Posted on 12/02/2004 5:58:03 AM PST by roaddog727
LONDON - Crude oil futures fell below $45 a barrel Thursday, after surprisingly healthy U.S. inventory data eased fears about a supply crunch over the Northern Hemisphere winter.
(Excerpt) Read more at msnbc.msn.com ...
Should co-post to the "Just Damn" thread.
Good point, and accurate sentiment.
JUST DAMN!
" after surprisingly healthy U.S. inventory data eased fears"
I wonder how the inventory turned out to be "suprisingly healthy"? Could it be because G.W. ignored calls by certian democRATS to tap into the reserves?
I suspect the old Price/Quantity demanded graph would be in order to explain part of our current oil stocks.
Thanks for posting this.
"LONDON - Crude oil futures fell below $45 a barrel Thursday, after surprisingly healthy U.S. inventory data eased fears about a supply crunch over the Northern Hemisphere winter."
Typical AP and Reuters reporting. We never had a shortage of oil in the US during the George $oreA$$ hijacking of the oil price.
Also, there is no shortage of oil in the world. There is a glut of enviral whackos, left wingers, and vile Opecker Princes/Thugs.
So prices rose, and consumption dropped;
imagine that!
Suppose we could base some sort of economic theory on this sort of behavior?
Naw...
I seriously hope that the DOJ, the SEC, and Interpol are conducting investigations into how the price of oil was manipulated before the election and by whom. The name George Soros comes to mind. A long prison term plus government confiscation of his massive ill gotten gains (ask Koreans or Indonesians about his calculated destruction of their currencies and economies back in '97) are entirely warranted.
C'mon, see that 35 down there, oil? Keep heading in the same direction...
Supply and demand. Price was up so people used less. Inventories are published every Wednesday by the DOE and this week's build was big.
Singapore financial markets were jolted yesterday after a Chinese jet-fuel supplier listed in the city-state said it had racked up US$550 million in losses on derivative trades and was seeking protection from its creditors.In other news, the CEO has fled to mainland ChinaChina Aviation Oil, whose shares have been suspended since Monday, said late Tuesday it was facing a "financial crisis," and had suspended chief executive Chen Jiulin while accountants PricewaterhouseCoopers investigated what went wrong.
It looks strongly like Chinese interests were behind the pre-electione runup in oil prices, and could no longer maintain the upward price pressure
"C'mon, see that 35 down there, oil? Keep heading in the same direction..."
Personally, I'de like to see it stay around $29 +/-.
Expensive enough to continue research, cheap enough to provide for affordable fuel - IMHO
I'm with you but a NYT story said world incomes have increased by 6% in past year, this alone will increase oil sales and keep them around 35. my opinion as a reader not a trader
Only time will tell......
Below $43 now.
Typically, aviation firms are in danger from oil prices going higher, so they purchase derivative hedges. Should oil go up, those hedges make very, very large profits. Those profits then offset the firm's more expensive oil purchases.
But, China Aviation lost enormous amounts of money on hedges while oil went up, indicating that whatever they were doing, it wasn't the typical anti-oil hedge in use by normal aviation firms.
That's a red flag.
Great... but I just paid $1.94 at the QT last night for Plus Unleaded. Oh well....
I enjoyed paying 79 cents a gallon in 1998. Is that like $20 a barrel? If so, I'll put my vote in for that.
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