Jump to content



Recommended Posts

In reply to: rossw on Thursday 18/12/08 08:15am

Rossw I would be a little cautious about going long on Oil at this stage until it breaks up or down.


Here is Colin Twiggs take:-


Crude oil is retracing after testing support at the December 2004 low of $40 per barrel. Expect resistance at $50. In the longer term, failure of support would offer a target of $25.



Link to comment
Share on other sites

  • Replies 4.5k
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Posted Images

In reply to: kelt on Thursday 18/12/08 07:20am

with opec saying they will cut 2mmbbl and the oil price drops 10% !!


this says

- no one believes opec can discipline its members , they will just keep pumping

- USA driving miles still falling fast and as the biggest user this matters

- china - india are not going to add much to the demand equation with USA demand falling


the Twiggs might be close


remember oil was under US$20 in 2001 and 2008 makes 2001 look like a good year


impact for our oilers would be the shutdown of some FPSO projects and more mergers to survive

Link to comment
Share on other sites

In reply to: bermuda on Thursday 18/12/08 05:38am

bermuda/others: I believe that the speculators that drove oil to close to US$ 150 will also try their level best to drive it to under US$ 30 - at least for a short period of time. The longer oil stays below US$ 50, the harder eventually oil-prices will go up again. Just a question of time. All purely IMHO, of course.


Link to comment
Share on other sites

In reply to: wasabibarako on Thursday 18/12/08 12:31pm

Not much doubt about that.



Volume in electronic trading on the exchange was 578,537 contracts, as of 2:57 p.m. in New York. Volume totaled 593,607 contracts yesterday, up 17 percent from the average over the past 3 months. Open interest yesterday was 1.17 million contracts. The exchange has a one-day delay in reporting open interest and full volume data.



Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Create New...