why is oil going CRAZY right now?

Quote from scriabinop23:

And then just then maybe the market might see we don't need their oil. What would the market do if suddenly inventories were not falling despite Venezuela shipping nothing? That would mark a likely top.
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Unfortunately, falling inventories aren't why the market is climbing. Check out the march opec meeting, inventories have been climbing. Actually demand has been slightly down in the last few months. OPEC themselves were quoted as saying there was no supply shortage, that the rise in prices are not attributed to supply but rather SPECULATION. If venezuela stops shipping oil the speculators will just buy more.
 
btw for the bears, dont be on the other side of jim rogers,warren buffett, charlie munger and boone pickens opinion too often. it just wont make you rich, i think long and hard before disagreeing with them, thats because i like money. perhaps you can catch the next correction if your lucky and very good but its just a silly game that is a waste of time and energy
 
Quote from offbyone:

Not sure what your point is.
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I think he's implying that listening to what OPEC says is kind of like sitting in front of CNBC all day long.

It really has no relation to MAKING $$$!

:D
 
Quote from Landis82:

I think he's implying that listening to what OPEC says is kind of like sitting in front of CNBC all day long.

It really has no relation to MAKING $$$!

:D
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Gotcha...of course not, but no one said it did...We were discussing speculation vs. reality.
 
there may not be a bigger upcoming EIA/WEd announcement then this one May 14...why?...if Oil went up last week on bearish EIA news...then if a "2nd wave" of EIA bearish news comes this wed...could be a massive sell-off...but, some other news could start the sell off monday, tuesday...I severly doubt we are in the $120's by this time next friday...
 
i dont understand something.

why do futures traders/speculators set the price of oil? of an oil company drills for the oil and then send it back to the US why do the futures have an impact? im sure there is a fairly simple answer
 
Picture this: You're a Central bank or Sovereign wealth fund of an export-led country holding over one hundred billion dollars of currency, and charged with maintaining the stability of the value of your reserves. Your primary choice of holding the World's reserve is losing you millions per day. Your primary choice to increase the amount of your reserves to maintain the same power is also waining as your exports are being hit by a slowdown in demand.

What do you do?
 
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