Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,752,651 times
Reputation: 3587
Advertisements
The oil bubble is FINALLY bursting! Oil is down over $9 in just 2 days and expected to fall further this week. The markets rallied today for the first time in awhile. Have we finally hit bottom??
The oil bubble is FINALLY bursting! Oil is down over $9 in just 2 days and expected to fall further this week. The markets rallied today for the first time in awhile. Have we finally hit bottom??
Tomorrow the US Energy Dept releases its inventory numbers. I wont hold my breath until we get through tomorrow. It is crucial. If the numbers are less than expectations, expect to see the bulls retake the crude market. If its bearish, who knows what will happen. I do think high oil prices will be supported until at least after the Olympics because China is currently hoarding oil in preparation for that event.
Like I said in previous posts, I expect the DOW market to dip in the mid to low 10k... so no, its not over.. end of year will probably be in the 12k for the DOW... those are just my expectations... commodity prices will continue to stay high (even oil won't fall below 100 a barrel, even though it shouldn't even be that high...)... Besides that oil exchange isn't really a "bubble", if oil drops in price, the world won't fall into turmoil... hence it is not a bubble...
Tomorrow the US Energy Dept releases its inventory numbers. I wont hold my breath until we get through tomorrow. It is crucial. If the numbers are less than expectations, expect to see the bulls retake the crude market. If its bearish, who knows what will happen. I do think high oil prices will be supported until at least after the Olympics because China is currently hoarding oil in preparation for that event.
China wouldn't hoard oil for the Olympics. Why is Japan hoarding oil, for the Olympics? That wouldn't explain why France and Germany are hoarding oil either. All four buy oil from Iran.
The earliest possible time for an attack on Iran is the period November 25 to December 30, when the next carrier rotations take place. That'll put 3 carrier battle groups in the Gulf and one in the Arabian Sea, instead of just 2 in the Gulf.
These people are clueless about futures trading and don't understand buyers don't need to buy oil every month, and won't if the price is too high. As of July 2, US crude oil inventories were below 300 Million barrels.
It's also important to look at gasoline inventories to see what prices might be like in the coming months. Right now, gasoline inventories are still lower than average.
I think gas prices will go down. I am not a savvy investor, but I do track gas prices and here they are $4.29 a gallon and that is holding here in my city.
But that is Arco and Costco, the Chevron gas is 40 cents higher.
The oil bubble is FINALLY bursting! Oil is down over $9 in just 2 days and expected to fall further this week. The markets rallied today for the first time in awhile. Have we finally hit bottom??
You called too soon. We'll now have to wait until after the Olympics for another shot at bursting the bubble. Demand in China should ease, even if just slightly, at that point. Look to see $170 by then. I don't think $200 is likely barring some global catastrophe such as an Iran war or a major hurricane hits in the gulf.
Just when prices get ready to fall, something ALWAYS happens to send the prices back up. It starting to look like its never going to end. I heard somebody on CNBC say yesterday that if oil prices remain even at these levels, we are about 3 months away from a complete economic meltdown.
With supplies so tight and like excesss capacity it will rise and fall with each crisis in the producing areas. But it will stay high and go higher as the world continues to use more. We have reduced use but we are not the major increasing use nation now.We need more capacity and to keep more of the crude money here;not going overseas.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
