRADE at all.
One thing about it.....predictions have become useless on the upside and the downside. This is becoming a momo market.
Quote from misterno:
oil is $70
Unbelievable
Why are these speculators allowed to play the market like a toy?
Remember the per capita oil usage rate in Asia is perhaps 1/100 of that in the US or something in that area and there are 3 billion Asians?
Not saying this is driving the price of oil higher today but it could certainly be a factor in future oil price rises I would say.
Quote from drjekyllus:
Hey Genius, it certainly doesn't have anything to do with the US Dollar taking a dump, does it?
Yep you are correct. Strong correlation.
BP CEO sees possible $200/barrel in ~5 years.
http://www.smartmoney.com/breaking-news/on/?story=ON-20090605-000595-0650&afl=yahoo
Not many of us are thinking that far ahead, but it is interesting to keep in mind.
Quote from SCI new york:
the decline in oil vs the drop in us$ =/=
even with the implied inflation, oil should be around 50-55
I love it when people say this is the price that something 'should be'. According to who? Who gets to say what the price should be? I know who, the market. If you are so confident that it should be 50-55 then short oil. Make an easy 15-20 grand.
Quote from drjekyllus:
I love it when people say this is the price that something 'should be'. According to who? Who gets to say what the price should be? I know who, the market. If you are so confident that it should be 50-55 then short oil. Make an easy 15-20 grand.
Actually genius, if you knew anything about trading oil you would know that in fact the OPEC oil ministry decides where oil "should be" so learn something before you open your mouth since its obvious you have no idea what you're doing. It really is a shame that this forum is fluttered with the likes of you.
The market doesn't decide where it 'should' be, the market trades on many different factors that you obviously know nothing about. the market just trades on whatever basis they need to/want to. whether its technicals, fundamentals, news or speculation, thats what moves the oil levels.
Educate yourself kiddo then think before you talk about a topic.
Quote from SCI new york:
Actually genius, if you knew anything about trading oil you would know that in fact the OPEC oil ministry decides where oil "should be" so learn something before you open your mouth since its obvious you have no idea what you're doing. It really is a shame that this forum is fluttered with the likes of you.
The market doesn't decide where it 'should' be, the market trades on many different factors that you obviously know nothing about. the market just trades on whatever basis they need to/want to. whether its technicals, fundamentals, news or speculation, thats what moves the oil levels.
Educate yourself kiddo then think before you talk about a topic.
Why don't you educate yourself, Genius? OPEC only controls 40% of oil production so they don't even account for production half of the world's oil, so they cannot dictate the price of oil. I don't deny the fact that they have a price where they think oil 'should be' but thats my whole point. Where do these people get this number from? Where did you get your number of $35 for where oil should be? Is that OPECs number or your number? Like I said, if you feel that strongly go ahead and short a bunch.