Oil Slick Stuff

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nnuut said:
I like it, the TRAN likes it but lately the Market DOESN'T Like it! That's CRAZY!
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Me thinks the market is reacting to overall economics issues (jobs, weak recovery(if at all), and wishy-washy administration response) rather than just oil prices... :nuts:

- or -

Oil slammed as strategic petroleum reserves to be tapped
http://blogs.marketwatch.com/thetel...as-strategic-petroleum-reserves-to-be-tapped/

BREAKING NEWS: Oil Dives Below $92 on IEA Announcement
Crude oil plunges below $92 a barrel after IEA announces plans to release 60 million barrels of emergency oil stockpiles and hints at further action if needed. Half of the release will come from the U.S. Strategic Petroleum Reserve.
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whats the catalyst for oil moving lower? nothing change over in middle east why the drop from 115 tp 92? can anyone explain?
 
Perceived Supply and Demand right now but there is plenty of Oil, supposedly the world economy is in bad shape and we are just not using as much Oil and Gas, supplies are low though? HA! The news is indicating supplies are low and drastic measures are required, if supplies are low the price should rise. It's just NNUUTS!
1. June 23, 2011, 9:18 AM ET
The Tell home page »

Oil slammed as strategic petroleum reserves to be tapped
http://blogs.marketwatch.com/thetel...as-strategic-petroleum-reserves-to-be-tapped/


2. Market Pulse
June 23, 2011, 9:29 a.m. EDT
IEA will release oil to offset Libyan disruption
http://www.marketwatch.com/story/ie...isruption-2011-06-23?link=MW_home_latest_news
 
Does anyone think that plunging oil prices (and rising associated stocks) will cause the markets (specifically the S&P) to go up and offset the downtrend because of the economic news?
 
RealMoneyIssues said:
Does anyone think that plunging oil prices (and rising associated stocks) will cause the markets (specifically the S&P) to go up and offset the downtrend because of the economic news?
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No not me, I'm looking for Oil to rise, if there is a supply problem.
DRILL DRILL DRILL
oilgusher.gif​
 
Then there's this:
Greece Drives Wedge Between Oil, Currencies
by WSJ Staff
Thursday, June 23, 2011



NEW YORK—The close ties between currency and commodity markets are coming undone, as investors in oil and other basic goods turn to factors outside of Greece that are also affecting prices.
The euro's exchange rate against the dollar remains closely tied to day-to-day developments in Greece's debt situation. The same can't be said for oil, however.

Concerns about a slowdown in the U.S., China's tightening monetary policies, and supply issues specific to commodities have helped break a months-long connection, forcing traders to reassess how they view relationships across markets.

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http://finance.yahoo.com/banking-bu...b-budgeting&sec=topStories&pos=7&asset=&ccode=
 
IEA targets oil speculators

decision to release 60 million barrels of crude oil from strategic reserves
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LONDON, June 23 (Reuters) - The International Energy Agency's (IEA) decision to release 60 million barrels of crude oil from strategic reserves is intended to drive speculators out of the market and resist the formation of a bubble by breaking expectations about near-term supply shortages, rather than target OPEC

http://www.reuters.com/article/2011/06/23/column-iea-oil-release-idUSLDE75M1H020110623
 
Buster said:
IEA targets oil speculators

decision to release 60 million barrels of crude oil from strategic reserves
​

LONDON, June 23 (Reuters) - The International Energy Agency's (IEA) decision to release 60 million barrels of crude oil from strategic reserves is intended to drive speculators out of the market and resist the formation of a bubble by breaking expectations about near-term supply shortages, rather than target OPEC

http://www.reuters.com/article/2011/06/23/column-iea-oil-release-idUSLDE75M1H020110623
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I think those reserves are for emergencies, I don't see one!
 
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