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Old 07-08-2008, 04:44 PM
 
Location: Charlotte, NC (in my mind)
7,946 posts, read 15,394,019 times
Reputation: 4544

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Quote:
Originally Posted by travelmate38 View Post
Told ya all so. Oil down about $10 a barrel in the past 48 hours! Damn, wish I had of shorted oil. should have listened to that oil executive, big wig! He says another $5-$6 and the panic selling will hit. Then a gradual, steady drop from there.
We'll see what happens tomorrow. Tomorrow the US Energy Dept's inventory data is released. If oil inventories are at or higher than expectations, expect to see the selloff continue. If they are lower, expect the prices to rise again. Tomorrow really is the crucial day.
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Old 07-08-2008, 05:08 PM
 
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,248 posts, read 21,883,027 times
Reputation: 3587
Quote:
Originally Posted by travelmate38 View Post
Downward spiral is under way. You heard it here first. Oil will begin a downward trend back into the mid 130s, from there, speculators will begin to panic dropping it into the low 120s, then a gradual decline to the 110-115 range where it will stay for months. Regular unleaded will still be at $4.15-$4.25 for a few months before falling in to the $3.25-$3.50 range where it will stay.

How do I know this? Just got off the phone with a big wig in the oil biz. This is his prediction and he broke it down piece by piece for me. Too much pressure on the downside now.
Kudos to you! Looks like you are right on the mark!
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Old 07-08-2008, 05:14 PM
 
Location: Great State of Texas
86,068 posts, read 74,693,967 times
Reputation: 27602
Well now..let's see how quick prices come down at the pump.
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Old 07-08-2008, 06:13 PM
 
Location: Arlington, VA —> Likely Durham, NC in October
24,560 posts, read 34,736,563 times
Reputation: 34202
Quote:
Originally Posted by travelmate38 View Post
Downward spiral is under way. You heard it here first. Oil will begin a downward trend back into the mid 130s, from there, speculators will begin to panic dropping it into the low 120s, then a gradual decline to the 110-115 range where it will stay for months. Regular unleaded will still be at $4.15-$4.25 for a few months before falling in to the $3.25-$3.50 range where it will stay.

How do I know this? Just got off the phone with a big wig in the oil biz. This is his prediction and he broke it down piece by piece for me. Too much pressure on the downside now.
I think you are on to something. I think i speak for everyone when i say we hope youre right.
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Old 07-08-2008, 09:05 PM
 
Location: Houston, TX (Bellaire)
4,858 posts, read 12,088,869 times
Reputation: 4044
Quote:
Originally Posted by Alanboy395 View Post
I think you are on to something. I think i speak for everyone when i say we hope youre right.

Not quite everyone. Those of us in the oil business don't mind the guaranteed employment of $100+ oil.
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Old 07-08-2008, 09:19 PM
 
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,248 posts, read 21,883,027 times
Reputation: 3587
Quote:
Originally Posted by HappyTexan View Post
Well now..let's see how quick prices come down at the pump.
They already are! I saw them changing the sign at the Shell station by our house about 5 hours ago!
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Old 07-08-2008, 10:07 PM
 
48,509 posts, read 86,113,030 times
Reputation: 18105
There have been many of the bid wigs in the oil business on TV lately speaking.I agree that oil is too high in reality. But I don't expect any such assured movement. Too much depends on any problems in the producing coutries. With supplies of crude so tight ;I would expect the pirce to swing with the problems really. I just hope there is a quite hurricane season ;so that supplies can keep up with demand.Doesn't take nay magic telephone call it was going down on the markets sincve this morning.
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Old 07-09-2008, 06:25 AM
 
Location: Charlotte, NC (in my mind)
7,946 posts, read 15,394,019 times
Reputation: 4544
We are going to have to wait a while longer for a burst in the oil bubble. The dollar fell last night and Iran tested some missiles, sending oil prices higher. We will be back over $140 today.
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Old 07-09-2008, 07:35 AM
 
Location: Heartland Florida
9,324 posts, read 24,257,221 times
Reputation: 4927
Of course, nothing has been done to strengthen the dollar. Until that happens the bubble will continue.
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Old 07-09-2008, 10:35 AM
 
Location: Arlington, VA —> Likely Durham, NC in October
24,560 posts, read 34,736,563 times
Reputation: 34202
Quote:
Originally Posted by KevK View Post
They already are! I saw them changing the sign at the Shell station by our house about 5 hours ago!
Actually, about thirty minutes ago, the station down from my apt actually raised the price.
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