Archive | June, 2008

June 5, 2008

Market Comments for June 5, 2008 1) Natural gas has hit a new three year high every day this week, reaching $12.55. Demand destruction that is hurting crude doesn't apply to natural gas because cars or airplanes don't use it. A mid West heat wave is boosting air conditioner demand, and we are only five […]

Read full story Comments are closed

June 4, 2008

Market Comments for June 4, 2008 1) Weekly Crude supplies increased and both India and Malaysia announced they are cutting gasoline subsidies, indicating that global demand destruction is accelerating. Crude fell from $125 to $121.80. Traders are now selling every rally. If this picks up momentum, we could see $100 in a few weeks. Airlines […]

Read full story Comments are closed

June 3, 2008

Market Comments for June 3, 2008 1) There was massive liquidation of hedge fund longs in crude, with outstanding positions being reduced by 80%, according to CFTC statistics. Crude plunged today from $129 to $124.50. The crude July 150 calls you could have shorted yesterday at $280 could be bought back today for $70. The […]

Read full story Comments are closed