What the hell just happened in Crude?

bernanke leveraged everyone's dollar to shit. it's called inflation.

Quote from Daxspreader:

Hey guys

Anyone have any idea what the hell just happened in the closing hour in the crude futures.

Cant seem to find any real news - was it just a mega short squeeze with everyone running for the door at the same time!

Nov WTI went from 78.44 to 80.80 in 35 mins!
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Remember around this time last year when oil was $78 and everyone was saying $100 oil soon??? Well this was a good time to short.

And what makes it any different this year? Inflation? Fear of an Iran war? Storms?

Certainly fundamentals dont favor Oil to be at this price, but its no secret that technicals are a stronger short term indicators.
 
Quote from JamesVU2000:

This is the most trumped up growth ever. 4 precent growth coupled with 4 precent inflation equals nothing.
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Yep been running in circles, but when everyone gets their information from CNBC,FOX, BLOOMBERG,WALLSTREET JOURNAL. Everything is just grand.
 
Quote from ASusilovic:

Well, I have been more than a lucky guy yesterday, sold the NYMYEX contract at 80.47 before the numbers and covered them at 79.05, 78.77 and 75.53. Afterwards I didn´t take a look at it, because I have been busy with the stock indices and Warren B.´s bid for Bear Stearns. All of a sudden a friend called my attention to crude on NYMEX => I shorted again at 80.47 !
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Wasn´t a good idea today...stop loss triggered ! :(
 
A lower dollar makes oil cheaper in the countries using other currencies. In the past, members of the Organization of Petroleum Exporting Countries have said a falling dollar justified higher prices because it reduces the spending power of oil revenue.

Ha, ha, ha...O.K. let´s raise oil up to the moon so OPEC can spend some more USD on M&A activities !!
 
Quote from Investmentc:

We might see a big red today on Crude oil :D watch out guys..
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Any particuliar reason?
The USD is down against every major, why should crude go the other way?
 
Ahh just wait and see, i might be wrong, and in markets, there is no should or should not lol, every moment markets give surprise to all of us :).
 
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