Todays Crude Oil Price Action

6 posts / 0 new
Last post
#1 Tue, Jun 28, 2011 - 3:21pm
¤
Offline
-
Black Hole Sun
XX
Joined: Jun 14, 2011
18692
92317

Todays Crude Oil Price Action

A week later and the IEA/U.S. oil bailout has lost approx. 50% of it's initial impact on the price of a barrel of oil.

Up today $2.22 as of this writing. What will they resort to next? And when?

Probably just in time to squash any long silver interest so they think twice about waiting to take delivery and just cash out beforehand.

Edited by: ¤ on Nov 8, 2014 - 5:18am
Tue, Jun 28, 2011 - 6:51pm
¤
Offline
-
Black Hole Sun
XX
Joined: Jun 14, 2011
18692
92317

As I was saying/ZeroHedge

The Strategic Petroleum Reserve Release Has Now Been Fully Priced In As Crude, Gasoline Surge ZeroHedge.com 06/28/2011 14:42 -0400

Remember how 4 very long days ago, the 60 million barrel SPR release was vaunted as being the reason for the second consumer renaissance after it was largely expected it would lead to sub $90 crude, and low $3/gallon gas, and result in every Joe Sixpack going out and buying 3 houses at least? Well, so much for that: the IEA's action has now been fully priced in and WTI is back to precisely where it was before the IEA announcement on Thursday. Which means that what some said was a shadow QE (and don't get us started on all the mainstream media "journalists", among which Bloomberg and CNN, who continue to confuse QE Lite with something they call QE 2.5) had a half life of just over 3 days. Expect future intervention half lives to continue declining, as the criminal banking cartel's ammunition is now down to just one thing, the only thing, printing.

An epic lack of foresight, accuracy and rationale... https://www.tfmetalsreport.com/comment/170246#comment-170246

Wed, Jun 29, 2011 - 3:10pm
¤
Offline
-
Black Hole Sun
XX
Joined: Jun 14, 2011
18692
92317

1 week later:$95 Oil

Yep. One week later and were right back where we were when the U.S./IEA release was announced.

And who did they roll out today to try and impact the markets...why none other the the Prez. himself touching on a whole range of issue's (ok, blaming everyone else actually) at a hastily called news conference around the noon news cycle on the east coast and the a.m. newscycle on the west coast.

I can't help but notice that as soon as the Greek Ministry of Finance started to burn and things were escalating that most video coverage on the MSM and online kind of disappeared.

How is that possible? Coincidence?

Is it possible the WH wanted no distractions of burning Govt. buildings and rioting going on while the Prez. tried to distract (ok, blame) everyone today?

An epic lack of foresight, accuracy and rationale... https://www.tfmetalsreport.com/comment/170246#comment-170246

Thu, Jun 30, 2011 - 9:41am
¤
Offline
-
Black Hole Sun
XX
Joined: Jun 14, 2011
18692
92317

Oil to China? WTF?

IEA Already Considering Extending Oil Release Period, Fireselling More Crude To China Tyler Durden's picture Submitted by Tyler Durden on 06/30/2011 09:01

and in the case of gasoline, the price has actually surged way above the decision day fixing. So what is an administration with no credibility to do? Why double down of course, and sell even more crude at firesale prices to the Chinese. Per Reuters: "The International Energy Agency could decide by mid-July whether the release of strategic oil reserves needs to be extended for a month or two, an official said." And there is that transitory word again: "Richard Jones, deputy executive director of the IEA, said he believed the release would be temporary since demand would likely drop in the fourth quarter." Well demand may drop, but the last time demand was actually relevant in price discovery was sometime in the 20th century. Welcome to the era of oil prices defined by monetary policy.

From Reuters:

"We do believe it could be temporary but we have to see how the market evolves. There could be other disruptions, for example, we are compensating for the losses in Libya," Jones said at an event in Mexico City.

A decision on whether to extend the release could be made around the third week of July, he said.

"It will be up to our member countries, they could decide to continue it for a month or two. I don't see that we'll need to continue it for very long because we see demand declining in the fourth quarter, so we think it's a temporary measure."

Sure, blame Libya. And if possible please keep antagonizing an already irrational OPEC sans Saudi, which can't wait to receive even loss for the oil it exports, and may take a few weeks to realize that a several day export embargo will generate a far greater return in the long run that continuing to kowtow and retreat, for the time being, in the latest war of attrition with the IEA.

An epic lack of foresight, accuracy and rationale... https://www.tfmetalsreport.com/comment/170246#comment-170246

Thu, Jun 30, 2011 - 2:06pm
SilverFocker
Offline
-
KY
Joined: Jun 14, 2011
301
2577

$3.75 again

2 days ago I filled up all the vehicles at 3.33....today its now back to 3.75. Oh well, it was nice while it lasted.

Fri, Aug 5, 2011 - 12:27am
mouser
Offline
-
BC
Canada
Joined: Jun 18, 2011
451
5116

OIL beatdown

Crude dropped to 85. 50 or so today , big push down on the futures exchanges. I guess the world suddenly decided overnite , they need a lot less oil and more USD.

NOT!

The powerz engineering a shakedown, to force capital back into govt bonds, ( as the venerable Turd has suggested)

and so we get the selldown.