Oil & Gas 01 (May 08 - Jul 08)

[winston]

but i do hope it plummets in another 30 minutes when London comes online...

Conspiracy theory... they will whack the Americans now while they are sleeping

[kennynah]

ya man....last fri's longists ...die !!!!!

[kennynah]

454pm sgp time 9jun


very swee....sliding sliding....now losing >$2.5 @ <136pbl...yes lah !!!! but hor....sshhh.... dont shout too much....later mkt can hear,....

[kennynah]

now for the reported excuse of thedrop in price a moment ago...

***********

09 Jun 2008 08:53 GMT
CRUDE OIL: WTI Nymex crude oil prices are now below $136.00 level --

having lost over $2.00 in space of 30 minutes. Talk that hedge funds are taking profits on longs and reports that North Sea Brent crude loadings are to rise 8.6% in July is driving prices lower.

[winston]

Oil seen hitting $150 this summer: Goldman analyst
Mon Jun 9, 2008 7:37am EDT

KUALA LUMPUR (Reuters) - Oil prices are likely to hit $150 a barrel this summer season, the global head of commodities research at Goldman Sachs (GS.N: Quote, Profile, Research) said on Monday, as tighter supplies outweigh weakening demand.

"I would suggest that the likelihood of that happening sooner has increased tremendously ... sometime in summer," Jeffrey Currie told an oil and gas conference in the Malaysian capital, referring to oil at $150 a barrel.

Goldman Sachs, the most active investment bank in energy markets and one of the first to point to triple-digit oil more than two years ago -- a once unthinkable level -- said last month oil could shoot up to $200 within the next two years as part of a "super spike."

Forecasts that oil could head towards $150 and above have multiplied over the past month as prices broke through several records, the latest being last Friday, when oil soared more than $11 a barrel on Friday, its biggest one-day gain ever.

Oil hit an all-time high of $139.12 on Friday on the back of a weak U.S. dollar and mounting tensions between Israel and Iran.

Goldman Sachs forecast almost a month ago that U.S. crude would average $141 a barrel in the second half of 2008, up from a previous projection of $107, due to tight supplies.
[/b[b]]
"Demand for oil is weak but supplies are even weaker," Jeffrey Currie told the conference, citing supply disruptions in Nigeria and struggling output rise in Russia.

Investment bank Morgan Stanley, another big Wall Street energy player, said on Friday that crude may reach $150 by July 4 due to robust Asian demand and falling inventories.

[HengHeng]

am pretty bearish on oil .. for this week. Too many negative reports for it to go up .. too less for it to come down. Usually signs of a potential reversal.

[winston]

Just heard on Bloomberg:-

Summer driving may drop because:-

1) Teens & University Students are cutting back because they are earning less

2) Families are driving shorter distances for their vacation

[kennynah]

what i notice is Oil price reacts to whatever news ...good or bad...it's a fad...what's in fashion for that day, it follows... no fundamentals anymore..in my opinion...
my problem is that i cant quite figure out the TA ...it's a effing straight line up (practically)

[blid2def]

So now there are 4 definite things in life:

1. Death
2. Taxes
3. Oil up up up
4. Ministers' Pay up up up

[kennynah]

So now there are 4 definite things in life:

1. Death
2. Taxes
3. Oil up up up
4. Ministers' Pay up up up

1) and 4) confirm.. for sure...
2) and 4) not so sure man...