The world was never running out of oil (I realize you weren't suggesting otherwise). If there is one thing the bull run proved, it's that at over $100/bbl there is an essentially infinite supply of the stuff. Probably more to burn than there is atmosphere to burn it into, frankly.
We must be awash in oil...
- Thread starter polpolik
- Start date
The world was never running out of oil (I realize you weren't suggesting otherwise). If there is one thing the bull run proved, it's that at over $100/bbl there is an essentially infinite supply of the stuff. Probably more to burn than there is atmosphere to burn it into, frankly.
We'll test $50. After that, probably $30 by Z10.
http://biz.yahoo.com/ap/081112/eu_world_energy_outlook.html
Key point from this article:
"Fatih Birol, the IEA's chief economist, warned that even if growth in oil demand remained static in the years to 2030, production would need to increase by 45 million barrels per day, "which means bringing four new Saudi Arabia's on stream."
Key point from this article:
"Fatih Birol, the IEA's chief economist, warned that even if growth in oil demand remained static in the years to 2030, production would need to increase by 45 million barrels per day, "which means bringing four new Saudi Arabia's on stream."
Just received this from a friend on the floor:
"G'day,the much awaited IEA long term forecast was released today & was pretty much as expected: because of the lack of investment, axacerbated by the current slump in prices, oil should be trading at $200 in nominal terms by 2030..but i think at the current stage this story is somewhat minor consideration as the mkt is more focused on the present economic crises & its impact on demand,& therefore on prices..in this regard tmrw's IEA Monthly report on the shorter term supply/demand should have a more mkt impact..in light of the fact that the IMF is forecasting the state of the OECD economies to be the worst in 50 yrs, the talk is that the IEA will revise downwards the increase in 2008 demand from 700,000 bd to only an increase of 300,000 bd, or maybe all the way to flat...
BOTTOM LINE: earlier this week the $ got pounded on the Chinese $600 bln stimulas package but as the analysts have had a detailed look at it its more of smoke & mirrors as a good portion of the money is not really new & was already included in a previous 5 yr plan ..this has resulted in the greenback rebounding & putting downward pressure on oil ..OPEC basket has already fallen to $52 & is very close to the "must defend"levels of $50..this is probably what is causing OPEC to panic with the Libyan oil minister calling for a possible emergency meeting before the next scheduled meeting on dec 17th .. i would think that were the IEA 2008 demand #s to be revised tmrw all the way to flat compared to last yr it would result in an almost certainity that the cartel will meet on an emergency basis.."
"G'day,the much awaited IEA long term forecast was released today & was pretty much as expected: because of the lack of investment, axacerbated by the current slump in prices, oil should be trading at $200 in nominal terms by 2030..but i think at the current stage this story is somewhat minor consideration as the mkt is more focused on the present economic crises & its impact on demand,& therefore on prices..in this regard tmrw's IEA Monthly report on the shorter term supply/demand should have a more mkt impact..in light of the fact that the IMF is forecasting the state of the OECD economies to be the worst in 50 yrs, the talk is that the IEA will revise downwards the increase in 2008 demand from 700,000 bd to only an increase of 300,000 bd, or maybe all the way to flat...
BOTTOM LINE: earlier this week the $ got pounded on the Chinese $600 bln stimulas package but as the analysts have had a detailed look at it its more of smoke & mirrors as a good portion of the money is not really new & was already included in a previous 5 yr plan ..this has resulted in the greenback rebounding & putting downward pressure on oil ..OPEC basket has already fallen to $52 & is very close to the "must defend"levels of $50..this is probably what is causing OPEC to panic with the Libyan oil minister calling for a possible emergency meeting before the next scheduled meeting on dec 17th .. i would think that were the IEA 2008 demand #s to be revised tmrw all the way to flat compared to last yr it would result in an almost certainity that the cartel will meet on an emergency basis.."
We must be awash in oil...
Yes, it is a perfect time to release some oil from the SPR, (and keep on selling) and give oil a hard push over the cliff.
the fuckin oil crowd raped the nation(s), time for 'an eye for an eye.'
Yes, it is a perfect time to release some oil from the SPR, (and keep on selling) and give oil a hard push over the cliff.
the fuckin oil crowd raped the nation(s), time for 'an eye for an eye.'
LOL
You could have told me mate..
I dropped my sells with you back at the 78 level, and now have been making money but under extreme pressure by traidng teh range, but getting fucked very hard on days like today when im fundamentally trying to go long from down spikes for atleast a dollar or 2 pullback, after having fallen over $10s straight down in straightline in 2days!
Would you be buying into oil from the 52.68 level.., target 59.26???