kelt Posted December 17, 2008 Share Posted December 17, 2008 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 More sharing options...
db76 Posted December 18, 2008 Share Posted December 18, 2008 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 More sharing options...
sook Posted December 18, 2008 Share Posted December 18, 2008 In reply to: db76 on Thursday 18/12/08 10:46am There'll be carnage to profit results if this is prolonged... Link to comment Share on other sites More sharing options...
db76 Posted December 18, 2008 Share Posted December 18, 2008 In reply to: sook on Thursday 18/12/08 09:59am think positively - you may be able to buy WPL at under $20 soon Link to comment Share on other sites More sharing options...
wasabibarako Posted December 18, 2008 Share Posted December 18, 2008 In reply to: bermuda on Thursday 18/12/08 05:38am bermuda/others: I believe that the speculators that drove oil to close to US$ 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. wasa Link to comment Share on other sites More sharing options...
auroraoz Posted December 18, 2008 Share Posted December 18, 2008 IG has US Light crudefeb contract(expires 20 jan) at 4470, while jan(expires20dec)is 3988, A 5$per barrel difference? for one month! talk about a killing, do the other providers have a similar contango? Link to comment Share on other sites More sharing options...
Krumbs Posted December 18, 2008 Share Posted December 18, 2008 In reply to: wasabibarako on Thursday 18/12/08 12:31pm Not much doubt about that. Bloomberg QUOTE 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 More sharing options...
mosaic1996 Posted December 18, 2008 Share Posted December 18, 2008 In reply to: auroraoz on Thursday 18/12/08 01:29pm http://www.nymex.com/lsco_emi_cso.aspx Link to comment Share on other sites More sharing options...
arty Posted December 18, 2008 Share Posted December 18, 2008 In reply to: auroraoz on Thursday 18/12/08 12:29pm CMC is about the same: $39.80 vs $44.70 as I type Link to comment Share on other sites More sharing options...
arty Posted December 18, 2008 Share Posted December 18, 2008 $36 - is this "It"? If not, the next level of support comes in at $26 http://www.sharescene.com/html/emoticons/sadsmiley02.gif Link to comment Share on other sites More sharing options...
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