Market Comments for May 23, 20081) The markets are now totally fixated by oil. Every financial instrument, from equities, to bonds, to currencies, are now being driven by the price of crude. Every technical service I subscribe to are saying that all oil related investments are sells, including crude, oil major equities, oil services, ETF's,
Market Comments for May 22, 20081) Crude gave back yesterday's $5 melt up, falling from an overnight high of $135.50 to $130. The head of ??the New York Mercantile Exchange says that speculators account for only 20% of turnover in the energy contracts and that half of those are long, while the other half are
Market Comments for May 22, 20081) Crude gave back yesterday's $5 melt up, falling from an overnight high of $135.50 to $130. The head of ??the New York Mercantile Exchange says that speculators account for only 20% of turnover in the energy contracts and that half of those are long, while the other half are
Market Comments for May 21, 2008-Special Energy Issue1) Crude hit an all time high of $133.85 on the back of an unexpectedly large drop of 5 million barrels in inventories. A build had been expected. This is a big miss. The stock market had discounted a crude spike to $130. It is now discounting $150.2)
Market Comments for May 21, 2008-Special Energy Issue1) Crude hit an all time high of $133.85 on the back of an unexpectedly large drop of 5 million barrels in inventories. A build had been expected. This is a big miss. The stock market had discounted a crude spike to $130. It is now discounting $150.2)
Market Comments for May 20, 20081) Crude hit a new high of $129.70 on Boone Pickens' forecast of $150/barrel this year. The Dow plunged 202 points. Global oil production is 85 million barrels/day and demand is 87 million barrels/day. End of story. Until the two align, prices will go up.?? At that price the US
Market Comments for May 20, 20081) Crude hit a new high of $129.70 on Boone Pickens' forecast of $150/barrel this year. The Dow plunged 202 points. Global oil production is 85 million barrels/day and demand is 87 million barrels/day. End of story. Until the two align, prices will go up.?? At that price the US
Market Comments for May 19, 20081) Crude futures are moving towards contango, indicating a near term easing of supply fears. Contango exists when the far dated futures contracts are selling for more than front month futures, the normal condition in commodity futures markets (because your have to pay interest to maintain a long position). Please
Market Comments for May 19, 20081) Crude futures are moving towards contango, indicating a near term easing of supply fears. Contango exists when the far dated futures contracts are selling for more than front month futures, the normal condition in commodity futures markets (because your have to pay interest to maintain a long position). Please
Market Comments for May 16, 20081) Goldman Sachs (GS) put out a report predicting that the price of crude will average $141 during the second half of the year. Crude soared from yesterday's low of $120 to $127.80. I don?t buy it. The Saudi oil minister said that his country would increase production to meet